Gross profit (FY, 2017)1.6 B

Gross profit margin (FY, 2017), %30%

Net income (FY, 2017)48.3 M

EBIT (FY, 2017)520.3 M

Cash, 30-Sep-20171.5 B

EV11.1 B

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

## Revenue | 2.4 b | 4.6 b | 5 b | 5.2 b |

## Revenue growth, % | 93% | 8% | ||

## Cost of goods sold | 3.5 b | 3.5 b | 3.7 b | |

## Gross profit | 1.2 b | 1.5 b | 1.6 b | |

## Gross profit Margin, % | 25% | 31% | 30% | |

## General and administrative expense | 867.4 m | |||

## Operating expense total | 867.4 m | |||

## Depreciation and amortization | 159.1 m | |||

## EBIT | 212.7 m | 545.7 m | 520.3 m | |

## EBIT margin, % | 5% | 11% | 10% | |

## Interest expense | 287.5 m | 306.5 m | 314.8 m | |

## Pre tax profit | (167.3 m) | (30.1 m) | ||

## Income tax expense | (52 m) | (26.8 m) | 26.1 m | |

## Net Income | (3.3 m) | 48.3 m |

- 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 | Q3, 2017 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 297 m | 438 m | 633 m | 1.1 b | 1.1 b | 1.2 b | 1.2 b | 1.3 b | 1.2 b | 1.2 b | 1.3 b | 1.3 b |

## Cost of goods sold | 182.5 m | 308.6 m | 484.4 m | 824.8 m | 777.2 m | 895.3 m | 886.3 m | 861.8 m | 847.9 m | 870.6 m | 891.3 m | 878.4 m |

## Gross profit | 114.5 m | 129.4 m | 148.6 m | 249.1 m | 275.5 m | 316.5 m | 362.5 m | 409.3 m | 398.2 m | 379.2 m | 364.1 m | 393.7 m |

## Gross profit Margin, % | 39% | 30% | 23% | 23% | 26% | 26% | 29% | 32% | 32% | 30% | 29% | 31% |

## General and administrative expense | 83 m | 104.8 m | 120.3 m | 166 m | 173.7 m | 193.3 m | 187 m | 205.6 m | 216 m | 264.1 m | 187.3 m | 164.2 m |

## Operating expense total | 83 m | 104.8 m | 120.3 m | 166 m | 173.7 m | 193.3 m | 187 m | 205.6 m | 216 m | 264.1 m | 187.3 m | 164.2 m |

## EBIT | 8 m | 40.9 m | 49.7 m | 81.3 m | 132.9 m | 162.5 m | 142 m | 76.2 m | 137.5 m | 190.5 m | ||

## EBIT margin, % | 1% | 4% | 5% | 7% | 11% | 13% | 11% | 6% | 11% | 15% | ||

## Interest expense | 29 m | 37.3 m | 57 m | 60.1 m | 59.8 m | 65 m | 77.8 m | 77.2 m | 77.3 m | 72.9 m | 80.2 m | 76.5 m |

## Pre tax profit | (3.8 m) | (37.6 m) | (55.8 m) | (73.8 m) | (38.9 m) | (5.6 m) | (4.2 m) | (91.6 m) | ||||

## Income tax expense | (1.4 m) | (19.3 m) | (20.7 m) | 23.5 m | (69.4 m) | 34.2 m | 13.7 m | (10.5 m) | (1.2 m) | 50.2 m | (200 k) | (32.1 m) |

## Net Income | (2.4 m) | (97.3 m) | 30.5 m | 24 m | 25.5 m | 4.9 m | 3.3 m | 97.6 m |

- Source: SEC Filings

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

## Cash | 402 m | 268.4 m | 841.4 m | 1.1 b | 1.5 b |

## Accounts Receivable | 14.3 m | ||||

## Inventories | 121.9 m | 380.7 m | 465.3 m | 503.1 m | 573.5 m |

## Current Assets | 668.1 m | 1.2 b | 1.8 b | 2.1 b | 2.6 b |

## PP&E | 388.5 m | ||||

## Goodwill | 1.5 b | 2.9 b | 3.1 b | 3.1 b | 4 b |

## Total Assets | 3.5 b | 7.7 b | 9.2 b | 9.4 b | 11.9 b |

## Accounts Payable | 77.1 m | 225 m | 265.2 m | 264.4 m | 336 m |

## Short-term debt | 25.6 m | 16 m | 12.3 m | 22.1 m | |

## Current Liabilities | 146 m | 519.9 m | 611 m | 634 m | 704.4 m |

## Long-term debt | 3.8 b | 4.5 b | 4.6 b | 7.1 b | |

## Total Debt | 3.9 b | 4.5 b | 4.6 b | 7.2 b | |

## Total Liabilities | 6.4 b | 9.1 b | |||

## Common Stock | 500 k | ||||

## Preferred Stock | 100 k | ||||

## Additional Paid-in Capital | 1.5 b | 2.7 b | 3.5 b | 3.5 b | 3.6 b |

## Retained Earnings | 47.6 m | (305.7 m) | (421 m) | (424.3 m) | (376 m) |

## Total Equity | 1.5 b | 2.3 b | 3 b | 3 b | 2.8 b |

## Debt to Equity Ratio | 1.7 x | 1.5 x | 1.5 x | ||

## Debt to Assets Ratio | 0.5 x | 0.5 x | 0.5 x | ||

## Financial Leverage | 2.3 x | 3.4 x | 3.1 x | 3.1 x | 4.3 x |

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

## Cash | 884.9 m | 377.3 m | 176.7 m | 579 m | 274.3 m | 802.4 m | 868.2 m | 1 b | 869.1 m | 1.5 b | 2.5 b | |

## Inventories | 120.8 m | 391.2 m | 436.5 m | 461.9 m | 491.3 m | 487.2 m | 491.5 m | 508.6 m | 513.4 m | 513 m | 526.6 m | |

## Current Assets | 1.1 b | 1.2 b | 1.1 b | 1.5 b | 1.3 b | 1.7 b | 1.8 b | 2 b | 1.8 b | 2.5 b | 3.5 b | |

## Goodwill | 1.5 b | 1.9 b | 3.1 b | 2.9 b | 2.9 b | 3.1 b | 3.1 b | 3.1 b | 3.1 b | 3.1 b | 3.1 b | 3.1 b |

## Total Assets | 4.3 b | 5.2 b | 8 b | 7.7 b | 8 b | 8.9 b | 9.2 b | 9.2 b | 9.3 b | 9.2 b | 9.8 b | 10.8 b |

## Accounts Payable | 56.8 m | 195.2 m | 231.8 m | 229.3 m | 258.2 m | 233.4 m | 224.3 m | 227.8 m | 235 m | 210.3 m | 214.8 m | |

## Short-term debt | 25.7 m | 24.7 m | 24.9 m | 32.1 m | 16.2 m | 15.7 m | 15.9 m | 8.8 m | 4.5 m | 22.7 m | ||

## Current Liabilities | 151.1 m | 468.3 m | 584.7 m | 537.1 m | 585.6 m | 564.4 m | 556.6 m | 613.9 m | 542.2 m | 456.4 m | 547.3 m | |

## Long-term debt | 3.8 b | 3.8 b | 3.8 b | 4.5 b | 4.5 b | 4.5 b | 4.5 b | 4.6 b | 5.3 b | 6.4 b | ||

## Total Debt | 3.9 b | 3.8 b | 3.8 b | 4.5 b | 4.5 b | 4.5 b | 4.5 b | 4.6 b | 5.3 b | 6.4 b | ||

## Total Liabilities | 2.5 b | 3.1 b | 5.4 b | 5.5 b | 5.5 b | 6.2 b | 6.2 b | 6.2 b | 6.3 b | 6.2 b | 6.8 b | 8.1 b |

## Common Stock | 300 k | 400 k | 500 k | 500 k | 500 k | 600 k | 700 k | 700 k | 700 k | 700 k | 700 k | 700 k |

## Preferred Stock | 100 k | 100 k | 100 k | 100 k | 100 k | 100 k | ||||||

## Additional Paid-in Capital | 1.8 b | 2.1 b | 2.7 b | 2.7 b | 3 b | 3.1 b | 3.5 b | 3.5 b | 3.5 b | 3.6 b | 3.6 b | 3.6 b |

## Retained Earnings | 42.9 m | 21 m | (18.4 m) | (403 m) | (372.5 m) | (348.5 m) | (395.5 m) | (390.6 m) | (387.3 m) | (326.7 m) | (330.7 m) | (390.2 m) |

## Total Equity | 1.8 b | 2.1 b | 2.6 b | 2.2 b | 2.7 b | 3 b | 3 b | 3 b | 3 b | 3 b | 2.8 b | |

## Financial Leverage | 2.4 x | 2.5 x | 3.1 x | 3.6 x | 3.3 x | 3.1 x | 3.1 x | 3.1 x | 3.1 x | 3.3 x | 3.9 x |

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

## Net Income | (3.3 m) | 48.3 m | |||

## Depreciation and Amortization | 141.7 m | 152.6 m | 159.1 m | ||

## Inventories | 573.5 m | ||||

## Accounts Payable | 336 m | ||||

## Cash From Operating Activities | 119.2 m | 183.1 m | 451.6 m | 502.4 m | 386.7 m |

## Cash From Investing Activities | (423.8 m) | (3.8 b) | (1.2 b) | (196.1 m) | (2.1 b) |

## Long-term Borrowings | (170.6 m) | (6.9 m) | (1.2 b) | (1.6 b) | (2.1 b) |

## Cash From Financing Activities | 648.8 m | 3.5 b | 1.4 b | (4.5 m) | 2.1 b |

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 | (2.4 m) | (97.3 m) | 30.5 m | 24 m | 25.5 m | 4.9 m | 3.3 m | 97.6 m | |||

## Depreciation and Amortization | 21.1 m | 51.2 m | 93.9 m | 63.1 m | 33.7 m | 36.7 m | 38.1 m | 38.1 m | 38.2 m | 38.9 m | 39 m |

## Inventories | 491.3 m | 487.2 m | 491.5 m | 508.6 m | 513.4 m | 513 m | |||||

## Accounts Payable | 258.2 m | 233.4 m | 224.3 m | 227.8 m | 235 m | 210.3 m | |||||

## Cash From Operating Activities | 24.9 m | 18.5 m | 74.5 m | 57.2 m | |||||||

## Cash From Investing Activities | (345.7 m) | (1.1 b) | (3.6 b) | (136.7 m) | |||||||

## Long-term Borrowings | (6.7 m) | ||||||||||

## Cash From Financing Activities | 804.6 m | 1.5 b | 3.5 b | (11.6 m) |

USD | Y, 2017 |
---|---|

## EV/EBIT | 21.4 x |

## EV/CFO | 28.7 x |

## Revenue/Employee | 600.7 k |

## Financial Leverage | 4.3 x |