Exhibit 99.3
For Advisors Only John Popehn
Highly Confidential Information
Provided Pursuant to Confidentiality Agreement
Appvion
Additional Cash Flow Information
September 14, 2017
For Advisors Only
John Popehn
For Advisors Only
John Popehn
EBITDA to FCF Bridge
For Advisors Only 2 John Popehn
For Advisors Only
John Popehn
EBITDA to FCF Bridge
EBITDA to FCF ($, thousands)
FY 2016A 1H 2017A
Adjusted EBITDA $61,632 $27,731
â^† in Net Working Capital (957) 2,907 â^† in Other Current Assets and Liab. (12,472) (4,310) Capital Expenditures (14,673) (4,126) Other, Net (8,875) (6,310) Provision for Income Tax (411) (140)
Unlevered FCF $24,244 $15,752
ESOP Outflows (10,224) (5,490)
Unlevered FCF (post-ESOP) $14,020 $10,262
Cash Interest ($40,638) ($24,226) Debt Repayment (1,567) (817) Debt Issuance 0 20,000 Revolver Borrowing / (Paydown) 22,320 (12,420) Other 10,445 2,630
Change in Cash $4,580 ($4,571)
Memo:
Beginning Cash $1,817 $6,397 Ending Cash 6,397 1,826 Ending Revolver Balance 31,920 19,500
Source: Public filings.
For Advisors Only 3 John Popehn
For Advisors Only John Popehn
2017 Cash Uses
For Advisors Only 4 John Popehn
For Advisors Only John Popehn
YTD Cash Flows
Cash Flows ($, thousands)
1H 2017AJul-17AAug-17A
Cash Flow from Operations ($2,888) ($23,082) $4,239 Cash Flow from Investing (4,126) (877) (525) Cash Flow from Financing 2,443 24,395 (3,239)
Net Change in Cash ($4,571) $436 $475
Memo:
Beginning Cash $6,397 $1,826 $2,262 Ending Cash 1,826 2,262 2,737 Ending Revolver Balance 19,500 54,671 54,810
Accts Receivable ($3,298) ($2,232) $3,514
Inventories 905 (3,359) (3,210)
Accts Payable and Other Accrued Liab. (78) (6,140) 3,451
A/R Securitization 0 (10,500) 0
Source: Public filings through Q2 2017; Unaudited Management Estimates of Actuals for July and August 2017.
For Advisors Only 5 John Popehn
