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  "documentTitle": "Elanco Animal Health (ELAN)",
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      "text": "Failure to achieve financial targets has left Elanco with a leverage profile of ~5.6x in 2023.",
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      "text": "Elanco’s Forecast Net Leverage Ratio at 2020 Investor Day",
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      "text": "Net Leverage Ratio: 5.6x",
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      "text": "Elanco’s acquisition of Bayer and the Company’s abject failure to deliver on financial targets set at the 2020 Investor Day has resulted in an over-levered balance sheet, which shareholders have paid dearly for over the past 24 months.",
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      "kind": "quote",
      "text": "Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating, which means we can quickly de-lever from approximately 5 times to less than 3 times by the end of the second full year post-close...",
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      "text": "The global diversified strength of the combined business will generate enough cash flow for us to bring our leverage below 3 times adjusted EBITDA by the end of 2022. We realized the timing of our deleveraging is different than what we planned at the IPO by approximately two years.",
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      "text": "Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating, which means we can quickly de-lever from approximately 5 times to less than 3 times by the end of the second full year post-close... — CEO Jeff Simmons on Acquisition of Bayer by Elanco 8/20/2019; The global diversified strength of the combined business will generate enough cash flow for us to bring our leverage below 3 times adjusted EBITDA by the end of 2022. We realized the timing of our deleveraging is different than what we planned at the IPO by approximately two years. But we believe this delay is warranted by the compelling value proposition that our combined focused animal health company creates. — CFO Todd Young on Acquisition of Bayer by Elanco 8/20/2019",
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      "text": "Source: Ancora, Company filings.",
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      "text": "Elanco’s Failed Execution of Bayer Acquisition Has Saddled the Company With Debt",
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