Overview Key strengths Key risks Above-industry-average growth rates. Recent margin contraction and large capital expenditure outlays may delay deleveraging if growth rates slow. Strong brand portfolio. High geographic concentration in the U.S. compared with peers. Strong free operating cash flow (FOCF) generation. Debt to EBITDA at fiscal year-end 2023 (ended. Feb. 28, 2023) increased to 3.7x compared with 3.1x at fiscal year-end 2022 primarily because of still elevated share repurchases totaling $1.7 billion last year and a debt-financed $1.5 billion payment to convert the company?s controlling class B shares owned by members of the Sands family to class A shares. The conversion relinquished voting control of the Sands family and led to a re-composition of the board of directors to
