LBO Price.pdf

► ► ► ► IRR 30.1% 35% 3 43.6% 4 35.2% 3 4 Money Multiple 3.7x 35% Performance Fees 65.8 35% 3.0x 3 4 55.1 Exit Year 5 30.1% 6 26.7% 7 24.3% Exit Year 5 3.3x 3.7x 6 7 Exit Year 5 60.3 65.8 6 4.1x 4.6x 7 71.5 77.6 https://www.spglobal.com/ratings/en/research/articles/190919-when-the-cycle-turns-the-co...

► ► ► ► IRR 30.1% 35% 3 43.6% 4 35.2% 3 4 Money Multiple 3.7x 35% Performance Fees 65.8 35% 3.0x 3 4 55.1 Exit Year 5 30.1% 6 26.7% 7 24.3% Exit Year 5 3.3x 3.7x 6 7 Exit Year 5 60.3 65.8 6 4.1x 4.6x 7 71.5 77.6 https://www.spglobal.com/ratings/en/research/articles/190919-when-the-cycle-turns-the-continued-attack-of-the-ebitda-add-back-11156255 Money Multiple Gross Margin 40.0% 42.5% 45.0% 47.5% 50.0% 3.7x 60% 58% 55% 53% 50% 0% 2% 2.6x 3.0x 3.5x 3.9x 4.4x Revenue Growth 4% 6% 2.8x 3.0x 3.2x 3.3x 3.5x 3.7x 3.7x 4.0x 4.3x 4.2x 4.5x 4.8x 4.7x 5.0x 5.3x 8% 3.4x 4.0x 4.5x 5.1x 5.6x Money Multiple LIBOR 1.0% 3.0% 5.0% 7.0% 9.0% 3.7x 1% 3% 5% 7% 9% Exit EBITDA Multiple Improvement (point) (1.0x) 1.0x 2.0x 3.0x 3.2x 3.8x 4.4x 5.0x 5.6x 3.1x 3.7x 4.3x 4.9x 5.5x 3.0x 3.6x 4.2x 4.8x 5.4x 2.9x 3.5x 4.1x 4.7x 5.3x 2.8x 3.4x 4.0x 4.6x 5.2x