{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Assumptions","DCF","Summary","LBO","Inputs_10K"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Assumptions","index":0,"n_rows":33,"n_cols":8,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
["Assumptions & Scenario Control"]
[]
["Scenario (1=Base, 2=Bull, 3=Bear)",null,1,null,null,null,"WACC Calculation"]
[null,null,null,null,null,null,"Risk-Free Rate",{"$f":"Inputs_10K!G6","v":4.2999999999999997E-2}]
["Forecast Drivers (by Scenario)",null,null,null,null,null,"Equity Risk Premium",{"$f":"Inputs_10K!G7","v":5.5E-2}]
["Driver","Base","Bull","Bear","Active",null,"Levered Beta",{"$f":"Inputs_10K!G8","v":1.08}]
["Revenue Growth — Y1",0.08,0.12,0.04,{"$f":"CHOOSE($C$3,B7,C7,D7)","v":0.08},null,"Cost of Equity",{"$f":"H4+H6*H5","v":0.10239999999999999}]
["Revenue Growth — Y2",7.0000000000000007E-2,0.11,0.03,7.0000000000000007E-2,null,"Pre-Tax Cost of Debt",{"$f":"Inputs_10K!G9","v":4.4999999999999998E-2}]
["Revenue Growth — Y3",0.06,0.1,0.03,0.06,null,"Marginal Tax Rate",{"$f":"Inputs_10K!G11","v":0.21}]
["Revenue Growth — Y4",0.05,0.09,0.02,0.05,null,"After-Tax Cost of Debt",{"$f":"H8*(1-H9)","v":3.5549999999999998E-2}]
["Revenue Growth — Y5",0.05,0.08,0.02,0.05,null,"Target Debt / (D+E)",{"$f":"Inputs_10K!G10","v":0.06}]
["Gross Margin",0.88,0.9,0.85,0.88,null,"Target Equity / (D+E)",{"$f":"1-H11","v":0.94}]
["SG&A % of Revenue",0.34,0.33,0.4,0.34,null,"WACC",{"$f":"H12*H7+H11*H10","v":9.8388999999999976E-2}]
["R&D % of Revenue",0.18,0.16,0.2,0.18]
["D&A % of Revenue",0.03,0.03,0.04,0.03]
["CapEx % of Revenue",4.4999999999999998E-2,4.4999999999999998E-2,0.05,4.4999999999999998E-2]
["NWC % of Revenue",0.1,0.1,0.11,0.1]
["Terminal Growth Rate (g)",2.5000000000000001E-2,0.03,0.02,2.5000000000000001E-2]
["Exit EV/EBITDA Multiple",9,10,7.5,9]
[]
["LBO Deal Terms"]
["Entry EV / LTM EBITDA Multiple",6.3495681977995497]
["Transaction Fees (% of EV)",0.02]
["Minimum Cash Balance",50]
["Revolver Capacity",100]
["Revolver Drawn at Close ",50]
["Term Loan B (% of Entry EV)",0.4]
["Senior Notes (% of Entry EV)",0.2]
["Revolver Interest Rate",6.5000000000000002E-2]
["Term Loan B Interest Rate",7.4999999999999997E-2]
["Senior Notes Interest Rate",0.09]
["TLB Mandatory Amort (% p.a.)",0.01]
["Cash Sweep % of Excess FCF",1]

{"sheet":"DCF","index":1,"n_rows":37,"n_cols":9,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
["DCF"]
[null,"FY2023","FY2024","FY2025","FY2026","FY2027","FY2028","FY2029","FY2030"]
["Revenue",{"$f":"Inputs_10K!B5","v":19409},{"$f":"Inputs_10K!C5","v":21505},{"$f":"Inputs_10K!D5","v":23769},{"$f":"D3*(1+Assumptions!$E$7)","v":25670.52},{"$f":"E3*(1+Assumptions!$E$8)","v":27467.456400000003},{"$f":"F3*(1+Assumptions!$E$9)","v":29115.503784000004},{"$f":"G3*(1+Assumptions!$E$10)","v":30571.278973200006},{"$f":"H3*(1+Assumptions!$E$11)","v":32099.842921860007}]
["   % Growth",null,{"$f":"C3/B3-1","v":0.10799113813179462},{"$f":"D3/C3-1","v":0.10527784236224136},{"$f":"Assumptions!$E$7","v":0.08},{"$f":"Assumptions!$E$8","v":7.0000000000000007E-2},{"$f":"Assumptions!$E$9","v":0.06},{"$f":"Assumptions!$E$10","v":0.05},{"$f":"Assumptions!$E$11","v":0.05}]
["COGS",{"$f":"Inputs_10K!B6","v":2354},{"$f":"Inputs_10K!C6","v":2358},{"$f":"Inputs_10K!D6","v":2551},{"$f":"E3-E6","v":3080.4624000000003},{"$f":"F3-F6","v":3296.094767999999},{"$f":"G3-G6","v":3493.8604540800006},{"$f":"H3-H6","v":3668.5534767839999},{"$f":"I3-I6","v":3851.9811506231999}]
["Gross Profit",{"$f":"B3-B5","v":17055},{"$f":"C3-C5","v":19147},{"$f":"D3-D5","v":21218},{"$f":"E3*Assumptions!$E$12","v":22590.0576},{"$f":"F3*Assumptions!$E$12","v":24171.361632000004},{"$f":"G3*Assumptions!$E$12","v":25621.643329920003},{"$f":"H3*Assumptions!$E$12","v":26902.725496416006},{"$f":"I3*Assumptions!$E$12","v":28247.861771236807}]
["   % Margin",{"$f":"B6/B3","v":0.87871605955999799},0.89035108114392003,0.89267533341747651,0.88,0.88,0.88,0.88,0.88]
["SG&A",{"$f":"Inputs_10K!B7","v":6764},{"$f":"Inputs_10K!C7","v":7293},{"$f":"Inputs_10K!D7","v":8061},{"$f":"E3*Assumptions!$E$13","v":8727.9768000000004},{"$f":"F3*Assumptions!$E$13","v":9338.9351760000009},{"$f":"G3*Assumptions!$E$13","v":9899.2712865600024},{"$f":"H3*Assumptions!$E$13","v":10394.234850888002},{"$f":"I3*Assumptions!$E$13","v":10913.946593432403}]
["R&D",{"$f":"Inputs_10K!B8","v":3473},{"$f":"Inputs_10K!C8","v":3944},{"$f":"Inputs_10K!D8","v":4294},{"$f":"E3*Assumptions!$E$14","v":4620.6935999999996},{"$f":"F3*Assumptions!$E$14","v":4944.1421520000004},{"$f":"G3*Assumptions!$E$14","v":5240.790681120001},{"$f":"H3*Assumptions!$E$14","v":5502.8302151760008},{"$f":"I3*Assumptions!$E$14","v":5777.9717259348008}]
["EBITDA",{"$f":"B6-B8-B9","v":6818},7910,8863,9241.387200000001,9888.2843040000025,10481.58136224,11005.660430352003,11555.943451869603]
["   % Margin",{"$f":"B10/B3","v":0.35128033386573237},0.36782143687514529,0.37288064285413774,0.36000000000000004,0.36000000000000004,0.35999999999999993,0.36000000000000004,0.36000000000000004]
["D&A",{"$f":"Inputs_10K!B9","v":872},{"$f":"Inputs_10K!C9","v":857},{"$f":"Inputs_10K!D9","v":818},{"$f":"E3*Assumptions!$E$15","v":770.11559999999997},{"$f":"F3*Assumptions!$E$15","v":824.0236920000001},{"$f":"G3*Assumptions!$E$15","v":873.46511352000005},{"$f":"H3*Assumptions!$E$15","v":917.1383691960001},{"$f":"I3*Assumptions!$E$15","v":962.99528765580021}]
["EBIT",{"$f":"B10-B12","v":5946},7053,8045,8471.2716000000019,9064.2606120000019,9608.1162487199999,10088.522061156003,10592.948164213803]
["   % Margin",{"$f":"B13/B3","v":0.30635272296357358},0.32797023947919091,0.33846606924986328,0.33000000000000007,0.33,0.32999999999999996,0.33000000000000007,0.33]
["Taxes on EBIT",null,null,null,{"$f":"E13*Assumptions!$H$9","v":1778.9670360000002},{"$f":"F13*Assumptions!$H$9","v":1903.4947285200003},{"$f":"G13*Assumptions!$H$9","v":2017.7044122312},{"$f":"H13*Assumptions!$H$9","v":2118.5896328427607},{"$f":"I13*Assumptions!$H$9","v":2224.5191144848986}]
["NOPAT",null,null,null,{"$f":"E13-E15","v":6692.3045640000018},{"$f":"F13-F15","v":7160.7658834800013},{"$f":"G13-G15","v":7590.4118364888},{"$f":"H13-H15","v":7969.9324283132428},{"$f":"I13-I15","v":8368.4290497289039}]
["   (+) D&A",null,null,null,{"$f":"E12","v":770.11559999999997},{"$f":"F12","v":824.0236920000001},{"$f":"G12","v":873.46511352000005},{"$f":"H12","v":917.1383691960001},{"$f":"I12","v":962.99528765580021}]
["   (–) CapEx",{"$f":"Inputs_10K!B25","v":360},{"$f":"Inputs_10K!C25","v":183},{"$f":"Inputs_10K!D25","v":179},{"$f":"E3*Assumptions!$E$16","v":1155.1733999999999},{"$f":"F3*Assumptions!$E$16","v":1236.0355380000001},{"$f":"G3*Assumptions!$E$16","v":1310.1976702800002},{"$f":"H3*Assumptions!$E$16","v":1375.7075537940002},{"$f":"I3*Assumptions!$E$16","v":1444.4929314837002}]
["   (–) Δ NWC",null,null,null,{"$f":"(E3-D3)*Assumptions!$E$17","v":190.15200000000004},{"$f":"(F3-E3)*Assumptions!$E$17","v":179.69364000000024},{"$f":"(G3-F3)*Assumptions!$E$17","v":164.80473840000013},{"$f":"(H3-G3)*Assumptions!$E$17","v":145.57751892000016},{"$f":"(I3-H3)*Assumptions!$E$17","v":152.85639486600013}]
["Unlevered FCF",null,null,null,{"$f":"E16+E17-E18-E19","v":6117.0947640000022},{"$f":"F16+F17-F18-F19","v":6569.0603974800006},{"$f":"G16+G17-G18-G19","v":6988.8745413287998},{"$f":"H16+H17-H18-H19","v":7365.7857247952425},{"$f":"I16+I17-I18-I19","v":7734.0750110350036}]
["Discount Period",null,null,null,1,2,3,4,5]
["Discount Factor",null,null,null,{"$f":"1/(1+Assumptions!$H$13)^E21","v":0.91042426681257727},{"$f":"1/(1+Assumptions!$H$13)^F21","v":0.82887234560121892},{"$f":"1/(1+Assumptions!$H$13)^G21","v":0.7546254975252108},{"$f":"1/(1+Assumptions!$H$13)^H21","v":0.68702936530246639},{"$f":"1/(1+Assumptions!$H$13)^I21","v":0.62548820618420831}]
["PV of Unlevered FCF",null,null,null,{"$f":"E20*E22","v":5569.1515155377574},{"$f":"F20*F22","v":5444.9125000553231},{"$f":"G20*G22","v":5273.9829278915249},{"$f":"H20*H22","v":5060.5110914600427},{"$f":"I20*I22","v":4837.5727051463955}]
[]
[]
["Valuation"]
[]
["Sum of PV",{"$f":"SUM(E23:I23)","v":26186.130740091041}]
["Terminal Value ",{"$f":"I20*(1+Assumptions!$E$18)/(Assumptions!$H$13-Assumptions!$E$18)","v":108019.27926952105}]
["Terminal Value (Exit EV/EBITDA)",{"$f":"I10*Assumptions!$E$19","v":104003.49106682643}]
["PV of TV (avg of methods)",{"$f":"AVERAGE(B29:B30)*I22","v":66308.871143944183}]
["Enterprise Value",{"$f":"B28+B31","v":92495.001884035228}]
["(–) Net Debt",{"$f":"Inputs_10K!D23-Inputs_10K!D13","v":779}]
["Equity Value",{"$f":"B32-B33","v":91716.001884035228}]
["Shares Outstanding (mm)",{"$f":"Inputs_10K!G3","v":410.5}]
["Implied Share Price",{"$f":"B34/B35","v":223.42509594162053}]
["Current Share Price",{"$f":"Inputs_10K!G4","v":245}]

{"sheet":"Summary","index":2,"n_rows":21,"n_cols":4,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
["Current Share Price",{"$f":"Inputs_10K!G4","v":245}]
["Market Cap ($mm)",{"$f":"Inputs_10K!G3*Inputs_10K!G4","v":100572.5}]
["Scenario",{"$f":"CHOOSE(Assumptions!C3,\"Base\",\"Bull\",\"Bear\")","v":"Base"}]
[]
["Headline Outputs"]
["Metric","Value","vs Current","Notes"]
["WACC",{"$f":"Assumptions!H13","v":9.8388999999999976E-2},null,"From CAPM + after-tax Kd, target D/(D+E)"]
["DCF Enterprise Value",{"$f":"DCF!B32","v":92495.001884035228}]
["DCF Implied Share Price",{"$f":"DCF!B36","v":223.42509594162053},{"$f":"B10/B2-1","v":-8.8060832891344809E-2}]
["LBO Sponsor Equity Invested",{"$f":"LBO!B22","v":24415.013633580915}]
["LBO MOIC (5-yr)",{"$f":"LBO!B73","v":3.7988201797208543}]
["LBO Sponsor IRR (5-yr)",{"$f":"LBO!B76","v":0.30595961524693793}]
[]
[]
["Football Field (per share)"]
["Methodology","Low","Mid","High"]
["DCF (±10% around implied)",{"$f":"DCF!B36*0.9","v":201.08258634745849},{"$f":"DCF!B36","v":223.42509594162053},{"$f":"DCF!B36*1.1","v":245.76760553578259}]
["LBO (at current Entry Multiple)",{"$f":"(LBO!B8*0.95-DCF!B33)/DCF!B35","v":128.33961459255184},{"$f":"(LBO!B8-DCF!B33)/DCF!B35","v":135.19420934737494},{"$f":"(LBO!B8*1.05-DCF!B33)/DCF!B35","v":142.04880410219801}]
[]
["Current Share Price",{"$f":"Inputs_10K!G4","v":245}]

{"sheet":"LBO","index":3,"n_rows":76,"n_cols":7,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
["LBO"]
[]
["($mm)","At Close","FY2026","FY2027","FY2028","FY2029","FY2030"]
[]
["Transaction Assumptions"]
["LTM EBITDA (FY2025)",{"$f":"DCF!D10","v":8863}]
["Entry EV / LTM EBITDA",{"$f":"Assumptions!B22","v":6.3495681977995497}]
["Entry Enterprise Value",{"$f":"B6*B7","v":56276.222937097409}]
[]
["Sources & Uses"]
["Uses"]
["Purchase Enterprise Value",{"$f":"B8","v":56276.222937097409}]
["Refinance Existing Debt",{"$f":"Inputs_10K!D23","v":6210}]
["Transaction Fees",{"$f":"B8*Assumptions!B23","v":1125.5244587419481}]
["Total Uses",{"$f":"SUM(B12:B14)","v":63611.74739583936}]
[]
["Sources"]
["Revolver (Drawn at Close)",{"$f":"Assumptions!B26","v":50}]
["Term Loan B",{"$f":"B8*Assumptions!B27","v":22510.489174838964}]
["Senior Notes",{"$f":"B8*Assumptions!B28","v":11255.244587419482}]
["Excess Cash Used",{"$f":"MAX(Inputs_10K!D13-Assumptions!B24,0)","v":5381}]
["Sponsor Equity (plug)",{"$f":"B15-SUM(B18:B21)","v":24415.013633580915}]
["Total Sources",{"$f":"SUM(B18:B22)","v":63611.74739583936}]
["Check (Sources − Uses)",{"$f":"B23-B15","v":0}]
[]
["Pro Forma Operating Model"]
["Revenue",null,{"$f":"DCF!E3","v":25670.52},{"$f":"DCF!F3","v":27467.456400000003},{"$f":"DCF!G3","v":29115.503784000004},{"$f":"DCF!H3","v":30571.278973200006},{"$f":"DCF!I3","v":32099.842921860007}]
["EBITDA",null,{"$f":"DCF!E10","v":9241.387200000001},{"$f":"DCF!F10","v":9888.2843040000025},{"$f":"DCF!G10","v":10481.58136224},{"$f":"DCF!H10","v":11005.660430352003},{"$f":"DCF!I10","v":11555.943451869603}]
["   % Margin",null,{"$f":"C28/C27","v":0.36000000000000004},{"$f":"D28/D27","v":0.36000000000000004},{"$f":"E28/E27","v":0.35999999999999993},{"$f":"F28/F27","v":0.36000000000000004},{"$f":"G28/G27","v":0.36000000000000004}]
["D&A",null,{"$f":"DCF!E12","v":770.11559999999997},{"$f":"DCF!F12","v":824.0236920000001},{"$f":"DCF!G12","v":873.46511352000005},{"$f":"DCF!H12","v":917.1383691960001},{"$f":"DCF!I12","v":962.99528765580021}]
["EBIT",null,{"$f":"C28-C30","v":8471.2716000000019},{"$f":"D28-D30","v":9064.2606120000019},{"$f":"E28-E30","v":9608.1162487199999},{"$f":"F28-F30","v":10088.522061156003},{"$f":"G28-G30","v":10592.948164213803}]
["(-) Interest Expense",null,{"$f":"C62","v":2704.5087009806757},{"$f":"D62","v":2405.9687342137804},{"$f":"E62","v":2055.8428519049467},{"$f":"F62","v":1653.4859502806548},{"$f":"G62","v":1199.0210634751404}]
["Pretax Income",null,{"$f":"C31-C32","v":5766.7628990193261},{"$f":"D31-D32","v":6658.2918777862214},{"$f":"E31-E32","v":7552.2733968150533},{"$f":"F31-F32","v":8435.0361108753496},{"$f":"G31-G32","v":9393.9271007386633}]
["(-) Taxes",null,{"$f":"MAX(C33,0)*Assumptions!$H$9","v":1211.0202087940584},{"$f":"MAX(D33,0)*Assumptions!$H$9","v":1398.2412943351064},{"$f":"MAX(E33,0)*Assumptions!$H$9","v":1585.9774133311612},{"$f":"MAX(F33,0)*Assumptions!$H$9","v":1771.3575832838233},{"$f":"MAX(G33,0)*Assumptions!$H$9","v":1972.7246911551192}]
["Net Income",null,{"$f":"C33-C34","v":4555.7426902252682},{"$f":"D33-D34","v":5260.050583451115},{"$f":"E33-E34","v":5966.2959834838921},{"$f":"F33-F34","v":6663.6785275915263},{"$f":"G33-G34","v":7421.2024095835441}]
["(+) D&A",null,{"$f":"C30","v":770.11559999999997},{"$f":"D30","v":824.0236920000001},{"$f":"E30","v":873.46511352000005},{"$f":"F30","v":917.1383691960001},{"$f":"G30","v":962.99528765580021}]
["(-) CapEx",null,{"$f":"DCF!E18","v":1155.1733999999999},{"$f":"DCF!F18","v":1236.0355380000001},{"$f":"DCF!G18","v":1310.1976702800002},{"$f":"DCF!H18","v":1375.7075537940002},{"$f":"DCF!I18","v":1444.4929314837002}]
["(-)  NWC",null,{"$f":"DCF!E19","v":190.15200000000004},{"$f":"DCF!F19","v":179.69364000000024},{"$f":"DCF!G19","v":164.80473840000013},{"$f":"DCF!H19","v":145.57751892000016},{"$f":"DCF!I19","v":152.85639486600013}]
["Levered FCF (pre-debt paydown)",null,{"$f":"C35+C36-C37-C38","v":3980.5328902252686},{"$f":"D35+D36-D37-D38","v":4668.3450974511143},{"$f":"E35+E36-E37-E38","v":5364.7586883238919},{"$f":"F35+F36-F37-F38","v":6059.531824073526},{"$f":"G35+G36-G37-G38","v":6786.8483708896438}]
[]
[]
["Debt Schedule"]
[]
["Revolver"]
["   Beginning Balance",{"$f":"B18","v":50},{"$f":"B47","v":50},{"$f":"C47","v":50},{"$f":"D47","v":50},{"$f":"E47","v":50},{"$f":"F47","v":50}]
["   Draw / (Paydown)",0,0,0,0,0,0]
["   Ending Balance",{"$f":"B18","v":50},{"$f":"C45+C46","v":50},{"$f":"D45+D46","v":50},{"$f":"E45+E46","v":50},{"$f":"F45+F46","v":50},{"$f":"G45+G46","v":50}]
["   Interest (Beg × Rate)",0,{"$f":"C45*Assumptions!$B$29","v":3.25},{"$f":"D45*Assumptions!$B$29","v":3.25},{"$f":"E45*Assumptions!$B$29","v":3.25},{"$f":"F45*Assumptions!$B$29","v":3.25},{"$f":"G45*Assumptions!$B$29","v":3.25}]
[]
["Term Loan B"]
["   Beginning Balance",0,{"$f":"B54","v":22510.489174838964},{"$f":"C54","v":18529.956284613694},{"$f":"D54","v":13861.61118716258},{"$f":"E54","v":8496.8524988386889},{"$f":"F54","v":2437.3206747651629}]
["   (–) Mandatory Amort",0,{"$f":"MIN(C51,$B$19*Assumptions!$B$32)","v":225.10489174838963},{"$f":"MIN(D51,$B$19*Assumptions!$B$32)","v":225.10489174838963},{"$f":"MIN(E51,$B$19*Assumptions!$B$32)","v":225.10489174838963},{"$f":"MIN(F51,$B$19*Assumptions!$B$32)","v":225.10489174838963},{"$f":"MIN(G51,$B$19*Assumptions!$B$32)","v":225.10489174838963}]
["   (–) Cash Sweep",0,{"$f":"MAX(0,MIN(C51-C52,(C39-C52)*Assumptions!$B$33))","v":3755.4279984768791},{"$f":"MAX(0,MIN(D51-D52,(D39-D52)*Assumptions!$B$33))","v":4443.2402057027248},{"$f":"MAX(0,MIN(E51-E52,(E39-E52)*Assumptions!$B$33))","v":5139.6537965755024},{"$f":"MAX(0,MIN(F51-F52,(F39-F52)*Assumptions!$B$33))","v":5834.4269323251365},{"$f":"MAX(0,MIN(G51-G52,(G39-G52)*Assumptions!$B$33))","v":2212.2157830167735}]
["   Ending Balance",{"$f":"B19","v":22510.489174838964},{"$f":"C51-C52-C53","v":18529.956284613694},{"$f":"D51-D52-D53","v":13861.61118716258},{"$f":"E51-E52-E53","v":8496.8524988386889},{"$f":"F51-F52-F53","v":2437.3206747651629},{"$f":"G51-G52-G53","v":0}]
["   Interest (Beg × Rate)",0,{"$f":"C51*Assumptions!$B$30","v":1688.2866881129223},{"$f":"D51*Assumptions!$B$30","v":1389.746721346027},{"$f":"E51*Assumptions!$B$30","v":1039.6208390371935},{"$f":"F51*Assumptions!$B$30","v":637.26393741290167},{"$f":"G51*Assumptions!$B$30","v":182.79905060738722}]
[]
["Senior Notes"]
["   Beginning Balance",0,{"$f":"B59","v":11255.244587419482},{"$f":"C59","v":11255.244587419482},{"$f":"D59","v":11255.244587419482},{"$f":"E59","v":11255.244587419482},{"$f":"F59","v":11255.244587419482}]
["   Ending Balance",{"$f":"B20","v":11255.244587419482},{"$f":"C58","v":11255.244587419482},{"$f":"D58","v":11255.244587419482},{"$f":"E58","v":11255.244587419482},{"$f":"F58","v":11255.244587419482},{"$f":"G58","v":11255.244587419482}]
["   Interest (Beg × Rate)",0,{"$f":"C58*Assumptions!$B$31","v":1012.9720128677533},{"$f":"D58*Assumptions!$B$31","v":1012.9720128677533},{"$f":"E58*Assumptions!$B$31","v":1012.9720128677533},{"$f":"F58*Assumptions!$B$31","v":1012.9720128677533},{"$f":"G58*Assumptions!$B$31","v":1012.9720128677533}]
[]
["Total Interest Expense",0,{"$f":"C48+C55+C60","v":2704.5087009806757},{"$f":"D48+D55+D60","v":2405.9687342137804},{"$f":"E48+E55+E60","v":2055.8428519049467},{"$f":"F48+F55+F60","v":1653.4859502806548},{"$f":"G48+G55+G60","v":1199.0210634751404}]
["Total Debt (End)",{"$f":"B47+B54+B59","v":33815.733762258445},29835.200872033176,25166.855774582062,19802.097086258171,13742.565262184646,11305.244587419482]
[]
[]
["Sponsor Returns"]
["Exit Year EBITDA (FY2030)",{"$f":"G28","v":11555.943451869603}]
["Exit EV / EBITDA Multiple",{"$f":"Assumptions!$E$19","v":9}]
["Exit Enterprise Value",{"$f":"B67*B68","v":104003.49106682643}]
["(–) Exit Net Debt",{"$f":"G63-Assumptions!B24","v":11255.244587419482}]
["Exit Equity Value",{"$f":"B69-B70","v":92748.246479406953}]
["Sponsor Equity Invested",{"$f":"B22","v":24415.013633580915}]
["MOIC",{"$f":"B71/B72","v":3.7988201797208543}]
[]
["CF Series for IRR",{"$f":"-B72","v":-24415.013633580915},0,0,0,0,{"$f":"B71","v":92748.246479406953}]
["Sponsor IRR",{"$f":"IRR(B75:G75)","v":0.30595961524693793}]

{"sheet":"Inputs_10K","index":4,"n_rows":25,"n_cols":7,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,"Market/WACC Inputs"]
[]
[null,null,null,null,null,"Shares O/S",410.5]
["Financials","FY2023","FY2024","FY2025",null,"Price",245]
["Revenue",19409,21505,23769]
["COGS",2354,2358,2551,null,"Risk-Free Rate (10Y UST)",4.2999999999999997E-2]
["SG&A",6764,7293,8061,null,"Equity Risk Premium",5.5E-2]
["R&D",3473,3944,4294,null,"Levered Beta",1.08]
["D&A",872,857,818,null,"Pre-Tax Cost of Debt",4.4999999999999998E-2]
["Interest Expense",113,169,263,null,"Target Debt / (D+E)",0.06]
["Tax Expense",1371,1371,1604,null,"Marginal Tax Rate",0.21]
["Net Income",5428,5560,7130]
["Cash & Equivalents",7141,7613,5431]
["Accounts Receivable",2224,2072,2344]
["Inventory",0,0,0]
["Other Current Assets",1719,1547,2388]
["Net PP&E",2030,1936,1873]
["Goodwill & Intangibles",13893,13570,13352]
["Other LT Assets",2772,3492,4108]
["Accounts Payable",314,361,417]
["Accrued Expenses",1942,2336,2648]
["Other Current Liab",5995,6325,7135]
["Total Debt",3634,5628,6210]
["Other LT Liabilities",1376,1475,1463]
["CapEx",360,183,179]