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Book / Cash Tax and Section 382 Net Operating Loss Schedule
Equity Purchase Price: 42,882$Adjusted Long-Term Rate: 4.48%Federal NOLs: $808
State NOLs: $354Total NOLs: $1,162Allowed NOL Usage Per Year: $1,921NOL Expiration (Years): 10 NOL Write-Down: $0Post-Transaction Total NOLs: $1,162
GAAPFY 2010E FY 2011E FY 2012E
Book Taxable Income: $29,316 $32,248 $34,588Book Income Tax Expense: $8,795 $9,674 $10,376
Cash Tax Calculation:Plus: Book Amortization of Intangibles Write-Up: $1,491 $1,491 $1,491Plus: Book Amortization of Goodwill: $0 $0 $0Plus: Book Depreciation of Asset Write-Up: $23 $23 $23Less: Tax Amortization of Intangibles Write-Up: $0 $0 $0Less: Tax Amortization of Goodwill: $0 $0 $0Less: Tax Depreciation of Asset Write-Up: $0 $0 $0
Pre-NOL Taxable Income: $30,830 $33,762 $36,102
Potential NOL Usage: $1,162 $0 $0Allowed NOL Usage: $1,162 $0 $0NOL-Adjusted Pre-Tax Income: $29,668 $33,762 $36,102Remaining NOLs: $0 $0 $0
Cash Taxes Payable: $8,900 $10,129 $10,831Increase / Decrease in Deferred Tax Liability: ($106) ($454) ($454)
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Pro-FormaFY 2010E FY 2011E FY 2012E$33,290 $36,061 $38,493
$9,987 $10,818 $11,548
$0 $0 $0$0 $0 $0
$23 $23 $23$0 $0 $0$0 $0 $0$0 $0 $0
$33,312 $36,084 $38,515
$1,162 $0 $0$1,162 $0 $0$32,150 $36,084 $38,515
$0 $0 $0
$9,645 $10,825 $11,555$342 ($7) ($7)
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Relative Contribution Analysis ($MM)
Buyer SellerAmount % Amount %
Revenue:FY 2010E $73,825 91.5% $6,859 8.5%FY 2011E $78,993 91.2% $7,630 8.8%
EBITDA:FY 2010E $30,583 93.0% $2,287 7.0%FY 2011E $32,638 92.9% $2,507 7.1%
Pro-Forma Pre-Tax Income:FY 2010E $31,725 94.6% $1,822 5.4%FY 2011E $34,358 94.7% $1,915 5.3%
GAAP Pre-Tax Income:FY 2010E $30,336 97.0% $946 3.0%FY 2011E $32,958 97.1% $994 2.9%
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Combined Implied Implied Pro-FormaPro-Forma Value Seller Value Ownership
EV Equity EV Equity Buyer Seller
$296,690 $334,143 $25,220 $32,934 90.2% 9.8%$297,692 $335,145 $26,223 $33,936 89.9% 10.1%
$291,770 $329,223 $20,300 $27,264 91.7% 8.3%$292,321 $329,774 $20,852 $27,815 91.6% 8.4%
$287,058 $324,511 $15,588 $22,552 93.1% 6.9%$286,601 $324,054 $15,131 $22,095 93.2% 6.8%
$279,938 $317,391 $8,468 $15,432 95.1% 4.9%$279,654 $317,106 $8,184 $15,148 95.2% 4.8%
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ImpliedSharePrice
23.97$24.70$
20.39$20.80$
16.87$16.52$
11.54$11.33$