INCOME STATEMENT REVENUES Bergdorf Goodman 809 844 784 185 202 168 167 722 181 202 170 169 722 185 206 174 173 737 752 767 Y/Y Growth (%) NA 4.4% (7.2)% (7.5)% (10.7)% (7.7)% (5.0)% (7.9)% (2.0)% 0.0% 1.0% 1.5% 0.1% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Bull (3.5)% (0.5)% 1.5% 2.5% 3.0% 3.5% 3.5% 3.0% 3.0% 3.0% 3.0% Base (5.0)% (2.0)% 0.0% 1.0% 1.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Bear (6.5)% (3.0)% (1.0)% 0.0% 0.5% 1.0% 1.0% 1.3% 1.5% 1.5% 1.5% % of Fiscal Year Total 100% 100% 100% 26% 28% 23% 23% 100% 25% 28% 24% 23% 100% 25% 28% 24% 23% 100% 100% 100% Neiman Marcus/ Last Call 2,876 2,912 2,730 579 756 588 570 2,493 555 741 588 576 2,460 561 755 605 593 2,515 2,591 2,668 Y/Y Growth (%) NA 1.3% (6.3)% (10.9)% (7.9)% (8.0)% (8.0)% (8.7)% (4.0)% (2.0)% 0.0% 1.0% (1.3)% 1.0% 2.0% 3.0% 3.0% 2.2% 3.0% 3.0% Bull (6.5)% (2.5)% (0.5)% 1.5% 2.5% 2.5% 3.5% 4.0% 4.0% 4.0% 4.0% Base (8.0)% (4.0)% (2.0)% 0.0% 1.0% 1.0% 2.0% 3.0% 3.0% 3.0% 3.0% Bear (9.5)% (5.0)% (3.0)% (1.0)% 0.0% 0.0% 1.0% 2.3% 2.5% 2.5% 2.5% % of Fiscal Year Total 100% 100% 100% 23% 30% 24% 23% 100% 23% 30% 24% 23% 100% 22% 30% 24% 24% 100% 100% 100% Total Store Revenues 3,685 3,757 3,513 764 957 756 737 3,214 737 942 758 745 3,182 746 961 779 766 3,252 3,342 3,435 % of Total Revenues 76% 74% 71% 71% 69% 68% 69% 69% 70% 68% 67% 68% 68% 69% 67% 67% 68% 68% 67% 66% % of Fiscal Year Total 100% 100% 100% 24% 30% 24% 23% 100% 23% 30% 24% 23% 100% 23% 30% 24% 24% 100% 100% 100% NMG Online 1,154 1,216 1,234 258 375 285 264 1,182 249 370 285 267 1,170 251 375 291 272 1,189 1,213 1,237 Y/Y Growth (%) NA 5.3% 1.5% (4.8)% (4.8)% (2.1)% (5.0)% (4.2)% (3.5)% (1.5)% 0.0% 1.0% (1.0)% 1.0% 1.5% 2.0% 2.0% 1.6% 2.0% 2.0% Bull (3.0)% (2.0)% 0.0% 1.5% 2.5% 2.5% 3.0% 3.0% 3.0% 3.0% 3.0% Base (5.0)% (3.5)% (1.5)% 0.0% 1.0% 1.0% 1.5% 2.0% 2.0% 2.0% 2.0% Bear (7.5)% (4.5)% (2.5)% (1.0)% 0.0% 0.0% 0.5% 1.3% 1.5% 1.5% 1.5% % of Fiscal Year Total 100% 100% 100% 22% 32% 24% 22% 100% 21% 32% 24% 23% 100% 21% 32% 24% 23% 100% 100% 100% MyTheresa NA 123 202 57 63 70 70 261 72 77 86 84 319 86 91 101 97 374 430 495 Y/Y Growth (%) NA NA 29.4% 29.9% 36.5% 24.0% 27.5% 29.1% 25.0% 22.5% 22.5% 20.0% 22.4% 20.0% 17.5% 17.5% 15.0% 17.4% 15.0% 15.0% Bull 32.5% 30.0% 27.5% 27.5% 25.0% 25.0% 22.5% 22.5% 20.0% 20.0% 20.0% Base 27.5% 25.0% 22.5% 22.5% 20.0% 20.0% 17.5% 17.5% 15.0% 15.0% 15.0% Bear 22.5% 20.0% 17.5% 17.5% 15.0% 15.0% 12.5% 12.5% 10.0% 12.5% 12.5% % of Fiscal Year Total NA 100% 100% 22% 24% 27% 27% 100% 23% 24% 27% 26% 100% 23% 24% 27% 26% 100% 100% 100% Total Online Revenues 1,154 1,338 1,436 315 438 355 334 1,443 321 447 371 351 1,489 338 466 392 368 1,564 1,644 1,732 % of Total Revenues 24% 26% 29% 29% 31% 32% 31% 31% 30% 32% 33% 32% 32% 31% 33% 33% 32% 32% 33% 34% % of Fiscal Year Total 100% 100% 100% 22% 30% 25% 23% 100% 22% 30% 25% 24% 100% 22% 30% 25% 24% 100% 100% 100% Total Revenues 4,839 5,095 4,949 1,079 1,396 1,111 1,071 4,657 1,058 1,389 1,129 1,096 4,671 1,084 1,427 1,171 1,135 4,816 4,986 5,167 Y/Y Growth (%) NA 5.3% (2.9)% (7.4)% (6.1)% (4.9)% (5.1)% (5.9)% (2.0)% (0.5)% 1.6% 2.3% 0.3% 2.5% 2.7% 3.7% 3.5% 3.1% 3.5% 3.6% % of Fiscal Year Total 100% 100% 100% 23% 30% 24% 23% 100% 23% 30% 24% 23% 100% 23% 30% 24% 24% 100% 100% 100% GROSS PROFIT COGS 3,248 3,305 3,323 700 982 731 791 3,204 686 978 729 799 3,192 687 980 733 804 3,203 3,291 3,411 Gross Profit 1,591 1,790 1,627 379 413 381 280 1,453 372 411 400 297 1,480 397 447 438 330 1,613 1,695 1,757 Margin (%) 32.9% 35.1% 32.9% 35.1% 29.6% 34.3% 26.1% 31.2% 35.1% 29.6% 35.4% 27.1% 31.7% 36.6% 31.4% 37.4% 29.1% 33.5% 34.0% 34.0% Bull 27.1% 36.1% 30.6% 36.4% 28.1% 37.6% 32.4% 38.4% 30.1% 35.0% 35.0% Base 26.1% 35.1% 29.6% 35.4% 27.1% 36.6% 31.4% 37.4% 29.1% 34.0% 34.0% Bear 25.1% 34.1% 28.6% 34.4% 26.1% 35.6% 30.4% 36.4% 28.1% 33.0% 33.0% OPERATING EPENSES SG&A 1,101 1,162 1,118 277 308 266 255 1,105 270 300 265 245 1,080 275 305 270 250 1,100 1,120 1,140 Bull 255 273 303 270 250 280 310 280 260 1,160 1,180 Base 255 270 300 265 245 275 305 270 250 1,120 1,140 Bear 265 275 305 270 250 280 310 275 255 1,140 1,160 % of Revenues 23% 23% 23% 26% 22% 24% 24% 24% 26% 22% 23% 22% 23% 25% 21% 23% 22% 23% 22% 22% CCP Income (55) (53) (61) (14) (17) (15) (13) (59) (13) (17) (14) (14) (58) (14) (18) (15) (14) (60) (62) (65) % of Revenues 1.14% 1.04% 1.23% 1.27% 1.20% 1.35% 1.25% 1.26% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% Bull 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% 1.30% Base 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% Bear 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% Author: marc.bode@duke.edu / (212) 300-7601 Model Page 1 out of 7
OTHER EPENSES Impairment Charges - - 466-154 - - 154 - - - - - - - - - - - - Other Expenses 204 39 27 7 5 11 5 28 5 5 5 5 20 5 5 5 5 20 20 20 Bull 3 3 3 3 3 3 3 3 3 18 18 Base 5 5 5 5 5 5 5 5 5 20 20 Bear 8 8 8 8 8 8 8 8 8 23 23 Total Other Expenses 204 39 493 7 159 11 5 182 5 5 5 5 20 5 5 5 5 20 20 20 EBITDA 341 641 76 109 (37) 119 33 225 110 124 144 61 438 131 155 178 90 553 618 662 Check - - - - - - - - - - - - - - - - - - - - Margin (%) 7.0% 12.6% 1.5% 10.1% (2.6)% 10.7% 3.1% 4.8% 10.4% 8.9% 12.7% 5.6% 9.4% 12.1% 10.9% 15.2% 7.9% 11.5% 12.4% 12.8% Adjusted EBITDA 678 710 585 123 127 136 43 428 116 130 153 72 472 142 162 184 96 584 644 688 Margin (%) 14.0% 13.9% 11.8% 11.4% 9.1% 12.2% 4.0% 9.2% 11.0% 9.4% 13.5% 6.6% 10.1% 13.1% 11.3% 15.7% 8.5% 12.1% 12.9% 13.3% New Store/ Remodeling Expens - 12 15 3 3 3 3 11 3 3 5 8 18 8 3 3 3 15 10 10 Strategic Growth Initiative - 12 24 7 2 8 5 22 3 3 3 3 10 3 3 3 3 10 10 10 Other Expenses 320 15 (2) 1 2 (0) 2 5 2 2 2 2 6 2 2 2 2 6 6 6 Purchase Acct Adjustments - 11 11 3 3 2-7 - - - - - - - - - - - - Non-Cash Stock Compensation 9 0 (10) 1 (1) 0-1 - - - - - - - - - - - - Transaction Costs 8 19 4 (1) 1 3-3 - - - - - - - - - - - - D&A Depreciation 148 186 227 57 57 56 60 230 60 60 60 60 240 60 60 60 60 240 240 240 Bull 55 55 55 55 55 55 55 55 55 220 220 Base 60 60 60 60 60 60 60 60 60 240 240 Bear 65 65 65 65 65 65 65 65 65 260 260 % of CapEx NA 69% 75% 87% 118% 117% 109% 106% 109% 92% 92% 71% 89% 200% 200% 200% 200% 200% 200% 200% Intangible Amortization 115 83 57 14 13 12 15 53 13 13 13 13 50 12 12 12 12 49 45 42 Lease Amortization 45 54 54 14 13 13 10 51 12 12 12 12 48 12 12 12 12 46 43 40 Total D&A 308 323 338 84 84 81 85 334 85 85 85 85 338 84 84 84 84 335 328 323 EBIT 33 318 (262) 25 (120) 38 (52) (109) 25 39 59 (24) 100 47 71 94 6 218 289 339 Margin (%) 0.7% 6.2% (5.3)% 2.3% (8.6)% 3.4% (4.8)% (2.3)% 2.4% 2.8% 5.3% (2.2)% 2.1% 4.3% 5.0% 8.0% 0.5% 4.5% 5.8% 6.6% Adjusted EBIT 370 388 247 39 43 55 (42) 94 32 45 68 (12) 134 58 78 100 12 249 315 365 Margin (%) 7.6% 7.6% 5.0% 3.6% 3.1% 4.9% (3.9)% 2.0% 3.0% 3.3% 6.1% (1.1)% 2.9% 5.4% 5.5% 8.6% 1.1% 5.2% 6.3% 7.1% INTEREST EXPENSES Asset Backed Revolver 0 2 3 1 1 2 2 7 2 2 2 2 8 2 2 1 1 7 4 5 Floating Rate 2.60% 2.6% 2.75% 2.90% 3.05% 3.20% 3.2% 3.35% 3.50% 3.65% 3.80% 3.7% 4.30% 4.75% ABR 1.85% 2.00% 2.15% 2.30% 2.45% 2.60% 2.75% 2.90% 3.05% 3.55% 4.00% Fed Funds + 50 bps 1.35% 1.50% 1.65% 1.80% 1.95% 2.10% 2.25% 2.40% 2.55% 3.05% 3.55% Prime Rate 1.85% 2.00% 2.15% 2.30% 2.45% 2.60% 2.75% 2.90% 3.05% 3.55% 4.00% LIBOR + 100 bps 1.85% 2.00% 2.15% 2.30% 2.45% 2.60% 2.75% 2.90% 3.05% 3.55% 4.00% Margin if 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% Availability > 50% of Line Cap 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% Availability < 50% of Line Cap 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% Senior Secured Term Loan 107 126 124 31 32 33 34 130 35 35 36 36 142 37 37 37 36 146 132 150 Floating Rate 4.85% 4.6% 5.00% 5.15% 5.30% 5.45% 5.0% 5.60% 5.75% 5.90% 6.05% 5.4% 6.30% 6.75% ABR 1.85% 2.00% 2.15% 2.30% 2.45% 2.60% 2.75% 2.90% 3.05% 3.55% 4.00% Margin if SSNL > 4.0 x 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Margin if SSNL < 4.0 x 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% Cash Pay Notes 60 77 77 19 19 19 19 77 19 19 19 19 77 19 19 19 19 77 77 77 Coupon Rate (%) NA 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% PIK Toggle Notes 41 53 53 13 13 13 14 54 15 15 15 16 61 16 15 15 15 62 61 61 Coupon Rate (%) NA 8.75% 8.75% 8.75% 8.73% 8.87% 9.50% 8.78% 9.50% 9.50% 9.50% 9.50% 9.06% 9.50% 8.75% 8.75% 8.75% 8.91% 8.75% 8.75% 2028 Debentures 9 9 9 2 2 2 2 9 2 2 2 2 9 2 2 2 2 9 9 9 Coupon Rate (%) NA 7.28% 7.27% 7.27% 7.18% 7.27% 7.13% 7.21% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% 7.13% Amortization of DIC 20 25 25 6 6 6 6 25 6 6 6 6 25 6 6 6 6 25 25 25 Capitalized Interest - (2) (7) (2) (2) (1) (3) (7) (2) (2) (1) (3) (7) (2) (2) (1) (3) (7) (7) (7) Author: marc.bode@duke.edu / (212) 300-7601 Model Page 2 out of 7
Other 25 2 3 1 2 (1) 1 3 1 1 1 1 3 1 1 1 1 3 3 3 Net Interest Expense 262 290 286 72 74 74 76 296 78 79 80 80 317 82 81 81 77 321 303 321 PRE-TAX PROFIT (229) 28 (547) (47) (195) (35) (128) (405) (53) (40) (21) (103) (217) (35) (9) 13 (72) (103) (14) 18 TAXES Income Tax Expense (82) 13 (141) (23) (78) (11) (51) (163) (21) (16) (8) (41) (87) (14) (4) 5 (29) (41) (6) 7 Tax Rate 36% 47% 26% 50% 40% 30% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40% NET INCOME (147) 15 (406) (24) (117) (25) (77) (242) (32) (24) (12) (62) (130) (21) (6) 8 (43) (62) (8) 11 Reported (147) 15 (406) (24) (117) (25) Dividend - - - - - - - - - - - - - - - - - - - - Dividend Payout Ratio - - - - - - - - - - - - - - - - - - - - BALANCE SHEET ASSETS Cash & Cash Equivalents 196 73 62 42 48 54 55 55 55 84 55 55 55 55 142 55 82 82 84 151 Merchandise Inventory 1,070 1,155 1,125 1,325 1,213 1,231 1,125 1,125 1,300 1,100 1,150 1,100 1,100 1,275 1,050 1,075 1,000 1,000 1,050 1,050 Bull 1,100 1,275 1,075 1,125 1,075 1,300 1,075 1,100 1,025 1,100 1,100 Base 1,125 1,300 1,100 1,150 1,100 1,275 1,050 1,075 1,000 1,050 1,050 Bear 1,150 1,325 1,125 1,175 1,125 1,300 1,075 1,100 1,025 1,075 1,075 % of COGS 33% 35% 34% 47% 31% 42% 36% 35% 47% 28% 39% 34% 34% 46% 27% 37% 31% 31% 32% 31% % of Revenues 22% 23% 23% 31% 22% 28% 26% 24% 31% 20% 25% 25% 24% 29% 18% 23% 22% 21% 21% 20% Other Current Assets 144 126 147 162 167 204 131 131 157 165 203 131 131 152 158 198 125 125 124 125 % of Sales 0.7% 0.6% 0.7% 3.7% 3.0% 4.6% 3.1% 2.8% 3.7% 3.0% 4.6% 3.1% 2.8% 3.5% 2.7% 4.3% 2.8% 2.6% 2.8% 2.8% Bull 2.8% 3.5% 2.7% 4.3% 2.8% 3.2% 2.5% 4.1% 2.6% 2.5% 2.5% Base 3.1% 3.7% 3.0% 4.6% 3.1% 3.5% 2.7% 4.3% 2.8% 2.8% 2.8% Bear 3.6% 4.2% 3.5% 5.1% 3.6% 4.0% 3.2% 4.8% 3.3% 3.3% 3.3% % of Total Assets 1.7% 1.4% 1.8% 1.9% 2.0% 2.5% 1.6% 1.6% 1.9% 2.0% 2.5% 1.6% 1.7% 1.9% 2.0% 2.5% 1.6% 1.7% 1.5% 1.5% Bull 1.5% 1.8% 1.9% 2.4% 1.5% 1.8% 1.9% 2.4% 1.5% 1.3% 1.3% Base 1.6% 1.9% 2.0% 2.5% 1.6% 1.9% 2.0% 2.5% 1.6% 1.5% 1.5% Bear 1.7% 2.0% 2.1% 2.6% 1.7% 2.0% 2.1% 2.6% 1.7% 1.7% 1.7% Total Current Assets 1,410 1,354 1,334 1,529 1,429 1,489 1,311 1,311 1,512 1,349 1,408 1,286 1,286 1,482 1,350 1,328 1,207 1,207 1,258 1,326 Property & Equipment 1,390 1,478 1,588 1,607 1,601 1,601 1,596 1,596 1,591 1,596 1,601 1,626 1,626 1,596 1,566 1,536 1,506 1,506 1,386 1,266 % Growth 2.8% 6.3% 7.5% 1.2% (0.4)% (0.0)% (0.3)% 0.5% (0.6)% (0.6)% (0.6)% 1.6% 1.9% (0.6)% (0.6)% (0.6)% (2.0)% (7.4)% (8.0)% (8.7)% Tradenames 1,971 2,037 1,807 1,808 1,654 1,655 1,640 1,640 1,628 1,615 1,603 1,590 1,590 1,578 1,566 1,554 1,541 1,541 1,496 1,454 Favorable Lease Commitments 1,095 1,040 986 972 957 944 933 933 921 909 897 886 886 874 862 851 839 839 796 756 Other Intangible Assets 588 521 452 438 425 413 408 408 403 398 393 388 388 383 378 373 368 368 348 328 Total Intangible Assets 3,653 3,599 3,245 3,219 3,036 3,012 2,982 2,982 2,952 2,923 2,893 2,864 2,864 2,835 2,806 2,777 2,748 2,748 2,640 2,537 Goodwill 2,149 2,272 2,073 2,075 2,067 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069 Other Assets 12 17 17 36 23 27 27 27 27 27 27 27 27 27 27 27 27 27 27 27 Total Assets 8,614 8,720 8,257 8,466 8,157 8,198 7,984 7,984 8,151 7,963 7,998 7,872 7,872 8,009 7,818 7,737 7,558 7,558 7,380 7,225 Author: marc.bode@duke.edu / (212) 300-7601 Model Page 3 out of 7
LIABILITIES Accounts Payable 375 343 318 347 384 214 380 380 328 388 301 357 357 332 395 307 365 365 363 376 % of COGS & SGA 9% 2% 7% 9% 7% 5% 9% 9% 10% 9% 9% 10% 8% 10% 9% 9% 10% 8% 9% 9% Bull 405 11% 10% 10% 11% 11% 10% 10% 11% 10% 10% Base 380 10% 9% 9% 10% 10% 9% 9% 10% 9% 9% Bear 355 9% 8% 8% 9% 9% 8% 8% 9% 8% 8% % of Revenues 8% 7% 6% 8% 7% 5% 9% 8% 9% 8% 8% 9% 8% 9% 8% 8% 9% 8% 8% 8% Bull 10% 9% 9% 10% 10% 9% 9% 10% 9% 9% Base 9% 8% 8% 9% 9% 8% 8% 9% 8% 8% Bear 8% 7% 7% 8% 8% 7% 7% 8% 7% 7% Accrued Liabilities 452 493 493 485 510 441 441 441 456 488 450 469 469 462 495 459 478 478 494 512 % of COGS 16% 16% 16% 17% 13% 15% 14% 14% 17% 13% 16% 15% 15% 17% 13% 16% 15% 15% 15% 15% Bull 18% 14% 17% 16% 18% 14% 17% 16% 16% 16% Base 17% 13% 16% 15% 17% 13% 16% 15% 15% 15% Bear 16% 12% 15% 14% 16% 12% 15% 14% 14% 14% % of Revenues 10% 10% 10% 11% 9% 10% 10% 9% 11% 9% 10% 11% 10% 11% 9% 10% 11% 10% 10% 10% Bull 12% 10% 11% 12% 12% 10% 11% 12% 11% 11% Base 11% 9% 10% 11% 11% 9% 10% 11% 10% 10% Bear 10% 8% 9% 10% 10% 8% 9% 10% 9% 9% Current SS Term Loan 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 Total Current Liabilities 857 866 840 862 923 684 851 851 813 905 780 855 855 824 919 796 873 873 887 918 Asset Backed Revolver - 130 165 355 170 435 171 171 410 150 310 190 190 377 100 133 100 100 100 100 Senior Secured Term Loan 2,898 2,869 2,840 2,832 2,825 2,818 2,810 2,810 2,803 2,795 2,788 2,781 2,781 2,773 2,766 2,759 2,601 2,601 2,394 2,186 Cash Pay Notes 960 960 960 960 960 960 960 960 960 960 960 960 960 960 960 960 960 960 960 960 PIK Toggle Notes 600 600 600 600 600 600 614 614 629 644 660 676 676 692 692 692 692 692 692 692 2028 Debentures 122 122 122 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 Unamortized DIC (148) (125) (103) (97) (92) (86) (80) (80) (74) (68) (61) (55) (55) (49) (43) (37) (31) (31) (6) - Total LT Debt 4,433 4,556 4,584 4,773 4,586 4,849 4,599 4,599 4,851 4,605 4,779 4,674 4,674 4,876 4,598 4,630 4,445 4,445 4,262 4,061 Deferred Taxes 1,540 1,440 1,297 1,281 1,212 1,243 1,191 1,191 1,170 1,154 1,146 1,105 1,105 1,091 1,087 1,087 1,058 1,058 1,053 1,053 Other LT Liabilities 352 444 593 627 626 635 630 630 626 623 620 615 615 611 608 605 600 600 585 570 Total Liabilities 7,181 7,306 7,314 7,543 7,347 7,411 7,271 7,271 7,461 7,287 7,325 7,248 7,248 7,401 7,211 7,117 6,976 6,976 6,786 6,601 EQUITY Preferred Stock - - - - - - - - - - - - - - - - - - - - Paid in Capital 1,584 1,584 1,584 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 1,587 AOCI (17) (51) (116) (115) (111) (109) (109) (109) (109) (109) (109) (109) (109) (109) (109) (109) (109) (109) (109) (109) Retained Earnings (134) (119) (525) (549) (666) (691) (764) (764) (788) (802) (804) (854) (854) (870) (871) (858) (896) (896) (884) (853) Total SHE 1,433 1,414 943 923 810 787 713 713 690 676 673 623 623 607 607 620 582 582 593 624 Total Liabilites & SHE 8,614 8,720 8,257 8,466 8,157 8,198 7,984 7,984 8,151 7,963 7,998 7,872 7,872 8,009 7,818 7,737 7,558 7,558 7,380 7,225 Balance - - - - - - - - - - - - - - - - - - - 0.0 Author: marc.bode@duke.edu / (212) 300-7601 Model Page 4 out of 7
CASH FLOWS OPERATING Net Income NA 15 (406) (24) (117) (25) (77) (242) (32) (24) (12) (62) (130) (21) (6) 8 (43) (62) (8) 11 Depreciation NA 186 227 57 57 56 60 230 60 60 60 60 240 60 60 60 60 240 240 240 Intangible Amortization NA 83 57 14 13 12 15 53 13 13 13 13 50 12 12 12 12 49 45 42 Favorable Lease Amortization NA 54 54 14 13 13 10 51 12 12 12 12 48 12 12 12 12 46 43 40 Other Amortizations NA 39 27 7 5 11 5 28 5 5 5 5 20 5 5 5 5 20 20 20 Impairment Charges NA - 466-154 - - 154 - - - - - - - - - - - - Changes in Deferred Income Taxes NA (100) (144) (15) (70) 31 (51) (106) (21) (16) (8) (41) (87) (14) (4) - (29) (46) (6) - Capitalized Interest NA (2) (7) (2) (2) (1) (3) (7) (2) (2) (1) (3) (7) (2) (2) (1) (3) (7) (7) (7) Merchandise Inventory NA (85) 30 (200) 112 (18) 106 0 (175) 200 (50) 50 25 (175) 225 (25) 75 100 (50) - Other Current Assets NA 17 (21) (15) (5) (37) 74 16 (26) (7) (39) 72 (1) (21) (6) (40) 73 6 2 (1) Accounts Payable NA (32) (25) 30 37 (170) 166 62 (52) 61 (88) 56 (23) (25) 62 (87) 58 8 (2) 13 Accrued Liabilities NA 41 (1) (7) 24 (68) - (51) 15 31 (37) 18 27 (6) 32 (35) 19 10 16 18 Unamortized DIC NA 22 22 6 6 6 6 23 6 6 6 6 25 6 6 6 6 25 25 6 Developer Contributions NA 35 38 8 25-4 36 8 10 10 12 40 5 5 5 5 20 20 20 Other NA (44) (7) (3) (5) 6 (2) (4) (2) (2) (2) (2) (8) (2) (2) (2) (2) (8) (8) (8) Net Operating Cash Flow NA 229 311 (132) 248 (186) 313 243 (191) 347 (132) 197 220 (166) 401 (83) 248 400 329 394 Reported NA 229 311 (132) 248 (186) INVESTING Capital Expenditures NA (270) (301) (65) (49) (48) (55) (216) (55) (65) (65) (85) (270) (30) (30) (30) (30) (120) (120) (120) Bull (50) (50) (60) (60) (80) (25) (25) (25) (25) (100) (100) Base (55) (55) (65) (65) (85) (30) (30) (30) (30) (120) (120) Bear (60) (60) (70) (70) (90) (35) (35) (35) (35) (140) (140) % of Depreciation NA 146% 133% 115% 85% 85% 92% 94% 92% 108% 108% 142% 113% 50% 50% 50% 50% 50% 50% 50% % of D&A NA 84% 89% 78% 58% 59% 65% 65% 65% 77% 77% 101% 80% 36% 36% 36% 36% 36% 37% 37% % of Property & Equipment NA 75% 79% 16% 12% 12% 14% 54% 14% 16% 16% 21% 67% 7% 8% 8% 8% 31% 33% 36% MyTheresa Acquisition NA (182) (1) - - - - - - - - - - - - - - - - - Adjustment NA - - - - - - - - - - - - - - - - - - - Net Investing Cash Flow NA (452) (302) (65) (49) (48) (55) (216) (55) (65) (65) (85) (270) (30) (30) (30) (30) (120) (120) (120) Author: marc.bode@duke.edu / (212) 300-7601 Model Page 5 out of 7
FINANCING BOP Cash Balance 54 55 55 84 55 55 55 142 55 82 84 FCF excluding RCF 265 (239) 289 (189) 120 (187) 364 (120) 60 2 67 EOP Cash Balance pre-rcf Draw/(Pay) 319 (184) 344 (105) 175 (132) 419 22 115 84 151 Minimum Cash Balance 50 50 50 50 50 50 55 55 55 55 55 55 55 55 55 55 55 Bull 35 35 35 35 35 40 40 40 40 40 40 Base 55 55 55 55 55 55 55 55 55 55 55 Bear 70 70 70 70 70 70 70 70 70 70 70 RCF Draw/(Pay) NA 130 35 190 (185) 265 (264) 6 239 (260) 160 (120) 19 187 (277) 33 (33) (90) - - Senior Secured Term Loan NA (29) (29) (7) (8) (7) (7) (29) (7) (7) (7) (7) (30) (7) (7) (7) (158) (180) (207) (207) Cash Pay Notes NA - - - - - - - - - - - - - - - - - - - PIK Toggle Notes NA - - - - - 14 14 15 15 15 16 61 16 - - - 16 - - First Lien Notes NA 0 0 0 0 0-0 - - - - - - - - - - - - Total LT Debt NA 101 6 183 (192) 258 (257) (8) 246 (253) 168 (112) 50 196 (284) 26 (191) (253) (207) (207) Preferred Dividends - - - - - - - - - - - - - - - - - - - - Common Dividends - - - - - - - - - - - - - - - - - - - - Other NA (0) (27) (6) 0 (23) - (28) - - - - - - - - - - - - Net Financing Cash Flow NA 100 (22) 177 (192) 235 (257) (37) 246 (253) 168 (112) 50 196 (284) 26 (191) (253) (207) (207) Reported NA 100 (22) 177 (192) 235 Foreign Exchange Rate Effects NA (1) 2 0 (0) 4-4 - - - - - - - - - - - - Free Cash Flow NA (124) (11) (20) 6 5 1 (7) - 29 (29) - 0-87 (87) 27 27 2 67 Change in Balance Sheet Cash NA (124) (11) (20) 6 5 1 (7) - 29 (29) - - - 87 (87) 27 27 2 67 Reported NA (124) (11) (20) 6 5 Balance - (0) - - - - 0 - - - - 0 - (0) Author: marc.bode@duke.edu / (212) 300-7601 Model Page 6 out of 7
COVENTANT ANALYSIS SENIOR SECURED NET LEVERAGE Consolidated 1st Lien Debt 3,050 3,151 3,157 3,339 3,147 3,405 3,134 3,134 3,365 3,097 3,250 3,123 3,123 3,302 3,018 3,044 2,853 2,853 2,646 2,438 Unrestricted Cash 196 73 62 42 48 54 55 55 55 84 55 55 55 55 142 55 82 82 84 151 Ratio 4.2 x 4.3 x 5.3 x 6.1 x 6.4 x 7.5 x 7.2 x 7.2 x 7.9 x 7.1 x 7.2 x 6.5 x 6.5 x 6.5 x 5.4 x 5.3 x 4.7 x 4.7 x 4.0 x 3.3 x TOTAL NET LEVERAGE Consolidated Total Debt 4,610 4,711 4,717 4,899 4,707 4,965 4,708 4,708 4,954 4,702 4,870 4,758 4,758 4,954 4,670 4,696 4,505 4,505 4,298 4,090 Unrestricted Cash 196 73 62 42 48 54 55 55 55 84 55 55 55 55 142 55 82 82 84 151 Ratio 6.5 x 6.5 x 8.0 x 8.9 x 9.6 x 10.9 x 10.9 x 10.9 x 11.6 x 10.9 x 10.9 x 10.0 x 10.0 x 9.8 x 8.6 x 8.3 x 7.6 x 7.6 x 6.5 x 5.7 x INTEREST COVERAGE Consolidated Interest Expense 243 265 261 261 264 265 272 272 278 283 289 292 292 296 298 298 296 296 278 296 Cash Dividends on DS / RSP - - - - - - - - - - - - - - - - - - - - Ratio 2.8 x 2.7 x 2.2 x 2.1 x 1.8 x 1.7 x 1.6 x 1.6 x 1.5 x 1.5 x 1.5 x 1.6 x 1.6 x 1.7 x 1.8 x 1.9 x 2.0 x 2.0 x 2.3 x 2.3 x FIXED CHARGE COVERAGE Maintenance CapEx (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) (60) Cash Taxes (82) 13 (141) (158) (241) (255) (163) (163) (160) (99) (97) (87) (87) (80) (67) (54) (41) (41) (6) 7 Consolidated Interest Expense 243 265 261 261 264 265 272 272 278 283 289 292 292 296 298 298 296 296 278 296 Scheduled Principal Amortizatio 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 29 Cash Dividends on DS / RSP - - - - - - - - - - - - - - - - - - - - Ratio 2.6 x 2.2 x 2.3 x 2.2 x 2.3 x 2.2 x 1.8 x 1.8 x 1.7 x 1.5 x 1.5 x 1.5 x 1.5 x 1.6 x 1.6 x 1.7 x 1.7 x 1.7 x 1.9 x 1.9 x Author: marc.bode@duke.edu / (212) 300-7601 Model Page 7 out of 7