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Second Quarter 2016
Dry Powder Calculations
(Defense and Gov. Services)
($ millions)
Source: Public Filings; Capital IQ as of 06/30/16
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,870.3
$245.3
$1,048.3
$4,686.0
$3,477.0
$1,090.8
Less LT Debt
1,595.8
441.4
355.4
4,793.0
3,636.0
719.5
Plus Cash
73.5
158.8
510.6
302.0
534.0
83.2
Dry Powder
$348.0
($37.3)
$1,203.5
$195.0
$375.0
$454.5
Middle Market Defense & Government Services Index
3x LTM EBITDA
$328.1
$3.4
$53.7
$88.7
$146.2
$238.0
Less LT Debt
337.9
127.7
444.4
20.5
108.6
243.7
Plus Cash
9.4
31.9
20.1
0.4
38.6
0.6
Dry Powder
($0.5)
($92.5)
($370.6)
$68.6
$76.2
($5.1)
Defense Prime Index
3x LTM EBITDA
$26,334.0
$14,037.0
$19,227.0
$10,518.0
$9,759.0
Less LT Debt
9,964.0
3,400.0
15,276.0
6,387.0
5,332.0
Plus Cash
7,886.0
1,907.0
1,452.0
1,277.0
1,934.0
Dry Powder
$24,256.0
$12,544.0
$5,403.0
$5,408.0
$6,361.0
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,518.4
$972.7
$657.3
$1,350.5
$355.8
$1,023.0
Less LT Debt
1,597.3
1,501.7
1,096.4
1,091.0
0.0
1,072.0
Plus Cash
187.5
34.8
39.4
609.0
60.4
154.0
Dry Powder
$108.6
($494.2)
($399.7)
$868.5
$416.2
$105.0