15
2013 Year in Review
Dry Powder Calculations
(Defense and Gov. Services)
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,958.6
$358.1
$2,007.0
$1,100.0
$3,255.0
$4,416.0
$989.3
Less LT Debt
2,104.4
102.9
649.0
392.2
1,675.5
3,630.0
552.5
Plus Cash
189.8
203.9
309.0
492.2
334.4
500.0
66.0
Dry Powder
$44.0
$459.0
$1,667.0
$1,200.0
$1,913.9
$1,286.0
$502.8
Middle Market Defense & Government Services Index
3x LTM EBITDA
$82.7
$264.6
$71.7
$252.3
$59.3
$193.2
Less LT Debt
83.1
64.1
84.8
644.6
1.5
131.8
Plus Cash
0.9
6.0
6.6
49.8
0.0
0.3
Dry Powder
$0.5
$206.5
($6.4)
($342.5)
$57.9
$61.7
Defense Prime Index
3x LTM EBITDA
$24,516.0
$12,723.0
$16,485.0
$10,854.0
$10,142.0
Less LT Debt
9,635.0
3,908.0
6,152.0
5,928.0
4,734.0
Plus Cash
9,088.0
5,301.0
2,617.0
5,150.0
3,296.0
Dry Powder
$23,969.0
$14,116.0
$12,950.0
$10,076.0
$8,704.0
($ millions)
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,687.2
$954.9
$485.9
$2,265.0
$527.0
$813.0
Less LT Debt
1,674.5
1,450.6
230.0
1,481.0
200.0
505.0
Plus Cash
403.2
98.2
24.3
814.0
258.7
157.0
Dry Powder
$415.8
-$397.5
$280.2
$1,598.0
$585.7
$465.0
Source: Public Filings; Capital IQ as of 02/03/14
