Hostess Brands — Investor Presentation (September 2019)
92 slides from Hostess Brands's investor presentation, Sep 10, 2019
Slide 1: Investor Presentation September 10, 2019
Investor Presentation September 10, 2019 Exhibit 99.1
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer Forward Looking Statements This investor presentation contains statements reflecting our views about the future performance of Hostess Brands, Inc. and its subsidiaries (referred to as “Hostess Brands” or the “Company”) that constitute “forward-looking statements” that involve substantial
Slide 3: Andy Callahan, President & Chief Executive Officer
Andy Callahan President & Chief Executive Officer
Slide 4: Executive Leadership Team
Executive Leadership Team Andy Callahan President & Chief Executive Officer Andy Jacobs EVP, Chief Operating Officer Mike Cramer EVP, Chief Administrative Officer Tom Peterson EVP, Chief Financial Officer Jolyn Sebree SVP, General Counsel & Corporate Secretary Chad Lusk SVP, Chief Marketing Officer
Slide 5: A sustainable, profitable growth story
a sustainable, profitable growth story
Slide 6: How We Got Here
How We Got Here Entrepreneurial spirit and drive of a newly formed company with the heritage of iconic brands Relaunched Under Differentiated Model Built Business Leveraging Brand and Operating Model Strengthened Pillars and Capabilities Building Sustainable, Profitable Growth Model, that is Scalabl
Slide 7: Hostess Brands Celebrating Years of Delighting Consumers
Hostess Brands Celebrating 100 Years of Delighting Consumers Financial data are for the last twelve months (“LTM”) ended June 30, 2019 as reported. Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” and the Appendix for an explanation of all non-GAAP financial
Slide 8: Our Growth Strategy and Core Competencies
Strengthening our core Hostess brand and expanding into adjacent categories through innovation and strong partnerships with our customers At Hostess Brands... We delight consumers and build iconic brands supported by our core competencies to drive profitable growth Our Growth Strategy Leveraging our
Slide 9: Iconic Brands Delivering New & Classic Sweet Treats
Iconic Brands Delivering New & Classic Sweet Treats Source: Harmon Atchison, Awareness, Use and Status Perception Study, 12/8/14 85+ YEARS OLD 50+ YEARS OLD <50 YEARS OLD Last 5 Years
Slide 10: Cost Efficient Operating Business Model
Cost Efficient Operating Business Model Enabled by Warehouse Distribution & Efficient Supply Chain Our Business Model Generates Differentiation with Scale in Baking Expanded distribution reach Compelling retailer economics Fast & scalable in-store merchandising capabilities Close partnerships with t
Slide 11: Collaborative Partnerships With Customers & Retailers
Collaborative Partnerships With Customers & Retailers Across Various Channels for Shared Growth & Profit
Slide 12: Leader in Innovation
Leader in Innovation Willing to Revitalize and Disrupt Underinvested Categories Innovation within the Core Launch new flavors of iconic products to leverage the brand’s power and expand the core Innovation in Adjacencies Expand the Hostess® brands into new consumer segments to drive incremental grow
Slide 13: Significant Cash Flow Provides Flexibility
Significant Cash Flow Provides Flexibility Hostess has Low Committed Capital Spending Needs Compared to Peer Set 1 Peer Set: S&P Composite 1500 Packaged Foods and Meats Sub Index Source: Average 2015-2018 based on FactSet and Company filings available as of July 2019, Notes: Operating cash flow incl
Slide 14: Pillars for Growth
Generated from high cash conversion rates and efficient operating capital needs Focused on investing in talent, insights and information to create industry-leading capabilities to support the next phase of growth Operate at lowest practical cost and optimum value to consumers Accelerate growth throu
Slide 15: Meaningful Growth Year to Date 2019
Meaningful Growth Year to Date 2019 Continued Industry-Leading Results Year-to-Date results through June 30, 2019 and 2018, respectively. Adjusted EBITDA is a non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” and the Appendix for an explanation of all non-GAAP financial measures
Slide 16: A Look at 2019
A Look at 2019 Revenue Growth Well Above the SBG Category & Significant Adjusted EBITDA Growth Q2 Q1 Q3 Q4 Execute Pricing & Launch Breakfast þ Expand Distribution of New Products Accelerate Growth Behind Improved Merchandising Execution Strong Back-to-School Programming Completed Sale of In-Store B
Slide 17: Full-Year 2019 Guidance
Full-Year 2019 Guidance Reaffirming Guidance (which reflects the sale of In-Store Bakery business) ($ in millions, except ratio, per share data and tax rate) 2018 Actuals 2019 Guidance Net revenue $850.4 Growth well above the SBG Category Adjusted EBITDA $186.2 $200 - $210 Adjusted EPS $0.54 $0.57 -
Slide 18: Key Takeaways
Demonstrated growth and untapped potential for future growth 1 Deep capabilities for proven, repeatable growth across a broad distribution base 2 Lean, agile scalable model 3 Execution leads to top quartile financial results 4 Key Takeaways
Slide 19: Long-term Investment Thesis
Organic Revenue Growth Top Quartile of Peer Group1 (Well ahead of the SBG Category) Long-term Investment Thesis 1. Peer group defined as S&P Composite 1500 Packaged Foods and Meats Sub Index Delivering Industry Leading Total Shareholder Returns Adjusted EBITDA Margin Top Quartile of Peer Group1 Free
Slide 20: Chad Lusk, SVP and Chief Marketing Officer
Chad Lusk Senior Vice President and Chief Marketing Officer
Slide 21: Key Takeaways
1 2 3 4 Key Takeaways Deploying additional untapped growth levers for further growth Clear strategy and proven growth model that generates consistent results Part of a large and growing addressable market Deep consumer emotional brand affinity with potential to be further unlocked
Slide 22: Hostess is Set Up to Grow
Hostess is Set Up to Grow Brand is our strongest asset based on its high awareness, high availability, and contemporary and engaging nature Addressable Markets that are growing and in which we have a right to participate Proven Playbook with established tools for continued growth
Slide 23: Hostess Brand Strength: Leading Brand Awareness
HOSTESS BRAND STRENGTH: We Have Leading Brand Awareness 1 Source: EquiTrend, The Harris Poll, Q1 2018 Aided Awareness1 86% 84% 82% 56% Snack Cake Snack Cake Snack Cake Snack Cake 81% 36%
Slide 24: Hostess Brand Strength: Leading Consumer Reach
HOSTESS BRAND STRENGTH: We Have Leading Consumer Reach High Brand Awareness Combined with Broad Availability Provides Significant Opportunities for Growth 1 Source: Nielsen, Total Nielsen Universe % ACV for the SBG Category, 13 weeks ending 8/10/19. 92% Total Nielsen Universe % ACV Distribution1 80%
Slide 25: Hostess Brand Strength: Highly Relevant and Contemporary
HOSTESS BRAND STRENGTH: We Are Highly Relevant and Contemporary . . .
Slide 26: Hostess Brand Strength: Uniquely Engaging
Social media engagement above CPG1 average HOSTESS BRAND STRENGTH: . . . and Uniquely Engaging Experiential marketing campaigns 11.4% higher 9.6% higher Source: Rival IQ 2018 1 CPG defined as Food & Beverage industry as determined by Rival IQ
Slide 27: Hostess Brand Strength: Significant Media Attention
HOSTESS BRAND STRENGTH: Brand Attracts Significant Media Attention 1 Source: LAK public relations analysis 5.8 Billion Estimated Media Impressions YTD 20191
Slide 28: Addressable Market: Snacking Is On The Rise
ADDRESSABLE MARKET: Snacking Is On The Rise Source: Mintel Snacking Motivations and Attitudes, January 2019, Market sizing from NPD, Mintel, IRI, Datassentials, “The Keynote Report: Snacking March 2018 of U.S. adults snack daily 3 95 increase in snacking frequency in 2018 vs. 2017 21 3-5 times the a
Slide 29: Addressable Market: Indulgence Is Still King In Snacking
ADDRESSABLE MARKET: Indulgence Is Still King In Snacking Sweet snacks appeal higher than better-for-you “I find ____ appealing.” (Top 2 boxes = somewhat and very appealing) Source: Mintel Snacking Motivations and Attitudes, January 2019, Mintel Flavor the most important attribute #1 reason for snack
Slide 30: Addressable Market: Plenty Of Room To Grow
ADDRESSABLE MARKET: And There Is Plenty Of Room To Grow Source: Nielsen, Total Nielsen Universe, 52 Weeks ending 8/10/19 Household penetration of Hostess vs. indulgent snacking categories 32% 69% 91% 97% Sweet Baked Goods Cookies Candy, Gum, Mints Size at Retail ($ Billions) $1.2 $6.7 $8.4 $25.3
Slide 31: Proven Playbook For Growth
Proven Playbook For Growth CURRENT UNTAPPED Fun, high demand flavor varieties Limited Time Offerings Exciting, usage-driven, incremental Breakthrough Innovation Need state-driven, grounded in insights Consumer Advertising Relevant, highly responsive Core Extensions
Slide 32: Proven Playbook: Small Innovations Create Outsized Impact
CURRENT UNTAPPED Fun, high demand flavor varieties Limited Time Offerings Exciting, usage-driven, incremental Breakthrough Innovation Need state-driven, grounded in insights Consumer Advertising Relevant, highly responsive Core Extensions PROVEN PLAYBOOK: Small Innovations Create Outsized Impact
Slide 33: Core Extensions: Big Impact From Core Innovation (CupCakes)
#2 selling flavor of CupCakes PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From Core Innovation
Slide 34: Core Extensions: Big Impact From Core Innovation (Ding Dongs)
#2 selling flavor of Ding Dongs® PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From Core Innovation
Slide 35: Core Extensions: Revitalizing Existing Varieties
+12% CAGR over last 2 years Drove +5% unit growth to total Zingers brand PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From Revitalizing Existing Varieties
Slide 36: Core Extensions: Bread Innovation
#1 selling branded bread in C-Store and Drug PROVEN PLAYBOOK / CORE EXTENSIONS: Bread Innovation Unlocks Opportunities Source: Nielsen 52WE 5/18/19
Slide 37: Core Extensions: Expanding Into Adjacent Sub-Categories
$250+ million wafer category in Sweet Baked Goods PROVEN PLAYBOOK / CORE EXTENSIONS: Expanding Into Adjacent Sub-Categories Source: Nielsen 52 WE 8/10/19
Slide 38: Core Extensions: Big Impact From 2019 Innovation
$250+ million brownie category growing at 4.7% PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From 2019 Innovation Source: Nielsen 52 WE 8/10/19
Slide 39: Core Extensions: Breakfast Innovation (Danish)
Drove +47% dollar growth to total Hostess Danish portfolio PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From Breakfast Innovation
Slide 40: Core Extensions: Breakfast Innovation (Coffee Cake)
#2 coffee cake consumer flavor preference PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From Breakfast Innovation Source: Nielsen
Slide 41: Core Extensions: Packaging Innovation
Over 70% incremental to Hostess Donette shopper PROVEN PLAYBOOK / CORE EXTENSIONS: Big Impact From Packaging Innovation Source: Nielsen
Slide 42: Limited Time Offerings: Compelling Traditional Holiday Items
Compelling traditional holiday items PROVEN PLAYBOOK / LIMITED TIME OFFERINGS: Workhorse Growth Engine Tied to Usage
Slide 43: Limited Time Offerings: Event-Driven Seasonal Themes
Fun event-driven seasonal themes PROVEN PLAYBOOK / LIMITED TIME OFFERINGS: Workhorse Growth Engine Tied to Usage
Slide 44: Limited Time Offerings: Culture-Based Trend Expressions
Culture-based trend expressions PROVEN PLAYBOOK / LIMITED TIME OFFERINGS: Workhorse Growth Engine Tied to Usage
Slide 45: Proven Playbook: Small Changes Fuel Big Growth
Innovation launched since 2015, along with our limited time offer programs, provided in annual1 revenue PROVEN PLAYBOOK: Small Changes Fuel Big Growth 1 Last-twelve-months revenue ending 6/30/19 ~$160M
Slide 46: Limited Time Offerings Attract New Consumers
Source: Nielsen Sourcer Study, 2017 PROVEN PLAYBOOK / LIMITED TIME OFFERINGS: We Have Proven We Can Attract New Consumers Through Innovation Source of Volume: Hostess LTOs 70-80+% LTO volume came from non-SBG consumers
Slide 47: Deploying Untapped Growth Levers
PROVEN PLAYBOOK: We Are Deploying Untapped Growth Levers CURRENT UNTAPPED Fun, high demand flavor varieties Limited Time Offerings Exciting, usage-driven, incremental Breakthrough Innovation Need state-driven, grounded in insights Consumer Advertising Relevant, highly responsive Core Extensions
Slide 48: A Growing Snacking Market Presents a Wide Range of Opportunities
A Growing Snacking Market Presents a Wide Range of Opportunities Source: IRI Actuals Total US -Multi Outlet + Conv Calendar; Mintel Forecast Total US –Multi Outlet + Conv Calendar Snacking Market Growth 2017 2019E 2022E $125B $150B $180B +$30 Billion
Slide 49: Breakthrough Innovation: Significantly Larger Addressable Market
Egg Strategy – need state Company estimates – Market size PROVEN PLAYBOOK / BREAKTHROUGH INNOVATION: Significantly Larger Addressable Market We Will Reach New Consumers with a Deeper Focused Approach Total snacking market $150 billion $15B $15B $45B $50B $25B Care for Me (& Others) Bring Me Joy Give
Slide 50: Consumer Advertising: Extremely Favorable Brand Attributes
We are highly available across all channels We are highly contemporary We are highly and uniquely engaging We have leading brand awareness* PROVEN PLAYBOOK / CONSUMER ADVERTISING: Extremely Favorable Brand Attributes 81% 84% * Aided Awareness Source: EquiTrend, The Harris Poll, Q1 2018 ACV across ch
Slide 51: Consumer Advertising: Brands Highly Responsive to Advertising
PROVEN PLAYBOOK / CONSUMER ADVERTISING: Brands Are Highly Responsive to Advertising Source: Edelman Impulse food brands respond to advertising 7x faster than habitual grocery shopping In 2020 we will Test, Measure and Expand Consumer Activation Programs
Slide 52: Key Takeaways
Deploying additional untapped growth levers for further growth Clear strategy and proven growth model that generates consistent results Part of a large and growing addressable market Deep consumer emotional brand affinity with potential to be further unlocked 1 2 3 4 Key Takeaways
Slide 53: Andy Jacobs, EVP and Chief Operating Officer
Andy Jacobs Executive Vice President and Chief Operating Officer
Slide 54: Key Takeaways
Distribution agility enables scale merchandising that enhances retailer events, store level execution and POS sell-thru Data-driven actions support Hostess Partner Programming and drive efficient and profitable growth Tailored channel based go-to-market model demonstrates key capabilities for growth
Slide 55: Broad Reach Leads to High Growth Opportunity
Broad Reach Leads to High Growth Opportunity Hostess Total Nielsen Universe ACV of 92% Enabled by our Distribution Model Source: Nielsen, Total Nielsen Universe % ACV for the SBG Category, 13 weeks ending 8/10/19. 93% Hostess % ACV Distribution By Channel & Market Share Ranking Non-Traditional Chann
Slide 56: Tailored Channel and Customer Solutions
Tailored Channel and Customer Solutions Unlocking Growth Potential Across Channels Creating indispensable partnerships, driving growth for both Hostess & our customers Enabled by our Hostess Partner Programs, High Brand Awareness and Our Agile Distribution Model Brand Choice Hostess vs. Value Brands
Slide 57: Approach Fueled by Data and Analytics
Approach Fueled by Data and Analytics Sharper Organizational Decisions Using Insights and Knowledge Focusing business on highest growth opportunities Store-level shipment data for C-store triggers order replenishments and reduces out of stocks Investments in Category Management Elasticities analysis
Slide 58: DTW Model Winning In Non-Traditional Channels
DTW Model Winning In Non-Traditional Channels Centralized Manufacturing Enables Innovation Highly Agile Large Format Display Programs Unique Consortium Retail Merchandising Teams Brand Portfolio Leveraged For Independent Retailers Hostess Partner Program for Small Format Chain Retailers Uniquely Tai
Slide 59: Investing in HPP Data Capabilities
Investing in HPP Data Capabilities Data Mining Enabling Focus on Store Level Compliance and Growth 1 Enables HQ Level Compliance Based On Exact Store Level Programming Complemented By Retail Team Focus On Both Chain Stores and High Volume Independents Chain & Independent Retailers Store Level Data S
Slide 60: Warehouse Model Enables Small Independent Retailer Distribution
Warehouse Model Enables Small Independent Retailer Distribution Leveraging Both Hostess and Value Brands 2 ~ 70k Independent Small Format Retailers Warehouse Club and Cash ‘N Carry Pick-up Self Distribution
Slide 61: Highly Agile Display Programs
Highly Agile Display Programs Displays can Quickly be Executed Across Regional or National Retailers via Cross-docking 3 Pre-Built Displays Shipped From Single Consolidated Warehouse
Slide 62: Retail Teams Complement the DTW Model
Retail Teams complement the DTW model and retailer labor support Store level POS or Distributor Ship Data drives weeklyRetail Directives Executing over 365,000 Focused Retail In-Store Calls per Quarter Unique Consortium Retail Merchandising Broker Retail Model Drives In-store Performance and Lowers
Slide 63: Distribution Model Enables Fast and Customized Innovation Solutions
Retailer specific request based on Unicorn themed product sales in their stores Developed and executed in 10 weeks; retailer providing scale support Centralized baking only in Emporia, KS; ships to Shorewood, IL for consolidation with other Hostess items and ships fresh to customer DC’s across the U
Slide 64: DTW Enables Non-Traditional Distribution
DTW Enables Non-Traditional Distribution Hostess Distribution is Ubiquitous; Products are Sold in All Channels 6 Leveraging Brand in Select Export Markets
Slide 65: Strong Market Position
Strong Market Position Consistent POS and Share Growth in the SBG Category Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category. Point of Sale and Market Share, 52 weeks ending 7/2/16, 7/1/17, 6/30/2018 & 6/29/19. Current and prior period market data presented herein refle
Slide 66: 2nd Quarter Point of Sale & Market Share Across Channels
2nd Quarter Point of Sale & Market Share Across Multiple Channels Point of sale and market share data for the 13 weeks ended 6/29/19 as compared to the comparable period in the prior year. Data reflects restatements of the Convenience Channel data executed by Nielsen during the fourth quarter of 201
Slide 67: Key Takeaways
Distribution agility enables scale merchandising that enhances retailer events, store level execution and POS sell-thru Data-driven actions support Hostess Partner Programming and drive efficient and profitable growth Tailored channel based go-to-market model demonstrates key capabilities for growth
Slide 68: John Kalal, SVP Bakery Operations and Supply Chain
John Kalal Sr. Vice President Bakery Operations and Supply Chain
Slide 69: Key Takeaways
Lean, agile and scalable model that delivers quality results 1 Disciplined investments in high ROI projects 2 Centralized distribution network capabilities to effectively support growth 3 Integrated information systems driving efficient execution 4 Key Takeaways
Slide 70: Lean, Agile and Scalable Model Delivering Quality Results
Agile Tailored solutions through manufacturing expertise Centralized distribution Lean, Agile and Scalable Model Delivering Quality Results Lean Drive continuous savings through operational improvements Efficient supply chain High ROI Investments Scalable Repeatable and Extendable
Slide 71: Disciplined High ROI Projects
Disciplined High ROI Projects A Proven Process that is Scalable and Repeatable Distribution Center move supports future portfolio growth Taking miles out of network Improving lane rates Faster and more reliable access to key markets on the West coast Applied Hostess model to acquired Cloverhill bake
Slide 72: Boldly Reimagined Distribution Approach
Boldly Reimagined Distribution Approach Unique Centralized Model Supports Differentiated Ability to Efficiently Address Market LOWER OVERHEAD LOWER WORKING CAPITAL NEEDS
Slide 73: Distribution Capabilities Support Growth
Distribution Capabilities Support Growth Network Capabilities Effectively Support Tailored Merchandising at Scale 280 different displays created per year 20% of products shipped display-ready
Slide 74: Integrated Information Systems Driving Efficient Execution
Integrated Information Systems Driving Efficient Execution Single enterprise-wide system utilized to efficiently execute production and distribution Enables informed fast decision-making within complex operations and short-code life products Demand Inventory Distribution Production Materials SAP
Slide 75: Key Takeaways
Lean, agile and scalable model that delivers quality results 1 Disciplined investments in high ROI projects 2 Centralized distribution network capabilities to effectively support growth 3 Integrated information systems driving efficient execution 4 Key Takeaways
Slide 76: Tom Peterson, EVP and Chief Financial Officer
Tom Peterson Executive Vice President and Chief Financial Officer
Slide 77: Key Takeaways
Long-term investment thesis in the top quartile of peers 1 Good stewards of meaningful capital 2 Modern and tailored IT platform provides real-time visibility into performance and efficient reporting and analysis 3 Key Takeaways
Slide 78: Industry Leading Revenue Growth
Industry Leading Revenue Growth Achieved by Accessing Large Addressable Market Via Proven Tailored Go-to-market Model 1 Average of CAGRs for period from companies in the S&P Composite 1500 Packaged Foods and Meats Sub Index 2 Six months ended June 30, 2019 Long-Term Organic Revenue Growth Top Quarti
Slide 79: Industry Leading Adjusted EBITDA Margins
Industry Leading Adjusted EBITDA Margins1 Achieved Through Lean and Agile Operating Model Long-Term Adjusted EBITDA Margin Top Quartile of Peer Group2 2015 – 2018 Average Year-to-Date 2019 Peers1 Peers1 1 Adjusted EBITDA margin is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures
Slide 80: Industry Leading Free Cash Flow Conversion
Industry Leading Free Cash Flow Conversion1 Providing Fuel for Growth Investments 1 Free cash flow conversion defined as (Operating Cash Flow – Capital Expenditures – Dividends)/Operating Cash Flows. Free cash flow conversion is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures”
Slide 81: Good Stewards of Capital
Good Stewards of Capital High free cash flow conversion rates and strong balance sheet provide significant flexibility in evaluating capital allocation options Investments focused on high ROI activities Disciplined approach to use of excess cash Reinvest in business for future growth Strategic acqui
Slide 82: Integrated Systems Drive Efficiency
Integrated Systems Drive Efficiency Modern Day Tailored Scalable Infrastructure Operations integrated in single instance of SAP Fresh install at re-launch Reduced complexity Provides high visibility Reporting tools provide critical real-time actionable insights Demand Inventory Distribution Producti
Slide 83: Long-term Investment Thesis
Organic Revenue Growth Top Quartile of Peer Group1 (Well ahead of the SBG Category) Long-term Investment Thesis 1. Peer group defined as S&P Composite 1500 Packaged Foods and Meats Sub Index Delivering Industry Leading Total Shareholder Returns Adjusted EBITDA Margin Top Quartile of Peer Group1 Free
Slide 84: Key Takeaways
Long-term investment thesis in the top quartile of peers 1 Good stewards of meaningful capital 2 Modern and tailored IT platform provides real-time visibility into performance and efficient reporting and analysis 3 Key Takeaways
Slide 85: Closing
Closing
Slide 86: Key Takeaways
Demonstrated growth and untapped potential for future growth 1 Deep capabilities for proven, repeatable growth across a broad distribution base 2 Lean, agile scalable model 3 Execution leads to top quartile financial results 4 Key Takeaways
Slide 87: Unlocking the Potential of Our People
Unlocking the Potential of Our People Investing in marketing and sales capabilities and talent Investing in data and insights to make smart people smarter Leveraging our IT infrastructure for real-time data across functions Investing in competitive wages, benefits and training programs
Slide 88: A Sustainable, Profitable Growth Story
a sustainable, profitable growth story Organic Revenue Growth Top Quartile of Peer Group1 (Well ahead of the SBG Category) 1. Peer group defined as S&P Composite 1500 Packaged Foods and Meats Sub Index Delivering Industry-Leading Total Shareholder Returns Adjusted EBITDA Margin Top Quartile of Peer
Slide 89: Q&A
Q&A
Slide 90: Appendix
Appendix
Slide 91: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA ($ in millions, except percentages) Six Months Ended June 30, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Net income $43.3 $81.4 $258.1 $51.9 $88.8 Non-GAAP adjustments: Income tax p
Slide 92: Non-GAAP Reconciliations: Free Cash Flow
Non-GAAP Reconciliations Free Cash Flow ($ in millions, except percentages) Six Months Ended June 30, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Operating cash flow $74.1 $143.7 $162.6 $114.0 $133.0 Non-GAAP Adjustments: L
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