Excel project , business and finance homework help

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Business Finance

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please read the pdf then just do the excel work I don't need the report

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FIN$410$–$Summer$2016$ $ DuPont'Project!Individual!Spreadsheet* and$Memo$Assignment! Due$Date:$ • • • Saturday,$June$18$before$11:59$pm$ I$would$NOT$wait$until$the$last$minute$to$submit$just$in$case$there$are$ technical$problems$ If$you$do$wait$until$the$last$minute,$note$that$turnitin$will$cut$off$submissions$ at$EXACTLY$11:59$by$it’s$clock$so$you$should$submit$it$at$least$5$minutes$ before$just$in$case$–$I$will$not$accept$it$by$email$just$because$you$waited$until$ the$last$second$ Purpose$of$the$Assignment$ • • • • Find$and$use$appropriate$online$financial$data$ Calculate$a$variety$of$financial$ratios$needed$to$complete$a$DuPont$Analysis$ Effectively$use$Excel$for$a$financial$statement$analysis$ Write$a$brief$report$detailing$your$results$and$a$specific$recommendation$for$ improvement$in$one$area$ Expectations$(Requirements)$–$Spreadsheet$ • • • Collect$required$data$for$CDI$Corp.$(CDI)$ Create$a$spreadsheet$with$the$following$tabs$ o CDI$Balance$Sheets$ o CDI$Income$Statements$ o Peer$Group$Balance$Sheets$(copy/paste$from$spreadsheet$provided$on$ Blackboard)$ o Peer$Group$Income$Statements$(copy/paste$from$spreadsheet$ provided$on$Blackboard)$ o Ratio$Analysis$(copy/paste$from$spreadsheet$provided$on$ Blackboard)$ o References$ Required$Financials$ o Use$As$Reported$Financials$from$Mergent$and$download$into$Excel$–$ You$MUST$use$Mergent$and$you$MUST$use$As$Reported$–$not$ standardized$–$failure$to$follow$this$requirement$will$result$in$a$ zero$on$the$spreadsheet$portion$of$the$assignment$ o CDI$Corp.$ ! Annual$Balance$Sheets$for$the$last$4$years$ ! Annual$Income$Statements$for$the$last$3$years$ ! Additional$data$from$Notes$to$Financial$Statements,$Statement$ of$Cash$Flows,$or$other$online$sources$as$needed$(most$likely$ to$be$depreciation,$amortization,$impairment$if$not$provided$ FIN$410$–$Summer$2016$ $ • • on$the$income$statement,$operating$lease$information,$cost$of$ debt$needed$for$PV$of$operating$leases)$–$include$on$the$ Balance$Sheet$Tab$$below$the$“as$reported$balance$sheets”$ Setting$up$the$spreadsheets$ o You$may$need$items$for$calculations$that$aren’t$on$the$income$ statement,$i.e.,$EBITDA,$EBIT,$employees$to$scale,$etc.$You$should$ calculate$these$below$the$income$statement$to$aid$in$ratio$calculations$ o You$may$need$items$from$the$balance$sheet$as$well$such$as$fixed$ assets$(longeterm$assets),$longeterm$liabilities,$interest$bearing$debt,$ etc.$You$should$calculate$these$below$the$“as$reported”$information$–$ be$sure$to$calculate$the$averages$before$you$calculate$the$ratios$ o Think$about$the$calculations$that$you$will$be$doing$before$you$set$up$ the$spreadsheets$ o You$want$to$be$able$to$copy/paste$formulas$as$much$as$possible$to$ reduce$the$probability$of$typing$a$formula/function$in$incorrectly$as$ well$as$to$reduce$the$amount$of$time$that$you$spend$working$on$this$ o This$means$that$you$need$to$have$your$columns$spaced$to$match$the$ Ratio$Table$provided$on$the$Ratio$Analysis$tab$ Required$Calculations$ o On$the$Balance$Sheet$Tabs$for$your$company$AND$the$peer$group$–$ common$size$balance$sheets$(all$accounts$–$not$just$assets$e$expressed$ as$a$%$of$total$assets)$See$Table$3.5$in$the$text$as$an$EXAMPLE$–$you$ do$not$have$to$calculate$the$YOY$change$(year$over$year)$but$you$can$ if$you$think$it$will$provide$you$with$useful$information$–$you$will$have$ many$more$accounts$than$the$one$in$Table$3.5$ o On$the$Balance$Sheet$Tabs$for$your$company$AND$the$peer$group$–$ averages$for$all$accounts$for$each$fiscal$year$–$this$will$give$you$three$ sets$of$averages$to$match$the$three$fiscal$years$for$the$income$ statements$ o On$the$Income$Statement$Tabs$for$your$company$AND$the$peer$group$ –$common$size$income$statements$(all$accounts$expressed$as$a$%$of$ total$sales$or$total$revenue)$See$Table$3.6$in$the$text$as$an$example$–$ you$will$likely$have$many$more$items$than$in$Table$3.6.$ o Ratio$Analysis$Tab$–$you$MUST$use$the$Ratio$Analysis$table$I$ provided$on$the$spreadsheet$on$Blackboard$ ! This$tab$is$for$calculations$only$and$ALL$ratio$calculations$ MUST$be$done$here$$–$do$not$do$the$calculations$on$another$ spreadsheet$and$then$reference$to$the$ratio$page$(exception$–$if$ the$ratio$is$something$that$is$on$the$commonesize$income$ statement,$you$should$reference$the$commonesize$statement$ and$not$redo$the$calculation)–$all$data$used$in$the$calculations$ should$be$referenced$from$the$balance$sheet$and$income$ statement$tabs$–$Failure$to$do$this$may$result$in$significant$ loss$of$points$if$your$numbers$are$incorrect$–$tracing$ FIN$410$–$Summer$2016$ $ ! ! ! ! ! formulas$on$multiple$pages$is$time$consuming$and$ sometimes$impossible$to$figure$out$ Do$NOT$include$information$outside$of$columns$A$through$H$ Do$NOT$include$anything$below$row$44$ Calculate$ROE$–$use$the$NI/TE$formula$–$not$the$DU$Pont$ identity$ See$the$posted$PowerPoint$presentations$and$the$textbook$for$ formulas$and$guidance$on$interpretation$ • Make$sure$you$look$at$these$formulas$and$not$at$online$ sources$and$don’t$just$assume$you$know$what$to$use$ based$on$the$name$of$the$ratio$–$these$are$the$ calculations$I$am$expecting$ • Understand$when$to$use$operating$income,$if$given,$and$ when$to$use$EBIT$as$discussed$in$class$–$regardless$of$ the$wording$of$the$formula$–$think$about$what$ information$you$are$trying$to$find$ • Use$annual$averages$for$the$balance$sheet$accounts$ for$all$of$the$ratios$(use$the$Average$Function$–$you$are$ averaging$the$beginning$and$ending$numbers$for$each$ year)$ • Calculate$ALL$ratios$–$do$not$use$ratios$presented$on$ financial$sites$or$on$Mergent$ • Effective$tax$rate$=$taxes$/$taxable$income$–$don’t$look$ it$up$somewhere$ • Presentation$Format$–$make$sure$you$present$each$ ratio$properly$(if$you$don’t$see$the$units$next$to$the$ ratio$name$it$is$supposed$to$be$a$%),$use$the$ appropriate$round$function$in$Excel$for$the$“period”$ ratios,$display$everything$else$to$two$decimal$places$but$ DON’T$use$the$round$function$ • Auto$grading$–$I$will$be$comparing$the$cells$in$your$ ratio$table$with$the$correct$answers$–$failure$to$follow$ the$guidelines$provided$may$cause$your$answers$to$be$ shown$as$incorrect$–$I$will$NOT$be$tracing$all$of$your$ formulas$to$try$and$figure$out$if$you$did$them$correctly$ but$didn’t$follow$the$guidelines$ Additional$Ratios$e$Required$ • Include$additional$ratios$that$you$found$that$look$ relevant$to$the$analysis$–$pay$particular$attention$to$ ratios$on$the$common$size$statements$that$may$be$very$ different$between$your$company$and$the$peer$group$ • You$may$also$want$to$calculate$other$ratios$presented$in$ the$book$or$that$you$find$online$if,they,make,sense,for, the,area,of,greatest,weakness,(make$sure$they$add$value$ to$the$analysis$–$ROA,$total$debt$ratio,$and$debt/equity$ FIN$410$–$Summer$2016$ $ ! ratio$do$NOT$provide$any$additional$information$over$ the$ratios$already$required$and$will$NOT$count$as$ additional$ratios)$ • Identify$whether$the$ratio$would$be$relevant$to$ operating$efficiency,$asset$management,$or$financial$ leverage$in$the$column$indicated$ ALL$calculations$must$be$done$in$Excel$and$I$must$be$able$to$ click$on$the$cell$reference$and$see$the$calculation$–$if$I$only$see$ numbers$where$a$calculation$should$be$I$will$assume$that$ the$information$was$copied$from$somewhere$else$and$I$will$ file$an$academic$integrity$violation$ References$ o You$MUST$have$a$tab$that$has$properly$formatted$APA$references$ included$in$a$text$box$ o You$may$want$to$use$the$bibliography$and$citation$function$in$Word$to$ help$you$format$your$references$ ! Note$that$it$is$not$perfect$and$you$need$to$go$back$through$and$ make$sure$that$everything$is$in$the$proper$format$$ ! You$will$also$need$to$add$the$letters$after$the$year$when$you$ have$multiple$sources$with$the$same$author$in$the$same$year$ o You$MUST$provide$citations$–using$APA$citation$formate$for$all$data$in$ the$balance$sheet$and$income$statement$ o You$can$provide$one$citation$for$each$set$of$balance$sheets$and$income$ statements–$you$do$not$have$to$cite$each$line$item$in$the$statements$ o Reference$for$the$data$that$I$am$providing:$ $ EtlingePaulsen,$C.$(2016).$SIC$7363$Sample$Peer$Group$Spreadsheet.$Retrieved$date$ from$FIN$410$Blackboard$Course$https://ut.blackboard.com.$ $ o Examples$for$references$from$previous$projects$will$be$provided$–$ also$look$at$Purdue$Owl.$Note$that$you$will$have$a$SEPARATE$set$of$ references$for$the$spreadsheet$and$for$the$written$document.$The$ references$for$each$document$MUST$only$include$those$sources$used$ for$that$document.$ o This$is$the$first$thing$I$will$look$for.$If$EITHER$the$reference$tab$ with$the$references$or$the$citations$on$the$data$tabs$are$missing,$I$ will$stop$grading$and$I$will$file$an$academic$integrity$violation.$ You$will$receive$a$zero$on$the$entire$assignment,$spreadsheet$and$ report,$if$this$is$your$first$violation$at$the$University$or$an$F$in$the$ course$if$it$is$your$second$violation$at$the$University.$$ • General$expectations$ o All$spreadsheets$should$be$organized$and$easy$to$follow$ o You$should$check$spelling$–$use$the$spell$check$in$Excel$–$Don’t$worry$ about$changing$misspelled$words$in$the$statements$that$you$ download$ • FIN$410$–$Summer$2016$ $ o Remember$that$this$MUST$be$individual$work$ o I$will$expect$you$to$use$information$from$the$notes$to$financial$ statements$(sec.gov)$where$appropriate$–$note$that$since$companies$ are$structured$differently$they$may$not$all$have$the$same$information$ ! if$you$cannot$find$one$piece$of$data,$i.e.,$redeemable$preferred$ stock$for$the$cash$flow/debt$ratio,$then$assume$0$ ! if$the$missing$data,$i.e.,$it$is$0,$makes$it$impossible$to$calculate$a$ ratio,$put$N/A$in$the$table$–$I$recommend$using$the$=ierror($$ function$in$Excel$to$help$with$this$–$if$there$is$not$a$line$item$for$ the$data$at$all,$then$just$type$in$the$N/A$ ! make$sure$you$really$look$for$the$information$–$if$I$find$it$on$ Mergent$or$in$the$notes$and$you$do$not$use$it,$then$you$will$ lose$points$ Expectations$(Requirements)$–$Report$ • General$format$should$be$similar$to$the$sample$format$provided$including$ margins,$font$style/size,$heading$styles,$etc.$–$make$sure$the$headings$make$ sense$for$the$required$content$–$they$will$not$be$the$same$as$the$headings$in$ the$sample$–$BE#SURE#TO#FOLLOW#THE#REQUIRED#SECTIONS#AND# INFORMATION#LISTED#BELOW#–#THE#REQUIREMENTS#ARE#DIFFERENT# THAN#THE#SEMESTER#THAT#THE#SAMPLE#REPORT#FORMAT#WAS# CREATED$ o Length$including$tables$and$figures$–$no$more$than$four$pages,$single$ spaced$–$I,will,not,read,beyond,four,pages$ o Short$and$concise$is$better$–$four$pages$is$only$to$provide$enough$ space$for$well9designed,tables,and,figures,that,provide,relevant, information$but$you$may$not$need$that$much$space$if$you$choose$your$ words$carefully$ o Concise$is$important$but$make$sure$that$you$provide$all$required$ information$and$your$purpose$is$clear$ o The$Cover$Page$and$the$Works$Cited$do$not$have$to$be$within$the$four$ page$limit$ o Make$sure$to$follow$APA$style$“works$cited”$and$citations$–$ONLY$ include$sources$for$information$presented$in$the$report,$this$should$ not$be$the$same$reference$table$as$in$the$spreadsheet$–$you$do$not$ need$to$provide$a$source$for$your$calculationse$only$for$data$or$ information$that$you$present$that$is$taken$directly$from$another$ source$ o The$first$thing$I$will$look$for$in$the$report$is$a$Works$Cited$section$ and$inPtext$citations.$If$EITHER$the$works$cited$section$or$a$ substantial$number$of$necessary$inPtext$citations$are$missing,$I$ will$stop$grading$and$I$will$file$an$academic$integrity$violation.$ You$will$receive$a$zero$on$the$entire$assignment,$spreadsheet$and$ report,$if$this$is$your$first$violation$at$the$University$or$an$F$in$the$ course$if$it$is$your$second$violation$at$the$University.$$ FIN$410$–$Summer$2016$ $ • • • o Make$sure$that$everything$is$contained$within$proper$margins$and$ that$it$would$print$well$in$black$and$white$–$this$is$especially$ important$if$you$use$color$in$your$figures$ You$are$writing$the$report$to$Scott$J.$Freidheim,$Chief$Executive$Officer$and$ President$and$Michael$S.$Castleman,$Chief$Financial$Officer$of$the$company$$ Required$Sections$ o Introduction$–$this$should$identify$the$purpose$of$the$document$and$ your$key$findings$ o Basic$DuPont$Analysis$that$presents$ROE$and$the$three$main$ratios$ ! Present$one$table$with$the$information$for$these$ratios$for$CDI$ Corp.$and$the$peer$group$for$all$three$years$ ! You$may$also$include$figures$IF$they$add$to$the$story$that$you$ are$telling$ ! Briefly$discuss$what$these$ratios$tell$you$about$the$broad$areas$ of$strength$and$weakness$ ! This$discussion$should$lead$directly$to$the$area$where$you$are$ going$to$focus$your$recommendation$ o Detailed$discussion$of$the$area$for$improvement$ ! Present$the$ratios$that$you$looked$at$in$more$detail$to$help$you$ determine$the$specific$area(s)$most$in$need$of$improvement$e$ use$tables$and$figures$as$appropriate$ • This$should$be$within$the$broad$area$of$greatest$ weakness$identified$in$the$DuPont$Analysis$ • Do$NOT$spend$space$discussing$all$of$the$ratios$ calculated$–$focus$on$what$is$relevant$to$the$ recommendation$ ! Discuss$the$issues$that$you$see$ • Be$sure$to$consider$more$than$just$the$ratios$–$what$ business$is$the$company$in,$how$is$it$impacted$by$the$ economy,$are$there$global$issues$that$it$needs$to$ consider$ • You$may$want$to$think$about$doing$a$SWOT$analysis$to$ help$you$clarify$your$thoughts$ • Be$sure$to$read$the$information$in$the$10ek$beyond$the$ notes$to$determine$what$the$company$is$already$doing,$ what$they$have$planned,$and$what$they$have$already$ identified$as$risk$factors$ o Recommendation$ ! Discuss$your$recommendation$based$on$your$analysis$in$the$ previous$section$ ! Make$sure$that$it$is$specific,$for$example$if$you$identify$that$the$ receivables$period$is$long$–$don’t$just$say$increase$sales$or$ decrease$the$receivables$period$$ Audience$ o You$work$for$the$company$–$write$that$way$ FIN$410$–$Summer$2016$ $ $ o Remember$that$your$audience$is$individuals$in$the$highest$level$of$ management$of$the$firm$ o Don’t$waste$their$time$with$unnecessary$information$or$explanation$ o Things$to$do:$ ! Be$insightful,$direct,$confident,$and$persuasive$ ! Provide$tables$and$figures$that$are$informative$and$allow$the$ reader$to$visualize$the$information$that$you$are$presenting$ • Make$sure$they$are$properly$numbered,$titled,$ captioned,$etc.$and$that$they$follow$APA$guidelines$–$ LOOK$at$Purdue$Owl$for$guidance$ • Discuss$your$analysis$of$the$information$–$what$is$your$ insight$and$why$does$it$matter$for$the$company$ ! Use$bullet$points$for$lists$ ! Generally$have$more$than$one$paragraph$in$a$section,$except$ maybe$the$introduction$ ! Use$active$voice$ ! Edit$for$clarity$ o Things$to$avoid:$ ! “After$thorough$analysis…”$or$anything$similar$–$it$is$assumed$ that$you$did$a$thorough$analysis$since$that$is$what$you$were$ hired$to$do$ ! Formulas$or$definitions$or$other$things$that$are$typical$when$ you$are$trying$to$show$your$professor$that$you$read$the$book$ ! Repeating$information$contained$in$a$table$in$the$text$$without$ providing$additional$insight$–$they$can$read$the$numbers$in$the$ tables$and$figures$ ! Presenting$tables$or$figures$that$are$not$discussed$–$why$is$this$ information$relevant$to$the$reader?$ ! Too$much$repetition$–$it$is$only$4$pages$–$they$won’t$forget$ what$you$said$ ! Misspelled$words$or$the$wrong$words$ • Common$misspellings$or$words$used$incorrectly:$loose$ vs.$lose;$except$vs.$accept;$form$vs.$from$ • Never$use$a$thesaurus$without$a$dictionary$as$well$–$ many$words$are$synonyms$in$some$instances$but$not$ others$–$make$sure$you$don’t$use$them$inappropriately$ • Don’t$just$look$for$the$red$squiggly$line$–$proofread$ carefully$ ! Sentence$fragments$and$runeon$sentences$ ! Too$many$adjectives,$adverbs$or$other$modifiers$ o Note$that$to$edit$and$proofread$carefully,$you$need$to$have$the$first$ draft$finished$well$before$the$deadline$ o Write$as$if$your$job$depends$on$the$impression$that$you$make$ FIN$410$–$Summer$2016$ $ Course$Learning$Objectives:$ This$assignment$helps$support$the$course$learning$objectives$related$to$completing$a$Du$ Pont$Analysis$(1),$communication$(8)$and$spreadsheets$(9).$ $ CDI Corp. (NYS: CDI) Exchange rate used is that of the Year End reported date As Reported Annual Balance Sheet PV of Operating Leases (2.185% inflation) Report Date Currency Audit Status Consolidated Scale Cash & cash equivalents Accounts receivables, gross Less: reserve for doubtful accounts Accounts receivable, net Prepaid expenses & other current assets Prepaid income taxes Deferred income taxes Total current assets Computer equipment Equipment & furniture Software Leasehold improvements Property & equipment, at cost Less: accumulated depreciation Property & equipment, net Deferred income taxes Goodwill Other intangible assets, net Other non-current assets Total assets Cash overdraft Short-term borrowings Accounts payable Accrued compensation & related expenses Other accrued expenses & other current liabilities Accrued customer rebates Income taxes payable Total current liabilities Deferred compensation Deferred income taxes Other long-term liabilities Total liabilities Common stock Additional paid-in capital Retained earnings (accumulated deficit) Accumulated other comprehensive income (loss) Less: common stock in treasury, at cost Total CDI Corp. shareholders' equity Noncontrolling interest $33,297.97 12/31/2015 USD Not Qualified Yes Thousands 16932 207627 1942 205685 12577 5126 240320 49488 20485 25129 8567 103669 84941 18728 3228 45794 20427 10600 339097 18831 30262 34464 19903 323 103783 7723 1530 4818 117854 2216 74774 210875 -14135 52487 221243 - Cost of Debt at 5% 12/31/2014 USD Not Qualified Yes Thousands 36324 221528 1950 219578 8302 753 4138 269095 49220 19443 30404 8096 107163 86813 20350 9203 50630 12424 10518 372220 1250 30071 36005 14502 1015 82843 9094 1034 4896 97867 2208 72023 258113 -6207 52487 273650 703 Total equity 221243 274353 $34,962.87 12/31/2013 USD Not Qualified 12/31/2012 USD Not Qualified Yes Thousands 45479 233506 2893 230613 8033 2378 4724 291227 46427 19429 28249 8935 103040 82512 20528 5260 62280 15157 11355 405807 2812 38019 46123 16037 245 103236 9393 2994 5010 120633 2196 70104 265207 -712 52487 284308 866 Yes Thousands 43652 226193 2563 223630 10515 698 3850 282345 40281 18881 29538 8549 97249 75159 22090 7061 62009 16782 10418 400705 2751 41157 43571 12825 2145 1759 104208 8398 1875 6444 120925 2182 67863 259912 1501 52487 278971 809 285174 279780 CDI Corp. (NYS: CDI) Exchange rate used is that of the Year End reported date As Reported Annual Income Statement Report Date Currency Audit Status 12/31/2015 USD Not Qualified Consolidated Yes Scale Thousands Revenue 985494 Cost of services 800593 Gross profit 184901 Operating & administrative expenses 187433 Restructuring & other related costs 4217 Impairment 21537 Loss on disposition 310 Operating profit (loss) -28596 Other income (expense), net 61 Earnings (loss) from continuing operations before income tax - U.S. -20758 Earnings (loss) from continuing operations before income tax - foreign -7777 Earnings (loss) before income taxes -28535 Current federal income taxes -3742 Current state income taxes -56 Current foreign income taxes 1732 Total current income taxes -2066 Deferred federal income taxes 6224 Deferred state income taxes 4417 Deferred foreign income taxes -24 Total deferred income taxes 10617 Income tax expense (benefit) 8551 Net earnings (loss) -37086 Less: earnings (loss) attributable to the noncontrolling interest 83 Net earnings (loss) attributable to CDI Corp. -37003 Weighted average shares outstanding - basic 19676 Weighted average shares outstanding - diluted 19676 Year end shares outstanding 19700 Net earnings (loss) per share - basic -1.88 Net earnings (loss) per share - diluted -1.88 Number of staff employees 900 Number of billable employees 7500 Number of employees 8400 Number of common stockholders 343 Number of beneficiary stockholders 5000 Foreign currency translation adjustments -8192 12/31/2014 USD Not Qualified Yes Thousands 1122972 916415 206557 182873 3645 14653 5386 -228 -5488 10646 5158 3854 729 2865 7448 -4284 -822 -201 -5307 2141 3017 65 3082 19577 19790 19621 0.16 0.16 800 8600 9400 344 3500 - 12/31/2013 USD Not Qualified Yes Thousands 1087859 881218 206641 180009 5716 20916 -268 15290 5358 20648 3040 870 1884 5794 328 1669 -91 1906 7700 12948 -64 12884 19442 19739 19495 0.66 0.65 900 9000 9900 360 4000 - CDI Corp. (NYS: CDI) Exchange rate used is that of the Year End reported date As Reported Annual Cash Flow Report Date Currency Audit Status 12/31/2015 USD Not Qualified Consolidated Yes Scale Thousands Net income (loss) -37086 Depreciation Amortization Depreciation & amortization 11679 Deferred income tax expense (benefit) 10603 Stock-based compensation 2355 Impairment 21537 Loss on disposition 310 Loss (gain) on disposal of assets -764 Accounts receivable, net 17183 Prepaid expenses & other current assets -3155 Accounts payable -1528 Accrued compensation & related expenses -1504 Accrued expenses & other current liabilities 2391 Income taxes receivable/payable -5350 Other non-current assets -2180 Deferred compensation Other non-current liabilities -226 Net cash flows from operating activities 14265 Additions to property & equipment -7940 Acquisitions, net of cash acquired -32174 Proceeds from disposition 430 Proceeds from sale of assets 1236 Other investing activities Net cash flows from investing activities -38448 Dividends paid to shareholders -10235 Payment of acquisition related earn out Borrowings on credit facility 88677 Repayments on credit facility -70967 Payment of debt issuance costs -1437 Change in book overdraft Common shares withheld for taxes -302 Excess tax benefit from share-based compensation awards 52 Net cash flows from financing activities 5788 Effect of exchange rate changes on cash -997 Net increase (decrease) in cash & cash equivalents -19392 Cash & cash equivalents at beginning of period 36324 Cash & cash equivalents at end of period 16932 12/31/2014 USD Not Qualified Yes Thousands 3017 9220 1497 -5332 2708 14653 306 5753 -1273 -6962 -11131 2123 339 -30 -100 14788 -8774 75 -8699 -10176 -187 115544 -116893 -1709 -498 148 -13771 -1473 -9155 45479 36324 Cash paid for interest Cash paid (received) for income taxes, net 291 3259 147 4845 12/31/2013 USD Not Qualified Yes Thousands 12948 8721 1625 1986 2827 317 -9301 2488 -4751 3823 -3505 388 -32 -1434 16100 -7529 142 -7387 -7589 77619 -77405 1709 -858 143 -6381 -505 1827 43652 45479 133 9384 Peer Group Balance Sheet Market Cap Weighted Average Report Date Scale 12/31/2015 Thousands Cash & equivalents 460,673 Trade accounts receivable, gross 2,931,068 Less: allowance for doubtful accounts 63,424 Trade accounts receivable, net 2,867,645 Prepaid expenses & other current assets 88,424 Deferred taxes Total current assets 3,416,742 Equipment, furniture & fixtures 110,997 Computer hardware & software 137,952 Leasehold improvements 169,262 Property & equipment, other 25,145 Property & equipment, gross 443,355 Accumulated depreciation 326,790 Net property & equipment 116,566 Goodwill, net 984,220 Intangibles, net 295,130 Other assets 512,834 Total assets 5,325,492 Accounts payable & accrued liabilities 1,085,693 Short-term borrowings 36,019 Other current liabilities 1,163,970 Total current liabilities 2,285,681 Long-term debt 668,637 Other long-term liabilities 397,351 Common stock 7,273 Paid-in capital 2,083,384 Earnings invested in the business 1,393,686 Treasury stock, at cost 1,384,413 Accumulated other comprehensive income (loss) 167,737 Total stockholders' equity 1,932,193 12/31/2014 Thousands 449,772 2,857,042 71,291 2,785,751 106,631 41,864 3,384,018 117,576 144,504 177,315 29,329 468,726 351,717 117,008 803,598 235,868 464,390 5,004,882 1,007,464 46,581 1,192,870 2,246,916 349,968 324,228 7,208 2,007,045 1,181,744 1,024,077 88,150 2,083,770 12/31/2013 Thousands 481,440 2,924,687 75,098 2,849,589 114,868 50,217 3,496,114 126,454 149,015 201,463 30,688 507,620 382,255 125,366 814,199 255,666 356,478 5,047,822 992,350 28,892 1,293,771 2,315,013 383,984 283,220 7,213 1,966,237 962,194 930,360 60,321 2,065,605 12/31/2012 Thousands 416,352 2,858,062 75,013 2,783,049 118,328 46,686 3,364,413 128,655 145,249 196,334 30,115 500,353 366,431 133,922 766,307 263,912 287,047 4,815,601 949,266 201,628 1,249,307 2,400,201 377,878 263,075 7,211 1,875,087 802,262 936,628 26,513 1,774,447 Peer Group Income Statement Market Cap Weighted Average Report Date 12/31/2015 Thousands Scale Revenue from services 13,218,162 Cost of services 10,893,897 Gross profit 2,324,266 Selling, general & administrative expenses 1,793,302 Depreciation, Amortization and Asset impairment 62,930 Earnings (loss) from operations 468,033 Interest expense 29,536 Interest income 1,583 Other non-operating income (expense) 3,142 Earnings (loss) from operations before taxes 443,222 Income tax expense (benefit) 161,084 Earnings (loss) from discontinued operations, net of taxes 5,928 Net earnings (loss) 288,066 Less: Earnings allocated to participating securities Net earnings available to common shareholders 288,066 Number of full time employees 18,624 Number of temporary employees 98,758 Total number of employees 117,382 12/31/2014 Thousands 14,058,734 11,636,507 2,422,227 1,880,067 63,580 478,580 25,400 2,782 4,623 451,338 167,143 413 283,782 112 283,670 17,925 96,642 114,567 12/31/2013 Thousands 13,668,734 11,348,881 2,319,854 1,900,813 68,190 350,851 30,193 2,336 2,178 320,816 122,276 6,815 205,356 240 205,116 17,256 93,444 110,700 FY 2015 CDI Corp Peer 12/31/2015 12/31/2015 FY 2014 CDI Corp Peer 12/31/2014 12/31/2014 ROE Operatng Efficiency Net Profit Margin Gross Profit Margin EBITDA Margin Operating Profit Margin Pre-tax Margin Revenue per employee ($) Net income per employee ($) Effective tax rate Asset Management Total Asset Turnover (times) Receivables Turnover (times) Receivables Period (days) Inventory Turnover (times) Inventory Period (days) Net Fixed Asset Turnover (times) PPE Turnover (times) Payables Turnover (times) Payables Period (days) Cash Ratio (times) Current Ratio (times) Quick Ratio (times) Operating Cycle (days) Cash Cycle (days) Financial Leverage Equity Multiplier (times) Long-Term Debt/Equity Ratio (times) Interest-bearing Debt/Equity Ratio (times) Long-Term Debt Ratio (times) Times Interest Earned Ratio (times) Cash Coverage Ratio (times) Cash Flow to Debt Ratio (times) N/A Additional Ratios N/A FY 2013 CDI Corp 12/31/2013 FY 2013 Peer 12/31/2013 N/A Firm Area Etling-Paulsen, C. (2016). SIC 7363 Sample Peer Group Spreadsheet. Retrieved June 10, from FIN 410 Blackboard Course https://ut.blackboard.com CDI Corp. (2015a.) Balance Sheets Fiscal Years 2012 – 2015. Retrieved June 10, 2016, fr Mergent Online: http://www.mergentonline.com.esearch.ut.edu CDI Corp. (2015b.) Income Statements Fiscal Years 2013 – 2015. Retrieved June 10, 201 from Mergent Online: http://www.mergentonline.com.esearch.ut.edu CDI Corp. (2015c.) Statement of Cash Flows Fiscal Years 2013 – 2015. Retrieved June 10 2016, from Mergent Online: http://www.mergentonline.com.esearch.ut.edu CDI Corp. (2015c.) Notes to Consolidated Financial Statements: Leased Property 10 December 31, 2015. Retrieved June 10, 2016 from Securities and Exchange Commission: http://www.sec.gov preadsheet. Retrieved June 10, 2016, blackboard.com 15. Retrieved June 10, 2016, from 2015. Retrieved June 10, 2016, 2015. Retrieved June 10, ments: Leased Property 10-k dated 6 from Securities and Exchange
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