Summary - Funding Rounds

Founding Date

1998
Fortress Investment is a subsidiary of SoftBank

Fortress Investment Income Statement

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014Y, 2014FY, 2015FY, 2016

Revenue

858.6m969.9m1.3b1.8b1.8b1.2b1.2b

Revenue growth, %

43%(33%)(4%)

General and administrative expense

145.7m127.1m136.8m164.2m143.5m

Operating expense total

145.7m127.1m136.8m164.2m143.5m

Depreciation and amortization

13.7m39.2m22.7m

Interest expense

18.5m15.8m5.4m45.2m3.4m4.6m10.7m

Investment income

41.9m156.5m136.9m78.2m(32.9m)(20.9m)

Pre tax profit

(1.1b)258.2m549.4m243.2m243.2m237.4m209.0m

Income tax expense

36.0m39.4m65.8m9.9m55.8m28.3m

Net Income

(431.5m)78.3m200.4m233.4m233.4m181.6m180.6m

Fortress Investment Balance Sheet

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Cash

333.2m104.2m364.6m741.5m339.8m397.1m

Accounts Receivable

50.3m

Inventories

PP&E

104.5m115.4m184.9m

Goodwill

9.4m

Total Assets

2.2b2.2b2.7b5.9b2.3b2.2b

Accounts Payable

4.4m607.0k25.3m870.0k

Short-term debt

8.2m

Long-term debt

230.7m

Total Debt

8.2m

Total Liabilities

1.2b944.8m1.1b2.9b1.3b1.3b

Common Stock

Additional Paid-in Capital

2.0b2.1b2.1b2.0b2.0b1.9b

Retained Earnings

(1.5b)(1.5b)(1.3b)(1.4b)(1.4b)(1.3b)

Total Equity

1.1b1.2b1.6b3.1b941.8m887.7m

Financial Leverage

2.1 x1.8 x1.7 x1.9 x2.4 x2.5 x

Fortress Investment Cash Flow

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(431.5m)78.3m483.6m233.4m181.6m180.6m

Depreciation and Amortization

14.9m13.7m39.2m22.7m

Cash From Operating Activities

168.2m142.0m432.9m239.9m243.1m255.1m

Purchases of PP&E

(17.7m)(10.4m)(11.5m)(31.6m)(17.4m)

Cash From Investing Activities

80.5m66.5m211.7m527.3m238.6m194.0m

Long-term Borrowings

(16.2m)(261.2m)(149.5m)(222.8m)

Dividends Paid

(125.6m)(44.2m)(57.9m)(135.0m)(140.8m)(103.4m)

Cash From Financing Activities

(126.2m)(437.4m)(384.3m)(390.3m)(532.9m)(391.9m)

Net Change in Cash

122.5m(228.9m)260.3m376.9m(51.2m)57.3m

Interest Paid

16.1m13.7m3.6m2.1m9.5m

Income Taxes Paid

8.6m7.9m6.5m11.6m19.9m

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Net Income

(198.0m)(340.0m)(29.5m)(24.6m)(23.9m)14.3m12.3m166.1m6.2m75.1m85.3m86.9m91.9m65.9m(16.0m)(42.5m)15.8m(6.8m)25.0m215.3m

Depreciation and Amortization

6.3m6.7m11.7m3.2m6.6m10.1m5.3m18.1m34.2m6.3m12.1m17.4m4.5m8.9m13.0m

Cash From Operating Activities

14.5m121.2m(103.2m)(73.5m)45.7m85.6m192.1m332.5m(98.5m)(81.1m)79.7m(153.6m)(72.5m)95.9m(135.9m)18.1m171.7m(103.9m)(53.4m)159.7m

Purchases of PP&E

(7.8m)(13.3m)(3.6m)(5.9m)(7.4m)(2.3m)(5.0m)(7.8m)(4.4m)(11.1m)(19.8m)(4.9m)(10.6m)(13.8m)(3.7m)(8.0m)(11.5m)

Cash From Investing Activities

102.8m96.0m98.6m93.6m77.1m164.5m195.4m214.7m222.9m367.5m331.6m112.4m194.1m204.4m95.4m118.9m151.8m100.6m120.3m321.1m

Long-term Borrowings

(5.0m)(7.5m)(8.7m)(72.0m)(80.7m)(40.0m)(60.0m)(149.5m)(145.0m)(145.0m)(222.8m)(77.8m)

Dividends Paid

(65.0m)(93.4m)(9.6m)(21.4m)(32.8m)(13.9m)(28.4m)(43.2m)(14.5m)(31.1m)(93.2m)(86.4m)(104.6m)(122.7m)(18.0m)(62.9m)(83.1m)(20.5m)(41.2m)(41.2m)

Cash From Financing Activities

(100.0m)(114.1m)(79.9m)(169.1m)(202.2m)(108.4m)(199.2m)(340.3m)(282.3m)(365.1m)(292.0m)(204.7m)(278.7m)(354.3m)(73.7m)(197.9m)(312.6m)(59.1m)(122.2m)(212.4m)

Net Change in Cash

17.3m103.1m(84.6m)(149.0m)(79.4m)141.7m188.4m206.9m(158.0m)(78.7m)119.2m(245.9m)(157.2m)(54.0m)(114.3m)(60.9m)10.9m(62.4m)(55.4m)268.4m

Interest Paid

8.0m12.0m3.9m7.4m10.2m1.7m2.6m3.6m500.0k1.0m1.6m3.1m5.2m7.8m2.1m3.5m5.6m

Income Taxes Paid

6.7m7.8m2.0m3.4m5.6m1.3m2.0m3.0m6.1m7.7m10.4m8.3m9.6m10.2m994.0k14.7m16.5m

Fortress Investment Ratios

USDQ2, 2011

Financial Leverage

2 x