1 1
November 2015
5
Unique Business Model: “New-to-the-Aftermarket”
Broad Distribution
Global Design, Development and Sourcing Capabilities
Broad Product Portfolio Focuses on ‘Niche’ Offerings
• Virtually no Manufacturing Assets
6
Industry Dynamics
Industry Dynamics
13
Sales (in millions) – 5 year CAGR 16%
EPS – 5 year CAGR 27%
14
Summary Income Statement
Summary Income Statement
Nine Months
Fiscal Year
2014
2015
2013
2014
Net Sales
$
577,495
$
598,123
$ 751,476
664,466
$
Gross Profit
220,484
230,257
260,968
287,201
Margin
38.2%
38.5%
39.3%
38.2%
SG&A
108,361
118,470
133,029
146,467
Op. Income
112,123
111,787
127,939
140,734
Margin
19.4%
18.7%
19.3%
18.7%
Int. and Other
160
152
189
204
Income Taxes
40,632
41,093
45,830
50,543
15
Summary Balance Sheet
Summary Balance Sheet
December September 2014 2015 Cash 47,656$ $ 79,321 AR 206,035 199,257 Inventory 173,523 195,250 Other current assets 28,250 29,958 P,P & E, net 82,270 86,308 Goodwill and other assets 42,634 49,211 Total Assets $ 580,368 $ 639,305Debt $ - $
16 ► Historical cap ex 2‐2.5% of sales excluding one‐time projects ► $150 million share repurchase program through Dec 2016 • $103.7 million remains at September 2015
Summary Cash Flows
Summary Cash Flows
Nine Months Fiscal Year
2014 2015 2013 2014
Net Income $ 71,331 $ 70,542 $ 81,920 $ 89,987
Dep'n and Amort'n 9,001 11,739 10,159 12,658 Change in AR (8,662) 6,693 (40,791) (25,566) Change in Inventory (12,051) (21,727) (18,537) (13,136) Change in AP (9,168) 377 17,627 (1,558) Other W/C Items (3,045) (10,141) 11,181 (2,745) Operating C/F 47,406 57,483 61,559 59,640 Capital Spending (22,992) (16,534) (24,666) (29,862) Acquisition - (2,000) (1,897) -Share repurchases (41,341) (7,334) (3,489) (43,521) Other Changes 544 50 1,378 806
Net Change in Cash $ (16,383) $ 31,665 $ 32,885 $ (12,937)
