Morgan Stanley (MS) · 37 Years of Financial statements

Income Statement

Revenue

(1,035)

- -

(1,905)

1,324

1,072

1,266

- -

5,006

5,554

6,420

22,171

16,326

17,617

22,538

27,272

22,948

20,445

22,124

24,690

27,345

34,614

28,026

20,085

23,358

31,622

32,403

24,576

30,706

32,469

33,263

32,711

35,852

37,714

38,926

45,269

56,414

50,210

COGS

- -

1,531

- -

26,123

Gross Profit

- -

20,640

- -

24,087

Gross Profit Ratio

- -

93.09%

- -

47.97%

Operating Expenses

- -

17,523

- -

17,209

20,735

23,702

- -

22,150

25,032

26,117

25,582

27,935

30,684

26,660

25,783

27,542

28,870

30,118

- -

905

R&D Expenses

- -

Selling, G&A Exp.

- -

1,138

1,057

1,396

- -

2,174

2,371

2,717

3,065

7,198

8,047

10,077

12,994

10,655

9,066

9,512

11,009

12,475

15,634

17,365

13,082

17,503

18,295

18,820

18,137

18,683

20,117

18,464

18,252

19,566

20,339

21,691

23,753

25,169

23,958

General and Admin. Exp.

- -

1,138

1,057

1,396

- -

1,704

1,764

1,982

7,921

6,019

6,636

8,398

10,936

9,397

7,933

8,545

9,880

11,313

14,387

16,552

12,306

17,000

17,713

18,218

17,535

18,045

19,459

17,783

17,665

18,957

19,648

21,031

23,319

24,526

23,053

Selling and Marketing Exp.

- -

470

607

735

- -

1,179

1,411

1,679

2,058

1,258

1,133

967

1,129

1,162

1,247

813

776

503

582

602

638

658

681

587

609

691

660

434

643

905

Other Expenses

- -

14,458

- -

4,734

5,101

6,337

- -

4,647

6,737

7,297

7,445

9,252

10,567

8,196

7,531

7,976

8,531

8,427

- -

COGS and Expenses

- -

19,054

- -

27,028

Interest Income

- -

4,507

4,798

5,520

- -

1,909

2,507

3,319

3,587

13,583

16,436

13,755

21,234

24,127

15,866

15,744

18,590

28,175

45,216

60,083

40,725

7,702

7,278

7,264

5,725

5,209

5,413

5,835

7,016

8,997

13,892

17,098

10,162

9,411

21,595

Interest Expense

1,035

- -

1,905

3,378

3,711

3,925

- -

815

1,049

1,515

1,566

10,806

13,514

11,390

18,176

20,779

11,970

12,809

14,859

24,425

41,937

57,302

37,523

7,105

6,521

7,114

6,646

5,426

5,233

5,159

5,040

5,709

10,086

12,404

5,380

1,366

12,268

Depreciation and Amortization

- -

51

59

70

83

338

575

541

727

729

787

637

805

815

876

475

794

1,224

1,419

1,404

1,581

1,511

1,161

1,433

1,736

1,753

1,844

2,643

3,769

4,216

3,998

EBITDA

1,358

364

2,541

4,117

4,181

4,697

- -

1,863

2,322

2,981

4,767

15,418

19,357

19,659

27,429

27,103

17,390

18,780

21,953

32,037

53,560

61,817

40,504

9,339

13,382

14,046

8,056

10,695

9,771

14,919

15,481

17,741

23,028

26,153

23,384

25,164

26,207

EBITDA ratio

(131.17)%

Infinity%

(133.42)%

310.88%

390.04%

371.16%

- -

37.21%

41.81%

46.43%

21.50%

94.44%

109.88%

87.23%

100.58%

118.11%

85.06%

84.89%

88.91%

117.16%

154.74%

220.57%

201.66%

39.98%

42.32%

43.35%

32.78%

34.83%

30.09%

44.85%

47.33%

49.48%

61.06%

67.19%

51.66%

44.61%

52.19%

Operating Income

- -

3,117

- -

17,313

Operating Income ratio

- -

14.06%

- -

34.48%

Total Other Income Exp.(Gains)

- -

(3,224)

Income Before Tax

323

364

637

738

470

773

- -

996

1,215

1,396

3,117

4,274

5,385

7,728

8,526

5,684

4,633

5,334

6,312

7,050

10,772

3,394

2,287

857

6,202

6,114

515

4,482

3,591

8,495

8,848

10,403

11,237

11,301

14,418

19,668

14,089

Income Before Tax ratio

(31.17)%

Infinity%

(33.42)%

55.75%

43.86%

61.04%

- -

19.90%

21.87%

21.74%

14.06%

26.18%

30.57%

34.29%

31.26%

24.77%

22.66%

24.11%

25.57%

25.78%

31.12%

12.11%

11.39%

3.67%

19.61%

18.87%

2.10%

14.60%

11.06%

25.54%

27.05%

29.02%

29.80%

29.03%

31.85%

34.86%

28.06%

Income Tax Expense (Gain)

121

133

242

295

200

297

- -

393

474

540

1,137

1,688

1,992

2,937

3,070

2,074

1,645

1,547

1,803

1,858

3,275

831

480

(336)

739

1,418

(239)

826

(90)

2,200

2,726

4,168

2,350

2,064

3,239

4,548

2,910

Net Income

201

231

395

443

270

475

- -

604

741

856

1,980

2,586

3,276

4,791

5,456

3,521

2,988

3,787

4,486

4,939

7,472

3,209

1,707

1,346

4,703

4,110

68

2,932

3,467

6,127

5,979

6,111

8,748

9,042

10,996

15,034

11,029

Net Income Ratio

(19.45)%

Infinity%

(20.72)%

33.45%

25.22%

37.54%

- -

12.06%

13.34%

8.93%

15.84%

18.60%

21.26%

20.01%

15.34%

14.61%

17.12%

18.17%

18.06%

21.59%

11.45%

8.50%

5.76%

14.87%

12.68%

0.28%

9.55%

10.68%

18.42%

18.28%

17.05%

23.20%

23.23%

24.29%

26.65%

21.97%

EPS

1.41

1.50

2.57

2.81

1.69

2.97

- -

1.12

0.98

1.15

1.40

2.13

2.80

4.33

4.95

3.21

2.76

3.52

4.15

4.70

7.38

3.13

1.54

1.13

2.64

1.25

0.04

1.44

1.80

2.97

2.98

3.16

4.81

5.26

6.55

8.16

6.18

EPS Diluted

1.41

1.50

2.57

2.81

1.69

2.81

- -

1.10

0.97

1.13

1.39

2.08

2.67

4.10

4.73

3.11

2.69

3.45

4.06

4.57

7.07

2.98

1.45

1.13

2.63

1.23

0.04

1.41

1.76

2.90

2.92

3.09

4.73

5.19

6.46

8.03

6.08

Weighted Avg. Shares Outs.

142

154

148

151

148

150

- -

539

756

745

682

1,188

1,152

1,097

1,096

1,086

1,083

1,077

1,080

1,050

1,010

1,002

1,028

1,193

1,361

1,655

1,886

1,906

1,924

1,909

1,849

1,780

1,708

1,617

1,603

1,785

Weighted Avg. Shares Outs. Dil.

142

154

148

151

148

159

- -

549

764

758

687

1,218

1,213

1,160

1,145

1,122

1,110

1,099

1,105

1,080

1,055

1,054

1,096

1,193

1,367

1,675

1,886

1,957

1,971

1,953

1,887

1,821

1,738

1,640

1,624

1,814

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

- -

6,544

8,255

16,878

12,325

18,819

26,596

29,212

29,692

32,811

29,414

50,171

25,598

137,742

55,703

66,795

76,766

77,874

99,086

87,591

85,552

43,381

46,164

51,840

49,659

67,452

86,838

88,362

Short-Term Investments

- -

39,869

53,430

69,316

71,983

80,092

78,802

- -

110,383

102,830

40,481

Cash & Short-Term Investments

- -

6,544

8,255

16,878

12,325

18,819

26,596

29,212

29,692

32,811

29,414

50,171

25,598

137,742

55,703

66,795

76,766

117,743

152,516

156,907

157,535

123,473

124,966

51,840

49,659

177,835

189,668

128,843

Net Receivables

- -

39,264

30,227

26,576

36,922

7,359

11,745

7,142

9,912

18,508

62,146

17,333

24,331

45,587

51,736

54,150

48,669

64,288

57,104

48,961

45,407

46,460

56,187

53,298

55,646

97,737

96,018

- -

Inventory

- -

Other Current Assets

- -

491,696

561,725

721,892

804,463

1,049,791

991,409

285,420

644,740

(33,891)

(38,184)

(84,502)

(59,775)

(32,449)

(4,317)

35,244

70,997

142,934

(37,648)

- -

503,452

- -

Total Current Assets

- -

528,050

601,329

773,211

896,023

1,117,295

1,041,338

468,749

752,179

87,054

87,251

97,529

149,845

173,419

198,625

205,177

252,150

248,072

67,657

- -

789,138

128,843

PP&E

- -

1,705

1,834

2,204

2,685

2,579

2,270

2,433

2,605

5,878

4,086

4,372

5,057

7,067

6,154

6,457

5,946

6,019

6,108

6,373

- -

16

- -

Goodwill

- -

2,243

7,162

6,739

6,686

6,650

6,595

6,588

6,584

6,577

6,597

6,688

7,143

11,635

16,833

16,652

Intangible Assets

- -

895

5,054

4,667

4,285

3,783

3,286

3,159

2,984

2,721

2,448

2,163

2,107

4,980

8,360

7,618

Goodwill and Intangible Assets

- -

3,138

12,216

11,406

10,971

10,433

9,881

9,747

9,568

9,298

9,045

8,851

9,250

16,615

25,193

24,270

Investments

- -

169,008

- -

398,839

465,315

505,731

300,745

325,410

302,484

181,868

254,449

290,515

262,616

276,274

185,357

201,697

175,788

189,698

207,349

237,694

274,449

362,314

373,793

40,481

Tax Assets

- -

Other Non-Current Assets

- -

(399,660)

(466,234)

(506,137)

(304,123)

(326,146)

(302,785)

- -

(254,449)

412,569

382,603

390,778

481,600

410,539

397,111

410,776

383,189

358,914

427,154

- -

Total Non-Current Assets

- -

1,449

1,514

2,199

2,500

3,350

4,071

190,063

19,283

720,644

662,647

683,431

682,857

628,091

588,840

609,772

599,583

605,459

710,853

- -

399,002

64,751

Other Assets

- -

238,860

302,287

317,590

366,967

426,794

482,628

- -

1,115,862

- -

596,243

Total Assets

- -

238,860

302,287

317,590

366,967

426,794

482,628

529,499

602,843

775,410

898,523

1,120,645

1,045,409

658,812

771,462

807,698

749,898

780,960

832,702

801,510

787,465

814,949

851,733

853,531

778,510

1,115,862

1,188,140

789,837

Accounts Payable

- -

25,560

- -

1,724

120,950

2,597

2,572

2,292

127,722

157,125

181,069

186,626

190,513

191,510

179,559

197,834

227,437

228,685

- -

Short-Term Debt

- -

120,402

22,614

28,137

38,242

27,754

32,842

50,789

28,386

36,303

31,120

427,056

335,530

10,483

2,378

3,256

2,843

2,138

2,142

2,261

2,173

941

1,519

1,545

2,567

14,144

10,337

- -

Tax Payable

- -

Deferred Revenue

- -

Other Current Liabilities

- -

58,554

240,925

247,499

282,707

337,318

378,192

400,454

481,180

615,615

727,756

513,247

486,262

- -

526,425

552,202

498,480

403,693

453,939

394,508

369,716

382,670

388,731

402,519

420,852

- -

Total Current Liabilities

- -

204,516

263,539

275,636

320,949

365,072

411,034

451,243

509,566

651,918

758,876

940,303

823,516

131,433

531,400

558,030

503,615

533,553

613,206

577,838

558,515

574,124

581,760

583,623

621,253

241,581

239,022

- -

Long-Term Debt

- -

22,642

24,792

27,435

28,604

42,051

49,668

55,161

65,600

95,286

110,465

190,534

190,624

163,437

193,374

202,910

204,953

169,571

153,575

152,772

153,768

164,775

191,063

188,117

190,060

218,798

232,831

- -

Deferred Revenue

- -

Deferred Tax Liabilities

- -

Other Non-Current Liabilities

- -

400

1,210

2,810

- -

(45,556)

- -

(10,453)

(20,719)

15,727

- -

1,519

1,545

2,567

- -

Total Non-Current Liabilities

- -

22,642

24,792

27,835

29,004

42,451

50,878

56,371

68,410

95,286

110,465

144,978

190,624

163,437

193,374

192,457

184,234

185,298

153,575

152,772

153,768

164,775

192,582

189,662

192,627

218,798

232,831

- -

Other Liabilities

- -

313,111

- -

552,334

609,689

- -

Capital Lease Obligations

- -

20,262

- -

Total Liabilities

- -

227,158

287,332

302,072

349,553

407,123

460,702

506,404

575,166

747,204

869,341

1,085,281

1,014,140

607,981

718,682

742,291

679,820

715,532

763,672

729,406

711,281

737,772

773,267

772,125

812,732

1,012,713

1,081,542

1,079,000

Preferred Stock

- -

1,100

19,155

9,597

1,508

3,220

6,020

7,520

8,520

9,250

7,750

- -

Common Stock

- -

6

- -

12

15

16

20

(26,577)

Retained Earnings

- -

7,070

9,330

12,080

16,285

20,802

23,270

25,250

28,038

31,426

35,185

41,422

38,045

38,096

35,056

38,603

40,341

39,912

42,172

44,625

49,204

53,679

57,577

64,175

70,589

78,694

89,432

94,862

Other Compreh. Income(Loss)

- -

(12)

- -

(190)

(35)

(199)

(125)

(560)

(467)

(157)

(516)

(1,093)

(1,248)

(1,656)

(2,643)

(3,060)

(2,292)

(2,788)

(1,962)

(3,102)

(6,253)

Other Total Stockhold. Equity

- -

4,638

5,625

3,438

717

(1,543)

(2,566)

(3,377)

(3,183)

(3,232)

(5,825)

(7,135)

(7,689)

(6,307)

2,580

9,462

20,337

21,185

21,602

21,483

20,094

17,474

14,334

9,823

5,208

15,779

11,341

38,109

Total Stockholders Equity

- -

11,702

14,955

15,518

17,014

19,271

20,716

21,885

24,867

28,206

29,182

35,364

31,269

50,831

46,688

57,211

62,049

62,109

65,921

70,900

75,182

76,050

77,391

80,246

81,549

101,781

105,441

100,141

Total Liab.&Stockhold. Equity

- -

238,860

302,287

317,590

366,567

426,394

481,418

528,289

600,033

775,410

898,523

1,120,645

1,045,409

658,812

765,370

799,502

741,869

777,641

829,593

800,306

786,463

813,822

850,658

852,371

894,281

1,114,494

1,186,983

1,179,141

Minority Interest

- -

Total Liabilities & Equity

- -

238,860

302,287

317,590

366,567

426,394

481,418

528,289

600,033

775,410

898,523

1,120,645

1,045,409

658,812

765,370

799,502

741,869

777,641

829,593

800,306

786,463

813,822

850,658

852,371

894,281

1,114,494

1,186,983

1,179,141

SEC Link

Link

Cash Flow Statement

Net Income

- -

443

270

475

- -

604

741

856

1,980

2,586

3,276

4,791

5,456

3,521

2,988

3,787

4,486

4,939

7,472

3,209

1,707

1,346

4,703

4,110

68

2,932

3,467

6,127

5,979

6,111

8,748

9,042

10,996

15,034

11,179

Depreciation and Amortization

- -

51

59

70

83

338

575

541

727

729

787

637

805

815

876

475

794

1,224

1,419

1,404

1,581

1,511

1,161

1,433

1,736

1,753

1,844

2,643

3,769

4,216

3,998

Deferred Income Tax

- -

79

23

(71)

- -

(102)

(156)

(93)

(83)

(77)

(55)

(160)

(219)

(427)

55

205

(195)

(1,076)

212

(2,046)

(1,224)

(932)

(129)

413

(639)

(117)

(231)

1,189

1,579

2,747

449

165

(250)

4

(849)

Stock Based Compensation

- -

1,955

1,941

1,878

1,265

1,260

1,300

891

1,180

1,260

1,104

1,136

1,026

920

1,153

1,312

2,085

1,875

Change in Working Capital

- -

903

5,515

(6,634)

- -

341

1,665

169

(62)

5,220

8,209

(5,607)

54,453

(29,765)

(10,792)

2,346

(31,320)

(6,884)

(72,199)

(26,428)

73,508

(48,640)

32,134

(1,910)

21,813

29,412

(4,592)

(6,647)

(8,169)

(16,429)

(4,975)

27,608

(42,277)

12,689

(22,600)

Accounts Receivable

- -

(149)

190

(4,428)

- -

(38,421)

1,786

54,531

(2,445)

(9,568)

1,519

(10,200)

6,774

3,608

(434)

(2,881)

(9,315)

(728)

233

(29,774)

774

- -

Inventory

- -

Accounts Payable

- -

601

2,568

1,111

- -

33,603

71,057

(114,500)

818

761

(6,963)

(1,283)

26,697

27,971

4,373

1,803

2,007

(13,063)

19,942

10,187

7,758

- -

Other Working Capital

- -

379

1,754

196

(204,516)

(263,539)

(275,636)

(320,949)

(365,072)

(411,034)

76,807

91,763

121,293

137,147

(97,137)

(42,810)

139,806

(93,702)

55,320

28,234

16,633

(43,343)

4,679

27,040

(10,729)

(28,614)

29,745

(7,306)

8,933

(3,679)

- -

Other Non-Cash Items

- -

(9,883)

(10,488)

3,473

- -

458

585

474

291

(8,655)

3,364

(28,836)

(62,801)

1,851

1,908

(4,620)

1,718

(29,146)

881

756

(3,246)

(214)

920

1,367

834

635

66

468

186

287

319

162

1,219

(57)

- -

Cash Provided by Operating Activities

- -

(8,459)

(4,679)

(2,757)

- -

1,351

2,894

1,477

2,208

(588)

15,369

(29,271)

(2,384)

(24,091)

(5,054)

2,355

(24,506)

(31,352)

(60,803)

(22,093)

73,417

(45,951)

40,307

6,684

24,548

35,553

1,131

3,674

2,447

(4,505)

7,305

40,773

(25,231)

33,971

(6,397)

CAPEX

- -

(71)

(165)

(211)

- -

(301)

- -

(656)

(836)

(1,998)

(1,124)

(603)

(569)

(540)

- -

(1,469)

(1,400)

(2,877)

(1,201)

(1,304)

(1,312)

(1,316)

(992)

(1,373)

(1,276)

(1,629)

(1,865)

(1,826)

(1,444)

(2,308)

- -

Acquisitions Net

- -

(199)

(183)

- -

(758)

(323)

(2,706)

(693)

2,129

(1,595)

787

- -

1,725

1,147

989

998

- -

3,807

(2,648)

- -

Purchases of Investments

- -

(14,073)

- -

(29,989)

(20,601)

(24,477)

(30,557)

(32,623)

(47,291)

(50,911)

(23,962)

(27,800)

(42,586)

(59,777)

(69,571)

6,092

Sales/Maturities of Investments

- -

4,272

- -

1,246

19,998

15,136

16,182

17,631

43,589

42,083

25,576

15,876

29,163

38,267

61,568

- -

Other Investing Activities

- -

(2,773)

(4,401)

(6,025)

(2,799)

(2,528)

3,193

(6,651)

(2,486)

(704)

(5,655)

1,763

(2,338)

(3,798)

361

525

- -

(129)

(3,486)

(9,917)

(20,329)

(15,918)

(9,404)

(12,376)

(9,092)

(18,312)

(18,751)

(36,938)

(17,724)

Cash Used for Investing Activities

- -

(71)

(165)

(211)

- -

(2,773)

(4,401)

(6,025)

(2,799)

(2,528)

3,193

(6,651)

(2,685)

(887)

(5,655)

1,763

(3,096)

(4,121)

(2,345)

(11,438)

729

(4,472)

(29,157)

(2,036)

(12,414)

(24,461)

(35,324)

(19,995)

(19,508)

(12,391)

(22,881)

(33,561)

(37,898)

(49,897)

(11,632)

Debt Repayment

- -

(78)

(3,964)

(7,069)

(6,618)

(9,351)

(11,201)

(6,472)

(13,041)

(11,915)

(16,735)

(20,643)

(33,120)

(56,120)

(33,175)

(33,780)

(39,232)

(43,092)

(38,742)

(33,103)

(27,289)

(30,390)

(35,825)

(34,781)

(40,548)

(50,484)

(70,124)

- -

Common Stock Issued

- -

643

1,192

397

6,255

5,581

- -

994

Common Stock Repurchased

- -

(3,376)

(3,819)

(1,828)

(11,000)

(317)

(227)

(691)

(1,458)

(2,773)

(3,933)

(4,292)

(5,566)

(5,954)

(1,890)

(12,075)

(10,871)

Dividends Paid

- -

(55)

(70)

(86)

- -

(690)

(81)

(102)

(134)

(416)

(519)

(575)

(924)

(1,040)

(1,000)

(994)

(1,096)

(1,180)

(1,167)

(1,219)

(1,227)

(1,732)

(1,156)

(834)

(469)

(475)

(904)

(1,455)

(1,746)

(2,085)

(2,375)

(2,627)

(2,739)

(4,171)

(5,401)

Other Financing Activities

- -

7,890

5,600

4,455

- -

1,807

2,092

4,781

1,337

10,365

(2,351)

38,562

21,838

44,996

20,797

10,397

43,732

49,991

78,883

75,489

40,234

42,676

33,835

35,235

31,891

42,541

58,608

55,882

43,493

58,463

66,927

37,163

138,897

127,917

37,992

Cash Used/Provided by Financing Activities

- -

7,835

5,530

4,370

- -

1,117

2,010

4,679

1,125

5,985

(9,939)

31,369

11,563

32,755

13,325

(3,638)

30,721

32,076

54,340

38,523

(18,544)

3,024

4,163

(5,148)

(11,897)

2,633

23,143

24,365

7,424

16,261

24,205

(11,966)

83,784

41,547

22,714

Effect of Forex Changes on Cash

- -

(2,546)

720

14

(314)

(119)

(202)

(1,804)

(945)

(1,065)

3,670

(1,828)

(271)

2,828

(3,550)

(4,283)

Net Change In Cash

- -

7,835

5,530

4,370

- -

1,117

2,010

4,679

1,125

5,985

(9,939)

(4,553)

6,494

7,777

2,616

480

3,119

(3,397)

(8,808)

4,992

53,056

(46,679)

15,624

(303)

(408)

12,979

(12,899)

7,099

(10,702)

3,035

6,801

(5,025)

23,483

22,071

402

Cash at the End of Period

- -

12,325

18,819

26,596

29,212

29,692

32,811

29,414

20,606

25,598

78,654

31,991

47,615

47,312

46,904

59,883

46,984

54,083

43,381

80,395

87,196

82,171

105,654

127,725

128,127

Cash at the Beginning of Period

- -

1,152

459

1,144

- -

1,135

830

1,334

1,465

5,386

8,255

16,878

12,325

18,819

26,596

29,212

29,692

32,811

29,414

20,606

25,598

78,670

31,991

47,615

47,312

46,904

59,883

46,984

54,083

77,360

80,395

87,196

82,171

105,654

127,725

Free Cash Flow

- -

(8,529)

(4,845)

(2,968)

- -

1,351

2,894

1,477

2,208

(889)

15,369

(29,927)

(3,220)

(26,089)

(6,178)

1,752

(25,075)

(31,892)

(60,803)

(23,562)

72,017

(48,828)

39,106

5,380

23,236

34,237

139

2,301

1,171

(6,134)

5,440

38,947

(26,675)

31,663

(6,397)

SEC Link

Link

Forex Rate

- -

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Morgan Stanley

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