2019 Outlook
Global Systemwide Sales growth 3 to 4%
General and Administrative Expense $195M
Adjusted EBITDA growth 2.5 to 4.5%
Adjusted Tax Rate 22 to 23%
Adjusted Earnings Per Share growth 3.5 to 7.0%
Capital Expenditures $75 to $80M
Cash flows from operations $285 to $300 million*
Free Cash Flow $210 to $220M *
2020 Goals
Global systemwide sales $11.5 billion
Free Cash Flow $275 million

*Includes the impact of the proposed settlement of the Financial Institutions case. Excluding the impact of the proposed settlement, the Company expects cash flows from operations of approximately $305 to $320 million and free cash flow of approximately $230 to $240 million.

This information includes forward-looking guidance for certain non-GAAP financial measures, including systemwide sales, adjusted EBITDA, adjusted earnings per share, free cash flow and adjusted tax rate. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share, free cash flow and adjusted tax rate, such as advertising funds’ revenues and expenses, impairment of long-lived assets, reorganization and realignment costs, system optimization (gains) losses, net, timing and resolution of certain tax matters, and the legal reserve relating to the Financial Institutions case. Due to the uncertainty and variability of the nature and amount of those expenses and benefits, the Company is unable without unreasonable effort to provide projections of net income, earnings per share, or reported tax rate or a reconciliation of those projected measures.