LBO Model Sample Template

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Leveraged buyout model for BMC

$ mm except per share
GENERAL INPUTS
Company name
Ticker (if applicable)
Current share price (if applicable)
Latest closing share price date (f applicable)
Circuit breaker:
SELECT FINANCIAL DATA / ASSMUPTIONS
EBITDA (LTM)
Gross Debt (input as a -)
Cash
Minimum cash desired
EV / LTM EBITDA multiple at exit
USES OF FUNDS
Buyout of equity
Refinancing of oldco debt
Fees (transaction & financing)
Total Uses
SOURCES OF FUNDS
EBITDA turns

Excess cash
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total Sources
x INCOME STATEMENT
Fiscal year
Fiscal year end date
Revenue
Cost of sales (enter as -)
Gross Profit

1.59x
0.00x
3.27x
0.76x
1.85x
0.00x
0.00x
0.00x
1.88x
9.35x

2011A
3/31/11
2,065.3
(485.2)
1,580.1

Research & development (enter as -)

Selling, general & administrative (enter as -)
Deal-related D&A (enter as -)
Operating profit (EBIT)
Interest income
Interest expense (enter as -)
Other non-operating expense (enter as -)
Pretax profit
Taxes (enter expense as -)
Net income
EBITDA reconciliation
EBIT (GAAP)
Depreciation and amortization
Deal-related D&A
Stock based compensation
Restructuring and other nonrecurring charges
EBITDA
Growth rates & margins
Revenue growth
Gross profit as % of sales
R&D margin
SG&A margin
Tax rate
SBC as % of all operating expenses

(181.6)
(865.7)
532.8
15.0
(19.8)
3.3
531.3
(75.1)
456.2

532.8
190.0
106.5
14.3
843.6

76.5%
8.8%
41.9%
14.1%
6.9%

WORKING CAPITAL
Fiscal year
Fiscal year end date
Accounts receivable, EOP
AR as % of sales
Other current assets, EOP
Other current assets as % of sales
Accounts payable, EOP
AP as % of COGS
Accrued expenses & def revenues, EOP
As % of sales
Net Working Capital
LONG LIVED ASSETS
Fiscal year
Fiscal year end date

2011A
3/31/11

PP&E
Capital expenditures
Depreciation
Capex as a % of revenue
Depreciation as a % of capex
Software development costs
Purchases
Amortization
Purchases as % of revenue
Amortization as a % of purchases
Intangible assets
Purchases
Amortization

22.0
(39.1)
1.1%
177.7%

115.8
(75.7)
5.6%
65.4%

0.0
(79.1)

Goodwill and other assets

Other liabilities
CASH FLOW STATEMENT
Fiscal year
Fiscal year end date
Net income
Depreciation and amortization
Deal-related D&A
Stock based compensation
Changes in net working capital
Other assets & liabilities
Changes in deferred tax liabilities
Addback of PIK interest
Cash from operating activities
Capital expenditures
Purchases of intangible assets and capitalized software development costs
Cash from investing activities
Required debt principal payments
Preferred dividend (cash)
Pre-revolver cash flows
Revolver
Post-revolver cash flows
Discretionary Term A paydown

Discretionary Term B paydown

Net change in cash during period
CASH & DEBT
Fiscal year
Fiscal year end date
Cash, BOP
Increases / (decreases)
Cash, EOP
Interest rate on cash
Interest income
Revolver
Cash, BOP
Less: Minimum cash desired
Equals: Excess cash at BOP
Plus: Free cash flows generated during period
Cash available (needed) to paydown (draw from) revolver
Revolver, BOP
Increases / (decreases)
Revolver, EOP
Maximum availability
Compliance check
Term Loan A
Term Loan A, BOP
Mandatory paydown $
Cash sweep (paydown from excess cash flows)
Term Loan A, EOP
Mandatory paydown (% of original)
Cash sweep
Term Loan B
Term Loan B, BOP
Mandatory amortization $
Cash sweep (paydown from excess cash flows)
Term Loan B, EOP
Mandatory paydown (% of original)
Cash available for cash sweep
Senior Note
Senior Note, BOP
Mandatory amortization $

2011A
3/31/11

Senior Note, EOP

Mandatory paydown (% of original)
Sub Note
Sub Note, BOP
Mandatory amortization $
PIK interest
Sub Note, EOP
Mandatory paydown (% of original)
Preferred stock
Preferred stock, BOP
PIK accrual
Preferred stock, EOP
Cash dividend

PIK rate
4%

PIK rate
4%

Capitalized financing fees

Capitalized financing fees, BOP
Amortization
Capitalized financing fees, EOP
INTEREST EXPENSE
Fiscal year
Fiscal year end date

2011A
3/31/11

3-Month LIBOR Rate (bps)

Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note - Cash interest
Sub Note - PIK interest
EXIT VALUATION

EBITDA multiple at exit

EBITDA at exit
Enterprise value
Net debt:
Revolver
Term Loan A
Term Loan B

LIBOR Spread
L + 4%
L + 4%
L + 4%

Senior Note
Sub Note
Pref. stock
Cash
Equity value
Sponsor equity
Mgmt equity
Pref. stock
Sub. Note

Initial equity inv.

1,660.3
0.0

RETURNS
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note at exit EBITDA multiple of:
6.3x
6.8x
7.3x
7.8x
8.3x
Preferred Stock at exit EBITDA multiple of:
6.3x
6.8x
7.3x
7.8x
8.3x
Management Equity at exit EBITDA multiple of:
6.3x
6.8x
7.3x
7.8x
8.3x
Sponsor's Equity at exit EBITDA multiple of:
6.3x
6.8x
7.3x
7.8x
8.3x
SUMMARY AT 7.3x EXIT EBITDA MULTIPLE
Revolver
Term Loan A

Cash-on-cash
NM
1.15x
1.23x
1.41x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
3.43x
3.80x
4.17x
4.54x
4.91x

Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total
SENSITIVITY ANALYISIS

Sponsor Hurdle Rate (Minimum IRR)

Offer value
Diluted shares outstanding
Offer value / per share
% Premium / discount
Enterprise value
EV / LTM EBITDA multiple

Highlight IRR >

30.00%

Actual
33.05%
6,741.9
146
46.25
2%
6,466
7.3x

PRO FORMA BALANCE SHEET ADJUSTMENTS

Cash
Accounts receivable, EOP
Other current assets, EOP
PP&E
Software development costs
Intangible assets
Goodwill and other assets
Total Assets
Accounts payable, EOP
Accrued expenses & def revenues, EOP
Other liabilities
Debt
Total Liabilities
LBO Preferred stock
Equity
Total equity
Balance check
PRO FORMA BALANCE SHEET
Fiscal year
Fiscal year end date
Cash
Accounts receivable, EOP
Other current assets, EOP
PP&E
Software development costs
Intangible assets
Goodwill and other assets
Total Assets
Accounts payable, EOP
Accrued expenses & def revenues, EOP
Other liabilities
Debt
Total Liabilities

LBO Preferred stock

Equity
Total equity
Balance check
Equity, BOP
Plus: Net income
Less: Dividends
Plus: SBC
Equity, EOP
Purchase price allocation
Select a tax type:
Select an accounting type:
Purchase price allocation
Book value of equity
PP&E write up
Intangible asset write up
Total write-ups
DTLs created
Fari market value
Purchase price
Goodwill
Deal related GAAP accounting adjustments

PP&E
Intangible assets
Deferred tax liabilities

Stock sale
LBO

818.5
300.0
200.0
500.0
113.2
1,205.3
6,742
5,537

INITIAL VALUATION
BMC
BMC
45.42
5/6/2013
OFF

Select a valuation approach:

LTM EBITDA
EV / LTM EBITDA
Enterprise value

882.7
(1,306)
1,582
180
7.3x

Less: Gross Debt (latest filing)

Plus: Cash (latest filing)
Offer value
Diluted shares outstanding

6,741.9
1,306.0
204.5
8,252.5

Offer value / per share

% Premium / discount

FEES
$ investment

% fees

1,401.9
0.0
2,886.4
670.9
1,633.0
0.0
0.0
0.0
1,660.3
8,252.5

Financing fees
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Financing fees

1.0%
1.5%
1.5%
1.0%

% of offer value

Trans. fees

2.0%

2012A
3/31/12

2013A
3/31/13

2014P
3/31/14

2015P
3/31/15

2,172.0
(568.9)
1,603.1

2,201.4
(592.0)
1,609.4

2,278.4
(581.6)
1,696.9

2,403.8
(601.6)
1,802.2

(165.2)
(894.0)

(174.6)
(969.4)

543.9
10.6
(23.3)
(1.2)
530.0
(129.0)
401.0

465.4
8.3
(47.8)
2.0
427.9
(96.9)
331.0

543.9
224.6

465.4
229.0

127.2
10.8
906.5

(184.8)
(965.4)
(53.0)
493.7
0.9
(296.9)
0.0
197.7
(44.8)
152.9

(194.9)
(994.5)
(53.0)
559.8
0.9
(276.0)
0.0
284.8
(64.5)
220.3

147.4
40.9
882.7

493.7
223.9
53.0
161.1
16.0
947.7

559.8
220.6
53.0
162.1
5.0
1,000.5

5.2%
73.8%
7.6%
41.2%
24.3%
7.8%

1.4%
73.1%
7.9%
44.0%
22.6%
8.5%

3.5%
74.5%
8.1%
42.4%
22.6%
9.3%

5.5%
75.0%
8.1%
41.4%
22.6%
9.1%

2012A
3/31/12

2013A
3/31/13

2014P
3/31/14

2015P
3/31/15

484.8
22.3%
195.1
9.0%
32.7
5.7%
2,313.3
106.5%

443.7
20.2%
213.1
9.7%
42.1
7.1%
2,301.7
104.6%

459.2
20.2%
220.6
9.7%
41.4
7.1%
2,382.3
104.6%

484.5
20.2%
232.7
9.7%
42.8
7.1%
2,513.3
104.6%

(1,666.1)

(1,687.0)

(1,743.8)

(1,838.9)

2012A
3/31/12

2013A
3/31/13

2014P
3/31/14

2015P
3/31/15

87.8
26.5
(37.8)
1.2%
142.6%

85.2
24.5
(38.7)
1.1%
158.0%

73.1
26.0
(38.1)
1.1%
146.4%

63.4
28.0
(37.7)
1.2%
134.8%

244.7
132.5
(93.6)
6.1%
70.6%

271.4
129.6
(108.5)
5.9%
83.7%

286.5
116.0
(100.9)
5.1%
87.0%

297.6
114.0
(102.9)
4.7%
90.2%

257.5
0.0
(97.7)

189.8
0.0
(86.9)

189.8
85.0
(85.0)

189.8
80.0
(80.0)

1,940.3

1,935.2

1,935.2

1,935.2

232.4

252.0

252.0

252.0

2014P
3/31/14

2015P
3/31/15

152.9
223.9
53.0
161.1
56.8
0.0
(9.8)
0.0
637.9

220.3
220.6
53.0
162.1
95.1
0.0
(9.8)
0.0
741.2

(26.0)
(201.0)
(227.0)

(28.0)
(194.0)
(222.0)

(322.2)
0.0
88.7
0.0
88.7
(88.7)

(177.9)
0.0
341.3
0.0
341.3
(341.3)

0.0
0.0

2012A
3/31/12

1,635.6
0.65%
10.6

% AR

2013A
3/31/13

1,581.9
0.52%
8.3

% Other Assets
80%
65%

0.0
0.0

2014P
3/31/14

2015P
3/31/15

180.0
0.0
180.0
0.52%
0.9

180.0
0.0
180.0
0.52%
0.9

180.0
(180.0)
0.0
88.7
88.7

180.0
(180.0)
0.0
341.3
341.3

0.0
0.0
0.0
350.0
OK

0.0
0.0
0.0
350.0
OK

% of available cash used

100%

2,886.4
288.6
88.7
2,509.0
10%
88.7

2,509.0
144.3
341.3
2,023.4
5%
341.3

% of available cash used

100%

670.9
33.5
0.0
637.3
5%
0.0

637.3
33.5
0.0
603.8
5%
0.0

1,633.0
0.0

1,633.0
0.0

Cash rate
8%

Cash rate
8%

2012A
3/31/12

2013A
3/31/13

LIBOR floor
0.0%
1.0%
0.0%

Coupon Rate

8.125%
8.000%
4.000%

1,633.0

1,633.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

69.7
(9.7)
60.0

60.0
(9.7)
50.4

2014P
3/31/14

2015P
3/31/15

49

83

134.9
29.4
132.7
0.0
0.0

113.3
30.0
132.7
0.0
0.0

43190Assumed exit on -409mmmm

Step
0.5x

6.3x
1,226.9
7,729.3

6.8x
1,226.9
8,342.7

0.0
77.5
503.1

0.0
77.5
503.1

% ownership
100.0%

IRR
0%
5%
5%
8%

Fully diluted
100.0%

Initial
0.0
(2,886.4)
(670.9)
(1,633.0)

1,633.0
0.0
0.0
(180.0)
5,695.6
5,695.6
0.0
0.0
0.0

1,633.0
0.0
0.0
(180.0)
6,309.1
6,309.1
0.0
0.0
0.0

2014P
0.0
512.3
62.9
132.7

2015P
0.0
599.0
63.5
132.7

0%
0%
0%
0%
0%

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0%
0%
0%
0%
0%

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0%
0%
0%
0%
0%

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

28%
31%
33%
35%
37%

(1,660.3)
(1,660.3)
(1,660.3)
(1,660.3)
(1,660.3)

Financing
0.0
2,886.4

% of Total Capital
42.1%

670.9
1,633.0
0.0
0.0
0.0
1,660.3
6,850.6

15.00%
8,523
146
58.47
29%
8,247
9.3x

Initial
EBITDA
Multiple:

9.8%
23.8%

24.2%
100.0%

Offer Price / Share At Various Sponsor Hurdle

20.00%
25.00%
7,864
7,350
146
146
53.95
50.42
19%
11%
7,588
8.6x

7,074
8.0x

Sponsor IRR At Various Leverage And Initial EBITDA Multiple Sen

EXPLICIT EBITDA (APPROACH 1) MUST BE SELECTED FOR DATA TABLE
Term A / EBITDA ratio (other cumulative
33%
3.00x
3.25x
7.00x
30.7%
32.9%
7.25x
30.7%
32.9%
7.50x
30.7%
32.9%
7.75x
30.7%
32.9%
8.00x
30.7%
32.9%

Sponsor IRR At Various Leverage And Offer Price / Share Sensi

EXPLICIT OFFER PRICE / SHARE (APPROACH 2) MUST BE SELECTED FOR DATA
Term A / EBITDA ratio (other cumulative
33%
3.00x
3.25x
$45.00
33.4%
36.0%
Initial
45.25
32.8%
35.3%
Offer
45.50
32.3%
34.7%
Price:
45.75
31.7%
34.1%
46.00
31.2%
33.5%

Preferred

Sponsor IRR @ Preferred & Sub Note Equity Kicker Sensitivi

Sub Note Equity Kicker
33%
2%
33.1%
32.5%
2%
32.5%
32.0%

Equity
Kicker:

4%
6%
8%

32.0%
31.4%
30.9%

2012A
3/31/12
1,635.6
484.8
195.1
87.8
244.7
257.5
1,940.3
4,845.8

2013A
3/31/13
1,581.9
443.7
213.1
85.2
271.4
189.8
1,935.2
4,720.3

32.7
2,313.3
232.4
821.6
3,400.0

42.1
2,301.7
252.0
1,306.0
3,901.8

31.4%
30.9%
30.3%

Pro forma adjustments

Uses of funds

(8,252.5)

69.7

(1,306.0)

NM
1,445.8
1,446
0.0

NM
818.5
819
0.0

2011A
3/31/11
1,635.6
484.8
195.1
87.8
244.7
257.5
1,940.3
4,845.8

2012A
3/31/12
1,581.9
443.7
213.1
85.2
271.4
189.8
1,935.2
4,720.3

2013A
3/31/13
180.0
443.7
213.1
385.2
271.4
459.5
7,471.9
9,424.7

2014P
3/31/14
180.0
459.2
220.6
343.1
286.5
436.5
7,471.9
9,397.8

32.7
2,313.3
232.4
821.6
3,400.0

42.1
2,301.7
252.0
1,306.0
3,901.8

42.1
2,301.7
365.2
5,190.3
7,899.3

41.4
2,382.3
355.4
4,779.4
7,558.4

(6,876.8)

NM
1,445.8
1,445.8
0.0

NM
818.5
818.5
0.0

0.0
1,525.4
1,525.4
(0.0)

1,839.4
1,839.4
0.0
1,525.4
152.9
0.0
161.1
1,839.4

Input write-up

300.0
200.0

Incremental dep:
Incremental amort:
Annual reduction:

Useful life
10 yrs
15 yrs

30.0
13.3
9.8

2014
3/31/14
270.0
186.7
103.4

Approach 2

Approach 1

Approach 2

Explicit offer/share

Explicit EBITDA

Explicit offer/share

883
7.3x
6,466

883
7.3x
6,444

883
7.3x
6,466

(1,306)
1,582

(1,306)
1,582

(1,306)
1,582

6,742
145.8

6,720
145.8

6,742
145.8

46.25
1.8%

46.10
1.5%

Fee

0.0
43.3
10.1
16.3
0.0
69.7

Term

5
7
7
8

46.25
1.8%

Fee amort / year

yrs
yrs
yrs
yrs

0.0
6.2
1.4
2.0
NM
9.7

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

2,548.0
(624.9)
1,923.1

2,675.4
(642.8)
2,032.6

2,803.8
(659.6)
2,144.2

Fee

134.8

(206.6)
(1,028.6)
(53.0)
634.8
0.9
(256.9)
0.0
378.8
(85.8)
293.0

(217.0)
(1,053.3)
(53.0)
709.3
0.9
(231.0)
0.0
479.3
(108.5)
370.7

(227.4)
(1,075.8)
(53.0)
788.0
0.9
(192.5)
0.0
596.4
(135.1)
461.3

634.8
222.4
53.0
163.7
5.0
1,078.9

709.3
224.2
53.0
163.6
0.0
1,150.1

788.0
223.0
53.0
162.9
0.0
1,226.9
Step

6.0%
75.5%
8.1%
40.4%
22.6%
8.8%

5.0%
76.0%
8.1%
39.4%
22.6%
8.6%

4.8%
76.5%
8.1%
38.4%
22.6%
8.3%

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

513.6
20.2%
246.7
9.7%
44.4
7.1%
2,664.1
104.6%

539.2
20.2%
259.0
9.7%
45.7
7.1%
2,797.3
104.6%

565.1
20.2%
271.4
9.7%
46.9
7.1%
2,931.6
104.6%

(1,948.3)

(2,044.8)

(2,141.9)

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

0.5%
(1.0%)
(0.3%)

56.5
30.0
(37.0)
1.2%
123.2%

53.1
29.0
(32.4)
1.1%
111.6%

53.1
31.0
(31.0)
1.1%
100.0%

Smoothing?
Yes
(12%)

305.2
116.0
(108.4)
4.6%
93.5%

309.4
128.0
(123.8)
4.8%
96.7%

309.4
135.0
(135.0)
4.8%
100.0%

Smoothing?
Yes
3%

189.8
77.0
(77.0)

189.8
68.0
(68.0)

189.8
57.0
(57.0)

1,935.2

1,935.2

1,935.2

252.0

252.0

252.0

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

293.0
222.4
53.0
163.7
109.4
0.0
(9.8)
0.0
831.7

370.7
224.2
53.0
163.6
96.5
0.0
(9.8)
0.0
898.1

461.3
223.0
53.0
162.9
97.2
0.0
(9.8)
0.0
987.6

(30.0)
(193.0)
(223.0)

(29.0)
(196.0)
(225.0)

(31.0)
(192.0)
(223.0)

(177.9)
0.0
430.9
0.0
430.9
(430.9)

(177.9)
0.0
495.3
0.0
495.3
(495.3)

(177.9)
0.0
586.7
0.0
586.7
(586.7)

0.0
0.0

0.0
0.0

0.0
0.0

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

180.0
0.0
180.0
0.52%
0.9

180.0
0.0
180.0
0.52%
0.9

180.0
0.0
180.0
0.52%
0.9

180.0
(180.0)
0.0
430.9
430.9

180.0
(180.0)
0.0
495.3
495.3

180.0
(180.0)
0.0
586.7
586.7

0.0
0.0
0.0
350.0
OK

0.0
0.0
0.0
350.0
OK

0.0
0.0
0.0
350.0
OK

2,023.4
144.3
430.9
1,448.2
5%
430.9

1,448.2
144.3
495.3
808.6
5%
495.3

808.6
144.3
586.7
77.5
5%
586.7

603.8
33.5
0.0
570.2
5%
0.0

570.2
33.5
0.0
536.7
5%
0.0

536.7
33.5
0.0
503.1
5%
(0.0)

1,633.0
0.0

1,633.0
0.0

1,633.0
0.0

1,633.0

1,633.0

1,633.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

50.4
(9.7)
40.7

40.7
(9.7)
31.0

31.0
(9.7)
21.4

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

135

184

221

92.8
31.4
132.7
0.0
0.0

65.9
32.3
132.7
0.0
0.0

27.5
32.3
132.7
0.0
0.0

7.3x
1,226.9
8,956.2

7.8x
1,226.9
9,569.6

8.3x
1,226.9
10,183.1

0.0
77.5
503.1

0.0
77.5
503.1

0.0
77.5
503.1

190Assumed exit on -409mmmm d, yyyy

1,633.0
0.0
0.0
(180.0)
6,922.5
6,922.5
0.0
0.0
0.0

1,633.0
0.0
0.0
(180.0)
7,535.9
7,535.9
0.0
0.0
0.0

1,633.0
0.0
0.0
(180.0)
8,149.4
8,149.4
0.0
0.0
0.0

2016P
0.0
668.0
64.9
132.7

2017P
0.0
705.6
65.9
132.7

2018P
0.0
836.1
569.0
1,765.7

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

5,695.6
6,309.1
6,922.5
7,535.9
8,149.4

% FD Ownership

Cash-on-cash
NM
1.15x

Expected IRR
0.0%
4.5%

100.0%
100.0%

1.23x
1.41x
NM
NM
NM
4.17x

e At Various Sponsor Hurdle Rates

30.00%
6,946
146
47.65
5%
6,670
7.6x

5.1%
8.1%
0.0%
0.0%
0.0%
33.1%

35.00%
6,625
146
45.45
0%

40.00%
6,369
146
43.69
(4%)

6,350
7.2x

6,093
6.9x

d Initial EBITDA Multiple Sensitivity

E SELECTED FOR DATA TABLE TO APPEAR
ITDA ratio (other cumulative leverage of 2.6x)
3.50x
3.75x
35.5%
38.8%
35.5%
38.8%
35.5%
38.8%
35.5%
38.8%
35.5%
38.8%

4.00x
43.0%
43.0%
43.0%
43.0%
43.0%

And Offer Price / Share Sensitivity

MUST BE SELECTED FOR DATA TABLE TO APPEAR
ITDA ratio (other cumulative leverage of 2.6x)
3.50x
3.75x
39.2%
43.4%
38.4%
42.4%
37.7%
41.4%
36.9%
40.5%
36.2%
39.6%

4.00x
48.8%
47.5%
46.3%
45.1%
44.0%

Note Equity Kicker Sensitivity

Sub Note Equity Kicker
4%
32.0%
31.4%

6%
31.4%
30.9%

8%
30.9%
30.3%

30.9%
30.3%
29.7%

30.3%
29.7%
29.1%

Pro forma adjustments

Sources of funds

Accounting

6,850.6

300.0
200.0
5,536.65

113.2
5,190

0
1,660

5,923.4

29.7%
29.1%
28.5%

Pro forma
2013
3/31/13
180.0
443.7
213.1
385.2
271.4
459.5
7,471.9
9,424.7
42.1
2,301.7
365.2
5,190.3
7,899.3
0.0
1,525.4
1,525.4
(0.0)

2015P
3/31/15
180.0
484.5
232.7
303.4
297.6
413.5
7,471.9
9,383.6

2016P
3/31/16
180.0
513.6
246.7
266.5
305.2
390.5
7,471.9
9,374.2

2017P
3/31/17
180.0
539.2
259.0
233.1
309.4
367.5
7,471.9
9,360.0

2018P
3/31/18
180.0
565.1
271.4
203.1
309.4
344.5
7,471.9
9,345.3

42.8
2,513.3
345.6
4,260.1
7,161.8

44.4
2,664.1
335.8
3,651.4
6,695.7

45.7
2,797.3
326.0
2,978.3
6,147.2

46.9
2,931.6
316.2
2,213.7
5,508.3

2,221.8
2,221.8
0.0

2,678.5
2,678.5
0.0

3,212.8
3,212.8
0.0

3,837.0
3,837.0
0.0

1,839.4
220.3
0.0
162.1
2,221.8

2,221.8
293.0
0.0
163.7
2,678.5

2,678.5
370.7
0.0
163.6
3,212.8

3,212.8
461.3
0.0
162.9
3,837.0

2015
3/31/15
240.0
173.3
93.6

2016
3/31/16
210.0
160.0
83.8

2017
3/31/17
180.0
146.7
74.0

2018
3/31/18
150.0
133.3
64.2

Discounted Cash Flow Model for BMC

$ mm except per share
General assumptions
Share price as of last close
Latest closing share price date
Latest basic share count
Weighted average cost of capital
Free cash flow buildup
Fiscal year
Fiscal year end date
EBITDA
EBIT
tax rate
EBIAT (NOPAT)

$46.25
5/6/2013
143.973
7.0%

2011A
3/31/11

2012A
3/31/12

844
533
14.1%
457

907
544
24.3%
412

Depreciation and amortization

Stock based compensation
Changes in net working capital
Other assets & liabilities
Unlevered CFO
Less: Capital expenditures
Less: Purchases of intangible assets
Unlevered FCF
% growth
Discount factor
Assume cash flows are generated at:
Midperiod adjustment factor
Present value of Unlevered FCF

Middle of period
103.4%

Perpetuity approach
Normalized FCFt+1
Long term growth rate (g)
Terminal value
Present value of terminal value
Present value of stage 1 cash flows
Enterprise value
Implied TV exit EBITDA multiple
Net Debt

870
0%
12,440
9,239
3,144
12,383
10.1x

Cash & equivalents ST & LT market. securities

Long term debt
Net debt

180
5,190
5,010

Cost of capital assumptions

Cost of debt
Tax rate
Debt and equivalents
Debt as a % of total capital

8.000%
22.6%
5,010
77.5%

Risk free rate

Beta
Market risk premium
Equity as % of total capital structure
Cost of capital (WACC)

2.5%
1.45
5.0%
22.5%
7.0%

Sensitivity analysis

Equity value per sh

Long term gro

WACC:

$50.58
13%
12%
11%
10%
9%
8%

2.0%
16.2
21.2
27.2
34.8
44.6
57.6

Equity value per sh

Exit EBITD

WACC:

$32.83
13%
12%
11%
10%
9%
8%

6.3x
15.5
17.1
18.9
20.6
22.5
24.5

Equity value per sh

Exit EBITD
EBITDA % of plan
80%
90%
100%

$32.83
982
1,104
1,227

1,350
1,473
1,595

110%
120%
130%

Football field
DCF / LBO Football Field
60.0
55.0
50.0
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0

58.5

51.1

46.3
45.5

31.7

37.5

34.8
20.6

Low
DCF Value at 6.3x-8.3x Exit EBITDA Range
DCF Value at 2.0%-4.0% Perpetuity Range
LBO Value at 15.0%-35.0% Sponsor Hurdle Rate
52 Week Market High/Low

Diff.
20.6
34.8
45.5
37.5

11.1
16.3
13.0
8.8

2013A
3/31/13

2014P
3/31/14

2015P
3/31/15

2016P
3/31/16

2017P
3/31/17

2018P
3/31/18

883
465
22.6%
360

948
494
22.6%
382

1,000
560
22.6%
433

1,079
635
22.6%
491

1,150
709
22.6%
549

1,227
788
22.6%
610

224
161
57
0
824
(26)
(201)
597

221
162
95
0
911
(28)
(194)
689
15.4%

222
164
109
0
987
(30)
(193)
764
10.9%

224
164
96
0
1,033
(29)
(196)
808
5.8%

223
163
97
0
1,093
(31)
(192)
870
7.6%

90%

190%

290%

390%

490%

581

626

649

642

646

Exit EBITDA multiple approach

Terminal year EBITDA
Terminal value EBITDA multiple
Terminal value
Present value of terminal value
Present value of stage 1 cash flows
Enterprise value
Implied TV perpetual growth rate
Fair value per share

1,227
7.3x
8,956
6,652
3,144
9,796
(2.7%)

LBO Offer

Perpetuity
EBITDA
12,383
9,796
(5,010)
(5,010)
6,742
7,373
4,785
145.771
145.771
145.771
$46.25
$50.58
$32.83
NM
9.4%
(29.0%)

Enterprise value
Less: Net debt
Equity value
Diluted shares
Equity value per share
Premium (discount) to LBO offer

Equity value per share

Long term growth rate (g):
2.5%
3.0%
3.5%
17.7
19.4
21.2
23.1
25.2
27.6
29.7
32.5
35.6
38.1
41.8
46.1
49.0
54.3
60.5
64.0
71.7
81.2

4.0%
23.3
30.2
39.2
51.1
67.9
93.0

Equity value per share

Exit EBITDA Multiple
6.8x
7.3x
18.0
20.4
19.7
22.3
21.5
24.2
23.4
26.2
25.4
28.3
27.5
30.5

7.8x
22.9
24.8
26.8
28.9
31.2
33.5

8.3x
25.3
27.4
29.5
31.7
34.0
36.5

Equity value per share

Exit EBITDA Multiple
6.3x
6.8x
47.8
49.9
51.1
53.4
54.3
56.9

7.3x
52.0
55.7
59.5

7.8x
54.0
58.1
62.1

57.6
60.9
1,472.6

46.3
37.5

High
31.7
51.1
58.5
46.3

60.4
63.9
1,472.6

63.3
67.0
1,472.6

66.1
70.1
1,472.6

Diluted shares for BMC

$ mm except per share
Offer price
Model-derived offer value sanity check
Basic shares outstanding (latest filing)
In-the-money exercisable options
Total proceeds ($mm)
Total shares repurchased (mm)
Net dilutive options
Dilutive impact of shares from other securities
Net diluted shares outstanding
Options outstanding
Tranche
Tranche
Tranche
Tranche
Tranche
Tranche
Tranche
Tranche
Tranche
Tranche

1
2
3
4
5
6
7
8
9
10

Out. shares
0.2
0.7
0.1
0.3
0.3
0.4
1.3
7.4

Exercise price
15
18
22
28
32
36
39
42

$46.25
$46.25
144.0
10.7
411.7
8.9
1.8

145.8

In-the-$-shares
0.2
0.7
0.1
0.3
0.3
0.4
1.3
7.4
0
0
10.7

52 week high low

52 week high
52 week low

46.33
37.51

Date

Open
5/6/2013
5/3/2013
5/2/2013
5/1/2013
4/30/2013
4/29/2013
4/26/2013
4/25/2013
4/24/2013
4/23/2013
4/22/2013
4/19/2013
4/18/2013
4/17/2013
4/16/2013
4/15/2013
4/12/2013
4/11/2013
4/10/2013
4/9/2013
4/8/2013
4/5/2013
4/4/2013
4/3/2013
4/2/2013
4/1/2013
3/29/2013
3/28/2013
3/27/2013
3/26/2013
3/25/2013
3/22/2013
3/21/2013
3/20/2013
3/19/2013
3/18/2013
3/15/2013
3/14/2013
3/13/2013
3/12/2013
3/11/2013

High
45.5
45.67
45.45
45.84
45.34
45.5
45.68
45.07
45
44.05
44.08
43.56
44.21
44.51
44.59
44.9
45.02
44.72
44.45
44.5
45.05
44.55
45.42
46.09
46.19
46.29
46.33
45.61
45.63
45.86
45.95
45.49
43.61
44.03
44.09
43.65
44.12
43.88
43.72
43
42.88

Low
45.71
45.77
45.49
45.96
45.52
45.7
45.86
45.83
45.62
44.29
44.09
44.08
44.25
44.68
45.03
45
45.02
45.65
44.93
44.62
45.1
45.28
45.59
46.3
46.49
46.5
46.33
46.48
45.92
46.18
46.05
45.93
47.98
44.45
44.16
44.4
44.69
44.5
44.12
43.77
43.48

Close
Volume
45.07
45.42 34229100
45.35
45.42
2058200
44.97
45.24
3022300
45.25
45.39
2306800
45.17
45.48
2096700
45.28
45.43
2294400
45.53
45.6
1694700
44.87
45.69
2360900
44.22
44.9
6814000
43.66
44.13
2856300
43.41
43.88
1078900
43.3
43.86
1367800
43.44
43.75
1451300
43.54
44.03
2156400
44.5
44.88
1223400
44.32
44.32
1273900
44.65
44.93
1566600
44.53
45.02
4248900
44.37
44.75
2023200
43.98
44.34
1952800
44.42
44.45
1625500
44.03
45.11
1635700
44.93
45.14
1004100
45.07
45.44
1471300
46.03
46.06
1169600
45.87
46.02
1124600
46.33
46.33
0
45.61
46.33
1145800
45.25
45.73
1127000
45.66
45.78
1283100
45.49
45.7
1757200
45.39
45.74
2110000
43.5
45.48
6592300
43.83
43.99
914200
43.4
43.68
1214500
43.56
43.98
1173700
44.09
44.12
2730000
43.83
44.29
2030500
43.62
43.66
1725200
43
43.72
1969000
42.81
43.4
1858400

3/8/2013
3/7/2013
3/6/2013
3/5/2013
3/4/2013
3/1/2013
2/28/2013
2/27/2013
2/26/2013
2/25/2013
2/22/2013
2/21/2013
2/20/2013
2/19/2013
2/18/2013
2/15/2013
2/14/2013
2/13/2013
2/12/2013
2/11/2013
2/8/2013
2/7/2013
2/6/2013
2/5/2013
2/4/2013
2/1/2013
1/31/2013
1/30/2013
1/29/2013
1/28/2013
1/25/2013
1/24/2013
1/23/2013
1/22/2013
1/21/2013
1/18/2013
1/17/2013
1/16/2013
1/15/2013
1/14/2013
1/11/2013
1/10/2013
1/9/2013
1/8/2013
1/7/2013
1/4/2013
1/3/2013
1/2/2013

42.46
42.2
42.34
41.41
40.35
39.83
40.17
40.01
40.2
40.61
40.62
41.09
41.62
41.42
41.37
41.29
41
41.28
41.4
41.8
42
41.6
41.91
41.84
41.81
41.97
41.34
41.65
40
44.8
44.25
43.86
43.73
43.7
43.81
42.87
42.82
42.61
42.25
42.49
42.25
42.02
41.05
40.24
40.7
40.92
41.04
40.28

43.13
42.55
42.63
42.77
40.88
40.69
40.62
40.53
40.27
40.9
40.74
41.2
42.13
41.79
41.37
41.82
41.57
41.43
41.59
41.86
42.46
41.98
42.17
42.25
42.21
42.44
41.95
41.85
41.71
44.99
44.82
44.53
44.22
43.83
43.81
43.82
42.95
42.83
42.82
42.86
42.76
42.41
41.95
41.08
40.9
41.17
41.23
41.09

42.35
42.18
42.18
41.37
40.35
39.46
40.05
39.88
39.55
40.06
40.4
40.15
41.1
41.2
41.37
41.27
40.92
40.97
41.17
40.94
41.56
41.49
41.6
41.59
41.55
41.63
41.34
41.22
40
44.42
44.1
43.85
43.54
43.22
43.81
42.87
42.65
42.17
42.2
42.28
42.13
41.88
41.01
40.17
40.28
40.72
40.68
40.21

42.91
42.33
42.22
42.32
40.8
40.43
40.11
40.06
40.03
40.1
40.54
40.46
41.11
41.59
41.37
41.37
41.46
41.09
41.24
41.4
41.86
41.95
41.85
42.1
41.56
42.17
41.55
41.47
41.71
44.48
44.5
44.05
43.91
43.36
43.81
43.81
42.76
42.62
42.65
42.64
42.68
42.23
41.82
40.92
40.42
40.93
40.76
41.09

1595900
844600
1318300
2841500
1428200
1672500
2814900
1715200
1904600
1926800
1363200
1580100
1591200
1148200
0
1437300
1182500
1813600
1378100
2472600
1231600
1919200
2420600
1671600
1851700
1643200
1523700
2894600
4776700
1739200
1062100
993700
1443000
1117200
0
2141600
995600
1140500
1545100
957400
1276800
1810400
1743400
1186000
916100
818000
976000
2498700

1/1/2013
12/31/2012
12/28/2012
12/27/2012
12/26/2012
12/25/2012
12/24/2012
12/21/2012
12/20/2012
12/19/2012
12/18/2012
12/17/2012
12/14/2012
12/13/2012
12/12/2012
12/11/2012
12/10/2012
12/7/2012
12/6/2012
12/5/2012
12/4/2012
12/3/2012
11/30/2012
11/29/2012
11/28/2012
11/27/2012
11/26/2012
11/23/2012
11/22/2012
11/21/2012
11/20/2012
11/19/2012
11/16/2012
11/15/2012
11/14/2012
11/13/2012
11/12/2012
11/9/2012
11/8/2012
11/7/2012
11/6/2012
11/5/2012
11/2/2012
11/1/2012
10/31/2012
10/30/2012
10/29/2012
10/26/2012

39.62
39.56
39.72
40.35
40.74
40.87
40.83
40.86
41.98
41.79
41.11
40.16
39.73
40.68
41.59
41.3
40.51
41.01
40.22
40.28
40.6
41.08
40.95
41
40.34
40.19
40.09
39.84
39.68
39.53
39.58
39.29
38.89
39.33
39.9
39.92
40.3
39.82
40.94
41.25
41.21
40.7
41.11
41.5
41.02
40.98
40.98
41.02

39.62
39.75
39.88
40.39
40.97
40.87
41.04
41.1
42.04
42.3
41.69
41.1
40.32
40.98
41.6
41.59
41.42
41.05
40.74
40.38
40.74
41.1
41.03
41.08
40.98
41.36
40.3
40.26
39.68
39.88
39.71
39.66
38.99
39.47
40
39.99
40.32
40.59
41.05
41.34
41.86
41.16
41.34
41.72
41.74
40.98
40.98
41.58

39.62
39.31
39.45
39.41
40.29
40.87
40.45
40.29
41.79
41.69
40.82
39.99
39.61
39.8
40.67
40.95
40.51
40.69
40.03
39.87
40.22
40.54
40.72
40.63
39.93
40.02
39.79
39.64
39.68
39.48
39.33
39.03
38.04
38.61
39.05
39.54
39.73
39.82
39.96
40.96
41.19
40.67
40.97
40.5
40.49
40.98
40.98
40.71

39.62
39.62
39.56
39.88
40.39
40.87
40.87
40.71
41.94
41.91
41.67
41.08
40.18
39.89
40.8
41.53
41.42
40.81
40.73
40.2
40.42
40.54
40.96
40.88
40.95
40.62
40.26
40.19
39.68
39.68
39.56
39.59
38.73
39.01
39.26
39.74
40.12
40.24
39.98
41.08
41.55
41.06
41.04
40.98
40.7
40.98
40.98
40.98

0
1433100
799400
1381500
982900
0
446900
2968100
1632100
2858900
2153400
2233600
995400
1573100
2112200
1884300
1126200
1099200
732200
1217500
937400
861200
1196900
1101900
1041000
1894700
1097800
318800
0
536800
1292700
1018900
1214600
971800
1222000
805800
642000
972900
1022600
1507400
2564300
1298300
1719300
3891600
1588900
0
0
884200

10/25/2012
10/24/2012
10/23/2012
10/22/2012
10/19/2012
10/18/2012
10/17/2012
10/16/2012
10/15/2012
10/12/2012
10/11/2012
10/10/2012
10/9/2012
10/8/2012
10/5/2012
10/4/2012
10/3/2012
10/2/2012
10/1/2012
9/28/2012
9/27/2012
9/26/2012
9/25/2012
9/24/2012
9/21/2012
9/20/2012
9/19/2012
9/18/2012
9/17/2012
9/14/2012
9/13/2012
9/12/2012
9/11/2012
9/10/2012
9/7/2012
9/6/2012
9/5/2012
9/4/2012
9/3/2012
8/31/2012
8/30/2012
8/29/2012
8/28/2012
8/27/2012
8/24/2012
8/23/2012
8/22/2012
8/21/2012

41.54
41.5
40.77
41.89
41.12
41.19
41.59
41.44
42
42.51
42.15
42.46
43.17
43.19
43.67
43.41
43.45
43
41.88
41.43
41.53
41.91
42.73
42.51
42.83
42.71
43
43.6
43.2
42.95
42.7
42.81
42.59
43.08
43.34
42.36
41.86
41.43
41.4
41.46
41.57
41.54
41.58
42.2
41.86
41.99
42.27
42.26

41.74
41.76
41.63
41.89
41.27
41.46
41.74
42.17
42.2
42.78
42.52
42.58
43.24
43.54
43.79
43.62
43.81
44.06
45
41.75
41.86
41.92
42.87
42.99
43.09
43
43.48
44.2
43.25
43.42
43.24
42.95
43
43.16
43.48
43.61
42.24
42.13
41.4
41.82
41.6
41.82
41.94
42.22
42.51
42.35
42.42
42.59

41.16
41.03
40.35
40.49
40.24
40.89
41.05
41.23
41.14
42.31
41.94
41.91
42.22
43.05
43.2
42.9
42.97
42.95
41.22
41.18
41.1
41.26
41.78
42.38
42.51
42.65
42.85
42.99
42.71
42.76
42.37
42.49
42.07
42.52
43.11
42.29
41.74
41.31
41.4
41.07
40.98
41.44
41.36
41.48
41.81
41.82
42.05
42.14

41.47
41.38
41.53
41.02
40.34
41.1
41.13
42.02
41.49
42.55
42.43
41.96
42.45
43.28
43.34
43.39
43.34
43.48
42.85
41.49
41.67
41.33
41.85
42.68
42.79
42.83
42.94
43.09
42.99
43.09
42.96
42.67
42.76
42.7
43.33
43.49
42.18
42
41.4
41.4
41.09
41.75
41.68
41.54
42.14
42.04
42.17
42.28

647800
1233600
1707300
2081800
1029700
1115600
1319000
1311300
1611200
837300
1319100
1936500
1101300
712200
1280300
1049700
1345100
2710800
6330500
751200
1022700
1287500
1204400
862200
3561100
671700
737300
1080200
769600
920600
785600
769900
896400
1323600
856800
1710200
1323100
1093100
0
1066600
780100
815200
980000
1056700
1097900
909300
1272600
1156900

8/20/2012
8/17/2012
8/16/2012
8/15/2012
8/14/2012
8/13/2012
8/10/2012
8/9/2012
8/8/2012
8/7/2012
8/6/2012
8/3/2012
8/2/2012
8/1/2012
7/31/2012
7/30/2012
7/27/2012
7/26/2012
7/25/2012
7/24/2012
7/23/2012
7/20/2012
7/19/2012
7/18/2012
7/17/2012
7/16/2012
7/13/2012
7/12/2012
7/11/2012
7/10/2012
7/9/2012
7/6/2012
7/5/2012
7/4/2012
7/3/2012
7/2/2012
6/29/2012
6/28/2012
6/27/2012
6/26/2012
6/25/2012
6/22/2012
6/21/2012
6/20/2012
6/19/2012
6/18/2012
6/15/2012
6/14/2012

42.8
42.48
41.5
40.99
41.11
41.13
40.93
40.71
40.59
40.34
39.35
38.26
36.87
36.92
39.77
39.93
40
39.84
38.71
39.31
39.64
40.88
40.66
39.17
39.47
39.29
39.02
39.15
39.64
40.34
40.47
41.92
42.38
42.29
42.91
43
42.14
41.5
41.69
41.83
42.67
42.32
43.77
43.94
44.3
43.69
43.07
43.31

42.8
42.8
42.43
41.51
41.65
41.33
41.29
41.4
41.23
41.07
40.72
39.36
37.86
37.96
39.99
40.48
40.11
40.42
39.43
39.44
39.72
40.88
41.27
40.94
39.62
39.48
39.61
39.33
40.1
40.6
40.61
42.12
42.8
42.29
42.94
43.6
42.7
41.64
42.04
42
42.72
43.02
43.99
44.2
44.69
44.32
43.85
43.65

42.15
41.89
41.43
40.85
40.94
40.9
40.9
40.68
40.5
40.32
39.25
38.08
36.61
35.48
39.17
39.29
39.18
39.4
38.58
38.52
38.56
40.23
40.54
39.09
38.85
38.86
38.94
38.76
39.21
39.44
39.82
40.33
41.97
42.29
42.04
42.44
41.81
40.95
41.39
41.45
41.73
42.32
42.18
43.68
43.64
43.45
42.92
42.68

42.24
42.66
42.4
41.4
41.05
41.01
41.25
41
40.93
40.76
40.34
39.13
37.81
37.51
39.6
39.52
39.76
39.92
39.13
38.75
39.3
40.42
40.83
40.6
39.51
39.32
39.53
39.07
39.45
39.64
40.18
40.67
42.18
42.29
42.29
42.58
42.68
41.53
41.71
41.52
41.78
42.9
42.32
43.96
43.83
44.01
43.76
43

1209100
1534100
1482700
609600
1387400
1147800
843700
1527000
2104600
2185300
2203300
2363800
1965800
4906500
2479700
1893200
1922400
1069200
1218100
1632900
1595300
1012800
1302100
1112200
717200
1218100
1245300
1199600
1108700
1340900
1689500
2169000
1235000
0
1223400
1157800
1657200
733700
1079600
1325900
1405400
1898100
2368500
1455100
1695400
1407300
2489400
2866600

6/13/2012
6/12/2012
6/11/2012
6/8/2012
6/7/2012
6/6/2012
6/5/2012
6/4/2012
6/1/2012
5/31/2012
5/30/2012
5/29/2012
5/28/2012
5/25/2012
5/24/2012
5/23/2012
5/22/2012
5/21/2012
5/18/2012
5/17/2012
5/16/2012
5/15/2012
5/14/2012
5/11/2012
5/10/2012
5/9/2012
5/8/2012
5/7/2012

43
42.48
43.67
43.36
44
42.52
41.24
42.04
41.73
43.12
43.36
44.05
43.69
43.15
43.19
42.37
42.9
41.59
42.52
43.5
44.5
43.75
42.03
40.11
38.97
39.46
39.81
39.9

43.73
43.29
43.78
43.84
44.07
43.71
42.38
42.86
42.56
43.12
43.38
44.29
43.69
44.16
43.24
43.51
43.01
43.18
43.05
43.7
44.5
45.7
44.35
40.93
40.68
40.15
39.92
40.33

42.52
42.3
42.38
43.21
43.32
42.36
41.23
41.27
41.62
41.77
42.83
43.27
43.69
43.01
42.44
42.01
42.47
41.49
41.54
42.35
43.29
42.88
41.73
40.07
38.97
39.08
39.13
39.86

43.44
43.25
42.47
43.7
43.71
43.71
42.23
41.71
41.89
42.32
43
43.86
43.69
43.69
42.97
43.39
42.73
42.96
41.66
42.38
43.3
44.51
43.92
40.4
40.28
39.71
39.86
40.06

2176800
1772100
1672800
1416100
2255900
1886000
1126500
1466500
2829900
3210800
1445800
1788200
0
2365600
2489100
2624200
1839100
2735200
4568800
2546500
5806700
9349900
7045700
1823400
3679900
2542600
2381000
1631100