Cash Cycle

DCC

⚠️ Partially Sustainable
22.4 Days
▲ 2.1d vs PY | +$142M FCF

Critical: $68M inventory build in NA (Product Launch) is masking strong 12-day DPO tailwinds.

Receivables

DSO

▲ +4.2d
54.8 Days
−$48M Cash Impact vs Target
Prev: 50.6d Target: 48.0d
Inventory

DIO

▼ −1.8d
82.1 Days
+$32M Cash Impact
Prev: 83.9d Target: 80.0d
Payables

DPO

▲ +6.5d
114.5 Days
+$158M Cash Impact
Prev: 108.0d Target: 115.0d

Entity Performance

Subsidiary Metric vs PY
LATAM Cluster 35d +8d
North America 22d -3d
EMEA Central 18d -5d
APAC Regional 29d +4d
Mexico Juarez 41d +12d
Brazil Hub 39d +9d
UK & Ireland 20d +1d
Germany OpCo 17d -4d
France Logistics 23d -2d
Japan Tokyo 31d +2d
China Shanghai 27d +5d
India SSC 15d -2d
Singapore HQ 16d -1d
Australia South 21d +0d
Canada East 24d +2d
Italy Milan 26d +3d
Spain Hub 25d -1d
Poland SSC 19d -3d
Turkey Plant 38d +10d
South Africa 33d +6d

Execution Intelligence

DSO Drivers

Weighted Avg Terms 45d ↑ 2d vs LY
Best Possible DSO 42d — flat
Collection Eff. Index (CEI) 82% ↑ 3 pts
% AR Overdue > 90d 12.4% ↑ 1.6 pts
Dispute Aging (Avg) 28d ↑ 4d

DIO Drivers

Safety Stock Value $4.2M ↓ $0.6M
Forecast Accuracy 88% ↑ 5 pts
SLOB % of Total Inv. 5.1% ↑ 0.9 pts
Inventory Turns 4.5x ↑ 0.4x
WIP Residence Time 8.2d ↓ 1.1d

DPO Drivers

Std. Payment Terms 90d — unchanged
Early Pay Capture 15% ↓ 2 pts
Touchless Invoicing 72% ↑ 8 pts
Policy Compliance 94% ↑ 3 pts
Vendor Consolidation 62% ↑ 6 pts

D-Zero Initiatives

As of P09 FY25
Portfolio Value $400M
Value Locked $165M
In Execution $195M
At Risk $40M
41% of value realized 150 active initiatives
DSO-Led Initiatives $120M
$60M $48M $12M
Locked In Exec At Risk
DIO-Led Initiatives $180M
$75M $85M $20M
Locked In Exec At Risk
DPO-Led Initiatives $100M
$30M $62M $8M
Locked In Exec At Risk