CBS (CBS) Financials

$19.3 B

Mkt cap, 25-May-2018

$3.8 B

Revenue Q1, 2018
Gross profit (Q1, 2018)1.4 B
Gross profit margin (Q1, 2018), %36.2%
Net income (Q1, 2018)511 M
EBIT (Q1, 2018)772 M
Cash, 31-Mar-2018147 M
EV28.7 B

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

12.5 b12.7 b13.2 b13.7 b

Revenue growth, %

(10%)1%4%4%

Cost of goods sold

7.7 b7.9 b8 b8.4 b

Gross profit

4.8 b4.8 b5.2 b5.3 b

Gross profit Margin, %

39%38%40%38%

General and administrative expense

2 b2 b2.1 b2.2 b

Operating expense total

2.2 b2.1 b2.6 b2.6 b

Depreciation and amortization

223 m

EBIT

2.6 b2.7 b2.6 b2.4 b

EBIT margin, %

21%21%20%18%

Interest expense

363 m392 m411 m457 m

Interest income

13 m24 m32 m64 m

Pre tax profit

1.9 b2.3 b2.2 b2 b

Income tax expense

659 m676 m628 m633 m

Net Income

3 b1.4 b1.3 b357 m

Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

428 m317 m598 m285 m

Accounts Receivable

3.5 b3.4 b3.3 b3.7 b

Prepaid Expenses

129 m133 m185 m194 m

Inventories

922 m1.3 b1.4 b1.8 b

Current Assets

5.5 b5.7 b6.1 b6.3 b

PP&E

1.4 b1.3 b1.2 b3.1 b

Goodwill

6.7 b4.8 b4.9 b4.9 b

Total Assets

23.9 b23.8 b24.2 b20.8 b

Accounts Payable

302 m159 m148 m231 m

Short-term debt

626 m222 m473 m698 m

Current Liabilities

4 b3.6 b3.7 b4 b

Long-term debt

6.5 b8.2 b8.9 b9.5 b

Total Debt

7.1 b8.4 b9.4 b10.2 b

Common Stock

1 m1 m1 m1 m

Additional Paid-in Capital

44 b44.1 b43.9 b43.8 b

Retained Earnings

(21.9 b)(20.5 b)(19.3 b)(189 m)

Total Equity

7 b5.6 b3.7 b2 b

Debt to Equity Ratio

1 x1.5 x2.5 x5.1 x

Debt to Assets Ratio

0.3 x0.4 x0.4 x0.5 x

Financial Leverage

3.4 x4.3 x6.6 x10.5 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

331 m320 m133 m411 m176 m179 m163 m170 m144 m147 m

Accounts Receivable

3.3 b3.1 b3.4 b3.7 b3.2 b3.3 b3.5 b3.3 b3.6 b3.8 b

Prepaid Expenses

136 m123 m160 m189 m174 m204 m165 m132 m182 m164 m

Inventories

764 m1.2 b1.4 b822 m1.2 b1.5 b1.2 b1.6 b1.8 b1.6 b

Current Assets

5.2 b5.2 b5.6 b5.5 b5.1 b5.5 b5.6 b5.7 b6.3 b6.2 b

PP&E

1.4 b1.4 b1.4 b1.4 b1.4 b1.3 b1.2 b1.2 b1.2 b3 b

Goodwill

6.7 b6.7 b6.7 b6.5 b6.5 b6.5 b4.9 b4.9 b4.9 b4.9 b

Total Assets

23.8 b23.7 b24.2 b23.5 b23.1 b23.8 b23 b22.7 b23.9 b20.6 b

Accounts Payable

175 m198 m169 m196 m121 m153 m158 m124 m233 m230 m

Short-term debt

21 m414 m323 m23 m186 m55 m53 m286 m609 m19 m

Current Liabilities

3.1 b3.5 b3.4 b3.4 b3.1 b3.1 b3.4 b3.2 b4.1 b4.1 b

Long-term debt

7.7 b7.7 b8.5 b8.2 b8.2 b8.9 b8.9 b8.9 b9.1 b9.5 b

Total Debt

7.7 b8.1 b8.8 b8.2 b8.4 b9 b9 b9.2 b9.7 b9.5 b

Common Stock

1 m1 m1 m1 m1 m1 m1 m1 m1 m1 m

Additional Paid-in Capital

44.1 b44.1 b44.1 b44 b44 b43.9 b43.8 b43.8 b43.8 b43.7 b

Retained Earnings

(21.5 b)(21.2 b)(20.8 b)(20 b)(19.6 b)(19.1 b)(19.5 b)(19.5 b)(18.9 b)(18.7 b)

Total Equity

6.4 b6 b5.9 b5.5 b5.4 b5.3 b2.9 b2.6 b3 b2 b

Debt to Equity Ratio

1.2 x1.4 x1.5 x1.5 x1.6 x1.7 x3.1 x3.5 x3.2 x4.8 x

Debt to Assets Ratio

0.3 x0.3 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.5 x

Financial Leverage

3.7 x4 x4.1 x4.3 x4.3 x4.5 x8 x8.6 x8 x10.4 x

Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

3 b1.4 b1.3 b357 m

Depreciation and Amortization

250 m235 m225 m223 m

Accounts Receivable

(599 m)(376 m)36 m(268 m)

Inventories

(214 m)(498 m)(804 m)(723 m)

Accounts Payable

(152 m)(220 m)23 m(35 m)

Cash From Operating Activities

1.3 b1.4 b1.7 b887 m

Cash From Investing Activities

(601 m)154 m(340 m)(523 m)

Short-term Borrowings

(616 m)

Dividends Paid

(292 m)(300 m)(288 m)(296 m)

Cash From Financing Activities

(643 m)(1.7 b)(1 b)(677 m)

Net Change in Cash

31 m(105 m)299 m(337 m)

Free Cash Flow

1.1 b1.2 b1.5 b702 m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Net Income

394 m726 m1.2 b473 m896 m1.4 b(252 m)(194 m)398 m511 m

Depreciation and Amortization

68 m134 m199 m57 m114 m168 m55 m111 m166 m56 m

Cash From Operating Activities

417 m863 m623 m1 b1.3 b1.3 b719 m938 m987 m717 m

Cash From Investing Activities

2 m(42 m)(106 m)(98 m)(142 m)(181 m)(89 m)(152 m)(417 m)(90 m)

Short-term Borrowings

(616 m)(222 m)(313 m)(420 m)(187 m)(462 m)

Long-term Borrowings

(204 m)(207 m)(7 m)

Dividends Paid

(80 m)(155 m)(228 m)(73 m)(142 m)(209 m)(77 m)(151 m)(224 m)(71 m)

Cash From Financing Activities

(516 m)(929 m)(812 m)(842 m)(1.3 b)(1.3 b)(1.1 b)(1.2 b)(1 b)(765 m)

Net Change in Cash

(97 m)(108 m)(295 m)88 m(147 m)(144 m)(452 m)(443 m)(448 m)(138 m)

Interest Paid

182 m

Income Taxes Paid

29 m

Free Cash Flow

400 m817 m519 m994 m1.2 b1.2 b692 m870 m875 m687 m

Ratios

USDY, 2018

EV/EBIT

37.1 x

EV/CFO

40 x

EV/FCF

41.7 x

Debt/Equity

4.8 x

Debt/Assets

0.5 x

Financial Leverage

10.4 x
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Operating Metrics

CBS's Subscribers was reported to be 2 m in Apr, 2018.
FY, 2014FY, 2015FY, 2016FY, 2017Apr, 2018

Monthly Visitors

294 m254 m163 m154 m

Television Stations

30 30 30 29

Radio Stations

117 117

Subscribers

2 m
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