Bear Stearns Investment Banking Pitch Book
Free Cash Flow Analysis-Global Services
Revenue
EBITDA
Depreciation & Amortization
EBIT
EBIT Margin
Taxes
Tax Rate
Unlevered Net Income
Depreciation & Amortization
Deferred Taxes
(Increase)/Decrease in Working Capital
Capital Expenditures
Other Cash Flows
Unlevered Free Cash Flow
Note: Discounted back to May 1, 2005.
CONFIDENTIAL
2005
$2,658.7
$403.1
(193.0
$210.1
7.9
%
($25.3
12.1
%
$184.7
$193.0
(32.2
(101.7
2.2
$246.2
2006
$2,865.9
$417.5
(168.4
$249.0
8.7
%
($27.1
)
10.9
%
$221.9
$168.4
(41.3
(109.3
6.1
$245.9
Projected FYE September 30,
2007
2008
$3,037.9
$479.5
(173.0
$306.5
10.1
%
($67.4
22.0
%
$239.1
$173.0
(16.4
(108.6
$279.8
Draft of 8202529, v1, printed 10/14/2008 10/14/2008
$3,220.2
$528.7
(177.6
$351.1
10.9
%
($119.4
34.0
%
$231.7
$177.6
(16.1
(109.8
(5.7
$277.7
2009
$3,413.5
$594.3
(182.3
$412.0
12.1
%
($140.1
34.0
%
$271.9
$182.3
(15.1
ano
(6.2
$321.9
($ in millions)
2010
$3,618.3
$672.2
(193.2
$478.9
13.2
%
($162.8
)
34.0
%
$316.1
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