Contribution Analysis. Centerview performed a relative contribution analysis of Era and Bristow in which Centerview reviewed Era’s and Bristow’s respective contributions to the combined company based upon financial metrics that Centerview deemed in its experience and professional judgement to be relevant for the years 2019, 2020 and 2021, in each case using publicly available information obtained from public filings and other data sources, the Era Forecasts and the Bristow Forecasts and excluding the Synergies. These financial metrics included revenue, adjusted EBITDA, free cash flow and equity value. ○ Centerview calculated Era’s implied pro forma contribution to the Combined Company by multiplying Era’s contribution based upon the applicable financial metric by the Combined Company EV determined by summing Era’s EV assuming 6.5x NTM Run-Rate Adjusted, EBITDA and Bristow’s EV assuming 7.0x NTM Run-Rate Adjusted EBITDA (i.e., using the low ends of the ranges of multiples of EV to NTM Adjusted EBITDA discussed in the “Selected Trading Multiples Analysis” section) and adjusted for Era’s net debt. Era’s contribution ranged from 18% to 31%. ○ Centerview calculated Era’s implied pro forma contribution to the Combined Company by multiplying Era’s contribution based upon the applicable financial metric by the combined company EV determined by summing Era’s EV assuming 8.0x NTM Run-Rate Adjusted EBITDA and Bristow’s EV assuming 8.5x NTM Run-Rate Adjusted EBITDA (i.e., using the high ends of the ranges of multiples of EV to NTM Adjusted EBITDA discussed in the “Selected Trading Multiples Analysis” section) and adjusted for Era’s net debt. Era’s contribution ranged from 17% to 29%.
Contribution Analysis. Xxxxxx Xxxxxxx also performed a contribution analysis which reviewed the implied ownership of the combined company for the existing group of Tudou shareholders and ADS holders based on certain financial metrics and historic operating metrics. Xxxxxx Xxxxxxx computed the implied ownership for Tudou based on Management Projections for revenue, advertising revenue and gross profit through 2012. Xxxxxx Xxxxxxx also computed the implied ownership for Tudou based on historic monthly operating data including daily click views, monthly unique visitors, monthly page views and monthly time spent based on the average of the last three months ending November 2011 from iResearch iUsertracker. Xxxxxx Xxxxxxx also computed the implied ownership for Tudou based on cash available, defined as the aggregate of cash, restricted cash and short-term investments, as of December 2011 based on historic management accounts. The computation showed, among other things, that based on Management Projections for revenue, advertising revenue and gross profit through 2012, implied ownership for Tudou was 31.5%, 30.2% and 25.6%, respectively. Based on historic monthly operating data including daily click views, monthly unique visitors, monthly page views and monthly time spent, implied ownership for Tudou was 37.3%, 42.8%, 33.1% and 27.8%, respectively. Based on cash available, implied ownership for Tudou was 20.8%. Xxxxxx Xxxxxxx noted that the ADS Exchange Ratio of 1.595 would result in pro forma ownership of the combined company for the existing group of Tudou shareholders and ADS holders equal to approximately 28.5%.
Contribution Analysis. Xxxxxxx Xxxxx analyzed the relative contribution of Meta and Crestmark to certain financial and operating metrics for the pro forma combined company resulting from the merger. Such financial and operating metrics included: (i) gross loans; (ii) deposits; (iii) tangible common equity as of September 30, 2017; (iv) net income for the last twelve months, or LTM, ended September 30, 2017; (v) estimated net income for the twelve months ended September 30, 2018 based on the Projections; and (vi) estimated net income for the twelve months ended September 30, 2019 based on the Projections. The relative contribution analysis did not give effect to any synergies or purchase accounting adjustments as a result of the merger. The results of this analysis are summarized in the table below: Meta Crestmark Exchange Gross Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.7% 39.3% 4.72x Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.4% 22.6% 2.15x Tangible Common Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.2% 23.8% 2.30x Last-12-Months Net Income . . . . . . . . . . . . . . . . . . . . . . . . . 68.9% 31.1% 3.30x 2018E Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67.3% 32.7% 3.55x 2019E Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67.6% 32.4% 3.50x Exchange Ratio in the Merger . . . . . . . . . . . . . . . . . . . . . . . . 2.65x Selected Companies Analysis. Xxxxxxx Xxxxx reviewed certain financial information and stock market data for two selected groups of companies with publicly traded equity securities that it deemed relevant for its analysis. The two selected groups represent companies that Xxxxxxx Xxxxx believed to be comparable for Meta and Crestmark, respectively. The financial data reviewed included (i) tangible book value, or TBV, per share;
Contribution Analysis. With the GHG inventories for two years available, Cascadia will also conduct a contribution analysis. With U.S. Department of Energy grant funds, ICLEI and Cascadia recently completed development of a user-friendly contribution analysis tool that allows cities to quantify the extent that external factors—such as population growth, weather patterns, electricity fuel mix, and economic conditions—drive emissions trends. For example, the tool can differentiate the increase in emissions attributable to population growth versus a colder winter. This state-of-the-art analytical technique reveals new inventory insights to inform climate action planning, such as by identifying key foci for emission reductions (e.g., electricity emissions factor) and quantifying the role of specific local actions in meeting reduction goals. Cascadia will provide the City with a completed two-year contribution analysis comparison (including delivery of the populated tool). Budget: $2,500
Contribution Analysis. Xxxxxxx Xxxxx analyzed the relative contribution of Dime and Bridge to certain financial and operating metrics for the pro forma resulting company resulting from the merger. The financial and operating metrics included: (i) total assets; (ii) gross loans; (iii) total deposits; (iv) non-interest bearing deposits; (v) tangible common equity; (vi) last twelve months core net income (which we refer to as the “LTM Core Net Income”), as defined by S&P Global Market Intelligence (which includes net income before extraordinary items, less net income attributable to non-controlling interests, gain on sale of securities, amortization of intangibles, goodwill, and nonrecurring items); (vii) estimated 2020 net income; and (viii) estimated 2021 net income. The relative contribution analysis did not give effect to any Synergies as a result of the merger. The results of this analysis are summarized in the table below: Relative Contribution Implied Bridge Dime Exchange Ratio Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.4% 55.6% 0.76x Gross Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.9% 58.1% 0.84x Total Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.9% 51.1% 0.63x Non-interest Bearing Deposits . . . . . . . . . . . . . . . . . . . . . . . 75.6% 24.4% 0.20x Tangible Common Equity . . . . . . . . . . . . . . . . . . . . . . . . . . 42.7% 57.3% 0.81x LTM Core Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.8% 42.2% 0.44x 2020E Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56.5% 43.5% 0.47x 2021E Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54.7% 45.3% 0.50x
