Bank of America Investment Banking Pitch Book
Revenue
Gross Margin
EBITDA
Fiscal Year 2016E
Overhead Distribution
Underground Distribution
Transmission
Substation
Storm
T&D Revenue
Engineering and Siting
Klondyke (Union Construction)
Pine Valley (Union Construction)
New Opportunities
Total Revenue
Overhead Distribution
Underground Distribution
Transmission
Substation
Storm
T&D Gross Margin
Engineering and Siting
Klondyke (Union Construction)
Pine Valley (Union Construction)
New Opportunities
Gross Margin
Gross Margin Change
G&A Change (New Opportunities)
G&A Change (Other)
D&A Changes within COPS and G&A
Other
EBITDA
Review of Projections
Bridge Between Pioneer Forecast and Aug-13 Mgmt Case (Cont'd)
Aug 13
Forecast
$374.4
80.7
107.8
37.4
90.8
$691.0
$180.7
91.5
58.0
$1,021.3
$45.9
14.4
24.3
4.7
27.2
$116.4
$24.3
12.6
10.0
$163.3
$117.7
Pioneer
Forecast
LOX For more investment banking materials, visit www.10xebitda.com
$333.0
74.0
111.3
35.4
50.0
$603.7
$187.8
66.0
49.8
211.6
$1,119.0
$39.5
13.2
24.9
4.2
15.0
$96.8
$24.2
8.6
6.5
32.2
$168.3
$118.2
Source: Pioneer Forecast and August 2013 Management case.
Note: Dollars in millions. Track Fabrication and International not shown as both forecasts are zero cach your.
Variance
($41.5)
(6.7)
3.5
(1.9)
(40.8)
($87.3)
$7.1
(25.6)
(8.2)
211.6
$97.7
($6.4)
(1.1)
0.6
(0.4)
(12.2)
($19.6)
(S0.1)
(4.0)
(3.5)
32.2
$5.0
$5.0
(6.2)
(2.7)
4.3
0.1
$0.5
5
Notes
Growing off lower base with Duke change and CY growth dropped from 10% to 6%
Growing off lower base with Duke change
Growth rate of 10% unchanged - growth off higher actual base
Revised down given lower level of storm related activities compared to 2013
Similar growth % on higher PY base
Raised growth assumption to 10% from 5% on lower revenue base
Lowered growth assumptions based on experience with project losses
Reference "New Opportunities" pages
40 bps lower GM% on lower base revenue
10 bps lower GM% on lower base revenue
Revised down given lower level of storm related activities compared to 2013
70 bps lower GM% based on actual performance trend and lower revenue base
430 bps lower GM% based on actual performance trend and lower revenue base
Reference "New Opportunities" pages
Bank of America
Merrill LynchView entire presentation