LBO-Model.xlsx

Leveraged Buyout LBO Model Input Values Enter values in yellow cells Estimated Cost of Deal Debt Assumptions Income BS Assumptions Curent Stock Price amt A Assumed Debt Income Statement Offer Premium Maturity Year select no Sales Year amt Offer Price Per Share C C amt Annual Repayment assumed debt maturity year of FV Sales - Annual Increase No of Shares outstanding nos Coupon Rate E- annual Cost of goods sold of revenue Equity Purchase Price C C amt Average Interest Yes No L - Annual Increase Cost of goods sold - Annual Increase E- Optional Prepayment Yes No SG A expenses of revenue Existing Debt Retired Bal Sheet C -C amt L - Annual Increase SG A expenses - Annual Increase E- Assumed Debt amt A Bank Revolver Other expenses of revenue Expensed Transaction Costs amt Coupon Rate E- annual L - Annual Increase Other expenses - Annual Increase E- Capitalized Financing Costs E revolver limit SUMPRODUCT C C E E amt Revolver limit amt Cash Infusion amt Undrawn Commitment Fee annual Balance Sheet Accounts receivable of revenue Total Funds Requirement SUM C C C amt A Term Loan A L - Annual Increase Accounts receivable - Annual Increase Term Years select no Inventories of COGS Annual Repayment I of FV L - Annual Increase Inventories - Annual Increase Sources of Funds Coupon Rate E- annual Prepaids E- of revenue Excess Cash IF cash min Bal Sheet C -cash min amt Bal Sheet C amt Average Interest Yes No L - Annual Increase Prepaids - Annual Increase Financing Annual Debt Fees Optional Prepayment Yes No Other current assets of revenue Costs Amortization A Assumed Debt C amt L - Annual Increase Other current assets - Annual Increase E- Period Yrs Bank Revolver C -SUM C C C C C C C amt E- A Term Loan B Other long-term assets of revenue revolver limit E Q S Term Loan A amt E- Term Years select no L - Annual Increase Other long-term assets - Annual Increase E- C E Q I Term Loan B amt E- Annual Repayment of FV Q I Senior Notes amt Bullet Year Repayment - I - termloanB ann repay of FV Accounts payable of COGS plus inventory increase Q senior notes mat yr Subordinated Notes amt E- Coupon Rate E- annual L - Annual Increase Accounts payable - Annual Increase Q sub notes mat yr Mezzanine Debt amt E- Average Interest Yes No Accrued expenses of revenue Q mezzdebt maturity year Seller Notes amt Optional Prepayment Yes No L - Annual Increase Accrued expenses - Annual Increase E- Q I Preferred Other current liabilities of revenue SUM Q Q SUM R R Preferred Stock amt A Senior Notes L - Annual Increase Other current liabilities - Annual Increase C E Equity Maturity Year select no Capex of revenue SUM Q Q Common - Sponsor Equity amt Coupon Rate E- annual Capex Start Year in years Management Equity amt Average Interest Yes No Capex Interval in years New Equity amt Optional Prepayment Yes No Total SUM C C amt A Subordinated Notes Other Assumptions Maturity Year select no Cash Minimum amt Goodwill Bargain Purchase Coupon Rate E- annual On Off On Off Equity Purchase Price C amt Average Interest Yes No Add Years PIK enter no Tax Rate Existing Goodwill Bal Sheet C amt Optional Prepayment Yes No Year year Less Net Assets Book Value SUM Bal Sheet C C amt A Mezzanine Debt Fixed Assets PP E Write-up amt Maturity Year select no DCF Assumptions Identifiable Tangibles Write-up amt Coupon Rate E- annual Discount Rate WACC IF WACC H ROUND WACC L ROUND WACC L E- Deferred Tax Liability - existing Bal Sheet C amt Average Interest Yes No Discount Rate Range DTL Created on Assets Write-up -SUM C C tax rate- amt Years PIK enter no EBITDA Terminal Value Multiple x Goodwill Gain from Bargain Purchase SUM C C -SUM C C amt Optional Prepayment Yes No EBITDA Multiple Range x Perpetuity Growth Rate A Seller Notes Perpetuity Growth Range E- Term Years select no Net Debt Bal Sheet E Bal Sheet E -Bal Sheet E amt Annual Repayment I of FV Coupon Rate E- annual Average Interest Yes No Years PIK enter no Optional Prepayment Yes No A Preferred Stock Preferred Stock Dividend E- annual Years PIK enter no Pref Stock Retired Year select no I I C Income Statements Year year D E Year No D E Net Sales sales yr D sales ann incr Input L Cost of goods sold D cogs cogs ann incr D - Gross Margin D -D E -E Operating Expenses SUM D D SUM E E Input L SG A expenses D sga exp sga exp ann incr D - Input L Other expenses D other exp other exp ann incr D - EBITDA D -D D A Depr Amort F Depr Amort F Depr Amort F Depr Amort G Depr Amort G Depr Amort G Depr Amort H Depr Amort H Depr Amort H Depr Amort I Depr Amort I Depr Amort I Depr Amort J Depr Amort J Depr Amort J Depr Amort K Depr Amort K Depr Amort K Depr Amort L Depr Amort L Depr Amort L Depr Amort M Depr Amort M Depr Amort M Depr Amort N Depr Amort N Depr Amort N Depr Amort O Depr Amort O Depr Amort O EBIT D -D E -E Interest Expense SUM D D SUM E E Bal Sheet A Existing Debt IF assumed debt avg int AVERAGE Bal Sheet E Bal Sheet F assumed debt cou rate Bal Sheet E assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet F Bal Sheet G assumed debt cou rate Bal Sheet F assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet G Bal Sheet H assumed debt cou rate Bal Sheet G assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet H Bal Sheet I assumed debt cou rate Bal Sheet H assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet I Bal Sheet J assumed debt cou rate Bal Sheet I assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet J Bal Sheet K assumed debt cou rate Bal Sheet J assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet K Bal Sheet L assumed debt cou rate Bal Sheet K assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet L Bal Sheet M assumed debt cou rate Bal Sheet L assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet M Bal Sheet N assumed debt cou rate Bal Sheet M assumed debt cou rate IF assumed debt avg int AVERAGE Bal Sheet N Bal Sheet O assumed debt cou rate Bal Sheet N assumed debt cou rate Bal Sheet A Bank Revolver Bal Sheet E bank revolver cou rate revolver limit-Bal Sheet E undrawn commit fee Bal Sheet F bank revolver cou rate revolver limit-Bal Sheet F undrawn commit fee Bal Sheet G bank revolver cou rate revolver limit-Bal Sheet G undrawn commit fee Bal Sheet H bank revolver cou rate revolver limit-Bal Sheet H undrawn commit fee Bal Sheet I bank revolver cou rate revolver limit-Bal Sheet I undrawn commit fee Bal Sheet J bank revolver cou rate revolver limit-Bal Sheet J undrawn commit fee Bal Sheet K bank revolver cou rate revolver limit-Bal Sheet K undrawn commit fee Bal Sheet L bank revolver cou rate revolver limit-Bal Sheet L undrawn commit fee Bal Sheet M bank revolver cou rate revolver limit-Bal Sheet M undrawn commit fee Bal Sheet N bank revolver cou rate revolver limit-Bal Sheet N undrawn commit fee Bal Sheet A Term Loan A IF termloanA avg int AVERAGE Bal Sheet E Bal Sheet F termloanA cou rate Bal Sheet E termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet F Bal Sheet G termloanA cou rate Bal Sheet F termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet G Bal Sheet H termloanA cou rate Bal Sheet G termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet H Bal Sheet I termloanA cou rate Bal Sheet H termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet I Bal Sheet J termloanA cou rate Bal Sheet I termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet J Bal Sheet K termloanA cou rate Bal Sheet J termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet K Bal Sheet L termloanA cou rate Bal Sheet K termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet L Bal Sheet M termloanA cou rate Bal Sheet L termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet M Bal Sheet N termloanA cou rate Bal Sheet M termloanA cou rate IF termloanA avg int AVERAGE Bal Sheet N Bal Sheet O termloanA cou rate Bal Sheet N termloanA cou rate Bal Sheet A Term Loan B IF termloanB avg int AVERAGE Bal Sheet E Bal Sheet F termloanB cou rate Bal Sheet E termloanB cou rate IF termloanB avg int AVERAGE Bal Sheet F Bal Sheet G termloanB cou rate Bal Sheet F termloanB cou rate IF termloanB avg int AVERAGE Bal Sheet G Bal Sheet H termloanB cou rate Bal Sheet G termloanB cou rate IF termloanB avg int AVERAGE Bal Sheet H Bal Sheet I termloanB cou rate Bal Sheet H termloanB cou rate IF termloanB avg int AVERAGE Bal Sheet I Bal Sheet J termloanB cou rate Bal Sheet I termloanB cou rate - E- IF termloanB avg int AVERAGE Bal Sheet J Bal Sheet K termloanB cou rate Bal Sheet J termloanB cou rate - E- IF termloanB avg int AVERAGE Bal Sheet K Bal Sheet L termloanB cou rate Bal Sheet K termloanB cou rate E- IF termloanB avg int AVERAGE Bal Sheet L Bal Sheet M termloanB cou rate Bal Sheet L termloanB cou rate E- IF termloanB avg int AVERAGE Bal Sheet M Bal Sheet N termloanB cou rate Bal Sheet M termloanB cou rate E- IF termloanB avg int AVERAGE Bal Sheet N Bal Sheet O termloanB cou rate Bal Sheet N termloanB cou rate E- Bal Sheet A Senior Notes IF senior notes avg int AVERAGE Bal Sheet E Bal Sheet F senior notes cou rate Bal Sheet E senior notes cou rate IF senior notes avg int AVERAGE Bal Sheet F Bal Sheet G senior notes cou rate Bal Sheet F senior notes cou rate IF senior notes avg int AVERAGE Bal Sheet G Bal Sheet H senior notes cou rate Bal Sheet G senior notes cou rate IF senior notes avg int AVERAGE Bal Sheet H Bal Sheet I senior notes cou rate Bal Sheet H senior notes cou rate IF senior notes avg int AVERAGE Bal Sheet I Bal Sheet J senior notes cou rate Bal Sheet I senior notes cou rate IF senior notes avg int AVERAGE Bal Sheet J Bal Sheet K senior notes cou rate Bal Sheet J senior notes cou rate - E- IF senior notes avg int AVERAGE Bal Sheet K Bal Sheet L senior notes cou rate Bal Sheet K senior notes cou rate - E- IF senior notes avg int AVERAGE Bal Sheet L Bal Sheet M senior notes cou rate Bal Sheet L senior notes cou rate - E- IF senior notes avg int AVERAGE Bal Sheet M Bal Sheet N senior notes cou rate Bal Sheet M senior notes cou rate - E- IF senior notes avg int AVERAGE Bal Sheet N Bal Sheet O senior notes cou rate Bal Sheet N senior notes cou rate Bal Sheet A Subordinated Notes IF sub notes avg int AVERAGE Bal Sheet E Bal Sheet F sub notes cou rate Bal Sheet E sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet F Bal Sheet G sub notes cou rate Bal Sheet F sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet G Bal Sheet H sub notes cou rate Bal Sheet G sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet H Bal Sheet I sub notes cou rate Bal Sheet H sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet I Bal Sheet J sub notes cou rate Bal Sheet I sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet J Bal Sheet K sub notes cou rate Bal Sheet J sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet K Bal Sheet L sub notes cou rate Bal Sheet K sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet L Bal Sheet M sub notes cou rate Bal Sheet L sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet M Bal Sheet N sub notes cou rate Bal Sheet M sub notes cou rate IF sub notes avg int AVERAGE Bal Sheet N Bal Sheet O sub notes cou rate Bal Sheet N sub notes cou rate Bal Sheet A Mezzanine Debt IF mezzdebt avg int AVERAGE Bal Sheet E Bal Sheet F mezzdebt cou rate Bal Sheet E mezzdebt cou rate IF mezzdebt avg int AVERAGE Bal Sheet F Bal Sheet G mezzdebt cou rate Bal Sheet F mezzdebt cou rate IF mezzdebt avg int AVERAGE Bal Sheet G Bal Sheet H mezzdebt cou rate Bal Sheet G mezzdebt cou rate IF mezzdebt avg int AVERAGE Bal Sheet H Bal Sheet I mezzdebt cou rate Bal Sheet H mezzdebt cou rate IF mezzdebt avg int AVERAGE Bal Sheet I Bal Sheet J mezzdebt cou rate Bal Sheet I mezzdebt cou rate IF mezzdebt avg int AVERAGE Bal Sheet J Bal Sheet K mezzdebt cou rate Bal Sheet J mezzdebt cou rate IF mezzdebt avg int AVERAGE Bal Sheet K Bal Sheet L mezzdebt cou rate Bal Sheet K mezzdebt cou rate E- IF mezzdebt avg int AVERAGE Bal Sheet L Bal Sheet M mezzdebt cou rate Bal Sheet L mezzdebt cou rate - E- IF mezzdebt avg int AVERAGE Bal Sheet M Bal Sheet N mezzdebt cou rate Bal Sheet M mezzdebt cou rate - E- IF mezzdebt avg int AVERAGE Bal Sheet N Bal Sheet O mezzdebt cou rate Bal Sheet N mezzdebt cou rate - E- Bal Sheet A Seller Notes IF seller notes avg int AVERAGE Bal Sheet E Bal Sheet F seller notes cou rate Bal Sheet E seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet F Bal Sheet G seller notes cou rate Bal Sheet F seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet G Bal Sheet H seller notes cou rate Bal Sheet G seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet H Bal Sheet I seller notes cou rate Bal Sheet H seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet I Bal Sheet J seller notes cou rate Bal Sheet I seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet J Bal Sheet K seller notes cou rate Bal Sheet J seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet K Bal Sheet L seller notes cou rate Bal Sheet K seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet L Bal Sheet M seller notes cou rate Bal Sheet L seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet M Bal Sheet N seller notes cou rate Bal Sheet M seller notes cou rate IF seller notes avg int AVERAGE Bal Sheet N Bal Sheet O seller notes cou rate Bal Sheet N seller notes cou rate Other Expenses Income SUM D D - SUM E E - - - - - - - Amortization of Capitalized Financing Costs Depr Amort F Depr Amort G Depr Amort H Depr Amort I Depr Amort J Depr Amort K Depr Amort L Depr Amort M Depr Amort N Depr Amort O Gain Loss on Asset Sales -Income Tax D - -Income Tax E - -Income Tax F - -Income Tax G - -Income Tax H - -Income Tax I - -Income Tax J - -Income Tax K - -Income Tax L - -Income Tax M - Net Income before Taxes D -D -D E -E -E F -F -F Income Tax Expense Benefit Income Tax D Income Tax E Income Tax F Income Tax G Income Tax H Income Tax I Income Tax J Income Tax K Income Tax L Income Tax M Net Income D -D E -E Dividend SUM D D SUM E E Input G Preferred Stock Dividend Bal Sheet E pref stock div Bal Sheet F pref stock div Bal Sheet G pref stock div Bal Sheet H pref stock div Bal Sheet I pref stock div Bal Sheet J pref stock div Bal Sheet K pref stock div Bal Sheet L pref stock div Bal Sheet M pref stock div Bal Sheet N pref stock div Common Stock Dividend Net Income to Common Shareholders D -D E -E Balance Sheets Year Pre-Acq Adj Post-Acq year F G Year No F - F ASSETS Current Assets Cash in bank Input C -Input C SUM C D Cash Flow D Cash Flow E Cash Flow F Cash Flow G Cash Flow H Cash Flow I Cash Flow J Cash Flow K Cash Flow L Cash Flow M Accounts receivable SUM C D Inc St D acc recv acc recv ann incr F - Inc St E acc recv acc recv ann incr G - Inc St F acc recv acc recv ann incr H - Inc St G acc recv acc recv ann incr I - Inc St H acc recv acc recv ann incr J - Inc St I acc recv acc recv ann incr K - Inc St J acc recv acc recv ann incr L - Inc St K acc recv acc recv ann incr M - Inc St L acc recv acc recv ann incr N - Inc St M acc recv acc recv ann incr O - Inventories SUM C D Inc St D inventories inventories ann incr F - Inc St E inventories inventories ann incr G - Inc St F inventories inventories ann incr H - Inc St G inventories inventories ann incr I - Inc St H inventories inventories ann incr J - Inc St I inventories inventories ann incr K - Inc St J inventories inventories ann incr L - Inc St K inventories inventories ann incr M - Inc St L inventories inventories ann incr N - Inc St M inventories inventories ann incr O - Prepaids SUM C D Inc St D prepaids prepaids ann incr F - Inc St E prepaids prepaids ann incr G - Inc St F prepaids prepaids ann incr H - Inc St G prepaids prepaids ann incr I - Inc St H prepaids prepaids ann incr J - Inc St I prepaids prepaids ann incr K - Inc St J prepaids prepaids ann incr L - Inc St K prepaids prepaids ann incr M - Inc St L prepaids prepaids ann incr N - Inc St M prepaids prepaids ann incr O - Other current assets SUM C D Inc St D other curr assets other curr assets ann incr F - Inc St E other curr assets other curr assets ann incr G - Inc St F other curr assets other curr assets ann incr H - Inc St G other curr assets other curr assets ann incr I - Inc St H other curr assets other curr assets ann incr J - Inc St I other curr assets other curr assets ann incr K - Inc St J other curr assets other curr assets ann incr L - Inc St K other curr assets other curr assets ann incr M - Inc St L other curr assets other curr assets ann incr N - Inc St M other curr assets other curr assets ann incr O - Total Current Assets SUM C C SUM E E SUM F F Non-Current Assets Goodwill -C Input C SUM C D E -Depr Amort F F -Depr Amort G G -Depr Amort H H -Depr Amort I I -Depr Amort J J -Depr Amort K K -Depr Amort L L -Depr Amort M M -Depr Amort N N -Depr Amort O Intangible Assets Input C SUM C D E -Depr Amort F F -Depr Amort G G -Depr Amort H H -Depr Amort I I -Depr Amort J J -Depr Amort K K -Depr Amort L L -Depr Amort M M -Depr Amort N N -Depr Amort O Input A Capitalized Financing Costs Input Q SUM C D E -Depr Amort F F -Depr Amort G G -Depr Amort H H -Depr Amort I I -Depr Amort J J -Depr Amort K K -Depr Amort L L -Depr Amort M M -Depr Amort N N -Depr Amort O E- Other Long-Term Assets SUM C D Inc St D other longterm assets other longterm assets ann incr F - Inc St E other longterm assets other longterm assets ann incr G - Inc St F other longterm assets other longterm assets ann incr H - Inc St G other longterm assets other longterm assets ann incr I - Inc St H other longterm assets other longterm assets ann incr J - Inc St I other longterm assets other longterm assets ann incr K - Inc St J other longterm assets other longterm assets ann incr L - Inc St K other longterm assets other longterm assets ann incr M - Inc St L other longterm assets other longterm assets ann incr N - Inc St M other longterm assets other longterm assets ann incr O - PP E Gross PP E Input C SUM C D E F F G G H H Capex SUM C D Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depr Amort B Depreciation Current SUM C D Depr Amort F Depr Amort G Depr Amort H Depr Amort I Depr Amort J Depr Amort K Depr Amort L Depr Amort M Depr Amort N Depr Amort O Accumulated Depreciation SUM C D E F F G G H H I Net PP E C C -C E E -E F F -F G G -G H H -H Total Non-Current Assets SUM C C C C C SUM E E E E E Total Assets SUM C C SUM D D SUM E E LIABILITIES EQUITY Current Liabilities Accounts payable SUM C D Inc St D F -E acc payable acc payable ann incr F - Inc St E G -F acc payable acc payable ann incr G - Inc St F H -G acc payable acc payable ann incr H - Inc St G I -H acc payable acc payable ann incr I - Inc St H J -I acc payable acc payable ann incr J - Inc St I K -J acc payable acc payable ann incr K - Inc St J L -K acc payable acc payable ann incr L - Inc St K M -L acc payable acc payable ann incr M - Inc St L N -M acc payable acc payable ann incr N - Inc St M O -N acc payable acc payable ann incr O - Accrued expenses SUM C D Inc St D acc exp acc exp ann incr F - Inc St E acc exp acc exp ann incr G - Inc St F acc exp acc exp ann incr H - Inc St G acc exp acc exp ann incr I - Inc St H acc exp acc exp ann incr J - Inc St I acc exp acc exp ann incr K - Inc St J acc exp acc exp ann incr L - Inc St K acc exp acc exp ann incr M - Inc St L acc exp acc exp ann incr N - Inc St M acc exp acc exp ann incr O - Other current liabilities SUM C D Inc St D other curr liab other curr liab ann incr F - Inc St E other curr liab other curr liab ann incr G - Inc St F other curr liab other curr liab ann incr H - Inc St G other curr liab other curr liab ann incr I - Inc St H other curr liab other curr liab ann incr J - Inc St I other curr liab other curr liab ann incr K - Inc St J other curr liab other curr liab ann incr L - Inc St K other curr liab other curr liab ann incr M - Inc St L other curr liab other curr liab ann incr N - Inc St M other curr liab other curr liab ann incr O - Total Current Liabilities SUM C C SUM E E SUM F F Deferred Tax Liability -C -Input C - SUM C D E Income Tax D F Income Tax E G Income Tax F H Income Tax G I Income Tax H J Income Tax I K Income Tax J L Income Tax K M Income Tax L N Income Tax M Long-Term Debt Existing Debt -Input C - SUM C D E -Cash Flow D -Cash Flow D F -Cash Flow E -Cash Flow E G -Cash Flow F -Cash Flow F H -Cash Flow G -Cash Flow G I -Cash Flow H -Cash Flow H J -Cash Flow I -Cash Flow I K -Cash Flow J -Cash Flow J L -Cash Flow K -Cash Flow K M -Cash Flow L -Cash Flow L N -Cash Flow M -Cash Flow M Input A Bank Revolver Input C E Cash Flow D -Cash Flow D F Cash Flow E -Cash Flow E G Cash Flow F -Cash Flow F H Cash Flow G -Cash Flow G I Cash Flow H -Cash Flow H J Cash Flow I -Cash Flow I K Cash Flow J -Cash Flow J L Cash Flow K -Cash Flow K - E- M Cash Flow L -Cash Flow L - E- N Cash Flow M -Cash Flow M - E- Input A Term Loan A Input C E -Cash Flow D -Cash Flow D F -Cash Flow E -Cash Flow E G -Cash Flow F -Cash Flow F H -Cash Flow G -Cash Flow G I -Cash Flow H -Cash Flow H J -Cash Flow I -Cash Flow I K -Cash Flow J -Cash Flow J L -Cash Flow K -Cash Flow K M -Cash Flow L -Cash Flow L N -Cash Flow M -Cash Flow M Input A Term Loan B Input C E -Cash Flow D -Cash Flow D F -Cash Flow E -Cash Flow E G -Cash Flow F -Cash Flow F H -Cash Flow G -Cash Flow G - E- I -Cash Flow H -Cash Flow H - E- J -Cash Flow I -Cash Flow I K -Cash Flow J -Cash Flow J E- L -Cash Flow K -Cash Flow K E- M -Cash Flow L -Cash Flow L E- N -Cash Flow M -Cash Flow M E- Input A Senior Notes Input C E -Cash Flow D -Cash Flow D F -Cash Flow E -Cash Flow E G -Cash Flow F -Cash Flow F H -Cash Flow G -Cash Flow G I -Cash Flow H -Cash Flow H - E- J -Cash Flow I -Cash Flow I - E- K -Cash Flow J -Cash Flow J - E- L -Cash Flow K -Cash Flow K - E- M -Cash Flow L -Cash Flow L N -Cash Flow M -Cash Flow M Input A Subordinated Notes Input C E Cash Flow D -Cash Flow D -Cash Flow D F Cash Flow E -Cash Flow E -Cash Flow E G Cash Flow F -Cash Flow F -Cash Flow F H Cash Flow G -Cash Flow G -Cash Flow G I Cash Flow H -Cash Flow H -Cash Flow H J Cash Flow I -Cash Flow I -Cash Flow I K Cash Flow J -Cash Flow J -Cash Flow J L Cash Flow K -Cash Flow K -Cash Flow K M Cash Flow L -Cash Flow L -Cash Flow L N Cash Flow M -Cash Flow M -Cash Flow M Input A Mezzanine Debt Input C E Cash Flow D -Cash Flow D -Cash Flow D F Cash Flow E -Cash Flow E -Cash Flow E G Cash Flow F -Cash Flow F -Cash Flow F H Cash Flow G -Cash Flow G -Cash Flow G I Cash Flow H -Cash Flow H -Cash Flow H J Cash Flow I -Cash Flow I -Cash Flow I E- K Cash Flow J -Cash Flow J -Cash Flow J - E- L Cash Flow K -Cash Flow K -Cash Flow K - E- M Cash Flow L -Cash Flow L -Cash Flow L - E- N Cash Flow M -Cash Flow M -Cash Flow M - E- Input A Seller Notes Input C E Cash Flow D -Cash Flow D -Cash Flow D F Cash Flow E -Cash Flow E -Cash Flow E G Cash Flow F -Cash Flow F -Cash Flow F H Cash Flow G -Cash Flow G -Cash Flow G I Cash Flow H -Cash Flow H -Cash Flow H J Cash Flow I -Cash Flow I -Cash Flow I K Cash Flow J -Cash Flow J -Cash Flow J L Cash Flow K -Cash Flow K -Cash Flow K M Cash Flow L -Cash Flow L -Cash Flow L N Cash Flow M -Cash Flow M -Cash Flow M Total Long Term Debt SUM C C SUM E E - E- - E- - E- Total Long-Term Liabilities SUM C C SUM E E SUM F F Total Liabilities SUM C C SUM E E SUM F F Shareholder's Equity Input A Preferred Stock Input C SUM C D E Cash Flow D -Cash Flow D F Cash Flow E -Cash Flow E G Cash Flow F -Cash Flow F H Cash Flow G -Cash Flow G I Cash Flow H -Cash Flow H J Cash Flow I -Cash Flow I K Cash Flow J -Cash Flow J L Cash Flow K -Cash Flow K M Cash Flow L -Cash Flow L N Cash Flow M -Cash Flow M Common Equity -C SUM Input C C - SUM C D E F G Retained Earnings -C -Input C -MIN Input C - SUM C D - E Inc St D F Inc St E G Inc St F H Inc St G I Inc St H J Inc St I K Inc St J L Inc St K M Inc St L N Inc St M Total Shareholder's Equity SUM C C SUM E E SUM F F Total Liabilities Equity SUM C C SUM D D SUM E E SUM F F Balance Sheet Check C -C D -D E -E Cash Flows Year year D E Year No D Cash flows from operating activities Inc St A Net Income to Common Shareholders Inc St D Inc St E Inc St F Inc St G Inc St H Inc St I Inc St J Inc St K Inc St L Inc St M Non-cash adjustments Depreciation and amortization Inc St D Inc St E Inc St F Inc St G Inc St H Inc St I Inc St J Inc St K Inc St L Inc St M Amortization of Capitalized Financing Costs Inc St D Inc St E Inc St F Inc St G Inc St H Inc St I Inc St J Inc St K Inc St L Inc St M Increase Decrease in Deferred Tax Liability Income Tax D Income Tax E Income Tax F Income Tax G Income Tax H Income Tax I Income Tax J Income Tax K Income Tax L Income Tax M - Accrued Interest Bal Sheet A Accrued Interest Subordinated Notes IF sub notes years PIK D Inc St D IF sub notes years PIK E Inc St E IF sub notes years PIK F Inc St F IF sub notes years PIK G Inc St G IF sub notes years PIK H Inc St H IF sub notes years PIK I Inc St I IF sub notes years PIK J Inc St J IF sub notes years PIK K Inc St K IF sub notes years PIK L Inc St L IF sub notes years PIK M Inc St M Accrued Interest Bal Sheet A Accrued Interest Mezzanine Debt IF mezzdebt years PIK D Inc St D IF mezzdebt years PIK E Inc St E IF mezzdebt years PIK F Inc St F IF mezzdebt years PIK G Inc St G IF mezzdebt years PIK H Inc St H IF mezzdebt years PIK I Inc St I IF mezzdebt years PIK J Inc St J IF mezzdebt years PIK K Inc St K IF mezzdebt years PIK L Inc St L IF mezzdebt years PIK M Inc St M Accrued Interest Bal Sheet A Accrued Interest Seller Notes IF seller notes years PIK D Inc St D IF seller notes years PIK E Inc St E IF seller notes years PIK F Inc St F IF seller notes years PIK G Inc St G IF seller notes years PIK H Inc St H IF seller notes years PIK I Inc St I IF seller notes years PIK J Inc St J IF seller notes years PIK K Inc St K IF seller notes years PIK L Inc St L IF seller notes years PIK M Inc St M Accrued Interest Bal Sheet A Accrued Interest Preferred Stock IF pref stock years PIK D Inc St D IF pref stock years PIK E Inc St E IF pref stock years PIK F Inc St F IF pref stock years PIK G Inc St G IF pref stock years PIK H Inc St H IF pref stock years PIK I Inc St I IF pref stock years PIK J Inc St J IF pref stock years PIK K Inc St K IF pref stock years PIK L Inc St L IF pref stock years PIK M Inc St M Changes in operating assets and liabilities Increase decrease in accounts receivable - Bal Sheet F -Bal Sheet E - - Bal Sheet G -Bal Sheet F - - Bal Sheet H -Bal Sheet G - - Bal Sheet I -Bal Sheet H - - Bal Sheet J -Bal Sheet I - - Bal Sheet K -Bal Sheet J - - Bal Sheet L -Bal Sheet K - - Bal Sheet M -Bal Sheet L - - Bal Sheet N -Bal Sheet M - - Bal Sheet O -Bal Sheet N - Increase decrease in inventories - Bal Sheet F -Bal Sheet E - - Bal Sheet G -Bal Sheet F - - Bal Sheet H -Bal Sheet G - - Bal Sheet I -Bal Sheet H - - Bal Sheet J -Bal Sheet I - - Bal Sheet K -Bal Sheet J - - Bal Sheet L -Bal Sheet K - - Bal Sheet M -Bal Sheet L - - Bal Sheet N -Bal Sheet M - - Bal Sheet O -Bal Sheet N - Increase decrease in prepaids other assets - Bal Sheet F -Bal Sheet E - Bal Sheet F -Bal Sheet E - - Bal Sheet G -Bal Sheet F - Bal Sheet G -Bal Sheet F - - Bal Sheet H -Bal Sheet G - Bal Sheet H -Bal Sheet G - - Bal Sheet I -Bal Sheet H - Bal Sheet I -Bal Sheet H - - Bal Sheet J -Bal Sheet I - Bal Sheet J -Bal Sheet I - - Bal Sheet K -Bal Sheet J - Bal Sheet K -Bal Sheet J - - Bal Sheet L -Bal Sheet K - Bal Sheet L -Bal Sheet K - - Bal Sheet M -Bal Sheet L - Bal Sheet M -Bal Sheet L - - Bal Sheet N -Bal Sheet M - Bal Sheet N -Bal Sheet M - - Bal Sheet O -Bal Sheet N - Bal Sheet O -Bal Sheet N - Increase decrease in accounts payable Bal Sheet F -Bal Sheet E Bal Sheet G -Bal Sheet F Bal Sheet H -Bal Sheet G Bal Sheet I -Bal Sheet H Bal Sheet J -Bal Sheet I Bal Sheet K -Bal Sheet J Bal Sheet L -Bal Sheet K Bal Sheet M -Bal Sheet L Bal Sheet N -Bal Sheet M Bal Sheet O -Bal Sheet N Increase decrease in accrued exp other liabilities Bal Sheet F -Bal Sheet E Bal Sheet F -Bal Sheet E Bal Sheet G -Bal Sheet F Bal Sheet G -Bal Sheet F Bal Sheet H -Bal Sheet G Bal Sheet H -Bal Sheet G Bal Sheet I -Bal Sheet H Bal Sheet I -Bal Sheet H Bal Sheet J -Bal Sheet I Bal Sheet J -Bal Sheet I Bal Sheet K -Bal Sheet J Bal Sheet K -Bal Sheet J Bal Sheet L -Bal Sheet K Bal Sheet L -Bal Sheet K Bal Sheet M -Bal Sheet L Bal Sheet M -Bal Sheet L Bal Sheet N -Bal Sheet M Bal Sheet N -Bal Sheet M Bal Sheet O -Bal Sheet N Bal Sheet O -Bal Sheet N Net cash provided by used in operating activities SUM D D Cash flows from investing activities Purchase of property equipment -Bal Sheet F - -Bal Sheet G - -Bal Sheet H - -Bal Sheet I - -Bal Sheet J - -Bal Sheet K - -Bal Sheet L - -Bal Sheet M - -Bal Sheet N - -Bal Sheet O - Increase decrease in other long-term assets - Bal Sheet F -Bal Sheet E - - Bal Sheet G -Bal Sheet F - - Bal Sheet H -Bal Sheet G - - Bal Sheet I -Bal Sheet H - - Bal Sheet J -Bal Sheet I - - Bal Sheet K -Bal Sheet J - - Bal Sheet L -Bal Sheet K - - Bal Sheet M -Bal Sheet L - - Bal Sheet N -Bal Sheet M - - Bal Sheet O -Bal Sheet N - Net cash provided by used in investing activities SUM D D - SUM E E - SUM F F - - - - - - - - Cash flows from financing activities Increase decrease in Bal Sheet A Increase decrease in Existing Debt -D -D - -E -E - Increase decrease in Bal Sheet A Increase decrease in Term Loan A - -E -E - - Increase decrease in Bal Sheet A Increase decrease in Term Loan B - -E -E - - - E- E- E- E- E- Increase decrease in Bal Sheet A Increase decrease in Senior Notes -E -E - - - E- - E- E- Increase decrease in Bal Sheet A Increase decrease in Subordinated Notes -E -E - - Increase decrease in Bal Sheet A Increase decrease in Mezzanine Debt -E -E - - - E- - E- - E- - E- Increase decrease in Bal Sheet A Increase decrease in Seller Notes - -E -E - - - - - Increase decrease in Bal Sheet A Increase decrease in Preferred Stock -D -E Net cash provided by used in financing activities SUM D D - SUM E E - - - - - - E- E- E- - E- Net increase decrease in cash D D D - Cash at beginning of year Bal Sheet E D E Cash available for Bal Sheet A Cash available for Bank Revolver D D E E F F Added retired Bal Sheet A Added retired Bank Revolver IF cash min MIN -MIN Bal Sheet E D -cash min amt revolver limit-Bal Sheet E MIN -MIN Bal Sheet E D revolver limit-Bal Sheet E IF cash min MIN -MIN Bal Sheet F E -cash min amt revolver limit-Bal Sheet F MIN -MIN Bal Sheet F E revolver limit-Bal Sheet F IF cash min MIN -MIN Bal Sheet G F -cash min amt revolver limit-Bal Sheet G MIN -MIN Bal Sheet G F revolver limit-Bal Sheet G IF cash min MIN -MIN Bal Sheet H G -cash min amt revolver limit-Bal Sheet H MIN -MIN Bal Sheet H G revolver limit-Bal Sheet H IF cash min MIN -MIN Bal Sheet I H -cash min amt revolver limit-Bal Sheet I MIN -MIN Bal Sheet I H revolver limit-Bal Sheet I IF cash min MIN -MIN Bal Sheet J I -cash min amt revolver limit-Bal Sheet J MIN -MIN Bal Sheet J I revolver limit-Bal Sheet J - IF cash min MIN -MIN Bal Sheet K J -cash min amt revolver limit-Bal Sheet K MIN -MIN Bal Sheet K J revolver limit-Bal Sheet K - IF cash min MIN -MIN Bal Sheet L K -cash min amt revolver limit-Bal Sheet L MIN -MIN Bal Sheet L K revolver limit-Bal Sheet L - IF cash min MIN -MIN Bal Sheet M L -cash min amt revolver limit-Bal Sheet M MIN -MIN Bal Sheet M L revolver limit-Bal Sheet M E- IF cash min MIN -MIN Bal Sheet N M -cash min amt revolver limit-Bal Sheet N MIN -MIN Bal Sheet N M revolver limit-Bal Sheet N E- Cash at end of year D D E E Free Cash Flows EBIT Inc St D Inc St E Inc St F Inc St G Inc St H Inc St I Inc St J Inc St K Inc St L Inc St M Add Amortization of non-deductible goodwill intangibles IF goodwill intang deductible Depr Amort F Depr Amort F IF goodwill intang deductible Depr Amort G Depr Amort G IF goodwill intang deductible Depr Amort H Depr Amort H IF goodwill intang deductible Depr Amort I Depr Amort I IF goodwill intang deductible Depr Amort J Depr Amort J IF goodwill intang deductible Depr Amort K Depr Amort K IF goodwill intang deductible Depr Amort L Depr Amort L IF goodwill intang deductible Depr Amort M Depr Amort M IF goodwill intang deductible Depr Amort N Depr Amort N IF goodwill intang deductible Depr Amort O Depr Amort O EBIT Adj SUM D D SUM E E Less Tax on EBIT Adj D tax rate Unlevered Net Income D -D E -E Plus D A other non-cash charges affecting EBIT Depr Amort F IF goodwill intang deductible Depr Amort F Depr Amort F Depr Amort G IF goodwill intang deductible Depr Amort G Depr Amort G Depr Amort H IF goodwill intang deductible Depr Amort H Depr Amort H Depr Amort I IF goodwill intang deductible Depr Amort I Depr Amort I Depr Amort J IF goodwill intang deductible Depr Amort J Depr Amort J Depr Amort K IF goodwill intang deductible Depr Amort K Depr Amort K Depr Amort L IF goodwill intang deductible Depr Amort L Depr Amort L Depr Amort M IF goodwill intang deductible Depr Amort M Depr Amort M Depr Amort N IF goodwill intang deductible Depr Amort N Depr Amort N Depr Amort O IF goodwill intang deductible Depr Amort O Depr Amort O Less Capital Expenditures Bal Sheet F Bal Sheet G Bal Sheet H Bal Sheet I Bal Sheet J Bal Sheet K Bal Sheet L Bal Sheet M Bal Sheet N Bal Sheet O Less Increase in Net non-cash Working Capital -SUM Cash Flow D D -SUM Cash Flow E E -SUM Cash Flow F F -SUM Cash Flow G G -SUM Cash Flow H H -SUM Cash Flow I I -SUM Cash Flow J J -SUM Cash Flow K K -SUM Cash Flow L L -SUM Cash Flow M M Less Increase decrease in Deferred Tax -Income Tax D - -Income Tax E - -Income Tax F - -Income Tax G - -Income Tax H - -Income Tax I - -Income Tax J - -Income Tax K - -Income Tax L - -Income Tax M Unlevered Free Cash Flows UFCF D D -D -D -D E E -E -E -E F F -F -F -F G G -G -G -G Debt Repayment Cash Available for Debt Repayment Cash at beginning of year Bal Sheet E D E Net cash provided by used in operating activities D E Net cash provided by used in investing activities D - E - - - - - - - - - Sub-total SUM D D SUM E E Minimum Cash Balance IF cash min cash min amt A Cash Available for Debt Repayment D -D E -E Mandatory Repayment Bal Sheet A Existing Debt IF assumed debt maturity year D Bal Sheet E IF assumed debt maturity year D MIN Bal Sheet E Input C assumed debt ann repay IF assumed debt maturity year E Bal Sheet F IF assumed debt maturity year E MIN Bal Sheet F Input C assumed debt ann repay IF assumed debt maturity year F Bal Sheet G IF assumed debt maturity year F MIN Bal Sheet G Input C assumed debt ann repay IF assumed debt maturity year G Bal Sheet H IF assumed debt maturity year G MIN Bal Sheet H Input C assumed debt ann repay IF assumed debt maturity year H Bal Sheet I IF assumed debt maturity year H MIN Bal Sheet I Input C assumed debt ann repay IF assumed debt maturity year I Bal Sheet J IF assumed debt maturity year I MIN Bal Sheet J Input C assumed debt ann repay IF assumed debt maturity year J Bal Sheet K IF assumed debt maturity year J MIN Bal Sheet K Input C assumed debt ann repay IF assumed debt maturity year K Bal Sheet L IF assumed debt maturity year K MIN Bal Sheet L Input C assumed debt ann repay IF assumed debt maturity year L Bal Sheet M IF assumed debt maturity year L MIN Bal Sheet M Input C assumed debt ann repay IF assumed debt maturity year M Bal Sheet N IF assumed debt maturity year M MIN Bal Sheet N Input C assumed debt ann repay Bal Sheet A Term Loan A IF termloanA term years D Bal Sheet E IF termloanA term years D MIN Bal Sheet E Input C termloanA ann repay IF termloanA term years E Bal Sheet F IF termloanA term years E MIN Bal Sheet F Input C termloanA ann repay IF termloanA term years F Bal Sheet G IF termloanA term years F MIN Bal Sheet G Input C termloanA ann repay IF termloanA term years G Bal Sheet H IF termloanA term years G MIN Bal Sheet H Input C termloanA ann repay IF termloanA term years H Bal Sheet I IF termloanA term years H MIN Bal Sheet I Input C termloanA ann repay IF termloanA term years I Bal Sheet J IF termloanA term years I MIN Bal Sheet J Input C termloanA ann repay IF termloanA term years J Bal Sheet K IF termloanA term years J MIN Bal Sheet K Input C termloanA ann repay IF termloanA term years K Bal Sheet L IF termloanA term years K MIN Bal Sheet L Input C termloanA ann repay IF termloanA term years L Bal Sheet M IF termloanA term years L MIN Bal Sheet M Input C termloanA ann repay IF termloanA term years M Bal Sheet N IF termloanA term years M MIN Bal Sheet N Input C termloanA ann repay Bal Sheet A Term Loan B IF termloanB term years D MIN Bal Sheet E Input C termloanB bulletyr repayment IF termloanB term years D MIN Bal Sheet E Input C termloanB ann repay IF termloanB term years E MIN Bal Sheet F Input C termloanB bulletyr repayment IF termloanB term years E MIN Bal Sheet F Input C termloanB ann repay IF termloanB term years F MIN Bal Sheet G Input C termloanB bulletyr repayment IF termloanB term years F MIN Bal Sheet G Input C termloanB ann repay IF termloanB term years G MIN Bal Sheet H Input C termloanB bulletyr repayment IF termloanB term years G MIN Bal Sheet H Input C termloanB ann repay IF termloanB term years H MIN Bal Sheet I Input C termloanB bulletyr repayment IF termloanB term years H MIN Bal Sheet I Input C termloanB ann repay - E- IF termloanB term years I MIN Bal Sheet J Input C termloanB bulletyr repayment IF termloanB term years I MIN Bal Sheet J Input C termloanB ann repay - E- IF termloanB term years J MIN Bal Sheet K Input C termloanB bulletyr repayment IF termloanB term years J MIN Bal Sheet K Input C termloanB ann repay IF termloanB term years K MIN Bal Sheet L Input C termloanB bulletyr repayment IF termloanB term years K MIN Bal Sheet L Input C termloanB ann repay E- IF termloanB term years L MIN Bal Sheet M Input C termloanB bulletyr repayment IF termloanB term years L MIN Bal Sheet M Input C termloanB ann repay E- IF termloanB term years M MIN Bal Sheet N Input C termloanB bulletyr repayment IF termloanB term years M MIN Bal Sheet N Input C termloanB ann repay E- Bal Sheet A Senior Notes IF senior notes mat yr D Bal Sheet E IF senior notes mat yr E Bal Sheet F IF senior notes mat yr F Bal Sheet G IF senior notes mat yr G Bal Sheet H IF senior notes mat yr H Bal Sheet I IF senior notes mat yr I Bal Sheet J IF senior notes mat yr J Bal Sheet K IF senior notes mat yr K Bal Sheet L IF senior notes mat yr L Bal Sheet M - E- IF senior notes mat yr M Bal Sheet N Bal Sheet A Subordinated Notes IF sub notes mat yr D Bal Sheet E IF sub notes mat yr E Bal Sheet F IF sub notes mat yr F Bal Sheet G IF sub notes mat yr G Bal Sheet H IF sub notes mat yr H Bal Sheet I IF sub notes mat yr I Bal Sheet J IF sub notes mat yr J Bal Sheet K IF sub notes mat yr K Bal Sheet L IF sub notes mat yr L Bal Sheet M IF sub notes mat yr M Bal Sheet N Bal Sheet A Mezzanine Debt IF mezzdebt maturity year D Bal Sheet E IF mezzdebt maturity year E Bal Sheet F IF mezzdebt maturity year F Bal Sheet G IF mezzdebt maturity year G Bal Sheet H IF mezzdebt maturity year H Bal Sheet I IF mezzdebt maturity year I Bal Sheet J IF mezzdebt maturity year J Bal Sheet K IF mezzdebt maturity year K Bal Sheet L IF mezzdebt maturity year L Bal Sheet M IF mezzdebt maturity year M Bal Sheet N Bal Sheet A Seller Notes IF seller notes term year D Bal Sheet E IF seller notes term year D MIN Bal Sheet E Input C seller notes ann repay IF seller notes term year E Bal Sheet F IF seller notes term year E MIN Bal Sheet F Input C seller notes ann repay IF seller notes term year F Bal Sheet G IF seller notes term year F MIN Bal Sheet G Input C seller notes ann repay IF seller notes term year G Bal Sheet H IF seller notes term year G MIN Bal Sheet H Input C seller notes ann repay IF seller notes term year H Bal Sheet I IF seller notes term year H MIN Bal Sheet I Input C seller notes ann repay IF seller notes term year I Bal Sheet J IF seller notes term year I MIN Bal Sheet J Input C seller notes ann repay IF seller notes term year J Bal Sheet K IF seller notes term year J MIN Bal Sheet K Input C seller notes ann repay IF seller notes term year K Bal Sheet L IF seller notes term year K MIN Bal Sheet L Input C seller notes ann repay IF seller notes term year L Bal Sheet M IF seller notes term year L MIN Bal Sheet M Input C seller notes ann repay IF seller notes term year M Bal Sheet N IF seller notes term year M MIN Bal Sheet N Input C seller notes ann repay Bal Sheet A Preferred Stock IF pref stock retired year D Bal Sheet E IF pref stock retired year E Bal Sheet F IF pref stock retired year F Bal Sheet G IF pref stock retired year G Bal Sheet H IF pref stock retired year H Bal Sheet I IF pref stock retired year I Bal Sheet J IF pref stock retired year J Bal Sheet K IF pref stock retired year K Bal Sheet L IF pref stock retired year L Bal Sheet M IF pref stock retired year M Bal Sheet N Sub-total SUM D D SUM E E E- E- E- Cash Balance D -D - E -E Incremental Revolver MIN revolver limit-Bal Sheet E MAX -D MIN revolver limit-Bal Sheet F MAX -E MIN revolver limit-Bal Sheet G MAX -F MIN revolver limit-Bal Sheet H MAX -G MIN revolver limit-Bal Sheet I MAX -H MIN revolver limit-Bal Sheet J MAX -I MIN revolver limit-Bal Sheet K MAX -J MIN revolver limit-Bal Sheet L MAX -K MIN revolver limit-Bal Sheet M MAX -L MIN revolver limit-Bal Sheet N MAX -M Cash Available for Optional Repayment SUM D D SUM E E Optional Repayment Bal Sheet A Existing Debt IF AND assumed debt prepay D assumed debt maturity year MIN Bal Sheet E -D MAX D IF AND assumed debt prepay E assumed debt maturity year MIN Bal Sheet F -E MAX E IF AND assumed debt prepay F assumed debt maturity year MIN Bal Sheet G -F MAX F IF AND assumed debt prepay G assumed debt maturity year MIN Bal Sheet H -G MAX G IF AND assumed debt prepay H assumed debt maturity year MIN Bal Sheet I -H MAX H IF AND assumed debt prepay I assumed debt maturity year MIN Bal Sheet J -I MAX I IF AND assumed debt prepay J assumed debt maturity year MIN Bal Sheet K -J MAX J IF AND assumed debt prepay K assumed debt maturity year MIN Bal Sheet L -K MAX K IF AND assumed debt prepay L assumed debt maturity year MIN Bal Sheet M -L MAX L IF AND assumed debt prepay M assumed debt maturity year MIN Bal Sheet N -M MAX M Bal Sheet A Term Loan A IF AND termloanA prepay D termloanA term years MIN Bal Sheet E -D MAX D -SUM D D IF AND termloanA prepay E termloanA term years MIN Bal Sheet F -E MAX E -SUM E E IF AND termloanA prepay F termloanA term years MIN Bal Sheet G -F MAX F -SUM F F IF AND termloanA prepay G termloanA term years MIN Bal Sheet H -G MAX G -SUM G G IF AND termloanA prepay H termloanA term years MIN Bal Sheet I -H MAX H -SUM H H IF AND termloanA prepay I termloanA term years MIN Bal Sheet J -I MAX I -SUM I I IF AND termloanA prepay J termloanA term years MIN Bal Sheet K -J MAX J -SUM J J IF AND termloanA prepay K termloanA term years MIN Bal Sheet L -K MAX K -SUM K K IF AND termloanA prepay L termloanA term years MIN Bal Sheet M -L MAX L -SUM L L IF AND termloanA prepay M termloanA term years MIN Bal Sheet N -M MAX M -SUM M M Bal Sheet A Term Loan B IF AND termloanB prepay D termloanB term years MIN Bal Sheet E -D MAX D -SUM D D IF AND termloanB prepay E termloanB term years MIN Bal Sheet F -E MAX E -SUM E E IF AND termloanB prepay F termloanB term years MIN Bal Sheet G -F MAX F -SUM F F IF AND termloanB prepay G termloanB term years MIN Bal Sheet H -G MAX G -SUM G G IF AND termloanB prepay H termloanB term years MIN Bal Sheet I -H MAX H -SUM H H IF AND termloanB prepay I termloanB term years MIN Bal Sheet J -I MAX I -SUM I I IF AND termloanB prepay J termloanB term years MIN Bal Sheet K -J MAX J -SUM J J IF AND termloanB prepay K termloanB term years MIN Bal Sheet L -K MAX K -SUM K K IF AND termloanB prepay L termloanB term years MIN Bal Sheet M -L MAX L -SUM L L IF AND termloanB prepay M termloanB term years MIN Bal Sheet N -M MAX M -SUM M M Bal Sheet A Senior Notes IF AND senior notes prepay D senior notes mat yr MIN Bal Sheet E -D MAX D -SUM D D IF AND senior notes prepay E senior notes mat yr MIN Bal Sheet F -E MAX E -SUM E E IF AND senior notes prepay F senior notes mat yr MIN Bal Sheet G -F MAX F -SUM F F IF AND senior notes prepay G senior notes mat yr MIN Bal Sheet H -G MAX G -SUM G G IF AND senior notes prepay H senior notes mat yr MIN Bal Sheet I -H MAX H -SUM H H IF AND senior notes prepay I senior notes mat yr MIN Bal Sheet J -I MAX I -SUM I I - E- IF AND senior notes prepay J senior notes mat yr MIN Bal Sheet K -J MAX J -SUM J J - E- IF AND senior notes prepay K senior notes mat yr MIN Bal Sheet L -K MAX K -SUM K K - E- IF AND senior notes prepay L senior notes mat yr MIN Bal Sheet M -L MAX L -SUM L L IF AND senior notes prepay M senior notes mat yr MIN Bal Sheet N -M MAX M -SUM M M Bal Sheet A Subordinated Notes IF AND sub notes prepay D sub notes mat yr MIN Bal Sheet E -D MAX D -SUM D D IF AND sub notes prepay E sub notes mat yr MIN Bal Sheet F -E MAX E -SUM E E IF AND sub notes prepay F sub notes mat yr MIN Bal Sheet G -F MAX F -SUM F F IF AND sub notes prepay G sub notes mat yr MIN Bal Sheet H -G MAX G -SUM G G IF AND sub notes prepay H sub notes mat yr MIN Bal Sheet I -H MAX H -SUM H H IF AND sub notes prepay I sub notes mat yr MIN Bal Sheet J -I MAX I -SUM I I IF AND sub notes prepay J sub notes mat yr MIN Bal Sheet K -J MAX J -SUM J J IF AND sub notes prepay K sub notes mat yr MIN Bal Sheet L -K MAX K -SUM K K IF AND sub notes prepay L sub notes mat yr MIN Bal Sheet M -L MAX L -SUM L L IF AND sub notes prepay M sub notes mat yr MIN Bal Sheet N -M MAX M -SUM M M Bal Sheet A Mezzanine Debt IF AND mezzdebt prepay D mezzdebt maturity year MIN Bal Sheet E -D MAX D -SUM D D IF AND mezzdebt prepay E mezzdebt maturity year MIN Bal Sheet F -E MAX E -SUM E E IF AND mezzdebt prepay F mezzdebt maturity year MIN Bal Sheet G -F MAX F -SUM F F IF AND mezzdebt prepay G mezzdebt maturity year MIN Bal Sheet H -G MAX G -SUM G G IF AND mezzdebt prepay H mezzdebt maturity year MIN Bal Sheet I -H MAX H -SUM H H IF AND mezzdebt prepay I mezzdebt maturity year MIN Bal Sheet J -I MAX I -SUM I I IF AND mezzdebt prepay J mezzdebt maturity year MIN Bal Sheet K -J MAX J -SUM J J E- IF AND mezzdebt prepay K mezzdebt maturity year MIN Bal Sheet L -K MAX K -SUM K K - E- IF AND mezzdebt prepay L mezzdebt maturity year MIN Bal Sheet M -L MAX L -SUM L L - E- IF AND mezzdebt prepay M mezzdebt maturity year MIN Bal Sheet N -M MAX M -SUM M M - E- Bal Sheet A Seller Notes IF AND seller notes prepay D seller notes term year MIN Bal Sheet E -D MAX D -SUM D D IF AND seller notes prepay E seller notes term year MIN Bal Sheet F -E MAX E -SUM E E IF AND seller notes prepay F seller notes term year MIN Bal Sheet G -F MAX F -SUM F F IF AND seller notes prepay G seller notes term year MIN Bal Sheet H -G MAX G -SUM G G IF AND seller notes prepay H seller notes term year MIN Bal Sheet I -H MAX H -SUM H H IF AND seller notes prepay I seller notes term year MIN Bal Sheet J -I MAX I -SUM I I IF AND seller notes prepay J seller notes term year MIN Bal Sheet K -J MAX J -SUM J J IF AND seller notes prepay K seller notes term year MIN Bal Sheet L -K MAX K -SUM K K IF AND seller notes prepay L seller notes term year MIN Bal Sheet M -L MAX L -SUM L L IF AND seller notes prepay M seller notes term year MIN Bal Sheet N -M MAX M -SUM M M Bal Sheet A Bank Revolver MIN Bal Sheet E D MAX D -SUM D D MIN Bal Sheet F E MAX E -SUM E E MIN Bal Sheet G F MAX F -SUM F F MIN Bal Sheet H G MAX G -SUM G G MIN Bal Sheet I H MAX H -SUM H H MIN Bal Sheet J I MAX I -SUM I I MIN Bal Sheet K J MAX J -SUM J J MIN Bal Sheet L K MAX K -SUM K K MIN Bal Sheet M L MAX L -SUM L L - E- MIN Bal Sheet N M MAX M -SUM M M - E- Sub-total SUM D D SUM E E - E- - E- Cash at end of year D -D IF cash min cash min amt Cash Flow Check D -D E -E Depreciation Amortization Book Depreciation Amortization Bal Sheet A Gross PP E Bal Sheet C Depreciation Method Goodwill Intangibles Amortization PP E Write-up Input C SLN Sum of Years Not Deductible Tax Deductible Fair Value PP E SUM H H IF N Tax Deductible Not Deductible Tax Deductible Accumulated Depreciation Bal Sheet C Manual or Computed Depreciation Net PP E H -H Manual Computed Year year F G Year No F Existing PP E incl Write-up Beginning Amt Remaining Life Salvage Class IF F C IF J SYD B D C F SLN B D C IF G C IF J SYD B D C G SLN B D C Class IF F C IF J SYD B D C F SLN B D C Class Class H -SUM B B SUM B B SUM D D SUM F F Capex Year Capex Useful Life Salvage F IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St D capex IF A F IF F C A - IF J SYD B D C F SLN B D C G IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St E capex H IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St F capex I IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St G capex J IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St H capex K IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St I capex L IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St J capex M IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St K capex N IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St L capex O IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St M capex SUM B B SUM D D SUM F F SUM G G Computed Depreciation SUM F F SUM G G Manual Depreciation Total Book Depreciation IF J F F IF J G G Period Yrs Amortization of Intangibles incl Write-up IF F D Bal Sheet E D IF G D Bal Sheet E D IF H D Bal Sheet E D IF I D Bal Sheet E D IF J D Bal Sheet E D IF K D Bal Sheet E D IF L D Bal Sheet E D IF M D Bal Sheet E D IF N D Bal Sheet E D IF O D Bal Sheet E D Impairment of Goodwill Total Cost Amortization of Capitalized Financing Costs Input Q SUM F F SUM G G Input A Bank Revolver IF F Input S Input R IF G Input S Input R IF H Input S Input R IF I Input S Input R IF J Input S Input R IF K Input S Input R IF L Input S Input R IF M Input S Input R IF N Input S Input R IF O Input S Input R Input A Term Loan A IF AND ROUND Bal Sheet F ROUND Bal Sheet E Input Q -SUM E E MIN Input Q -SUM E E Input R IF AND ROUND Bal Sheet G ROUND Bal Sheet F Input Q -SUM E F MIN Input Q -SUM E F Input R IF AND ROUND Bal Sheet H ROUND Bal Sheet G Input Q -SUM E G MIN Input Q -SUM E G Input R IF AND ROUND Bal Sheet I ROUND Bal Sheet H Input Q -SUM E H MIN Input Q -SUM E H Input R IF AND ROUND Bal Sheet J ROUND Bal Sheet I Input Q -SUM E I MIN Input Q -SUM E I Input R IF AND ROUND Bal Sheet K ROUND Bal Sheet J Input Q -SUM E J MIN Input Q -SUM E J Input R IF AND ROUND Bal Sheet L ROUND Bal Sheet K Input Q -SUM E K MIN Input Q -SUM E K Input R IF AND ROUND Bal Sheet M ROUND Bal Sheet L Input Q -SUM E L MIN Input Q -SUM E L Input R IF AND ROUND Bal Sheet N ROUND Bal Sheet M Input Q -SUM E M MIN Input Q -SUM E M Input R IF AND ROUND Bal Sheet O ROUND Bal Sheet N Input Q -SUM E N MIN Input Q -SUM E N Input R Input A Term Loan B IF AND ROUND Bal Sheet F ROUND Bal Sheet E Input Q -SUM E E MIN Input Q -SUM E E Input R IF AND ROUND Bal Sheet G ROUND Bal Sheet F Input Q -SUM E F MIN Input Q -SUM E F Input R IF AND ROUND Bal Sheet H ROUND Bal Sheet G Input Q -SUM E G MIN Input Q -SUM E G Input R IF AND ROUND Bal Sheet I ROUND Bal Sheet H Input Q -SUM E H MIN Input Q -SUM E H Input R IF AND ROUND Bal Sheet J ROUND Bal Sheet I Input Q -SUM E I MIN Input Q -SUM E I Input R E- IF AND ROUND Bal Sheet K ROUND Bal Sheet J Input Q -SUM E J MIN Input Q -SUM E J Input R IF AND ROUND Bal Sheet L ROUND Bal Sheet K Input Q -SUM E K MIN Input Q -SUM E K Input R IF AND ROUND Bal Sheet M ROUND Bal Sheet L Input Q -SUM E L MIN Input Q -SUM E L Input R IF AND ROUND Bal Sheet N ROUND Bal Sheet M Input Q -SUM E M MIN Input Q -SUM E M Input R IF AND ROUND Bal Sheet O ROUND Bal Sheet N Input Q -SUM E N MIN Input Q -SUM E N Input R Input A Senior Notes IF AND ROUND Bal Sheet F ROUND Bal Sheet E Input Q -SUM E E MIN Input Q -SUM E E Input R IF AND ROUND Bal Sheet G ROUND Bal Sheet F Input Q -SUM E F MIN Input Q -SUM E F Input R IF AND ROUND Bal Sheet H ROUND Bal Sheet G Input Q -SUM E G MIN Input Q -SUM E G Input R IF AND ROUND Bal Sheet I ROUND Bal Sheet H Input Q -SUM E H MIN Input Q -SUM E H Input R IF AND ROUND Bal Sheet J ROUND Bal Sheet I Input Q -SUM E I MIN Input Q -SUM E I Input R IF AND ROUND Bal Sheet K ROUND Bal Sheet J Input Q -SUM E J MIN Input Q -SUM E J Input R IF AND ROUND Bal Sheet L ROUND Bal Sheet K Input Q -SUM E K MIN Input Q -SUM E K Input R IF AND ROUND Bal Sheet M ROUND Bal Sheet L Input Q -SUM E L MIN Input Q -SUM E L Input R IF AND ROUND Bal Sheet N ROUND Bal Sheet M Input Q -SUM E M MIN Input Q -SUM E M Input R IF AND ROUND Bal Sheet O ROUND Bal Sheet N Input Q -SUM E N MIN Input Q -SUM E N Input R Input A Subordinated Notes IF AND ROUND Bal Sheet F ROUND Bal Sheet E Input Q -SUM E E MIN Input Q -SUM E E Input R IF AND ROUND Bal Sheet G ROUND Bal Sheet F Input Q -SUM E F MIN Input Q -SUM E F Input R IF AND ROUND Bal Sheet H ROUND Bal Sheet G Input Q -SUM E G MIN Input Q -SUM E G Input R IF AND ROUND Bal Sheet I ROUND Bal Sheet H Input Q -SUM E H MIN Input Q -SUM E H Input R IF AND ROUND Bal Sheet J ROUND Bal Sheet I Input Q -SUM E I MIN Input Q -SUM E I Input R IF AND ROUND Bal Sheet K ROUND Bal Sheet J Input Q -SUM E J MIN Input Q -SUM E J Input R IF AND ROUND Bal Sheet L ROUND Bal Sheet K Input Q -SUM E K MIN Input Q -SUM E K Input R IF AND ROUND Bal Sheet M ROUND Bal Sheet L Input Q -SUM E L MIN Input Q -SUM E L Input R IF AND ROUND Bal Sheet N ROUND Bal Sheet M Input Q -SUM E M MIN Input Q -SUM E M Input R IF AND ROUND Bal Sheet O ROUND Bal Sheet N Input Q -SUM E N MIN Input Q -SUM E N Input R Input A Mezzanine Debt IF AND ROUND Bal Sheet F ROUND Bal Sheet E Input Q -SUM E E MIN Input Q -SUM E E Input R IF AND ROUND Bal Sheet G ROUND Bal Sheet F Input Q -SUM E F MIN Input Q -SUM E F Input R IF AND ROUND Bal Sheet H ROUND Bal Sheet G Input Q -SUM E G MIN Input Q -SUM E G Input R IF AND ROUND Bal Sheet I ROUND Bal Sheet H Input Q -SUM E H MIN Input Q -SUM E H Input R IF AND ROUND Bal Sheet J ROUND Bal Sheet I Input Q -SUM E I MIN Input Q -SUM E I Input R IF AND ROUND Bal Sheet K ROUND Bal Sheet J Input Q -SUM E J MIN Input Q -SUM E J Input R IF AND ROUND Bal Sheet L ROUND Bal Sheet K Input Q -SUM E K MIN Input Q -SUM E K Input R IF AND ROUND Bal Sheet M ROUND Bal Sheet L Input Q -SUM E L MIN Input Q -SUM E L Input R IF AND ROUND Bal Sheet N ROUND Bal Sheet M Input Q -SUM E M MIN Input Q -SUM E M Input R IF AND ROUND Bal Sheet O ROUND Bal Sheet N Input Q -SUM E N MIN Input Q -SUM E N Input R Input A Seller Notes IF AND ROUND Bal Sheet F ROUND Bal Sheet E Input Q -SUM E E MIN Input Q -SUM E E Input R IF AND ROUND Bal Sheet G ROUND Bal Sheet F Input Q -SUM E F MIN Input Q -SUM E F Input R IF AND ROUND Bal Sheet H ROUND Bal Sheet G Input Q -SUM E G MIN Input Q -SUM E G Input R IF AND ROUND Bal Sheet I ROUND Bal Sheet H Input Q -SUM E H MIN Input Q -SUM E H Input R IF AND ROUND Bal Sheet J ROUND Bal Sheet I Input Q -SUM E I MIN Input Q -SUM E I Input R IF AND ROUND Bal Sheet K ROUND Bal Sheet J Input Q -SUM E J MIN Input Q -SUM E J Input R IF AND ROUND Bal Sheet L ROUND Bal Sheet K Input Q -SUM E K MIN Input Q -SUM E K Input R IF AND ROUND Bal Sheet M ROUND Bal Sheet L Input Q -SUM E L MIN Input Q -SUM E L Input R IF AND ROUND Bal Sheet N ROUND Bal Sheet M Input Q -SUM E M MIN Input Q -SUM E M Input R IF AND ROUND Bal Sheet O ROUND Bal Sheet N Input Q -SUM E N MIN Input Q -SUM E N Input R Tax Depreciation Amortization Tax PP E Depreciation Method SLN Sum of Years Existing PP E Tax Beginning Amt Remaining Life Salvage Class IF F C IF J SYD B D C F SLN B D C IF G C IF J SYD B D C G SLN B D C Class IF F C IF J SYD B D C F SLN B D C Class Class H -SUM B B SUM B B SUM D D SUM F F Capex Year Capex Useful Life Salvage F IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St D capex IF A F IF F C A - IF J SYD B D C F SLN B D C G IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St E capex H IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St F capex I IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St G capex J IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St H capex K IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St I capex L IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St J capex M IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St K capex N IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St L capex O IF capex interval IF capex start year IF A capex start year IF MOD A -capex start year capex interval Inc St M capex SUM B B SUM D D SUM F F SUM G G Total Tax Depreciation SUM F F SUM G G Period Yrs Amortization of Intangibles incl Write-up IF F D Bal Sheet E D IF G D Bal Sheet E D IF H D Bal Sheet E D IF I D Bal Sheet E D IF J D Bal Sheet E D IF K D Bal Sheet E D IF L D Bal Sheet E D IF M D Bal Sheet E D IF N D Bal Sheet E D IF O D Bal Sheet E D Amortization of Goodwill IF F D Bal Sheet E D IF G D Bal Sheet E D IF H D Bal Sheet E D IF I D Bal Sheet E D IF J D Bal Sheet E D IF K D Bal Sheet E D IF L D Bal Sheet E D IF M D Bal Sheet E D IF N D Bal Sheet E D IF O D Bal Sheet E D Income Tax Calculation Year year D E Year No D Net Income before Tax Inc St D Inc St E Inc St F Inc St G Inc St H Inc St I Inc St J Inc St K Inc St L Inc St M Add Book Depreciation Depr Amort F Depr Amort G Depr Amort H Depr Amort I Depr Amort J Depr Amort K Depr Amort L Depr Amort M Depr Amort N Depr Amort O Add Book Gain Loss on Assets Sale D Add Book Impairment of Goodwill Depr Amort F Depr Amort G Depr Amort H Depr Amort I Depr Amort J Depr Amort K Depr Amort L Depr Amort M Depr Amort N Depr Amort O Add Book Amortization of Intangibles Depr Amort F Depr Amort G Depr Amort H Depr Amort I Depr Amort J Depr Amort K Depr Amort L Depr Amort M Depr Amort N Depr Amort O Add Non-Deductible Expenses Less Tax Depreciation Depr Amort F Depr Amort G Depr Amort H Depr Amort I Depr Amort J Depr Amort K Depr Amort L Depr Amort M Depr Amort N Depr Amort O Less Tax Gain Loss on Assets Sale D E Less Tax Amortization of Goodwill IF goodwill intang deductible Depr Amort F IF goodwill intang deductible Depr Amort G IF goodwill intang deductible Depr Amort H IF goodwill intang deductible Depr Amort I IF goodwill intang deductible Depr Amort J IF goodwill intang deductible Depr Amort K IF goodwill intang deductible Depr Amort L IF goodwill intang deductible Depr Amort M IF goodwill intang deductible Depr Amort N IF goodwill intang deductible Depr Amort O Less Tax Amortization of Intangibles IF goodwill intang deductible Depr Amort F IF goodwill intang deductible Depr Amort G IF goodwill intang deductible Depr Amort H IF goodwill intang deductible Depr Amort I IF goodwill intang deductible Depr Amort J IF goodwill intang deductible Depr Amort K IF goodwill intang deductible Depr Amort L IF goodwill intang deductible Depr Amort M IF goodwill intang deductible Depr Amort N IF goodwill intang deductible Depr Amort O Pre-NOL Taxable Income D SUM D D -SUM D D Less NOLs Used MIN MAX D D MIN MAX E E Post-NOL Taxable Income D -D E -E Cash Taxes Payable MAX D tax rate Total Book Tax D tax rate IF goodwill intang deductible D D tax rate Increase Decrease in Deferred Tax Liability D -D E -E - Beginning NOL Balance D E Current Year NOL MIN D MIN E NOLs Used D E Ending NOL Balance D D -D E E -E Projected Asset Sales Estimated Sale Proceeds Book Basis of Assets SUM D D SUM E E Tax Basis of Assets Book Gain Loss on Sale D -D E -E Tax Gain Loss on Sale D -D E -E Allocation to Balance Sheet Bal Sheet A PP E Bal Sheet A Other Long-Term Assets Weighted Average Cost of Capital Risk Free Rate Treasury Bill Rate WACC Manual Market Risk Premium E- Manual Computed WACC Levered Beta IF H Manual Computed Computed E- Estimated Cost of Debt Amount Int Rate Wtd Rate Computed WACC Bal Sheet A Existing Debt Bal Sheet E assumed debt cou rate E- IF D E D D E- Proportion Rate Wtd Cost Bal Sheet A Bank Revolver Bal Sheet E bank revolver cou rate E- E- Cost of Debt Post-Tax IF D D D D D D D F E- J K E- Bal Sheet A Term Loan A Bal Sheet E termloanA cou rate E- E- Cost of Preferred Stock IF D D D D D D D E- E E- J K E- Bal Sheet A Term Loan B Bal Sheet E termloanB cou rate E- E- Cost of Equity IF D D D D D D D E J K E- Bal Sheet A Senior Notes Bal Sheet E senior notes cou rate E- E- Bal Sheet A Subordinated Notes Bal Sheet E sub notes cou rate E- E- WACC SUM L L E- Bal Sheet A Mezzanine Debt Bal Sheet E mezzdebt cou rate E- E- Bal Sheet A Seller Notes Bal Sheet E seller notes cou rate E- E- Total Debt SUM D D SUM F F E- Post-Tax F -tax rate E- Estimated Cost of Preferred Stock Bal Sheet A Preferred Stock Bal Sheet E pref stock div E- Estimated Cost of Equity CAPM Total Book Equity Bal Sheet E Bal Sheet E E E D Beta Calculation Levered Beta E Pre-Acquisition Debt Bal Sheet C Equity Input C no shares outs Preferred Stock Debt Equity Ratio D D Preferred Stock Equity Ratio D D Post-Acquisition A Debt Bal Sheet E A Equity SUM Bal Sheet E E A Preferred Stock Bal Sheet E A Debt Equity Ratio D D A Preferred Stock Equity Ratio D D Input L Tax Rate tax rate Unlevered Beta D -D D D Relevered Beta D -D D D Discounted Cash Flow Analysis NPV of Free Cash Flow NPV of FCFF TEXT B NPV of FCFF NPV B Cash Flow D M NPV of FCFF TEXT B NPV of FCFF NPV B Cash Flow D M NPV of FCFF TEXT B NPV of FCFF NPV B Cash Flow D M FV of Terminal Value EBITDA PV of Terminal Value EBITDA C D E Terminal Value TEXT C x Terminal Value x Cash Flow M Cash Flow M Cash Flow M C Terminal Value TEXT B Terminal Value D B Cash Flow M D B Cash Flow M D B Cash Flow M Terminal Value TEXT D x Terminal Value x Cash Flow M Cash Flow M Cash Flow M D Terminal Value TEXT B Terminal Value D B Cash Flow M D B Cash Flow M D B Cash Flow M Terminal Value TEXT E x Terminal Value x Cash Flow M Cash Flow M Cash Flow M E Terminal Value TEXT B Terminal Value D B Cash Flow M D B Cash Flow M D B Cash Flow M FV of Terminal Value Perpetuity PV of Terminal Value Perpetuity H E- I J E- H E- I J E- Terminal Value TEXT G Terminal Value Cash Flow M D G -D Cash Flow M E G -E Cash Flow M F G -F Terminal Value TEXT G Terminal Value D G Cash Flow M E G Cash Flow M F G Cash Flow M Terminal Value TEXT G Terminal Value Cash Flow M D G -D Cash Flow M E G -E Cash Flow M F G -F Terminal Value TEXT G Terminal Value D G Cash Flow M E G Cash Flow M F G Cash Flow M Terminal Value TEXT G Terminal Value Cash Flow M D G -D Cash Flow M E G -E Cash Flow M F G -F Terminal Value TEXT G Terminal Value D G Cash Flow M E G Cash Flow M F G Cash Flow M Total Enterprise Value Percentage Split of DCF Analysis EBITDA Multiple Method Perpetuity Growth Method D -ebitda multiple range ebitda multiple D ebitda multiple range I -perpetuity growth range E- perpetuity growth rate I perpetuity growth range E- C EBITDA Multiple Method B -discount rate range E- D J G -discount rate range E- D J Cash Flow of TEV C D E WACC E- B E- TEXT B D C B discount rate range G discount rate range TEXT B TEXT B Terminal Value of TEV Total Equity Value TEXT B J C EBITDA Multiple Method Perpetuity Growth Method TEXT B D -ebitda multiple range D D ebitda multiple range I -perpetuity growth range E- I I perpetuity growth range E- TEXT B B -discount rate range E- C -Input N D -Input N E -Input N G -discount rate range E- H -Input N I -Input N J -Input N B E- C -Input N D -Input N E -Input N B E- H -Input N I -Input N J -Input N H Perpetuity Growth Method B discount rate range C -Input N D -Input N E -Input N G discount rate range H -Input N I -Input N J -Input N Cash Flow of TEV H E- I J E- TEXT B D H TEXT B Total Equity Value Per Share TEXT B EBITDA Multiple Method Perpetuity Growth Method Terminal Value of TEV D -ebitda multiple range D D ebitda multiple range I -perpetuity growth range E- I I perpetuity growth range E- TEXT B J H B -discount rate range E- IF no shares outs C no shares outs G -discount rate range E- IF no shares outs H no shares outs TEXT B B E- B E- TEXT B B discount rate range G discount rate range IRR Returns Calculation Exit Year IF exit year HLOOKUP exit year Inc St D M FALSE Equity Allocation on Exit Investment Undiluted Allocation Diluted Allocation Allocation of Exit Proceeds Input A Common - Sponsor Equity Input C C SUM C C D - E F L EBITDA Multiple Exit Year ebitda multiple Input A Management Equity Input C C SUM C C D - E EBITDA Exit Year IF C OFFSET Inc St C C Input A New Equity Input C C SUM C C E- D - E E E- Exit Year Enterprise Value L L Input A Subordinated Notes Input C N A E Input A Mezzanine Debt Input C N A E Less Debt IF C OFFSET Bal Sheet E C - E- Input A Preferred Stock Input C N A E Less Preferred Stock IF C OFFSET Bal Sheet E C Management Performance Equity N A N A E Add Excess Cash IF C OFFSET Bal Sheet E C Total SUM C C SUM D D SUM E E SUM F F SUM G G Equity Value - Allocable Proceeds SUM L -L -L L Cash Flows IRR Post-Acq year D E D - D A Subordinated Notes Initial Investment -Bal Sheet E - Cash Interest IF C D Inc St D -Cash Flow D IF C E Inc St E -Cash Flow E IF C F Inc St F -Cash Flow F IF C G Inc St G -Cash Flow G IF C H Inc St H -Cash Flow H IF C I Inc St I -Cash Flow I IF C J Inc St J -Cash Flow J IF C K Inc St K -Cash Flow K IF C L Inc St L -Cash Flow L IF C M Inc St M -Cash Flow M Repayment IF C D SUM Cash Flow D Cash Flow D IF C E SUM Cash Flow E Cash Flow E IF C F SUM Cash Flow F Cash Flow F IF C G SUM Cash Flow G Cash Flow G IF C H SUM Cash Flow H Cash Flow H IF C I SUM Cash Flow I Cash Flow I IF C J SUM Cash Flow J Cash Flow J IF C K SUM Cash Flow K Cash Flow K IF C L SUM Cash Flow L Cash Flow L IF C M SUM Cash Flow M Cash Flow M Principal IF C D Bal Sheet F IF C E Bal Sheet G IF C F Bal Sheet H IF C G Bal Sheet I IF C H Bal Sheet J IF C I Bal Sheet K IF C J Bal Sheet L IF C K Bal Sheet M IF C L Bal Sheet N IF C M Bal Sheet O Participation on Exit IF C D G IRR IF C IRR C M C - SUM D D A Mezzanine Debt Initial Investment -Bal Sheet E - Cash Interest IF C D Inc St D -Cash Flow D IF C E Inc St E -Cash Flow E IF C F Inc St F -Cash Flow F IF C G Inc St G -Cash Flow G IF C H Inc St H -Cash Flow H IF C I Inc St I -Cash Flow I IF C J Inc St J -Cash Flow J E- IF C K Inc St K -Cash Flow K - E- IF C L Inc St L -Cash Flow L - E- IF C M Inc St M -Cash Flow M Repayment IF C D SUM Cash Flow D Cash Flow D IF C E SUM Cash Flow E Cash Flow E IF C F SUM Cash Flow F Cash Flow F IF C G SUM Cash Flow G Cash Flow G IF C H SUM Cash Flow H Cash Flow H IF C I SUM Cash Flow I Cash Flow I IF C J SUM Cash Flow J Cash Flow J E- IF C K SUM Cash Flow K Cash Flow K - E- IF C L SUM Cash Flow L Cash Flow L - E- IF C M SUM Cash Flow M Cash Flow M Principal IF C D Bal Sheet F IF C E Bal Sheet G IF C F Bal Sheet H IF C G Bal Sheet I IF C H Bal Sheet J IF C I Bal Sheet K IF C J Bal Sheet L IF C K Bal Sheet M IF C L Bal Sheet N - E- IF C M Bal Sheet O Participation on Exit IF C D G IRR IF C IRR C M C - SUM D D E- - E- A Preferred Stock Initial Investment -Bal Sheet E - Cash Dividend IF C D Inc St D -Cash Flow D IF C E Inc St E -Cash Flow E IF C F Inc St F -Cash Flow F IF C G Inc St G -Cash Flow G IF C H Inc St H -Cash Flow H IF C I Inc St I -Cash Flow I IF C J Inc St J -Cash Flow J IF C K Inc St K -Cash Flow K IF C L Inc St L -Cash Flow L IF C M Inc St M -Cash Flow M Repayment IF C D Cash Flow D IF C E Cash Flow E IF C F Cash Flow F IF C G Cash Flow G IF C H Cash Flow H IF C I Cash Flow I IF C J Cash Flow J IF C K Cash Flow K IF C L Cash Flow L IF C M Cash Flow M Principal IF C D Bal Sheet F IF C E Bal Sheet G IF C F Bal Sheet H IF C G Bal Sheet I IF C H Bal Sheet J IF C I Bal Sheet K IF C J Bal Sheet L IF C K Bal Sheet M IF C L Bal Sheet N IF C M Bal Sheet O Participation on Exit IF C D G IRR IF C IRR C M C - SUM D D A Common - Sponsor Equity Initial Investment -Input C - Cash Dividend IF C D Inc St D D IF C E Inc St E D IF C F Inc St F D IF C G Inc St G D IF C H Inc St H D IF C I Inc St I D IF C J Inc St J D IF C K Inc St K D IF C L Inc St L D IF C M Inc St M D Participation on Exit IF C D G IRR IF C IRR C M C - SUM D D A Management Equity Initial Investment -Input C - Cash Dividend IF C D Inc St D D IF C E Inc St E D IF C F Inc St F D IF C G Inc St G D IF C H Inc St H D IF C I Inc St I D IF C J Inc St J D IF C K Inc St K D IF C L Inc St L D IF C M Inc St M D Participation on Exit IF C D SUM G G IRR IF C IRR C M C - SUM D D A New Equity Initial Investment -Input C - Cash Dividend IF C D Inc St D D IF C E Inc St E D IF C F Inc St F D IF C G Inc St G D IF C H Inc St H D IF C I Inc St I D IF C J Inc St J D IF C K Inc St K D IF C L Inc St L D IF C M Inc St M D Participation on Exit IF C D G IRR IF C IRR C M C - SUM D D SUM L L D M Ratio Analysis Year year D E Year No D Capital Ratios Debt Ratio IF Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F N A IF Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G N A IF Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H N A IF Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I N A IF Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J N A IF Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K N A IF Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L N A IF Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M N A IF Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N N A IF Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O N A Total Debt Book Capitalization IF Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F N A IF Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G N A IF Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H N A IF Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I N A IF Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J N A IF Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K N A IF Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L N A E- IF Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M N A E- IF Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N N A E- IF Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O N A E- Total Debt Equity IF Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F Bal Sheet F N A IF Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G Bal Sheet G N A IF Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H Bal Sheet H N A IF Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I Bal Sheet I N A IF Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J Bal Sheet J N A IF Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K Bal Sheet K N A IF Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L Bal Sheet L N A E- IF Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M Bal Sheet M N A E- IF Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N Bal Sheet N N A E- IF Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O Bal Sheet O N A E- Leverage Ratios Total Debt EBITDA IF Inc St D Bal Sheet F Bal Sheet F Inc St D N A IF Inc St E Bal Sheet G Bal Sheet G Inc St E N A IF Inc St F Bal Sheet H Bal Sheet H Inc St F N A IF Inc St G Bal Sheet I Bal Sheet I Inc St G N A IF Inc St H Bal Sheet J Bal Sheet J Inc St H N A IF Inc St I Bal Sheet K Bal Sheet K Inc St I N A IF Inc St J Bal Sheet L Bal Sheet L Inc St J N A IF Inc St K Bal Sheet M Bal Sheet M Inc St K N A IF Inc St L Bal Sheet N Bal Sheet N Inc St L N A IF Inc St M Bal Sheet O Bal Sheet O Inc St M N A Total Debt EBITDA - Capex IF Inc St D Cash Flow D Bal Sheet F Bal Sheet F Inc St D Cash Flow D N A IF Inc St E Cash Flow E Bal Sheet G Bal Sheet G Inc St E Cash Flow E N A IF Inc St F Cash Flow F Bal Sheet H Bal Sheet H Inc St F Cash Flow F N A IF Inc St G Cash Flow G Bal Sheet I Bal Sheet I Inc St G Cash Flow G N A IF Inc St H Cash Flow H Bal Sheet J Bal Sheet J Inc St H Cash Flow H N A IF Inc St I Cash Flow I Bal Sheet K Bal Sheet K Inc St I Cash Flow I N A IF Inc St J Cash Flow J Bal Sheet L Bal Sheet L Inc St J Cash Flow J N A IF Inc St K Cash Flow K Bal Sheet M Bal Sheet M Inc St K Cash Flow K N A IF Inc St L Cash Flow L Bal Sheet N Bal Sheet N Inc St L Cash Flow L N A IF Inc St M Cash Flow M Bal Sheet O Bal Sheet O Inc St M Cash Flow M N A Net Debt EBITDA IF Inc St D Bal Sheet F Bal Sheet F -Bal Sheet F Inc St D N A IF Inc St E Bal Sheet G Bal Sheet G -Bal Sheet G Inc St E N A IF Inc St F Bal Sheet H Bal Sheet H -Bal Sheet H Inc St F N A IF Inc St G Bal Sheet I Bal Sheet I -Bal Sheet I Inc St G N A IF Inc St H Bal Sheet J Bal Sheet J -Bal Sheet J Inc St H N A IF Inc St I Bal Sheet K Bal Sheet K -Bal Sheet K Inc St I N A IF Inc St J Bal Sheet L Bal Sheet L -Bal Sheet L Inc St J N A IF Inc St K Bal Sheet M Bal Sheet M -Bal Sheet M Inc St K N A - E- IF Inc St L Bal Sheet N Bal Sheet N -Bal Sheet N Inc St L N A - IF Inc St M Bal Sheet O Bal Sheet O -Bal Sheet O Inc St M N A - Senior Debt EBITDA IF Inc St D SUM Bal Sheet F F Inc St D N A IF Inc St E SUM Bal Sheet G G Inc St E N A IF Inc St F SUM Bal Sheet H H Inc St F N A IF Inc St G SUM Bal Sheet I I Inc St G N A IF Inc St H SUM Bal Sheet J J Inc St H N A IF Inc St I SUM Bal Sheet K K Inc St I N A IF Inc St J SUM Bal Sheet L L Inc St J N A IF Inc St K SUM Bal Sheet M M Inc St K N A E- IF Inc St L SUM Bal Sheet N N Inc St L N A E- IF Inc St M SUM Bal Sheet O O Inc St M N A E- Interest Coverage EBITDA Total Interest IF Inc St D Inc St D Inc St D Inc St D Inc St D N A IF Inc St E Inc St E Inc St E Inc St E Inc St E N A IF Inc St F Inc St F Inc St F Inc St F Inc St F N A IF Inc St G Inc St G Inc St G Inc St G Inc St G N A IF Inc St H Inc St H Inc St H Inc St H Inc St H N A IF Inc St I Inc St I Inc St I Inc St I Inc St I N A IF Inc St J Inc St J Inc St J Inc St J Inc St J N A IF Inc St K Inc St K Inc St K Inc St K Inc St K N A IF Inc St L Inc St L Inc St L Inc St L Inc St L N A IF Inc St M Inc St M Inc St M Inc St M Inc St M N A EBITDA Senior Interest IF SUM Inc St D D Inc St D SUM Inc St D D N A IF SUM Inc St E E Inc St E SUM Inc St E E N A IF SUM Inc St F F Inc St F SUM Inc St F F N A IF SUM Inc St G G Inc St G SUM Inc St G G N A IF SUM Inc St H H Inc St H SUM Inc St H H N A IF SUM Inc St I I Inc St I SUM Inc St I I N A IF SUM Inc St J J Inc St J SUM Inc St J J N A IF SUM Inc St K K Inc St K SUM Inc St K K N A IF SUM Inc St L L Inc St L SUM Inc St L L N A IF SUM Inc St M M Inc St M SUM Inc St M M N A EBITDA Cash Interest IF Inc St D Inc St D -SUM Cash Flow D D Inc St D Inc St D Inc St D -SUM Cash Flow D D N A IF Inc St E Inc St E -SUM Cash Flow E E Inc St E Inc St E Inc St E -SUM Cash Flow E E N A IF Inc St F Inc St F -SUM Cash Flow F F Inc St F Inc St F Inc St F -SUM Cash Flow F F N A IF Inc St G Inc St G -SUM Cash Flow G G Inc St G Inc St G Inc St G -SUM Cash Flow G G N A IF Inc St H Inc St H -SUM Cash Flow H H Inc St H Inc St H Inc St H -SUM Cash Flow H H N A IF Inc St I Inc St I -SUM Cash Flow I I Inc St I Inc St I Inc St I -SUM Cash Flow I I N A IF Inc St J Inc St J -SUM Cash Flow J J Inc St J Inc St J Inc St J -SUM Cash Flow J J N A IF Inc St K Inc St K -SUM Cash Flow K K Inc St K Inc St K Inc St K -SUM Cash Flow K K N A IF Inc St L Inc St L -SUM Cash Flow L L Inc St L Inc St L Inc St L -SUM Cash Flow L L N A IF Inc St M Inc St M -SUM Cash Flow M M Inc St M Inc St M Inc St M -SUM Cash Flow M M N A EBITDA - Capex Total Interest IF Inc St D Inc St D Inc St D Cash Flow D Inc St D Inc St D N A IF Inc St E Inc St E Inc St E Cash Flow E Inc St E Inc St E N A IF Inc St F Inc St F Inc St F Cash Flow F Inc St F Inc St F N A IF Inc St G Inc St G Inc St G Cash Flow G Inc St G Inc St G N A IF Inc St H Inc St H Inc St H Cash Flow H Inc St H Inc St H N A IF Inc St I Inc St I Inc St I Cash Flow I Inc St I Inc St I N A IF Inc St J Inc St J Inc St J Cash Flow J Inc St J Inc St J N A IF Inc St K Inc St K Inc St K Cash Flow K Inc St K Inc St K N A IF Inc St L Inc St L Inc St L Cash Flow L Inc St L Inc St L N A IF Inc St M Inc St M Inc St M Cash Flow M Inc St M Inc St M N A EBITDA - Capex Senior Interest IF SUM Inc St D D Inc St D Cash Flow D SUM Inc St D D N A IF SUM Inc St E E Inc St E Cash Flow E SUM Inc St E E N A IF SUM Inc St F F Inc St F Cash Flow F SUM Inc St F F N A IF SUM Inc St G G Inc St G Cash Flow G SUM Inc St G G N A IF SUM Inc St H H Inc St H Cash Flow H SUM Inc St H H N A IF SUM Inc St I I Inc St I Cash Flow I SUM Inc St I I N A IF SUM Inc St J J Inc St J Cash Flow J SUM Inc St J J N A IF SUM Inc St K K Inc St K Cash Flow K SUM Inc St K K N A IF SUM Inc St L L Inc St L Cash Flow L SUM Inc St L L N A IF SUM Inc St M M Inc St M Cash Flow M SUM Inc St M M N A EBITDA - Capex Cash Interest IF Inc St D Inc St D -SUM Cash Flow D D Inc St D Cash Flow D Inc St D Inc St D -SUM Cash Flow D D N A IF Inc St E Inc St E -SUM Cash Flow E E Inc St E Cash Flow E Inc St E Inc St E -SUM Cash Flow E E N A IF Inc St F Inc St F -SUM Cash Flow F F Inc St F Cash Flow F Inc St F Inc St F -SUM Cash Flow F F N A IF Inc St G Inc St G -SUM Cash Flow G G Inc St G Cash Flow G Inc St G Inc St G -SUM Cash Flow G G N A IF Inc St H Inc St H -SUM Cash Flow H H Inc St H Cash Flow H Inc St H Inc St H 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