MSCP V CC Midco, LLC and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited) (1)
|
| | | | | | | |
| Three Months Ended |
| March 31, |
| 2015 | | 2014 |
Revenues | $ | 62,512,181 |
| | $ | 50,203,052 |
|
Cost of Revenue | 36,063,678 |
| | 29,513,553 |
|
Gross Profit | 26,448,503 |
| | 20,689,499 |
|
Operating Expenses | | | |
General and administrative | 13,130,150 |
| | 10,782,400 |
|
Depreciation and amortization | 4,169,075 |
| | 4,129,592 |
|
Total Operating Expenses | 17,299,225 |
| | 14,911,992 |
|
Income from Operations | 9,149,278 |
| | 5,777,507 |
|
| | | |
Other Expenses | | | |
Interest expense | 3,077,478 |
| | 1,536,294 |
|
Other | (20,794 | ) | | 2,382 |
|
Total Other Expenses | 3,056,684 |
| | 1,538,676 |
|
| | | |
Income before Provision for State Income Taxes and Limited Liability Company Fees
| 6,092,594 |
| | 4,238,831 |
|
Provision for State Income Taxes and Limited Liability Company Fees
| 1,290 |
| | — |
|
Net Income | $ | 6,091,304 |
| | $ | 4,238,831 |
|
| | | |
_____
(1) Information provided by Creative Circle, LLC.
MSCP V CC Midco, LLC and Subsidiaries
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) (1)
|
| | | | | | | | | | | | | | | |
| Three Months Ended | | Twelve Months Ended |
| March 31, | | December 31, |
| 2015 | | 2014 | | 2014 | | 2013 |
Net Income | $ | 6,091,304 |
| | $ | 4,238,831 |
| | $ | 16,776,434 |
| | $ | 10,038,899 |
|
Interest expense | 3,077,478 |
| | 1,536,294 |
| | 12,521,155 |
| | 7,493,064 |
|
Provision for state income taxes and limited liability company fees | 1,290 |
| | — |
| | 410,943 |
| | 215,619 |
|
Depreciation and amortization | 4,169,075 |
| | 4,129,592 |
| | 16,563,822 |
| | 16,288,285 |
|
EBITDA | 13,339,147 |
| | 9,904,717 |
| | 46,272,354 |
| | 34,035,867 |
|
| | | | | | | |
Unit-based compensation | — |
| | — |
| | 1,043,968 |
| | 902,759 |
|
Other adjustments (2) | 157,240 |
| | 2,382 |
| | 960,833 |
| | 363,878 |
|
Adjusted EBITDA | $ | 13,496,387 |
| | $ | 9,907,099 |
| | $ | 48,277,155 |
| | $ | 35,302,504 |
|
| | | | | | | |
________
(1) Information provided by Creative Circle, LLC.
(2) Other adjustments include certain legal expenses, loss on disposal of assets, certain deferred compensation expenses, and non-recurring expenses.