SolarWinds Corporation (SWI) · 10+ Years of Financial Ratios

Profitability	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-1.59	-1.94	0.35	2.88	-0.98	-23.26	-0.28
Return on Capital (%)	- -	- -	- -	5.84	- -	- -	- -	-68.89
Return on Invested Capital (%)	- -	- -	- -	1.98	- -	- -	- -	-1.49
Gross Margin (%)	- -	68.17	70.38	72.61	73.06	68.41	86.66	88.53
EBITDA Margin (%)	- -	44.03	44.84	42.72	37.8	27.45	23.15	30.65
Operating Margin (%)	- -	9.57	13.83	14.5	10.54	-4.57	9.94	19.82
Incremental Operating Margin (%)	- -	9.57	43.33	20.1	-31.98	- -	14,203.13	200.27
Pretax Margin (%)	- -	-8.44	-14.61	2.95	2.97	-13.49	-126.23	4.5
Profit Margin (%)	- -	-11.52	-12.25	2	15.55	-7.15	-129.2	-1.2
Net Income to Common Margin (%)	- -	-11.52	-12.25	2	15.55	-7.15	-129.2	-1.2
Effective Tax Rate (%)	- -	- -	- -	32.22	- -	- -	- -	126.68
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	-367.94	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -

Credit	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	2,260	2,263	1,924	2,020	2,035	1,980	1,276	1,268
ST Debt	17	17	20	34	38	34	24	27
LT Debt	2,243	2,246	1,904	1,986	1,998	1,945	1,252	1,241
Total Debt/EBITDA	- -	7.06	5.15	5.07	5.28	10.04	7.67	5.45
Net Debt/EBITDA	- -	6.19	4.13	4.37	3.98	5.87	6.49	3.95
Total Debt/EBIT	- -	32.48	16.7	14.95	18.94	-60.22	17.85	8.43
Net Debt/EBIT	- -	28.5	13.38	12.87	14.26	-35.25	15.11	6.11
EBITDA to Interest Expense	- -	1.89	2.63	3.69	5.08	3.06	2	2.01
EBITDA-CapEx/Interest Expense	- -	1.81	2.5	3.47	4.57	2.84	1.75	1.97
EBIT to Interest Expense	- -	0.41	0.81	1.25	1.42	-0.51	0.86	1.3
Interest Expense	- -	170	142	108	76	65	83	116
Common Equity/Total Assets	-8.72	-15.11	-7.93	-7.29	-4	-5.85	-37.8	-37.49
Long-Term Debt/Equity (%)	- -	- -	72.78	74.98	66.36	85.03	91.41	86.04
Long-Term Debt/Capital (%)	124.17	154.07	125.93	121.62	110.57	114.47	1,875.94	2,509.16
Long-Term Debt/Total Assets (%)	43.11	42.15	36.65	37.41	34.98	40.59	39.12	38.17
Total Debt/Equity (%)	-434.89	-310.04	73.54	76.26	67.61	86.52	93.19	87.94
Total Debt/Capital (%)	125.11	155.23	127.25	123.7	112.65	116.49	1,912.41	2,564.52
Total Debt/Total Assets (%)	43.44	42.47	37.04	38.05	35.64	41.31	39.89	39.01
Net Debt to Equity	-415.33	-271.99	58.92	65.67	50.89	50.64	78.88	63.71
Net Debt/Capital (%)	126.61	168.24	136.48	119.17	106.67	119.77	-1,964.37	-390.52
EBITDA	- -	321	374	398	385	197	167	233
EBITDA-CapEx	- -	308	355	375	347	183	146	228
Operating Income (Loss)	- -	70	115	135	107	-33	72	150

Liquidity	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.36	0.85	1.03	0.41	0.75	1.77	0.33	0.62
Current Ratio	0.84	1.18	1.35	0.76	1.04	2.08	0.67	0.9
Quick Ratio	0.77	1.11	1.31	0.7	0.99	2	0.55	0.84
CFO/Avg Current Liab	- -	0.76	0.73	0.76	0.85	0.35	0.35	0.4
Common Equity/Total Assets	-8.72	-15.11	-7.93	-7.29	-4	-5.85	-37.8	-37.49
Long-Term Debt/Equity (%)	- -	- -	72.78	74.98	66.36	85.03	91.41	86.04
Long-Term Debt/Capital (%)	124.17	154.07	125.93	121.62	110.57	114.47	1,875.94	2,509.16
Long-Term Debt/Total Assets (%)	43.11	42.15	36.65	37.41	34.98	40.59	39.12	38.17
Total Debt/Equity (%)	-434.89	-310.04	73.54	76.26	67.61	86.52	93.19	87.94
Total Debt/Capital (%)	125.11	155.23	127.25	123.7	112.65	116.49	1,912.41	2,564.52
Total Debt/Total Assets (%)	43.44	42.47	37.04	38.05	35.64	41.31	39.89	39.01
CFO/Total Liabilities	- -	3.84	9.86	11.27	14.41	6.27	8.44	10.14
CFO/CapEx	- -	18.8	13.64	13.02	10.18	11.29	7.45	39.91
Altman's Z-Score	-2.37	-0.22	1.94	2.16	1.79	1.21	-1.11	-0.07

Working Capital	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	8.79	8.97	8.38	8.63	6.86	7.37	7.45
Days Sales Outstanding	- -	41.51	40.67	43.54	42.3	53.18	49.55	48.99
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	24.79	25.44	21.71	17.31	17.98	8.98	7.33
Accounts Payable Turnover Days	- -	14.72	14.35	16.82	21.09	20.31	40.64	49.81
Cash Conversion Cycle	- -	26.79	26.32	26.72	21.21	32.87	8.91	-0.82
Inventory to Cash Days	- -	41.51	40.67	43.54	42.3	53.18	49.55	48.99
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	2,189	2,992	2,465	2,292	1,467	2,080
- Cash & Cash Equivalents	102	278	383	173	370	732	122	285
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2,260	2,263	1,924	2,020	2,035	1,980	1,276	1,268
Enterprise Value	2,156	1,985	3,731	4,839	4,130	3,540	2,595	3,059
Total Capital	1,806	1,458	1,512	1,633	1,807	1,699	67	49
Total Debt/Capital (%)	125.11	155.23	127.25	123.7	112.65	116.49	1,912.41	2,564.52
Total Debt / EV	1.05	1.14	0.52	0.42	0.49	0.56	0.49	0.41
EV/Sales	- -	2.73	4.48	5.19	4.05	4.93	3.61	4.03
EV/EBITDA	- -	6.19	9.99	12.15	10.72	17.94	15.58	13.15
EV/EBIT	- -	28.5	32.39	35.8	38.44	- -	36.28	20.34
EV/Cash Flow to Firm	- -	4.27	10	12.97	5.26	17.69	10.82	20.05
EV/Free Cash Flow to Firm	- -	4.16	9.52	12.21	5.01	16.54	9.96	19.46
Diluted Market Cap	- -	- -	1,023	2,977	2,485	2,276	1,457	2,055
Diluted Enterprise Value	2,158	1,985	2,565	4,824	4,150	3,523	2,612	3,038
EV per Share	- -	14.44	24.47	31.39	26.39	22.24	16.02	18.35
TTM Sales	- -	728	833	933	1,019	719	719	759
TTM EBITDA	- -	321	374	398	385	197	167	233
TTM Operating Income	- -	70	115	135	107	-33	72	150
TTM Cash Flow to Firm	- -	464	373	373	786	200	240	153
TTM Free Cash Flow to Firm	- -	477	392	396	824	214	261	157

Multiples	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	159.7	15.43	- -	- -	- -
Price/Earnings Average	- -	- -	-10.8	158.54	19.43	-53.8	-1.87	-179.06
Price/Earnings High	- -	- -	-12.92	174.27	24.08	-68.74	-2.47	-222.66
Price/Earnings Low	- -	- -	-8.95	113.46	12.91	-42.58	-1.31	-146.39
Price/Book Value	- -	- -	-5.31	-7.73	-10.78	-8.18	-1.21	-1.71
Price/Book Value Average	- -	- -	-5.82	-7.67	-13.58	-9.94	-1.45	-1.35
Price/Book Value High	- -	- -	-6.96	-8.43	-16.83	-12.7	-1.91	-1.68
Price/Book Value Low	- -	- -	-4.82	-5.49	-9.02	-7.87	-1.01	-1.11
Price/Tangible Book Value	- -	- -	-1.08	-1.37	-1.35	-1.68	-1.17	-1.83
Price/Tangible Book Value Average	- -	- -	-1.18	-1.36	-1.69	-2.04	-1.4	-1.45
Price/Tangible Book Value High	- -	- -	-1.42	-1.5	-2.1	-2.61	-1.85	-1.8
Price/Tangible Book Value Low	- -	- -	-0.98	-0.97	-1.13	-1.62	-0.98	-1.18
Price/Sales	- -	- -	1.21	3.19	2.4	3.17	2.03	2.71
Price/Sales Average	- -	- -	1.32	3.17	3.02	3.85	2.42	2.15
Price/Sales High	- -	- -	1.58	3.48	3.74	4.92	3.2	2.67
Price/Sales Low	- -	- -	1.1	2.27	2.01	3.05	1.69	1.76
Price/Cash Flow	- -	- -	3.96	9.93	6.29	14.48	9.43	11.2
Price/Cash Flow Average	- -	- -	4.34	9.85	7.91	17.6	11.26	8.89
Price/Cash Flow High	- -	- -	5.19	10.83	9.81	22.49	14.89	11.06
Price/Cash Flow Low	- -	- -	3.59	7.05	5.26	13.93	7.88	7.27
Price/Free Cash Flow	- -	- -	3.75	9.22	5.82	13.3	8.31	10.93
Price/Free Cash Flow Average	- -	- -	4.11	9.15	7.32	16.17	9.93	8.67
Price/Free Cash Flow High	- -	- -	4.91	10.06	9.08	20.66	13.12	10.79
Price/Free Cash Flow Low	- -	- -	3.4	6.55	4.87	12.8	6.95	7.09
EV/Sales	- -	2.73	4.48	5.19	4.05	4.93	3.61	4.03
EV/Sales Average	- -	2.73	4.73	5.17	4.68	5.61	4.04	3.47
EV/Sales High	- -	2.73	5.29	5.48	5.41	6.69	4.82	4
EV/Sales Low	- -	2.73	4.23	4.26	3.66	4.8	3.31	3.08
EV/EBITDA	- -	6.19	9.99	12.15	10.72	17.94	15.58	13.15
EV/EBITDA Average	- -	6.19	10.54	12.09	12.38	20.44	17.46	11.33
EV/EBITDA High	- -	6.19	11.8	12.83	14.31	24.37	20.84	13.06
EV/EBITDA Low	- -	6.19	9.44	9.97	9.68	17.5	14.3	10.03
EV/EBIT	- -	28.5	32.39	35.8	38.44	- -	36.28	20.34
EV/EBIT Average	- -	28.5	34.18	35.64	44.38	-122.69	40.64	17.52
EV/EBIT High	- -	28.5	38.27	37.82	51.3	-146.23	48.52	20.19
EV/EBIT Low	- -	28.5	30.62	29.39	34.7	-105.02	33.28	15.52
Last Price	- -	- -	14.36	19.41	15.75	14.4	9.06	12.48
High Price	- -	- -	18.8	21.18	24.58	22.36	14.3	12.32
Low Price	- -	- -	13.02	13.79	13.18	13.85	7.57	8.1
Enterprise Value	2,156	1,985	3,731	4,839	4,130	3,540	2,595	3,059
Enterprise Value Average	2,158	1,985	3,938	4,817	4,769	4,033	2,906	2,634
Enterprise Value High	2,158	1,985	4,408	5,112	5,512	4,807	3,470	3,036
Enterprise Value Low	2,158	1,985	3,527	3,973	3,728	3,452	2,380	2,333

Per Share Data Items	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	- -	137	152	154	157	159	162	167
Diluted Weighted Avg Shares	- -	137	71	153	158	158	161	165
Basic Weighted Avg Shares	- -	137	70	153	155	158	161	165
Revenue per Share	- -	5.3	11.88	6.08	6.56	4.55	4.47	4.61
EBITDA per Share	- -	2.33	5.32	2.6	2.48	1.25	1.04	1.41
Operating Income per Share	- -	0.51	1.64	0.88	0.69	-0.21	0.44	0.91
Basic EPS, GAAP	- -	-0.61	-1.45	0.12	1.02	-0.33	-5.78	-0.06
Basic EPS from Cont Ops	- -	-0.61	-1.45	0.12	1.02	-0.41	-5.78	-0.06
Diluted EPS, GAAP	- -	-0.61	-1.43	0.12	1	-0.33	-5.78	-0.06
Diluted EPS from Cont Ops	- -	-0.61	-1.43	0.12	1	-0.41	-5.78	-0.06
Dividend per Share	- -	- -	- -	- -	- -	1.5	- -	- -
Cash Flow per Share	- -	1.69	3.62	1.96	2.51	0.99	0.96	1.11
Free Cash Flow per Basic Share	- -	1.6	3.36	1.81	2.26	0.91	0.83	1.09
Cash & Equivalents per Share	- -	2.02	2.51	1.12	2.37	4.6	0.92	1.74
Book Value per Share	- -	-5.86	-2.7	-2.51	-1.46	-1.76	-7.47	-7.31
Tangible Book Value per Share	- -	-40.88	-13.28	-14.14	-11.7	-8.56	-7.75	-6.84

SolarWinds Corporation

SWI US

11.62

11.62