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  "documentTitle": "Avantor | Investor Day Presentation Deck | 91 slides",
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  "authorName": "Avantor",
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  "presentationDate": "2023-12-01 00:00:00",
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      "text": "LONG-TERM TARGET\nFree Cash Flow conversion: 90%+",
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      "text": "FREE CASH FLOW ($M), non-GAAP\n2018: $163M\n2023E: ~$650M",
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      "text": "Capital light model; annual capex requirements of ~1-2% of sales\nModest working capital investment to support growth\nFree Cash Flow enables significant debt paydown; ~$1.2B of debt paydown in last 18 months",
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      "text": "2023E FCF and FCF conversion based on midpoint of FY23 guidance, as of Q3 2023 earnings call.\nFCF Conversion = Free Cash Flow / Adjusted Net Income.",
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      "text": "FCF conversion\n2018: 70%\n2023E: ~90%+",
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