Oaktree Capital Group, LLC 6.625% PFD UT A Financial Ratios — OAK-PA

Profitability (USD)

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	1,254.16	714.59	343.92	233.55
Return on Assets (%)	- -	-0.26	-0.11	-0.21	0.24	0.5	0.26	0.14	0.66	2.78	2.3
Return on Capital (%)	- -	-58.85	-12.34	- -	-356.92	-132.05	-18.44	- -	-0.56	-1.51	1.88
Return on Invested Capital (%)	- -	-6.18	-3.13	- -	-26.4	-18.4	-7.26	- -	2.55	4.71	4.59
Gross Margin (%)	100	100	-576.93	-821.98	-306.22	-349.76	-235.8	-213.08	44.76	40.9	41.61
EBITDA Margin (%)	-1,250.38	-816.36	-663.49	-951.73	-440.21	-464.3	-384.53	-359.07	31.32	31.31	29.68
Operating Margin (%)	-1,257.09	-820.74	-666.63	-955.96	-445.31	-467.95	-388.66	-366.02	29.88	30.24	27.81
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	116.41	31.4	70.4
Pretax Margin (%)	-7,582.02	7,677.06	2,574.04	-184.6	4,623.49	3,199.72	1,131.59	-750.56	54.06	61.57	35.3
Profit Margin (%)	-126.67	-36.83	-23.99	-61.61	74.36	113.89	65.13	35.34	17.3	15.75	16.12
Net Income to Common Margin (%)	-126.67	-36.83	-23.99	-61.61	74.36	113.89	65.13	35.34	17.3	15.75	15.23
Effective Tax Rate (%)	- -	0.15	0.5	- -	0.46	0.42	0.84	- -	6.99	23.81	5.06
Dvd Payout Ratio (%)	-1.51	0.77	4.27	-90.11	3.2	6.41	13.04	-11.88	42.08	48.98	71.45
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	1,403.13	413.92	175.46	66.67

Credit (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Total Debt	- -	700	495	752	1,598	5,174	11,861	16,082	4,768	5,691	5,738
ST Debt	- -	275	91	50	492	2,297	4,705	6,463	484	862	- -
LT Debt	- -	425	404	702	1,107	2,877	7,156	9,619	4,284	4,828	5,738
Total Debt/EBITDA	- -	-0.55	-0.36	-0.51	-2.5	-5.72	-15.91	-22.18	13.52	12.37	13.95
Net Debt/EBITDA	- -	2.55	4.25	1.86	2.85	-0.26	-5.11	-8.67	9.43	8.41	11.93
Total Debt/EBIT	- -	-0.55	-0.36	-0.51	-2.48	-5.67	-15.74	-21.76	14.17	12.8	14.89
Net Debt/EBIT	- -	2.53	4.23	1.85	2.82	-0.26	-5.05	-8.51	9.88	8.71	12.73
EBITDA to Interest Expense	-17.1	-36.19	-24.46	-29.1	-13.94	-14.8	-5.74	-3.34	2.92	2.71	2.57
EBITDA-CapEx/Interest Expense	-17.15	-36.39	-24.52	-29.31	-14.06	-14.87	-5.78	-3.45	2.34	2.54	2.53
EBIT to Interest Expense	-17.2	-36.39	-24.58	-29.23	-14.1	-14.91	-5.8	-3.41	2.79	2.62	2.41
Interest Expense	73	35	56	51	46	61	130	217	121	170	160
Common Equity/Total Assets	- -	-0.69	-0.73	-1	-0.77	-0.25	0.02	- -	0.71	0.89	0.97
Long-Term Debt/Equity (%)	- -	1.05	0.88	62.48	79.4	168.38	388.91	532.02	227.25	238.95	230.67
Long-Term Debt/Capital (%)	- -	1.05	0.88	56.47	47.12	45.71	54.36	56.07	72.59	69.75	78.27
Long-Term Debt/Total Assets (%)	- -	0.98	0.84	1.59	2.52	6.36	13.42	18.58	56.01	53.56	55.01
Total Debt/Equity (%)	- -	1.73	1.08	66.94	114.67	302.85	644.59	889.46	252.92	281.63	230.67
Total Debt/Capital (%)	- -	1.72	1.08	60.5	68.05	82.21	90.09	93.74	80.79	82.21	78.27
Total Debt/Total Assets (%)	- -	1.62	1.03	1.7	3.64	11.43	22.24	31.07	62.33	63.13	55.01
Net Debt to Equity	- -	-7.98	-12.71	-244.95	-130.69	13.99	206.94	347.79	176.37	191.47	197.24
Net Debt/Capital (%)	- -	-8.78	-14.77	121.71	314.36	6.54	38.79	45.48	67.27	64.88	75.48
EBITDA	-1,257	-1,265	-1,368	-1,483	-638	-905	-746	-725	353	460	411
EBITDA-CapEx	-1,260	-1,272	-1,371	-1,493	-643	-910	-751	-749	282	431	406
Operating Income (Loss)	-1,263	-1,271	-1,374	-1,489	-646	-912	-754	-739	336	444	386

Liquidity (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Cash Ratio	- -	17.91	30.66	3.42	2.33	2.13	1.7	2.25	1.57	0.93	1.11
Current Ratio	- -	18.81	31.59	4.53	3.13	2.66	2.14	2.87	1.9	1.29	1.55
Quick Ratio	- -	18.81	31.59	4.53	3.13	2.66	2.14	2.87	1.9	1.29	1.55
CFO/Avg Current Liab	- -	-0.56	1.79	0.86	5.45	3.66	-2.22	-0.46	-0.22	-0.29	-0.5
Common Equity/Total Assets	- -	-0.69	-0.73	-1	-0.77	-0.25	0.02	- -	0.71	0.89	0.97
Long-Term Debt/Equity (%)	- -	1.05	0.88	62.48	79.4	168.38	388.91	532.02	227.25	238.95	230.67
Long-Term Debt/Capital (%)	- -	1.05	0.88	56.47	47.12	45.71	54.36	56.07	72.59	69.75	78.27
Long-Term Debt/Total Assets (%)	- -	0.98	0.84	1.59	2.52	6.36	13.42	18.58	56.01	53.56	55.01
Total Debt/Equity (%)	- -	1.73	1.08	66.94	114.67	302.85	644.59	889.46	252.92	281.63	230.67
Total Debt/Capital (%)	- -	1.72	1.08	60.5	68.05	82.21	90.09	93.74	80.79	82.21	78.27
Total Debt/Total Assets (%)	- -	1.62	1.03	1.7	3.64	11.43	22.24	31.07	62.33	63.13	55.01
CFO/Total Liabilities	- -	-22.43	157.9	2.62	16.38	12.48	-8.4	-1.89	-5.52	-4.81	-7.77
CFO/CapEx	-3,931.08	-90.44	1,146.26	108.79	1,333.34	1,179.44	-864.44	-39.76	-4.51	-11.43	-106.09
Altman's Z-Score	- -	1.02	1.05	-0.01	0.03	- -	0.02	0.03	0.46	0.4	0.36

Working Capital (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Accounts Receivable Turnover	- -	0.15	0.12	0.18	0.66	2.32	0.38	0.2	1.86	8.03	12.77
Days Sales Outstanding	- -	2,406.99	3,027.28	1,997.37	550.55	157.38	969.18	1,836.1	196.03	45.44	28.57
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	1.52	4.24	3.73	5.67	3.91	2.66	3.01	5.12	4.81
Accounts Payable Turnover Days	- -	- -	240.08	86.18	97.87	64.4	93.35	137.01	121.2	71.25	75.89
Cash Conversion Cycle	- -	- -	2,787.2	1,911.2	452.68	92.99	875.83	1,699.09	74.83	-25.8	-47.32
Inventory to Cash Days	- -	- -	3,027.28	1,997.37	550.55	157.38	969.18	1,836.1	196.03	45.44	28.57
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	3,923	6,306	3,506	2,929	2,638	3,348	3,331	959	959	832
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	401
+ Minority/Non Controlling Interest	- -	40,224	45,502	936	1,087	1,234	1,293	1,074	1,079	1,152	1,092
+ Total Debt	- -	700	495	752	1,598	5,174	11,861	16,082	4,768	5,691	5,738
Enterprise Value	- -	184	-38	-2,199	-613	3,094	9,151	13,164	4,131	5,706	5,853
Total Capital	- -	40,625	45,648	1,244	2,349	6,293	13,166	17,156	5,902	6,922	7,332
Total Debt/Capital (%)	- -	1.72	1.08	60.5	68.05	82.21	90.09	93.74	80.79	82.21	78.27
Total Debt / EV	- -	3.81	-12.92	-0.34	-2.61	1.67	1.3	1.22	1.15	1	0.98
EV/Sales	- -	1.19	- -	- -	- -	15.87	47.19	65.2	3.67	3.88	4.22
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	11.71	12.4	14.23
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	12.28	12.84	15.18
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	0.56	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	0.56	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	37,002	39,691	-1,817	-243	3,770	9,806	13,825	4,888	5,883	6,400
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	101	155	206	156	145	195	194	202	1,126	1,470	1,386
TTM EBITDA	-1,257	-1,265	-1,368	-1,483	-638	-905	-746	-725	353	460	411
TTM Operating Income	-1,263	-1,271	-1,374	-1,489	-646	-912	-754	-739	336	444	386
TTM Cash Flow to Firm	-12,337	-597	3,436	1,184	7,003	5,497	-4,198	-724	-206	-207	-465
TTM Free Cash Flow to Firm	-12,334	-590	3,439	1,195	7,008	5,502	-4,193	-700	-135	-177	-459

Multiples (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	12.28	12.84	15.18
Enterprise Value	- -	184	-38	-2,199	-613	3,094	9,151	13,164	4,131	5,706	5,853
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.12
EV/Sales	- -	1.19	- -	- -	- -	15.87	47.19	65.2	3.67	3.88	4.22
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	11.71	12.4	14.23
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	- -	238.86	192.51	- -	- -	19.34	50.57	68.47	4.34	4	4.62
EV/Sales High	- -	238.86	192.51	- -	- -	19.34	50.57	68.47	4.34	4	4.62
EV/Sales Low	- -	238.86	192.51	- -	- -	19.34	50.57	68.47	4.34	4	4.62
EV/EBITDA Average	- -	-29.26	-29.01	1.23	0.38	-4.17	-13.15	-19.07	13.86	12.78	15.56
EV/EBITDA High	- -	-29.26	-29.01	1.23	0.38	-4.17	-13.15	-19.07	13.86	12.78	15.56
EV/EBITDA Low	- -	-29.26	-29.01	1.23	0.38	-4.17	-13.15	-19.07	13.86	12.78	15.56
EV/EBIT Average	- -	-29.1	-28.88	1.22	0.38	-4.13	-13.01	-18.71	14.53	13.24	16.6
EV/EBIT High	- -	-29.1	-28.88	1.22	0.38	-4.13	-13.01	-18.71	14.53	13.24	16.6
EV/EBIT Low	- -	-29.1	-28.88	1.22	0.38	-4.13	-13.01	-18.71	14.53	13.24	16.6
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	22.94
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.95
Enterprise Value Average	- -	37,002	39,691	-1,817	-243	3,770	9,806	13,825	4,888	5,883	6,400
Enterprise Value High	- -	37,002	39,691	-1,817	-243	3,770	9,806	13,825	4,888	5,883	6,400
Enterprise Value Low	- -	37,002	39,691	-1,817	-243	3,770	9,806	13,825	4,888	5,883	6,400

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
Shares Outstanding	- -	128	128	128	150	151	153	154	155	156	157
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Oaktree Capital Group, LLC 6.625% PFD UT A

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)