Korn Ferry (KFY)

Analysis: Growth Rates Industry: Staffing & Employment Services Sector: Industrials Live Price: $67.97

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Stock Price
Avg YoY	14.63%	-0.70%	18.44%	15.47%	12.93%	13.71%
Slope	12.47%	-2.19%	6.96%	8.59%	7.71%	7.25%
CAGR	13.89%	-2.36%	9.55%	8.11%	5.84%	5.27%
LSR	13.89%	-2.01%	8.08%	9.99%	8.28%	7.80%
Market Capitalization
Avg YoY	14.03%	-0.99%	18.27%	15.41%	13.41%	13.20%
Slope	11.88%	-2.38%	6.95%	8.63%	8.07%	7.54%
CAGR	13.21%	-2.62%	9.44%	8.14%	6.68%	5.32%
LSR	13.21%	-2.18%	8.07%	10.06%	8.78%	8.14%
(-) Cash & Equivalents
Avg YoY	8.35%	5.12%	16.50%	11.72%	8.81%	11.58%
Slope	7.83%	3.56%	11.94%	10.40%	7.88%	8.03%
CAGR	8.27%	4.60%	15.62%	9.53%	6.82%	9.22%
LSR	8.27%	3.65%	14.82%	11.41%	7.66%	8.96%
(+) Total Debt
Avg YoY	0.09%	-0.84%	26.84%	26.84%	14.16%	15.66%
Slope	0.00%	-0.59%	12.95%	19.11%	17.71%	14.00%
CAGR	0.00%	-0.89%	16.94%	—	13.63%	12.68%
LSR	0.00%	-0.60%	17.72%	—	—	—
Enterprise Value
Avg YoY	12.83%	-2.70%	16.85%	16.71%	17.33%	15.97%
Slope	10.69%	-3.98%	6.55%	9.74%	9.54%	8.30%
CAGR	11.86%	-4.41%	8.86%	9.38%	7.50%	5.12%
LSR	11.86%	-3.60%	7.62%	12.25%	11.34%	8.94%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Revenue
Avg YoY	-1.81%	12.49%	9.25%	10.22%	9.91%	7.91%
Slope	-1.83%	7.89%	7.85%	9.48%	8.82%	8.35%
CAGR	-1.81%	10.98%	8.30%	9.49%	8.84%	6.19%
LSR	-1.81%	9.30%	8.42%	10.81%	9.67%	9.25%
Cost of Revenue
Avg YoY	354.72%	218.26%	94.42%	67.17%	46.32%	37.93%
Slope	59.38%	63.49%	36.88%	26.50%	9.91%	8.73%
CAGR	176.66%	123.47%	37.75%	30.02%	9.88%	7.34%
LSR	176.66%	151.99%	34.80%	22.72%	2.73%	—
Gross Profit
Avg YoY	-30.05%	-3.04%	2.84%	5.94%	19.36%	10.68%
Slope	-71.65%	-24.03%	-1.62%	4.79%	8.43%	9.15%
CAGR	-47.42%	-19.83%	-5.83%	-0.06%	6.67%	3.99%
LSR	-47.42%	-27.17%	-4.76%	4.13%	11.72%	—
Gross Margin
Avg YoY	-29.03%	-15.78%	-6.54%	-4.34%	6.31%	-1.93%
Slope	-69.89%	-32.17%	-8.29%	-3.76%	1.98%	3.33%
CAGR	-46.45%	-27.76%	-13.05%	-8.72%	-2.00%	-2.07%
LSR	-46.45%	-33.36%	-12.15%	-6.03%	1.87%	—
SG&A Expenses
Avg YoY	-44.14%	-11.45%	45.88%	71.66%	77.36%	63.10%
Slope	-106.68%	-33.97%	4.68%	6.60%	9.67%	9.00%
CAGR	-65.48%	-35.46%	-14.95%	-6.10%	5.50%	1.01%
LSR	-65.48%	-42.51%	3.15%	4.29%	11.04%	9.43%
Operating Expenses
Avg YoY	-45.12%	-12.26%	26.82%	16.96%	24.28%	23.72%
Slope	-92.85%	-30.23%	9.26%	7.89%	8.74%	7.10%
CAGR	-59.25%	-30.04%	1.10%	-3.82%	-1.29%	2.25%
LSR	-59.25%	-36.07%	9.92%	6.21%	8.30%	5.63%
Operating Income (EBIT)
Avg YoY	14.98%	49.75%	42.40%	29.33%	-162.64%	-135.62%
Slope	5.14%	4.13%	13.22%	12.02%	10.79%	11.04%
CAGR	4.63%	22.11%	23.27%	10.48%	8.30%	7.37%
LSR	4.63%	8.39%	17.44%	13.46%	—	—
Operating Margin
Avg YoY	16.81%	25.87%	25.64%	14.57%	-138.39%	-124.08%
Slope	7.20%	-1.91%	6.83%	2.37%	1.73%	5.12%
CAGR	6.56%	10.02%	13.82%	0.91%	-0.50%	1.11%
LSR	6.56%	-0.83%	8.32%	2.39%	—	—
Interest Income
Avg YoY	—	—	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	—	-54.55%	-10.71%	1.50%	5.77%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Interest Expense
Avg YoY	-10.91%	-8.29%	5.87%	-5.76%	-9.49%	-6.80%
Slope	-12.28%	-9.10%	10.25%	15.48%	10.43%	7.20%
CAGR	-11.27%	-8.68%	—	16.05%	3.68%	—
LSR	-11.27%	-8.73%	—	—	—	—
Net Interest Income
Avg YoY	-10.91%	-8.29%	-690.70%	-453.68%	-339.33%	-279.40%
Slope	12.28%	9.10%	-10.34%	-15.51%	-10.44%	-7.20%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Income / Expense
Avg YoY	8.84%	46.12%	74.59%	16.49%	-57.54%	-19.04%
Slope	46.60%	15.43%	-7.75%	-18.14%	-12.99%	-3.86%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Unusual Items
Avg YoY	8.84%	46.12%	74.59%	16.49%	-57.54%	-19.04%
Slope	-46.60%	-15.43%	7.75%	18.14%	12.99%	3.86%
CAGR	-31.55%	0.48%	21.79%	—	4.52%	5.12%
LSR	-31.55%	-15.43%	12.63%	—	—	—
EBT excl. Unusual
Avg YoY	18.83%	41.30%	40.56%	27.33%	53.81%	-3.74%
Slope	14.14%	7.81%	14.55%	10.92%	10.24%	13.10%
CAGR	13.86%	22.75%	24.47%	9.47%	8.58%	8.11%
LSR	13.86%	11.39%	18.86%	11.39%	—	—
Pre-Tax Income
Avg YoY	15.10%	40.74%	40.49%	27.42%	103.12%	85.72%
Slope	8.54%	5.21%	13.67%	11.66%	10.53%	11.73%
CAGR	7.99%	20.48%	24.28%	10.10%	8.21%	7.84%
LSR	7.99%	8.61%	18.20%	12.83%	—	—
Pre-Tax Margin
Avg YoY	16.99%	19.77%	25.00%	13.61%	67.56%	44.14%
Slope	10.55%	-1.26%	7.24%	1.72%	1.38%	7.83%
CAGR	9.99%	8.56%	14.75%	0.56%	-0.58%	1.56%
LSR	9.99%	-0.64%	9.02%	1.83%	—	—
Income Tax Expense
Avg YoY	23.97%	35.24%	37.32%	23.34%	-356.08%	-268.62%
Slope	7.38%	5.23%	11.78%	9.66%	8.84%	9.10%
CAGR	6.53%	18.16%	19.45%	7.82%	8.59%	5.61%
LSR	6.53%	6.43%	14.84%	10.00%	—	—
Net Income
Avg YoY	13.10%	43.89%	43.87%	30.23%	62.07%	51.29%
Slope	8.77%	4.97%	14.30%	12.12%	10.82%	12.57%
CAGR	8.37%	21.09%	25.92%	10.76%	7.76%	9.01%
LSR	8.37%	9.13%	19.47%	13.50%	—	—
Net Margin
Avg YoY	14.99%	21.39%	27.18%	15.60%	35.37%	12.90%
Slope	10.74%	-1.28%	8.03%	2.33%	1.62%	10.42%
CAGR	10.37%	9.11%	16.27%	1.16%	-0.99%	2.66%
LSR	10.37%	-0.16%	10.20%	2.43%	—	—
Depreciation & Amortization
Avg YoY	8.54%	6.84%	9.68%	14.84%	12.83%	6.28%
Slope	7.91%	7.29%	7.94%	10.89%	11.12%	8.70%
CAGR	8.39%	6.74%	9.25%	14.10%	12.21%	4.53%
LSR	8.39%	7.54%	8.47%	13.89%	14.06%	9.32%
EBITDA
Avg YoY	11.14%	34.89%	30.21%	21.82%	64.18%	79.22%
Slope	5.71%	4.73%	12.11%	11.78%	10.86%	10.53%
CAGR	5.31%	18.33%	19.03%	11.04%	8.85%	6.67%
LSR	5.31%	7.68%	15.01%	13.43%	13.77%	—
EBITDA Margin
Avg YoY	12.98%	15.32%	16.35%	8.90%	39.63%	53.31%
Slope	7.71%	-1.96%	5.34%	2.39%	2.11%	3.64%
CAGR	7.25%	6.62%	9.91%	1.42%	0.00%	0.45%
LSR	7.25%	-1.49%	6.08%	2.36%	3.73%	—
NOPAT
Avg YoY	14.98%	49.75%	42.40%	29.33%	-162.64%	-135.62%
Slope	5.14%	4.13%	13.22%	12.02%	10.79%	11.04%
CAGR	4.63%	22.11%	23.27%	10.48%	8.30%	7.37%
LSR	4.63%	8.39%	17.44%	13.46%	—	—
NOPAT Margin
Avg YoY	16.81%	25.87%	25.64%	14.57%	-138.39%	-124.08%
Slope	7.20%	-1.91%	6.83%	2.37%	1.73%	5.12%
CAGR	6.56%	10.02%	13.82%	0.91%	-0.50%	1.11%
LSR	6.56%	-0.83%	8.32%	2.39%	—	—
Owner's Earnings
Avg YoY	14.99%	31.36%	34.18%	25.49%	37.49%	7.16%
Slope	12.75%	3.87%	14.31%	12.91%	11.62%	12.66%
CAGR	12.77%	16.11%	22.99%	13.71%	8.39%	10.36%
LSR	12.77%	6.42%	18.87%	14.96%	—	—
Owner's Earnings Margin
Avg YoY	16.97%	12.92%	20.67%	13.00%	17.00%	-22.78%
Slope	14.65%	-3.20%	7.99%	3.77%	2.87%	9.25%
CAGR	14.85%	4.62%	13.56%	3.86%	-0.42%	3.93%
LSR	14.85%	-2.64%	9.64%	3.75%	—	—
EPS (Basic)
Avg YoY	12.41%	44.12%	42.70%	28.61%	59.32%	48.17%
Slope	8.43%	5.65%	15.10%	11.65%	9.76%	12.19%
CAGR	8.06%	21.76%	26.08%	9.69%	6.30%	7.53%
LSR	8.06%	9.98%	20.43%	12.45%	—	—
EPS (Diluted)
Avg YoY	11.56%	43.59%	42.44%	28.46%	60.04%	45.47%
Slope	7.77%	5.46%	15.08%	11.69%	10.20%	12.67%
CAGR	7.42%	21.43%	25.95%	9.72%	7.14%	7.58%
LSR	7.42%	9.79%	20.42%	12.52%	—	—
Shares (Basic)
Avg YoY	0.29%	-0.54%	-0.09%	1.02%	1.44%	1.43%
Slope	0.29%	-0.78%	-0.80%	0.89%	1.47%	1.73%
CAGR	0.29%	-0.55%	-0.13%	0.97%	1.38%	1.38%
LSR	0.29%	-0.78%	-0.79%	0.94%	1.53%	1.79%
Shares (Diluted)
Avg YoY	0.90%	-0.26%	0.02%	0.99%	0.63%	1.41%
Slope	0.89%	-0.60%	-0.79%	0.83%	1.04%	1.41%
CAGR	0.89%	-0.28%	-0.03%	0.95%	0.58%	1.33%
LSR	0.89%	-0.60%	-0.79%	0.87%	1.06%	1.48%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Consumer Goods
Avg YoY	-5.62%	12.78%	5.90%	5.90%	5.90%
Slope	-5.83%	7.14%	6.50%	6.50%	6.50%
CAGR	-5.77%	10.20%	3.74%	3.74%	3.74%
LSR	-5.77%	8.76%	6.92%	6.92%	6.92%
Education Non Profit And General
Avg YoY	11.89%	12.19%	8.63%	8.63%	8.63%
Slope	9.31%	12.15%	10.06%	10.06%	10.06%
CAGR	10.39%	11.43%	7.79%	7.79%	7.79%
LSR	10.39%	13.23%	10.47%	10.47%	10.47%
Financial Service
Avg YoY	1.35%	13.23%	8.77%	8.77%	8.77%
Slope	1.34%	8.86%	9.26%	9.26%	9.26%
CAGR	1.35%	12.01%	7.79%	7.79%	7.79%
LSR	1.35%	10.29%	10.02%	10.02%	10.02%
Industrial
Avg YoY	-0.28%	15.03%	8.69%	8.69%	8.69%
Slope	-0.30%	11.18%	9.53%	9.53%	9.53%
CAGR	-0.30%	13.82%	7.49%	7.49%	7.49%
LSR	-0.30%	13.20%	10.17%	10.17%	10.17%
Life Sciences And Healthcare
Avg YoY	-5.40%	9.36%	8.75%	8.75%	8.75%
Slope	-5.57%	5.32%	8.60%	8.60%	8.60%
CAGR	-5.40%	7.85%	7.74%	7.74%	7.74%
LSR	-5.40%	6.28%	9.61%	9.61%	9.61%
Technology Service
Avg YoY	-10.15%	13.62%	10.92%	10.92%	10.92%
Slope	-11.09%	5.21%	9.33%	9.33%	9.33%
CAGR	-10.32%	9.80%	8.29%	8.29%	8.29%
LSR	-10.32%	6.88%	10.70%	10.70%	10.70%
Service
Avg YoY	2.78%	2.78%	2.78%	2.78%	2.78%
Slope	2.74%	2.74%	2.74%	2.74%	2.74%
CAGR	2.78%	2.78%	2.78%	2.78%	2.78%
LSR	—	—	—	—	—
Executive Search
Avg YoY	-15.14%	-15.14%	-15.14%	-15.14%	-15.14%
Slope	-16.22%	-16.22%	-16.22%	-16.22%	-16.22%
CAGR	-15.45%	-15.45%	-15.45%	-15.45%	-15.45%
LSR	-15.45%	-15.45%	-15.45%	-15.45%	-15.45%
Futurestep
Avg YoY	-6.01%	19.70%	19.70%	19.70%	19.70%
Slope	-6.64%	10.40%	10.40%	10.40%	10.40%
CAGR	-6.70%	14.20%	14.20%	14.20%	14.20%
LSR	-6.70%	13.29%	13.29%	13.29%	13.29%
Hay Group
Avg YoY	6.86%	6.86%	6.86%	6.86%	6.86%
Slope	1.20%	1.20%	1.20%	1.20%	1.20%
CAGR	1.36%	1.36%	1.36%	1.36%	1.36%
LSR	1.36%	1.36%	1.36%	1.36%	1.36%
Global Novations Limited Liability Company
Avg YoY	45.59%	45.59%	45.59%	45.59%	45.59%
Slope	37.13%	37.13%	37.13%	37.13%	37.13%
CAGR	45.59%	45.59%	45.59%	45.59%	45.59%
LSR	—	—	—	—	—

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Other Countries
Avg YoY	-0.37%	8.00%	6.60%	8.15%	8.15%
Slope	-3.42%	6.23%	5.15%	7.05%	7.05%
CAGR	-3.69%	5.40%	4.90%	6.74%	6.74%
LSR	-3.69%	6.77%	5.32%	7.88%	7.88%
UNITED STATES
Avg YoY	-4.73%	17.80%	10.41%	10.67%	10.67%
Slope	-4.83%	10.77%	10.99%	10.65%	10.65%
CAGR	-4.74%	14.99%	8.98%	9.38%	9.38%
LSR	-4.74%	13.50%	11.62%	11.17%	11.17%
UNITED KINGDOM
Avg YoY	15.97%	14.42%	12.25%	12.25%	12.25%
Slope	14.81%	13.67%	11.35%	11.35%	11.35%
CAGR	15.57%	13.52%	11.45%	11.45%	11.45%
LSR	15.57%	14.35%	11.51%	11.51%	11.51%
U S
Avg YoY	18.53%	18.53%	18.53%	18.53%	18.53%
Slope	16.96%	16.96%	16.96%	16.96%	16.96%
CAGR	18.53%	18.53%	18.53%	18.53%	18.53%
LSR	—	—	—	—	—

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Cash & Cash Equivalents
Avg YoY	8.35%	5.12%	16.50%	11.72%	8.81%	11.58%
Slope	7.83%	3.56%	11.94%	10.40%	7.88%	8.03%
CAGR	8.27%	4.60%	15.62%	9.53%	6.82%	9.22%
LSR	8.27%	3.65%	14.82%	11.41%	7.66%	8.96%
Short-Term Investments
Avg YoY	-10.46%	-12.60%	61.00%	45.95%	55.81%	53.28%
Slope	-11.02%	-13.41%	15.68%	6.48%	3.24%	5.46%
CAGR	-10.70%	-12.81%	13.86%	3.08%	2.43%	2.02%
LSR	-10.70%	-12.64%	27.21%	6.95%	4.02%	—
Cash & Short-Term Investments
Avg YoY	7.47%	4.13%	16.42%	11.45%	8.88%	11.60%
Slope	7.03%	2.71%	12.10%	10.21%	7.63%	7.89%
CAGR	7.39%	3.64%	15.56%	9.17%	6.58%	8.60%
LSR	7.39%	2.77%	15.14%	11.07%	7.37%	8.86%
Net Receivables
Avg YoY	-3.41%	6.47%	7.13%	11.26%	11.46%	8.28%
Slope	-3.63%	3.78%	7.66%	10.08%	9.79%	8.81%
CAGR	-3.52%	5.72%	6.73%	10.31%	9.73%	6.34%
LSR	-3.52%	4.24%	8.18%	11.91%	11.30%	9.60%
Inventory
Avg YoY	—	—	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	—	30.30%	0.00%	-7.52%	-9.62%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Current Assets
Avg YoY	-15.35%	3.16%	21.37%	0.90%	3.33%	2.21%
Slope	-17.51%	1.25%	19.17%	19.64%	15.06%	12.16%
CAGR	-15.71%	0.48%	—	16.85%	12.61%	9.34%
LSR	-15.71%	1.34%	—	—	—	—
Total Current Assets
Avg YoY	1.52%	4.38%	12.64%	10.44%	8.66%	9.00%
Slope	1.51%	2.99%	10.86%	10.63%	8.75%	8.42%
CAGR	1.52%	4.13%	12.23%	9.85%	7.73%	7.71%
LSR	1.52%	3.16%	12.88%	11.91%	8.93%	9.07%
Property, Plant & Equipment
Avg YoY	2.68%	1.96%	21.25%	19.03%	19.37%	11.20%
Slope	2.53%	2.42%	13.48%	14.26%	13.45%	10.95%
CAGR	2.60%	1.92%	14.67%	14.47%	15.00%	6.29%
LSR	2.60%	2.45%	17.79%	17.69%	16.67%	11.60%
Goodwill
Avg YoY	1.24%	11.82%	5.93%	14.60%	13.86%	8.17%
Slope	1.24%	10.54%	7.37%	10.22%	10.17%	10.86%
CAGR	1.24%	11.24%	5.45%	11.38%	11.39%	—
LSR	1.24%	11.79%	7.33%	12.16%	12.05%	—
Intangible Assets
Avg YoY	-22.36%	-4.24%	-7.92%	31.11%	26.01%	1,819.38%
Slope	-24.98%	-4.47%	-12.36%	3.16%	7.62%	3.52%
CAGR	-22.37%	-6.52%	-12.46%	7.52%	—	-3.75%
LSR	-22.37%	-4.99%	-10.65%	7.30%	—	—
Long-Term Investments
Avg YoY	6.53%	3.64%	4.35%	3.55%	32.70%	23.24%
Slope	5.82%	4.71%	3.62%	2.72%	6.90%	9.02%
CAGR	6.17%	3.35%	2.88%	2.48%	18.65%	—
LSR	6.17%	4.79%	3.62%	2.62%	13.67%	—
Tax Assets
Avg YoY	18.72%	19.33%	18.24%	13.28%	13.98%	11.33%
Slope	15.83%	18.27%	15.32%	5.94%	4.53%	4.71%
CAGR	17.97%	18.92%	6.29%	4.95%	7.58%	6.19%
LSR	17.97%	20.67%	18.98%	4.81%	3.49%	4.08%
Other Non-Current Assets
Avg YoY	12.51%	10.59%	16.90%	12.94%	10.20%	7.60%
Slope	11.83%	8.95%	14.13%	11.91%	9.07%	7.28%
CAGR	12.36%	10.42%	15.37%	11.83%	8.74%	6.25%
LSR	12.36%	9.27%	17.07%	12.82%	8.72%	6.53%
Total Non-Current Assets
Avg YoY	3.52%	8.14%	6.23%	11.14%	12.87%	10.59%
Slope	3.44%	7.95%	7.61%	9.14%	9.41%	8.96%
CAGR	3.51%	8.00%	5.64%	9.34%	11.45%	7.45%
LSR	3.51%	8.49%	7.81%	10.23%	11.10%	10.45%
Total Assets
Avg YoY	2.59%	6.24%	8.38%	10.00%	9.97%	8.76%
Slope	2.56%	5.61%	9.08%	9.81%	9.11%	8.71%
CAGR	2.59%	6.16%	8.15%	9.56%	9.45%	7.57%
LSR	2.59%	5.92%	9.84%	10.94%	9.93%	9.73%
Accounts Payable
Avg YoY	4.57%	7.56%	9.80%	11.37%	10.68%	7.12%
Slope	4.14%	5.76%	7.73%	9.28%	8.85%	7.63%
CAGR	4.10%	7.26%	9.24%	10.66%	9.30%	5.12%
LSR	4.10%	5.99%	8.42%	10.66%	9.90%	7.96%
Short-Term Debt
Avg YoY	—	—	-37.06%	-37.06%	-37.06%	7.91%
Slope	150.00%	100.00%	-9.21%	9.32%	12.75%	-3.03%
CAGR	—	—	2.86%	—	—	3.67%
LSR	—	—	—	—	—	—
Tax Payables
Avg YoY	-39.19%	-17.30%	33.55%	36.67%	32.54%	25.10%
Slope	-67.68%	-26.95%	3.66%	7.46%	2.08%	4.89%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Deferred Revenue
Avg YoY	—	—	-74.93%	-74.93%	-74.93%	-83.29%
Slope	—	—	-50.50%	-8.93%	2.51%	-6.56%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Current Liabilities
Avg YoY	20.35%	19.07%	34.94%	47.69%	44.71%	31.20%
Slope	-3.41%	12.20%	14.10%	13.22%	11.17%	7.91%
CAGR	-4.47%	5.76%	10.30%	12.72%	12.02%	2.23%
LSR	-4.47%	12.26%	16.50%	15.82%	12.51%	7.33%
Total Current Liabilities
Avg YoY	15.82%	15.53%	17.38%	30.88%	28.59%	18.58%
Slope	-0.29%	11.07%	11.48%	12.09%	10.18%	7.10%
CAGR	-0.37%	6.75%	7.90%	12.56%	9.87%	2.72%
LSR	-0.37%	11.54%	12.13%	14.40%	10.99%	6.54%
Long-Term Debt
Avg YoY	-0.67%	0.49%	20.20%	20.20%	8.18%	160.80%
Slope	-0.68%	0.78%	10.71%	18.12%	16.96%	13.78%
CAGR	-0.69%	0.47%	15.38%	—	11.48%	14.25%
LSR	-0.69%	0.79%	13.83%	—	—	—
Capital Lease Obligations
Avg YoY	-9.39%	-8.95%	-9.40%	-9.40%	-9.40%	-9.40%
Slope	-11.22%	-8.66%	21.19%	22.76%	20.30%	17.79%
CAGR	-11.43%	-10.10%	—	—	—	—
LSR	-11.43%	-8.80%	—	—	—	—
Deferred Tax Liabilities
Avg YoY	6.94%	21.91%	36.61%	36.61%	36.61%	36.61%
Slope	4.98%	14.09%	-1.70%	12.64%	14.61%	14.15%
CAGR	4.79%	12.09%	1.84%	—	—	—
LSR	4.79%	15.77%	0.64%	—	—	—
Other Non-Current Liabilities
Avg YoY	7.39%	7.22%	7.75%	7.72%	9.03%	9.73%
Slope	7.07%	7.73%	8.16%	7.56%	7.64%	7.55%
CAGR	7.37%	7.08%	7.52%	7.46%	8.77%	9.21%
LSR	7.37%	8.02%	8.48%	7.81%	8.33%	8.52%
Total Non-Current Liabilities
Avg YoY	1.33%	1.54%	14.11%	15.74%	13.01%	14.86%
Slope	1.20%	2.16%	10.97%	13.23%	12.26%	10.77%
CAGR	1.22%	1.48%	11.95%	13.21%	10.64%	11.46%
LSR	1.22%	2.18%	13.20%	16.71%	14.53%	12.01%
Total Liabilities
Avg YoY	3.02%	3.86%	13.64%	17.78%	15.07%	11.27%
Slope	0.74%	4.69%	11.11%	12.90%	11.64%	9.61%
CAGR	0.80%	2.72%	10.74%	13.04%	10.43%	7.14%
LSR	0.80%	4.76%	12.82%	15.90%	13.33%	9.65%
Preferred Stock
Avg YoY	—	—	—	—	-100.00%	-36.97%
Slope	—	—	—	—	-28.57%	-15.46%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Common Stock
Avg YoY	-8.53%	-10.72%	-6.83%	-0.91%	0.39%	0.10%
Slope	-8.92%	-10.76%	-6.56%	-0.77%	0.76%	1.13%
CAGR	-8.72%	-10.84%	-7.00%	-1.68%	-0.28%	-0.45%
LSR	-8.72%	-10.16%	-6.63%	-0.91%	0.70%	1.08%
Retained Earnings
Avg YoY	9.10%	18.26%	16.85%	17.81%	14.13%	98.24%
Slope	8.68%	14.74%	15.78%	14.33%	14.49%	15.94%
CAGR	9.10%	17.77%	16.55%	17.33%	—	—
LSR	9.10%	17.06%	18.11%	16.81%	—	—
Accumulated OCI
Avg YoY	-2.45%	19.15%	14.69%	108.99%	552.48%	423.24%
Slope	4.21%	-10.31%	-6.74%	-16.82%	-21.05%	-14.66%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Minority Interest
Avg YoY	8.48%	33.39%	18.81%	5.94%	5.94%	-2.89%
Slope	6.57%	12.91%	10.11%	19.64%	18.55%	12.06%
CAGR	6.38%	24.58%	12.33%	—	—	0.97%
LSR	6.38%	17.23%	10.41%	—	—	—
Total Shareholders’ Equity
Avg YoY	5.49%	8.46%	6.85%	7.87%	9.14%	7.74%
Slope	5.33%	7.82%	7.39%	7.45%	7.40%	7.64%
CAGR	5.49%	8.41%	6.68%	7.70%	8.83%	6.97%
LSR	5.49%	8.32%	7.61%	7.88%	8.05%	8.86%
Total Equity
Avg YoY	5.49%	8.50%	6.86%	7.91%	9.15%	7.72%
Slope	5.33%	7.84%	7.40%	7.48%	7.41%	7.65%
CAGR	5.49%	8.45%	6.69%	7.73%	8.85%	6.93%
LSR	5.49%	8.34%	7.61%	7.91%	8.07%	8.87%
Total Liabilities & Equity
Avg YoY	3.92%	6.10%	8.60%	10.13%	10.01%	7.77%
Slope	3.24%	6.38%	9.04%	9.72%	9.11%	8.45%
CAGR	3.41%	5.81%	8.24%	9.55%	9.47%	7.01%
LSR	3.41%	6.72%	9.71%	10.79%	10.00%	9.13%
Tangible Assets
Avg YoY	4.03%	5.20%	11.60%	9.40%	9.28%	8.25%
Slope	3.94%	4.40%	11.01%	10.08%	8.85%	8.40%
CAGR	4.03%	5.11%	11.28%	9.10%	8.80%	7.56%
LSR	4.03%	4.58%	12.75%	10.89%	9.20%	9.02%
Tangible Equity
Avg YoY	15.47%	8.06%	17.71%	9.44%	10.16%	11.16%
Slope	14.17%	6.30%	11.96%	5.44%	4.79%	5.62%
CAGR	15.43%	7.37%	16.04%	5.11%	6.64%	6.24%
LSR	15.43%	6.34%	14.72%	5.31%	4.62%	6.36%
Tangible Book Value
Avg YoY	15.47%	8.06%	17.71%	9.44%	10.16%	11.16%
Slope	14.17%	6.30%	11.96%	5.44%	4.79%	5.62%
CAGR	15.43%	7.37%	16.04%	5.11%	6.64%	6.24%
LSR	15.43%	6.34%	14.72%	5.31%	4.62%	6.36%
Total Investments
Avg YoY	3.65%	0.45%	5.89%	3.92%	14.52%	10.89%
Slope	3.19%	1.35%	5.34%	3.25%	6.30%	8.41%
CAGR	3.33%	0.21%	3.85%	2.56%	11.85%	10.91%
LSR	3.33%	1.35%	5.58%	3.11%	8.67%	—
Net Debt
Avg YoY	12.36%	7.90%	22.35%	13.01%	11.03%	21.87%
Slope	-10.87%	-4.25%	-13.55%	-6.00%	-3.67%	-5.72%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Working Capital
Avg YoY	8.63%	2.60%	20.00%	14.23%	10.53%	18.12%
Slope	8.10%	1.66%	10.68%	9.57%	7.61%	8.13%
CAGR	8.56%	2.18%	17.40%	9.02%	6.42%	10.29%
LSR	8.56%	1.64%	14.08%	10.73%	7.57%	9.99%
Total Capital
Avg YoY	4.13%	5.86%	8.63%	10.17%	10.20%	8.39%
Slope	4.02%	5.61%	8.73%	9.77%	9.27%	8.81%
CAGR	4.12%	5.83%	8.37%	9.78%	9.81%	7.78%
LSR	4.12%	5.86%	9.46%	11.00%	10.29%	9.85%
Capital Employed
Avg YoY	4.84%	6.26%	7.97%	9.59%	9.88%	8.72%
Slope	4.68%	6.16%	8.44%	9.26%	8.89%	8.61%
CAGR	4.82%	6.24%	7.82%	9.25%	9.56%	8.06%
LSR	4.82%	6.43%	9.02%	10.25%	9.84%	9.74%
Invested Capital
Avg YoY	1.47%	7.04%	6.11%	12.50%	15.79%	9.54%
Slope	1.46%	7.08%	6.68%	9.36%	10.25%	9.37%
CAGR	1.47%	6.75%	5.16%	9.96%	13.72%	7.00%
LSR	1.47%	7.54%	6.86%	10.89%	13.28%	11.09%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Net Income
Avg YoY	11.71%	44.00%	42.71%	28.68%	76.02%	74.67%
Slope	7.96%	5.69%	15.05%	11.80%	10.31%	12.72%
CAGR	7.60%	21.75%	26.00%	9.88%	7.25%	7.68%
LSR	7.60%	10.09%	20.34%	12.69%	—	—
Depreciation & Amortization
Avg YoY	7.70%	7.21%	9.63%	13.61%	12.09%	4.97%
Slope	7.01%	7.84%	8.78%	10.63%	10.62%	7.46%
CAGR	7.44%	7.04%	9.28%	13.03%	11.55%	3.16%
LSR	7.44%	8.19%	9.34%	12.91%	12.86%	7.73%
Deferred Income Tax
Avg YoY	-22.80%	-13.24%	-48.42%	-132.62%	-131.19%	-111.73%
Slope	22.83%	-0.73%	-7.94%	-25.59%	-8.66%	-7.89%
CAGR	-33.90%	-17.73%	-11.31%	—	5.21%	0.42%
LSR	-33.90%	-8.42%	—	—	—	—
Stock-Based Compensation
Avg YoY	14.00%	15.85%	11.39%	8.21%	15.40%	20.93%
Slope	13.14%	14.96%	11.50%	8.99%	6.93%	8.59%
CAGR	13.96%	15.60%	10.93%	7.36%	10.68%	—
LSR	13.96%	16.31%	11.78%	8.83%	7.35%	—
Change in Working Capital
Avg YoY	-10.20%	-30.47%	60.50%	45.18%	49.70%	36.23%
Slope	-63.81%	-50.21%	23.90%	20.30%	19.15%	24.38%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Accounts Receivable
Avg YoY	-129.79%	-60.16%	-50.06%	-27.18%	-12.95%	-190.40%
Slope	-322.42%	67.80%	7.18%	-0.94%	-3.26%	-7.87%
CAGR	—	-19.81%	5.79%	-1.09%	1.25%	—
LSR	—	—	—	—	—	—
Inventory
Avg YoY	100.00%	0.00%	-72.96%	-31.60%	-73.51%	-204.35%
Slope	150.00%	-0.15%	-18.08%	-13.41%	-3.93%	6.17%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Accounts Payable
Avg YoY	-0.95%	-15.20%	334.85%	229.30%	440.03%	385.81%
Slope	45.69%	-109.76%	-8.29%	2.23%	5.92%	12.79%
CAGR	-73.58%	—	—	—	—	—
LSR	-73.58%	—	—	—	—	—
Other Working Capital
Avg YoY	-23.70%	252.01%	153.58%	47.13%	44.58%	354.17%
Slope	-34.39%	9.62%	31.44%	20.03%	11.25%	3.68%
CAGR	-36.24%	-10.70%	—	6.90%	5.32%	—
LSR	-36.24%	19.51%	—	—	—	—
Other Non-Cash Items
Avg YoY	-56.08%	10.95%	212.98%	143.38%	206.97%	207.88%
Slope	-3,773.59%	1,722.82%	-17.35%	27.75%	7.06%	-10.12%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	4.14%	19.59%	29.15%	18.81%	-22.22%	-13.43%
Slope	2.14%	0.77%	13.00%	11.71%	10.54%	10.09%
CAGR	2.03%	10.03%	21.33%	8.99%	7.64%	6.15%
LSR	2.03%	2.36%	18.60%	13.44%	—	—
Capital Expenditures (PPE)
Avg YoY	5.30%	-23.70%	-15.25%	-12.32%	-17.71%	-18.42%
Slope	7.20%	-13.16%	-7.35%	-7.60%	-7.88%	-6.68%
CAGR	-6.60%	19.37%	10.19%	4.94%	8.78%	1.23%
LSR	-6.60%	16.93%	7.73%	8.23%	8.67%	8.71%
Acquisitions (Net)
Avg YoY	100.00%	-21,790.04%	-18,082.42%	-11,903.80%	-8,729.88%	-7,480.22%
Slope	106.10%	4.94%	2.23%	-5.89%	-8.57%	-8.38%
CAGR	-58.60%	—	-17.52%	14.58%	21.09%	-1.31%
LSR	—	—	—	—	—	—
Purchases of Investments
Avg YoY	14.90%	20.84%	-74.49%	-43.01%	-48.23%	-88.16%
Slope	16.00%	24.65%	-10.59%	-1.43%	-8.40%	-8.82%
CAGR	-14.90%	-21.20%	2.97%	-4.51%	6.76%	2.37%
LSR	-14.90%	-21.75%	19.42%	1.37%	—	—
Sales / Maturities of Investments
Avg YoY	-20.40%	-8.69%	70.26%	47.27%	46.14%	24.51%
Slope	-24.13%	-15.51%	10.02%	3.50%	7.90%	5.48%
CAGR	-20.93%	-11.68%	3.79%	1.80%	—	-2.85%
LSR	-20.93%	-15.25%	17.75%	2.94%	—	—
Other Investing Activities
Avg YoY	-937.54%	-578.86%	148.72%	289.45%	-26.81%	-6.19%
Slope	-49.46%	-46.41%	-20.17%	-25.47%	-7.03%	0.83%
CAGR	39.04%	—	—	4.39%	—	-1.50%
LSR	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-21.93%	-81.21%	-59.11%	-100.92%	-179.45%	-159.07%
Slope	59.92%	-0.17%	-2.58%	-6.25%	-8.43%	-8.45%
CAGR	-38.26%	19.92%	-8.31%	2.20%	9.03%	2.08%
LSR	-38.26%	2.63%	7.94%	7.23%	—	—
Net Debt Issuance
Avg YoY	-106.10%	-59.85%	84.49%	298.33%	259.02%	491.05%
Slope	-65.43%	-39.68%	-34.14%	-2.21%	4.90%	5.84%
CAGR	85.79%	44.82%	—	—	—	—
LSR	85.79%	39.83%	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-69.44%	-71.96%	78.17%	293.95%	247.39%	492.61%
Slope	-15.77%	27.37%	-35.90%	-3.00%	5.17%	5.87%
CAGR	13.40%	-19.11%	—	—	—	—
LSR	13.40%	-12.25%	—	—	—	—
Short-Term Debt Issuance
Avg YoY	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%
Slope	-150.00%	-81.21%	7.18%	16.56%	16.82%	15.56%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	-11.88%	-54.75%	-111.56%	-205.82%	-459.45%	-334.06%
Slope	0.39%	-11.93%	-15.65%	-18.22%	-10.97%	-13.54%
CAGR	-0.34%	31.12%	43.87%	13.13%	28.91%	—
LSR	-0.34%	18.37%	28.67%	—	—	—
Common Stock Issuance
Avg YoY	—	—	—	—	-22.31%	37.30%
Slope	—	—	—	—	-24.47%	-13.68%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Common Stock Repurchased
Avg YoY	-9.45%	-59.44%	-68.45%	-45.67%	-53.43%	-72.30%
Slope	5.20%	-10.52%	-15.05%	-17.39%	-7.65%	-9.35%
CAGR	-4.39%	31.12%	31.82%	13.13%	7.34%	22.14%
LSR	-4.39%	17.49%	23.61%	28.29%	9.94%	16.36%
Preferred Stock Issuance
Avg YoY	-100.00%	-43.43%	-71.71%	-71.71%	-71.71%	-71.71%
Slope	-150.00%	-23.46%	13.43%	19.33%	18.37%	16.55%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	-58.09%	-40.48%	-18.23%	-30.65%	-22.66%	-25.67%
Slope	-43.41%	-34.30%	-15.93%	-19.25%	-16.71%	-15.34%
CAGR	57.87%	39.25%	16.12%	31.37%	19.18%	—
LSR	57.87%	40.42%	13.93%	—	—	—
Common Dividends Paid
Avg YoY	-58.09%	-40.48%	-18.23%	-42.00%	-24.59%	-27.49%
Slope	-43.41%	-34.30%	-15.93%	-19.45%	-16.81%	-15.41%
CAGR	57.87%	39.25%	16.12%	40.95%	19.18%	—
LSR	57.87%	40.42%	13.93%	—	—	—
Preferred Dividends Paid
Avg YoY	—	—	—	100.00%	100.00%	100.00%
Slope	—	—	—	37.50%	13.53%	3.85%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Financing Activities
Avg YoY	-0.30%	-27.82%	-3,856.17%	-2,415.17%	-1,758.72%	-1,523.15%
Slope	53.35%	7.75%	-18.50%	-47.08%	-95.07%	-78.07%
CAGR	-35.65%	-0.03%	—	—	—	—
LSR	-35.65%	-9.79%	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-18.40%	-39.07%	-55.40%	143.34%	-7.04%	68.44%
Slope	-11.56%	-17.44%	-49.92%	-36.39%	-22.04%	-23.63%
CAGR	10.97%	30.32%	—	—	—	18.58%
LSR	10.97%	22.01%	—	—	—	—
Effect of FX on Cash
Avg YoY	-219.97%	-145.37%	-31.24%	-101.10%	-42.79%	-27.22%
Slope	1,711.53%	-17.32%	12.81%	-1.70%	-12.15%	-9.06%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Change in Cash
Avg YoY	69.61%	-22.59%	25.57%	-6.84%	4.61%	-39.78%
Slope	1,043.24%	-33.97%	3.47%	6.30%	6.19%	5.51%
CAGR	—	-19.84%	—	5.42%	0.06%	15.58%
LSR	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	-2.18%	9.35%	13.27%	12.44%	10.49%	12.00%
Slope	-2.91%	6.29%	12.72%	10.80%	8.04%	8.28%
CAGR	-2.77%	8.40%	10.60%	9.93%	7.89%	8.98%
LSR	-2.77%	6.98%	15.13%	11.51%	7.70%	9.17%
Cash at End of Period
Avg YoY	8.35%	5.12%	16.50%	11.72%	8.81%	11.58%
Slope	7.83%	3.56%	11.94%	10.40%	7.88%	8.03%
CAGR	8.27%	4.60%	15.62%	9.53%	6.82%	9.22%
LSR	8.27%	3.65%	14.82%	11.41%	7.66%	8.96%
Operating Cash Flow
Avg YoY	4.14%	19.59%	29.15%	18.81%	-22.22%	-13.43%
Slope	2.14%	0.77%	13.00%	11.71%	10.54%	10.09%
CAGR	2.03%	10.03%	21.33%	8.99%	7.64%	6.15%
LSR	2.03%	2.36%	18.60%	13.44%	—	—
Capital Expenditure
Avg YoY	5.30%	-23.70%	-15.25%	-12.32%	-17.71%	-18.42%
Slope	7.20%	-13.16%	-7.35%	-7.60%	-7.88%	-6.68%
CAGR	-6.60%	19.37%	10.19%	4.94%	8.78%	1.23%
LSR	-6.60%	16.93%	7.73%	8.23%	8.67%	8.71%
Free Cash Flow
Avg YoY	6.45%	20.11%	40.88%	25.92%	10.30%	5.99%
Slope	4.32%	-1.49%	14.24%	12.67%	11.18%	10.97%
CAGR	4.14%	8.50%	25.95%	10.22%	7.44%	8.74%
LSR	4.14%	0.09%	23.18%	14.95%	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
EBITDA
Avg YoY	4.61%	21.79%	77.78%	89.54%	66.59%	256.97%
Slope	3.55%	6.79%	-8.08%	2.64%	6.61%	6.38%
CAGR	3.45%	15.18%	14.64%	10.75%	7.33%	5.64%
LSR	3.45%	8.95%	-2.43%	8.18%	9.91%	9.60%
(-) Tax Adjustment
Avg YoY	8.50%	18.16%	52.99%	64.42%	51.98%	28.61%
Slope	2.25%	6.08%	-9.35%	1.61%	6.41%	6.79%
CAGR	2.05%	12.96%	11.48%	8.78%	7.71%	4.54%
LSR	2.05%	6.76%	-4.66%	5.66%	—	—
Change In Working Capital
Avg YoY	-10.20%	-30.47%	60.50%	45.18%	49.70%	36.23%
Slope	-63.81%	-50.21%	23.90%	20.30%	19.15%	24.38%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Capital Expenditure
Avg YoY	5.30%	-23.70%	-15.25%	-12.32%	-17.71%	-18.42%
Slope	7.20%	-13.16%	-7.35%	-7.60%	-7.88%	-6.68%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	13.16%	71.90%	125.60%	145.55%	108.90%	102.95%
Slope	11.30%	15.24%	-10.78%	1.85%	6.11%	5.67%
CAGR	11.29%	38.77%	15.98%	16.87%	7.42%	6.45%
LSR	11.29%	25.84%	-4.20%	8.89%	9.46%	6.90%
Net Interest After Taxes
Avg YoY	11.59%	7.61%	-751.47%	-473.87%	-345.22%	-285.08%
Slope	12.31%	7.58%	-11.48%	-15.92%	-9.68%	-5.26%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	-106.10%	-59.85%	84.49%	298.33%	259.02%	491.05%
Slope	-65.43%	-39.68%	-34.14%	-2.21%	4.90%	5.84%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	10.93%	58.31%	52.64%	95.76%	71.29%	70.77%
Slope	9.41%	13.52%	-12.00%	1.92%	6.13%	5.67%
CAGR	9.34%	33.13%	4.74%	15.36%	6.92%	7.69%
LSR	9.34%	21.82%	-9.21%	8.67%	9.64%	7.16%