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J.Crew LBO Model for PE Interviews

The document presents financial projections for J.Crew Group from 2009-2016. It includes assumptions about revenue growth, operating margins, and capital expenditures. The income statement projects increasing revenues, profits, and EBITDA over time. The balance sheet shows growing current and long-term assets, with current assets exceeding current liabilities. Projected cash flow from operations is positive each year.

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74 views6 pages

J.Crew LBO Model for PE Interviews

The document presents financial projections for J.Crew Group from 2009-2016. It includes assumptions about revenue growth, operating margins, and capital expenditures. The income statement projects increasing revenues, profits, and EBITDA over time. The balance sheet shows growing current and long-term assets, with current assets exceeding current liabilities. Projected cash flow from operations is positive each year.

Uploaded by

gqq68mrnpm
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLS, PDF, TXT or read online on Scribd
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J.Crew Group, Inc.

- LBO Model for Private Equity Interview Case Study


($ in Millions Except Per Share Data)

Transaction Assumptions

Company Name: J.Crew Group, Inc. Transaction Close Date:

Operating Assumptions

Historical P
2009 2010 2011 2012

Revenue Growth %: 7.0% 10.5% 12.5%


COGS % Revenue:
SG&A % Revenue:
D&A % Revenue:
Effective Tax Rate:

Inventory % COGS:
Prepaid Expenses & Other % SG&A:
Accounts Payable % COGS:
Other Liabilities % SG&A:

CapEx % Revenue: 5.4% 2.8% 4.1%

Income Statement
Historical P
2009 2010 2011 2012

Revenue: $ 1,335 $ 1,428 $ 1,578 $ 1,775


Cost of Goods Sold: 873 882 957
Gross Profit: 555 696 818

SG&A Expense: 412 430 470


Depreciation & Amortization: 46 55 63
Operating Income: 97 211 285

Interest Income / (Expense): (6) (5) (2)


Pre-Tax Income: 91 206 283
Income Tax Provision: 37 83 114

Net Income: 54 123 169


EBITDA: $ 143 $ 266 $ 348
Balance Sheet
Historical
2009 2010 2011 2012
Assets:
Current Assets:
Cash & Cash-Equivalents: $ 146 $ 298 $ 432
Merchandise Inventories: 187 190 206
Prepaid Expenses & Other: 58 31 49
Total Current Assets: 392 519 687

Long-Term Assets:
Net PP&E: 202 195 205
Other Assets: 21 25 20
Total Long-Term Assets: 222 219 225

Total Assets: $ 614 $ 739 $ 912

Liabilities & Shareholders' Equity:


Current Liabilities:
Accounts Payable: 120 128 135
Other Current Liabilities: 88 108 108
Total Current Liabilities: 208 235 243

Long-Term Liabilities:
Existing Long-Term Debt: 100 49 24
Other Long-Term Liabilities: 81 78 83
Total Long-Term Liabilities: 181 127 107

Total Liabilities: $ 389 $ 363 $ 350

Shareholders' Equity:
Common Stock & APIC: 586 614 631
Treasury Stock: (4) (4) (4)
Retained Earnings: (357) (234) (65)
Total Shareholders' Equity: $ 225 $ 376 $ 562

Total Liabilities & SE: $ 614 $ 739 $ 912

BALANCE CHECK: $ - $ - $ - $ -

Cash Flow Statement


Historical
2009 2010 2011 2012

Net Income:
Depreciation & Amortization:
Changes in Operating Assets & Liabilities:
Merchandise Inventories:
Prepaid Expenses & Other:
Other Assets:
Accounts Payable & Other:
Other Liabilities:
Cash Flow from Operations:

Capital Expenditures:
Cash Flow from Investing:

Net Change in Cash & Cash Equivalents:

Beginning Cash Balance:


Ending Cash Balance:
1/31/2011

Projected
2013 2014 2015 2016

Projected
2013 2014 2015 2016
Projected
2013 2014 2015 2016

$ - $ - $ - $ -

Projected
2013 2014 2015 2016

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