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  "authorName": "Federal Signal",
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  "presentationDate": "2024-11-01 00:00:00",
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      "text": "Net debt leverage is a non-GAAP measure that is computed as total borrowings and finance lease obligations less cash and cash equivalents, divided by trailing twelve months Adjusted EBITDA (as separately defined within). The Company believes that net debt leverage provides investors with a view of the Company's ability to generate earnings sufficient to service its debt. Other companies may use different methods to calculate net debt leverage.",
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      "text": "Free cash flow is a non-GAAP measure that is computed as net cash provided by operating activities less purchases of property and equipment. Management believes that free cash flow provides investors with a relevant measure of liquidity and is a useful basis for assessing the Company's ability to fund its activities and obligations. Other companies may use different methods to calculate free cash flow.",
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      "text": "Cash conversion is a non-GAAP measure that is computed by dividing net cash provided by operating activities by net income (represented as a percentage). The Company believes that cash conversion provides investors with a view of the Company's ability to convert its earnings into cash. Other companies may use different methods to calculate cash conversion.",
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      "text": "Source: Company Filings",
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      "text": "Net Debt Leverage LTM Q3 2024\nTotal Borrowings and Finance Lease Obligations: $231.4\nLess: Cash and Cash Equivalents: (73.7)\nNet Debt as of Q3 2024: $157.7\nAdjusted EBITDA: $338.8\nNet Debt Leverage: 0.5x",
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      "text": "Free Cash Flow\n2016: $26.7 (Net Cash Provided by Operating Activities), (6.1) (Less: Purchases of Property and Equipment), $20.6 (Free Cash Flow)\n2017: $73.5, (8.0), $65.5\n2018: $92.8, (14.1), $78.7\n2019: $103.4, (35.4), $68.0\n2020: $136.3, (29.7), $106.6\n2021: $101.8, (37.4), $64.4\n2022: $71.8, (53.0), $18.8\n2023: $194.4, (30.3), $164.1\nLTM Q3 2024: $244.1, (41.0), $203.1",
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      "text": "Cash Conversion (2019-2023) (A/B)\n2019: $103.4 (A), $108.5 (B)\n2020: $136.3 (A), $96.2 (B)\n2021: $101.8 (A), $100.6 (B)\n2022: $71.8 (A), $120.4 (B)\n2023: $194.4 (A), $157.4 (B)\nTotal: $607.7 (A), $583.1 (B)\nAverage Cash Conversion (2019-2023): 104%",
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      "text": "Appendix V: Non-GAAP Measures (Cash Conversion, Net Debt Leverage and Free Cash Flow)",
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