financial management

WTD AVG REV Total Revenue 4,862,400 $ 100.0% 4,795,900 $ 100.0% 4,094,000 $ 100.0% na Revenue Growth 1.4% 17.1% 7.7% COGS COGS (3,891,900) $ -80.0% (3,801,900) $ -79.3% (3,183,500) $ -77.8% -79.4% GP Gross Profit 970,500 $ 20.0% 994,000 $ 20.7% 910,500 $ 22.2% 20.6% SG&A Selling General and Administrative (425,500) $ -8.8% (416,000) $ -8.7% (347,100) $ -8.5% -8.7% All Other (336,400) $ -6.9% (435,800) $ -9.1% (456,900) $ -11.2% -8.3% NOI Operating Income 208,600 $ 4.3% 142,200 $ 3.0% 106,500 $ 2.6% 3.6% INT EXP Interest Expense (92,900) $ -1.9% (85,800) $ -1.8% (31,500) $ -0.8% -1.7% TAXES Taxes (20,200) $ -0.4% (23,300) $ -0.5% (20,200) $ -0.5% -0.5% All Other (77,200) $ -1.6% (2,200) $ 0.0% 32,300 $ 0.8% -0.7% NI Net Income 18,300 $ 0.4% 30,900 $ 0.6% 87,100 $ 2.1% 0.8%

ASSETS Cash And Cash Equivalents 40,800 $ 1.0% 17,600 $ 0.4% 31,700 $ 0.8% Net Receivables 814,600 $ 20.0% 747,000 $ 17.9% 640,800 $ 15.6% Inventory 287,800 $ 7.1% 272,500 $ 6.5% 242,900 $ 5.9% Other Current Assets 39,100 $ 1.0% 37,200 $ 0.9% 74,600 $ 1.8% Total Current Assets 1,182,300 $ 29.0% 1,074,300 $ 25.8% 990,000 $ 24.2% Property Plant and Equipment 1,855,500 $ 45.5% 1,925,500 $ 46.2% 1,926,400 $ 47.0% Goodwill 775,500 $ 19.0% 773,100 $ 18.6% 768,600 $ 18.8% Other LT Assets 263,900 $ 6.5% 392,800 $ 9.4% 413,900 $ 10.1% GRAND TOT Total Assets 4,077,200 $ 100.0% 4,165,700 $ 100.0% 4,098,900 $ 100.0%

LIABS Accounts Payable 765,000 $ 18.8% 751,700 $ 18.0% 619,800 $ 15.1% Short/Current Long Term Debt 96,200 $ 2.4% 134,600 $ 3.2% 123,700 $ 3.0% Other Current Liabilities 1,400 $ 0.0% 2,500 $ 0.1% 9,300 $ 0.2% Total Current Liabs 862,600 $ 21.2% 888,800 $ 21.3% 752,800 $ 18.4% Long Term Debt 1,338,400 $ 32.8% 1,290,200 $ 31.0% 1,250,800 $ 30.5% Other Liabs 723,700 $ 17.7% 697,800 $ 16.8% 859,900 $ 21.0% TOT LIABS Total Liabilities 2,924,700 $ 71.7% 2,876,800 $ 69.1% 2,863,500 $ 69.9%

EQUITY Common Stock 1,400 $ 0.0% 1,400 $ 0.0% 1,400 $ 0.0% Retained Earnings 515,200 $ 12.6% 558,800 $ 13.4% 588,100 $ 14.3% Treasury Stock (218,800) $ -5.4% (248,800) $ -6.0% (279,300) $ -6.8% Capital Surplus 971,300 $ 23.8% 983,100 $ 23.6% 985,600 $ 24.0% All Other (116,600) $ -2.9% (5,600) $ -0.1% (60,400) $ -1.5% TOT EQ Total Stockholder Equity 1,152,500 $ 28.3% 1,288,900 $ 30.9% 1,235,400 $ 30.1%

GRAND TOT Total Liabs + Equity 4,077,200 $ 100.0% 4,165,700 $ 100.0% 4,098,900 $ 100.0% B/S proof 0 0 0

2014 2013 2012 WTD AVG LIQUIDTY RATIOS CURRENT RATIO 1.37 1.21 1.32 1.31 QUICK RATIO 1.04 0.90 0.99 0.98

ACTIVITY RATIOS INVENTORY TURNOVER 13.5 14.0 13.1 13.6 INVENTORY DAYS 27.0 26.2 27.8 26.9 ACCOUNTS RECEIVABLE DAYS 61.1 56.9 57.1 59.0 ACCTS PAYABLE DAYS (71.7) (72.2) (71.1) (71.8) TOT ASSET TURNOVER 1.19 1.15 1.00 1.15

DEBT RATIOS DEBT RATIO 72% 69% 70% 70.5% EQUITY RATIO 28% 31% 30% 29.5% CAPITAL RATIO (CS+TS+CS) 18% 18% 17% 18.0% AVG INT RATE (use LTD only) 6.94% 6.65% 2.52% 6.11% TIMES INT EARNED RATIO 2.2 1.7 3.4 2.2

PROFITABILITY GROSS PROFIT MARGIN 20.0% 20.7% 22.2% 20.6% OPERATING PROFIT MARGIN 4.3% 3.0% 2.6% 3.6% NET PROFIT MARGIN 0.4% 0.6% 2.1% 0.8% EARNINGS PER SHARE 0.53 $ 0.89 $ 2.52 $ 0.98 $ shares outstanding (000s) 34,600 34,600 34,600 na

EFFICIENCY RETURN ON ASSETS 0.45% 0.74% 2.12% 0.83% RETURN ON EQUITY 1.6% 2.4% 7.1% 2.8% REVENUE / EMPLOYEE 202,600 $ 199,829 $ 170,583 $ 196,340 $ NET INCOME / EMPLOYEE 763 $ 1,288 $ 3,629 $ 1,415 $ REVENUES / PP&E 2.62 $ 2.49 $ 2.13 $ 2.49 $ # of employees (000s) 24 24 24 24

MARKET RATIOS PRICE / EARNINGS RATIO 442.4 257.5 79.4 320.3 REV GROWTH % 1.4% 17.1% NA 7.7% MARKET BOOK RATIO 7.0 6.2 5.6 6.5 MARKET CAPITALIZATION (000s) 8,096,400 $ 7,958,000 $ 6,920,000 $ 7,854,200 $ shares outstanding (000s) 34,600 34,600 34,600 na price of stock at year end 234.0 $ 230.00 $ 200.00 $ 227.00 $ BOOK VALUE / SHARE 33.31 $ 37.25 $ 35.71 $ 35.02 $

2014 2013 2012

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