PJT Partners Investment Banking Pitch Book
Lunar Projected Financial Summary
PROJECTED REVENUE
(US$ mm)
$2,353
670
EBITDA
Margin
1,677
$2,841
1%
979
$32
1,874
$2,960
4%
1,094
$106
1,913
$3,484
5%
1,188
$136
2,404
FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/20E FY3/21E
Motion Picture Television Production
$3,435 $3,457
7%
1,136
$252
2,299
1,144
7%
2,314
PROJECTED ADJ. EBITDA (POST-SBC, EXCL. EQUITY INCOME) (¹) PROJECTED FREE CASH FLOW(2)
(US$ mm)
(US$ mm)
$238
7%
$236
FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/20E FY 3/21E
PROJECTED ADJ. EBITDA (PRE-SBC, INCL. EQUITY INCOME)(¹)
(US$ mm)
EBITDA
Margin
7%
$162
9%
$251
$70
9%
$263
$93
10%
$348
FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/20E FY3/21E
$115
$152
11%
$364
Confidential
Source: Lunar Management.
(1) Adj. EBITDA (pre-S8C, incl. equity income) defined as revenues less direct operating expenses, less distribution & marketing expenses, less general & administrative
expenses and plus equity income. Adj. EBITDA (post-SBC, excl. equity income) defined as revenues less direct operating expenses, less distribution & marketing expenses,
less general & administrative expenses and less stock-based compensation expense (excludes equity income).
(2) Levered Free Cash Flow defined as Adj. EBITDA (post-SBC, excl. equity income) plus stock-based compensation, less cash interest, less cash taxes, less cash spend on
programming in excess of amortization, less purchases of PP&E & investments and less change in working capital and other.
$243
11%
$363
$262
FY 3/16A FY 3/17E FY 3/18E FY 3/19E FY 3/20E FY 3/21E
PJT Partners
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