EX-99.(C)(14) 16 nc10002999x2_exc-14.htm EXHIBIT (C)(14)

Exhibit (c)(14)

                                                   Ignite Performance in Context  February 2019 
 

                                                     Ignite Performance in ContextSummary Insights  Source: IBES, CapIQ as of 01-Feb-2019  2  Ignite Performance in Context  In the days following Nova’s offer on 9-Nov-2018, Ignite’s share price increased ~11% and has remained flat since the offerComparably, Spark’s share price is unchanged since 9-Nov-2018The S&P 500 and the Russell 5000 is down (2.7)% and (3.1)% respectively since 9-Nov-2018Key comparables are also only up ~ 2-4%Had Ignite performed in line with Spark, its share price would currently be $38.01 (vs. $43.25 as of 01-Feb-2019)Had Ignite performed in line with the S&P 500, its implied share price would currently be $39.06On a multiples basis, Ignite appears to be trading at a premiumIgnite currently trades at 7.9x NTM EBITDA (excl. cash distributions) // 7.1x (incl. cash distributions)Over the last 10 years, Ignite has traded at an average multiple of 7.3x NTM EBITDA (excl. cash distributions) // 6.8x (incl. cash distributions)Spark is currently trading at 6.4x NTM EBITDAFor comparison, Nova’s $42 per share offer implies a multiple of 7.7x NTM EBITDA (excl. cash distributions) // 6.9x (incl. cash distributions)Ignite currently trades at an NTM P/E multiple of 21.4xOver the last 10 years, Ignite has traded at an average NTM P/E of 18.7x, and Ignite is currently at 15.6xNova’s $42 per share offer implies a P/E multiple of 20.8x 
 

                                                                                 (10)%  100%  210%  320%  Feb-2009  Oct-2010  Jun-2012  Feb-2014  Oct-2015  Jun-2017  Jan-2019  Indexed Price    Ignite    Spark    S&P 500 Index    Russell 2000 Index  234.9%225.2%  84.4%  13.5%  Returns  Since 11/09/18  1-Yr  3-Yr  5-Yr  10-Yr  Ignite SparkS&P 500 IndexRussell 2000 Index  10.7 %0.0 % (2.7)% (3.1)%  (8.3)%(20.4)%(4.1)%(4.9)%  26.1 % (13.5)%39.6 %45.5 %  32.6 % (13.5)%55.4 %37.2 %  84.4 %13.5 %225.2 %234.9 %    Indexed Stock Price ChartSince Jan-2009  Source: IBES, CapIQ as of 01-Feb-2019  3  Ignite Performance in Context 
 

                                                                                             80%  90%  100%  110%  120%  9-Nov-2018  23-Nov-2018  7-Dec-2018  21-Dec-2018  1-Feb-2019  Indexed Price          IgniteRussell 2000 Index      10.7%  4.4%2.0%  0.0%  (2.7)%  (3.1)%    Indexed Stock Price ChartSince Offer Announcement on 9-Nov-2018  Source: IBES, CapIQ as of 01-Feb-20191 Live Content includes Madison Square Garden, Formula One, WWE, and Lions Gate  Spark1Live Content  4-Jan-2019 18-Jan-2019S&P 500 Index2Live Entertainment  Implied Ignite share price at Spark performance: $39.06    Implied Ignite share price at S&P 500 performance: $38.01  2Live Entertainment includes Cedar Fair, Six Flags, Sea World, and Live NationIgnite Performance in Context  4 
 

                                                                                     $ 0  $ 10  $ 20  $ 30  $ 50  Jan-2009  Oct-2010  Jun-2012  Jan-2014  Oct-2015  Jun-2017  Feb-2019    Ignite    Spark  $ 16.34  Absolute Stock Price ChartSince Jan-2009  Implied Ignite Share Price at Spark Performance  Average  1-Yr  3-Yr  5-Yr  10-Yr    ISC  $ 42.78  $ 38.26  $ 36.15  $ 31.79  $ 40  TRK  17.43  18.61  19.15  17.46        $ 43.25$ 39.06$ 38.01    Implied Ignite Share Price at S&P 500 Performance  Source: IBES, CapIQ as of 01-Feb-2019Note: Implied Ignite share price is calculated based on the return of the S&P 500 from 9-Nov-18 to 1-Feb-2019Ignite Performance in Context  5 
 

                                                                                                       7.9x  6.4x  4.0 x  5.0 x  6.0 x  7.0 x  8.0 x  9.0 x  10.0 x  11.0 x  12.0 x  Jan-2009  Sep-2010  Jan-2019  NTM-Time Weighted EBITDA Multiple    Ignite (excl. Cash Distributions)May-2012 Jan-2014    Ignite (incl. Cash Distributions)Sep-2015 May-2017    Spark  7.1x  EBITDA Multiples Over TimeSince Jan-2009      $42 / Share Implied Multiple (excl. Cash Dist.): 7.7x  $42 / Share Implied Multiple  (incl. Cash Dist.): 6.9x  Average  3-Month  1-Yr  3-Yr  5-Yr  10-Yr  Ignite (excl. Cash Distributions) Ignite (incl. Cash Distributions) Spark  8.0 x7.1 x6.5 x  8.1 x7.3 x6.8 x  7.7 x6.9 x7.2 x  7.8 x7.0 x7.5 x  7.3 x6.8 x7.0 x    Source: IBES, CapIQ as of 01-Feb-2019Note: Ignite Adjusted EBITDA includes cash distributions from equity investments beginning in 2012, assuming projections in line with forward-year actual cash distributions.Ignite Performance in Context  6 
 

                                                     P/E Multiples Over TimeSince Jan-2009    $42 / Share Implied P / E: 20.8 x                              21.4 x  15.6 x  0.0 x  10.0 x  20.0 x  30.0 x  Jan-2009  Sep-2010  May-2012  Jan-2014  Sep-2015  May-2017  Jan-2019  NTM-Time Weighted P/E Multiple    Ignite    Spark  Average  1-Yr  3-Yr  5-Yr  10-Yr  Ignite Spark  20.5 x16.2 x  21.4 x18.0 x  21.5 x18.3 x  18.7 x16.0 x    Source: IBES, CapIQ as of 01-Feb-2019Ignite Performance in Context  7 
 

                                                     Multiples Over TimeCYE 2008 – CYE 2014  Date  EV / Revenue  EV / EBITDA(excl. Cash Distributions)  EV / EBITDA(incl. Cash Dist.)  P / E  EV / Revenue  EV / EBITDA  P / E  Ignite  Spark                  CYE 2008  2.3 x  5.7 x  5.7 x  10.0 x     2.0 x 5.0 x 6.6 x  Mar-2009  1.9  5.3  5.3  9.4    2.2 5.0 7.2  Jun-2009  2.2  6.5  6.5  10.7    2.3 5.5 8.3  Sep-2009  2.3  6.7  6.7  15.1     2.2 5.6 9.2   CYE 2009  2.2 x  6.6 x  6.6 x  15.6 x     2.4 x 6.2 x 11.0 x  Mar-2010  2.1  6.5  6.5  15.3    2.4 6.4 12.7  Jun-2010  2.2  6.6  6.6  15.9    2.2 6.0 12.7  Sep-2010  2.0  6.3  6.3  16.4     2.3 6.6 14.1   CYE 2010  2.2 x  7.0 x  7.0 x  18.1 x     2.3 x 6.6 x 13.7 x  Mar-2011  2.6  7.3  7.3  19.0    2.4 6.9 15.1  Jun-2011  2.5  7.0  7.0  16.4    2.3 6.7 13.7  Sep-2011  1.9  5.5  5.5  13.9     2.0 6.0 11.1   CYE 2011  2.2 x  6.5 x  6.5 x  15.4 x     2.3 x 6.6 x 13.3 x  Mar-2012  2.3  6.9  6.6  16.3    2.5 7.4 16.4  Jun-2012  2.3  6.8  6.4  15.6    2.3 7.0 15.5  Sep-2012  2.4  7.4  7.0  17.6     2.1 6.4 14.1   CYE 2012  2.4 x  7.7 x  7.2 x  18.7 x     2.4 x 7.5 x 20.0 x  Mar-2013  2.8  8.7  7.9  21.9    2.3 7.2 18.3  Jun-2013  2.6  8.4  7.6  21.4    2.3 7.1 16.8  Sep-2013  2.7  8.5  7.7  22.1     2.3 7.6 17.3   CYE 2013  2.8 x  9.2 x  8.3 x  23.4 x     2.5 x 8.3 x 19.2 x  Mar-2014  2.7  8.8  7.9  23.5    2.4 8.0 20.7  Jun-2014  2.5  8.3  7.4  23.2    2.3 7.9 20.2  Sep-2014  2.4  8.0  7.2  22.5     2.2 7.5 18.9   CYE 2014  2.4 x  8.2 x  7.4 x  22.4 x     2.5 x 8.7 x 22.8 x  Source: IBES, CapIQ as of 01-Feb-2019Note: Ignite Adjusted EBITDA includes cash distributions from equity investments beginning in 2012, assuming projections in line with forward-year actual cash distributions.Ignite Performance in Context  8 
 

                                                     Multiples Over TimeCYE 2014 – Present  Date  EV / Revenue  EV / EBITDA(excl. Cash Distributions)  EV / EBITDA(incl. Cash Dist.)  P / E  EV / Revenue  EV / EBITDA  P / E  Ignite  Spark                  CYE 2014  2.4 x  8.2 x  7.4 x  22.4 x     2.5 x 8.7 x 22.8 x  Mar-2015  2.6  8.4  7.2  24.9    2.5 8.7 23.5  Jun-2015  2.9  9.5  8.2  26.4    2.5 8.9 23.2  Sep-2015  2.5  8.3  7.1  24.1     2.0 7.2 18.5   CYE 2015  2.7 x  8.8 x  7.5 x  24.5 x     2.2 x 7.9 x 21.2 x  Mar-2016  2.7  8.4  7.5  23.6    2.1 7.4 17.6  Jun-2016  2.4  7.4  6.7  21.2    1.9 7.0 16.2  Sep-2016  2.2  7.0  6.2  22.2     1.9 7.4 19.3   CYE 2016  2.6 x  7.8 x  7.0 x  24.9 x     2.1 x 8.4 x 22.7 x  Mar-2017  2.5  7.9  7.0  23.4    1.9 7.7 22.4  Jun-2017  2.5  7.7  6.8  23.6    2.0 8.0 20.3  Sep-2017  2.3  7.3  6.5  23.2     2.1 8.1 22.0   CYE 2017  2.6 x  8.3 x  7.4 x  25.0 x     1.9 x 7.4 x 20.4 x  Mar-2018  2.8  8.8  7.8  22.6    1.9 6.9 16.9  Jun-2018  2.8  8.8  7.8  22.6    1.9 7.1 17.4  Sep-2018  2.7  8.5  7.5  21.7     1.8 7.0 17.3   CYE 2018  2.8 x  8.4 x  7.5 x  22.3 x     1.7 x 6.6 x 15.7 x  Feb-2019  2.7  7.9  7.1  21.4    1.7 6.4 15.6  Source: IBES, CapIQ as of 01-Feb-2019Note: Ignite Adjusted EBITDA includes cash distributions from equity investments beginning in 2012, assuming projections in line with forward-year actual cash distributions.Ignite Performance in Context  9