Worldwide Widgets Inc. (WWI) has 2020 EBITDA of $117.5M. Worldwide Widgets Inc. has an outstanding revolving line at a 2% interest rate with a maximum capacity of $10M with no outstanding borrowings, a Term Loan B with a 5% interest rate that amortizes at 1% annually with a face value of $100M, 7-Year 10% Senior Notes of $200M that have 3 years left until maturity, and $100M of 15% unsecured debt. The Company also has $200M of cash on the balance sheet with 2020 Capital Expenditures of $40M Calculate WWI's 2020 EBITDA less Capex Ratio. 2.00x 1.95x 1.90x 1.75x