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As of 12/31/2016
31
Year in Review
2016
Dry Powder: Defense and Gov. Services
($ millions)
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,870.3
$216.1
$1,059.7
$5,034.0
$3,678.0
$1,063.5
Less LT Debt
1,595.8
441.0
517.0
4,486.0
3,342.0
613.0
Plus Cash
73.5
197.1
677.7
284.0
411.0
99.5
Dry Powder
$348.0
($27.7)
$1,220.3
$832.0
$747.0
$550.0
Middle Market Defense & Government Services Index
3x LTM EBITDA
$329.9
$3.6
$30.6
$87.5
$143.5
$237.2
Less LT Debt
281.2
130.9
445.0
0.0
92.0
254.3
Plus Cash
9.6
42.5
20.5
0.2
53.4
0.6
Dry Powder
$58.4
($84.8)
($393.9)
$87.8
$104.9
($16.5)
Defense Prime Index
3x LTM EBITDA
$22,857.0
$14,076.0
$20,607.0
$10,533.0
$11,028.0
Less LT Debt
10,456.0
3,886.0
14,304.0
6,390.0
5,334.0
Plus Cash
8,986.0
2,303.0
2,895.0
1,103.0
2,342.0
Dry Powder
$21,387.0
$12,493.0
$9,198.0
$5,246.0
$8,036.0
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,560.6
$1,029.2
$539.0
$1,563.5
$372.5
$1,035.0
Less LT Debt
1,563.1
1,415.6
1,081.5
3,476.0
0.0
1,059.0
Plus Cash
307.2
49.7
60.7
449.0
70.9
203.0
Dry Powder
$304.7
($336.7)
($481.9)
($1,463.5)
$443.4
$179.0
Source: Public Filings, S&P Capital IQ