Full-Year 2021 Outlook
Due to the ongoing nature of the COVID-19 pandemic we currently expect economic activity and spending patterns to be subdued for most of 2021, with a gradual recovery starting in the second half. In the first half of 2021 we face a challenging comparable, partly because we expect lower PPP (Paycheck Protection Program) revenues in 2021.
We remain in a strong position to respond to the new challenges should they arise. Our specific guidance for 2021 adjusted operating profit margin, adjusted free cash flow, return on invested capital (ROIC), and diluted adjusted EPS is provided below.