Bank of America Investment Banking Pitch Book
Appendix
Summary of Financial Projections - Sensitivity Case
Income Statement:
Non-storm-related Services Revenue
96 Growth
31
Storm-related Services Revenue
96 Growth
New Opportunities Revenue
% Growth
Total Revenue
96 Growth
Gross Profit
96 Margin
EPS
Cash Flow:
D&A
96 of Revenue
Capital Expenditures, Gross
96 of Revenue
2009A 2010A
Reported EBITDA
96 Margin
Memo: EBITDA (Excl. New Opportunities) 596
Business Acquisitions
96 of Revenue
$461
$153
$613
$110
18.0%
$96
15.7%
$0.94
$37
6.0%
$27
4.496
$25
4.196
$457 $5.29
(0.7%) 15.7%
$504
(17.896)
$47 $65
(69.5%) 38.4%
$22
4.3%
$22
($0.41)
$48
$68 $92
9.595 11.4% 13.4%
$36
7.196
Historical
$18
3.5%6
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2011A
$15
3.096
$594 $685
17.8% 15.4%
$48
8.0%
$48
$0.04
$38
6.4%
$19
3.2%
Fiscal Year Ending June 30,
2012A 2013A 2014E
12
I
50
$615
16.1%
$71
0.0%
$64
$64
$0.31
$38
5.6%
$34
4.9%
$17
Source: Pioneer Sensitivity Cosa as of April 9, 2014. with 2014 figuras updated as of August 1, 2014 as explained in footnote (1).
Note: Dollars in milions, except per share figures.
2.5%
$763
24.1%
$156
121.0%
$919
34.1%
$147
16.0%
$110
11.9%
$110
$1.03
$41
4.5%
$40
$70
I
1
I
I
I
$811
(11.8%6)
$7.46
(2.1%)
$64 $75
(58.896) 16.8%
$71
8.7%
$71
$0.42
$40
4.9%
Pioneer Sensitivity Case
$31
2015E
3.9%
$764
2.3%
$104
$121 $158 $171
12.8% 13.7% 14.3% 14.7%
$48
NM
$887
$83
9.3%
$79
$0.63
$41
4.7%
$30
2016E 2017E 2018E
3.4%
$826
8.296
$75
$200
NM
$1,101 $1,166
24.2% 6.0%
$882
6.7%
$75
$210
5.1%
$42
3.896
$53
$113 $122 $126
10.3% 10.5% 10.5%
$91
596
$102
$40
$926
5.096
$1.18 $1.37 $1.47
3.4%
$75
0.096
$201
$41
$1,202
3.0%
$178
14.8%
$40
3.3%
(4) FY2014E estimates adjusted to reflect actual results through May as well as latest June estimates as of August 1, 2014. Capital Expenditures par Pioneer Bose Cose as of April 9, 2014. FY2014 Reported EBITDA
excludes "$3 million adjustment related to Loss on Sale and Other Expenses, M&A expenses, Tres Amigos reserves, California Job Losses and Saverance.
$45
3.796
I
I
'11-'13A
CAGR
Bank of America
Merrill Lynch
20.0%
55.4%
ΝΑ
47.2%
51.8%
51.8%
NM
45.4%
'13A-'18E
CAGR
3.996
(13.6%)
ΝΑ
5.5%
3.9%
2.8%
(1.5%)
7.4%
(0.8%)
2.1%View entire presentation