Harman International financials

Investors	Bessemer Venture Partners

Harman International is a subsidiary of Samsung Electronics

USD	FY, 2014	FY, 2015	FY, 2016
Revenue	5.3b	6.2b	6.9b
Revenue growth, %		15%	12%
Cost of goods sold	3.9b	4.3b	4.8b
Gross profit	1.5b	1.8b	2.1b
Gross profit Margin, %	27%	30%	30%
General and administrative expense			1.5b
Operating expense total			1.5b
EBIT	329.7m	469.6m	580.0m
EBIT margin, %	6%	8%	8%
Interest expense	8.0m	13.9m	33.5m
Pre tax profit	307.4m	446.3m	530.5m
Income tax expense	72.6m	103.3m	168.1m
Net Income	234.6m	343.0m	362.5m

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017
Revenue	1.2b	1.3b	1.4b	1.4b	1.6b	1.5b	1.6b	1.8b	1.6b	1.8b	1.9b
Cost of goods sold	850.2m	948.6m	1.0b	1.0b	1.1b	1.0b	1.1b	1.2b	1.1b	1.2b	1.3b
Gross profit	321.6m	379.5m	364.8m	414.6m	493.2m	418.1m	487.4m	545.1m	492.9m	541.3m	608.0m
Gross profit Margin, %	27%	29%	26%	29%	31%	29%	30%	31%	30%	31%	31%
General and administrative expense	252.3m	277.6m	263.3m	298.8m	344.4m	326.6m	355.9m	385.9m	357.5m	390.5m	433.9m
Operating expense total	252.3m	277.6m	263.3m	298.8m	344.4m	326.6m	355.9m	385.9m	357.5m	390.5m	433.9m
EBIT	69.4m	101.9m	101.4m	115.8m	148.8m	91.5m	131.5m	159.2m	135.4m	150.8m	174.0m
EBIT margin, %	6%	8%	7%	8%	9%	6%	8%	9%	8%	9%	9%
Interest expense	2.0m	1.9m	2.1m	2.7m	2.2m	3.0m	8.3m	7.7m	8.6m	9.3m	9.2m
Pre tax profit	65.2m	95.1m	95.9m	110.7m	145.3m	89.6m	121.1m	146.2m	120.2m	139.6m	160.5m
Net Income	46.5m	71.6m	73.4m	82.9m	116.2m	70.2m	87.5m	113.2m	88.8m	103.1m	99.4m

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017
Cash	515.4m	518.6m	566.9m	397.8m	510.3m	592.4m	402.2m	437.5m	360.4m	511.7m	683.4m
Inventories	614.3m	655.9m	655.0m	745.7m	724.2m	726.4m	846.3m	875.4m	840.2m	831.9m	787.6m
Current Assets	2.3b	2.3b	2.5b	2.4b	2.5b	2.7b	2.9b	2.9b	2.8b	3.0b	3.3b
PP&E	431.8m	437.7m	445.1m	491.1m	475.2m	462.9m	547.1m	555.3m	576.8m	595.3m	579.0m
Goodwill	237.0m	251.4m	257.6m	526.0m	530.9m	710.6m	1.3b	1.3b	1.4b	1.5b	1.5b
Total Assets	3.4b	3.5b	3.7b	4.1b	4.2b	4.7b	5.8b	5.8b	5.8b	6.2b	6.3b
Accounts Payable	585.4m	616.5m	664.7m	746.5m	789.9m	809.8m	870.4m	882.4m	782.0m	940.4m	1.0b
Short-term debt	30.0m	30.0m	33.8m	37.5m	39.4m		4.5m	4.4m	4.2m	59.7m	55.5m
Current Liabilities	1.2b	1.3b	1.4b	1.5b	1.6b	1.7b	2.1b	2.0b	1.7b	1.9b	2.0b
Long-term debt	247.5m	240.0m	228.8m	210.0m	198.8m	25.0k	797.6m	786.4m	803.8m	791.6m	766.6m
Total Debt	277.5m	270.0m	262.5m	247.5m	238.2m	25.0k	802.1m	790.8m	808.0m	851.3m	822.1m
Total Liabilities	1.8b	1.8b	1.9b	2.2b	2.2b	2.6b	3.4b	3.4b	3.3b	3.7b	3.8b
Common Stock	978.0k	980.0k	983.0k	988.0k	989.0k	992.0k	1.0m	1.0m	1.0m	1.0m	1.0m
Preferred Stock
Additional Paid-in Capital	984.4m	1.0b	1.0b	1.0b	1.1b	161.1m	1.4b	1.4b	1.4b	1.4b	1.5b
Retained Earnings	1.9b	1.9b	2.0b	2.0b	2.1b	2.2b	2.3b	2.4b	2.4b	2.6b	2.6b
Total Equity	1.7b	1.7b	1.8b	1.9b	2.0b	2.2b	2.4b	2.5b	2.5b	2.5b	2.6b
Debt to Equity Ratio	0.2 x	0.2 x	0.1 x	0.1 x			0.3 x	0.3 x	0.3 x	0.3 x	0.3 x
Debt to Assets Ratio	0.1 x	0.1 x	0.1 x	0.1 x			0.1 x	0.1 x	0.1 x	0.1 x	0.1 x
Financial Leverage	2 x	2.1 x	2.1 x	2.2 x	2.1 x	2.2 x	2.4 x	2.4 x	2.3 x	2.5 x	2.5 x

USD	FY, 2014	FY, 2015	FY, 2016
Net Income	234.6m	343.0m	362.5m
Inventories	(67.4m)	(89.2m)
Accounts Payable	148.0m	273.6m
Cash From Operating Activities	592.1m	552.6m
Cash From Investing Activities	(612.1m)	(738.5m)
Long-term Borrowings	(30.0m)	(552.3m)
Cash From Financing Activities	136.6m	305.2m
Free Cash Flow	749.3m	745.1m

USD	Q1, 2014	Q2, 2014	Q3, 2014	Q1, 2015	Q2, 2015	Q3, 2015	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017
Net Income	46.5m	118.1m	191.5m	82.9m	116.2m	70.2m	87.5m	200.7m	289.5m	103.1m	202.6m
Depreciation and Amortization	31.7m	64.2m	97.3m	37.4m			56.8m	114.8m	165.8m	51.2m	103.8m
Inventories	(55.7m)	(92.4m)	(97.6m)	(110.2m)	724.2m	726.4m	(160.0m)	(197.8m)	(145.4m)	(122.8m)	(98.7m)
Accounts Payable	78.1m	105.1m	134.6m	73.6m	789.9m	809.8m	(45.9m)	(21.1m)	(138.8m)	68.8m	158.8m
Cash From Operating Activities	113.0m	233.9m	325.5m	13.7m			(152.3m)	19.8m	81.5m	69.6m	310.5m
Cash From Investing Activities	(18.1m)	(71.8m)	(104.5m)	(30.4m)			(34.7m)	(86.9m)	(364.0m)	(49.0m)	(87.3m)
Long-term Borrowings		(15.0m)	(22.5m)	(7.5m)			(26.1m)	(26.3m)	(35.1m)	(40.5m)	(91.2m)
Cash From Financing Activities	(40.7m)	(107.5m)	(119.6m)	(143.5m)			(97.6m)	(133.1m)	(2.7m)	(113.2m)	(129.1m)
Income Taxes Paid	3.6m	4.3m	19.6m	1.4m			9.3m	45.9m	78.0m	30.9m	78.0m
Free Cash Flow	84.8m	173.1m	233.0m	(21.3m)			(190.1m)	(67.6m)	(58.4m)	36.0m	239.4m