EFTA00730234.pdf

Act 2 Technologies Pro Forma Financial and Economic Model Size Ratios 2010 2011 2012 2013 2014 2015 Revenues $ 3.150.000 $ 6.489.000 $ 13.367.310 $ 26.734.680 $ 10.102.020 $ 60.153.030 Total Assets $ 1,046,507 $ 1.575.310 $ 2.750.864 $ 7.229.712 $ 15.751.990 $ 29.170.460 Total Shareholders' Equity $ (543,860) $ (468,059) $ 826,483 $ 5.378.524 $ 13.081.867 $ 25.275.167 Liquidity Ratios 2010 2011 2012 2013 2014 2015 Working Capital $ 500.356 $ 772,349 $ 1.473.028 $ 5.128.524 $ 12.831.867 $ 25.025.167 Operating Working Capital $ 325.356 $ 670,234 $ 1.380.681 $ 4.660.157 $ 12.229.827 $ 24.322.872 Current Ratio $ 2.7 $ 2.4 $ 2.4 $ 3.8 $ 5.8 $ 7.4 Quick Ratio $ 2.2 $ 1.9 $ 1.9 $ 32 $ 52 $ 6.8 Efficiency Ratios 2010 2011 2012 2013 2014 2015 Days Sales Outstanding 45.0 45.0 45.0 45.0 45.0 45.0 Days Inventory on Hand 45.0 45.0 45.0 45.0 45.0 45.0 Days Payables Outstanding 45.0 45.0 45.0 45.0 45.0 45.0 Cash Conversion Cycle 45.0 45.0 45.0 45.0 45.0 45.0 OWC / Sales 10.3% 10.3% 10.3% 17.4% 30.5% 40.4% Change in Owc / Sales na 5.3% 5.3% 12.3% 18.9% 20.1% Sales/ net Fixed Assets 12.6 26.0 53.5 106.9 160.4 240.6 Sales/ Total Assets 3.0 4.1 4.9 3.7 2.5 2.1 Profitability 2010 2011 2012 2013 2014 2015 Gross Margin 65.7% 65.9% 66.0% 66.1% 66.3% 66.4% EBIT Margin -17.3% 1.3% 16.3% 27.7% 31.4% 33.5% EBITDA Margin -11.6% 4.9% 18.2% 28.5% 31.6% 33.5% Net Margin -17.3% 1.3% 9.9% 17.4% 19.6% 20.7% Sales/ (AR+Inv+Net Fixed Assets) 1.1 4.9 5.4 5.7 5.8 5.9 EBIT / Total Invested Capital -39.6% 14.1% 83.5% 102.5% 79.1% 68.2% Return of Average Common Equity neg -16.2% 700.0% 150.0% 85.3% 65.1% Return on Average Assets -52.0% 6.3% 61.3% 93.3% 68.6% 55.6% Leverage 2010 2011 2012 2013 2014 2015 Total Debt/ Shareholders' Equity -292.4% -436.6% 232.8% 34.4% 20.4% 15.4% Net Debt! Sharehoiders'Equity -241.9% -382.7% 197.5% 22.0% 14.3% 11.8% Total Debt/ Total Invested Capital -292.4% -436.6% 232.8% 34.4% 20.4% 15.4% Bank Debt / EBITDA Senior Debt! EBITDA Total Debt/ EBITDA -4A 6.4 0.8 0.2 0.2 0.2 Net Debt! EBITDA -3.6 5.6 0.7 0.2 0.1 0.1 Coverage 2010 2011 2012 2013 2014 2015 EBIT/ Interes1 Expense -3.2 1.6 19.2 165.4 IDIV/0! #DIVl0! EBITDA/ cash interest expense -2.8 2.3 20.4 169.8 IDIV/0! #DIVl0! (EBITDA - capex)/ cash rereslexp -3.2 1.6 19.2 165.4 IDIV/0! #DIVl0! Operating Cash Row/ Total Debt -8.1% 38.9% 187.7% 250.8% 273.4% Operating Cash Flow! Net Debt -9.2% 45.9% 293.7% 358.5% 355.8% Operating Cash Flow/ Avg Total Liabs -9.1% 37.8% 184.0% 296.3% 324.4% Common Size Income Statement Income Statement 2010 2011 2012 2013 2014 2015 Revenues 100% 100% 100% 100% 100% 100% COGS 34.3% 34.1% 34.0% 33.9% 33.7% 33.6% Gross Profit 65.7% 65.9% 66.0% 66.1% 66.3% 66.4% SG&A 72.8% 58.2% 45.9% 36.2% 33.4% 31.7% Operating Expenses 4.5% 2.7% 1.9% 1.4% 1.3% 1.2% EBITDA -11.6% 4.9% 18.2% 28.5% 31.6% 33.5% Depreciation 1.6% 1.5% 1.0% 0.8% 0.5% 0.4% Amort of Intangibles 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% EMT -13.2% 3.4% 17.2% 27.7% 31.1% 33.1% Non-oper Expense 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Interest Income 0.0% 0.0% 0.0% 0.1% 0.3% 0.5% Interest Expense 4.1% 2.1% 0.9% 0.2% 0.0% 0.0% EBT -17.3% 1.3% 16.3% 27.7% 31.4% 33.5% Provision for Taxes 0.0% 0.0% 6.4% 10.3% 11.7% 12.8% Net Income -17.3% 1.3% 9.9% 17.4% 19.6% 20.7% Dividends 0.0% 0.1% 0.2% 0.4% 0.4% 0.5% Net to Retained Earnings -17.3% 1.2% 9.7% 17.0% 19.2% 20.3% EFTA00730234