Simplified LBO Model Historical Financials in millions

Uses 12/31/2004
Acquistion Price (EV) 17.5 Revenue 10.6
EV/EBITDA multiple 6.7x % growth
Total Uses 17.5
EBITDA 1.2
Sources of total % % of Revenue 11%
Debt 10.5 60%
Equity 7.0 40% Less:
Total Sources 17.5 Interest Expense
Taxes 30.0% *(EBITDA minus Interest) assumes no D&A for simpl
Input Increase in NWC
Lev. Mult. 4.0x Capex -0.2
Interest 6.0%
Free Cash Flow Available for Debt
Capex of sales % 1.0% Less: Debt Repayment
NWC of sales % 15.0%
Ending Debt Balance
Case Trigger 1
Active Case: Base Case Estimated Valuation
Less: Debt
Year 5 Assumptions Plus: Cash Balance
EBITDA 3.0
Exit Multiple 6.7x Implied Equity Value
Net Debt 3.8

Output

file:///conversion/tmp/scratch/394920929.xlsx LBO Model 08/19/2018 08:13:57 LBO Model

 Projected Financials
Year1 Year2
12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010
12.4 13.7 14.6 14.5 15.3 16.0
17% 11% 6% (1%) 5% 5%

1.7 2.4 2.9 2.6 2.5 2.6

14% 17% 20% 18% 16% 16%

Err:522 Err:522
rest) assumes no D&A for simplification Err:522 Err:522
(0.11) -0.1
-0.2 -0.2 -0.2 -0.2 -0.2 -0.2

Err:522 Err:522
Opening Err:522 Err:522

10.5 Err:522 Err:522

17.5 16.7 17.6

-10.5 Err:522 Err:522
0.0 Err:522 Err:522

7.0 Err:522 Err:522

file:///conversion/tmp/scratch/394920929.xlsx LBO Model 08/19/2018 08:13:57 LBO Model

Active Case 1
12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/30/2012
Revenue (Active Case) 14.5 15.3 16.0 16.8 17.7
Base Case 14.5 15.3 16.0 16.8 17.7
Downside Case 14.5 15.0 15.4 15.9 16.4

Annual growth Base Case 5%

Annual growth Downside Case 3%

% EBITDA Margin (Active Case) 16.4% 16.4% 16.4% 16.4% 16.4%

Base Case 16.4% 16.4% 16.4% 16.4% 16.4%
Downside Case 14.4% 14.4% 14.4% 14.4% 14.4%
12/31/2013 12/31/2014 12/31/2015
18.6 19.5 20.5
18.6 19.5 20.5
16.9 17.4 17.9

16.4% 16.4% 16.4%

16.4% 16.4% 16.4%
14.4% 14.4% 14.4%