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ATH Technologies Template

ATH Technologies saw strong revenue growth from 2007 to 2017 but struggled with profitability in early years. Revenue grew from $9,000 in 2007 to over $195 million in 2016 before declining in 2017. Net losses were incurred from 2007 to 2013 before turning to profits from 2014 to 2016. Headcount grew from 17 to 670 over this period. R&D and sales/marketing expenses decreased as percentages of revenue over time but remained substantial. The company acquired other assets like goodwill and faced debt levels, though ended 2017 with a small cash position. An earn-out agreement for an acquisition significantly exceeded original projections, resulting in a $227 million loss in present value.

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111 views2 pages

ATH Technologies Template

ATH Technologies saw strong revenue growth from 2007 to 2017 but struggled with profitability in early years. Revenue grew from $9,000 in 2007 to over $195 million in 2016 before declining in 2017. Net losses were incurred from 2007 to 2013 before turning to profits from 2014 to 2016. Headcount grew from 17 to 670 over this period. R&D and sales/marketing expenses decreased as percentages of revenue over time but remained substantial. The company acquired other assets like goodwill and faced debt levels, though ended 2017 with a small cash position. An earn-out agreement for an acquisition significantly exceeded original projections, resulting in a $227 million loss in present value.

Uploaded by

amit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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ATH Technologies Performance Ratios

In thousands (except headcount)


Start-up Growth Push Focus on Process New Management
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Income statement
Net sales $ 9 $ 354 $ 1,684 $ 5,377 $ 12,641 $ 23,349 $ 95,831 $ 140,080 $ 196,492 $ 195,354 $ 117,105
Gross margin (275) (688) (1,148) 338 (774) 3,288 57,896 88,600 122,795 115,536 68,088
Marketing & sales 38 386 1,595 2,965 5,404 12,666 21,308 33,188 37,491 35,208 33,485
Research & development 1,009 1,716 2,827 4,284 8,299 13,342 10,474 19,052 20,580 23,544 16,718
Net income (loss) (1,561) (4,000) (7,057) (8,829) (18,114) (30,525) 13,813 32,162 44,611 12,061 (2,406)

Balance sheet
Cash and short-term investments $ 1,300 $ 7,643 $ 10,560 $ 2,341 -$ 545 $ 546 $ 1,778 $ 5,156 $ 12,526 $ 141,276 $ 593
Other current assets 167 839 1,570 2,280 912 11,291 607 39,829 51,987 48,308 23,200
Net fixed assets 613 1,698 2,149 2,523 7,676 13,030 10,568 16,351 14,110 11,606 2,471
Goodwill and trademarks - - - - - - - - - 186,321 171,748
Total assets 2,425 10,557 14,839 7,755 16,509 25,236 35,048 61,576 79,630 391,989 200,429

Long-term debt - - - - $ 24,046 $ 61,758 $ 52,744 $ 41,266 $ - $ 128,700 -$ 10,819


Common stock 4,745 16,081 26,493 26,493 26,493 26,493 25,493 26,493 30,752 228,141 242,041
Retained earnings (2,570) (6,570) (13,627) (22,456) (40,570) (71,096) (57,283) (25,123) 11,418 130 (29,999)

Headcount (year-end) 17 41 65 95 221 252 356 619 636 670 289

Performance Measures
R&D/Sales 11211% 485% 168% 80% 66% 57% 11% 14% 10% 12% 14%
Sales & Marketing/Sales 422% 109% 95% 55% 43% 54% 22% 24% 19% 18% 29%
Net income/Sales -17344% -1130% -419% -164% -143% -131% 14% 23% 23% 6% -2%
Gross margin -3056% -194% -68% 6% -6% 14% 60% 63% 62% 59% 58%

Sales/Headcount $ 0.5 $ 8.6 $ 25.9 $ 56.6 $ 57.2 $ 92.7 $ 269.2 $ 226.3 $ 308.9 $ 291.6 $ 405.2

Revenue Growth 3833% 376% 219% 135% 85% 310% 46% 40% -1% -40%
Scepter Earn-out Payments (Millions)
Targets Actuals
2013 2014 2015 2013 2014 2015
Targets
Sales $ 82 $ 148 $ 215 $ 96 $ 140 $ 196
Earnings 11 34 47 14 32 45

Bonus
Sales $ 20 $ 25 $ 30
Earnings 20 25 30

Payments: Original Assumptions


2011 $ 120 Original Cash 2011 (18)
2012 35 FDA Approval 2012 (31)
2013 40 Target met 2013 11
2014 47 p.9 2014 34
2015 42 2015 47
Total $ 284 Perpetuity 940

Present value $ 255 $664

Current value: $28

Gain/(Loss): -$227

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