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LBO Model Empty - BMC
LBO Model Empty - BMC
LBO Model Empty - BMC
GENERAL INPUTS
Company name BMC
Ticker (if applicable) BMC
Current share price (if applicable) 45.42
Latest closing share price date (f applicable) 5/6/2013
Circuit breaker: OFF
USES OF FUNDS
Buyout of equity
Refinancing of oldco debt
Fees (transaction & financing)
Total Uses
SOURCES OF FUNDS
EBITDA turns $ investment
Excess cash
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total Sources
x INCOME STATEMENT
Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12
Revenue
Cost of sales (enter as -)
Gross Profit
Research & development (enter as -)
Selling, general & administrative (enter as -)
Deal-related D&A (enter as -)
Operating profit (EBIT)
Interest income
Interest expense (enter as -)
Other non-operating expense (enter as -)
Pretax profit
Taxes (enter expense as -)
Net income
EBITDA reconciliation
EBIT (GAAP)
Depreciation and amortization
Deal-related D&A
Stock based compensation
Restructuring and other nonrecurring charges
EBITDA
WORKING CAPITAL
Fiscal year 2012A
Fiscal year end date 3/31/12
PP&E
Capital expenditures
Depreciation
Capex as a % of revenue
Depreciation as a % of capex
Intangible assets
Purchases
Amortization
Other liabilities
Net income
Depreciation and amortization
Deal-related D&A
Stock based compensation
Changes in net working capital
Other assets & liabilities
Changes in deferred tax liabilities
Addback of PIK interest
Cash from operating activities
Capital expenditures
Purchases of intangible assets and capitalized software development costs
Cash from investing activities
Cash, BOP
Increases / (decreases)
Cash, EOP 1,635.6
Interest rate on cash 0.00%
Interest income 0.0
Revolver
Cash, BOP
Less: Minimum cash desired
Equals: Excess cash at BOP
Plus: Free cash flows generated during period
Cash available (needed) to paydown (draw from) revolver
Revolver, BOP
Increases / (decreases)
Revolver, EOP % AR
Maximum availability 80%
Compliance check
Term Loan A
Term Loan A, BOP
Mandatory paydown $
Cash sweep (paydown from excess cash flows)
Term Loan A, EOP
Mandatory paydown (% of original) % of available cash used
Cash sweep
Term Loan B
Term Loan B, BOP
Mandatory amortization $
Cash sweep (paydown from excess cash flows)
Term Loan B, EOP
Mandatory paydown (% of original) % of available cash used
Cash available for cash sweep
Senior Note
Senior Note, BOP
Mandatory amortization $
Senior Note, EOP
Mandatory paydown (% of original)
Sub Note
Sub Note, BOP
Mandatory amortization $ PIK rate Cash rate
PIK interest 4% 8%
Sub Note, EOP
Mandatory paydown (% of original)
Preferred stock
Preferred stock, BOP
PIK accrual
Preferred stock, EOP PIK rate Cash rate
Cash dividend 4% 8%
INTEREST EXPENSE
Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12
EXIT VALUATION
RETURNS
Cash-on-cash IRR
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Preferred Stock at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Management Equity at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Sponsor's Equity at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total
SENSITIVITY ANALYISIS
Actual
Sponsor Hurdle Rate (Minimum IRR) 0.00%
Offer value 0.0
Diluted shares outstanding 0
Offer value / per share #DIV/0!
% Premium / discount #DIV/0!
Enterprise value 0
EV / LTM EBITDA multiple #DIV/0!
Sponsor IRR At Va
Highlight IRR > EXPLICIT EBITDA (APPR
30.00%
Initial
EBITDA
Multiple:
Sponsor IRR At
EXPLICIT OFFER PRICE / SHAR
Initial
Offer
Price:
Sponsor IRR
Preferred
Equity
Kicker:
Cash
Accounts receivable, EOP
Other current assets, EOP
PP&E
Software development costs
Intangible assets
Goodwill and other assets
Total Assets
Equity, BOP
Plus: Net income
Less: Dividends
Plus: SBC
Equity, EOP
Purchase price 0
Goodwill (1,319)
LTM EBITDA
EV / LTM EBITDA
Enterprise value
Offer value
Diluted shares outstanding
FEES
% fees Fee Term
Financing fees
Revolver 1.0% 5 yrs
Term Loan A 1.5% 7 yrs
Term Loan B 1.5% 7 yrs
Senior Note 1.0% 8 yrs
Sub Note 0.0%
Financing fees
% Other Assets
65%
49 83 135 184
Coupon Rate
8.125%
8.000%
4.000%
Fully diluted
#DIV/0!
#DIV/0!
0.0%
0.0%
0.0 0.0
0.0 0.0
0.0 0.0
821.6 1,306.0
821.6 1,306.0
NM NM
1,445.8 818.5
1,446 819
(631.8) (2,124.5)
Useful life
10 yrs
15 yrs
2014 2015 2016
3/31/14 3/31/15 3/31/16
30.0 270.0 240.0 210.0
13.3 186.7 173.3 160.0
0.0 0.0 0.0 0.0
Approach 2
Explicit offer/share
2018P
3/31/18
Step
0.5%
0.0%
(1.0%)
0.0%
(0.3%)
2018P
3/31/18
2018P
3/31/18
Smoothing?
Yes
20%
Smoothing?
Yes
20%
2018P
3/31/18
2018P
3/31/18
2018P
3/31/18
221
yyyy
1.0x
2018P
Expected IRR
40.00%
EAR
age of 0.0x)
4.00x
TO APPEAR
age of 0.0x)
4.00x
8%
Pro forma
2013
3/31/13
2017P 2018P
3/31/17 3/31/18
2017 2018P
3/31/17 3/31/18
180.0 150.0
146.7 133.3
0.0 0.0
Diluted shares for BMC
$ mm except per share
Offer price
Model-derived offer value sanity check $0.00
Basic shares outstanding (latest filing)
In-the-money exercisable options 0.0
Total proceeds ($mm) 0.0
Total shares repurchased (mm) #DIV/0!
Net dilutive options #DIV/0!
Dilutive impact of shares from other securities
Options outstanding
Out. shares Exercise price In-the-$-shares
Tranche 1 FALSE
Tranche 2 FALSE
Tranche 3 FALSE
Tranche 4 FALSE
Tranche 5 FALSE
Tranche 6 FALSE
Tranche 7 FALSE
Tranche 8 FALSE
Tranche 9 FALSE
Tranche 10 FALSE
0
52 week high low