######Appendix A: Ratio Analysis Template/Summary
12/31/2022
#######
FIFO
12/31/2021
12/30/2020
12/31/2022
Industry
Average
Gross profit margin = gross profit/sales
26.31%
26.5%
28.12%
28.39%
30.75%
Operating Profit Margin = operating profit/sales
5.15%
5.36%
6.58%
5.45%
8.00%
Net Profit Margin = net profit/sales
3.95%
4.1%
5.12%
4.76%
5.75%
AR Days on Hand = (AR/Sales) *365
10.1
10.1
9.5
Inventory Days on Hand = (Inventory/COGS)*365
35.6
46.6
43.0
AP Days on Hand = (AP*365)/COGS
24.1
24.1
26.8
35
Asset Turnover = sales/total assets
1.6
1.6
2.5
2.2
Profitability
Efficiency
10.1
38
Leverage (Without Leases added back)
Debt/Equity
0.26
0.24
0.30
Not Avail.
Liabilities/Equity
208.08%
192.11%
83.49%
230.0%
LTD/Total Capital = LTD/(LTD+SE)
18.7%
17.5%
18.3%
Debt/Total Capital = total debt/total debt+SE
20.6%
19.3%
22.8%
70.0%
72.00%
Debt/EBITDA
0.81
30.99
0.85
62.09
2.49
Times Interest Earned = operating profit/interest expense
0.84
29.82
FCCR = (EBITDA + Rent)/(Rent + Interest Expense)
36.50
37.67
72.41
1.97
3.89
Leverage (With Leases added back)
Debt/Equity
1.52
1.40
1.64
Not Avail.
Liabilities/Equity
208.08%
192.11%
83.49%
Not Avail.
LTD/Total Capital = (LTD/LTD+SE)
59.8%
57.9%
61.0%
Not Avail.
Debt/Total Capital = total debt/total debt+SE
60.3%
58.3%
62.1%
Not Avail.
Debt/EBITDA
4.90
4.75
4.68
Not Avail.
Times Interest Earned = operating profit/interest expense
29.82
30.99
62.09
Not Avail.
FCCR = (EBITDA + Rent)/(Rent + Interest)
36.50
37.67
72.41
Not Avail.
1.34
0.57
21.6
1.52
0.51
32.5
1.23
0.43
25.8
1.08
0.61
13.1
19.37%
6.29%
15.46%
18.60%
6.37%
15.08%
23.29%
12.69%
23.13%
21.08%
8.52%
10.22%
Liquidity
Current Ratio = current asset/current liabilities
Quick Ratio = (current assets-inventory)/current liabilities
CCC= DSO+DIO-DPO
Return (without operating lease addbacks)
ROE = NI/SE
ROA = NI/Total Assets
ROC = NOPAT/Capital
BluVet, Inc.
Balance Sheet
For The Years Ended
(In 000’s, except Per Share data)
Current Assets
Cash and cash equivalents
Accounts receivable, net
Inventories
Other current assets
Total Current Assets
Non-Current Assets
PP&E net of accumulated depreciation
Right of Use Asset
Equity investment in affiliates
Goodwill and other intangibles
Other non-current assets
Total Non-Current Assets
Total Assets
Current Liabilities
Short-term borrowings
Trade accounts payable
Accrued expenses and other liabilities
Income taxes payable
Total Current Liabilities
Non-Current Liabilities
Long-term debt
Right of Use Lease Obligations
Deferred tax liabilities
Other non-current liabilities
Total Non-Current Liabilities
Shareholders’ Equity
Common stock
Paid-in capital
Employee stock loan receivable
Retained earnings
Accum. other comprehensive (loss)/income
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity
BluVet, Inc.
Statement of Cash Flows
12 Months Ended
12/31/2022
FIFO
########
12/31/2021
$2,106
2,632
6,852
284
11,874
$1,623
2,632
8,952
284
13,491
$1,297
2,167
7,036
260
10,760
12,138
24,452
6,261
3,249
1,959
48,059
59,933
12,138
24,452
6,261
3,249
1,959
48,059
61,550
12,038
0
6,140
3,027
1,497
22,702
33,462
570
4,635
3,577
101
8,883
570
4,635
3,577
101
8,883
1,319
4,384
3,019
0
8,722
4,477
24,452
600
2,067
31,596
4,477
24,452
600
2,067
31,596
4,073
0
545
1,886
6,504
69
1,304
0
18,179
-98
19,454
$59,933
69
1,304
0
19,796
-98
21,071
$61,550
61
936
0
17,171
68
18,236
$33,462
12/31/2022
12/31/2021
12/30/2020
Cash Flows from Operating Activities
Net earnings
Depreciation and amortization
Change in fair value of Goodwill
Gains on sale of assets
Deferred income taxes
Equity earnings in affiliates
Other income adjustments
$3,769
1,102
408
-20
55
-344
-115
$4,247
908
0
0
45
-300
-101
$3,435
768
0
-352
36
-280
-92
Accounts receivable, net
Inventories
Other current assets
Trade accounts payable
Accrued expenses and other liabilities
Income taxes payable
Other non-current assets and liabilities
Net cash provided by operating activities
-465
184
-24
251
558
101
157
5,617
-420
126
-52
-339
-126
180
263
4,431
-405
108
-50
270
68
98
39
3,643
Cash Flows from Investing Activities
Additions to property and equipment
Proceeds from sale of assets
Business and intangible asset acquisitions
Investment in affiliates and call contracts
Net cash used for investing activities
-1,285
103
-630
-100
-1,912
-1,550
83
-368
-4,025
-5,860
-974
79
-630
0
-1,525
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt
Payments of long-term debt
Proceeds related to stock purchase plans
Cash dividends paid
Other miscellaneous
Net cash provided by financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents: beginning of year
Cash and cash equivalents: end of year
1,000
-1,345
376
-2,761
-166
-2,896
809
1,297
$2,106
1,313
-900
2699
-1942
0
1,170
-259
1,556
$1,297
259
-1289
235
-1647
0
-2,442
-324
1,880
$1,556
(In 000’s, except Per Share data)
in 000’s
2,022
2,100
194
LIFO Reserve
LIFO Provision
2,021
1,900
268
BluVet, Inc.
Income Statement
Operating Lease
Present Value
Capital Lease
12 Months Ended
12/31/2022
########
12/31/2021
12/30/2020
Revenues
Cost of Revenues
Gross Profit
$95,463
70,344
25,119
$95,463
70,150
25,313
$83,012
59,670
23,342
$72,184
51,692
20,492
SG&A Expenses
Equity earnings in Affiliates
20,543
344
20,543
344
18,178
300
16,841
280
(In 000’s, except Per Share data)
12/31/2023
12/31/2024
12/31/2025
12/31/2026
12/31/2027
Thereafter
$2,536
2,514
2,464
2,389
2,292
23,507
$35,702
10.2561082
2,292
2,292
2,292
2,292
2,292
2,292
5,114
20
-165
120
5,089
5,464
3,931
0
434
-88
0
5,376
-71
0
4,294
1,126
1,171
1,129
859
12/31/2034
12/31/2035
2,292
2,292
23.00%
23.00%
12/31/2036
12/31/2037
2,292
2,292
4,920
Income tax provision
EBITDA (Top Down)
Operating Lease
12/31/2028
12/31/2029
12/31/2030
12/31/2031
12/31/2032
12/31/2033
Operating Income
Gain on asset sale
Interest expense, net
Other Income
Earnings Before Income Tax Provision
Net Earnings
Minimum lease payments
$19
19
18
17
15
270
$358
20
-165
120
4,895
3,769
6,022
3,918
6,216
20.00%
4,247
6,372
EBITDA (Bottom Up)
6,302
6,496
6,372
NOPAT (EBI at Morningstar)
3,788
3,938
5,464
3,435
5%
$2,415
$2,280
$2,128
$1,965
$1,796
1
2
3
4
5
$1,710
$1,629
$1,551
$1,477
$1,407
$1,340
$1,276
$1,215
$1,158
$1,102
$24,452
6
7
8
9
10
11
12
13
14
15
Blending Operating and Financial Strategies, Financial Analysis, Leverage IP
BluVet, Inc.
/
BluVet, Inc. is a veterinary services
corporation started in Seattle in 1973
by Albert George. Dr. George began
his private practice after graduating
from the Voss College of Veterinary
Medicine at Colorado State University.
For over four decades, Dr. George
built a remarkably successful
practice. In 2014, Dr. George retired
and his daughter, Alberta, became
President and CEO.
Alberta studied veterinary medicine at UC Davis and came to work for her father immediately
after graduation. Alberta also enrolled in the University of Washington’s Foster school of
business upon her return to Seattle and graduated with an MBA in 2012.
While studying business, Alberta became enthralled with mergers and acquisitions. She
understood the veterinary industry was comprised of sole proprietors across the nation and
the entire industry was ripe for “roll-ups”. She led BluVet’s first acquisition of another
veterinary clinic in Tacoma, WA in 2018. Between 2018 and 2022, BluVet, Inc. completed
eight acquisitions and built a reputation in the northwest as an early-stage consolidator
interested in uniting veterinary clinics for the benefit of veterinarians.
Dr. George has recently approached you with a request. She has decided to continue the
consolidation strategy for the next five years and hopes to go public sometime in the next
decade. She has asked you to provide an independent view of BluVet’s financial strength.
The reader will help Dr. George and her executive team understand how the existing financial
performance meshes with the operating strategy. Special emphasis in this case is placed on
BluVet’s ability to retain access to the credit markets, primarily the commercial banking and
the private placement credit markets.
BluVet, Inc.:
BluVet is a veterinary clinic that provides world-class care for pets and world-class
compassion for pet owners. They are a team of highly trained individuals dedicated to the
health and well-being of all types of animals. Their doctors, technicians and support team
members are all animal lovers who treat pets with the compassion and respect they
deserve.
BluVet, Inc. is a “C” corporation based in Seattle, WA. It is privately held and Alberta
George enjoys a controlling interest. However, owners of the acquired clinics are required
to make equity contributions at the time of the merger. BluVet insists that newly acquired
clinics become a part of the team and equity ownership in the organization is just one way
to demonstrate this.
Recent Mergers and Acquisitions
As a veterinary doctor, an MBA and a proven leader in the Pacific Northwest, Alberta
George has attracted widespread attention. The industry is filled with sole proprietors
who are passionate about animal care and less so about the business aspects of running a
clinic.
Dr. George’s strategy is to identify clinics that are well regarded in their geographic region
with a steady stream of cash flow and with owners interested in continuing their practice.
By merging with BluVet, the acquired clinics can move the traditional business functions
(collections, inventory management, equipment purchasing, insurance protection,
marketing, …) to the home office so that the clinic can focus on patient care.
In return for off-loading these critical administrative functions, owners at the acquired
clinics make an equity contribution to join the BluVet team. The equity contribution is a
function of the size of the clinic and can be significant – commonly north of $0.5 million.
In return for their contributions, owners also enjoy dividends when corporate
performance exceeds expectations.
Financing Strategy
Under the leadership of Albert George for over 40 years, BluVet built a solid financial
foundation with limited debt and robust cash flow. In the past five years, BluVet has
added equity as part of the consolidation process. When clinics are merged into BluVet,
the obligations (liabilities) of the target clinic are also assumed by BluVet. The purchase
price of the target and equity contribution made by the target’s owner take this into
account. The modest amounts of debt reflected on the balance sheet highlight some of the
debt originated through mergers. And BluVet has also added debt at the consolidated
level in conjunction with equipment purchases.
BluVet expects to remain private for at least the next ten years. They believe it will take
that long to demonstrate to investors the success of the roll-up strategy and to build
sufficient size. During this growth period, they need to continue to have access to private
credit markets including the bank market and the private placement market.
The BluVet Management Team
•
Dr. Albert George, Chairman:
Albert George founded BluVet in Seattle shortly after
graduating from Colorado State with a DVM (Doctor of Veterinary Medicine) degree. He retired in
2014 but has retained the role of Chairman of the board and enjoys the advisory capacity the
position offers.
•
Dr. Alberta George, President and CEO: Alberta George graduated from UC Davis with a DVM
and came to work for her father immediately after graduation. She enrolled in the University of
Washington’s Foster school of business upon her return to Seattle and graduated with an MBA in
2012. She was awarded Seattle’s Outstanding Small Business Leader in 2021 and she also heads
the Seattle Women in Management (SWIM) league.
•
William Metz: CFO
Mr. Metz has been the CFO since 2013, joining BluVet from Brunswick
where he was Controller, VP Finance and Treasurer. Prior to joining Brunswick, Metz started his
career at Arthur Anderson. Metz is a Certified Public Accountant and holds a bachelor’s degree
from Illinois State University.
•
John Williams: COO Mr. Williams has been the COO since 2020. He joined BluVet from VCA
where he was the head of supply chain management. Mr. Williams is currently responsible for
inventory and equipment management throughout the BluVet system.
Group Assignment:
Dr. George has asked you to share your opinions about BluVet’s financial strength given the roll-up
strategy. Please complete each of the tasks below and submit your thoughts/analysis to your manager.
1. As a group, talk about BluVet’s operating strategy, its equity requirements of merged clinics, and
about any expectations they may want to consider over the next five years. Talk about what’s
going on here. This is a group discussion only and should be your first exercise. The discussion
does not need to be documented.
2. Prepare a ratio analysis in Excel similar to the format included in appendix “A” comparing
BluVet’s ratios to its own historical performance and to the industry.
3. Identify the four largest asset balances carefully considering each. Did you expect these to be
the largest accounts or did any surprise you? Please describe your group’s specific thoughts
around the Equity Investment in Affiliate account.
4. BluVet uses the LIFO inventory methodology. How does that inventory method influence your
view of the value of the reported inventory? Make mathematical adjustments to change the
inventory value reported on the balance sheet to something closer to current value (FIFO
based). Also, how does this inventory methodology impact your view of the company’s
liquidity?
5. Explain the reference in the inventory note to the LIFO liquidation and what this means with
regard to reported net income. Specifically address what you believe the $194,000 liquidation is
and how it impacts the current Cost of Goods Sold and Inventory balances.
6. BluVet’s accounts payable seem to be similar in absolute size to debt. Does this suggest they
have a high level of accounts payable? What tests do we commonly perform to understand if
accounts payable are reasonable or if they are stretching their pharmaceutical and other
suppliers? What do you think of BluVet’s accounts payable levels?
7. What is your specific view of BluVet’s leverage given the roll-up strategy?
8. Analysis:
a. Combine your thoughts around this case with the ratios you’ve calculated to provide a
detailed analysis of liquidity, profitability, leverage, efficiency and returns.
▪ This task represents the most important aspect of this case. Think through what
the company is experiencing when performing the financial analysis.
▪ Take a position on each of the focus areas. Your group should enjoy a healthy
discussion around each of the positions you offer to make sure you are in
agreement.
▪ Avoid elevator analysis. We all know what went up and what went down. Focus
on whether or not the volatility is reasonable/expected/acceptable.
b. Provide your thoughts regarding key strengths and weaknesses. Specifically identify
the one or two greatest strengths and the one or two greatest weaknesses BluVet faces.
What key recommendation(s) (one or two at the most) do you recommend Dr. George
consider?
BluVet, Inc.
Income Statement
12 Months Ended
(In 000’s, except Per Share data)
Revenues
Cost of Revenues
Gross Profit
12/31/2022
$95,463
70,344
25,119
FIFO
12/31/22
$95,463
12/31/2021
12/31/2020
$83,012
59,670
23,342
$72,184
51,692
20,492
18,178
300
0
5,464
16,841
280
434
4,365
SG&A Expenses
Equity earnings in Affiliates
Gain on asset sale
Operating Income
EBITDA
Interest expense, net
Other Income
Earnings Before Income Tax Provision
20,543
344
20
4,940
-165
120
4,895
-88
0
5,376
-71
0
4,294
Income tax provision
1,126
1,129
859
23.00%
21.00%
20.00%
Net Earnings
3,769
4,247
3,435
5,698
BluVet, Inc.
Balance Sheet
For The Years Ended
(In 000’s, except Per Share data)
Current Assets
Cash and cash equivalents
Accounts receivable, net
Inventories
Other current assets
Total Current Assets
Non-Current Assets
PP&E net of accumulated depreciation
Right of Use Asset
Equity investment in affiliates
Goodwill and other intangibles
Other non-current assets
Total Non-Current Assets
Total Assets
Current Liabilities
Short-term borrowings
Trade accounts payable
Accrued expenses and other liabilities
Income taxes payable
Total Current Liabilities
Non-Current Liabilities
Long-term debt
Right of Use Lease Obligations
Deferred tax liabilities
Other non-current liabilities
Total Non-Current Liabilities
Shareholders’ Equity
Common stock
Paid-in capital
Employee stock loan receivable
Retained earnings
Accum. other comprehensive (loss)/income
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity
12/31/2022
FIFO
12/31/22
12/31/2021
$2,106
2,632
6,852
284
11,874
$1,297
2,167
7,036
260
10,760
12,138
24,452
6,261
3,249
1,959
48,059
59,933
12,038
0
6,140
3,027
1,497
22,702
33,462
570
4,635
3,577
101
8,883
1,319
4,384
3,019
0
8,722
4,477
24,452
600
2,067
31,596
4,073
0
545
1,886
6,504
69
1,304
0
18,179
-98
19,454
$59,933
61
936
0
17,171
68
18,236
$33,462
BluVet, Inc.
Statement of Cash Flows
12 Months Ended
12/31/2022
12/31/2021
12/31/2020
$3,769
1,102
408
-20
55
-344
-115
$4,247
908
0
0
45
-300
-101
$3,435
768
0
-352
36
-280
-92
Accounts receivable, net
Inventories
Other current assets
Trade accounts payable
Accrued expenses and other liabilities
Income taxes payable
Other non-current assets and liabilities
Net cash provided by operating activities
-465
184
-24
251
558
101
157
5,617
-420
126
-52
-339
-126
180
263
4,431
-405
108
-50
270
68
98
39
3,643
Cash Flows from Investing Activities
Additions to property and equipment
Proceeds from sale of assets
Business and intangible asset acquisitions
Investment in affiliates and call contracts
Net cash used for investing activities
-1,285
103
-630
-100
-1,912
-1,550
83
-368
-4,025
-5,860
-974
79
-630
0
-1,525
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt
Payments of long-term debt
Proceeds related to stock purchase plans
Cash dividends paid
Other miscellaneous
Net cash provided by financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents: beginning of year
Cash and cash equivalents: end of year
1,000
-1,345
376
-2,761
-166
-2,896
809
1,297
$2,106
1,313
-900
2,699
-1,942
0
1,170
-259
1,556
$1,297
259
-1,289
235
-1,647
0
-2,442
-324
1,880
$1,556
(In 000’s, except Per Share data)
Cash Flows from Operating Activities
Net earnings
Depreciation and amortization
Change in fair value of Goodwill
Gains on sale of assets
Deferred income taxes
Equity earnings in affiliates
Other income adjustments
Notes to Consolidated Financial Statements
1
Summary of Major Accounting Policies
Description of Business
The Company is principally in the retail veterinary clinic business and its operations are
within one reportable segment. At December 31, 2022, BluVet has an equity interest in 14
separate clinics in two states: Washington and Oregon.
Allowance for Doubtful Accounts
The provision for bad debt is based on both historical write-off percentages and specifically
identified receivables. Activity in the allowance for doubtful accounts was as follows (in
thousands):
2022
2021
2020
Balance at Beginning of year
$99
$101
$104
Bad debt provisions
124
107
88
Write-offs
Balance at end of year
(69)
$154
(109)
$99
(91)
$101
Inventories
Inventories are valued on a lower of last-in, first-out (LIFO) cost or market basis. At December 31, 2022
and 2021, inventories would have been greater by $2.1 million and $1.9 million, respectively, if they had
been valued on a lower of first-in, first-out (FIFO) cost or market basis. As a result of declining inventory
levels, the fiscal 2022 and 2021 LIFO provisions were reduced by $194,000 and $268,000 from LIFO
liquidation, respectively. Inventory includes medications (e.g., vaccines, chemotherapy, preventative
medications, …) and retail products offered as a convenience (pet wear, food storage, toys, …).
Equity Method Investments
BluVet uses the equity method to account for investments in clinics if the investment provides the ability to exercise
influence, but not control, over operating and financial policies of the investee. BluVet’s proportionate share of the
net income or loss of these companies is included in consolidated net earnings in the Equity Earnings in Affiliates
account. Of the 14 clinics within BluVet, nine are reported as Equity Method Affiliates.
Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities
assumed. The Company accounts for goodwill and intangibles under ASC Topic 350, Intangibles – Goodwill and
Other, which does not permit amortization, but requires the Company to test goodwill and other indefinite-lived
assets for impairment annually or whenever events or circumstances indicate impairment may exist.
Income Taxes
The Company accounts for income taxes according to the asset and liability method. Under this method, deferred tax
assets and liabilities are recognized based upon the estimated future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in
the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date.
Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not
to be realized.
In determining the Company’s provision for income taxes, an annual effective income tax rate based on full-year
income, permanent differences between book and tax income, and statutory income tax rates are used. The effective
income tax rate also reflects the Company’s assessment of the ultimate outcome of tax audits. Discrete events such as
audit settlements or changes in tax laws are recognized in the period in which they occur.
3.
Leases
The Company owns approximately 17% of its operating locations; the remaining locations are leased premises. Initial
terms are typically 5 to 25 years, followed by additional terms containing renewal options at five-year intervals, and
may include rent escalation clauses. The commencement date of all lease terms is the earlier of the date the Company
becomes legally obligated to make rent payments or the date the Company has the right to control the property. The
Company recognizes rent expense on a straight-line basis over the term of the lease. Rent expense is included in both
Cost of Revenues and SG&A expenses and represented $2,594 in 2022, $2,334 in 2021 and $2,100 in 2020.
Minimum rental commitments at December 31, 2022, under all leases having an initial or remaining non-cancelable
term of more than one year are shown below (in thousands):
2023
2024
2025
2026
2027
Thereafter
Minimum lease
payments
7.
Operating Leases
$
2,536
2,514
2,464
2,389
2,292
23,507
$ 35,702
Short-Term Borrowing and Long-Term Debt
Short-term borrowings and long-term debt consist of the following at December 31 (in thousands):
Short-Term Borrowings:
CPLTD
364-day credit line
TOTAL S/T DEBT
Long-Term Debt:
Bank term loan
TOTAL L/T DEBT
2022
$2
568
$570
2021
$9
1,310
$1,319
$4,479
$4,479
$4,082
$4,082
BluVet has two credit facilities with the First National Bank of Seattle: a $2 million, 364-day revolving credit facility
and a five-year term loan. The revolving credit facility was renewed on August 18, 2022. That line of credit includes
a number of financial covenants including a debt/EBITDA maximum of 3.6x and a fixed charge coverage minimum
of 3.1 times. At year-end 2022, 2021 and 2020, BluVet was in compliance with all financial covenants.
Appendix A: Ratio Analysis Template/Summary
12/31/22
12/31/22
FIFO
12/31/22
12/31/21
12/31/20
Industry
Average
Profitability
Gross profit = gross profit/sales
30.75%
Operating Profit Margin = operating profit/sales
8.00%
Net Profit Margin = net profit/sales
5.75%
Efficiency
AR Days on Hand = (AR/Sales) *365
10.1
Inventory Days on Hand = (Inventory/COGS)*365
38
AP Days on Hand = (AP*365)/COGS
35
Asset Turnover = sales/total assets
2.2
Leverage (Without Leases added back)
Debt/Equity
Not Avail.
Liabilities/Equity
230.0%
LTD/Total Capital = (LTD/LTD+SE)
70.0%
72.00%
Debt/Total Capital = total debt/total debt+SE
Debt/EBITDA
2.49
Times Interest Earned = operating profit/interest expense
3.89
FCCR = (EBITDA + Rent)/(Rent + Interest Expense)
1.97
Leverage (With Leases added back)
Debt/Equity
Not Avail.
Liabilities/Equity
Not Avail.
LTD/Total Capital = (LTD/LTD+SE)
Not Avail.
Debt/Total Capital = total debt/total debt+SE
Not Avail.
Debt/EBITDA
Not Avail.
Times Interest Earned = operating profit/interest expense
Not Avail.
FCCR = (EBITDA + Rent)/(Rent + Interest)
Not Avail.
Liquidity
Current Ratio = current asset/current liabilities
Quick Ratio = (current assets-inventory)/current liabilities
CCC= DSO+DIO-DPO
1.08
0.61
13.1
Return (without operating lease addbacks)
ROE = NI/SE
ROA = NI/Total Assets
ROC = NOPAT/Capital
21.08%
8.52%
10.22%
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