Factset Data Sheet Financial Statements and Analysis

This sheet contains Factset binary data for use with this workbook's =FDS codes.
Modifying the work
des. Modifying the worksheet's contents may damage the workbook's =FDS functionality.
Fractional years per period

x
1.00
1.00
1.00
1.00
Step 1
1.00
Income Statement
($ in millions)
Total revenue
COGS
Gross profit
SG&A
EBITDA
Depreciation
Amortization
Stock-based comp
EBIT
EBITA
Interest (income) / expense
Cash
Revolver interest
Revolver undrawn commitment fee
Senior credit facility
Subordinated note
Convertible bond
Equity income in affiliates
Other (income) / expense
Income before taxes
Provision for tax
GAAP net income
Net income attributable to noncontrolling interests
Preferred dividends
GAAP net income available to common
Capital expenditures
1.00
MRY
2012
2013
Fiscal Years Ending December 31,

2014
2015
2016
2017
2013

2014
2015
2016
2017
$34.0
234.4
(200.4)
79.6
(280.0)
14.0
11.6
10.8
(316.4)
(294.0)
NA
NA
NA
NA
NA
NA
19.0
(335.4)
28.4
(363.8)
($363.8)
$15.2
Balance Sheet
($ in millions)
MRY
2012
Assets
Cash and equivalents
Accounts receivable
Inventory
Deferred tax asset, current
Other current assets
Total current assets
PP&E, gross
( ) Accumulated depreciation
PP&E, net
Goodwill
Other intangible assets
Equity investments
Other assets
Total assets
$157.1
136.4
8.8
8.2
310.6
44.0
(6.0)
38.0
61.1
37.5
14.3
$461.4
Liabilities & Shareholders' Equity

Accounts payable
Accrued expenses
Client deposits
Income taxes payable
Deferred revenue
Other current liabilities
Current portion of long-term debt
Total current liabilities
Revolver
Subordinated note
Convertible bond
Total debt
Net deferred tax liability / (asset)
Other long-term liabilities
Total liabilities
Noncontrolling interests
Preferred stock
Common equity
Total liabilities & shareholders' equity
Check
$20.7
15.4
2.9
20.0
36.2
95.2
15.0
45.5
190.0
250.5
(15.4)
17.9
348.2
113.3
$461.4
Step 2
x
x
Income Statement
Balance Sheet
Step 3
x
x
Income Statement
Balance Sheet
($ in millions)
MRY
2012

2014
2015
2016
2013
2017
Assets
Accounts receivable
Inventory
PP&E, gross
PP&E, net
Goodwill
Equity investments
Other assets
Total assets
$157.1
136.4
8.8
8.2
310.6
44.0
(6.0)
38.0
61.1
37.5
14.3
$461.4
60.0
(20.7)
39.2
61.1
25.9
76.7
(36.2)
40.6
61.1
14.3
94.3
(52.4)
41.9
61.1
2.7
112.8
(69.4)
43.4
61.1
132.2
(87.3)
44.9
61.1
14.3
$140.5
14.3
$130.2
14.3
$120.0
14.3
$118.8
14.3
$120.3
17.9
17.9
17.9
17.9
17.9
17.9
17.9
17.9
17.9
17.9
181.9
$199.8
254.3
$272.2
330.7
$348.6
416.6
$434.5
508.5
$526.4
(59.305)
(142.002)
(228.602)
(315.736)
(406.097)

Accounts payable
Accrued expenses
Client deposits
Deferred revenue
Revolver
Subordinated note
Convertible bond
Total debt
Total liabilities
Preferred stock
Common equity
Check
$20.7
15.4
2.9
20.0
36.2
95.2
15.0
45.5
190.0
250.5
(15.4)
17.9
348.2
113.3
$461.4
Step 4
x
x
Income Statement
Balance Sheet
MRY
2012
($ in millions)

2014
2015
2016
2013
2017
Assets
Accounts receivable
Inventory
PP&E, gross
PP&E, net
Goodwill
Equity investments
Other assets
Total assets
$157.1
136.4
8.8
8.2
310.6
44.0
(6.0)
38.0
61.1
37.5
14.3
$461.4
143.3
9.3
8.6
161.2
60.0
(20.7)
39.2
61.1
25.9
150.4
9.7
9.1
169.2
76.7
(36.2)
40.6
61.1
14.3
157.9
10.2
9.5
177.7
94.3
(52.4)
41.9
61.1
2.7
165.8
10.7
10.0
186.6
112.8
(69.4)
43.4
61.1
174.1
11.3
10.5
195.9
132.2
(87.3)
44.9
61.1
14.3
$301.7
14.3
$299.5
14.3
$297.7
14.3
$305.4
14.3
$316.2
$21.7
16.1
3.1
21.0
38.0
99.9
$22.8
17.0
3.2
22.1
39.9
104.9
$23.9
17.8
3.4
23.2
41.9
110.2
$25.1
18.7
3.6
24.3
44.0
115.7
$26.4
19.6
3.7
25.5
46.2
121.5

Accounts payable
Accrued expenses
Client deposits
Deferred revenue
Revolver
Subordinated note
Convertible bond
Total debt
Total liabilities
Preferred stock
Common equity
$20.7
15.4
2.9
20.0
36.2
95.2
15.0
45.5
190.0
250.5
(15.4)
17.9
348.2
113.3
$461.4
Check
17.9
117.9
17.9
122.8
17.9
128.1
17.9
133.6
17.9
139.4
181.9
$299.7
254.3
$377.2
330.7
$458.8
416.6
$550.2
508.5
$647.9
(77.705)
(161.090)
(244.849)
(331.665)
1.930
Working Capital
($ in millions)
MRY
2012
2013

2014
2015
2016
$136.4
8.8
8.2
153.5
20.7
15.4
2.9
20.0
36.2
95.2
$58.3
$143.3
9.3
8.6
161.2
21.7
16.1
3.1
21.0
38.0
99.9
$61.2
$150.4
9.7
9.1
169.2
22.8
17.0
3.2
22.1
39.9
104.9
$64.3
$157.9
10.2
9.5
177.7
23.9
17.8
3.4
23.2
41.9
110.2
$67.5
$165.8
10.7
10.0
186.6
25.1
18.7
3.6
24.3
44.0
115.7
$70.9
$174.1
11.3
10.5
195.9
26.4
19.6
3.7
25.5
46.2
121.5
$74.4
$440.8
234.4
$462.8
246.1
246.1
$486.0
258.4
258.4
$510.3
271.3
271.3
$535.8
284.9
284.9
$562.6
299.2
299.2
2017
Net Working Capital

Accounts receivable
Inventory
Non-cash current assets
Accounts payable
Accrued expenses
Client deposits
Deferred revenue
Non-debt current liabilities
Net working capital
Working Capital Drivers
Sales
COGS
Purchases
Accounts receivable / sales
Inventory / COGS
Deferred tax asset, current / sales
Other current assets / COGS
Accounts payable / COGS
Accrued expenses / COGS
Client deposits / sales
Income taxes payable / COGS
Deferred revenue / sales
Other current liabilities / COGS
Accounts receivable days
Accounts payable days
Inventory days
Inventory turnover
Selector
1
2
1
2
30.95%
2.00%
3.51%
30.95%
2.00%
3.51%
30.95%
2.00%
3.51%
30.95%
2.00%
3.51%
30.95%
2.00%
3.51%
30.95%
2.00%
3.51%
2
2
1
2
1
2
8.81%
6.56%
1.25%
4.54%
15.44%
8.81%
6.56%
1.25%
4.54%
15.44%
8.81%
6.56%
1.25%
4.54%
15.44%
8.81%
6.56%
1.25%
4.54%
15.44%
8.81%
6.56%
1.25%
4.54%
15.44%
8.81%
6.56%
1.25%
4.54%
15.44%
110.3
31.4
NA
110.3
31.4
NA
110.3
31.4
NA
110.3
31.4
NA
110.3
31.4
NA
Step 5
x
x
Income Statement
Balance Sheet
($ in millions)
MRY
2012

2014
2015
2016
2013
2017
Assets
Accounts receivable
Inventory
PP&E, gross
PP&E, net
Goodwill
Equity investments
Other assets
Total assets
$157.1
136.4
8.8
8.2
310.6
44.0
(6.0)
38.0
61.1
37.5
14.3
$461.4
$248.6
143.3
9.3
8.6
409.7
60.0
(20.7)
39.2
61.1
25.9
$328.2
150.4
9.7
9.1
497.4
76.7
(36.2)
40.6
61.1
14.3
$411.6
157.9
10.2
9.5
589.3
94.3
(52.4)
41.9
61.1
2.7
$495.3
165.8
10.7
10.0
681.9
112.8
(69.4)
43.4
61.1
$582.2
174.1
11.3
10.5
778.1
132.2
(87.3)
44.9
61.1
14.3
$550.2
14.3
$627.7
14.3
$709.3
14.3
$800.7
14.3
$898.4
$21.7
16.1
3.1
21.0
38.0
99.9
$22.8
17.0
3.2
22.1
39.9
104.9
$23.9
17.8
3.4
23.2
41.9
110.2
$25.1
18.7
3.6
24.3
44.0
115.7
$26.4
19.6
3.7
25.5
46.2
121.5
17.9
117.9
17.9
122.8
17.9
128.1
17.9
133.6
17.9
139.4
181.9
$299.7
254.3
$377.2
330.7
$458.8
416.6
$550.2
508.5
$647.9
250.500
250.500
250.500
250.500
250.500

Accounts payable
Accrued expenses
Client deposits
Deferred revenue
Revolver
Subordinated note
Convertible bond
Total debt
Total liabilities
Preferred stock
Common equity
Check
x
x
Cash Flow Statement

Working Capital
$20.7
15.4
2.9
20.0
36.2
95.2
15.0
45.5
190.0
250.5
(15.4)
17.9
348.2
113.3
$461.4
Step 6
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
MRY
2012
($ in millions)

2014
2015
2016
2013
2017
Scheduled Debt Amortization (%)

Subordinated note
Debt Triggers
Average interest?
No
Fixed Rate /
Coupon
Revolver
Subordinated note
Convertible bond
Preferred stock
8.25%
9.50%
10.25%
Spread to
LIBOR
4.25%
4.75%
Senior
Debt?
Yes
Yes
No
No
No
Preferred
Security?
No
No
No
No
Yes
Convertible
Security?
No
No
No
Yes
No
Conversion
Price
$26.77
Cash
Sweep
100.0%
100.0%
Step 7
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
MRY
2012
($ in millions)

2014
2015
2016
2013
2017
Debt Schedule
Revolver
Beginning balance
( + ) Revolver draw-down
( ) Revolver pay-down
Ending balance
Bank revolver commitment
Undrawn revolver balance
Beginning balance
( ) Mandatory repayment
( ) Optional repayment
Ending balance
$15.0
$15.0
$15.0
$15.0
$15.0
$15.0
$15.0
$15.0
$15.0
$15.0
$15.0
$100.0
85.0
$100.0
85.0
$100.0
85.0
$100.0
85.0
$100.0
85.0
$100.0
85.0
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
Subordinated note
Beginning balance
( ) Scheduled maturity
Ending balance
Convertible bond
Beginning balance
Ending balance
Preferred stock
Beginning balance
( ) Retirement
Ending balance
Subordinated note
Debt Triggers
Average interest?
No
Fixed Rate /
Coupon
Revolver
Subordinated note
Convertible bond
Preferred stock
8.25%
9.50%
10.25%
Spread to
LIBOR
4.25%
4.75%
Senior
Debt?
Yes
Yes
No
No
No
Preferred
Security?
No
No
No
No
Yes
Convertible
Security?
No
No
No
Yes
No
Conversion
Price
$26.77
Cash
Sweep
100.0%
100.0%
Step 8
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
MRY
2012
($ in millions)

2014
2015
2016
2013
Beginning cash balance

( ) Minimum cash balance
Excess cash / (cash deficit)
( + ) Cash flow available for debt service
Total cash available for debt service
Subordinated note
Convertible bond
( ) Scheduled debt repayment
Cash available for sweep / (revolver draw-down)
Optional debt repayment
Revolver
Subordinated note
Total optional debt repayment
2017
$157.1
(100.0)
57.1
91.5
148.6
$148.6
$233.6
(100.0)
133.6
79.6
213.2
$213.2
$313.2
(100.0)
213.2
83.4
296.6
$296.6
$396.6
(100.0)
296.6
83.8
380.3
$380.3
$480.3
(100.0)
380.3
86.8
467.2
$467.2
($15.0)
($15.0)
$15.0
(15.0)
Debt Schedule
Revolver
Beginning balance
Ending balance
$15.0

Beginning balance
Ending balance
Subordinated note
Beginning balance
Ending balance
Convertible bond
Beginning balance
Ending balance
Preferred stock
Beginning balance
( ) Retirement
Ending balance
$100.0
85.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0

Subordinated note
Debt Triggers
Average interest?
No
Fixed Rate /
Coupon
Revolver
Subordinated note
Convertible bond
Preferred stock
8.25%
9.50%
10.25%
Spread to
LIBOR
4.25%
4.75%
Senior
Debt?
Yes
Yes
No
No
No
Preferred
Security?
No
No
No
No
Yes
Convertible
Security?
No
No
No
Yes
No
Conversion
Price
$26.77
Cash
Sweep
100.0%
100.0%
Step 9
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
MRY
2012
($ in millions)

2014
2015
2016
2013

Subordinated note
Convertible bond
$157.1
(100.0)
57.1
77.6
134.7
$134.7

Revolver
Subordinated note
$219.7
(100.0)
119.7
66.6
186.3
$186.3
$286.3
(100.0)
186.3
70.4
256.8
$256.8
$356.8
(100.0)
256.8
70.9
327.7
$327.7
2017
$427.7
(100.0)
327.7
74.1
401.8
$401.8
($15.0)
($15.0)
$15.0
(15.0)
Debt Schedule
Revolver
Beginning balance
Ending balance
$15.0

Beginning balance
Ending balance
$100.0
85.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
Subordinated note
Beginning balance
Ending balance
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
Convertible bond
Beginning balance
Ending balance
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
$190.0
Preferred stock
Beginning balance
( ) Retirement
Ending balance
Subordinated note
Interest Rates
LIBOR
Cash
Undrawn commitment fee
Revolver
Subordinated note
Convertible bond
Preferred stock
3.74%
0.25%
0.50%
4.16%
0.25%
0.50%
4.57%
0.25%
0.50%
4.83%
0.25%
0.50%
4.98%
0.25%
0.50%
7.99%
8.49%
8.25%
9.50%
10.25%
8.41%
8.91%
8.25%
9.50%
10.25%
8.82%
9.32%
8.25%
9.50%
10.25%
9.08%
9.58%
8.25%
9.50%
10.25%
9.23%
9.73%
8.25%
9.50%
10.25%
Interest Expense / Preferred Dividends

$0.4
$0.5
$0.5
$0.5
$0.5
Revolver
Subordinated note
Convertible bond
Preferred stock
$1.2
$3.8
$18.1
$3.8
$18.1
$3.8
$18.1
$3.8
$18.1
$3.8
$18.1
Senior interest expense

Total interest expense
Convertible preferred dividends
Straight preferred dividends
Total preferred dividends
$1.6
$23.4
$0.5
$22.3
$0.5
$22.3
$0.5
$22.3
$0.5
$22.3
Debt Triggers
Average interest?
No
Fixed Rate /
Coupon
Revolver
Subordinated note
Convertible bond
Preferred stock
8.25%
9.50%
10.25%
Spread to
LIBOR
4.25%
4.75%
Senior
Debt?
Yes
Yes
No
No
No
Preferred
Security?
No
No
No
No
Yes
Convertible
Security?
No
No
No
Yes
No
Conversion
Price
$26.77
Cash
Sweep
100.0%
100.0%
Step 10
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
MRY
2012
($ in millions)

2014
2015
2016
2013

Subordinated note
Convertible bond
$157.1
(100.0)
57.1
86.7
143.8
$143.8

Revolver
Subordinated note
$228.8
(100.0)
128.8
75.5
204.3
$204.3
$304.3
(100.0)
204.3
79.3
283.6
$283.6
$383.6
(100.0)
283.6
69.3
353.0
$353.0
2017
$453.0
(100.0)
353.0
72.5
425.4
$425.4
($15.0)
($15.0)
$15.0
(15.0)
Debt Schedule
Revolver
Beginning balance
Ending balance
$15.0

Beginning balance
Ending balance
Subordinated note
Beginning balance
Ending balance
Convertible bond
Beginning balance
( + ) PIK accretion
Ending balance
Preferred stock
Beginning balance
( + ) PIK accretion
( ) Retirement
Ending balance
$100.0
85.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$100.0
100.0
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$45.5
$190.0
$190.0
9.0
$199.0
$199.0
9.5
$208.5
$208.5
9.9
$218.4
$218.4
$218.4
$218.4
$218.4

Subordinated note
Interest Rates
LIBOR
Cash
Revolver
Subordinated note
Convertible bond
Preferred stock
3.74%
0.25%
0.50%
4.16%
0.25%
0.50%
4.57%
0.25%
0.50%
4.83%
0.25%
0.50%
4.98%
0.25%
0.50%
7.99%
8.49%
8.25%
9.50%
10.25%
8.41%
8.91%
8.25%
9.50%
10.25%
8.82%
9.32%
8.25%
9.50%
10.25%
9.08%
9.58%
8.25%
9.50%
10.25%
9.23%
9.73%
8.25%
9.50%
10.25%
Interest Expense / Preferred Dividends

$0.4
$0.5
$0.5
$0.5
$0.5
Revolver
Subordinated note
Convertible bond
Preferred stock
$1.2
$3.8
$18.1
$3.8
$18.9
$3.8
$19.8
$3.8
$20.7
$3.8
$20.7

Cash interest expense
Convertible preferred dividends
Straight preferred dividends
Total preferred dividends
$1.6
$14.4
$23.4
$0.5
$13.7
$23.2
$0.5
$14.2
$24.1
$0.5
$25.0
$25.0
$0.5
$25.0
$25.0
Interest & Dividends Paid-in-Kind (PIK)

Revolver
Subordinated note
Convertible bond
Preferred stock
50.0%
50.0%
50.0%
Debt Triggers
Average interest?
No
Fixed Rate /
Coupon
Revolver
Subordinated note
Convertible bond
Preferred stock
8.25%
9.50%
10.25%
Spread to
LIBOR
4.25%
4.75%
Senior
Debt?
Yes
Yes
No
No
No
Preferred
Security?
No
No
No
No
Yes
Convertible
Security?
No
No
No
Yes
No
Conversion
Price
$26.77
Cash
Sweep
100.0%
100.0%
Step 11
x
Income Statement
($ in millions)
Total revenue
COGS
Gross profit
SG&A
EBITDA
Depreciation
Amortization
Stock-based comp
EBIT
EBITA
Cash
Revolver interest
Subordinated note
Convertible bond
Income before taxes
Provision for tax
GAAP net income
Preferred dividends
MRY
2012
2013
$440.8
234.4
206.4
79.6
126.8
14.0
11.6
10.8
90.4
112.8
$462.8
246.1
216.7
83.6
133.1
14.7
11.6
11.3
95.5
118.4

2014
2015
2016
$486.0
258.4
227.6
87.8
139.8
15.4
11.6
11.9
100.9
124.4
$510.3
271.3
238.9
92.1
146.8
16.2
11.6
12.5
106.5
130.6
$535.8
284.9
250.9
96.8
154.1
17.0
2.7
13.1
121.3
137.1
2017
$562.6
299.2
263.4
101.6
161.8
17.9
13.8
130.2
144.0
NA
NA
NA
NA
NA
NA
19.0
71.4
28.4
43.0
$43.0
(0.4)
1.2
0.4
3.8
18.1
23.0
72.5
29.0
43.5
$43.5
(0.6)
0.5
3.8
18.9
22.6
78.3
31.3
47.0
$47.0
(0.8)
0.5
3.8
19.8
23.3
83.2
33.3
49.9
$49.9
(1.0)
0.5
3.8
20.7
24.0
97.2
38.9
58.3
$58.3
(1.1)
0.5
3.8
20.7
23.9
106.3
42.5
63.8
$63.8
$15.2
$16.0
$16.8
$17.6
$18.5
$19.4
Key Performance Metrics & Drivers

Sales growth
4.9%
5.0%
5.0%
5.0%
5.0%
5.0%
COGS / sales
SG&A / sales
Depreciation / sales
Amortization / sales
Stock-based comp / sales
Capex / sales
53.2%
18.1%
3.2%
2.6%
2.5%
3.4%
53.2%
18.1%
3.2%
2.5%
2.5%
3.4%
53.2%
18.1%
3.2%
2.4%
2.5%
3.4%
53.2%
18.1%
3.2%
2.3%
2.5%
3.4%
53.2%
18.1%
3.2%
0.5%
2.5%
3.4%
53.2%
18.1%
3.2%
2.5%
3.4%
Tax rate
39.8%
40.0%
40.0%
40.0%
40.0%
40.0%
Balance Sheet
($ in millions)
MRY
2012
2013

2014
2015
2016
$157.1
136.4
8.8
8.2
310.6
44.0
(6.0)
38.0
61.1
37.5
14.3
$461.4
$228.8
143.3
9.3
8.6
389.9
60.0
(20.7)
39.2
61.1
25.9
14.3
$530.4
2017
Assets
Accounts receivable
Inventory
PP&E, gross
PP&E, net
Goodwill
Equity investments
Other assets
Total assets
$304.3
150.4
9.7
9.1
473.5
76.7
(36.2)
40.6
61.1
14.3
14.3
$603.8
$383.6
157.9
10.2
9.5
561.3
94.3
(52.4)
41.9
61.1
2.7
14.3
$681.3
$453.0
165.8
10.7
10.0
639.5
112.8
(69.4)
43.4
61.1
14.3
$758.3
$525.4
174.1
11.3
10.5
721.3
132.2
(87.3)
44.9
61.1
14.3
$841.7

Accounts payable
Accrued expenses
Client deposits
Deferred revenue
Revolver
Subordinated note
Convertible bond
Total debt
Total liabilities
Preferred stock
Common equity
$20.7
15.4
2.9
20.0
36.2
95.2
15.0
45.5
190.0
250.5
(15.4)
17.9
348.2
113.3
$461.4
Check
x
x
x
x
$21.7
16.1
3.1
21.0
38.0
99.9
45.5
199.0
244.5
$22.8
17.0
3.2
22.1
39.9
104.9
45.5
208.5
254.0
$23.9
17.8
3.4
23.2
41.9
110.2
45.5
218.4
263.9
$25.1
18.7
3.6
24.3
44.0
115.7
45.5
218.4
263.9
$26.4
19.6
3.7
25.5
46.2
121.5
45.5
218.4
263.9
17.9
362.4
168.1
$530.4
17.9
376.8
226.9
$603.8
17.9
392.0
289.3
$681.3
17.9
397.5
360.8
$758.3
17.9
403.3
438.4
$841.7
Cash Flow Statement

Working Capital
Debt Schedule
Equity Investments
($ in millions)
MRY
2012

( ) Cash dividends received from equity investments
Undistributed earnings
Dividends Received Deduction (DRD)
Current taxes payable
Deferred tax expense
Income tax expense
Tax benefit from DRD

2014
2015
2016
2013
2017
80.0%
No
Step 12
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Depreciation Schedule
MRY
2012
($ in millions)
2013

2014
2015
2016
2017
$16.0
$16.8
$17.6
$18.5
$19.4
$0.8
$1.6
0.8
$1.6
1.7
0.9
$1.6
1.7
1.8
0.9
0.8
13.9
$14.7
2.4
13.0
$15.4
4.2
12.1
$16.2
6.0
11.1
$17.0
$1.6
1.7
1.8
1.8
1.0
7.8
10.0
$17.9
15
20
Book Depreciation (straight-line)

Useful life (yrs)
Midpoint convention
10.0
Yes
2013
$16.0
2014
$16.8
2015
$17.6
2016
$18.5
2017
$19.4
Book depreciation of capex
( + ) Book depreciation of existing fixed assets
Total book depreciation expense
Modified Accelerated Cost Recovery System (MACRS) Depreciation
MACRS Property Class
7
10
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Total
33.33%
44.45%
14.81%
7.41%
20.00%
32.00%
19.20%
11.52%
11.52%
5.76%
14.29%
24.49%
17.49%
12.49%
8.93%
8.92%
8.93%
4.46%
10.00%
18.00%
14.40%
11.52%
9.22%
7.37%
6.55%
6.55%
6.56%
6.55%
3.28%
5.00%
9.50%
8.55%
7.70%
6.93%
6.23%
5.90%
5.90%
5.91%
5.90%
5.91%
5.90%
5.91%
5.90%
5.91%
2.95%
100.00%
100.00%
100.00%
100.00%
100.00%
3.75%
7.22%
6.68%
6.18%
5.71%
5.29%
4.89%
4.52%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
4.46%
2.23%
100.00%
Source: IRS Publication 946, Table A-1.
Property class (yrs)

2013
2014
2015
2016
2017
MACRS depreciation
10.0
$16.0
$16.8
$17.6
$18.5
$19.4
of capex
$1.6
$2.9
1.7
$2.3
3.0
1.8
$1.8
2.4
3.2
1.8
$1.6
$4.5
$7.1
$9.3
$1.5
1.9
2.5
3.3
1.9
$11.2
$0.8
13.9
$14.7
$2.4
13.0
$15.4
$4.2
12.1
$16.2
$6.0
11.1
$17.0
$7.8
10.0
$17.9
Tax Depreciation
Use MACRS depreciation of capex?
Tax depreciation of capex
( + ) Tax depreciation of existing fixed assets
Total tax depreciation expense
No
Step 13
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
($ in millions)
Federal tax rate

State and local tax rate
Blended tax rate
MRY
2012
39.8%
2013
38.1%
3.0%
40.0%

2014
2015
2016
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
2017
38.1%
3.0%
40.0%
Cash Taxes & Net DTL

EBITDA
( ) Tax depreciation
( ) Tax amortization of intangible assets
( ) Tax amortization of tax-deductible goodwill
( ) Stock-based compensation
( + ) Interest income / (expense)
( + ) Distributed equity income in affiliates
( + ) Other income / (expense)
Total taxable income
$133.1
(14.7)
(11.6)
(11.3)
(23.0)
72.5
$139.8
(15.4)
(11.6)
(11.9)
(22.6)
78.3
$146.8
(16.2)
(11.6)
(12.5)
(23.3)
83.2
$154.1
(17.0)
(2.7)
(13.1)
(24.0)
97.2
$161.8
(17.9)
(13.8)
(23.9)
106.3
Step 14
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
($ in millions)
Federal tax rate

Blended tax rate
MRY
2012

2014
2015
2016
2013
39.8%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
2017
38.1%
3.0%
40.0%

EBITDA
( ) NOL used
State and local taxable income
( ) State and local cash taxes
Federal taxable income
$133.1
(14.7)
(11.6)
(11.3)
(23.0)
72.5
(64.2)
8.3
(0.2)
$8.0
$139.8
(15.4)
(11.6)
(11.9)
(22.6)
78.3
78.3
(2.3)
$75.9
$146.8
(16.2)
(11.6)
(12.5)
(23.3)
83.2
83.2
(2.5)
$80.7
$154.1
(17.0)
(2.7)
(13.1)
(24.0)
97.2
97.2
(2.9)
$94.3
$161.8
(17.9)
(13.8)
(23.9)
106.3
106.3
(3.2)
$103.1
Acquired NOL Subject to Section 382

Annual Sec. 382 NOL deduction limit
Remaining NOL life (yrs)
Acquired NOL subject to Sec. 382
Beginning balance
( ) NOL used
( ) NOL expired
Ending balance
Unused limitation carryforward
Beginning balance
( + ) Carryforward created
( ) Carryforward used
Ending balance
15.00
14.00
13.00
12.00
11.00
10.00
$64.2
$64.2
(64.2)
$25.7
$25.7
(25.7)
Unencumbered NOL
Beginning balance
( + ) NOL created
( ) NOL used
( ) NOL expired
Ending balance
DTA attributable to NOL
Beginning balance
Increase / (decrease) in DTA attributable to NOL
Ending balance
Step 15
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
MRY
2012
($ in millions)
Federal tax rate

Blended tax rate

2014
2015
2016
2013
39.8%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
2017
38.1%
3.0%
40.0%

EBITDA
( ) NOL used
$133.1
(14.7)
(11.6)
(11.3)
(23.0)
72.5
(64.2)
8.3
(0.2)
$8.0
$139.8
(15.4)
(11.6)
(11.9)
(22.6)
78.3
78.3
(2.3)
$75.9
$146.8
(16.2)
(11.6)
(12.5)
(23.3)
83.2
83.2
(2.5)
$80.7
$154.1
(17.0)
(2.7)
(13.1)
(24.0)
97.2
97.2
(2.9)
$94.3
$161.8
(17.9)
(13.8)
(23.9)
106.3
106.3
(3.2)
$103.1
$3.1
0.2
3.3
$29.0
2.3
31.3
$30.8
2.5
33.3
$36.0
2.9
38.9
$39.3
3.2
42.5
15.00
14.00
13.00
12.00
11.00
10.00
$64.2
$64.2
(64.2)
$25.7
$25.7
(25.7)
Federal cash taxes

( + ) State and local cash taxes
Total cash taxes payable
Beginning balance
( ) NOL used
( ) NOL expired
Ending balance
Beginning balance
Ending balance
Unencumbered NOL
Beginning balance
( + ) NOL created
( ) NOL used
( ) NOL expired
Ending balance
Beginning balance
Ending balance
Alternative Minimum Tax (AMT)
*** SOME OR ALL OF THIS SECTION MAY NOT APPLY OUTSIDE THE UNITED STATES ***
Corporate AMT tax rate
Maximum taxable income offset
Effective AMT tax rate
20.0%
90.0%
2.0%
Federal tax at statutory rate (post-NOL)

Alternative minimum tax (before credits)
$3.1
1.4
$29.0
1.5
$30.8
1.6
$36.0
1.9
$39.3
2.1
Tax payable before AMT credit used

( ) AMT tax credit used
Federal cash taxes
Effective federal cash tax rate
$3.1
$3.1
4.2%
$29.0
$29.0
38.1%
$30.8
$30.8
38.1%
$36.0
$36.0
38.1%
$39.3
$39.3
38.1%
AMT tax credit carryforward

AMT tax credit beginning balance
( + ) AMT tax credit generated
AMT tax credit ending balance
20.0%
90.0%
2.0%
20.0%
90.0%
2.0%
20.0%
90.0%
2.0%
20.0%
90.0%
2.0%
Step 16
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
MRY
2012
($ in millions)
Federal tax rate

Blended tax rate

2014
2015
2016
2013
39.8%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
38.1%
3.0%
40.0%
2017
38.1%
3.0%
40.0%

EBITDA
( ) NOL used
Federal cash taxes
( + ) State and local cash taxes
Total cash taxes payable
( + ) Deferred tax expense / (benefit)
Book tax expense
Net DTL beginning balance
Increase / (decrease) in net DTL
Net DTL ending balance
($15.4)
$133.1
(14.7)
(11.6)
(11.3)
(23.0)
72.5
(64.2)
8.3
(0.2)
$8.0
$139.8
(15.4)
(11.6)
(11.9)
(22.6)
78.3
78.3
(2.3)
$75.9
$146.8
(16.2)
(11.6)
(12.5)
(23.3)
83.2
83.2
(2.5)
$80.7
$154.1
(17.0)
(2.7)
(13.1)
(24.0)
97.3
97.3
(2.9)
$94.4
$161.8
(17.9)
(13.8)
(23.8)
106.3
106.3
(3.2)
$103.1
$3.1
0.2
3.3
25.7
$29.0
$29.0
2.3
31.3
$31.3
$30.8
2.5
33.3
$33.3
$36.0
2.9
38.9
$38.9
$39.3
3.2
42.5
$42.5
($15.4)
25.7
$10.3
$10.3
$10.3
$10.3
$10.3
$10.3
$10.3
$10.3
$10.3

Beginning balance
( ) NOL used
( ) NOL expired
Ending balance
Beginning balance
Ending balance
15.00
14.00
13.00
12.00
11.00
10.00
$64.2
$64.2
(64.2)
$25.7
$25.7
(25.7)
Unencumbered NOL
Beginning balance
( + ) NOL created
( ) NOL used
( ) NOL expired
Ending balance
Beginning balance
Ending balance
Alternative Minimum Tax (AMT)
*** SOME OR ALL OF THIS SECTION MAY NOT APPLY OUTSIDE THE UNITED STATES ***
Corporate AMT tax rate
Maximum taxable income offset
Effective AMT tax rate
20.0%
90.0%
2.0%
Federal tax at statutory rate (post-NOL)

Alternative minimum tax (before credits)
$3.1
1.4
$29.0
1.5
$30.8
1.6
$36.0
1.9
$39.3
2.1
Tax payable before AMT credit used

Federal cash taxes
Effective federal cash tax rate
$3.1
$3.1
4.2%
$29.0
$29.0
38.1%
$30.8
$30.8
38.1%
$36.0
$36.0
38.1%
$39.3
$39.3
38.1%
AMT tax credit carryforward

AMT tax credit beginning balance
( + ) AMT tax credit generated
AMT tax credit ending balance
20.0%
90.0%
2.0%
20.0%
90.0%
2.0%
20.0%
90.0%
2.0%
20.0%
90.0%
2.0%
Step 17
x
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
Shares Outstanding
MRY
2012
($ in millions)
2013

2014
2015
2016
2017
Stock Options
Current share price
$9.16
Options Outstanding
Number of
Average
Options
Strike
Tranche 1
Tranche 2
Tranche 3
Tranche 4
Tranche 5
Tranche 6
Tranche 7
Tranche 8
Tranche 9
Tranche 10
Total Treasury Method shares
0.402
0.120
0.466
0.300
0.520
0.422
0.375
$9.13
9.93
11.60
12.64
19.48
27.03
45.78
Options Exercisable
Number of
Average
Treasury
Options
Strike
Method
0.209
0.059
0.221
0.300
0.269
0.211
0.187
$9.04
10.03
11.53
12.69
19.54
27.06
45.75
0.003
0.003
Face value
Convertible bond
Preferred stock
$190.0
$199.0
$208.5
$218.4
$218.4
$218.4
Conversion price
Convertible bond
Preferred stock
$26.77
$26.77
$26.77
$26.77
$26.77
$26.77
Convertible shares
Convertible bond
Preferred stock
7.097
7.435
7.788
8.158
8.158
8.158
EPS if converted
Convertible bond
Preferred stock
$1.27
$1.22
$1.27
$1.23
$1.35
$1.33
$1.42
$1.41
$1.63
$1.65
$1.75
$1.81
Basic EPS
$1.22
$1.23
$1.33
$1.41
$1.65
$1.81
No
No
No
No
No
No
No
No
Yes
No
Yes
No
35.340
0.003
35.343
35.340
0.003
35.343
35.340
0.003
35.343
35.340
0.003
35.343
35.340
0.003
8.158
43.500
35.340
0.003
8.158
43.500
Convertible Securities
Is conversion dilutive?
Convertible bond
Preferred stock
Fully Diluted Shares Outstanding
Basic shares outstanding (BSO)
( + ) In-the-money Treasury Method option shares
( + ) Shares from Convertible bond
( + ) Shares from Preferred stock
Fully diluted shares outstanding (FDSO)
Step 18
x
Income Statement
($ in millions)
Total revenue
COGS
Gross profit
SG&A
EBITDA
Depreciation
Amortization
Stock-based comp
EBIT
EBITA
Cash
Revolver interest
Subordinated note
Convertible bond
Income before taxes
Provision for tax
GAAP net income
Preferred dividends
Common dividend per share
MRY
2012
2013
$440.8
234.4
206.4
79.6
126.8
14.0
11.6
10.8
90.4
112.8
$462.8
246.1
216.7
83.6
133.1
14.7
11.6
11.3
95.5
118.4

2014
2015
2016
$486.0
258.4
227.6
87.8
139.8
15.4
11.6
11.9
100.9
124.4
$510.3
271.3
238.9
92.1
146.8
16.2
11.6
12.5
106.5
130.6
$535.8
284.9
250.9
96.8
154.1
17.0
2.7
13.1
121.3
137.1
2017
$562.6
299.2
263.4
101.6
161.8
17.9
13.8
130.2
144.0
NA
NA
NA
NA
NA
NA
19.0
71.4
28.4
43.0
$43.0
(0.4)
1.2
0.4
3.8
18.1
23.0
72.5
29.0
43.5
$43.5
(0.6)
0.5
3.8
18.9
22.6
78.3
31.3
47.0
$47.0
(0.8)
0.5
3.8
19.8
23.3
83.2
33.3
49.9
$49.9
(1.0)
0.5
3.8
20.7
24.0
97.3
38.9
58.4
$58.4
(1.2)
0.5
3.8
20.7
23.8
106.3
42.5
63.8
$63.8
$15.2
$0.01
$16.0
$0.01
$16.8
$0.01
$17.6
$0.01
$18.5
$0.01
$19.4
$0.01
Key Performance Metrics & Drivers

Sales growth
4.9%
5.0%
5.0%
5.0%
5.0%
5.0%
COGS / sales
SG&A / sales
Depreciation / sales
Amortization / sales
Stock-based comp / sales
Capex / sales
53.2%
18.1%
3.2%
2.6%
2.5%
3.4%
53.2%
18.1%
3.2%
2.5%
2.5%
3.4%
53.2%
18.1%
3.2%
2.4%
2.5%
3.4%
53.2%
18.1%
3.2%
2.3%
2.5%
3.4%
53.2%
18.1%
3.2%
0.5%
2.5%
3.4%
53.2%
18.1%
3.2%
2.5%
3.4%
Tax rate
39.8%
40.0%
40.0%
40.0%
40.0%
40.0%
Balance Sheet
($ in millions)
MRY
2012
2013

2014
2015
2016
$157.1
136.4
8.8
8.2
310.6
44.0
(6.0)
38.0
61.1
37.5
14.3
$461.4
$238.7
143.3
9.3
8.6
399.9
60.0
(20.7)
39.2
61.1
25.9
14.3
$540.4
$313.9
150.4
9.7
9.1
483.1
76.7
(36.2)
40.6
61.1
14.3
14.3
$613.4
$392.9
157.9
10.2
9.5
570.6
94.3
(52.4)
41.9
61.1
2.7
14.3
$690.6
$461.9
165.8
10.7
10.0
648.4
112.8
(69.4)
43.4
61.1
14.3
$767.2
$534.0
174.1
11.3
10.5
729.9
132.2
(87.3)
44.9
61.1
14.3
$850.2
$20.7
15.4
2.9
20.0
36.2
95.2
15.0
45.5
190.0
250.5
(15.4)
17.9
348.2
113.3
$461.4
$21.7
16.1
3.1
21.0
38.0
99.9
45.5
199.0
244.5
10.3
17.9
372.7
167.7
$540.4
$22.8
17.0
3.2
22.1
39.9
104.9
45.5
208.5
254.0
10.3
17.9
387.1
226.2
$613.4
$23.9
17.8
3.4
23.2
41.9
110.2
45.5
218.4
263.9
10.3
17.9
402.3
288.3
$690.6
$25.1
18.7
3.6
24.3
44.0
115.7
45.5
218.4
263.9
10.3
17.9
407.8
359.5
$767.2
$26.4
19.6
3.7
25.5
46.2
121.5
45.5
218.4
263.9
10.3
17.9
413.5
436.7
$850.2
2017
Assets
Accounts receivable
Inventory
PP&E, gross
PP&E, net
Goodwill
Equity investments
Other assets
Total assets
Accounts payable
Accrued expenses
Client deposits
Deferred revenue
Revolver
Subordinated note
Convertible bond
Total debt
Total liabilities
Preferred stock
Common equity
Check
x
x
x
x
x
x
x
Cash Flow Statement

Working Capital
Debt Schedule
Equity Investments
Tax Schedule
Shares Outstanding
Step 19
x
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
Shares Outstanding
Step 20
x
x
x
x
x
x
x
x
x
x
Income Statement
Balance Sheet
Cash Flow Statement
Working Capital
Debt Schedule
Equity Investments
Tax Schedule
Shares Outstanding
Summary Credit Metrics
MRY
2012
($ in millions)
2013

2014
2015
2016
2017
Capitalization
Total debt
Net debt
Senior debt
Preferred stock
Total capitalization
244.5
5.8
412.2
254.0
(59.9)
480.2
263.9
(129.0)
552.2
263.9
(198.0)
623.3
263.9
(270.1)
700.6
Interest Expense
Cash interest expense
Fixed charges (total interest & preferred dividends)
$1.6
14.4
23.4
23.4
$0.5
13.7
23.2
23.2
$0.5
14.2
24.1
24.1
$0.5
25.0
25.0
25.0
$0.5
25.0
25.0
25.0
Coverage
EBITDA
EBITDA
EBITDA
EBITDA
EBITDA
/
/
/
/
senior interest expense

cash interest expense
total interest expense
fixed charges
EBITDA capex
(EBITDA capex)
(EBITDA capex)
(EBITDA capex)
(EBITDA capex)
/
/
/
/

fixed charges
EBITDA capex WC
(EBITDA capex WC)
(EBITDA capex WC)
(EBITDA capex WC)
(EBITDA capex WC)
/
/
/
/

fixed charges
$133.1
82.0x
9.2x
5.7x
5.7x
$139.8
279.6x
10.2x
6.0x
6.0x
$146.8
293.6x
10.4x
6.1x
6.1x
$154.1
308.3x
6.2x
6.2x
6.2x
$161.8
323.7x
6.5x
6.5x
6.5x
$117.2
72.2x
8.1x
5.0x
5.0x
$123.0
246.1x
9.0x
5.3x
5.3x
$129.2
258.4x
9.1x
5.4x
5.4x
$135.7
271.3x
5.4x
5.4x
5.4x
$142.4
284.9x
5.7x
5.7x
5.7x
$114.3
70.4x
7.9x
4.9x
4.9x
$120.0
240.0x
8.8x
5.2x
5.2x
$126.0
252.0x
8.9x
5.2x
5.2x
$132.3
264.5x
5.3x
5.3x
5.3x
$138.9
277.8x
5.6x
5.6x
5.6x
Leverage
Senior debt / total capitalization
Net debt / total capitalization
1.41%
Senior debt / EBITDA

Total debt / EBITDA
Net debt / EBITDA
Net debt + preferred / EBITDA
1.84x
0.04x
0.04x
NM
NM
NM
NM
1.82x
NM
NM
1.80x
NM
NM
1.71x
NM
NM
1.63x
NM
NM

Factset Data Sheet Financial Statements and Analysis

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Factset Data Sheet Financial Statements and Analysis

Uploaded by

Copyright:

Available Formats

This sheet contains Factset binary data for use with this workbook's =FDS codes.

Modifying the work

Fractional years per period

Fiscal Years Ending December 31,

Fiscal Years Ending December 31,

Liabilities & Shareholders' Equity

Fiscal Years Ending December 31,

Liabilities & Shareholders' Equity

Fiscal Years Ending December 31,

Liabilities & Shareholders' Equity

Fiscal Years Ending December 31,

Net Working Capital

Fiscal Years Ending December 31,

Liabilities & Shareholders' Equity

Cash Flow Statement

Fiscal Years Ending December 31,

Scheduled Debt Amortization (%)

Fiscal Years Ending December 31,

Fiscal Years Ending December 31,

Beginning cash balance

Bank revolver commitment

Scheduled Debt Amortization (%)

Fiscal Years Ending December 31,

Beginning cash balance

Optional debt repayment

Bank revolver commitment

Interest Expense / Preferred Dividends

Senior interest expense

Fiscal Years Ending December 31,

Beginning cash balance

Optional debt repayment

Bank revolver commitment

Scheduled Debt Amortization (%)

Interest Expense / Preferred Dividends

Senior interest expense

Interest & Dividends Paid-in-Kind (PIK)

Fiscal Years Ending December 31,

Key Performance Metrics & Drivers

Fiscal Years Ending December 31,

Liabilities & Shareholders' Equity

Cash Flow Statement

Equity income in affiliates

Fiscal Years Ending December 31,

Fiscal Years Ending December 31,

Book Depreciation (straight-line)

Source: IRS Publication 946, Table A-1.

Property class (yrs)

Federal tax rate

Fiscal Years Ending December 31,

Cash Taxes & Net DTL

Federal tax rate

Fiscal Years Ending December 31,

Cash Taxes & Net DTL

Acquired NOL Subject to Section 382

Federal tax rate

Fiscal Years Ending December 31,

Cash Taxes & Net DTL

Federal cash taxes

Federal tax at statutory rate (post-NOL)

Tax payable before AMT credit used

AMT tax credit carryforward

Federal tax rate