Big dogs gotta eat - John schreef op 14 april 2023 17:16:
[...]
Uit hun FY 2022:
Detail on Recent Free Cash Flow Conversion
In
2022, we generated $361 million of Adjusted EBITDA, $367 million of net cash provided by operating activities, and
$21 million of Free Cash Flow. In comparison, in
2021 , we generated $289 million of Adjusted EBITDA, $692 million of net cash provided by operating activities, and
$455 million of Free Cash Flow. In 2022, we drove significant growth in cash generation from our U.S. restaurant marketplace and chose to invest much of the incremental cash into long-term growth initiatives. This negatively impacted our 2022 Adjusted EBITDA and Free Cash Flow, but we believe will contribute to higher Free Cash Flow over time.
In addition to growth investments, our 2022 Free Cash Flow was impacted by three additional factors: 1) a $170 million impact from 2022 ending on a Saturday, which resulted in one extra day of cash held at payment processors, 2) the payment of a $100 million legal settlement in Q2 2022 that was previously reserved for, and 3) $74 million of cash paid for transaction-related costs, primarily associated with our acquisition of Wolt. Collectively, these factors reduced 2022 Free Cash Flow by $344 million. Absent these factors, 2022 Free Cash Flow would have been $365 million, roughly in line with 2022 Adjusted EBITDA.
For 2023, we currently expect Free Cash Flow to increase substantially compared to 2022. However, 2023 Free Cash Flow is likely to be below 2023 Adjusted EBITDA, in part because 2023 ends on a Sunday. This means we expect to have one extra day of cash held at payment processors at the end of 2023 compared to 2022, and two extra days of cash held at payment processors compared to the end of 2021.