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275x Filetype XLSX File size 0.05 MB
IPO Assumptions
($ and shares in millions, except per share amounts) Value
Filing range – low $20.00
Filing range – high $22.00
Primary shares issued 5.500
Secondary shares sold 4.500
Underwriting discount (%) 6.0%
IPO discount (%) 15.0%
Overallotment
Overallotment ("Greenshoe") (%) 15.0%
Primary allocation (%) 100.0%
Exercise shoe? Yes
IPO fees & expenses
SEC registration fee $0.0
FINRA Filing fee 0.0
Nasdaq listing fees and expenses 0.0
Transfer agent and registrar fees and expenses 0.1
Printing fees and expenses 0.7
Legal fees and expenses 3.0
Accounting fees and expenses 1.5
Miscellaneous 0.1
Issuer Assumptions
($ and shares in millions, except per share amounts) Value
Class A common stock 20.300
Class B common stock 26.100
Options strike price $20.00
Options outstanding 2.900
Issuer 2013E earnings $70.0
Issuer 2014E earnings $95.0
Fully Diluted Share Count ("FDSO") Matrix
Options strike price $20.00
Options outstanding 2.900
Potential Range of IPO Prices
1 (shares in millions) $18.00 $19.00 $20.00 $21.00 $22.00
2
3 Class A common stock 20.300 20.300 20.300 20.300 20.300
4 Class B common stock 26.100 26.100 26.100 26.100 26.100
5 Total basic shares outstanding 46.400 46.400 46.400 46.400 46.400
6 ( + ) Stock options – – – 0.138 0.264
7 Fully diluted shares outstanding 46.400 46.400 46.400 46.538 46.664
Potential Range of IPO Prices
$23.00 $24.00
20.300 20.300
26.100 26.100
46.400 46.400
0.378 0.483
46.778 46.883
IPO Calculations
Filing Range
($ and shares in millions, except per share amounts) Low Midpoint High
Offering price per share $20.00 $21.00 $22.00
Shares
Shares offered
Primary shares issued 5.500 5.500 5.500
Secondary shares sold 4.500 4.500 4.500
Base deal shares issued/sold 10.000 10.000 10.000
Overallotment – primary shares 1.500 1.500 1.500
Overallotment – secondary shares – – –
Total overallotment 1.500 1.500 1.500
Total shares issued/sold 11.500 11.500 11.500
Pro forma shares
Existing Issuer FDSO 46.400 46.538 46.664
( + ) Primary shares issued 7.000 7.000 7.000
Pro forma Issuer FDSO 53.400 53.538 53.664
Offering Size
Base deal $200.0 $210.0 $220.0
( + ) Overallotment 30.0 31.5 33.0
Total offering size $230.0 $241.5 $253.0
IPO Discount & Fees
Underwriting discount
IPO price per share $20.00 $21.00 $22.00
( – ) Underwriting discount (6.0%) (1.20) (1.26) (1.32)
Net IPO price per share $18.80 $19.74 $20.68
Offering expenses
SEC registration fee $0.0 $0.0 $0.0
FINRA Filing fee 0.0 0.0 0.0
Nasdaq listing fees and expenses 0.0 0.0 0.0
Transfer agent and registrar fees and expenses 0.1 0.1 0.1
Printing fees and expenses 0.7 0.7 0.7
Legal fees and expenses 3.0 3.0 3.0
Accounting fees and expenses 1.5 1.5 1.5
Miscellaneous 0.1 0.1 0.1
Total expenses $5.5 $5.5 $5.5
IPO Proceeds
Gross primary proceeds $140.0 $147.0 $154.0
( – ) Underwriting discount (8.4) (8.8) (9.2)
( – ) Expenses (5.5) (5.5) (5.5)
Net primary proceeds $126.1 $132.7 $139.3
Valuation
Market capitalization
IPO valuation $1,068.0 $1,124.3 $1,180.6
( + ) IPO discount 160.2 168.6 177.1
Fully distributed ("FD") valuation $1,228.2 $1,292.9 $1,357.7
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