Income Statement
2018A 2019A 2020A 2021P 2022P 2023P 2024P 2025P
Revenue $1,750 $1,900 $2,000
COGS 525 570 600
Gross Profit 1,225 1,330 1,400 0 0 0 0 0
General & Administration Expenses 100 100 100
Sales & Marketing Expenses 100 100 100
EBITDA 1,025 1,130 1,200 0 0 0 0 0
Depreciation 175 190 200
EBIT 850 940 1,000 0 0 0 0 0
Interest expense 175 190 200
EBT 675 750 800 0 0 0 0 0
Taxes 175 190 200 0 0 0 0 0
Net income $500 $560 $600 $0 $0 $0 $0 $0
Drivers & Margins
Revenue Growth 0.0% 0.0% 0.0% 0.0% 0.0%
COGS % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
General & Administration Expenses % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Sales & Marketing Expenses % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Tax Rates 0.0% 0.0% 0.0% 0.0% 0.0%
Balance Sheet
2018A 2019A 2020A 2021P 2022P 2023P 2024P 2025P
Cash & Equivalents $211 $179 $251
Accounts Receivable 175 190 200
Inventory 250 271 286
Other Current Assets 200 217 229
Total Current Assets $836 $858 $965 $0 $0 $0 $0 $0
Net PP&E 870 870 870
Goodwill 350 350 350
Other Assets 200 200 200
Total Assets $2,256 $2,278 $2,385 $0 $0 $0 $0 $0
Accounts Payable 100 109 114
Accrued Expenses & Liabilities 400 434 457
Other Current Liabilities 200 217 229
Total Current Liabilities $700 $760 $800 $0 $0 $0 $0 $0
Revolver Debt 300 240 540 0 0 0 0 0
Term Loan A 800 700 600 (100) (100) (100) (100) (100)
Total Liabilities $1,800 $1,700 $1,940 ($100) ($100) ($100) ($100) ($100)
Shareholders Equity 456 578 445 445 445 445 445 445
Total Liabilities & Shareholder Equity $2,256 $2,278 $2,385 $345 $345 $345 $345 $345
Check Okay Okay Okay 345 345 345 345 345
Drivers
Accounts Receivable Days 0.0 Days 0.0 Days 0.0 Days 0.0 Days 0.0 Days
Inventory Days 0.0 Days 0.0 Days 0.0 Days 0.0 Days 0.0 Days
Other Current Assets % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Accounts Payable Days 0.0 Days 0.0 Days 0.0 Days 0.0 Days 0.0 Days
Accrued Expenses & Liabilities % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Other Current Liabilities % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Cash Flow Statement
2021PF 2022PF 2023PF 2024PF 2025PF
Net income
Depreciation
Change in Accounts Receivable
Change in Inventory
Change in Other Current Assets
Change in Accounts Payable
Change in Accrued Expenses & Liabilities
Change in Other Current Liabilities
Cash flows from operations $0 $0 $0 $0 $0
Cap Ex (175) (190) (200)
Cash flows from investing $0 $0 $0 $0 $0
Drawdown / (paydown) of revolver 0 0 0 0 0
Paydown of Term Loan A (100) (100) (100) (100) (100)
Cash flows from financing ($100) ($100) ($100) ($100) ($100)
Total change in cash $(100) $(100) $(100) $(100) $(100)
Drivers
Capital Expenditures % of Revenue 10.0%
Debt Schedule
2020PF 2021PF 2022PF 2023PF 2024PF 2025PF
Cash Flow Available For Revolver Debt (100) (100) (100) (100) (100)
Revolver Debt
Beginning Balance
Draw / Paydown
Ending Balance 540 0 0 0 0 0
Cash Flow Available For Optional Term Loan A Paydown (100) (100) (100) (100) (100)
Term Loan A
Beginning Balance
Mandatory Paydown (100) (100) (100) (100) (100)
Optional Paydown Sweep Yes
Ending Balance 600 (100) (100) (100) (100) (100)
Total Debt $ 1,140 $(100) $(100) $(100) $(100) $(100)
Interest Schedule 2021PF 2022PF 2023PF 2024PF 2025PF
Libor 0.5% 0.8% 1.0% 1.5% 1.5%
Interest income Rate 1.0%
Revolver Debt Interest Rate L + 350
Term Loan A Interest Rate L + 500
Net Interest Expense $ - $ - $ - $ - $ -
Credit Metrics
EBITDA / Cash Interest Expense
(EBITDA - Capex) / Cash Interest Expense
EBITDA / Interest Expense
(EBITDA - Capex) / Interest Expense
2026P
0
$0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
2026P
$0
$0
$0
0
(100)
($100)
445
$345
345
0.0 Days
0.0 Days
0.0%
0.0 Days
0.0%
0.0%
2026PF
$0
$0
0
(100)
($100)
$(100)
2026PF
(100)
(100)
(100)
(100)
$(100)
2026PF
2.0%
$ -
