The Aes Corporation · NYSE:AES
The Aes — Q4 2023 Earnings Presentation
62 slides from The Aes's earnings presentation, Feb 27, 2024
Slide 1: Fourth Quarter & Full Year 2023 Financial Review
The AES Corporation Fourth Quarter & Full Year 2023 Financial Review February 27, 2024
Slide 2: Safe Harbor Disclosure
CONTAINS FORWARD-LOOKING STATEMENTS Safe Harbor Disclosure Certain statements in the following presentation regarding AES’ business operations may constitute “forward-looking statements.” Such forward-looking statements include, but are not limited to, those related to future earnings, growth and fi
Slide 3: Met or Exceeded All 2023 Strategic & Financial Objectives
CONTAINS FORWARD-LOOKING STATEMENTS Met or Exceeded All 2023 Strategic & Financial Objectives Objectives 2023 Results Sign 14 to 17 GW of renewables under long-term PPAs from 2023 through 2025 Signed 5.6 GW ✓ Complete 3.4 GW of construction Completed 3.5 GW ✓ Adjusted EBITDA1 of $2,600 to $2,900 mil
Slide 4: Raising Long-Term Growth Rate Targets
CONTAINS FORWARD-LOOKING STATEMENTS Raising Long-Term Growth Rate Targets Targeted Average Annual Growth1 in Targeted Average Annual Growth3 in Adjusted EBITDA2 ($ in Millions) Adjusted EPS4 ($ Per Share) 7% to 9% 5% to 7% From $2,600-$2,900 From $1.65-$1.75 6% to 8% 3% to 5% 2023 2027 2023 2027 Rea
Slide 5: Signed 5.6 GW of New PPAs in 2023; On Track to Sign 14 to 17 GW
CONTAINS FORWARD-LOOKING STATEMENTS Signed 5.6 GW of New PPAs in 2023; On Track to Sign 14 to 17 GW Through 2025 Capacity in GW PPAs Backlog Signed PPAs 14-17 GW Under Construction 5.1 12.3 GW 7.2 5.6 2023-2025 Signed PPAs Remaining Target Majority of 12.3 GW Backlog Expected to be Commissioned in N
Slide 6: Focused on Corporate Customers, Particularly Large Technology Companies
CONTAINS FORWARD-LOOKING STATEMENTS Focused on Corporate Customers, Particularly Large Technology Companies 3.5 GW Completed in 2023 à Well-positioned to serve growing demand from data centers: • History of delivering innovative solutions to Other Corporate Customers Customers address specific custo
Slide 7: Increasing US Project Returns
CONTAINS FORWARD-LOOKING STATEMENTS Increasing US Project Returns Targeted Levered After-Tax Cash Returns 12%-15% 10%-13% Prior New Strong Market Demand & AES’ Leading Position Enables Project Selectivity 7
Slide 8: Construction Execution as a Competitive Differentiator
CONTAINS FORWARD-LOOKING STATEMENTS Construction Execution as a Competitive Differentiator à At time of PPA signing, lock-in Expect to Add 3.6 GW of New Projects in 2024 contractual arrangements for: • All major equipment Non-US US • EPC 1.4 • Long-term financing (hedged to ensure no interest rate e
Slide 9: Achieved Important Milestones at US Utilities
CONTAINS FORWARD-LOOKING STATEMENTS In 2023, Achieved Important Milestones at US Utilities that Drive Future Growth à Received approval from the Public Utilities Commission of Ohio (PUCO) for its Electric Security Plan (ESP4), providing the regulatory foundation to enable future investments à Reache
Slide 10: Embarking on Largest Investment Program in Decades
CONTAINS FORWARD-LOOKING STATEMENTS Embarking on Largest Investment Program in Decades à 25% annual growth in transmission assets à Filed for regulatory approval of second phase of Smart Grid plan • Incrementally adds to investment program to improve service quality and customer experience 10
Slide 11: Investing to Improve Service Quality & Green Our Generation Mix
CONTAINS FORWARD-LOOKING STATEMENTS Investing to Improve Service Quality & Green Our Generation Mix à Regulatory approval for all named renewables projects, including: • 106 MW of wind • 445 MW of solar • 245 MW of energy storage 11
Slide 12: Exceeded 2023 Gross Asset Sale Proceeds Target
CONTAINS FORWARD-LOOKING STATEMENTS Exceeded 2023 Gross Asset Sale Proceeds Target; On Track to Achieve $3.5 Billion Through 2027 $ in Millions $1,000 $3,500 $1,373 $627 $400-$600 2023 Target 2023 2024-2025 2026-2027 Total 2023-2027 Outperformance Remaining Target Target 12
Slide 13: Q4 & FY 2023 Financial Review
CONTAINS FORWARD-LOOKING STATEMENTS Q4 & FY 2023 Financial Review à 2023 results à 2023 Parent capital allocation à 2024 guidance and Parent capital allocation à Longer-term growth targets 13
Slide 14: FY 2023 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Financial Results $ in Millions Adjusted EBITDA1 with Tax Attributes2 Ò Higher Adjusted EBITDA1 with Tax +$225 Attributes2 driven primarily by: • Contributions from new renewables projects; and $3,423 • 2023 recovery of AES Ohio purchased $3,198 power cost
Slide 15: FY 2023 Adjusted EPS Increased $0.09
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Adjusted EPS1 Increased $0.09 $ Per Share $0.15 $1.76 $1.67 ($0.06) + 3.5 GW of new renewables + 2023 recovery of AES Ohio purchased power costs recognized in 2022 − Lower contributions from Energy Infrastructure SBU FY 2022 SBUs/ Parent Interest FY 2023 C
Slide 16: FY 2023 Financial Results: Renewables
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Financial Results: Renewables $ in Millions Adjusted EBITDA1 with Tax Attributes2 Ò Higher Adjusted EBITDA1 with Tax Attributes2 driven primarily by: +$366 • Contributions from new projects; and • Higher margins in Colombia $1,238 Ò Partially offset by the
Slide 17: FY 2023 Financial Results: Utilities
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Financial Results: Utilities $ in Millions Adjusted PTC1 Ò Higher Adjusted PTC1 driven primarily by: • 2023 recovery of AES Ohio purchased +$65 power costs as a part of ESP42 settlement that were recognized in 2022; and $196 • Rate base growth in the US $1
Slide 18: FY 2023 Financial Results: Energy Infrastructure
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Financial Results: Energy Infrastructure $ in Millions Adjusted EBITDA1 Ò Lower Adjusted EBITDA1 driven -$305 primarily by: • Significant LNG transaction margins in the prior year; $1,836 • Lower margins in Chile; and $1,531 • Sell-down of Southland CCGT a
Slide 19: FY 2023 Financial Results: New Energy Technologies
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Financial Results: New Energy Technologies $ in Millions Adjusted EBITDA1 Ò Higher Adjusted EBITDA1 driven primarily by improved results at Fluence ($62) ($116) +$54 FY 2022 FY 2023 1. A non-GAAP financial measure. See Appendix for definition and reconcili
Slide 20: 2023 Parent Capital Allocation
CONTAINS FORWARD-LOOKING STATEMENTS 2023 Parent Capital Allocation: Exceeded Expected Parent Free Cash Flow1 Range of $950 Million-$1 Billion $ in Millions Discretionary Cash – Sources Discretionary Cash – Uses ($2,988) ($2,988) Revolver $33 Ending Cash Paydown $315 $2,988 $747 $325 Shareholder $899
Slide 21: Initiating 2024 Adjusted EBITDA Guidance
CONTAINS FORWARD-LOOKING STATEMENTS Initiating 2024 Adjusted EBITDA1 Guidance $ in Millions $3,550- $950- $506 $21 $3,950 $1,050 $3,423 ($200) $2,600- $2,900 + New projects + Chile margins − 2023 asset + Rate base + Improving sales growth results at − Planned asset − Colombia Fluence sales margins −
Slide 22: Initiating 2024 Adjusted EPS Guidance
CONTAINS FORWARD-LOOKING STATEMENTS Initiating 2024 Adjusted EPS1 Guidance $ Per Share $1.87- $0.29 $1.97 $1.76 ($0.05) ($0.08) + New renewables projects + Utilities rate base growth − Colombia margins − Lower dispatch in the Dominican Republic 2023 Actual SBUs/Corporate 2 Parent Interest Asset Sale
Slide 23: Increasing US Project Returns & Long-Term Growth Rate Targets
CONTAINS FORWARD-LOOKING STATEMENTS Increasing US Project Returns1 & Long-Term Growth Rate Targets Metric Prior New US Project Returns1 10% to 13% 12% to 15% Adjusted EBITDA2 3% to 5%3 5% to 7%3 Adjusted EPS4 6% to 8%5 7% to 9%5 1. Targeted levered after-tax cash returns. 2. A non-GAAP financial mea
Slide 24: 2024 Parent Capital Allocation Plan
CONTAINS FORWARD-LOOKING STATEMENTS 2024 Parent Capital Allocation Plan: Expect 6% to 8% Parent Free Cash Flow1 Growth Through 20272 $ in Millions Discretionary Cash – Sources Discretionary Cash – Uses ($2,883-$3,283) ($2,883-$3,283) $900- $2,883- $10 Ending Cash $1,100 $3,283 Shareholder Dividend5
Slide 25: 2024-2027: $9.6 Billion of Discretionary Cash Generation
2024-2027: $9.6 Billion of Discretionary Cash Generation $ in Millions $500-$1,000 $9,483-$9,783 $1,100-$1,600 $2,400-$2,900 $4,700-$5,000 $33 1 2024 Beginning Parent FCF Net Asset Sales Parent Debt Potential Equity Total Cash Proceeds2 Issuance 3 Issuance We Do Not Expect to Issue Equity Until 2026
Slide 26: 2024-2027: $9.6 Billion of Discretionary Cash Available for Allocation
2024-2027: $9.6 Billion of Discretionary Cash Available for Allocation $ in Millions $10 Ending Cash Shareholder Dividend1 $2,173 $7,300-$7,600 Investments in Subsidiaries Expect to Grow Dividend at 2% to 3% Annually Beyond 2024 1. Assumes 2024 payment of $0.1725 per share each quarter on 670 millio
Slide 27: Conclusion
CONTAINS FORWARD-LOOKING STATEMENTS Conclusion Record Performance in 2023: Met or Exceeded All Strategic & Financial Objectives Raising Project-Level Returns & Expected Annual Growth Rates Due to Increasing Demand Across the Sector Successful Asset Sales & Outlook for Near-Future Provides Strong Sup
Slide 28: Appendix
CONTAINS FORWARD-LOOKING STATEMENTS Appendix Parent Only Cash Flow & Liquidity Slides 29-31 Recourse & Non-Recourse Debt Slides 32-37 Q4 & FY Adjusted EPS1 Roll-Up Slide 38 Q4 Financial Results Slides 39-44 Listed Subsidiaries & Public Filers Slides 45-46 AES Modeling Disclosures Slides 47-50 2024 S
Slide 29: Parent Sources and Uses of Liquidity
CONTAINS FORWARD-LOOKING STATEMENTS Parent Sources and Uses of Liquidity Q4 FY $ in Millions 2022 2023 2022 2023 Sources Total Subsidiary Distributions1 $753 $536 $1,298 $1,408 Proceeds from Asset Sales, Net $156 $571 $156 $747 Financing Proceeds, Net - - $197 $890 Increased/(Decreased) Credit Facil
Slide 30: Q4 & FY 2023 Subsidiary Distributions
CONTAINS FORWARD-LOOKING STATEMENTS Q4 & FY 2023 Subsidiary Distributions1 $ in Millions Subsidiary Distributions1 by SBU Q4 2023 FY 2023 Renewables $115 $240 Utilities $26 $101 Energy Infrastructure $348 $975 New Energy Technologies - - Corporate2 $47 $92 Total $536 $1,408 Top Subsidiary Distributi
Slide 31: Reconciliation of Subsidiary Distributions and Parent Company Liquidity
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Subsidiary Distributions1 and Parent Company Liquidity1 $ in Millions Quarter Ended December 31, September 30, June 30, March 31, 2023 2023 2023 2023 Total Subsidiary Distributions1 to Parent & QHCs2 $536 $311 $205 $356 Total Return of Capital Di
Slide 32: Recourse Debt Summary
CONTAINS FORWARD-LOOKING STATEMENTS Recourse Debt Summary $ in Millions, Except Percentages; as of December 31, 2023 Principal Ratings SBU Balance Interest Rate Maturity Moody’s/S&P/Fitch Term SOFR + Senior Variable Rate Term Loan Corporate $200 9/30/24 N/A 1.125% 3.300% Senior Unsecured Notes due 2
Slide 33: Most Recourse Debt Maturities in 2028 and Beyond
CONTAINS FORWARD-LOOKING STATEMENTS Most Recourse Debt1 Maturities in 2028 and Beyond $ in Millions, as of December 31, 2023 Recourse Debt $2,600 Weighted Average All-in Cost 3.46% Weighted Average Maturity 4.2 years $900 Percentage Fixed or Hedged 96% $800 Percentage in Functional Currency 100% $20
Slide 34: Q4 2023 Non-Recourse Debt Schedule
Q4 2023 Non-Recourse Debt1 Schedule $ in Millions, Except Percentages; as of December 31, 2023 Debt Maturity and Amortization Schedule December 31, December 2023 31, 2023 Ownership 2029 and Total Balance SBU/Business Country/State Total 2024 2025 2026 2027 2028 Percentage Thereafter (Ownership- Bala
Slide 35: Q4 2023 Non-Recourse Debt Schedule
Q4 2023 Non-Recourse Debt1 Schedule $ in Millions, Except Percentages; as of December 31, 2023 Debt Maturity and Amortization Schedule December 31, December 2023 31, 2023 Ownership 2029 And Total Balance SBU/Business Country/State Total 2024 2025 2026 2027 2028 Percentage Thereafter (Ownership- Bala
Slide 36: $22.3 Billion of Non-Recourse Debt
CONTAINS FORWARD-LOOKING STATEMENTS $22.3 Billion of Non-Recourse Debt1 $ in Millions, as of December 31, 2023 Utilities Non-Recourse Debt1 Weighted Average All-in Cost 5.70% $5,596 25% Weighted Average Maturity 7.2 years Percentage Fixed or Hedged 69%2 $16,664 75% Percentage in Functional Currency
Slide 37: Vast Majority of Interest Rate Exposure is Hedged
CONTAINS FORWARD-LOOKING STATEMENTS Vast Majority of Interest Rate Exposure is Hedged Through Swaps or Contractual Arrangements $ in Millions, as of December 31, 2023 Recourse Debt Non-Recourse Recourse Debt Debt1 $4,500 Weighted Average 3.46% 5.70% 17% All-in Cost Weighted Average 4.2 years 7.2 yea
Slide 38: Q4 & FY Adjusted EPS Roll-Up
CONTAINS FORWARD-LOOKING STATEMENTS Q4 & FY Adjusted EPS1 Roll-Up $ in Millions, Except Per Share Amounts Q4 2023 Q4 2022 Variance FY 2023 FY 2022 Variance Adjusted PTC1 Renewables $396 $246 $150 $718 $597 $121 Utilities $36 $31 $5 $196 $131 $65 Energy Infrastructure $278 $344 ($66) $1,025 $1,164 ($
Slide 39: Q4 2023 Financial Results
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2023 Financial Results $ in Millions Adjusted EBITDA1 with Tax Attributes2 Ò Higher Adjusted EBITDA1 with Tax Attributes2 driven primarily by: +$316 • Contributions from new projects; and • Higher revenues due to Warrior Run PPA $1,167 monetization Ò Partially
Slide 40: Q4 2023 Adjusted EPS Increased $0.24
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2023 Adjusted EPS1 Increased $0.24 $ Per Share $0.06 $0.73 $0.19 ($0.01) Q4 2022: 29% Q4 2023: 23% $0.49 + New renewables + Higher revenues due to Warrior Run PPA monetization − Significant LNG transaction margins in the prior year − Lower margins in Chile Q4 2
Slide 41: Q4 2023 Financial Results: Renewables
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2023 Financial Results: Renewables $ in Millions Adjusted EBITDA1 with Tax Attributes2 Ò Higher Adjusted EBITDA1 with Tax Attributes2 driven primarily by +$325 contributions from new projects Ò Partially offset by lower margins in $612 Colombia $524 $287 $158 Q
Slide 42: Q4 2023 Financial Results: Utilities
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2023 Financial Results: Utilities $ in Millions Adjusted PTC1 Ò Higher Adjusted PTC1 driven +$5 primarily by increased investment in the rate base $36 $31 Q4 2022 Q4 2023 1. A non-GAAP financial measure. See “definitions”. 42
Slide 43: Q4 2023 Financial Results: Energy Infrastructure
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2023 Financial Results: Energy Infrastructure $ in Millions Adjusted EBITDA1 Ò Lower Adjusted EBITDA1 driven primarily by: -$117 • Significant LNG transaction margins in the prior year; and • Lower margins in Chile $483 Ò Partially offset by higher revenues due
Slide 44: Q4 2023 Financial Results: New Energy Technologies
CONTAINS FORWARD-LOOKING STATEMENTS Q4 2023 Financial Results: New Energy Technologies $ in Millions Adjusted EBITDA1 Ò Higher Adjusted EBITDA1 driven primarily by improved results at Fluence ($1) ($28) +$27 Q4 2022 Q4 2023 1. A non-GAAP financial measure. See “definitions”. 44
Slide 45: FY Adjusted PTC: Reconciliation to Public Financials of Listed Subsidiaries
CONTAINS FORWARD-LOOKING STATEMENTS FY Adjusted PTC1: Reconciliation to Public Financials of Listed Subsidiaries & Public Filers AES SBU/Reporting Country Utilities/US AES Company IPL DPL $ in Millions FY 2023 FY 2022 FY 2023 FY 2022 US GAAP Reconciliation AES Business Unit Adjusted Earnings1,2 $59
Slide 46: FY Adjusted EBITDA: Reconciliation to Public Financials of Listed Subsidiaries
CONTAINS FORWARD-LOOKING STATEMENTS FY Adjusted EBITDA1: Reconciliation to Public Financials of Listed Subsidiaries & Public Filers AES SBU/Reporting Country Renewables & Energy Infrastructure/Chile Renewables/Brazil AES Company AES Andes 2 AES Brasil2 $ in Millions FY 2023 FY 2022 FY 2023 FY 2022 U
Slide 47: FY 2023 Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Modeling Disclosures $ in Millions Interest Expense Interest Income Depreciation & Amortization Adjusted PTC 1 Consolidated Attributable Ownership- Consolidated Attributable Ownership- Consolidated Attributable Ownership- to NCI Adjusted to NCI Adjusted to
Slide 48: FY 2023 Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Modeling Disclosures $ in Millions Total Debt as of December 31, 2023 2027 Forecasted Total Debt Ownership- Ownership- Consolidated Attributable to NCI Consolidated Attributable to NCI Adjusted Adjusted Renewables* $8,627 ($2,220) $6,407 $16,200-$17,800 ($
Slide 49: FY 2023 Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS FY 2023 Modeling Disclosures $ in Millions Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Debt Service Reserves & Other Deposits Consolidated Attributable to NCI Ownership-Adjusted Renewables $1,093 ($385) $708 Utilities1 $110 ($14) $97 DPL $41
Slide 50: AES Modeling Disclosures
CONTAINS FORWARD-LOOKING STATEMENTS AES Modeling Disclosures $ in Millions 2024 Subsidiary Distributions (a) $1,500-$1,600 Cash Interest (b) ($195) Corporate / Parent-Funded SBU Overhead ($220) Business Development/Taxes ($35) Cash for Development, General & Administrative and Tax (c) ($255) Parent
Slide 51: 2024 SBU Modeling Ranges
CONTAINS FORWARD-LOOKING STATEMENTS 2024 SBU Modeling Ranges $ in Millions 2024 Adjusted EBITDA1 2023 Adjusted Modeling Ranges as of Drivers of Growth Versus 2023 EBITDA1 2/27/24 + New projects Renewables $645 $670-$750 − Colombia margins Utilities $678 $690-$770 + Rate base growth − Prior year LNG
Slide 52: Limited Exposure to Fluctuations in Foreign Currency
CONTAINS FORWARD-LOOKING STATEMENTS Limited Exposure to Fluctuations in Foreign Currency 2024-2026 Cumulative Exposure Annualized Impact1 of 10% USD Appreciation on Composition by Currency Adjusted PTC2,3 After Hedging Non-USD Currencies $ in Millions Argentine Peso (ARS) ($12) Euro (EUR) ($7) EUR,
Slide 53: 2024 Guidance Estimated Sensitivities
CONTAINS FORWARD-LOOKING STATEMENTS 2024 Guidance Estimated Sensitivities 10% appreciation of USD against following 2024 currencies is forecasted to have the following Adjusted EPS impacts: Average Rate Sensitivity Argentine Peso (ARS)1 1,116.70 ~ ($0.02) Brazilian Real (BRL) 4.95 Less than ($0.005)
Slide 54: PPAs Signed in FY 2023
CONTAINS FORWARD-LOOKING STATEMENTS PPAs Signed in FY 2023 AES Equity PPA Length Project Location Technology Gross MW Expected COD1 Interest (Years) AES Dominicana Dominican Republic Solar 170 65% 1H-2H 2024 15 Solar 240 In Operation2/ AES Andes Chile 99% 13-17 1H 2026 Energy Storage 84 Solar 500 Be
Slide 55: Reconciliation of Q4 Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q4 Adjusted PTC and Adjusted EPS1 Q4 2023 Q4 2022 Per Share (Diluted) Net Per Share (Diluted) Net Net of NCI2 Net of NCI2 $ in Millions, Except Per Share Amounts of NCI2 of NCI2 (Loss) from Continuing Operations, Net of Tax, Attributable to AES a
Slide 56: Reconciliation of FY Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of FY Adjusted PTC and Adjusted EPS1 FY 2023 FY 2022 Per Share (Diluted) Net Per Share (Diluted) Net Net of NCI2 Net of NCI2 $ in Millions, Except Per Share Amounts of NCI2 of NCI2 Income (Loss) from Continuing Operations, Net of Tax, Attributable t
Slide 57: Reconciliation of Q4 Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Q4 Adjusted EBITDA1 $ in Millions Q4 2023 Q4 2022 Net Loss ($643) ($986) Income Tax Expense $82 $79 Interest Expense $353 $304 Interest Income ($153) ($119) Depreciation and Amortization $292 $253 EBITDA ($69) ($469) Less: Income from Discontinue
Slide 58: Reconciliation of FY Adjusted EBITDA
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of FY Adjusted EBITDA1 $ in Millions FY 2023 FY 2022 Net Loss ($182) ($505) Income Tax Expense $261 $265 Interest Expense $1,319 $1,117 Interest Income ($551) ($389) Depreciation and Amortization $1,128 $1,053 EBITDA $1,975 $1,541 Less: Income from
Slide 59: Reconciliation of 2020 Adjusted PTC and Adjusted EPS
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of 2020 Adjusted PTC1 and Adjusted EPS1 FY 2020 $ in Millions, Except Per Share Amounts Net of NCI2 Per Share (Diluted) Net of NCI2 Income (Loss) from Continuing Operations, Net of Tax, Attributable to AES and Diluted EPS $43 $0.06 Add: Income Tax E
Slide 60: Reconciliation of Parent Free Cash Flow
CONTAINS FORWARD-LOOKING STATEMENTS Reconciliation of Parent Free Cash Flow1 $ in Millions 2023 2022 2021 2020 Net Cash Provided by Operating Activities at the Parent Company2 $608 $434 $570 $434 Subsidiary Distributions to QHCs Excluded from Schedule 13 $247 $257 $47 $198 Subsidiary Distributions C
Slide 61: Assumptions
CONTAINS FORWARD-LOOKING STATEMENTS Assumptions Forecasted financial information is based on certain material assumptions. Such assumptions include, but are not limited to: (a) no unforeseen external events such as wars, depressions, or economic or political disruptions occur; (b) businesses continu
Slide 62: Definitions
CONTAINS FORWARD-LOOKING STATEMENTS Definitions Adjusted EBITDA, a non-GAAP measure, is defined by the Company as earnings before interest income and expense, taxes, depreciation and amortization, adjusted for the impact of NCI, interest, taxes, depreciation and amortization of our equity affiliates