Exhibit 99.1
Financial Exhibit – Revised Financial Projections
($ in millions)
Summary Financial Projections
($ in millions)
Forecast | ||||||||||||||||
2019 | 2020 | 2021 | 2022 | |||||||||||||
Projected Income Statement | ||||||||||||||||
Total Revenue | $ | 5,348 | $ | 5,175 | $ | 5,452 | $ | 5,615 | ||||||||
Less: Cost of Inventory and Field Costs | 4,299 | 4,013 | 4,127 | 4,228 | ||||||||||||
Less: R&D Costs | 148 | 155 | 163 | 168 | ||||||||||||
Less: Segment and Corporate G&A | 322 | 256 | 262 | 270 | ||||||||||||
Adjusted EBITDA | $ | 580 | $ | 750 | $ | 900 | $ | 950 | ||||||||
Projected Cash Flow Statement | ||||||||||||||||
Adjusted EBITDA | $ | 750 | $ | 900 | $ | 950 | ||||||||||
Less: Cash Taxes | (146 | ) | (149 | ) | (159 | ) | ||||||||||
Less: Capex | (260 | ) | (270 | ) | (270 | ) | ||||||||||
Less: Change in NWC | 107 | (120 | ) | (65 | ) | |||||||||||
Less: Change in Other Assets/Liabilities | 59 | 41 | 25 | |||||||||||||
Unlevered Free Cash Flow | $ | 510 | $ | 402 | $ | 481 | ||||||||||
Less: Cash Interest | (232 | ) | (232 | ) | (232 | ) | ||||||||||
Less: Non-Recurring | (80 | ) | -- | -- | ||||||||||||
Less: Other Cash Flow Items | (48 | ) | (62 | ) | (67 | ) | ||||||||||
Total Change in Cash | $ | 151 | $ | 108 | $ | 182 | ||||||||||
Beginning Cash | $ | 535 | $ | 686 | $ | 794 | ||||||||||
Ending Cash | $ | 686 | $ | 794 | $ | 977 |
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