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Tidewater Office Partners · TWOP
DEMO DATAUNDERWRITING ASSUMPTIONPASSFinancial statements DEMO DATA ANALYST PROJECTION
| $M | FY2022A | FY2023A | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $385.0M | $370.0M | $355.0M | $340.0M | $317.6M | $307.1M | $304.0M | $297.9M | $292.0M |
| % growth | -3.9% | -4.1% | -4.2% | -6.6% | -3.3% | -1.0% | -2.0% | -2.0% | |
| Direct costs / COGS | $136.7M | $138.8M | $138.5M | $136.0M | $135.0M | $133.6M | $130.7M | $126.6M | $122.6M |
| Gross profit (NOI for real estate) | $248.3M | $231.3M | $216.5M | $204.0M | $182.6M | $173.5M | $173.3M | $171.3M | $169.3M |
| % margin | 64.5% | 62.5% | 61.0% | 60.0% | 57.5% | 56.5% | 57.0% | 57.5% | 58.0% |
| Operating expenses (cash, adjusted) | $9.6M | $9.3M | $8.9M | $8.5M | $7.9M | $7.7M | $7.6M | $7.4M | $7.3M |
| EBITDA (company-adjusted basis) | $238.7M | $222.0M | $207.7M | $195.5M | $174.7M | $165.8M | $165.7M | $163.9M | $162.0M |
| % margin | 62.0% | 60.0% | 58.5% | 57.5% | 55.0% | 54.0% | 54.5% | 55.0% | 55.5% |
| D&A | $92.4M | $88.8M | $85.2M | $81.6M | $76.2M | $73.7M | $73.0M | $71.5M | $70.1M |
| Share-based compensation | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| EBIT | $146.3M | $133.2M | $122.5M | $113.9M | $98.4M | $92.1M | $92.7M | $92.4M | $92.0M |
| Interest expense | $92.3M | $97.8M | $103.2M | $108.6M | $113.9M | $108.7M | $106.6M | $104.3M | $104.3M |
| EBT | $54.0M | $35.4M | $19.3M | $5.3M | ($15.4M) | ($16.6M) | ($13.8M) | ($11.9M) | ($12.3M) |
| Taxes | $13.5M | $8.9M | $4.8M | $1.3M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income (model basis) | $40.5M | $26.6M | $14.5M | $4.0M | ($15.4M) | ($16.6M) | ($13.8M) | ($11.9M) | ($12.3M) |
| Capex | $46.2M | $44.4M | $42.6M | $40.8M | $36.2M | $35.0M | $34.7M | $34.0M | $33.3M |
| Working capital & other cash items | ($0.4M) | ($0.8M) | ($0.8M) | ($0.8M) | ($0.5M) | $0.1M | $0.5M | $0.3M | $0.3M |
| Free cash flow | $87.1M | $71.7M | $57.8M | $45.5M | $25.1M | $22.0M | $24.0M | $25.4M | $24.2M |
Historical columns are fictional demo inputs. Projections flow from the selected scenario’s assumptions (Scenarios tab): interest accrues on beginning balances by tranche; floating tranches use MAX(SOFR, floor) + spread + scenario shock; PIK accrues to principal. FCF = net income + D&A + SBC + PIK − capex − ΔNWC / other. Impairments, restructuring and other one-offs are excluded from EBITDA and net income and sit in the cash plug.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Tidewater Office Partners — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Tidewater Office Partners — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |