SERIES 79

Form 3

Use when individual becomes corprate insider (officer, director or >10% SH).

When does the Form 3 need to be filed

Within 10 days

Form 4

Corp Insider changes holders

When to file Form 4

2 business days

Form 5

Corp insider reports transactions in SEC’s not in public market

When does Form 5 need to be filed

45 calendar days of fiscal year end

13D

Statement of beneficial ownership of greater than 5% - active investors

when does 13D need to be filed

5 days of transaction. 2 days of any amended

13G

Passive statement of beneficial ownership of greater than 5%

When does 13g need to be filed

45 calendar days of calendar quarter end

13E-3

Going privateWhen

When does 13e-3 need to be filed

Concurrently with a tender offer, registration statement, or other privatization document

13F

Quarterly filing by institutional investment managers ($100M+ in assets)

When must 13F be filed

45 Calendar days of quarter end

Form 144

Corporate insider selling shares

What are the rules of Form 144

If restricted, waiting period of 6 months (reporting)/12 (unreporting). If control, 1% of outstanding shares of ADTV last 4 weeks.

10Q

Quarterly financial report

What are the filing deadlines for 10Q

Large accelerated ($700M+ float or $1B in non-convert debt) - 40 calendar days

Accelerated (>$75M+ float) - 40 calendar days

Non-accelerated (<$75M+) - 45 calendar days

Small - 45 calendar days

10K

Annual finanical reportWh

When must 10K be filed

Large accelerated - 60 calendar days

Accelerated - 75 calendar days

Non-accelerated - 90 calendar days

Smaller - 90 calendar days

9K

Current report

When must 8K be filed

4 business days of event

PRE14

Preliminary Proxy statement. Filed 10 days before definative

DEF14A

Definitive Proxy. Distributed 20 days before

Schedule TO

Includes terms of a tender offer

When does TO be filed

20 business days

14D-9

Subject company BOD response ot tender offer

When does 14D-9 need to be filed

10 business days

S1

IPOS

S3

Follow on

S4

Merger

S11

REITS

Current Yield

Annual Interest/Market PriceEq

Equity Value

Total shares * price

EV - Debt + Cash

Enterprise Value

EqV + Net Debt + Pref stock + noncontrolling interest

Gross profit margin

Gross Profit/Sales

EBITDA Margin

EBITDA/SalesEB

Operating Margin

EBIT/Sales

Net profit margin

Net income/sales

Assets

= Liability + SE

Ending SE

Beginning SE + NI - declared dividends

Total Debt

Loans + bonds + notes + debentures + capital leases +ST Debt + Current Long-term detb

EPS

Net income/Shares outstanding

Diluted EPS

Net income/Diluted Shares outstnading

P/E

Share price/EPS

EqV/Net income

PEG Ratio

PE/Growth rate

Price ot book

Equity Value/Book value of equity

Price to tangible book

Equity value / (book value of equity - goodwill)

Dividend yield

Annual dividend/stock price

Dividend Payout

Annual Dividend/EPS

Total dividends/Net income

Earnings Yield

EPS/Stock price

1/PE

Enterprise Value Multiples

EV/Sales

EV/EBITDA

EV/EBIT

Interest coverage ratio

Adj. EBITDA/Interest expense

Debt-EBITDA

Total Debt/Adj. EBITDA

Debt-to-Capitalization

Total Debt/ (Total Debt + Book equity)

Invested Capital

Average equity + average net debt

ROA

Net income/Average Assets

ROE

Net income/AVerage Shareholders Equity

ROIC

Adj. EBIT/Invested capital

NOPAT/Invested Capital

ROC

Net income/invested capital

Working capital

Current assets - Current liabilities

Accounts Receivable turnover

Sales / Average Accounts Receivable

DSO

(Average accounts receivable / sales) *365

Inventory turnover

COGS / Average Inventory

Days Inventory Held

(Average inventory/COGS)*365

Accounts payable turnover

COGS/Accounts PayableA

DPO

(Average Accounts Payable/COGS)*365

Equity turnover

Sales / Average Shareholders Equity

Current Ratio

Current assets/Current liabilities

Quick ratio

(Current assets - inventory) / current liabilities

Implied Enterprise Value

Sales * (EV/sales)

EBITDA * (EV/EBITDA)

Implied Equity Value

Net income * PE

Implied Stock pric

EPS * PE

WACC

(1-Tax)(Cost of Debt)(% of Debt) + (Cost of equity)(*% of equity)

Cost of debt

Current yield * (1-Tax)

Cost of equity

Risk free + beta(MRP)

Levered Beta

unlevered beta (1+(1-tax)*Debt/Equity)

Unleverde beta

Levered Beta / (1+(1-tax)*debt/equity))

Unlevered free cash flow

NOPAT + D&A - CAPEX - Increase in NWC

Implied EV via perpetuity

(FCF * (1+G))/ (R-G)I

Implied stock price via dividend discount

(Annual dividend * (1+G))/(R-G)

Economic Value Add

NOPAT - (purchase price * discount rate)

Effective EBITDA

(EBITDA * Purchase multiple)/(EBITDA + Synergies)M

Max Purchase Price

(EBITDA * Max leverage) - Current debt + cash

UA

Underwriting agreementAA

AAU

Agreement among underwriters

EGC

Emerging Growth Company less than $1.235B in rev

WKSI

>$700M public non-afflilated float or >$1B in non-convert debt within past 3 years

FWP

Any written or graphic communication user in connection with a securities issue. Filed on day of first use

Ineligible Issuers

Filed bankruptcy past 3 years, blank check company, late SEC filers

M&A Timeline (First Ronud)

Engagement letter, teaser, CA, CIM, Initial Bid procedures letter, First round bids

M&A Timeline Second Round

Due diligence, Management presentations, site visits, data room, final bid procedure letter & Draft DA, Final bids, select winning bid and sign DA

M&A timeline Closing

S-4 registration statement, HSR approval, shareholder vote, brind-down due diligence, close

IPO Timeline Pre-reg

Issuer selects underwriter, sign UA, prepare offering documents, forms syndicate

IPO Timeline Cooling-off period

SEC reviews for adequate disclosures, Bankers collect IOIs, road show, distribute red herring, publish tombstone, prepare FWPs, FINRA reviews compensation, Blue Sky Laws

IPO Timeline Post-effective

Securities sold, all purchasers receive prospectus no latter than completion of transaction.

What can’t you do post-effective

No sales to restricted persons, no spinning (5131 where you promise future business), Equity Research period (10 days for IPO, 3 for follow on), Post-lock up period, Green shoe or Covering transaction

What can’t you do pre-cooling period

No sales, no offers, no marketing, EGCs can, WKSI can FWP

What can’t you do cooling off

No sales, orders, Reg M 101/102 gives restricted periods, 103 allows passive market making

What are Reg M 101/102 restricted periods

Small (<$100M ADTV or $25M float) - 5 days

Large (>$100M ADTV or $25M float) - 1 days

Actively traded (>$1M ADTV or $150M) - 0 days