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16
2014 Year in Review
Dry Powder Calculations
(Defense and Gov. Services)
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,989.2
$357.2
$2,007.0
$993.2
$3,298.5
$4,365.0
$994.2
Less LT Debt
2,104.4
122.9
649.0
388.5
1,675.5
3,645.0
552.5
Plus Cash
189.8
121.4
469.0
542.5
334.4
500.0
66.0
Dry Powder
$74.6
$355.7
$1,827.0
$1,147.1
$1,957.4
$1,220.0
$507.7
Middle Market Defense & Government Services Index
3x LTM EBITDA
$256.2
$62.5
$237.0
$58.6
$354.0
$192.4
Less LT Debt
40.0
85.0
644.7
1.0
0.0
115.4
Plus Cash
9.0
2.5
55.7
0.1
10.0
0.2
Dry Powder
$225.2
($20.1)
($352.0)
$57.7
$364.0
$77.2
Defense Prime Index
3x LTM EBITDA
$24,516.0
$12,723.0
$16,026.0
$10,854.0
$10,002.0
Less LT Debt
9,635.0
3,908.0
6,152.0
5,930.0
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
$12,491.0
$10,074.0
$8,564.0
($ millions)
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,675.2
$954.9
$384.6
$1,182.0
$513.8
$813.0
Less LT Debt
1,674.5
1,452.7
197.5
1,481.0
200.0
505.0
Plus Cash
403.2
98.2
29.0
814.0
269.0
157.0
Dry Powder
$403.8
-$399.6
$216.1
$515.0
$582.8
$465.0
Source: Public Filings; Capital IQ as of 1/30/15