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$13\mathrm{.}13.$ Acquisition: The board of directors of Quickercom Inc. is considering an acquisition of Honest Communication Inc. $($HCI$)$ for a total price of $$3$ billion, to be finalized January $1,2016.$ After thorough due diligence, the financial experts at Quickercom are concerned that HCI's value could decrease significantly in the next year and make the deal unprofitable. To make sure they receive a gain on the deal, they put an exit clause into the contract. The exit clause states that if the earnings before interest, taxes, depreciation, and amortization $($EBITDA$)$ falls below $$80$ million for the fourth quarter of $2015,$ this will be considered a material adverse change in the position of HCl $,$ and Quickercom can exit the contract and not have to complete the deal.

HCl is a $19-$year$-$old telecommunications firm specializing in longdistance service. Revenues have been steadily declining at HCl over the past six years because many customers are going to cell phones for their long$-$distance service, prices have been steadily declining, and the number of minutes per month per customer is decreasing. From $2008$ to $2014,$ the yearly EBITDA at HCl has fallen from $$633$ million to $$418$ million, which represents a decrease of more than $50\%.$ Industry analysts believe that revenues will continue to fall for at least the next $3$ years. Experts believe that HCl $,$ on average, will continue to lose customers at a rate of $0\mathrm{.}6\%$ per quarter, with a quarterly volatility of $0\mathrm{.}07.$ They also think that HCI will continue to see a decrease of $1\mathrm{.}4\%$ per quarter in the total minutes used per customer per quarter, at a quarterly volatility of $0\mathrm{.}10.$ Finally, those same experts believe strongly that HCl will continue to decrease its prices per minute charged at a rate of $1\mathrm{.}2\%$ per quarter, with a quarterly volatility of $0\mathrm{.}09.$ The price per minute includes sign$-$up fees and any other revenue HCl will make each quarter.

Because we are already more than halfway through the first quarter of $2015,$ financial experts have a better idea of HC$\text{'}$s first$-$quarter $2015$ numbers. Their best guess for the average number of customers is $17\mathrm{.}1$ million, with a minimum of $16\mathrm{.}5$ million and a maximum of $18\mathrm{.}3$ million.Questions and Problems

$601$

They believe that the average number of minutes used per customer for the quarter will be $259,$ the least amount of minutes will be $250,$ and the most will be $269.$ Lastly, they believe that the average price HCI will charge per minute for the quarter will be $13\mathrm{.}1$ cents, with a minimum of $12\mathrm{.}7$ cents and a maximum of $13\mathrm{.}9$ cents. The cost of goods sold $($COGS$)$ has remained steady for the past $6$ years at $56\%$ of total revenue, and the cost of SG$13\mathrm{.}13.$ Acquisition: The board of directors of Quickercom Inc. is considering an acquisition of Honest Communication Inc. $($HCI$)$ for a total price of $$3$ billion, to be finalized January $1,2016.$ After thorough due diligence, the financial experts at Quickercom are concerned that HCI's value could decrease significantly in the next year and make the deal unprofitable. To make sure they receive a gain on the deal, they put an exit clause into the contract. The exit clause states that if the earnings before interest, taxes, depreciation, and amortization $($EBITDA$)$ falls below $$80$ million for the fourth quarter of $2015,$ this will be considered a material adverse change in the position of HCl $,$ and Quickercom can exit the contract and not have to complete the deal.

HCl is a $19-$year$-$old telecommunications firm specializing in longdistance service. Revenues have been steadily declining at HCl over the past six years because many customers are going to cell phones for their long$-$distance service, prices have been steadily declining, and the number of minutes per month per customer is decreasing. From $2008$ to $2014,$ the yearly EBITDA at HCl has fallen from $$633$ million to $$418$ million, which represents a decrease of more than $50\%.$ Industry analysts believe that revenues will continue to fall for at least the next $3$ years. Experts believe that HCl $,$ on average, will continue to lose customers at a rate of $0\mathrm{.}6\%$ per quarter, with a quarterly volatility of $0\mathrm{.}07.$ They also think that HCI will continue to see a decrease of $1\mathrm{.}4\%$ per quarter in the total minutes used per customer per quarter, at a quarterly volatility of $0\mathrm{.}10.$ Finally, those same experts believe strongly that HCl will continue to decrease its prices per minute charged at a rate of $1\mathrm{.}2\%$ per quarter, with a quarterly volatility of $0\mathrm{.}09.$ The price per minute includes sign$-$up fees and any other revenue HCl will make each quarter.

Because we are already more than halfway through the first quarter of $2015,$ financial experts have a better idea of HC$\text{'}$s first$-$quarter $2015$ numbers. Their best guess for the average number of customers is $17\mathrm{.}1$ million, with a minimum of $16\mathrm{.}5$ million and a maximum of $18\mathrm{.}3$ million.Questions and Problems

$601$

They believe that the average number of minutes used per customer for the quarter will be $259,$ the least amount of minutes will be $250,$ and the most will be $269.$ Lastly, they believe that the average price HCI will charge per minute for the quarter will be $13\mathrm{.}1$ cents, with a minimum of $12\mathrm{.}7$ cents and a maximum of $13\mathrm{.}9$ cents. The cost of goods sold $($COGS$)$ has remained steady for the past $6$ years at $56\%$ of total revenue, and the cost of SG