Gross profit (Q1, 2018)22.2 M

Gross profit margin (Q1, 2018), %12.8%

Net income (Q1, 2018)4.2 M

EBIT (Q1, 2018)2.9 M

Cash, 31-Mar-201829.4 M

EV537.1 M

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

## Revenue | 469.5 m | 506.8 m | 550.4 m | 590.8 m | 707.1 m |

| 8% | 9% | 7% | ||

## Cost of goods sold | 442.9 m | 502.8 b | 518.1 m | 617.7 m | |

## Gross profit | 63.9 m | (502.2 b) | 72.7 m | 89.4 m | |

| 13% | (91246%) | 12% | 13% | |

## R&D expense | 6.8 m | 6.5 m | |||

## General and administrative expense | 56.2 m | 65.5 m | |||

## Operating expense total | 62.9 m | 73.1 m | |||

## EBIT | (8.2 m) | (1.2 m) | (12.5 m) | 8.6 m | 16.2 m |

| (2%) | 0% | (2%) | 1% | 2% |

## Interest expense | 341 k | 365 m | 410 k | 864 k | |

## Interest income | 717 k | ||||

## Pre tax profit | 16 m | ||||

## Income tax expense | 100 k | 90 k | |||

## Net Income | (6 m) | 1 m | (17.5 m) | 8.6 m | 15.9 m |

- Source: SEC Filings

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 126.1 m | 128 m | 115.8 m | 144.2 m | 128.4 m | 144.8 m | 136.6 m | 133.7 m | 162.5 m | 148.7 m | 167.1 m | 169.7 m | 189.2 m | 173 m |

## Cost of goods sold | 109.9 m | 115.2 m | 101.1 m | 124.1 m | 114.3 m | 127.3 m | 123.8 m | 117.9 m | 141.7 m | 130.6 m | 150.5 m | 150.2 m | 160.6 m | 150.9 m |

## Gross profit | 16.1 m | 12.7 m | 14.7 m | 20.2 m | 14 m | 17.6 m | 12.8 m | 15.8 m | 20.8 m | 18.1 m | 16.5 m | 19.5 m | 28.7 m | 22.2 m |

| 13% | 10% | 13% | 14% | 11% | 12% | 9% | 12% | 13% | 12% | 10% | 11% | 15% | 13% |

## R&D expense | 2.7 m | 2.9 m | 2.7 m | 3 m | 3.6 m | 1.2 m | 454 k | 1.2 m | 1.8 m | 1.4 m | 2.1 m | 1.5 m | 1.6 m | 1.4 m |

## General and administrative expense | 11.6 m | 13.4 m | 11.9 m | 12.7 m | 13.6 m | 13.2 m | 12.4 m | 13.6 m | 14.4 m | 13.8 m | 14.6 m | 16.5 m | 17.1 m | 17.9 m |

## Operating expense total | 14.3 m | 16.3 m | 14.6 m | 15.9 m | 18.1 m | 15.1 m | 13.3 m | 15.1 m | 16.4 m | 15.4 m | 17.2 m | 18.3 m | 18.9 m | 19.3 m |

## EBIT | 1.8 m | (3.5 m) | 31 k | 4.3 m | (4.4 m) | 2.3 m | (458 k) | 691 k | 4.4 m | 2.6 m | (842 k) | 1.2 m | 9.8 m | 2.9 m |

| 1% | (3%) | 0% | 3% | (3%) | 2% | 0% | 1% | 3% | 2% | (1%) | 1% | 5% | 2% |

## Interest expense | 79 k | 94 k | 91 k | 80 k | 90 k | 112 k | 91 k | 114 k | 88 k | 112 k | 264 k | 129 k | 189 k | 323 k |

## Interest income | 1.6 m | |||||||||||||

## Pre tax profit | 1.2 m | 9.7 m | 4.1 m | |||||||||||

## Net Income | 563 k | (2.1 m) | 230 k | 3.2 m | (2.9 m) | 1.2 m | (5.8 m) | 543 k | 4.4 m | 2.7 m | (1.1 m) | 1.1 m | 13.5 m | 4.2 m |

- Source: SEC Filings

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

## Cash | 30.7 m | 28.6 m | 32.7 m | 32 m | 33.5 m |

## Accounts Receivable | |||||

## Inventories | 81.4 m | 71.2 m | 60.6 m | 58.9 m | 77.7 m |

## Current Assets | 170.7 m | 161.3 m | 158.3 m | 162.2 m | 198.8 m |

## PP&E | 54.3 m | 50.4 m | 47.3 m | 53.1 m | 55.2 m |

## Goodwill | 16 m | 16 m | 16 m | 16 m | 27.4 m |

## Total Assets | 253.3 m | 238.8 m | 230.7 m | 243.3 m | 301.2 m |

## Accounts Payable | 30.5 m | 22.8 m | 27.3 m | 31.3 m | 40.6 m |

## Short-term debt | 79 k | 59 k | 63 k | 65 k | 64 k |

## Current Liabilities | 70.2 m | 60.6 m | 72.4 m | 87.7 m | 109.7 m |

## Long-term debt | |||||

## Total Debt | 65 k | 64 k | |||

## Total Liabilities | 90.3 m | 132.9 m | |||

## Additional Paid-in Capital | 75.1 m | 75.7 m | 76.5 m | 76.8 m | 79.7 m |

## Retained Earnings | 96.1 m | 92.7 m | 72.3 m | 76.4 m | 88.9 m |

## Total Equity | 171.6 m | 168.6 m | 148.5 m | 153 m | 168.3 m |

## Debt to Equity Ratio | 0 x | ||||

## Debt to Assets Ratio | 0 x | ||||

## Financial Leverage | 1.5 x | 1.4 x | 1.6 x | 1.6 x | 1.8 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 20 m | 27.2 m | 29.7 m | 28.5 m | 12 m | 20.6 m | 20.9 m | 36.8 m | 39.8 m | 40 m | 35.4 m | 21.2 m | 21.9 m | 29.4 m |

## Inventories | 82.4 m | 75.4 m | 84.4 m | 73.7 m | 85.1 m | 69.9 m | 78.5 m | 71.2 m | 59.8 m | 68 m | 109.2 m | 88.4 m | 95.1 m | 48.5 m |

## Current Assets | 166.9 m | 171.2 m | 176.5 m | 172.5 m | 181.8 m | 166.5 m | 175.5 m | 175.2 m | 174.4 m | 182.2 m | 214.1 m | 197.6 m | 215.1 m | 207.2 m |

## PP&E | 55.9 m | 53.2 m | 52.2 m | 51.1 m | 50.2 m | 49.5 m | 47.8 m | 47.4 m | 49.9 m | 51 m | 58.1 m | 57.1 m | 56 m | 55 m |

## Goodwill | 20.8 m | 16 m | 16 m | 16 m | 16 m | 16 m | 16 m | 16 m | 16 m | 16 m | 25.6 m | 25.8 m | 27.5 m | 27.4 m |

## Total Assets | 255.9 m | 252.5 m | 256.3 m | 250.9 m | 259 m | 242.9 m | 248.5 m | 247.6 m | 249.8 m | 261.2 m | 313.8 m | 296.3 m | 320.9 m | 308.2 m |

## Accounts Payable | 32.9 m | 30.3 m | 35.2 m | 29.2 m | 46.3 m | 30.5 m | 38.9 m | 41.3 m | 38.7 m | 44.1 m | 35.9 m | 42 m | 55 m | 50 m |

## Short-term debt | 92 k | 66 k | 58 k | 59 k | 60 k | 61 k | 62 k | 63 k | 64 k | 5.1 m | 63 k | 58 k | 49 k | 59 k |

## Current Liabilities | 67.8 m | 71.6 m | 77.8 m | 70 m | 83.3 m | 67.6 m | 79.3 m | 88.2 m | 91.9 m | 105.1 m | 124.3 m | 116.3 m | 126.3 m | 110.5 m |

## Total Debt | 92 k | 66 k | 58 k | 59 k | 60 k | 61 k | 62 k | 63 k | 64 k | 5.1 m | 63 k | 58 k | 49 k | 59 k |

## Total Liabilities | 98.1 m | 99.3 m | 107.7 m | 37.8 m | 144 m | 154.2 m | 133.7 m | |||||||

## Additional Paid-in Capital | 74.3 m | 75.6 m | 75.5 m | 75.3 m | 76 m | 76.1 m | 76.3 m | 77 m | 76.3 m | 76.7 m | 76.7 m | 77.9 m | 78.8 m | 78 m |

## Retained Earnings | 100.8 m | 94 m | 92 m | 94.6 m | 89.8 m | 89.3 m | 83.5 m | 72.9 m | 74.5 m | 77.2 m | 75.3 m | 74.7 m | 88.2 m | 96.7 m |

## Total Equity | 175.4 m | 165.6 m | 160 m | 149.5 m | 150.5 m | 153.6 m | 151.7 m | 152.3 m | 166.6 m | 174.5 m | ||||

## Financial Leverage | 1.5 x | 1.5 x | 1.6 x | 1.7 x | 1.7 x | 1.7 x | 2.1 x | 1.9 x | 1.9 x | 1.8 x |

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

## Net Income | (6 m) | 1 m | (17.5 m) | 8.6 m | 15.9 m |

## Depreciation and Amortization | 9.2 m | 8.4 m | 7.4 m | 7.9 m | 9.9 m |

## Accounts Receivable | (421 k) | (802 k) | (8.3 m) | (8.8 m) | (18.6 m) |

## Inventories | (14 m) | 10.3 m | 10.6 m | 1.7 m | 42.9 m |

## Accounts Payable | 7.5 m | (7.8 m) | 4.6 m | 4 m | 5.4 m |

## Cash From Operating Activities | 13 m | 6.5 m | 12.9 m | 23.5 m | 22 m |

## Purchases of PP&E | (3.5 m) | (3.5 m) | (4.9 m) | (13.4 m) | (5.3 m) |

## Cash From Investing Activities | (846 k) | (2.8 m) | (4.7 m) | (13.4 m) | (34.2 m) |

## Long-term Borrowings | (86 k) | (80 k) | (75 k) | (5.1 m) | (15.1 m) |

## Cash From Financing Activities | (3.2 m) | (5.8 m) | (4.1 m) | (10.7 m) | 13.7 m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (3 m) | (2.1 m) | 230 k | 3.2 m | (2.9 m) | 1.2 m | (5.8 m) | 543 k | 4.4 m | 2.7 m | (1.1 m) | 4.2 m |

## Depreciation and Amortization | 6.9 m | 2.5 m | ||||||||||

## Accounts Receivable | (5.2 m) | (241 k) | ||||||||||

## Inventories | (14.8 m) | 84.4 m | 73.7 m | 85.1 m | 69.9 m | 78.5 m | 71.2 m | 109.2 m | (3.9 m) | |||

## Accounts Payable | 9.9 m | 35.2 m | 29.2 m | 46.3 m | 30.5 m | 38.9 m | 41.3 m | 38.7 m | 44.1 m | 35.9 m | 9.3 m | |

## Cash From Operating Activities | 81 k | 432 k | ||||||||||

## Purchases of PP&E | (3 m) | (2 m) | ||||||||||

## Cash From Investing Activities | (366 k) | (2 m) | ||||||||||

## Long-term Borrowings | (60 k) | (18 k) | ||||||||||

## Cash From Financing Activities | (1.5 m) | (2.5 m) | ||||||||||

## Income Taxes Paid | (1.4 m) | (179 k) | 1 m | (1.4 m) |

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

## EV/EBIT | 186.8 x |

## EV/CFO | 1.2 k x |

## Financial Leverage | 1.8 x |

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Spartan Motors's Backlog was reported to be $372.8m in Q2, 2017.

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

## Backlog | $243.74 m | $264.60 m | $262.70 m | $275.30 m | $270.76 m | $318.90 m | $304 m | $272.10 m | $249.46 m | $351.30 m | $372.80 m |

## Backlog (Delivery and Service Vehicles) | $60.63 m | $96.12 m | $89.55 m | ||||||||

## Backlog (Emergency Response Vehicles) | $160.74 m | $156.27 m | $139.87 m | ||||||||

## Backlog (Specialty Chassis and Vehicles) | $22.36 m | $18.37 m | $20.04 m | ||||||||

## Manufacturing Facilities | 8 | 7 | 7 | ||||||||

## Patents (US) | 20 | 20 | 24 | ||||||||

## Patents Pending (US) | 20 | 9 | 13 | ||||||||

## Trademarks (US) | 26 | 25 | 31 | ||||||||

## Warehouses | 8 | 7 | 7 | ||||||||

## Warehouses (sq. feet) | 225.50 k | 165.70 k | 160.70 k |

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