Share Price Yr 5
$44.21
25.4% CAGR
Equity Value Yr 5
$8.5B
14.1x EBITDA
LP Proceeds
$3.7B
on $1.7B contributed
Facilities Yr 5
475
from 323 at close
EBITDA Yr 5
$572M
17.8% margin
📈 Share Price & Operations
Share Price Bridge — IPO to Year 5
10-Year Share Price Trajectory
💰 Financial Overview
⚙️ Scenario Drivers
| Driver | Low | Base | High |
|---|
| 1.1% | 1.5% | 1.75% |
| 2.0% | 2.0% | 2.5% |
| 2.75% | 2.5% | 2.5% |
| 4.0% | 5.0% | 6.0% |
| 6.0x | 5.5x | 5.0x |
| 1.75x | 1.85x | 2.00x |
| 1.0% | 3.0% | 3.0% |
| 4.0% | 5.0% | 6.0% |
| 9.0x | 10.0x | 11.0x |
| 13.0x | 15.0x | 18.0x |
| 0% | 30% | 50% |
🏥 Portfolio Composition
Portfolio Equity at Close ($1.7B Total)
Portfolio Operating Metrics (At Close)
| Portfolio | Facilities | Revenue | EBITDAR | Coverage |
|---|
| 94 | $1,233M | $200M | 2.00x |
| 24 | $362M | $63M | 1.82x |
| 42 | $628M | $71M | 1.64x |
| 56 | $531M | $127M | 1.77x |
| 107 | $1,138M | $200M | 1.17x |
| 323 | $3,893M | $661M | 1.57x |
📊 LP Returns by Portfolio
| Portfolio | Equity Rolled | % of HoldCo | 5-Yr Proceeds | MOIC (Modeled) | MOIC (Hold) |
|---|
📋 Income Statement Summary (Base Case)
| $ in millions | Pre-IPO | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 |
|---|
| 355 | 391 | 431 | 475 | 523 | 575 |
| $4,653 | $5,252 | $5,973 | $6,794 | $7,723 | $8,769 |
| $833 | $927 | $1,058 | $1,207 | $1,376 | $1,567 |
| ($481) | ($526) | ($577) | ($635) | ($698) | ($769) |
| $353 | $401 | $481 | $572 | $678 | $798 |
| 17.9% | 17.7% | 17.7% | 17.8% | 17.8% | 17.9% |
| 1.73x | 1.76x | 1.83x | 1.90x | 1.97x | 2.04x |
|
| $250 | $283 | $339 | $403 | $476 | $559 |
| $1.31 | $1.48 | $1.77 | $2.10 | $2.48 | $2.90 |
|
| $17.88 | $21.48 | $27.19 | $34.87 | $44.21 | $55.46 |
| 10.0x | 10.8x | 12.0x | 12.9x | 13.8x | 14.6x |
🔑 HoldCo & Promote Structure
Promote Terms
| Promote Years | 3 |
| GP Promote % | 50% |
| LP Floor (per share) | $10.00 |
| LP Cap (per share) | $99.00 |
| Lockup Period | 1 year |
| Sell-Down Period | 3 years |
| GP Catch-up | Off |
Distribution Policy
| Pre-IPO Distribution | 70% |
| Dividend Rate | 5% of income |
| Share Repurchases | 0% |
| Corporate Tax Rate | 25% |
| Structure | Up-C |
| Book Depreciation | 15 years |
HoldCo Returns (Base)
| Gross IRR | 45.3% |
| Gross MOIC | 2.99x |
| GP Value Transfer | $1,038M |
| GP Distributions | $1,356M |
| LP Proceeds | $3,732M |
| LP / Pre-IPO EBITDA | 11.4x |
📉 HoldCo Ownership Over Time
Holdco Liquidation Cash Flows ($M)
🏢 Cascadia Portfolio Focus
| At Close | Pre-IPO | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|
| 107 | → Blended into LIFT consolidated operations |
| $28.5M | Multiple Paid: 4.6x → Portfolio Value: $343.7M |
|
| 21.1% | 19.6% | 17.7% | 14.3% | 14.3% | — |
| 21.1% | 17.4% | 10.5% | 4.3% | 0% | — |
| 36.0 | 33.3 | 20.1 | 8.1 | 0 | — |
|
| $0 | (100% equity roll) |
| $359.5M | (35.95M shares × $10.00) |
|
| ($359.5) | $0 | $215.6 | $221.4 | $283.9 | $0 |
| — | $34.0 | $16.2 | $11.2 | $5.5 | $0 |
| ($359.5) | $34.0 | $231.8 | $232.6 | $289.4 | $0 |
|
| $787.8M on $359.5M invested → 2.19x MOIC | |