Net income (Q1, 2018)2.7 B

Cash, 31-Mar-201829.1 B

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 32.4 b | 34.3 b | 35.2 b | 34.6 b | 37.9 b |

| 6% | 3% | (1%) | ||

## Sales and marketing expense | 17.2 b | ||||

## General and administrative expense | 1.3 b | ||||

## Operating expense total | 18.5 b | ||||

## Interest expense | 4.4 b | 3.7 b | 2.7 b | 3.3 b | 5.7 b |

## Interest income | 5.2 b | 5.4 b | 5.8 b | 7 b | 9 b |

## Pre tax profit | 4.5 b | 3.6 b | 8.5 b | 8.8 b | 10.4 b |

## Income tax expense | 826 m | (90 m) | 2.2 b | 2.7 b | 4.2 b |

## Net Income | 3.6 b | 3.7 b | 6.3 b | 6.1 b | 6.2 b |

- Source: SEC Filings

USD | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 9.7 b | 7.8 b | 7.8 b | 8.9 b | 8.9 b | 9.7 b | 9.5 b | 11.1 b | ||||

## Sales and marketing expense | 4.4 b | 3.4 b | 3.7 b | 4 b | 4.1 b | 4.5 b | 4.3 b | 4.9 b | ||||

## General and administrative expense | 351 m | 341 m | 329 m | 329 m | 339 m | 327 m | 333 m | 336 m | ||||

## Operating expense total | 4.8 b | 3.8 b | 4 b | 4.3 b | 4.4 b | 4.8 b | 4.6 b | 5.3 b | ||||

## Interest expense | 688 m | 689 m | 848 m | 754 m | 731 m | 1.2 b | 1.4 b | 1.9 b | ||||

## Interest income | 1.4 b | 1.5 b | 1.7 b | 1.7 b | 1.7 b | 2 b | 2.1 b | 2.9 b | ||||

## Pre tax profit | 2.7 b | 1.5 b | 1.7 b | 2.5 b | 2.4 b | 2.8 b | 2.6 b | 3.4 b | ||||

## Income tax expense | 894 m | 423 m | 578 m | 833 m | 749 m | 815 m | 846 m | 714 m | ||||

## Net Income | 1.6 b | 1.9 b | 1.8 b | 2.5 b | 1.8 b | 1 b | 1.2 b | 1.6 b | 1.6 b | 2 b | 1.8 b | 2.7 b |

- Source: SEC Filings

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

## Cash | 19.8 b | 22 b | 24.8 b |

## Goodwill | 6.6 b | 6.6 b | 6.6 b |

## Total Assets | 787.5 b | 814.9 b | 851.7 b |

## Accounts Payable | 159.4 b | ||

## Short-term debt | 2.2 b | 941 m | |

## Long-term debt | 153.8 b | 164.8 b | |

## Total Debt | 155.9 b | 165.7 b | |

## Total Liabilities | 773.3 b | ||

## Preferred Stock | 7.5 b | 7.5 b | 8.5 b |

## Additional Paid-in Capital | 24.2 b | 23.3 b | 23.5 b |

## Retained Earnings | 49.2 b | 53.7 b | 57.6 b |

## Total Equity | 76.2 b | 77.2 b | 78.5 b |

## Debt to Equity Ratio | 2 x | 2.1 x | |

## Debt to Assets Ratio | 0.2 x | 0.2 x | |

## Financial Leverage | 10.3 x | 10.6 x | 10.9 x |

USD | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|

## Cash | 19.1 b | 19.2 b | 22.8 b | 27.6 b | 26.9 b | 22.1 b | 25 b | 29.1 b |

## Goodwill | 6.6 b | 6.6 b | 6.6 b | 6.6 b | 6.6 b | 6.6 b | 6.6 b | 6.7 b |

## Total Assets | 826 b | 834 b | 807 b | 829 b | 814 b | 832 b | 841 b | 858.5 b |

## Accounts Payable | 139 b | 147 b | 158 b | 153 b | 152 b | 152 b | 145 b | 160.4 b |

## Short-term debt | 3.1 b | 2 b | 1.1 b | 880 m | 914 m | 1.1 b | 916 m | |

## Long-term debt | 158 b | 160 b | 163 b | 163 b | 164 b | 173 b | 184 b | |

## Total Debt | 161.1 b | 162 b | 164.1 b | 163.9 b | 164.9 b | 174.1 b | 184.9 b | |

## Total Liabilities | 750 b | 758 b | 730 b | 750 b | 735 b | 753 b | 761 b | 779 b |

## Preferred Stock | 7.5 b | 7.5 b | 7.5 b | 7.5 b | 7.5 b | 8.5 b | 8.5 b | 8.5 b |

## Additional Paid-in Capital | 23.7 b | 23.9 b | 22.5 b | 22.7 b | 23 b | 22.9 b | 23.1 b | 23.3 b |

## Retained Earnings | 48.1 b | 48.7 b | 50.3 b | 51.4 b | 52.5 b | 55.1 b | 56.3 b | 60 b |

## Total Equity | 76.1 b | 76.4 b | 77.2 b | 78.4 b | 78.5 b | 79.1 b | 80 b | 79.5 b |

## Financial Leverage | 10.9 x | 10.9 x | 10.5 x | 10.6 x | 10.4 x | 10.5 x | 10.5 x | 10.8 x |

USD | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2018 |
---|---|---|---|---|---|---|

## Net Income | 4.3 b | 5.3 b | 1.2 b | 2.8 b | 4.4 b | 2.7 b |

## Depreciation and Amortization | 654 m | 1 b | 415 m | 879 m | 1.4 b | 390 m |

## Cash From Operating Activities | (8.5 b) | (8 b) | 4.1 b | 16.3 b | 7.8 b | 12.6 b |

## Cash From Investing Activities | (7.3 b) | (7.4 b) | (9.1 b) | (12.4 b) | (15 b) | (6.9 b) |

## Cash From Financing Activities | 15.7 b | 22.7 b | 3.9 b | (2.5 b) | (5.4 b) | 363 m |

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

## Financial Leverage | 10.8 x |

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Morgan Stanley's Assets Under Management was reported to be $408b in FY, 2016. Morgan Stanley's Total Loans was reported to be $97.9b in Q2, 2017.

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