Re: Financial Modeling - Enhancements Part 2
GW impairment (and before, GW amortization) is NOT tax deductible. Hence you add it back in your tax calculation since it will increase your Taxable Income vs. GAAP Pre-Tax Income, which means, higher base => higher taxes you pay!

RE: How to I automate blue and black cells for inputs/outputs?
You cannot automate the color changing as you type a number/formula without building a macro to specifically do so. What you can do is to have excel highlight the cells on the current worksheet and then change the colors blue (if you selected "constants") and black (if you selected "formulas"). This... You cannot automate the color changing as you type a number/formula without building a macro to specifically do so. What you can do is to have excel highlight the cells on the current worksheet and then change the colors blue (if you selected "constants") and black (if you selected "formulas"). This doesn't require the use of a macro, although you can build a macro so you don't have to keep hitting the various options. As you build additional analysis or worksheets in your model, you would do the same - follow the instructions on our Excel shortcut sheet under our FREE RESOURCES section or download and install our WST Macro Add-Ins. Read More

Re: LBO Modeling Enhancements - Dividend Capture for IRR
Normally, dividends to the Equity Sponsor post-LBO are no longer based on the old traditional public company dividend calculation since primary, no more shares outstanding. Usually, the PE sponsor calculates how much dividends they want to pay themselves, which essentially becomes hard coded. Hence ... Normally, dividends to the Equity Sponsor post-LBO are no longer based on the old traditional public company dividend calculation since primary, no more shares outstanding. Usually, the PE sponsor calculates how much dividends they want to pay themselves, which essentially becomes hard coded. Hence you can't link it back to the old dividend build-up. Of course, any dividend payments would need to be incorporated as well in CFF. Read More

RE: How do I assign a shortcut key to previously created macros?
To add a shortcut key to a macro, you can hit ALT+F8 to bring up the macro dialog box and then select your macro and click on Options and it should be straightfwd from there. Don't forget to save your macro file.

Re: Historical Cash Flow statement
Yes, that is the correct approach that we would take and recommend. Much of this logic is explained in our courses. i.e., we take the liberty to recast the Income Statement and Balance Sheet as we see fit. Certain items, such as NCI (Non-Controlling Interest or the old Minority Interest), are below ... Yes, that is the correct approach that we would take and recommend.
Much of this logic is explained in our courses. i.e., we take the liberty to recast the Income Statement and Balance Sheet as we see fit. Certain items, such as NCI (Non-Controlling Interest or the old Minority Interest), are below Net Income or sometimes above Net Income and we tend to standardize how we want to present the numbers. On the B.S., NCI is sometimes a separate line item and sometimes part of equity and sometimes part of liabilities. We always recast however we think about it for that that business. Ditto for the CF Statement. If you'd like to move the company's classification of interest expense/interest income to/from CFO / CFF, or an another item that should be part of CFI but was in CFO, or vice versa, feel free to do so, as long as the final numbers always match. Read More