Macabacus Operating Model Strictly Confidential

Table of Contents

Model

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 Model

Fractional years per period 1.00 1.00 1.00 1.00 1.00 1.00

x Income Statement
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Total revenue $440.8 $462.8 $486.0 $510.3 $535.8 $562.6
COGS 234.4 246.1 258.4 271.3 284.9 299.2
Gross profit 206.4 216.7 227.6 238.9 250.9 263.4
SG&A 79.6 83.6 87.8 92.1 96.8 101.6
EBITDA 126.8 133.1 139.8 146.8 154.1 161.8
Depreciation 14.0 14.7 15.4 16.2 17.0 17.9
Amortization 11.6 11.6 11.6 11.6 2.7 –
Stock-based comp 10.8 11.3 11.9 12.5 13.1 13.8
EBIT 90.4 95.5 100.9 106.5 121.3 130.2
EBITA 112.8 118.4 124.4 130.6 137.1 144.0
Interest (income) / expense
Cash NA (0.4) (0.6) (0.8) (1.0) (1.2)
Revolver – interest NA 1.2 – – – –
Revolver – undrawn commitment fee NA 0.4 0.5 0.5 0.5 0.5
Senior credit facility NA – – – – –
Subordinated note NA 3.8 3.8 3.8 3.8 3.8
Convertible bond NA 18.1 18.9 19.8 20.7 20.7
Interest (income) / expense 19.0 23.0 22.6 23.3 24.0 23.8
Equity income in affiliates – – – – – –
Other (income) / expense – – – – – –
Income before taxes 71.4 72.5 78.3 83.2 97.3 106.3
Provision for tax 28.4 29.0 31.3 33.3 38.9 42.5
GAAP net income 43.0 43.5 47.0 49.9 58.4 63.8
Net income attributable to noncontrolling interests – – – – – –
Preferred dividends – – – – – –
GAAP net income available to common $43.0 $43.5 $47.0 $49.9 $58.4 $63.8

GAAP to cash reconciliation

Amortization $7.0 $7.0 $7.0 $7.0 $1.6 –
Stock-based comp 6.5 6.8 7.1 7.5 7.9 8.3
One-time charges – – – – – –
Cash net income available to common $56.5 $57.2 $61.1 $64.4 $67.9 $72.1

GAAP diluted EPS $1.22 $1.23 $1.33 $1.41 $1.34 $1.47

Cash diluted EPS $1.60 $1.62 $1.73 $1.82 $1.56 $1.66

Capital expenditures $15.2 $16.0 $16.8 $17.6 $18.5 $19.4

Common dividend per share $0.01 $0.01 $0.01 $0.01 $0.01 $0.01

Key Performance Metrics & Drivers

Sales growth 4.9% 5.0% 5.0% 5.0% 5.0% 5.0%

GAAP earnings growth NA 1.1% 8.0% 6.3% 16.9% 9.3%
Cash earnings growth NA 1.3% 6.7% 5.4% 5.4% 6.2%

COGS / sales 53.2% 53.2% 53.2% 53.2% 53.2% 53.2%

SG&A / sales 18.1% 18.1% 18.1% 18.1% 18.1% 18.1%
Depreciation / sales 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Amortization / sales 2.6% 2.5% 2.4% 2.3% 0.5% –
Stock-based comp / sales 2.5% 2.5% 2.5% 2.5% 2.5% 2.5%
Capex / sales 3.4% 3.4% 3.4% 3.4% 3.4% 3.4%

Gross margin 46.8% 46.8% 46.8% 46.8% 46.8% 46.8%

EBITDA margin 28.8% 28.8% 28.8% 28.8% 28.8% 28.8%
EBIT margin 20.5% 20.6% 20.8% 20.9% 22.6% 23.1%
EBITA margin 25.6% 25.6% 25.6% 25.6% 25.6% 25.6%
GAAP net margin 9.8% 9.4% 9.7% 9.8% 10.9% 11.3%
Cash net margin 12.8% 12.4% 12.6% 12.6% 12.7% 12.8%

ROIC 17.0% 16.1% 14.5% 13.3% 13.2% 12.5%

ROE 38.0% 25.9% 20.8% 17.3% 16.2% 14.6%
ROA 9.3% 8.0% 7.7% 7.2% 7.6% 7.5%

Tax rate 39.8% 40.0% 40.0% 40.0% 40.0% 40.0%

x Balance Sheet
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Assets

Cash and equivalents $157.1 $238.7 $313.9 $392.9 $461.9 $534.0

Accounts receivable 136.4 143.3 150.4 157.9 165.8 174.1
Inventory – – – – – –
Deferred tax asset, current 8.8 9.3 9.7 10.2 10.7 11.3
Other current assets 8.2 8.6 9.1 9.5 10.0 10.5
Total current assets 310.6 399.9 483.1 570.6 648.4 729.9
PP&E, gross 44.0 60.0 76.7 94.3 112.8 132.2
( – ) Accumulated depreciation (6.0) (20.7) (36.2) (52.4) (69.4) (87.3)
PP&E, net 38.0 39.2 40.6 41.9 43.4 44.9
Goodwill 61.1 61.1 61.1 61.1 61.1 61.1
Other intangible assets 37.5 25.9 14.3 2.7 – –
Equity investments – – – – – –
Other assets 14.3 14.3 14.3 14.3 14.3 14.3
Total assets $461.4 $540.4 $613.4 $690.6 $767.2 $850.2

Liabilities & Shareholders' Equity

Accounts payable $20.7 $21.7 $22.8 $23.9 $25.1 $26.4

Accrued expenses 15.4 16.1 17.0 17.8 18.7 19.6
Client deposits – – – – – –
Income taxes payable 2.9 3.1 3.2 3.4 3.6 3.7
Deferred revenue 20.0 21.0 22.1 23.2 24.3 25.5
Other current liabilities 36.2 38.0 39.9 41.9 44.0 46.2
Current portion of long-term debt – – – – – –
Total current liabilities 95.2 99.9 104.9 110.2 115.7 121.5
Revolver 15.0 – – – – –
Senior credit facility – – – – – –
Subordinated note 45.5 45.5 45.5 45.5 45.5 45.5
Convertible bond 190.0 199.0 208.5 218.4 218.4 218.4
Total debt 250.5 244.5 254.0 263.9 263.9 263.9
Net deferred tax liability / (asset) (15.4) 10.3 10.3 10.3 10.3 10.3
Other long-term liabilities 17.9 17.9 17.9 17.9 17.9 17.9
Total liabilities 348.2 372.7 387.1 402.3 407.8 413.5
Noncontrolling interests – – – – – –
Preferred stock – – – – – –
Common equity 113.3 167.7 226.2 288.3 359.5 436.7
Total liabilities & shareholders' equity $461.4 $540.4 $613.4 $690.6 $767.2 $850.2

Check – – – – – –

x Cash Flow Statement

MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Operating Activities

Net income $43.5 $47.0 $49.9 $58.4 $63.8

Depreciation 14.7 15.4 16.2 17.0 17.9
Amortization of intangibles 11.6 11.6 11.6 2.7 –
Stock-based compensation 11.3 11.9 12.5 13.1 13.8
Equity income in affiliates – – – – –
Cash dividends from equity investments – – – – –
PIK accrual – Convertible bond 9.0 9.5 9.9 – –
PIK accrual – Preferred stock – – – – –
Income statement adjustments 46.7 48.4 50.2 32.8 31.7
(Increase) / decrease in working capital (2.9) (3.1) (3.2) (3.4) (3.5)
Increase / (decrease) in net DTL 25.7 – – – –
(Increase) / decrease in other assets – – – – –
Increase / (decrease) in other liabilities – – – – –
Balance sheet adjustments 22.8 (3.1) (3.2) (3.4) (3.5)
Cash flow from operating activities $112.9 $92.3 $96.9 $87.8 $91.9

Investing Activities

Cash flow from investing activities ($16.0) ($16.8) ($17.6) ($18.5) ($19.4)

Financing Activities

Revolver ($15.0) – – – –
Senior credit facility – – – – –
Subordinated note – – – – –
Convertible bond – – – – –
Preferred stock – – – – –
Common dividend (0.4) (0.4) (0.4) (0.4) (0.4)
Cash flow from financing activities ($15.4) ($0.4) ($0.4) ($0.4) ($0.4)

Change in cash $81.6 $75.2 $79.0 $69.0 $72.2

x Working Capital
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Net Working Capital

Accounts receivable $136.4 $143.3 $150.4 $157.9 $165.8 $174.1

Inventory – – – – – –
Deferred tax asset, current 8.8 9.3 9.7 10.2 10.7 11.3
Other current assets 8.2 8.6 9.1 9.5 10.0 10.5
Non-cash current assets 153.5 161.2 169.2 177.7 186.6 195.9
Accounts payable 20.7 21.7 22.8 23.9 25.1 26.4
Accrued expenses 15.4 16.1 17.0 17.8 18.7 19.6
Client deposits – – – – – –
Income taxes payable 2.9 3.1 3.2 3.4 3.6 3.7
Deferred revenue 20.0 21.0 22.1 23.2 24.3 25.5
Other current liabilities 36.2 38.0 39.9 41.9 44.0 46.2
Non-debt current liabilities 95.2 99.9 104.9 110.2 115.7 121.5
Net working capital $58.3 $61.2 $64.3 $67.5 $70.9 $74.4

Working Capital Drivers

Sales $440.8 $462.8 $486.0 $510.3 $535.8 $562.6

COGS 234.4 246.1 258.4 271.3 284.9 299.2
Purchases 246.1 258.4 271.3 284.9 299.2
Selector
Accounts receivable / sales 1 30.95% 30.95% 30.95% 30.95% 30.95% 30.95%
Inventory / COGS 2 – – – – – –
Deferred tax asset, current / sales 1 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Other current assets / COGS 2 3.51% 3.51% 3.51% 3.51% 3.51% 3.51%

Accounts payable / COGS 2 8.81% 8.81% 8.81% 8.81% 8.81% 8.81%

Accrued expenses / COGS 2 6.56% 6.56% 6.56% 6.56% 6.56% 6.56%
Client deposits / sales 1 – – – – – –
Income taxes payable / COGS 2 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
Deferred revenue / sales 1 4.54% 4.54% 4.54% 4.54% 4.54% 4.54%
Other current liabilities / COGS 2 15.44% 15.44% 15.44% 15.44% 15.44% 15.44%

Accounts receivable days 110.3 110.3 110.3 110.3 110.3

Accounts payable days 31.4 31.4 31.4 31.4 31.4
Inventory days – – – – –
Inventory turnover NA NA NA NA NA

x Debt Schedule
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Beginning cash balance $157.1 $238.7 $313.9 $392.9 $461.9
( – ) Minimum cash balance (100.0) (100.0) (100.0) (100.0) (100.0)
Excess cash / (cash deficit) 57.1 138.7 213.9 292.9 361.9
( + ) Cash flow available for debt service 96.9 75.5 79.3 69.3 72.5
Total cash available for debt service 154.1 214.3 293.2 362.2 434.4
Senior credit facility – – – – –
Subordinated note – – – – –
Convertible bond – – – – –
( – ) Scheduled debt repayment – – – – –
Cash available for sweep / (revolver draw-down) $154.1 $214.3 $293.2 $362.2 $434.4

Optional debt repayment

Revolver ($15.0) – – – –
Senior credit facility – – – – –
Subordinated note – – – – –
Total optional debt repayment ($15.0) – – – –

Debt Schedule

Revolver
Beginning balance $15.0 – – – –
( + ) Revolver draw-down – – – – –
( – ) Revolver pay-down (15.0) – – – –
Ending balance $15.0 – – – – –

Bank revolver commitment $100.0 $100.0 $100.0 $100.0 $100.0 $100.0

Undrawn revolver balance 85.0 100.0 100.0 100.0 100.0 100.0

Senior credit facility

Beginning balance – – – – –
( – ) Mandatory repayment – – – – –
( – ) Optional repayment – – – – –
Ending balance – – – – – –

Subordinated note
Beginning balance $45.5 $45.5 $45.5 $45.5 $45.5
( – ) Scheduled maturity – – – – –
( – ) Optional repayment – – – – –
Ending balance $45.5 $45.5 $45.5 $45.5 $45.5 $45.5

Convertible bond
Beginning balance $190.0 $199.0 $208.5 $218.4 $218.4
( + ) PIK accretion 9.0 9.5 9.9 – –
( – ) Scheduled maturity – – – – –
Ending balance $190.0 $199.0 $208.5 $218.4 $218.4 $218.4

Preferred stock
Beginning balance – – – – –
( + ) PIK accretion – – – – –
( – ) Retirement – – – – –
Ending balance – – – – – –

Scheduled Debt Amortization (%)

Senior credit facility – – – – –

Subordinated note – – – – –

Interest Rates

LIBOR 3.74% 4.16% 4.57% 4.83% 4.98%

Cash 0.25% 0.25% 0.25% 0.25% 0.25%
Undrawn commitment fee 0.50% 0.50% 0.50% 0.50% 0.50%

Revolver 7.99% 8.41% 8.82% 9.08% 9.23%

Senior credit facility 8.49% 8.91% 9.32% 9.58% 9.73%
Subordinated note 8.25% 8.25% 8.25% 8.25% 8.25%
Convertible bond 9.50% 9.50% 9.50% 9.50% 9.50%
Preferred stock 10.25% 10.25% 10.25% 10.25% 10.25%

Interest Expense / Preferred Dividends

Undrawn commitment fee $0.4 $0.5 $0.5 $0.5 $0.5

Revolver $1.2 – – – –
Senior credit facility – – – – –
Subordinated note $3.8 $3.8 $3.8 $3.8 $3.8
Convertible bond $18.1 $18.1 $18.9 $19.8 $20.7 $20.7
Preferred stock – – – – – –

Senior interest expense $1.6 $0.5 $0.5 $0.5 $0.5

Cash interest expense $14.4 $13.7 $14.2 $25.0 $25.0
Total interest expense $23.4 $23.2 $24.1 $25.0 $25.0
Convertible preferred dividends – – – – –
Straight preferred dividends – – – – –
Total preferred dividends – – – – –

Interest & Dividends Paid-in-Kind (PIK)

Revolver – – – – –
Senior credit facility – – – – –
Subordinated note – – – – –
Convertible bond 50.0% 50.0% 50.0% – –
Preferred stock – – – – –

Debt Triggers

Average interest? No

Fixed Rate / Spread to Senior Preferred Convertible Conversion Cash

Coupon LIBOR Debt? Security? Security? Price Sweep
Revolver – 4.25% Yes No No – 100.0%
Senior credit facility – 4.75% Yes No No – 100.0%
Subordinated note 8.25% – No No No – –
Convertible bond 9.50% – No No Yes $26.77 –
Preferred stock 10.25% – No Yes No – –

x Equity Investments
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Equity income in affiliates – – – – –
( – ) Cash dividends received from equity investments – – – – –
Undistributed earnings – – – – –

Dividends Received Deduction (DRD) 80.0%

Current taxes payable – – – – –

Deferred tax expense No – – – – –
Income tax expense – – – – –

Tax benefit from DRD – – – – –

x Depreciation Schedule
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Capital expenditures $16.0 $16.8 $17.6 $18.5 $19.4

Book Depreciation (straight-line)

Useful life (yrs) 10.0

Midpoint convention Yes

2023 $16.0 $0.8 $1.6 $1.6 $1.6 $1.6

2024 $16.8 0.8 1.7 1.7 1.7
2025 $17.6 0.9 1.8 1.8
2026 $18.5 0.9 1.8
2027 $19.4 1.0
Book depreciation of capex 0.8 2.4 4.2 6.0 7.8
( + ) Book depreciation of existing fixed assets 13.9 13.0 12.1 11.1 10.0
Total book depreciation expense $14.7 $15.4 $16.2 $17.0 $17.9

Modified Accelerated Cost Recovery System (MACRS) Depreciation

Property class (yrs) 10.0

2023 $16.0 $1.6 $2.9 $2.3 $1.8 $1.5

2024 $16.8 1.7 3.0 2.4 1.9
2025 $17.6 1.8 3.2 2.5
2026 $18.5 1.8 3.3
2027 $19.4 1.9
MACRS depreciation of capex $1.6 $4.5 $7.1 $9.3 $11.2

Tax Depreciation

Use MACRS depreciation of capex? No

Tax depreciation of capex $0.8 $2.4 $4.2 $6.0 $7.8

( + ) Tax depreciation of existing fixed assets 13.9 13.0 12.1 11.1 10.0
Total tax depreciation expense $14.7 $15.4 $16.2 $17.0 $17.9

Page 2 of 3
 Model

x Tax Schedule
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Federal tax rate 38.1% 38.1% 38.1% 38.1% 38.1%
State and local tax rate 3.0% 3.0% 3.0% 3.0% 3.0%
Blended tax rate 39.8% 40.0% 40.0% 40.0% 40.0% 40.0%

Cash Taxes & Net DTL

EBITDA $133.1 $139.8 $146.8 $154.1 $161.8

( – ) Tax depreciation (14.7) (15.4) (16.2) (17.0) (17.9)
( – ) Tax amortization of intangible assets (11.6) (11.6) (11.6) (2.7) –
( – ) Tax amortization of tax-deductible goodwill – – – – –
( – ) Stock-based compensation (11.3) (11.9) (12.5) (13.1) (13.8)
( + ) Interest income / (expense) (23.0) (22.6) (23.3) (24.0) (23.8)
( + ) Distributed equity income in affiliates – – – – –
( + ) Other income / (expense) – – – – –
Total taxable income 72.5 78.3 83.2 97.3 106.3
( – ) NOL used (64.2) – – – –
State and local taxable income 8.3 78.3 83.2 97.3 106.3
( – ) State and local cash taxes (0.2) (2.3) (2.5) (2.9) (3.2)
Federal taxable income $8.0 $75.9 $80.7 $94.4 $103.1

Federal cash taxes $3.1 $29.0 $30.8 $36.0 $39.3

( + ) State and local cash taxes 0.2 2.3 2.5 2.9 3.2
Total cash taxes payable 3.3 31.3 33.3 38.9 42.5
( + ) Deferred tax expense / (benefit) 25.7 – – – –
Book tax expense $29.0 $31.3 $33.3 $38.9 $42.5

Net DTL – beginning balance ($15.4) $10.3 $10.3 $10.3 $10.3

Increase / (decrease) in net DTL 25.7 – – – –
Net DTL– ending balance ($15.4) $10.3 $10.3 $10.3 $10.3 $10.3

Acquired NOL Subject to Section 382

Annual Sec. 382 NOL deduction limit –

Remaining NOL life (yrs) – – – – – –

Acquired NOL subject to Sec. 382

Beginning balance – – – – –
( – ) NOL used – – – – –
( – ) NOL expired – – – – –
Ending balance – – – – – –

Unused limitation carryforward

Beginning balance – – – – –
( + ) Carryforward created – – – – –
( – ) Carryforward used – – – – –
Ending balance – – – – – –

Unencumbered NOL

Remaining NOL life (yrs) 15.00 14.00 13.00 12.00 11.00 10.00

Beginning balance $64.2 – – – –

( + ) NOL created – – – – –
( – ) NOL used (64.2) – – – –
( – ) NOL expired – – – – –
Ending balance $64.2 – – – – –

DTA attributable to NOL

Beginning balance $25.7 – – – –

Increase / (decrease) in DTA attributable to NOL (25.7) – – – –
Ending balance $25.7 – – – – –

Alternative Minimum Tax (AMT)

*** SOME OR ALL OF THIS SECTION MAY NOT APPLY OUTSIDE THE UNITED STATES ***

Corporate AMT tax rate 20.0% 20.0% 20.0% 20.0% 20.0%

Maximum taxable income offset 90.0% 90.0% 90.0% 90.0% 90.0%
Effective AMT tax rate 2.0% 2.0% 2.0% 2.0% 2.0%

Federal tax at statutory rate (post-NOL) $3.1 $29.0 $30.8 $36.0 $39.3
Alternative minimum tax (before credits) 1.4 1.5 1.6 1.9 2.1

Tax payable before AMT credit used $3.1 $29.0 $30.8 $36.0 $39.3
( – ) AMT tax credit used – – – – –
Federal cash taxes $3.1 $29.0 $30.8 $36.0 $39.3
Effective federal cash tax rate 4.2% 38.1% 38.1% 38.1% 38.1%

AMT tax credit carryforward

AMT tax credit – beginning balance – – – – –
( + ) AMT tax credit generated – – – – –
( – ) AMT tax credit used – – – – –
AMT tax credit – ending balance – – – – – –

x Shares Outstanding
MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Stock Options

Current share price $9.16

Options Outstanding Options Exercisable

Number of Average Number of Average Treasury
Options Strike Options Strike Method

Tranche 1 0.402 $9.13 0.209 $9.04 0.003

Tranche 2 0.120 9.93 0.059 10.03 –
Tranche 3 0.466 11.60 0.221 11.53 –
Tranche 4 0.300 12.64 0.300 12.69 –
Tranche 5 0.520 19.48 0.269 19.54 –
Tranche 6 0.422 27.03 0.211 27.06 –
Tranche 7 0.375 45.78 0.187 45.75 –
Tranche 8 – – – – –
Tranche 9 – – – – –
Tranche 10 – – – – –
Total Treasury Method shares 0.003

Convertible Securities

Face value
Convertible bond $190.0 $199.0 $208.5 $218.4 $218.4 $218.4
Preferred stock – – – – – –

Conversion price
Convertible bond $26.77 $26.77 $26.77 $26.77 $26.77 $26.77
Preferred stock – – – – – –

Convertible shares
Convertible bond 7.097 7.435 7.788 8.158 8.158 8.158
Preferred stock – – – – – –

EPS if converted
Convertible bond $1.27 $1.27 $1.35 $1.42 $1.63 $1.75
Preferred stock $1.22 $1.23 $1.33 $1.41 $1.65 $1.81

Basic EPS $1.22 $1.23 $1.33 $1.41 $1.65 $1.81

Is conversion dilutive?
Convertible bond No No No No Yes Yes
Preferred stock No No No No No No

Fully Diluted Shares Outstanding

Basic shares outstanding (BSO) 35.340 35.340 35.340 35.340 35.340 35.340
( + ) In-the-money Treasury Method option shares 0.003 0.003 0.003 0.003 0.003 0.003
( + ) Shares from Convertible bond – – – – 8.158 8.158
( + ) Shares from Preferred stock – – – – – –
Fully diluted shares outstanding (FDSO) 35.343 35.343 35.343 35.343 43.500 43.500

x Summary Credit Metrics

MRY Fiscal Years Ending December 31,
($ in millions) 2022 2023 2024 2025 2026 2027
Capitalization

Total debt 244.5 254.0 263.9 263.9 263.9

Net debt 5.8 (59.9) (129.0) (198.0) (270.1)
Senior debt – – – – –
Preferred stock – – – – –
Total capitalization 412.2 480.2 552.2 623.3 700.6

Interest Expense

Senior interest expense $1.6 $0.5 $0.5 $0.5 $0.5

Cash interest expense 14.4 13.7 14.2 25.0 25.0
Total interest expense 23.4 23.2 24.1 25.0 25.0
Fixed charges (total interest & preferred dividends) 23.4 23.2 24.1 25.0 25.0

Coverage

EBITDA $133.1 $139.8 $146.8 $154.1 $161.8

EBITDA / senior interest expense 82.0x 279.6x 293.6x 308.3x 323.7x
EBITDA / cash interest expense 9.2x 10.2x 10.4x 6.2x 6.5x
EBITDA / total interest expense 5.7x 6.0x 6.1x 6.2x 6.5x
EBITDA / fixed charges 5.7x 6.0x 6.1x 6.2x 6.5x

EBITDA – capex $117.2 $123.0 $129.2 $135.7 $142.4

(EBITDA – capex) / senior interest expense 72.2x 246.1x 258.4x 271.3x 284.9x
(EBITDA – capex) / cash interest expense 8.1x 9.0x 9.1x 5.4x 5.7x
(EBITDA – capex) / total interest expense 5.0x 5.3x 5.4x 5.4x 5.7x
(EBITDA – capex) / fixed charges 5.0x 5.3x 5.4x 5.4x 5.7x

EBITDA – capex – Δ WC $114.3 $120.0 $126.0 $132.3 $138.9

(EBITDA – capex – Δ WC) / senior interest expense 70.4x 240.0x 252.0x 264.5x 277.8x
(EBITDA – capex – Δ WC) / cash interest expense 7.9x 8.8x 8.9x 5.3x 5.6x
(EBITDA – capex – Δ WC) / total interest expense 4.9x 5.2x 5.2x 5.3x 5.6x
(EBITDA – capex – Δ WC) / fixed charges 4.9x 5.2x 5.2x 5.3x 5.6x

Leverage

Senior debt / total capitalization – – – – –

Net debt / total capitalization 1.41% NM NM NM NM

Senior debt / EBITDA – – – – –

Total debt / EBITDA 1.84x 1.82x 1.80x 1.71x 1.63x
Net debt / EBITDA 0.04x NM NM NM NM
Net debt + preferred / EBITDA 0.04x NM NM NM NM

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