Bank of America Investment Banking Pitch Book
Review of Projections
Pioneer Base Case vs. Wall Street Projections
9
Review of 2014E Projections
(US$ in millions)
Core Services Revenue
X/Y Change
% of FY2014
Quarter Contribution in 13
Storm Revenue
Total Revenue
Gross Profit
56 of Revenue
SGBA
35 of Revenue
Operating Income
56 of Revenue
% of FY2014
Quarter Contribution in 13
Reported EBITDA
X/Y Change
% of FY2014
Quarter Contribution in 13
Net Income
X/Y Change
% of FY2014
Quarter Contribution in 13
01
$190.2
25.5%
25.9%
3.1
$193.3
$19.9
10.3%
$17.1
8.8%
$2.8
9.1%
25.8%
$12.8
(54.3%)
18.1%
25.5%
$1.0
7.0%
25.6%
Actual
02
$189.1
25.3%
21.8
$210.9
$30.9
14.7%
$19.7
$11.2
5.3%
36.3%
57.9%
$21.5
(57.4%)
30.4%
$5.7
03
$175.5
11.2%
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23.5%
23.3%
32.1
$207.6
$26.2
12.6%
9.1%
$7.3
3.5%
23.8%
9.5%
$17.1
$2.8
20.7%
Management
$191.6
10.3%
25.7%
25.5%
7.3
$198.9
$26.7
13.4%
$17.2
$9.5
30.9%
$19.3
30.1%
27.2%
13.5%
$4.2
603.7%
30.9%
1.7%
04E
Street
$199.4
12.4
$211.8
$28.3
13.4%
$19.3
$8.8
29.3%
$18.9
$4.2
30.9%
($7.8)
(5.1)
($12.9)
($1.6)
($2.2)
$0.7
$0.3
$0.0
Management
$746.4
64.2
$810.7
$103.7
$7.2.9
$30.8
$70.7
(35.6%)
$13.7
(61.9%)
(4)
Source: Pioneer Bose Cosa as of April 9, 2014 and Wall Street Research. Management 2014E figures updated to reflect management forecast as of August 1, 2014 FY2014 Reported EBITDA excludes $5 million adjustment
related to Loss on Sale and Other Expenses, M&A expenses, Tres Amigos reserves, California Job Losses and Severance.
Note: Dollars in U.S. millions.
Including QB actual.
Bank of America
Merrill Lynch
2014E
(1)
Street
5754.3
69.3
$823.6
$105.4
12.8%
$75.1
9.1%
$30.1
3.7%
$70.3
$13.7
($7.8)
(5.1)
($12.9)
($1.6)
($2.2)
$0.7
$0.3
T
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