Cision Gross profit (Q1, 2018)115 M

Cision Gross profit margin (Q1, 2018), %64.1%

Cision Net income (Q1, 2018)-413 K

Cision EBIT (Q1, 2018)12.2 M

Cision Cash, 31-Mar-2018107.8 M

Cision EV3.3 B

Cision revenue was $631.64 m in FY, 2017 which is a 35% year over year increase from the previous period.

Cision revenue breakdown by geographic segment: 8.2% from Rest of Americas, 22.8% from EMEA, 65.0% from Americas – U.S. and 4.0% from Other

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Revenue | 334 m | 467.8 m | 631.6 m |

| 40% | 35% | |

## Cost of goods sold | 125 m | 162.6 m | 200.8 m |

## Gross profit | 209 m | 305.2 m | 430.8 m |

| 63% | 65% | 68% |

## Sales and marketing expense | 71.6 m | 92.6 m | 114.8 m |

## R&D expense | 16.6 m | 19.4 m | 22.1 m |

## General and administrative expense | 88.4 m | 135.7 m | 166.8 m |

## Operating expense total | 236.6 m | 324.8 m | 392.8 m |

## Depreciation and amortization | 59.9 m | 77.1 m | 89.2 m |

## EBIT | (27.6 m) | (19.6 m) | 38 m |

| (8%) | (4%) | 6% |

## Interest expense | 61.4 m | 118 m | 116.5 m |

## Interest income | 5.8 m | 831 k | 2.1 m |

## Pre tax profit | (94.2 m) | (154.1 m) | (133.6 m) |

## Income tax expense | (3.6 m) | (55.7 m) | (10.6 m) |

## Net Income | (90.5 m) | (98.4 m) | (123 m) |

- Source: SEC Filings

USD | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|

## Revenue | 90.8 m | 150.8 m | 145.8 m | 157.1 m | 159.7 m | 179.3 m |

## Cost of goods sold | 32.1 m | 51.6 m | 45.1 m | 49.2 m | 53.3 m | 64.3 m |

## Gross profit | 58.7 m | 99.2 m | 100.8 m | 107.9 m | 106.4 m | 115 m |

| 65% | 66% | 69% | 69% | 67% | 64% |

## Sales and marketing expense | 18.7 m | 28.8 m | 27.3 m | 28 m | 27.9 m | 29.7 m |

## R&D expense | 3.8 m | 7.1 m | 5.5 m | 5.6 m | 5.7 m | 6.7 m |

## General and administrative expense | 36 m | 44.4 m | 40.2 m | 41.5 m | 36.1 m | 46.2 m |

## Operating expense total | 72.5 m | 106.3 m | 73 m | 97.5 m | 92.5 m | 82.6 m |

## Depreciation and amortization | 14 m | 26 m | 21 m | 22.5 m | 22.8 m | 20.3 m |

## EBIT | (13.8 m) | (7.1 m) | 6.8 m | 10.4 m | 13.9 m | 12.2 m |

| (15%) | (5%) | 5% | 7% | 9% | 7% |

## Interest expense | 20.4 m | 46.5 m | 36.9 m | 36.3 m | 23.1 m | 19.7 m |

## Interest income | 235 k | 382 k | 2 m | 224 k | 177 k | |

## Pre tax profit | (54 m) | (52.7 m) | (30 m) | (26.4 m) | (60.1 m) | (18.1 m) |

## Income tax expense | (33.1 m) | (13.2 m) | (7.1 m) | (7.2 m) | (13.7 m) | (17.7 m) |

## Net Income | (21 m) | (39.5 m) | (23 m) | (19.1 m) | (46.4 m) | (413 k) |

- Source: SEC Filings

USD | FY, 2016 | FY, 2017 |
---|---|---|

## Cash | 35.1 m | 148.7 m |

## Accounts Receivable | 87.6 m | 113 m |

## Prepaid Expenses | 16.2 m | 19.8 m |

## Current Assets | 139.6 m | 281.6 m |

## PP&E | 47.9 m | 53.6 m |

## Goodwill | 1.1 b | 1.1 b |

## Total Assets | 1.8 b | 1.9 b |

## Accounts Payable | 8.7 m | 13.3 m |

## Short-term debt | 11.2 m | 13.3 m |

## Current Liabilities | 663.6 m | 266.4 m |

## Long-term debt | 1.4 b | 1.3 b |

## Non-Current Liabilities | 1.5 b | 1.4 b |

## Total Debt | 1.4 b | 1.3 b |

## Total Liabilities | 2.1 b | 1.6 b |

## Common Stock | 3 k | 12 k |

## Additional Paid-in Capital | 11.4 m | 771.8 m |

## Retained Earnings | (297.3 m) | (420.3 m) |

## Total Equity | (359.8 m) | 316.4 m |

## EPS | (3.5 ) | (1.6 ) |

## Debt to Equity Ratio | -3.9 x | 4 x |

## Debt to Assets Ratio | 0.8 x | 0.7 x |

## Financial Leverage | -5 x | 6.1 x |

USD | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|

## Cash | 337.7 m | 76.7 m | 107.8 m |

## Accounts Receivable | 100.1 m | 97.5 m | 127.4 m |

## Prepaid Expenses | 20.3 m | 18.7 m | 24 m |

## Current Assets | 458.1 m | 193 m | 259.3 m |

## PP&E | 55.4 m | 55.1 m | 55.4 m |

## Goodwill | 1.1 b | 1.1 b | 1.2 b |

## Total Assets | 2.1 b | 1.8 b | 2 b |

## Accounts Payable | 14.6 m | 14.3 m | 14.1 m |

## Short-term debt | 11.4 m | 12.6 m | 13.4 m |

## Current Liabilities | 241.8 m | 234.9 m | 297.7 m |

## Long-term debt | 1.4 b | 1.2 b | 1.3 b |

## Non-Current Liabilities | 1.5 b | 1.3 b | |

## Total Debt | 1.4 b | 1.2 b | 1.3 b |

## Total Liabilities | 1.7 b | 1.5 b | 1.6 b |

## Common Stock | 12 k | 12 k | 12 k |

## Additional Paid-in Capital | 769.6 m | 770.6 m | 793.3 m |

## Retained Earnings | (339.4 m) | (385.9 m) | (421.8 m) |

## Total Equity | 378.9 m | 346.8 m | 343.5 m |

## EPS | (0.6 ) | (0.4 ) | |

## Debt to Equity Ratio | 3.8 x | 3.5 x | |

## Debt to Assets Ratio | 0.7 x | 0.7 x | |

## Financial Leverage | 5.6 x | 5.3 x | 5.8 x |

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Net Income | (90.5 m) | (98.4 m) | (123 m) |

## Depreciation and Amortization | 104 m | 127 m | 139.5 m |

## Accounts Receivable | 4.6 m | (1.5 m) | (6.3 m) |

## Accounts Payable | (1.6 m) | (807 k) | (3.8 m) |

## Cash From Operating Activities | 22.4 m | 17.4 m | 68.8 m |

## Purchases of PP&E | (5.2 m) | (7.4 m) | (10.7 m) |

## Cash From Investing Activities | (10.7 m) | (819.4 m) | (80 m) |

## Short-term Borrowings | (38.5 m) | ||

## Cash From Financing Activities | (8.6 m) | 808.4 m | 121.9 m |

## Net Change in Cash | 2 m | 4.5 m | 113.5 m |

## Interest Paid | 48.1 m | 94.6 m | 102.4 m |

## Income Taxes Paid | 4.7 m | 5.6 m | 10.3 m |

USD | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|

## Net Income | (35.1 m) | (74.7 m) | (23 m) | (42.1 m) | (88.6 m) | (413 k) |

## Depreciation and Amortization | 47 m | 87.6 m | 32.6 m | 67.3 m | 103.4 m | 33.3 m |

## Accounts Receivable | 5.7 m | 5.9 m | 1.6 m | 4.1 m | 7 m | (6.8 m) |

## Accounts Payable | 729 k | 1.9 m | (625 k) | (1.4 m) | (2.1 m) | (443 k) |

## Cash From Operating Activities | (18.4 m) | 2.7 m | 12.8 m | 18.1 m | 38.3 m | 36.3 m |

## Purchases of PP&E | (1.2 m) | (3.5 m) | (3.5 m) | (5.3 m) | (7.7 m) | (3.7 m) |

## Cash From Investing Activities | (812.2 m) | (813.4 m) | (33 m) | (43.4 m) | (49.8 m) | (71.5 m) |

## Short-term Borrowings | (2.8 m) | (38.5 m) | (3.4 m) | |||

## Cash From Financing Activities | 833.3 m | 811.2 m | 26 m | 326.4 m | 50.8 m | (6.4 m) |

## Net Change in Cash | 2.2 m | (255 k) | 6.2 m | 302.5 m | 41.6 m | (40.8 m) |

USD | Y, 2018 |
---|---|

## EV/EBIT | 268.7 x |

## EV/CFO | 90 x |

## Financial Leverage | 5.8 x |

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