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      "text": "Objective of maintaining an investment grade credit rating\n2.5x - 3.0x Net Debt:Adjusted EBITDA under normalised conditions\nAs of 31 December 2023: Net debt¹ $2,272m / EBITDA² $1,086m = 2.1x",
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      "text": "$750m buyback completed in 2023\n10.6m shares repurchased at average price £55.88\n6.1% reduction in share count to 165.2m at 31 December 2023",
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      "text": "FY23: ~$250m ordinary dividends + $750m buyback = ~$1.0bn or 10% of opening market cap",
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      "text": "1. Definitions for non-GAAP measures can be found in the 'Use of key performance measures and non-GAAP measures' section of IHG's FY23 results, along with reconciliations of these measures to the most directly comparable line items within the Financial Statements.",
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      "text": "Continuing our capital allocation approach to routinely return surplus capital to shareholders: $500m 2022, $750m 2023, $800m 2024",
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