QUESTIONS
REFERENCES
1 2 3 4 5 6 7 15 16 17 A Net Sales - Cost of Goods Sold = Gross Profit 8 9 10 11 12 13 - Interest 14 - Depreciation/Amort. = EBT - S,G & A Expenses = EBITDA - Taxes - Net Income 18 = 19 B January 55,982 24,311 31,671 18,448 13,223 2,000 1,344 9,879 Actuals D E % February % 100% 58,221 100% 43% 25,162 43% 57% 33,059 57% 33% 18,632 24% 14,427 32% 25% 4% 2,000 3% 2% 2% 1,344 18% 11,083 19% 2,075 4% 4% 2,327 7,804 14% 8,756 15% F G H March % April I % J May N Breed Airport Services 2021 Budgets K % L M June % O P Budgets July % August Q % R Sept. S % T Oct. U % V Nov. W % X Dec. Y % Z AA Total % 1 2 3 Revenues (billed out): 4 - Labor (hrs.) 5 - Labor rate ($/hr.) 6 -Parts (S/hr.) 7 Costs: 8 A - Labor (hrs.) - Labor (S/hr.) -Parts (% of revenue) 9 10 11 12 Revenues: 13 - Labor 14 - Parts 15 16 Costs: 17 - Labor 18 - Parts 19 20 21 Gross Margin 22 Overhead: 23 - Space 24 - General & Admin. 25 - Depreciation 26 - Legal & Regulatory B 27 28 29 Net before Taxes 30 Taxes 31 Net after Taxes Total Overhead Budget 3,456 120 345 3,840 42 414,720 437,760 1,192,320 1,168,092 Total Revenues 1,607,040 1,605,852 80% 161,280 168,650 953,856 899,431 Total Costs 1,115,136 1,068,080 Actual Fav./(Unfav.) 3,648 120 320 3,877 44 77% 75,000 35,000 68,500 18,000 196,500 491.904 537,772 75,000 35,000 68,500 18,000 196,500 D E F MRO Department - 2020 Results 295,404 341,272 62,035 71,667 233,369 269.605 192 (25) 37 2 -3% $ Fav./(Unfav.) 23,040 (24,228) (1,188) 7,370 (54,425) (47,056) 45,868 45,868 9,632 36,235 Labor Variance Revenue (hrs.) Rate (S/hr.) Costs (hrs.) Labor ($/hr.) G Total H I Change in Gross Margin 45,868 Parts Variance Revenue (hrs.) Revenue (S/hr.) Costs (hrs.) Costs ($/hr.) Mark-up Other J Total K L Insert your text explanation of the variances here. M N 0 1 2 3 4 5 Net Sales 6 7 8 9 A B Breed Airport Services 2020 Preliminary Financials - Cost of Goods Sold (COGS) = Gross Profit - S,G & A Expenses = EBITDA 10 11 12 13 14 15 16 - Taxes 17 = Net Income - Interest - Depreciation/Amortization = EBT December 22,154 28,989 (6,835) 58,032 (64,867) 2,000 15,344 (82,211) (17,264) (64,947) C 12 mos. 310,156 536,297 (226,141) 574,517 (800,657) 27,400 184,128 (1,012,185) (212,559) (799,626) 1 2 3 A (in '000 $) 4 5 Cash & Securities 6 Receivables 7 Inventory 8 Other Current Assets B C Breed Airport Services Balance Sheet Current Liabilities 12/31/20 25 250 182 52 9 10 Fixed Assets 11 Total Assets 12 13 Payables 14 Accruals 15 Other Current 16 17 Long Term Debt 18 Equity 19 Total Liabilities and Equity 20 21 Debt to Equity 22 23 Note: 1/31/21 balance sheet does not reflect January 2021 financial results. 509 884 1,393 74 48 41 163 890 340 1,393 Building Sale & Leaseback 142 3.10 (566) D (550) 126 Receivables 1/1/21 Collection 1/31/21 167 401 250 13 182 182 52 52 651 318 969 74 48 41 163 340 466 969 E 1.08 234 (237) F (2) 651 318 969 74 48 41 163 340 464 969 1.09 Month December Historical Must collect Breed Airport Services Accounts Receivable (in '000 $) (A) Receivables 250.0 13.2 236.8 (B) Month's Sales 22.0 22.0 (A)/(B) Days Receivables 340.9 18.0 Net Sales - Cost of Goods Sold (COGS) = Gross Profit - S,G & A Expenses = EBITDA Breed Airport Services 2021 Financials - Interest - Depreciation/Amortization = EBT - Taxes = Net Income January 55,982 24,311 31,671 18,448 13,223 2,000 1,344 9,879 2,075 7,804 % 100% 43% 57% 33% 24% 4% 2% 18% 4% 14% February 58,221 25,162 33,059 18,632 14,427 2,000 1,344 11,083 2,327 8,756 % 100% 43% 57% 32% 25% 3% 2% 19% 4% 15% (in '000 $) Cash & Securities Receivables Inventory Other Fixed Assets Total Assets Payables Accruals Other Current Current Assets Current Liabilities Long Term Debt Equity Total Liabilities and Equity 1/31/21 401 13 182 52 651 318 969 74 48 41 163 340 464 969 % 41% 1% 19% 5% 67% 33% 100% 8% 5% 4% 17% 35% 48% 100% 2/28/21 412 35 187 54 687 311 998 84 55 47 186 340 472 998 % 41% 3% 19% 5% 69% 31% 100% 8% 6% 5% 19% 34% 47% 100% I 2 3 4 5 Net Sales 6 - Cost of Goods Sold = Gross Profit 7 8 9 14 15 16 10 11 12 - Interest 13 - Depreciation/Amort. = EBT - S.G & A Expenses EBITDA - Taxes 17 = Net Income 18 18 19 Sales growth rate 20 24 41 A 21 Net Sales 22 - Cost of Goods Sold 44 23 = Gross Profit 26 27 28 29 30 25-S,G & A Expenses = EBITDA - Interest - Depreciation/Amort. = EBT 31 32 - Taxes 33 - Net Income 34 B January February 68,922 30,326 38,596 20,677 17,920 2,500 1,455 13,965 2,933 11,032 100% 44% 56% 30% 26% 4% 2% 20% C 4% 16% 58,221 25,162 33,059 18,632 14,427 2,000 1,455 11,083 2,327 8,756 4.0% 100% 43% 57% 32% 25% 3% 2% 19% 4% 15% D March 61,715 26,913 34,802 19,132 15,669 2,179 1,455 12,035 2,527 9,508 6.0% 100% 44% 56% 31% 25% 4% 2% 20% 4% 15% E F G H Breed Airport Services 2019 Actuals ***** *** ** ****************** * 3 * *** ** *** ** ***** ** *** ** I August September 86,550 37,744 48,807 26,832 21.975 2,179 1,455 18,341 3,852 14,489 6.0% 100% 44% 56% 31% 25% 3% 2% 21% J 4% 17% 90,878 39,631 51,247 28,173 23,074 2,179 1,455 19,439 4,082 15,357 5.0% 100% 44% 56% 31% 25% 2% 2% 21% 4% 17% K 27,156 22,084 October November December 87,243 38,003 49,240 2,179 1,455 18,450 3,874 14,575 -4.0% 100% 44% 56% 31% 25% 2% 2% 21% L 4% 17% 83,753 36,519 47,234 25,978 21,257 2,179 1,455 17,622 3,701 13,922 -4.0% 100% 44% 56% 31% 25% 3% 2% 21% M 4% 17% Total 74,540 906,474 32,501 395,292 42,039 511,182 23,122 18,918 2,179 1,455 15,283 3,209 12,074 -11.0% 100% 44% 56% 31% 25% 3% 2% 21% N 4% 16% 281,048 230,134 26,293 17,460 186,492 39,163 147,329 100% 44% 56% 31% 25% 3% 2% 21% 4% 16% A 1 2 3 4 5 Cash & Securities 6 Receivables 7 Inventory 8 Other (in '000 $) 9 10 Fixed Assets 11 Total Assets 12 13 Payables 14 Accruals 15 Other Current B C Breed Airport Services Balance Sheet Current Assets Current Liabilities 16 17 Long Term Debt 18 Equity 19 Total Liabilities and Equity 20 1/31/21 401 13 182 52 651 318 969 74 48 41 163 340 464 969 % 41% 1% 19% 5% 67% 33% 100% 8% 5% 4% 17% 35% 48% 100% D 2/28/21 412 9 188 54 663 317 979 76 49 42 % Explanation of methodology 42% 1% Assume days receivable of 4.5 19% 6% 68% 32% 100% F 8% 5% 4% 167 17% 340 35% No change 472 48% 979 100% 1 2 3 4 5 6 7 15 16 17 A Net Sales - Cost of Goods Sold = Gross Profit 8 9 10 11 12 13 - Interest 14 - Depreciation/Amort. = EBT - S,G & A Expenses = EBITDA - Taxes - Net Income 18 = 19 B January 55,982 24,311 31,671 18,448 13,223 2,000 1,344 9,879 Actuals D E % February % 100% 58,221 100% 43% 25,162 43% 57% 33,059 57% 33% 18,632 24% 14,427 32% 25% 4% 2,000 3% 2% 2% 1,344 18% 11,083 19% 2,075 4% 4% 2,327 7,804 14% 8,756 15% F G H March % April I % J May N Breed Airport Services 2021 Budgets K % L M June % O P Budgets July % August Q % R Sept. S % T Oct. U % V Nov. W % X Dec. Y % Z AA Total % 1 2 3 Revenues (billed out): 4 - Labor (hrs.) 5 - Labor rate ($/hr.) 6 -Parts (S/hr.) 7 Costs: 8 A - Labor (hrs.) - Labor (S/hr.) -Parts (% of revenue) 9 10 11 12 Revenues: 13 - Labor 14 - Parts 15 16 Costs: 17 - Labor 18 - Parts 19 20 21 Gross Margin 22 Overhead: 23 - Space 24 - General & Admin. 25 - Depreciation 26 - Legal & Regulatory B 27 28 29 Net before Taxes 30 Taxes 31 Net after Taxes Total Overhead Budget 3,456 120 345 3,840 42 414,720 437,760 1,192,320 1,168,092 Total Revenues 1,607,040 1,605,852 80% 161,280 168,650 953,856 899,431 Total Costs 1,115,136 1,068,080 Actual Fav./(Unfav.) 3,648 120 320 3,877 44 77% 75,000 35,000 68,500 18,000 196,500 491.904 537,772 75,000 35,000 68,500 18,000 196,500 D E F MRO Department - 2020 Results 295,404 341,272 62,035 71,667 233,369 269.605 192 (25) 37 2 -3% $ Fav./(Unfav.) 23,040 (24,228) (1,188) 7,370 (54,425) (47,056) 45,868 45,868 9,632 36,235 Labor Variance Revenue (hrs.) Rate (S/hr.) Costs (hrs.) Labor ($/hr.) G Total H I Change in Gross Margin 45,868 Parts Variance Revenue (hrs.) Revenue (S/hr.) Costs (hrs.) Costs ($/hr.) Mark-up Other J Total K L Insert your text explanation of the variances here. M N 0 1 2 3 4 5 Net Sales 6 7 8 9 A B Breed Airport Services 2020 Preliminary Financials - Cost of Goods Sold (COGS) = Gross Profit - S,G & A Expenses = EBITDA 10 11 12 13 14 15 16 - Taxes 17 = Net Income - Interest - Depreciation/Amortization = EBT December 22,154 28,989 (6,835) 58,032 (64,867) 2,000 15,344 (82,211) (17,264) (64,947) C 12 mos. 310,156 536,297 (226,141) 574,517 (800,657) 27,400 184,128 (1,012,185) (212,559) (799,626) 1 2 3 A (in '000 $) 4 5 Cash & Securities 6 Receivables 7 Inventory 8 Other Current Assets B C Breed Airport Services Balance Sheet Current Liabilities 12/31/20 25 250 182 52 9 10 Fixed Assets 11 Total Assets 12 13 Payables 14 Accruals 15 Other Current 16 17 Long Term Debt 18 Equity 19 Total Liabilities and Equity 20 21 Debt to Equity 22 23 Note: 1/31/21 balance sheet does not reflect January 2021 financial results. 509 884 1,393 74 48 41 163 890 340 1,393 Building Sale & Leaseback 142 3.10 (566) D (550) 126 Receivables 1/1/21 Collection 1/31/21 167 401 250 13 182 182 52 52 651 318 969 74 48 41 163 340 466 969 E 1.08 234 (237) F (2) 651 318 969 74 48 41 163 340 464 969 1.09 Month December Historical Must collect Breed Airport Services Accounts Receivable (in '000 $) (A) Receivables 250.0 13.2 236.8 (B) Month's Sales 22.0 22.0 (A)/(B) Days Receivables 340.9 18.0 Net Sales - Cost of Goods Sold (COGS) = Gross Profit - S,G & A Expenses = EBITDA Breed Airport Services 2021 Financials - Interest - Depreciation/Amortization = EBT - Taxes = Net Income January 55,982 24,311 31,671 18,448 13,223 2,000 1,344 9,879 2,075 7,804 % 100% 43% 57% 33% 24% 4% 2% 18% 4% 14% February 58,221 25,162 33,059 18,632 14,427 2,000 1,344 11,083 2,327 8,756 % 100% 43% 57% 32% 25% 3% 2% 19% 4% 15% (in '000 $) Cash & Securities Receivables Inventory Other Fixed Assets Total Assets Payables Accruals Other Current Current Assets Current Liabilities Long Term Debt Equity Total Liabilities and Equity 1/31/21 401 13 182 52 651 318 969 74 48 41 163 340 464 969 % 41% 1% 19% 5% 67% 33% 100% 8% 5% 4% 17% 35% 48% 100% 2/28/21 412 35 187 54 687 311 998 84 55 47 186 340 472 998 % 41% 3% 19% 5% 69% 31% 100% 8% 6% 5% 19% 34% 47% 100% I 2 3 4 5 Net Sales 6 - Cost of Goods Sold = Gross Profit 7 8 9 14 15 16 10 11 12 - Interest 13 - Depreciation/Amort. = EBT - S.G & A Expenses EBITDA - Taxes 17 = Net Income 18 18 19 Sales growth rate 20 24 41 A 21 Net Sales 22 - Cost of Goods Sold 44 23 = Gross Profit 26 27 28 29 30 25-S,G & A Expenses = EBITDA - Interest - Depreciation/Amort. = EBT 31 32 - Taxes 33 - Net Income 34 B January February 68,922 30,326 38,596 20,677 17,920 2,500 1,455 13,965 2,933 11,032 100% 44% 56% 30% 26% 4% 2% 20% C 4% 16% 58,221 25,162 33,059 18,632 14,427 2,000 1,455 11,083 2,327 8,756 4.0% 100% 43% 57% 32% 25% 3% 2% 19% 4% 15% D March 61,715 26,913 34,802 19,132 15,669 2,179 1,455 12,035 2,527 9,508 6.0% 100% 44% 56% 31% 25% 4% 2% 20% 4% 15% E F G H Breed Airport Services 2019 Actuals ***** *** ** ****************** * 3 * *** ** *** ** ***** ** *** ** I August September 86,550 37,744 48,807 26,832 21.975 2,179 1,455 18,341 3,852 14,489 6.0% 100% 44% 56% 31% 25% 3% 2% 21% J 4% 17% 90,878 39,631 51,247 28,173 23,074 2,179 1,455 19,439 4,082 15,357 5.0% 100% 44% 56% 31% 25% 2% 2% 21% 4% 17% K 27,156 22,084 October November December 87,243 38,003 49,240 2,179 1,455 18,450 3,874 14,575 -4.0% 100% 44% 56% 31% 25% 2% 2% 21% L 4% 17% 83,753 36,519 47,234 25,978 21,257 2,179 1,455 17,622 3,701 13,922 -4.0% 100% 44% 56% 31% 25% 3% 2% 21% M 4% 17% Total 74,540 906,474 32,501 395,292 42,039 511,182 23,122 18,918 2,179 1,455 15,283 3,209 12,074 -11.0% 100% 44% 56% 31% 25% 3% 2% 21% N 4% 16% 281,048 230,134 26,293 17,460 186,492 39,163 147,329 100% 44% 56% 31% 25% 3% 2% 21% 4% 16% A 1 2 3 4 5 Cash & Securities 6 Receivables 7 Inventory 8 Other (in '000 $) 9 10 Fixed Assets 11 Total Assets 12 13 Payables 14 Accruals 15 Other Current B C Breed Airport Services Balance Sheet Current Assets Current Liabilities 16 17 Long Term Debt 18 Equity 19 Total Liabilities and Equity 20 1/31/21 401 13 182 52 651 318 969 74 48 41 163 340 464 969 % 41% 1% 19% 5% 67% 33% 100% 8% 5% 4% 17% 35% 48% 100% D 2/28/21 412 9 188 54 663 317 979 76 49 42 % Explanation of methodology 42% 1% Assume days receivable of 4.5 19% 6% 68% 32% 100% F 8% 5% 4% 167 17% 340 35% No change 472 48% 979 100%
