Examples of Management Projections in a sentence
I find that the best estimate of cash flow projections is the Management Projections, made in the regular course of business, for the reasons that follow.
The first is based on ten-year projections that AOL submitted to Deloitte for a tax impairment analysis (the “Deloitte Projections”).135 The second, (the “Disputed Projections”), contained substantial differences, compared to the Management Projections, in working capital requirements and was sent by AOL to Verizon’s advisors in April 2015.
Trial Tr. 355 (Williams).As discussed in Section I.C.3 above, the Management Projections were indisputably optimistic.114 Puglisi, Petitioners’ own expert, testified that he would have implied a discount factor to back out the optimism if the record had provided a basis for calculating one.115 Even if Management had not been motivated to paint a bright picture, its projections would have been unreliable.
As noted above, the Management Projections included a 15% risk adjustment.
AutoInfo’s expert agrees that “the Management Projections are not a reliable forecast of the Company’s expected future performance and, thus, would not yield a reliable indication of the Fair Value of AutoInfo common stock.” Zmijewski Opening Report ¶ 53.
Puglisi’s Comparable Companies Analyses Puglisi performed two comparable companies analyses, one using a 2012 EBITDA figure derived from AutoInfo’s 2012 10-K, and the other using an estimated 2013 EBITDA created by modifying the Management Projections.
Having rejected the Management Projections, the Court relied on financial projections that Comvest had prepared for internal use in evaluating the AutoInfo deal.170 In a February 25, 2013, Investment Committee Memo, Comvest projected five-year financials for AutoInfo based on both a base case (the “Base Case Projections”) and a downside case scenario.
Although Harris Williams used the Management Projections in its fairness opinion, the projections were not formally approved by the Board.Gearreald and Brunk presented the Management Projections to Harris Williams on August 6.
In explaining Stephens’s request that the Management Projections be optimistic, Miller stated “You certainly don’t want to be conservative and leave potential shareholder value on the table.” Trial Tr. 282 (Miller).
Although Petitioners now argue Georgia conceivably might proceed without an RFP process for the facility, the Management Projections assumed that Georgia would issue an RFP.44 If it did, Just Care would have had to compete for the project, and the existence of such competition likely would affect both the economics of the project and the probability that Just Care would win the project.