Brookdale Senior Living Inc. 7. Financial Ratios — BKDT

Profitability (USD)

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-1.07	-1.54	-1.45	-0.08	-1.97	-4.47	-4.2	-6.77	-7.47	-3.92	1.16	-1.49	-3.86	-3.28	-3.39
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.06	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.11	- -	- -	- -	- -
Gross Margin (%)	34	32.38	29.36	30.23	29.57	29.2	28.93	26.41	23.57	21.61	19.9	17.79	18.72	24.53	25.57
EBITDA Margin (%)	16.74	15.7	13.29	15	14	14.39	15.32	13.67	11.33	9.66	10.89	5.43	9.73	12.41	13.52
Operating Margin (%)	3.52	4.22	3.53	5.12	-0.21	-0.46	4.67	3.24	1.27	0.2	0.21	-7.14	-3.17	0.75	1.76
Incremental Operating Margin (%)	15.74	13.23	-1.92	40.93	- -	- -	1,560.01	34.16	44.68	10.43	0.13	- -	- -	41.86	27.29
Pretax Margin (%)	-3.52	-2.74	-2.35	-0.06	-8.63	-11.09	-8.02	-12.39	-12.75	-6.67	2.55	-3.92	-8.74	-6	-6.31
Profit Margin (%)	-2.14	-2.81	-2.4	-0.12	-3.89	-9.22	-8.13	-12.04	-11.66	-6.6	2.4	-3.62	-8.69	-6.29	-6.46
Net Income to Common Margin (%)	-2.14	-2.81	-2.4	-0.12	-3.89	-9.22	-8.13	-12.04	-11.66	-6.6	2.4	-3.62	-8.69	-6.29	-6.46
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.13	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Debt	2,570	2,464	2,679	2,637	6,246	6,432	6,045	5,142	4,515	5,860	5,445	5,226	4,893	4,726	5,652
ST Debt	72	48	510	202	268	236	215	603	318	596	235	234	267	235	189
LT Debt	2,499	2,416	2,170	2,435	5,978	6,197	5,830	4,540	4,197	5,264	5,210	4,992	4,626	4,490	5,463
Total Debt/EBITDA	6.73	6.39	7.28	6.08	11.64	9.01	7.93	7.93	8.8	14.96	14.6	35.08	18.33	12.67	13.37
Net Debt/EBITDA	6.52	6.31	7.09	5.25	6.51	5.4	4.39	5.62	6.32	8.46	9.48	23.45	12.93	9.16	8.88
Total Debt/EBIT	31.98	23.77	27.43	17.8	-784.31	-281.26	26	33.39	78.32	718.55	744.56	-26.67	-56.29	208.29	102.61
Net Debt/EBIT	30.96	23.47	26.72	15.38	-438.59	-168.55	14.38	23.69	56.24	406.44	483.46	-17.83	-39.71	150.71	68.15
EBITDA to Interest Expense	2.62	2.71	2.51	3.16	2.16	1.84	1.98	1.99	1.83	1.58	1.79	0.79	1.3	1.61	1.74
EBITDA-CapEx/Interest Expense	1.98	1.59	2.51	3.16	2.16	1.84	1.98	1.99	1.83	1.58	1.79	0.79	1.3	1.61	1.74
EBIT to Interest Expense	0.55	0.73	0.67	1.08	-0.03	-0.06	0.6	0.47	0.21	0.03	0.04	-1.04	-0.42	0.1	0.23
Interest Expense	146	142	147	137	248	389	386	326	280	248	209	188	206	232	243
Common Equity/Total Assets	-17.98	-19.77	-20.27	-20.21	-10.62	-15.56	-21.35	-33.08	-47.43	-47.13	-47.95	-53.17	-61.43	-68.83	-63.73
Long-Term Debt/Equity (%)	235.72	232.26	217.64	238.47	207.4	252.03	280.59	296.66	412.12	753.42	649.07	713.54	791.89	1,108.35	2,553.99
Long-Term Debt/Capital (%)	142.32	152.83	125.77	145.02	116.29	127.28	143	174.44	290.08	212.98	243.69	274.33	370.85	503.85	338.13
Long-Term Debt/Total Assets (%)	55.15	54.1	46.1	51.39	57.38	61.67	63.25	59.15	64.9	73.17	75.49	77.87	77.92	80.57	86.23
Total Debt/Equity (%)	242.48	236.84	268.75	258.25	216.72	261.62	290.95	336.03	443.3	838.74	678.3	746.98	837.58	1,166.39	2,642.29
Total Debt/Capital (%)	146.4	155.84	155.31	157.05	121.51	132.12	148.28	197.59	312.03	237.1	254.67	287.18	392.25	530.24	349.82
Total Debt/Total Assets (%)	56.73	55.16	56.93	55.65	59.96	64.01	65.58	67	69.81	81.46	78.89	81.52	82.41	84.79	89.21
Net Debt to Equity	234.76	233.88	261.8	223.15	121.19	156.78	160.91	238.39	318.33	474.42	440.44	499.44	590.82	843.96	1,754.92
Net Debt/Capital (%)	148.67	156.95	157.62	140.6	69.35	80.63	86.6	153.29	309.17	148.55	201.16	237.26	406.75	557.57	287.26
EBITDA	382	386	368	434	537	714	762	649	513	392	373	149	267	373	423
EBITDA-CapEx	288	225	368	434	537	714	762	649	513	392	373	149	267	373	423
Operating Income (Loss)	80	104	98	148	-8	-23	233	154	58	8	7	-196	-87	23	55

Liquidity (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Cash Ratio	0.13	0.05	0.06	0.07	0.12	0.1	0.3	0.47	0.53	0.29	0.8	0.84	0.7	0.51	0.57
Current Ratio	0.54	0.45	0.27	0.34	0.61	0.59	0.85	0.82	1	0.57	1.12	1.11	0.99	0.8	0.88
Quick Ratio	0.28	0.21	0.15	0.19	0.29	0.28	0.49	0.59	0.71	0.42	0.96	0.92	0.78	0.59	0.66
CFO/Avg Current Liab	0.35	0.44	0.33	0.37	0.28	0.34	0.48	0.41	0.22	0.24	0.24	-0.14	0.01	0.26	0.28
Common Equity/Total Assets	-17.98	-19.77	-20.27	-20.21	-10.62	-15.56	-21.35	-33.08	-47.43	-47.13	-47.95	-53.17	-61.43	-68.83	-63.73
Long-Term Debt/Equity (%)	235.72	232.26	217.64	238.47	207.4	252.03	280.59	296.66	412.12	753.42	649.07	713.54	791.89	1,108.35	2,553.99
Long-Term Debt/Capital (%)	142.32	152.83	125.77	145.02	116.29	127.28	143	174.44	290.08	212.98	243.69	274.33	370.85	503.85	338.13
Long-Term Debt/Total Assets (%)	55.15	54.1	46.1	51.39	57.38	61.67	63.25	59.15	64.9	73.17	75.49	77.87	77.92	80.57	86.23
Total Debt/Equity (%)	242.48	236.84	268.75	258.25	216.72	261.62	290.95	336.03	443.3	838.74	678.3	746.98	837.58	1,166.39	2,642.29
Total Debt/Capital (%)	146.4	155.84	155.31	157.05	121.51	132.12	148.28	197.59	312.03	237.1	254.67	287.18	392.25	530.24	349.82
Total Debt/Total Assets (%)	56.73	55.16	56.93	55.65	59.96	64.01	65.58	67	69.81	81.46	78.89	81.52	82.41	84.79	89.21
CFO/Total Liabilities	6.58	7.84	7.84	9.85	3.22	3.85	5.23	6.16	3.74	3.33	3.37	-1.66	0.06	3.15	2.71
CFO/CapEx	2.44	1.68	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.25	0.27	0.17	0.3	0.19	0.25	0.34	0.21	0.07	-0.17	-0.16	-0.41	-0.45	-0.44	-0.39

Working Capital (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Accounts Receivable Turnover	27.11	26.31	27.81	28.26	30.17	33.77	34.83	35.08	34.48	30.33	28.2	34.25	51.36	57.74	62.33
Days Sales Outstanding	13.46	13.87	13.12	12.92	12.1	10.81	10.48	10.41	10.59	12.03	12.94	10.66	7.11	6.32	5.86
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	34.24	36.74	40.2	37.01	37.97	34.38	34.45	41.3	37.07	31.84	31.18	30.64	30.33	33	35.23
Accounts Payable Turnover Days	10.66	9.94	9.08	9.86	9.61	10.62	10.6	8.84	9.85	11.46	11.71	11.91	12.04	11.06	10.36
Cash Conversion Cycle	2.8	3.94	4.04	3.05	2.48	0.19	-0.12	1.57	0.74	0.57	1.23	-1.26	-4.93	-4.74	-4.5
Inventory to Cash Days	13.46	13.87	13.12	12.92	12.1	10.81	10.48	10.41	10.59	12.03	12.94	10.66	7.11	6.32	5.86
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	82	31	69	59	104	88	216	223	398	240	380	347	399	278	309
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	1	- -	- -	- -	- -	2	2	2	2	1	1
+ Total Debt	2,570	2,464	2,679	2,637	6,246	6,432	6,045	5,142	4,515	5,860	5,445	5,226	4,893	4,726	5,652
Enterprise Value	2,488	2,433	2,610	2,578	6,143	6,344	5,829	4,627	4,101	5,554	4,894	4,699	4,447	4,419	5,325
Total Capital	1,756	1,581	1,725	1,679	5,141	4,869	4,077	2,602	1,447	2,472	2,138	1,820	1,247	891	1,616
Total Debt/Capital (%)	146.4	155.84	155.31	157.05	121.51	132.12	148.28	197.59	312.03	237.1	254.67	287.18	392.25	530.24	349.82
Total Debt / EV	1.03	1.01	1.03	1.02	1.02	1.01	1.04	1.11	1.1	1.06	1.11	1.11	1.1	1.07	1.06
EV/Sales	1.09	0.99	0.94	0.89	1.6	1.28	1.17	0.97	0.91	1.37	1.43	1.71	1.62	1.47	1.7
EV/EBITDA	6.52	6.31	7.09	5.94	11.45	8.89	7.65	7.13	7.99	14.17	13.12	31.54	16.66	11.85	12.6
EV/EBIT	30.96	23.47	26.72	17.41	- -	- -	25.07	30.05	71.14	680.98	669.21	- -	- -	194.79	96.66
EV/Cash Flow to Firm	7.85	5.87	5.92	4.06	17.31	10.3	7.62	6.65	8.91	12	12.19	59.62	21.39	10.89	12.82
EV/Free Cash Flow to Firm	6.06	4.23	5.92	4.06	17.31	10.3	7.62	6.65	8.91	12	12.19	59.62	21.39	10.89	12.82
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	2,488	2,433	2,610	2,578	6,143	6,344	5,829	4,919	4,116	5,623	5,067	4,881	4,495	4,449	5,345
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2,281	2,456	2,769	2,892	3,832	4,961	4,977	4,747	4,531	4,057	3,424	2,746	2,745	3,007	3,125
TTM EBITDA	382	386	368	434	537	714	762	649	513	392	373	149	267	373	423
TTM Operating Income	80	104	98	148	-8	-23	233	154	58	8	7	-196	-87	23	55
TTM Cash Flow to Firm	317	414	441	636	355	616	764	695	460	463	402	79	208	406	415
TTM Free Cash Flow to Firm	411	574	441	636	355	616	764	695	460	463	402	79	208	406	415

Multiples (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	30.96	23.47	26.72	17.41	- -	- -	25.07	30.05	71.14	680.98	669.21	- -	- -	194.79	96.66
Enterprise Value	2,488	2,433	2,610	2,578	6,143	6,344	5,829	4,627	4,101	5,554	4,894	4,699	4,447	4,419	5,325
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	43.6	38.79	69.04
EV/Sales	1.09	0.99	0.94	0.89	1.6	1.28	1.17	0.97	0.91	1.37	1.43	1.71	1.62	1.47	1.7
EV/EBITDA	6.52	6.31	7.09	5.94	11.45	8.89	7.65	7.13	7.99	14.17	13.12	31.54	16.66	11.85	12.6
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	1.09	0.99	0.94	0.89	1.6	1.28	1.17	1.04	0.91	1.39	1.48	1.78	1.64	1.48	1.71
EV/Sales High	1.09	0.99	0.94	0.89	1.6	1.28	1.17	1.04	0.91	1.39	1.48	1.78	1.64	1.48	1.71
EV/Sales Low	1.09	0.99	0.94	0.89	1.6	1.28	1.17	1.04	0.91	1.39	1.48	1.78	1.64	1.48	1.71
EV/EBITDA Average	6.52	6.31	7.09	5.94	11.45	8.89	7.65	7.58	8.02	14.35	13.59	32.77	16.84	11.93	12.65
EV/EBITDA High	6.52	6.31	7.09	5.94	11.45	8.89	7.65	7.58	8.02	14.35	13.59	32.77	16.84	11.93	12.65
EV/EBITDA Low	6.52	6.31	7.09	5.94	11.45	8.89	7.65	7.58	8.02	14.35	13.59	32.77	16.84	11.93	12.65
EV/EBIT Average	30.96	23.47	26.72	17.41	-771.31	-277.4	25.07	31.94	71.4	689.38	692.85	-24.91	-51.72	196.1	97.02
EV/EBIT High	30.96	23.47	26.72	17.41	-771.31	-277.4	25.07	31.94	71.4	689.38	692.85	-24.91	-51.72	196.1	97.02
EV/EBIT Low	30.96	23.47	26.72	17.41	-771.31	-277.4	25.07	31.94	71.4	689.38	692.85	-24.91	-51.72	196.1	97.02
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	39.96	80.3	69.04
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	52.37	84.22	107.89
Enterprise Value Average	2,488	2,433	2,610	2,578	6,143	6,344	5,829	4,919	4,116	5,623	5,067	4,881	4,495	4,449	5,345
Enterprise Value High	2,488	2,433	2,610	2,578	6,143	6,344	5,829	4,919	4,116	5,623	5,067	4,881	4,495	4,449	5,345
Enterprise Value Low	2,488	2,433	2,610	2,578	6,143	6,344	5,829	4,919	4,116	5,623	5,067	4,881	4,495	4,449	5,345

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Shares Outstanding	121	121	123	124	187	188	185	191	192	192	188	187	187	188	200
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Brookdale Senior Living Inc. 7.

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