1 Thesis & Recommendation Summary Key Investment Driver #2 Key Investment Driver #3 GTT is growing rapidly through strategic mergers and acquisitions which provides the company the ability to expand its operating leverage, extend its network reach, and broaden its customer base. GTT has strong organic growth along with inorganic growth. It is increasing its sales channel, improving client account management and pushing for government contracts. Low capital expenditure model allows GTT to have higher free cash flow than peers. EXCHG: GTT Sector: TMT Industry: Networking Services Analyst: Urja Lakhani GTT Communications, Inc. BU Finance & Investment Club GTT is a high growth company and is expected to continue this growth in the future with the market for its connectivity solutions growing rapidly. GTT will be able to capitalize on this opportunity due to it’s growing infrastructure and strong product portfolio. Key Statistics Market Cap $ 959.73M 52-Week Range $ 12.3 - 26.6 Enterprise Value $ 1.35B Revenue (LTM) $ 500.03M EBITDA $ 103.44M Beta (against RTY) 1.09 Margins & Ratios P/E (LTM) 29.12 D/E Ratio 3.48 ROE 32.87% EBITDA Margin 5.37% Profit Margin 6.74% Dividend Yield 0% Recommendation Current Trading Price: $ 25.50 ( As of 11/30/2016) Recommendation: BUY Target Price: $ 32.78 Upside/Downside (%) 29% Sources: Bloomberg, Yahoo Finance Key Investment Driver #1 Key Investment Driver #3 $4,716.30 $1,175.84 0 1000 2000 3000 4000 5000 6000 Return on $1000 invested GTT RUT NASDAQ Telecom DATE: 12/20/16
Transcript
1
Thesis & Recommendation Summary
Key Investment Driver #2
Key Investment Driver #3
GTT is growing rapidly through strategic mergers and
acquisitions which provides the company the ability to expand its operating leverage, extend its network reach, and broaden
its customer base.
GTT has strong organic growth along with inorganic growth. It is increasing its sales channel, improving client account
management and pushing for government contracts.
Low capital expenditure model allows GTT to have higher free cash flow than peers.
GTT is a high growth company and is expected to continue this growth in the future with the market for its connectivity solutions growing rapidly. GTT will be able to capitalize on this opportunity
due to it’s growing infrastructure and strong product portfolio.
Key Statistics Market Cap $ 959.73M 52-Week Range $ 12.3 - 26.6 Enterprise Value $ 1.35B Revenue (LTM) $ 500.03M EBITDA $ 103.44M
Recommendation Current Trading Price: $ 25.50 (As of 11/30/2016) Recommendation: BUY Target Price: $ 32.78 Upside/Downside (%) 29%
Sources: Bloomberg, Yahoo Finance
Key Investment Driver #1
Key Investment Driver #3
$4,716.30
$1,175.84
0 1000 2000 3000 4000 5000 6000
Return on $1000 invested
GTT
RUT
NASDAQ Telecom
DATE: 12/20/16
2
INDUSTRY TRENDS & PRIMARY RESEARCH
INDUSTRY OVERVIEW
Diversified Communications Industry includes players that provide a diverse range of communication and networking services to consumers, businesses and governments.
Industry Definition
BU Finance & Investment Club
• Global Communications spending is expected to rise 5.31% CAGR between 2015 and 2019
• Internet service Industry is expected to grow at 4.2% CAGR from 2016 to 2021.
• The managed services industry is expected to grow at an annual growth rate of 14%.
Description: IP-based traffic is forecasted to grow rapidly. According to a CISCO report, global IP traffic will increase nearly threefold over the next 5 years, and will have increased nearly a hundredfold from 2005 to 2020. Overall, IP traffic will grow at a compound annual growth rate (CAGR) of 22% from 2015 to 2020. IP traffic in America alone (GTT’s major market) will grow at CAGR of 19 %. Business IP traffic is expected to grow at 18% CAGR from ‘15-’20 Impact on Company: This increased traffic will create significant need for bandwidth and networking services that GTT provides.
Trend #1Growing IP based traffic
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2015 2016 2017 2018 2019 2020
Business IP Traffic
Business Internet traffic
Business managed IP traffic
Business mobile data traffic
18% CAGR 6% CAGR 47% CAGR
DATE: 12/20/16
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INDUSTRY TRENDS & PRIMARY RESEARCH
BU Finance & Investment Club
Description: The worldwide cloud computing market grew 28% to $110B in revenues in 2015. Over the five years to 2021, the Cloud computing industry is expected to experience strong growth attributed to non-industry companies’ continued outsourcing of information technology (IT) to third parties. Efforts to improve operational efficiencies, coupled with the rising costs of handing IT internally, will drive outsourcing by large companies. Moreover, the continued shift to online services will drive additional demand for industry services. Worldwide spending on cloud services expected to grow at a 19.4% compound annual growth rate (CAGR) from nearly $70B in 2015 to more than $141B in 2019. Along with a growth in market for the cloud computing services, global cloud IP traffic is also expected to increase. According to a CISCO report, it will more than quadruple (4.1-fold) over the next 5 years. Overall, cloud IP traffic will grow at a CAGR of 33 percent from 2015 to 2020 due to the workload Shift from Traditional Data Centers to Cloud Data Centers. Traditional data centers traffic is decreasing at -1% 5 year CAGR and cloud data centers traffic is increasing at 27%5 year CAGR Impact on Company: GTT has built its network specifically for the cloud networking era. The company has created a robust internet backbone that has direct connections to thousands of cloud service providers. The company’s network points of presence (PoPs) are located in the leading data centers around the globe where the top cloud providers—such as IBM Cloud, Amazon Web Services and Microsoft Azure—host services. GTT can therefore provide businesses with fast and reliable direct connectivity to cloud services
Trend #2 Growth in Cloud market and traffic
Sources: Synergy Research Group, Forbes, Cybernetic, Gartner
0 5
10 15 20 25 30 35 40 45 50
2014 2015 2016 2017 2018 2019 2020
Cloud CompuCng Revenue ($B)
PaaS SaaS IaaS
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2014 2015 2016 2017 2018 2019
Workload DistribuCon
Cloud Data Center workloads
TradiEonal Data Center workloads
DATE: 12/20/16
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INDUSTRY TRENDS & PRIMARY RESEARCH
BU Finance & Investment Club
Sources: Synergy Research Group, Forbes, Cybernetic, Gartner
0 10 20 30 40 50 60 70
Security Threat Defences used by organizaCons (%)
Description: Increasing concerns about cyber security are driving the security services industry. Juniper Research recently predicted that the rapid digitization of enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015. Therefore, Spending on IT security, which was was 75.4B in 2015, is expected to reach $101B by 2018 and hit $170B by 2020 . Impact on Company GTT’s cloud-based and premises-based managed security services provides a comprehensive, multi-layered approach to security. GTT’s UTM (Unified Threat Management) services include Advanced Firewall, Intrusion Prevention, Anti-Virus, Web Filtering, Content Filtering and Anti-Spam – segments where there is still potential for growth.
Trend #3 Increasing security requirements
Industry Recommendation
Industry Rating: Overweight Due to the positive industry trends, there is significant market opportunity for GTT. The advent of cloud computing and rapidly increasing Cloud and IP traffic are tailwinds for the company creating significant need for bandwidth and networking services. Increasing complexity of IT and security requirements driving demand for managed services, GTT’s largest service segment.
DATE: 12/20/16
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COMPANY OVERVIEW
BU Finance & Investment Club
GTT is a network service operator, providing connectivity to large multinational enterprises, other carriers, and governments on a global basis. The company operates the fifth largest global Tier 1 Internet backbone with over 250 PoPs in 55 major markets.
Business Overview
• EtherCloud wide area network services The Company provides Layer 2 (Ethernet) and Layer 3 (multiprotocol label switching (MPLS)) solutions. It designs and implements custom private, public and hybrid cloud network solutions. Customers can directly connect locations anywhere in the world with a single Ethernet port at each location, sharing information between locations as easily as over a local network. The Company's Ethercloud service is available in point-to-point, point-to-multipoint, multipoint-to-multipoint, and MPLS IP VPN configurations. • Internet services The Company offers customers high-bandwidth global Internet connectivity and IP transit with availability and packet delivery. • Managed network and security services The Company offers managed network services, including managed equipment, managed security services and managed secure access. • Voice and unified communication services. The Company's voice and unified communication services include session initiation protocol (SIP) trunking, and enterprise private branch exchange (PBX). The SIP trunking service is an enterprise-built unified communications offering that integrates voice, video and chat onto a single IP connection. Enterprise PBX service allows clients to eliminate traditional voice infrastructure with communication services delivered through the cloud.
Core Products & Services
Sources: Investor Presentation, Company Website, Thomson Reuters, One Source
33%
28%
27%
4% 5%
3%
Service Offering
Managed Services
Internet Services
Ethercloud Services
Private Line
Voice and UC
Other
Customers
GTT provides services to multinational enterprises, carriers and government customers in over 100 countries. The Company's global network assets are deployed in North America, South America, Europe, Asia and Australia. Most of it’s revenue comes from US based customers (86%).
Customer Type
Enterprises
Carrier
Government
DATE: 12/20/16
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COMPANY OVERVIEW
BU Finance & Investment Club
Business Model
Sources: Investor Presentation, Company Website, Thomson Reuters, One Source
Ratios Company Industry Sector P/E Ratio 29.64 18.73 20.88 Current Ratio 0.93 0.85 0.84 Net Profit Margin 7.46% 7.27% 7.15% ROA 4.46% 3.48% 3.35%
ROE 20.53% 11.91%
11.9%
Top Global Internet Providers
Level 3
NTT
Telia Sonera
GTT
Cogent
The company employs a "capex light" model, which leverages the sophisticated routing and switching infrastructure in its core global network, then integrates network access leased from last mile telecommunications carriers to reach client locations. This business model allows the company to quickly add capacity as needed, avoid significant infrastructure deployment, maintenance and replacement costs, and focus solely on designing the best network solutions for our clients' specific needs.
Competitors & Competitive Positioning
Differentiators - ‘Capex Light’ model allows for global reach and rapid deployment of
bandwidth to meet client needs. - Internally developed software platform (CMD) to handle all aspects
of customer lifecycle and profitability - Global scale and Top-5 IP backbone enable superior services and
value
GTT is a leading company in the telecommunications sector: It was recently named the winner of a Gold Stevie Award in the Company of the Year – Telecommunications category in the 14th Annual American Business Awards. GTT was also named growth Company of the Year at 2016 ACG Corporate Growth Award. It also recently won the Ernst & Young's Entrepreneur of the Year award for the Mid-Atlantic region in the technology services category.
DATE: 12/20/16
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COMPANY OVERVIEW
BU Finance & Investment Club
GTT’s revenue is recognized directly through customers. GTT’s total revenue is comprised of three primary categories that include monthly recurring revenue (or "MRR"), non-recurring revenue, and burst revenue. MRR relates to contracted ongoing service that is generally fixed in price and paid by the customer on a monthly basis for the contracted term; this forms over 90% of total revenue. Non-recurring revenue consists of charges for installation in connection with the delivery of recurring communications services, late payments, cancellation, early termination, and equipment sales. Burst revenue represents variable charges for certain services, based on specific usage of those services, or usage above a fixed threshold, billed monthly in arrears.
Revenue Generation
Source: Company Website
Sources: Company Website, Company 10k, Investor Presentation
91.2 107.9
157.4
207.3
369.3
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2011 2012 2013 2014 2015
Revenue Growth
Remote Users
Branch Offices
Data Center
Headquarters
Branch Offices
Public Internet
Cloud Service Providers
Cloud Delivery Network
Internet Services
EtherCloud®
Wide Area Networking Services
Public Internet Private Wide Area Networks Client LocaEons with Managed Services
Firewall
DATE: 12/20/16
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MANAGEMENT OVERVIEW
BU Finance & Investment Club
Management Profiles
Richard D. Calder, Jr., President and CEO • Over two decades of experience in the telecommunications arena. • Received the EY Entrepreneur Of The Year 2016 Mid-Atlantic award. • Promoted to CEO in May 2007. • Previously worked InPhonic, Inc where he was president and COO. • Studied Engineering at Yale and got his MBA from Harvard.
Michael Sicoli, CFO • Promoted to CFO in April 2015. • Previously served as principal of MTS Advisors, LLC, a consulting and
advisory services firm he founded in 2013. • From 2010 to 2013, Mr. Sicoli served as Chief Executive Officer of Sidera
Networks, a fiber optic service provider.
H. Brian Thompson, Founder & Executive Chairman • Serves as a member of the Board of Directors of GTT, Axcelis Technologies,
Inc., ICO Global Communications (Holdings) Limited, and Sonus Networks, Inc.
• He also heads his own private equity investment and advisory firm, Universal Telecommunications, Inc
• From December 2002 to June 2007, he was Chairman of Comsat International
Holding Summary
InsEtuEonal Holdings 59.98%
Total number of holders 118
Total shares held 22,287,085
Total value of holdings $400,498,917
Sources: NASDAQ, Mergent Online, Company Website
10%
7%
7%
6%
6% 64%
InsCtuConal Holdings GILDER GAGNON HOWE & CO LLC
COLUMBIA WANGER ASSET MANAGEMENT LLC
PEMBROKE MANAGEMENT, LTD
CANNELL CAPITAL LLC
LYON STREET CAPITAL, LLC
Others
DATE: 12/20/16
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MANAGEMENT OVERVIEW
BU Finance & Investment Club
COMPANY TRENDS: INVESTMENT THESES
GTT’s growth strategy is making transformations through mergers and acquisitions. Acquisitions have the ability to increase the scale of GTT’s operations, which in turn affords them the ability to expand their operating leverage, extend their network reach, and broaden their customer base. The company recently acquired Hibernia networks. Hibernia helps GTT expand its product portfolio optical and low latency transport, video and CDN services. It also helps GTT increase its customer base The company expects to complete integration and realize synergies in 2-3 quarters and achieve a post synergy EBITDA multiple of 7times. Networking synergies are expected to come from the migration of GTT lease bandwidth to Hibernia's fiber network, the migration of Hibernia's IP traffic and lease bandwidth to GTT's Tier 1 backbone, combined purchasing power, and consolidation of overlapping points of presence. This deal also helps GTT tap into the Atlantic market which is growing at 40%. The companies continue to look for such opportunities as mentioned in the earnings call, “our funnel of opportunities matching these criteria is active and robust.”
Investment Thesis #1 Transformation through strategic M&A
Sources: Investor relations, Company Annual Report
Insiders own 32.8% of the company’s shares and institutions hold 59.98% of shares. Universal Telecommunications holds 18.2% shares. Richard Calder (CEO) holds 4.92% High insider holding is a positive signal indicating management's optimism and faith in the business. Over the past 12 months, shares bought by investors had exceeded the shares sold by investors which indicates an uptrend.
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Adjusted EBITDA Growth
DATE: 12/20/16
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§ Expanded service portfolio with broadband capability
§ Added enhanced managed services capabilities
October 2014
§ Added Top 5 global Tier 1 IP network
§ Extended network reach with over 120 PoPs in 24 countries
June 2011
§ Portfolio of IP and Ethernet services
§ Added 60 PoPs across North America, Asia and Europe
December 2009
§ Added over 500 multinational clients
§ Added significant managed service portfolio with deep security services
April 2015
§ Broadened global customer base to over 1,200 clients
§ Expanded portfolio of global Ethernet and cloud networking service
April 2013
§ Accelerated growth
in channel sales § Broadened GTT’s
client base across diverse vertical markets
February 2016
2010 2011 2012 2013 2014 2015 2016
§ Expanded IP and Ethernet services portfolio
§ Extended global network coverage and scale
April 2012
Selected Acquisition History Approach
§ Strong strategic fit
§ Successful integration of organization, systems and networks within two quarters
§ Highly accretive based on multiple of post-synergy EBITDA (after two quarters)
§ Added global SIP-based voice, blue chip multinational customer base
§ Added new global PoP locations
October 2015
M&A Growth Strategy
§ Expand cloud networking service platform
§ Extend network connectivity worldwide
§ Grow multinational client base and sales and support teams
Investment Thesis #1 Transformation through strategic M&A
11
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Investment Thesis #2 Strong Organic Growth
Investment Thesis #3 Low Capex increasing FCF
GTT’s organic growth in the most recent quarter has been 8%. The company targets to continue to grow organically in the range of 8-10%. In a recent conference, Mr. Cadler, CEO, remarked that he expects to ramp up the sales force from 95 in the end of the first quarter to 120 quote bearing sales people by the end of this year. The company has also recently been chosen as one of the 8 telecom providers for $4.3B worth of U.S. Govt. telecom contracts which will boost revenue growth. GTT’s key Organic Growth Initiatives are: • Grow direct sales team • Increase indirect channel presence • Expand Client Account Management (CAM) program • Win share of Global Network Services contract (US Govt)
GTT has a capex light model and this model allows it to generate higher unlevered FCF. Comparable Unlevered Free Cash Flow yield with dramatically lower upfront expenditure results in a compelling risk- adjusted model. Capex-light model allows GTT to offer clients industry-leading cloud networking services without owning fiber or data centers Utilization of leased network allows for ubiquitous reach and rapid deployment of new capacity to meet any customer need. Unencumbered by physical asset maintenance and operating costs are also relatively low. GTT’s target capex is 4-5% of revenue and majority of capex is success-based, related to network enhancements and customer orders.
COMPANY TRENDS: INVESTMENT THESES
Sources: Investor Presentation, Bloomberg, Yahoo Finance, Thomson One
104 106 108 110 112 114 116 118 120 122 124 126
Q1-‐ 15 Q2-‐ 15 Q3-‐ 15 Q4-‐ 15 Q1-‐ 16
Organic Revenue Growth ($M)
2% 3%
5%
3% 4%
0%
2%
4%
6%
2011 2012 2013 2014 2015
Capital Expenditure (as % of sales)
17.80% 22.70%
17.50% 14.10%
0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
GTT Cogent Level 3 Zayo Group
Unlevered FCF (as % of sales)
DATE: 12/20/16
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VALUATION: DISCOUNTED CASH FLOW ANALYSIS
BU Finance & Investment Club
Revenue forecasts for the next year is based on recent quarterly performance. After that revenue is assumed to increase at 9%-10% (in line with organic growth estimates). The company expects
revenue to reach $1B and EBITDA to reach $250M in the next 5 years but these numbers have not been used as they seem to be based on acquisition assumptions. Conservative estimates used instead.
12.0 x $48.09 $46.90 $45.75 $44.63 $43.54 $42.48 $41.45 $40.45
11.0 x $43.81 $42.72 $41.67 $40.64 $39.64 $38.67 $37.72 $36.80
10.0 x $39.53 $38.54 $37.58 $36.65 $35.74 $34.86 $34.00 $33.16 9.0 x $35.25 $34.36 $33.50 $32.66 $31.84 $31.04 $30.27 $29.52
8.0 x $30.97 $30.18 $29.41 $28.67 $27.94 $27.23 $26.54 $25.88
7.0 x $26.69 $26.00 $25.33 $24.67 $24.04 $23.42 $22.82 $22.23
AssumpCons Terminal Growth Rate = 2.2% Since it is the growth rate of US GDP. Assumed lower than industry growth rate to be conservaEve. EBITDA MulEple = Median of implied exit mulEple and comp co mulEples
Perpetuity Growth Method Exit Multiple Method Growth Rate 2.20% EBITDA Multiple 10.00x Undiscounted TEV $1,855.57 Undiscounted TEV $2,089.16 Discounted TEV $1,240.78 Discounted TEV $1,396.97 DCF Value $1,591.89 DCF Value $1,748.09 Equity Value $1,126.49 Equity Value $1,282.69
DATE: 12/20/16
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VALUATION: COMPARABLE COMPANIES ANALYSIS
BU Finance & Investment Club
Weighted mean has been used to derive these valuations. Weights are based on similarity of product mix, size of the
business and target customers. Outliers have not been weighted in P/E calculation. Weights have not been used for wide CompCo and median has been
used as the valuation metric there.
Assumptions
GTT is trading at a significantly higher P/E ratio compared to it’s peers. However, it should be noted that this could also be
because the company is a high growth stock and competitors are much larger companies.
The company’s EBITDA ratio should go down in the future and come at par with competitors as it continues to expand scale and
realize synergies from acquisitions.
Key Takeaways
Name TKR GTT CommunicaEons GTT Cogent CommunicaEon COOI Level 3 CommunicaEon LVLT Century Link CTL United Online UNTD Zayo Group ZAYO FronEer Comm FTR Earthlink ELNK
Wide Comparable Companies
Wide CompCo Results EV/Sales EV/EBITDA GTT 2.5x 12.2x Max 6.8x 17.9x Mean 3.2x 10x Median 3.0x 10.2x Min 0.5x 4.4x
Core CompCo Results
Sources: Company Annual Report, Yahoo Finance, Bloomberg, Factset
Most comparable transactions are public companies acquiring private companies. Information has been found from
newspaper articles, company website and company annual reports. Since most targets are private, premium has not
been deducted from EV. Precedent transaction has not been used in valuation.
Assumptions
One transaction where the target was a public company is Level 3 communication’s acquisition of TW Telecom. 12% premium has been deducted when calculating EV for the
multiple. Though not used in valuation, the multiple serves as a sanity check for comparable companies valuation multiples.
Key Takeaways
Precedent Transaction Results
Date Buyer Target Type EV LTM Sales EV/Revenue 11/7/16 Windstream Inc Earthlink Public/Public $1,100,000,000 $1,070,000,000 1.03
10/31/16 Century Link Level 3 Communications Public/Public
>>Income Approach (80%) >>Market Approach (20%) • Emphasis on DCF to factor in future growth prospects. • GTT’s closest competitors are private companies • High Growth Stock Compared to peers • EV/Sales allows comparison to peers without positive earnings or cash flow. • P/E not considered because most companies are loss making, or outliers • Comps produces skewed result due to market inefficiencies, especially within tech
Exposure to market risk for changes in interest rates is primarily related to the company’s outstanding term loans and revolving line of credit facility. The company has term loan of $400.0 million. The interest expense associated with the loan and any form of revolving credit will vary with market rates, specifically LIBOR. Based on current rates, a hypothetical 100 basis point increase in LIBOR would increase annual interest expense by approximately $3.6 million, which would decrease income and cash flows by the same amount.
Decline in IP Transit Prices
Approximately 20.5% of GTT’s revenues for the are billed by non-US entities that must record the revenue in the local functional currency (either British Pounds Sterling or Euros) and then translate the balances to the reporting currency, or USD. This foreign currency translation impact is partially offset by the fact that approximately 14.0% and 13.0% of our cost of telecommunication services provided and selling, general and administrative expenses are also billed to non-US legal entities that must record these items in local currency (in British Pounds Sterling or Euros) as well.
Pricing of the company's service continue to decline at rapid rates - The IP transit market continues to see rapid pricing declines, given historic overcapacity of fiber (which is leased by GTT). Fortunately, the model for GTT is one that re-prices transit from partners more rapidly than its contracts with enterprises. Thus, the primary risk from pricing is relative to revenues, with a much lessened risk on EBITDA.
Exchange Rate Sensitivity
Representative from Investor Relations indicated that the company would consider raising equity to fund an acquisition if further debt cannot be raised. This would lead to stock dilution.
Financing of acquisitions : Equity Raise
DATE: 12/20/16
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RECOMMENDATION SUMMARY
BU Finance & Investment Club
Recommendation
Current Trading Price: $ 25.50 (As of 11/30/16)
Recommendation: BUY
Target Price: $ 32.78
Upside/Downside (%) 29%
DATE: 12/20/16
20
Appendix 1: Income Statement (Historical) 2011 2012 2013 2014 2015
Accounts Payable 30.4 32.8 35.2 37.6 41.0 Accrued Expenses 50.1 52.7 55.3 60.2 65.7 Curr. Income Taxes Payable - - - - - ST Debt and lease obligations 13.8 14.9 16.0 17.1 18.7 Other Current Liabilities 27.6 29.7 32.0 34.1 37.2
Total Current Liabilities 122.0 130.1 138.5 149.1 162.6
Long Term Debt 382.2 382.2 382.2 382.2 382.2 Capital Leases & Current Portion 1.0 1.0 1.0 1.0 1.0 Unearned Revenue, Non-Current 2.4 2.4 2.4 2.4 2.4 Non current deferred liab - - - - - Other Non-Current Liabilities 0.9 0.9 0.9 0.9 0.9 Total Non current liab
Total Liabilities 508.48 516.6141122 525.0 535.6 549.1
Net Income 0.2 (1.6) (20.8) (23.0) 19.3 Add: Depreciation & Amortization 3.9 7.3 17.2 24.9 46.7 Less: Change in Net Working Capital - 3.7 7.7 0.5 (13.4) Less: Capital Expenditures -1.5 -3.6 -8.1 -6 -14.1
Operating Cash Flow 2.6 5.8 (4.0) (3.6) 38.5
Initial Cash Balance 6.6 3.4 4.7 5.8 49.3 Cash Available for Investors 9.2 9.2 0.7 2.2 87.8
