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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 | $272.7M | $242.7M | $237.3M | $232.6M | $227.9M |
| % growth | -3.9% | -4.1% | -4.2% | -19.8% | -11.0% | -2.2% | -2.0% | -2.0% | |
| Direct costs / COGS | $136.7M | $138.8M | $138.5M | $136.0M | $125.4M | $116.5M | $111.6M | $107.0M | $102.6M |
| Gross profit (NOI for real estate) | $248.3M | $231.3M | $216.5M | $204.0M | $147.2M | $126.2M | $125.8M | $125.6M | $125.4M |
| % margin | 64.5% | 62.5% | 61.0% | 60.0% | 54.0% | 52.0% | 53.0% | 54.0% | 55.0% |
| Operating expenses (cash, adjusted) | $9.6M | $9.3M | $8.9M | $8.5M | $6.8M | $6.1M | $5.9M | $5.8M | $5.7M |
| EBITDA (company-adjusted basis) | $238.7M | $222.0M | $207.7M | $195.5M | $140.4M | $120.1M | $119.9M | $119.8M | $119.7M |
| % margin | 62.0% | 60.0% | 58.5% | 57.5% | 51.5% | 49.5% | 50.5% | 51.5% | 52.5% |
| D&A | $92.4M | $88.8M | $85.2M | $81.6M | $65.4M | $58.2M | $57.0M | $55.8M | $54.7M |
| 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 | $75.0M | $61.9M | $62.9M | $64.0M | $65.0M |
| Interest expense | $92.3M | $97.8M | $103.2M | $108.6M | $119.1M | $115.2M | $114.4M | $114.4M | $114.4M |
| EBT | $54.0M | $35.4M | $19.3M | $5.3M | ($44.1M) | ($53.4M) | ($51.5M) | ($50.4M) | ($49.4M) |
| 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 | ($44.1M) | ($53.4M) | ($51.5M) | ($50.4M) | ($49.4M) |
| Capex | $46.2M | $44.4M | $42.6M | $40.8M | $26.2M | $23.3M | $22.8M | $22.3M | $21.9M |
| Working capital & other cash items | ($0.4M) | ($0.8M) | ($0.8M) | ($0.8M) | ($1.7M) | ($0.0M) | $1.2M | $1.2M | $1.1M |
| Free cash flow | $87.1M | $71.7M | $57.8M | $45.5M | ($3.1M) | ($18.4M) | ($18.4M) | ($18.1M) | ($17.7M) |
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 |