Foot Locker Inc (NYSE:FL) 06/21/2017 1:08AM EST GuruFocus

Price: $ 50.33 (0.00%) Market Cap: $ 6.61 B Enterprise Value: $5.69 B Stock PDF
Financial Strength : 8/10 Profitability & Growth : 8/10 Valuation Ratios Valuation Box
vs vs
vs vs vs vs industry history
industry history industry history
P/E(ttm) 10.31
Cash to Debt 8.26 Operating margin (%) 12.57
Forward P/E N/A
Equity to Asset 0.73 Net-margin (%) 8.39
PE(NRI) 10.31
Interest Coverage 88.91 ROE (%) 24.33
F-Score:
P/B 2.34
ROA (%) 17.25
8
P/S 0.87
Z-Score: ROC (Joel Greenblatt) (%) 56.26
8.11 PFCF 14.15
Revenue Growth (3Y)(%) 10.00
M-Score: POCF 8.96
-2.53 EBITDA Growth (3Y)(%) 17.40
EV-to-EBIT 5.77
WACC vs 4.11% EPS Growth (3Y)(%) 19.90
ROIC 36.03% PEG 0.57
WACC
ROIC Shiller P/E 21.53

Current Ratio 4.90

Quick Ratio 2.51

Days Inventory 92.61

Days Sales Outstanding 4.79

Good Signs Quarterly Revenues Company Description

Piotroski F-Score: High Mar Jun Sep Dec Full Year Foot Locker operates thousands of retail stores throughout the United States, Canada, Europe, Australia, and New
Zealand. It also has one franchisee in the Middle East and one in South Korea, each of which operates multiple
2013 1,713 1,638 1,454 1,622 6,427 stores in those regions. The company mainly sells athletically inspired shoes and apparel. Foot Locker's merchandise
Interest Coverage:
2014 1,791 1,868 1,641 1,731 7,031 comes from only a few suppliers, with Nike providing the majority. Store names include Foot Locker, Champs, and
Comfortable Runners Point. The company also has an e-commerce business selling through Footlocker.com, Eastbay, and Final-
2015 1,911 1,916 1,695 1,794 7,316 Score.... (Read More)
Operating Margin %: 2016 2,007 1,987 1,780 1,886 7,660 Competitors: OTCPK:BELLY, OTCPK:YUEIF, OTCPK:PMMAF, OTCPK:SMSEY, NYSE:SKX, NYSE:WWW,
Expansion 2017 2,113 2,001 NAS:SHOO, NYSE:DECK, NYSE:CAL, OTCPK:MLBGF, OTCPK:GXSBY, NAS:CROX, NAS:FOSL, NAS:VRA,
NAS:WEYS, OTCPK:KMSWF, OTCPK:LESAF, NAS:RCKY, NAS:TLF, OTCPK:JCLY
Dividend Yield %: Close to 5- Quarterly Earnings per Share
year high Guru Trades
Mar Jun Sep Dec Full Year
PE Ratio: Close to 5-year low 2013 0.68 0.90 0.44 0.70 2.72
2014 0.81 1.10 0.63 0.82 3.36
PB Ratio: Close to 3-year low
2015 1.01 1.29 0.84 0.57 3.71
PS Ratio: Close to 3-year low 2016 1.13 1.39 0.94 1.17 4.63
2017 1.41 1.36

DCF Quarterly Dividends Per Share

GuruFocus does not Mar Jun Sep Dec Full Year
calculate intrinsic value: DCF 2013 0.18 0.20 0.20 0.20 0.78
(Earnings Based) for 2014 0.20 0.22 0.22 0.22 0.86
companies with one star 2015 0.22 0.25 0.25 0.25 0.97 Insider Trades
predictability or not rated. But 2016 0.25 0.28 0.28 0.28 1.08
you can go to each stock's 2017 0.28 0.31
DCF page to calculate
Growth Rate
yourself.
Annual Rates(per share) 10-Y 5-Y 12-M

Reverse DCF Revenue Growth (%) 5.50 9.60 8.50

EBITDA Growth (%) 26.60 18.00 18.50
GuruFocus does not
calculate reverse DCF growth Free Cash Flow Growth (%) 28.30 18.40 -5.50
rate for companies with one Book Value Growth (%) 4.10 7.70 9.30
star predictability or not rated.
EPS Growth (%) 0.00 20.20 24.20
But you can go to each
stock's DCF page to calculate
yourself.

Copyright 2015 GuruFocus.com LLC www.gurufocus.com/stock/FL 1/7

 Per Share Data

Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
29.81 30.94 32.09 34.09 35.87 36.65 35.04 34.01 31.06 32.22 36.42 40.14 43.22 48.98 52.64 57.48 58.15 Revenue per Share

2.40 2.89 3.28 3.46 3.72 3.63 0.88 0.27 1.20 2.41 3.58 4.81 5.36 6.57 7.07 8.68 8.57 EBITDA per Share

1.36 1.87 2.30 2.48 2.63 2.52 -0.19 -0.58 0.49 1.73 2.86 4.04 4.48 5.62 6.02 7.51 7.37 EBIT per Share

0.64 1.05 1.39 1.88 1.68 1.60 0.29 -0.52 0.30 1.07 1.80 2.58 2.85 3.56 3.84 4.91 4.88 Earnings per Share (diluted)

0.77 1.10 1.40 1.64 1.67 1.58 0.28 -0.52 0.30 1.07 1.80 2.58 2.85 3.56 3.84 4.91 4.88 eps without NRI

-1.02 0.97 1.02 1.20 1.46 0.15 1.01 0.25 1.78 0.90 2.40 1.88 2.56 3.83 4.35 4.99 4.47 Owner Earnings per Share (TTM)

0.60 1.28 0.85 0.75 1.23 0.10 0.87 1.54 1.64 1.46 2.23 1.64 2.15 3.58 3.67 4.07 3.56 Free Cashflow per Share

-- 0.03 0.15 0.26 0.32 0.40 0.50 0.60 0.60 0.60 0.66 0.72 0.80 0.88 1.00 1.10 1.14 Dividends per Share

7.09 7.86 9.55 11.72 13.04 14.74 14.70 12.42 12.44 13.10 13.92 15.44 16.59 17.72 18.64 20.61 21.50 Book Value per Share

5.73 6.33 7.94 9.12 10.59 12.37 12.36 10.76 10.89 11.69 12.61 14.23 15.06 16.26 17.17 19.11 19.99 Tangible Book per Share

2.85 2.53 2.33 2.34 2.10 1.50 1.43 0.92 0.88 0.89 0.89 0.86 0.92 0.95 0.95 0.97 0.97 Total Debt per Share

15.50 10.10 24.74 26.92 22.72 22.44 13.69 7.36 11.29 17.86 26.24 34.35 38.60 53.22 67.56 68.54 50.33 Month End Stock Price

Ratios
Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
9.18 14.56 16.66 18.28 13.69 11.61 1.97 -3.81 2.48 8.51 13.45 17.70 17.61 20.83 21.43 25.23 24.33 Return on Equity %

4.05 6.39 7.96 9.85 8.06 7.65 1.39 -2.61 1.69 5.92 9.35 12.37 12.52 14.72 14.72 17.44 17.25 Return on Assets %

19.63 26.97 31.29 30.12 29.38 25.18 -1.76 -6.01 6.06 23.86 39.43 51.92 49.22 57.24 57.26 61.76 56.26 Return on Capital %

10.44 15.50 18.60 17.89 15.31 13.16 -3.32 -4.45 3.26 11.63 19.75 27.34 25.73 30.31 36.63 38.54 36.03 Return on Invested Capital %

9.27 9.23 9.03 11.38 12.13 8.17 4.53 8.62 8.56 10.37 7.38 9.33 8.21 8.95 5.17 4.52 4.11 Weighted Average Cost Of Capital (WACC) %

6.74 6.88 5.20 4.29 2.89 1.07 9.23 6.06 2.14 10.18 5.15 8.21 8.09 8.06 8.33 8.56 8.59 Effective Interest Rate on Debt %

29.87 29.81 30.91 30.49 30.23 30.19 26.12 27.88 27.44 30.03 31.94 32.90 32.79 33.20 33.80 33.94 33.68 Gross Margin %

4.50 5.97 7.16 7.26 7.24 6.92 1.43 -1.97 1.65 5.19 7.86 10.06 10.24 11.31 12.71 12.95 12.57 Operating Margin %

2.10 3.39 4.33 5.47 4.67 4.37 0.83 -1.53 0.99 3.35 4.94 6.42 6.59 7.27 7.30 8.55 8.39 Net Margin %

2.01 4.15 2.66 2.18 3.43 0.28 2.48 4.53 5.29 4.54 6.14 4.09 4.98 7.30 6.98 7.08 6.11 FCF Margin %

0.40 0.32 0.24 0.20 0.16 0.10 0.10 0.07 0.07 0.07 0.06 0.06 0.06 0.05 0.05 0.05 0.05 Debt to Equity

0.43 0.45 0.51 0.57 0.61 0.71 0.70 0.67 0.69 0.70 0.69 0.71 0.72 0.70 0.68 0.71 0.73 Total Equity to Total Asset

0.17 0.14 0.12 0.11 0.10 0.07 0.07 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.03 0.03 0.03 Total Debt to Total Asset

57.62 56.16 56.82 54.89 52.19 52.92 43.71 47.67 46.79 53.08 60.41 63.39 62.24 67.21 68.14 69.23 69.20 Gross Profit to Total Asset %

1.93 1.88 1.84 1.80 1.73 1.75 1.67 1.71 1.71 1.77 1.89 1.93 1.90 2.03 2.02 2.04 2.05 Asset Turnover

-- 0.03 0.11 0.16 0.19 0.25 1.79 -- 2.00 0.56 0.37 0.28 0.28 0.25 0.26 0.22 0.23 Dividend Payout Ratio

-- -- 3.13 -- -- 3.75 3.36 3.69 -- -- 3.25 4.01 5.55 4.03 4.68 4.79 4.79 Days Sales Outstanding

32.33 28.95 25.87 37.36 33.41 23.28 21.17 18.07 22.28 23.04 22.89 26.22 21.96 23.00 20.75 17.72 14.71 Days Accounts Payable

90.51 93.87 97.00 102 111 116 117 116 112 108 101 98.38 99.64 94.36 94.28 92.21 92.61 Days Inventory

58.18 64.92 74.26 64.19 77.88 96.73 99.59 102 89.49 85.23 81.84 76.17 83.23 75.39 78.21 79.28 82.69 Cash Conversion Cycle

4.03 3.89 3.76 3.59 3.28 3.14 3.11 3.15 3.27 3.37 3.60 3.71 3.66 3.87 3.87 3.96 3.94 Inventory Turnover

0.70 0.70 0.69 0.70 0.70 0.70 0.74 0.72 0.73 0.70 0.68 0.67 0.67 0.67 0.66 0.66 0.66 COGS to Revenue

0.17 0.18 0.18 0.19 0.21 0.22 0.24 0.23 0.22 0.21 0.19 0.18 0.18 0.17 0.17 0.17 0.17 Inventory to Revenue

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 Income Statement

Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
4,379 4,509 4,779 5,355 5,653 5,750 5,437 5,237 4,854 5,049 5,623 6,182 6,505 7,151 7,412 7,766 7,780 Revenue
3,071 3,165 3,302 3,722 3,944 4,014 4,017 3,777 3,522 3,533 3,827 4,148 4,372 4,777 4,907 5,130 5,160 Cost of Goods Sold
1,308 1,344 1,477 1,633 1,709 1,736 1,420 1,460 1,332 1,516 1,796 2,034 2,133 2,374 2,505 2,636 2,620 Gross Profit
29.87 29.81 30.91 30.49 30.23 30.19 26.12 27.88 27.44 30.03 31.94 32.90 32.79 33.20 33.80 33.94 33.68 Gross Margin %

923 928 987 1,088 1,129 1,163 1,176 1,174 1,099 1,138 1,244 1,294 1,334 1,426 1,415 1,472 1,482 Selling, General, & Admin. Expense
188 147 148 156 171 175 166 389 153 116 110 118 133 139 148 158 160 Other Operating Expense
197 269 342 389 409 398 78.00 -103 80.00 262 442 622 666 809 942 1,006 978 Operating Income
4.50 5.97 7.16 7.26 7.24 6.92 1.43 -1.97 1.65 5.19 7.86 10.06 10.24 11.31 12.71 12.95 12.57 Operating Margin %

-- -- -- -- -- -- 20.00 16.00 13.00 5.00 13.00 6.00 6.00 6.00 7.00 9.00 9.00 Interest Income
-24.00 -26.00 -18.00 -15.00 -10.00 -3.00 -21.00 -11.00 -3.00 -14.00 -7.00 -11.00 -11.00 -11.00 -11.00 -11.00 -11.00 Interest Expense
-24.00 -26.00 -18.00 -15.00 -10.00 -3.00 -1.00 5.00 10.00 -9.00 -6.00 -5.00 -5.00 -5.00 -4.00 -2.00 -2.00 Net Interest Income
2.00 3.00 -- -- 6.00 -3.00 -127 -2.00 -17.00 4.00 -1.00 -10.00 2.00 5.00 -101 -- -1.00 Other Income (Expense)
175 246 324 374 405 392 -50.00 -100.00 73.00 257 435 607 663 809 837 1,004 975 Pre-Tax Income
-64.00 -84.00 -115 -119 -142 -145 93.00 21.00 -26.00 -88.00 -157 -210 -234 -289 -296 -340 -322 Tax Provision
36.57 34.15 35.49 31.82 35.06 36.99 186 21.00 35.62 34.24 36.09 34.60 35.29 35.72 35.36 33.86 33.03 Tax Rate %
111 162 209 255 263 247 43.00 -79.00 47.00 169 278 397 429 520 541 664 653 Net Income (Continuing Operations)
-19.00 -9.00 -1.00 38.00 1.00 3.00 2.00 -1.00 1.00 -- -- -- -- -- -- -- -- Net Income (Discontinued Operations)
92.00 153 207 293 264 251 45.00 -80.00 48.00 169 278 397 429 520 541 664 653 Net Income
2.10 3.39 4.33 5.47 4.67 4.37 0.83 -1.53 0.99 3.35 4.94 6.42 6.59 7.27 7.30 8.55 8.39 Net Margin %

0.66 1.09 1.46 1.94 1.71 1.62 0.30 -0.52 0.30 1.08 1.81 2.62 2.89 3.61 3.89 4.95 4.91 EPS (Basic)
0.64 1.05 1.39 1.88 1.68 1.60 0.29 -0.52 0.30 1.07 1.80 2.58 2.85 3.56 3.84 4.91 4.88 EPS (Diluted)
147 146 149 157 158 157 155 154 156 157 154 154 151 146 141 135 133 Shares Outstanding (Diluted
Average)
154 149 147 154 171 175 166 130 112 106 110 118 133 139 148 158 160 Depreciation, Depletion and
Amortization
353 421 489 543 586 570 137 41.00 188 377 552 740 807 959 996 1,173 1,146 EBITDA

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 Balance Sheet

Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
215 357 190 225 289 221 488 385 582 696 851 880 858 967 1,021 1,046 1,049 Cash And Cash Equivalents
-- -- 258 267 298 263 5.00 23.00 7.00 -- -- 48.00 9.00 -- -- -- -- Marketable Securities
215 357 448 492 587 484 493 408 589 696 851 928 867 967 1,021 1,046 1,049 Cash, Cash Equivalents, Marketable
Securities
-- -- 41.00 -- -- 59.00 50.00 53.00 -- -- 50.00 68.00 99.00 79.00 95.00 102 102 Accounts Receivable
-- -- -- -- -- -- -- -- -- -- -- -- -- 1,250 1,285 1,307 1,279 Inventories, Finished Goods
793 835 920 1,151 1,254 1,303 1,281 1,120 1,037 1,059 1,069 1,167 1,220 -- -- -- -- Inventories, Other
793 835 920 1,151 1,254 1,303 1,281 1,120 1,037 1,059 1,069 1,167 1,220 1,250 1,285 1,307 1,279 Total Inventories
107 92.00 110 189 173 188 240 183 146 179 109 200 164 160 205 178 294 Other Current Assets
1,115 1,284 1,519 1,832 2,014 2,034 2,064 1,764 1,772 1,934 2,079 2,363 2,350 2,456 2,606 2,633 2,622 Total Current Assets
-- -- -- -- -- -- -- -- -- -- 5.00 -- -- -- -- -- -- Investments And Advances
3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 6.00 6.00 4.00 4.00 4.00 4.00 Land And Improvements
36.00 33.00 342 381 31.00 368 304 240 31.00 31.00 31.00 41.00 44.00 44.00 43.00 43.00 43.00 Buildings And Improvements
963 1,012 1,029 1,086 1,441 1,153 1,117 1,018 792 778 799 832 888 909 962 1,031 1,031 Machinery, Furniture, Equipment
1,234 1,311 1,374 1,470 1,475 1,524 1,424 1,261 1,527 1,525 1,562 1,651 1,752 1,736 1,813 1,927 1,927 Gross Property, Plant and Equipment
-597 -675 -706 -755 -800 -870 -903 -829 -1,140 -1,139 -1,135 -1,161 -1,162 -1,116 -1,152 -1,162 -1,162 Accumulated Depreciation
637 636 668 715 675 654 521 432 387 386 427 490 590 620 661 765 792 Property, Plant and Equipment
191 216 232 406 380 369 362 257 244 217 198 185 230 206 201 197 199 Intangible Assets
-- -- -- -- -- 264 266 144 145 145 144 145 163 157 156 155 156 Goodwill
357 350 294 284 243 192 301 424 413 359 341 329 317 295 307 245 264 Other Long Term Assets
2,300 2,486 2,713 3,237 3,312 3,249 3,248 2,877 2,816 2,896 3,050 3,367 3,487 3,577 3,775 3,840 3,877 Total Assets
272 251 234 381 361 256 233 187 215 223 240 298 263 301 279 249 208 Accounts Payable
-- -- -- -- -- -- -- -- -- -- 48.00 45.00 61.00 66.00 95.00 71.00 71.00 Total Tax Payable
211 296 300 285 305 108 105 117 218 266 65.00 108 134 235 217 243 327 Other Accrued Expense
483 547 534 666 666 364 338 304 433 489 353 451 458 602 591 563 535 Accounts Payable & Accrued
Expense
34.00 1.00 -- 18.00 51.00 14.00 -- -- -- -- -- -- 3.00 2.00 1.00 -- -- Current Portion of Long-Term Debt
-- -- -- -- -- -- -- -- -- -- 30.00 34.00 38.00 44.00 46.00 49.00 49.00 Current Deferred Revenue
-- -- -- -- -- 4.00 13.00 10.00 -- -- 24.00 31.00 46.00 48.00 62.00 -- -- Current Deferred Taxes Liabilities
-- -- -- -- -- 4.00 13.00 10.00 -- -- 54.00 65.00 84.00 92.00 108 49.00 49.00 DeferredTaxAndRevenue
29.00 24.00 11.00 -- -- 134 150 104 -- -- 141 120 81.00 -- -- -- -- Other Current Liabilities
546 572 545 684 717 516 501 418 433 489 548 636 626 696 700 612 535 Total Current Liabilities
365 356 335 347 275 220 221 142 138 137 135 -- -- -- -- -- -- Long-Term Debt
365 356 335 347 275 220 221 142 138 137 135 133 136 132 129 127 127 Long-Term Debt & Capital Lease
Obligation
0.40 0.32 0.24 0.20 0.16 0.10 0.10 0.07 0.07 0.07 0.06 0.06 0.06 0.05 0.05 0.05 0.05 Debt to Equity

-- -- -- -- -- -- -- -- -- -- 95.00 61.00 48.00 73.00 90.00 48.00 48.00 PensionAndRetirementBenefit

-- -- -- -- -- -- 15.00 12.00 -- -- 5.00 5.00 18.00 14.00 13.00 3.00 3.00 NonCurrent Deferred Liabilities
397 448 458 376 293 218 240 381 297 245 157 155 163 166 290 340 393 Other Long-Term Liabilities
1,308 1,376 1,338 1,407 1,285 954 977 953 868 871 940 990 991 1,081 1,222 1,130 1,055 Total Liabilities
363 378 411 608 635 -- -- -- 709 735 779 856 921 979 1,108 900 914 Common Stock
797 946 1,132 1,386 1,601 1,785 1,760 1,581 1,535 1,611 1,788 2,076 2,387 2,780 3,182 2,254 2,393 Retained Earnings
-168 -213 -167 -162 -171 -96.00 -66.00 -246 -193 -169 -204 -171 -186 -319 -366 -363 -357 Accumulated other comprehensive
income (loss)
-- -- -- -- -- 653 676 691 -- -- -- -- -- -- -- -- -- Additional Paid-In Capital
-- -1.00 -1.00 -2.00 -38.00 -47.00 -99.00 -102 -103 -152 -253 -384 -626 -944 -1,371 -81.00 -128 Treasury Stock
992 1,110 1,375 1,830 2,027 2,295 2,271 1,924 1,948 2,025 2,110 2,377 2,496 2,496 2,553 2,710 2,822 Total Equity
0.43 0.45 0.51 0.57 0.61 0.71 0.70 0.67 0.69 0.70 0.69 0.71 0.72 0.70 0.68 0.71 0.73 Total Equity to Total Asset

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 Cashflow Statement

Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
92.00 153 207 293 264 251 45.00 -80.00 48.00 169 278 397 429 520 541 664 653 Net Income
92.00 153 207 293 264 251 45.00 -79.00 47.00 169 278 397 429 520 541 664 653 Net Income From Continuing
Operations
154 149 147 154 171 175 166 130 112 106 110 118 133 139 148 158 160 Depreciation, Depletion and
Amortization
-69.00 -22.00 -63.00 -183 -111 -38.00 55.00 128 111 -19.00 -17.00 -91.00 -20.00 -81.00 -49.00 -25.00 -33.00 Change In Inventory
9.00 -22.00 -17.00 157 14.00 -103 -36.00 -50.00 2.00 42.00 57.00 53.00 -58.00 84.00 -17.00 -4.00 -3.00 Change In Payables And Accrued
Expense
-137 -8.00 -94.00 -195 -115 -281 69.00 114 237 -25.00 90.00 -116 -66.00 27.00 74.00 23.00 -33.00 Change In Working Capital
38.00 38.00 -5.00 50.00 24.00 21.00 -129 -44.00 2.00 84.00 29.00 20.00 19.00 20.00 -6.00 -1.00 -- Change In DeferredTax
-- -- -- -- -- -- -- 9.00 12.00 13.00 18.00 20.00 25.00 24.00 22.00 22.00 22.00 Stock Based Compensation
-- -- -- -- -- -- -- -- -1.00 -- -- -- -- -- -- -- -- Cash Flow from Discontinued
Operations
57.00 5.00 16.00 -29.00 5.00 15.00 132 253 -63.00 -21.00 -28.00 -23.00 -10.00 -18.00 -34.00 -50.00 -51.00 Cash Flow from Others
204 337 271 273 349 181 283 383 346 326 497 416 530 712 745 816 751 Cash Flow from Operations
-116 -150 -144 -156 -155 -165 -148 -146 -89.00 -97.00 -152 -163 -206 -190 -228 -266 -276 Purchase Of Property, Plant,
Equipment
1.00 6.00 -- -- -- -- -- -- -- -- -- -- -- 5.00 -- -- -- Sale Of Property, Plant, Equipment
-- -- -- -- -- -- -- -106 -- -- -- -- -81.00 -- -2.00 -- -- Purchase Of Business
-- -536 -1,546 -2,884 -2,798 -1,992 -1,378 -23.00 -- -- -- -88.00 -23.00 -- -- -- -- Purchase Of Investment
19.00 384 1,440 2,875 2,767 2,041 1,641 -- 16.00 9.00 -- 39.00 60.00 9.00 -- -- -- Sale Of Investment
-- -- -- -- -- -- -- -- 1.00 -- -- -- -- -- -- -- -- Net Intangibles Purchase And Sale
-20.00 -18.00 -15.00 -242 4.00 8.00 2.00 3.00 -- 1.00 3.00 -- 2.00 -- -- -- -- Cash From Other Investing Activities
-116 -314 -265 -407 -182 -108 117 -272 -72.00 -87.00 -149 -212 -248 -176 -230 -266 -276 Cash Flow from Investing
9.00 10.00 27.00 33.00 14.00 12.00 9.00 2.00 3.00 13.00 22.00 48.00 30.00 22.00 69.00 33.00 -- Issuance of Stock
-- -- -- -- -35.00 -8.00 -50.00 -- -- -50.00 -104 -129 -229 -305 -419 -432 -382 Repurchase of Stock
88.00 -42.00 -19.00 175 -35.00 -87.00 -21.00 -94.00 -3.00 -- -- -2.00 -1.00 -3.00 -2.00 -3.00 -- Net Issuance of Debt
-- -4.00 -21.00 -39.00 -49.00 -61.00 -77.00 -93.00 -94.00 -93.00 -101 -109 -118 -127 -139 -147 -151 Cash Flow for Dividends
-83.00 -- -- -2.00 -- 2.00 1.00 -- -- 3.00 5.00 11.00 9.00 12.00 35.00 20.00 17.00 Other Financing
14.00 -36.00 -13.00 167 -105 -142 -138 -185 -94.00 -127 -178 -181 -309 -401 -456 -529 -484 Cash Flow from Financing
106 -10.00 -15.00 35.00 64.00 -68.00 267 -103 197 114 155 29.00 -22.00 109 54.00 25.00 -13.00 Net Change in Cash
-116 -150 -144 -156 -155 -165 -148 -146 -89.00 -97.00 -152 -163 -206 -190 -228 -266 -276 Capital Expenditure
88.00 187 127 117 194 16.00 135 237 257 229 345 253 324 522 517 550 475 Free Cash Flow

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 Valuation Ratios

Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
24.22 9.62 17.93 14.32 13.52 13.94 48.89 -- 37.63 16.69 14.58 13.26 13.54 14.95 17.64 13.96 10.31 PE Ratio(TTM)

-- 10.39 24.30 22.45 15.55 148 13.57 29.92 6.36 19.76 10.92 18.30 15.08 13.90 15.55 13.73 11.27 Price to Owner Earnings
(TTM)
2.19 1.28 2.59 2.30 1.74 1.52 0.93 0.59 0.91 1.36 1.89 2.23 2.33 3.00 3.62 3.33 2.34 Price to Book

2.71 1.60 3.12 2.95 2.15 1.81 1.11 0.68 1.04 1.53 2.08 2.41 2.56 3.27 3.93 3.59 2.52 Price to Tangible Book

27.24 7.51 27.77 36.43 18.29 264 16.22 4.80 6.88 12.22 11.70 20.93 17.94 14.87 18.33 16.81 14.15 Price-to-Free-Cash-Flow
Ratio

11.41 4.23 13.32 15.54 10.21 19.79 7.62 2.97 5.11 8.58 8.13 12.72 10.96 10.91 12.74 11.34 8.96 Price-to-Operating-Cash-Flow
Ratio
0.51 0.32 0.77 0.79 0.63 0.61 0.39 0.22 0.36 0.55 0.72 0.86 0.89 1.09 1.28 1.19 0.87 PS Ratio

9.77 0.75 1.08 2.41 1.42 1.71 -- -- -- -- -- -- -- 0.41 0.79 0.82 0.57 PEG Ratio

0.54 0.32 0.72 0.76 0.58 0.56 0.34 0.17 0.27 0.44 0.58 0.71 0.75 0.93 1.13 1.04 0.73 EV-to-Revenue

6.66 3.39 7.05 7.49 5.58 5.69 13.45 21.33 7.00 5.84 5.91 5.91 6.05 6.95 8.40 6.90 4.96 EV-to-EBITDA

11.82 5.24 10.08 10.48 7.88 8.21 -63.54 -9.83 17.32 8.13 7.38 7.03 7.25 8.13 9.86 7.97 5.77 EV-to-EBIT

8.46 19.08 9.92 9.54 12.69 12.18 -1.57 -10.17 5.77 12.30 13.55 14.22 13.79 12.30 10.14 12.55 17.33 Return on Capital %

3.05 15.64 20.02 11.48 15.57 12.94 0.42 -15.55 9.48 6.20 5.88 4.95 4.74 41.25 26.37 21.65 22.18 Forward Rate of Return

-- -- 98.01 67.03 30.49 29.37 21.13 10.17 15.13 16.32 21.40 24.92 25.64 32.67 36.59 30.99 21.53 Shiller PE Ratio

-- 0.30 0.61 0.95 1.39 1.76 3.65 8.15 5.31 3.36 2.52 2.10 2.07 1.65 1.48 1.60 2.27 Dividend Yield %

Valuation and Quality

Jan02 Jan03 Jan04 Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 TTM Fiscal Period
2,169 1,426 3,561 4,202 3,533 3,494 2,115 1,140 1,767 2,762 3,979 5,290 5,809 7,497 9,254 9,013 6,608 Market Cap

2,353 1,426 3,448 4,075 3,272 3,244 1,843 874 1,316 2,203 3,263 4,495 5,081 6,664 8,363 8,094 5,686 Enterprise Value

15.50 10.10 24.74 26.92 22.72 22.44 13.69 7.36 11.29 17.86 26.24 34.35 38.60 53.22 67.56 68.54 50.33 Month End Stock Price

-7.81 -7.22 -6.18 -5.86 -4.49 -3.02 -3.13 -3.52 -1.78 -1.13 -0.59 -0.40 -0.82 -0.81 -1.47 -0.64 -0.05 Net Cash (per share)

-1.38 -0.65 1.26 2.72 4.69 6.94 7.04 5.23 5.77 6.87 7.51 8.92 9.03 9.76 10.10 11.43 11.94 Net Current Asset Value (per
share)
-4.98 -4.26 -2.77 -2.18 -0.46 1.45 1.26 0.35 1.53 2.29 3.19 3.72 3.72 4.05 3.74 4.91 4.83 Net-Net Working Capital (per
share)

6.70 7.73 11.53 18.79 21.71 20.05 19.24 18.51 19.60 21.19 23.64 27.35 31.91 47.00 53.72 62.93 63.17 Projected FCF (per share)

21.98 22.72 23.34 24.88 26.19 26.69 25.50 24.67 22.69 23.52 26.59 29.30 31.57 35.77 38.43 41.96 42.45 Median PS (per share)

4.91 13.41 22.82 11.17 16.02 13.15 -- -- -- -- 9.37 64.63 -- 89.00 85.37 83.96 79.10 Peter Lynch Fair Value (per
share)
9.96 12.52 15.81 18.35 19.95 20.97 8.82 -- 8.57 16.78 22.60 28.75 31.07 36.09 38.52 45.95 46.85 Graham Number (per share)

-5.92 -1.58 14.97 18.65 22.24 23.31 35.08 28.90 24.90 24.63 27.17 22.40 30.36 39.86 48.00 55.97 56.60 Earnings Power Value (EPV)

3.97 3.67 4.79 4.87 4.92 5.70 4.26 3.77 4.37 5.33 6.28 7.04 7.45 8.60 9.03 9.13 8.11 Altman Z-Score

6.00 8.00 7.00 5.00 6.00 4.00 6.00 6.00 5.00 7.00 8.00 7.00 6.00 8.00 9.00 8.00 8.00 Piotroski F-Score

-2.71 -2.80 -2.57 -3.21 -2.59 -2.32 -2.65 -3.10 -3.94 -2.83 -2.79 -2.25 -2.18 -2.97 -2.43 -2.61 -2.53 Beneish M-Score

0.53 0.48 0.51 0.63 0.55 0.62 0.62 0.51 0.52 0.52 0.48 0.52 0.53 0.48 0.47 0.47 0.50 Scaled Net Operating Assets

0.17 5.23 7.41 13.19 2.93 5.48 -10.93 -6.64 -8.03 -2.42 -2.30 5.73 4.22 -0.45 0.69 2.97 4.59 Sloan Ratio (%)

2.04 2.24 2.79 2.68 2.81 3.94 4.12 4.22 4.09 3.96 3.79 3.72 3.75 3.53 3.72 4.30 4.90 Current Ratio

0.59 0.78 1.10 1.00 1.06 1.42 1.56 1.54 1.70 1.79 1.84 1.88 1.81 1.73 1.89 2.17 2.51 Quick Ratio

16.72 13.40 25.64 27.17 23.66 24.47 15.04 14.71 12.43 19.81 26.67 35.84 41.44 57.88 69.19 79.20 79.43 Highest Stock Price

10.60 8.49 9.52 20.07 19.00 21.27 9.84 5.49 7.28 11.61 16.77 26.53 31.79 36.73 52.43 51.79 50.22 Lowest Stock Price

-1.03 -0.91 -1.96 -8.43 0.38 -0.13 0.79 -0.31 -1.03 1.23 1.94 -1.57 2.27 6.41 2.75 4.00 3.50 Shares Buyback Ratio (%)

-4.81 3.81 3.71 6.22 5.23 2.19 -4.40 -2.95 -8.67 3.75 13.03 10.23 7.67 13.32 7.48 9.20 8.52 YoY Rev. per Sh. Growth (%)

137 64.06 32.38 35.25 -10.64 -4.76 -81.88 -279 158 257 68.22 43.33 10.47 24.91 7.87 27.86 24.17 YoY EPS Growth (%)

-4.22 20.22 13.67 5.24 7.58 -2.29 -75.70 -69.88 352 100.00 48.59 34.41 11.59 22.49 7.70 22.73 18.50 YoY EBITDA Growth (%)

2.06 12.19 16.30 6.81 9.59 8.32 -5.96 -29.50 -- -- -- -- -- 36.86 22.29 17.10 18.00 EBITDA 5-Y Growth (%)

139 140 142 151 155 155 150 154 156 156 153 151 148 144 139 134 131 Shares Outstanding (Basic
Average)
140 141 144 156 156 156 154 155 157 155 152 154 151 141 137 132 131 Shares Outstanding (EOP)

0.87 1.09 0.91 1.33 1.44 0.66 0.23 0.96 0.92 1.19 0.95 1.24 0.94 1.22 0.54 0.34 0.32 Beta

04/29/02 05/19/03 04/05/04 03/29/05 04/02/07 03/31/08 03/30/09 03/29/10 03/28/11 03/26/12 04/01/13 03/31/14 03/30/15 03/24/16 03/23/17 Filing Date

05/19/03 04/05/04 03/29/05 03/29/05 04/02/07 03/31/08 03/30/09 03/28/11 03/28/11 04/01/13 03/31/14 03/30/15 03/24/16 03/23/17 03/23/17 03/23/17 Restated Filing Date

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