2023 Outlook 2, 3, 4
This guidance is subject to risks and uncertainties, including those described in “Forward-Looking Statements” below.
| $M | 2022 Results
Excluding T&P and UK |
2023
Outlook |
|
| Revenue | $2,143 | $2,325 – $2,475 | |
| Adjusted EBITDA2,3 | $884 | $1,000 – $1,050 | |
| Net CAPEX3,4 | $367 | $300 – $380 | |
1 – Assumes common shares outstanding plus treasury stock method from warrants outstanding as of December 31, 2022 versus December 31, 2021 and the closing stock price of $45.17 on December 30, 2022.
2 – Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, and Return on Invested Capital are non-GAAP financial measures. Further information and reconciliations for these non-GAAP measures to the most directly comparable financial measure under generally accepted accounting principles in the US (“GAAP”) are included at the end of this press release.
3 – Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore no reconciliation to the most comparable GAAP measures is provided.
4 – Net CAPEX is a non-GAAP financial measure. Please see the non-GAAP reconciliation tables included at the end of this press release.
5 – Free Cash Flow incorporates results from discontinued operations. For comparability, reported revenue is adjusted to include results from discontinued operations to calculate Free Cash Flow Margin.
