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$
For the 12-months ended September 30, 2023
This provides us with the resources to acquire and develop more clubs and restaurants. We manage RCI like long-term owners. We believe growth of free cash flow per share is the primary driver of long-term value. Our goal is to increase free cash flow per share at least 10-15% on a compound annual basis.
We may deviate from this strategy if other strategic rationale warrants. We calculate free cash flow per share as net cash flows from operating activities less maintenance capital expenditures divided by average shares outstanding.
From fiscal 2018 through fiscal 2023, we improved diluted EPS at a compound annual growth rate (CAGR) of 8%, reflecting increased revenue at a CAGR of 12% and flowing through net income at a CAGR of 7%. As a result, net cash provided by operating activities improved at 18% and free cash flow at 18% CAGR.