15
Third Quarter 2014
Middle Market Defense & Government Services Index
3x LTM EBITDA
$1,545.6
$1,000.7
$348.7
$1,140.0
$407.7
$762.0
Less LT Debt
1,645.5
1,210.2
322.2
1,332.0
0.0
504.0
Plus Cash
241.8
100.0
18.7
358.0
54.6
247.0
Dry Powder
$141.9
-$109.6
$45.3
$166.0
$462.4
$505.0
Dry Powder Calculations
(Defense and Gov. Services)
Source: Public Filings; Capital IQ as of 09/30/14
Middle Market Index
3x LTM EBITDA
$262.7
$39.3
$182.1
$59.4
$207.0
$189.4
Less LT Debt
132.8
123.1
662.9
0.0
0.0
81.8
Plus Cash
8.0
47.2
26.9
19.7
9.0
0.3
Dry Powder
$137.9
($36.6)
($453.9)
$79.1
$216.0
$107.9
Middle Market Defense & Government Services Index
3x LTM EBITDA
$2,336.8
$272.7
$1,707.0
$944.0
$3,216.3
$4,002.0
$1,066.5
Less LT Debt
2,083.5
110.7
778.0
376.6
1,629.4
3,956.0
577.8
Plus Cash
42.7
166.8
524.0
565.4
449.1
508.0
125.8
Dry Powder
$295.9
$328.8
$1,453.0
$1,132.7
$2,036.0
$554.0
$614.5
Defense Prime Index
3x LTM EBITDA
$25,746.0
$12,846.0
$17,604.0
$11,022.0
$10,230.0
Less LT Debt
8,880.0
3,911.0
6,165.0
5,929.0
4,737.0
Plus Cash
6,655.0
5,105.0
2,963.0
3,402.0
2,634.0
Dry Powder
$23,521.0
$14,040.0
$14,402.0
$8,495.0
$8,127.0
($ millions)
