ASP Dream Acquisition Co. LLC

Overview Key strengths Key risks Long, stable school contracts that provide revenue visibility. Leverage to remain elevated due to financial-sponsor ownership. Operates with a niche focus on academic intervention, special education, and behavioral services within a highly fragmented market. Cash flow volatility due to highly seasonal working capital dynamics. Strong funding environment with new funding avenues, which will likely strengthen financial performance over the next two years. Recessionary environment in the U.S. that could pressure the company?s growth. We expect a favorable funding environment, increased demand for special education services within schools, and additional technology infrastructure to support expansion (including its recent acquisition EmpowerU) will drive growth for FullBloom. For the year ending July 2024, we forecast revenue growth of

...We expect ASP Dream Acquisition Co. LLC's (FullBloom) operating performance will continue to benefit from robust demand, driving further revenue growth and EBITDA expansion. We expect a favorable funding environment, increased demand for special education services within schools, and additional technology infrastructure to support expansion (including its recent acquisition EmpowerU) will drive growth for FullBloom. For the year ending July 2024, we forecast revenue growth of 9%-11% and S&P Global Ratings-adjusted EBITDA margin growth of around 400 basis points (bps) to about 16%. As a result, we expect S&P Global Ratings-adjusted debt to EBITDA to improve to low-5x as of July 31, 2024....

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