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12
First Quarter 2016
Dry Powder Calculations
(Defense and Gov. Services)
($ millions)
Source: Public Filings; Capital IQ as of 03/31/16
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,585.1
$313.0
$1,070.0
$4,377.0
$3,354.0
$1,116.0
Less LT Debt
1,490.0
236.5
358.6
5,026.0
3,652.0
782.0
Plus Cash
104.0
171.4
472.8
511.0
207.0
85.1
Dry Powder
$199.1
$247.8
$1,184.1
($138.0)
($91.0)
$419.1
Middle Market Defense & Government Services Index
3x LTM EBITDA
$325.9
-$0.1
$61.2
$86.3
$139.7
$231.4
Less LT Debt
311.5
126.2
445.1
10.0
114.4
257.1
Plus Cash
7.7
21.2
28.5
0.2
40.0
0.7
Dry Powder
$22.1
($105.0)
($355.4)
$76.5
$65.4
($24.9)
Defense Prime Index
3x LTM EBITDA
$27,009.0
$13,980.0
$18,876.0
$10,629.0
$9,849.0
Less LT Debt
9,964.0
3,399.0
15,261.0
6,526.0
5,330.0
Plus Cash
11,302.0
2,785.0
1,090.0
2,319.0
2,328.0
Dry Powder
$28,347.0
$13,366.0
$4,705.0
$6,422.0
$6,847.0
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,484.0
$919.2
$546.5
$1,302.5
$348.5
$945.0
Less LT Debt
1,594.0
1,004.9
1,127.5
1,088.0
0.0
1,070.0
Plus Cash
167.1
69.0
30.0
656.0
41.3
195.0
Dry Powder
$57.1
($16.7)
($550.9)
$870.5
$389.8
$70.0