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  "presentationDate": "2019-04-01 00:00:00",
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  "notes": "The slide highlights how accounting changes (ASC 842) affect financial metrics like Net Debt, Adjusted EBITDA, and Adjusted Free Cash Flow, and how this leads to a re-rating of valuation multiples.",
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      "text": "Illustrative Case Study: Under IFRS 16 (ASC 842 equivalent), our current EV / LTM Adj. EBITDA would be 7.1x (Δ = -0.2x)",
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      "text": "Note: Current as of 4/19/19 and wholly based on 2018A financials... 3-Year average based on average of valuation multiples at year-end 2016, 2017, and 2018",
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      "text": "Prior (ASC 840) vs New (ASC 842)",
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      "text": "Importantly, this accounting change will have a non-operational impact on several of our key investor metrics. For example, assuming implementation of ASC 842 in 2018: Net Debt: $427.3M decrease; Adjusted EBITDA: $93.3M decrease; Adjusted Free Cash Flow: $57.6M decrease; Net Change in Cash: $0",
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