{
  "deal_id": "390049",
  "assumptions": {
    "entry_ebitda": 3577691797.6000004,
    "entry_multiple": 10.0,
    "revenue_base": 8944229494.0,
    "senior_debt_turns": 4.0,
    "senior_rate": 0.065,
    "sub_debt_turns": 1.0,
    "sub_rate": 0.1,
    "revenue_growth": 0.04,
    "ebitda_margin_base": 0.4,
    "margin_improvement_annual_bps": 50,
    "hold_years": 5,
    "exit_multiple": 10.5,
    "capex_pct_revenue": 0.035,
    "nwc_pct_revenue": 0.08,
    "tax_rate": 0.25,
    "cash_sweep_pct": 0.5,
    "management_fee_pct": 0.02,
    "transaction_fees_pct": 0.03
  },
  "sources_and_uses": {
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    "sub_debt": 3577691797.6,
    "equity": 18961766527.28,
    "total_sources": 36850225515.28,
    "enterprise_value": 35776917976.0,
    "transaction_fees": 1073307539.28,
    "total_uses": 36850225515.28
  },
  "projections": [
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      "year": 1,
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      "ebitda": 3767309462.87,
      "ebitda_margin": 0.41,
      "interest_senior": 930199867.38,
      "interest_sub": 357769179.76,
      "ebt": 2103682776.99,
      "taxes": 525920694.25,
      "net_income": 1577762082.74,
      "capex": 325569953.58,
      "delta_nwc": 28621534.38,
      "free_cash_flow": 1456120561.62,
      "mandatory_repayment": 0.0,
      "optional_sweep": 728060280.81,
      "senior_debt_balance": 13582706909.59,
      "sub_debt_balance": 3577691797.6,
      "total_debt": 17160398707.19,
      "net_debt": 17160398707.19,
      "leverage_turns": 4.56
    },
    {
      "year": 2,
      "revenue": 9674078620.71,
      "ebitda": 3966372234.49,
      "ebitda_margin": 0.41,
      "interest_senior": 882875949.12,
      "interest_sub": 357769179.76,
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      "taxes": 585191867.05,
      "net_income": 1755575601.14,
      "capex": 338592751.72,
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      "mandatory_repayment": 0.0,
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      "senior_debt_balance": 12768172700.0,
      "sub_debt_balance": 3577691797.6,
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      "net_debt": 16345864497.6,
      "leverage_turns": 4.12
    },
    {
      "year": 3,
      "revenue": 10061041765.54,
      "ebitda": 4175332332.7,
      "ebitda_margin": 0.42,
      "interest_senior": 829931225.5,
      "interest_sub": 357769179.76,
      "ebt": 2592998211.4,
      "taxes": 648249552.85,
      "net_income": 1944748658.55,
      "capex": 352136461.79,
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      "free_cash_flow": 1813181189.31,
      "mandatory_repayment": 0.0,
      "optional_sweep": 906590594.65,
      "senior_debt_balance": 11861582105.35,
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      "net_debt": 15439273902.95,
      "leverage_turns": 3.7
    },
    {
      "year": 4,
      "revenue": 10463483436.16,
      "ebitda": 4394663043.19,
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      "interest_senior": 771002836.85,
      "interest_sub": 357769179.76,
      "ebt": 2861196268.77,
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      "net_income": 2145897201.58,
      "capex": 366221920.27,
      "delta_nwc": 32195333.65,
      "free_cash_flow": 2009067033.57,
      "mandatory_repayment": 0.0,
      "optional_sweep": 1004533516.78,
      "senior_debt_balance": 10857048588.56,
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      "total_debt": 14434740386.16,
      "net_debt": 14434740386.16,
      "leverage_turns": 3.28
    },
    {
      "year": 5,
      "revenue": 10882022773.61,
      "ebitda": 4624859678.78,
      "ebitda_margin": 0.43,
      "interest_senior": 705708158.26,
      "interest_sub": 357769179.76,
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      "taxes": 786556024.88,
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      "free_cash_flow": 2217364699.91,
      "mandatory_repayment": 0.0,
      "optional_sweep": 1108682349.95,
      "senior_debt_balance": 9748366238.61,
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      "total_debt": 13326058036.21,
      "net_debt": 13326058036.21,
      "leverage_turns": 2.88
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  ],
  "returns": {
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    "exit_ev": 48561026627.22,
    "net_debt_at_exit": 13326058036.21,
    "equity_at_exit": 35234968591.01,
    "equity_invested": 18961766527.28,
    "moic": 1.8582,
    "irr": 0.1319,
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    "value_from_growth": 10995262752.42,
    "value_from_multiple": 1788845898.8,
    "value_from_deleveraging": 4562400951.79
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}