BlackHawk Network annual revenue was $2.23 b in FY 2017

BlackHawk Network Gross profit (Q1, 2018)405 M

BlackHawk Network Gross profit margin (Q1, 2018), %94.3%

BlackHawk Network Net income (Q1, 2018)-15.8 M

BlackHawk Network EBIT (Q1, 2018)-19.1 M

BlackHawk Network Cash, 24-Mar-2018351.1 M

## Founding Date | 2001 |

## Time since last funding | 4 years ago |

## BlackHawk Network investors | CPP Investments |

BlackHawk Network revenue breakdown by business segment: 15.2% from Incentives & Rewards, 59.3% from U.S. Retail and 25.5% from International

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 1.1b | 1.4b | 1.8b | 1.9b | 2.2b |

| 27% | 25% | 5% | ||

## Cost of goods sold | 86.4m | 143.3m | 170.5m | ||

## Gross profit | 1.1b | 1.8b | 2.1b | ||

| 92% | 92% | 92% | ||

## Sales and marketing expense | 171.6m | 274.8m | 330.0m | ||

## General and administrative expense | 50.8m | 99.4m | 113.6m | ||

## Operating expense total | 968.4m | 1.7b | 2.1b | ||

## EBIT | 83.3m | 78.7m | 87.4m | 23.2m | (4.6m) |

| 7% | 5% | 5% | 1% | 0% |

## Interest expense | 5.6m | 13.2m | |||

## Interest income | 241.0k | ||||

## Pre tax profit | 83.5m | 72.9m | 72.6m | 936.0k | (37.1m) |

## Income tax expense | 29.9m | 27.5m | 26.8m | (4.1m) | 117.8m |

## Net Income | 54.1m | 45.5m | 45.6m | 4.7m | (155.8m) |

- Source: SEC Filings

USD | Q1, 2013 | Q3, 2013 | Q1, 2014 | Q3, 2014 | Q2, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2016 | Q1, 2016 | Q2, 2016 | Q3, 2017 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 185.1m | 206.0m | 233.1m | 269.0m | 283.9m | 319.7m | 372.2m | 352.7m | 366.5m | 391.2m | 361.6m | 407.2m | 463.1m | 419.3m | 429.2m |

## Cost of goods sold | 15.9m | 35.7m | 36.2m | 24.3m | |||||||||||

## Gross profit | 169.1m | 330.7m | 371.0m | 405.0m | |||||||||||

| 91% | 90% | 91% | 94% | |||||||||||

## Sales and marketing expense | 28.3m | 30.5m | 38.8m | 41.7m | 45.8m | 43.6m | 63.1m | 50.0m | 53.3m | 60.5m | 52.3m | 62.8m | 77.7m | 58.7m | 64.2m |

## General and administrative expense | 12.4m | 10.0m | 14.6m | 16.2m | 10.9m | 18.7m | 21.3m | 22.1m | 24.3m | 23.3m | 22.5m | 29.0m | 25.6m | 24.1m | 29.3m |

## Operating expense total | 168.8m | 202.3m | 237.3m | 267.4m | 275.0m | 308.8m | 362.0m | 354.9m | 333.8m | 406.2m | 371.7m | 388.1m | 467.5m | 432.0m | 424.0m |

## EBIT | 300.0k | 3.7m | (4.2m) | 1.7m | 8.9m | 10.9m | 10.2m | (2.2m) | (3.0m) | (15.0m) | (10.1m) | (17.0m) | (4.4m) | (12.7m) | (19.1m) |

| 0% | 2% | (2%) | 1% | 3% | 3% | 3% | (1%) | (1%) | (4%) | (3%) | (4%) | (1%) | (3%) | (4%) |

## Interest expense | 1.0k | 45.0k | 1.1m | 956.0k | 2.8m | 2.6m | 3.2m | 4.1m | 5.7m | 7.1m | 7.4m | ||||

## Interest income | 277.0k | ||||||||||||||

## Pre tax profit | 577.0k | 3.8m | 765.0k | 8.3m | 7.9m | (6.7m) | (23.1m) | (27.1m) | |||||||

## Income tax expense | 318.0k | 1.5m | (1.8m) | 352.0k | 3.3m | 2.6m | 5.1m | (3.3m) | (3.2m) | (7.3m) | (8.4m) | (9.8m) | (4.6m) | (11.9m) | (11.5m) |

## Net Income | 346.0k | (3.6m) | (13.5m) | (15.8m) |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 550.4m | 911.6m | 914.6m | 1.0b | 1.1b |

## Accounts Receivable | 126.4m | 181.4m | 241.7m | 262.7m | 185.0m |

## Prepaid Expenses | 67.5m | 165.4m | |||

## Inventories | |||||

## Current Assets | 1.6b | 1.8b | 1.9b | 2.1b | 2.6b |

## PP&E | 79.7m | 172.6m | |||

## Goodwill | 133.5m | 331.3m | 402.5m | 570.4m | 563.4m |

## Total Assets | 2.0b | 2.5b | 3.1b | 3.6b | 4.1b |

## Accounts Payable | 99.5m | 193.3m | 156.2m | ||

## Short-term debt | 11.2m | 10.7m | |||

## Current Liabilities | 1.7b | 1.8b | 2.0b | 2.2b | 2.8b |

## Long-term debt | 429.0m | 202.4m | |||

## Total Debt | 429.0m | 644.1m | |||

## Total Liabilities | 1.8b | 2.8b | 3.5b | ||

## Common Stock | 13.0k | 56.0k | |||

## Preferred Stock | |||||

## Additional Paid-in Capital | 107.1m | 137.9m | 561.9m | 608.6m | 649.5m |

## Retained Earnings | 117.0m | 162.4m | 208.0m | 228.5m | 72.6m |

## Total Equity | 228.2m | 734.1m | 792.4m | 670.0m | |

## Debt to Equity Ratio | 0.5 x | 1 x | |||

## Debt to Assets Ratio | 0.1 x | 0.2 x | |||

## Financial Leverage | 8.7 x | 4.2 x | 4.5 x | 6.2 x |

- Source: SEC Filings

USD | Q1, 2013 | Q3, 2013 | Q1, 2014 | Q3, 2014 | Q2, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2016 | Q1, 2016 | Q2, 2016 | Q3, 2017 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 75.0m | 103.5m | 134.8m | 219.9m | 299.7m | 219.4m | 276.7m | 214.7m | 213.0m | 264.0m | 300.3m | 214.5m | 295.1m | 304.9m | 351.1m |

## Accounts Receivable | 88.3m | 91.6m | 117.6m | 126.0m | 121.8m | 176.6m | 178.3m | 188.9m | 224.6m | 226.9m | 199.6m | 259.1m | 262.6m | 226.1m | 152.3m |

## Prepaid Expenses | 43.9m | 100.4m | 177.5m | 158.3m | |||||||||||

## Current Assets | 408.0m | 440.2m | 521.9m | 715.7m | 777.1m | 764.0m | 896.8m | 828.6m | 858.6m | 937.4m | 901.8m | 1.0b | 1.2b | 1.2b | 1.1b |

## PP&E | 67.1m | 166.2m | 173.4m | 172.1m | |||||||||||

## Goodwill | 42.7m | 42.7m | 133.6m | 172.9m | 133.1m | 328.5m | 330.5m | 382.8m | 486.5m | 511.8m | 508.6m | 570.3m | 572.9m | 656.3m | 565.9m |

## Total Assets | 589.9m | 648.0m | 914.0m | 1.2b | 1.2b | 1.8b | 1.9b | 2.0b | 2.2b | 2.3b | 2.3b | 2.6b | 2.7b | 2.9b | 2.7b |

## Accounts Payable | 116.9m | 108.6m | 105.5m | 143.9m | 125.1m | ||||||||||

## Short-term debt | 8.7m | 8.7m | 270.5m | 21.8m | 14.9m | ||||||||||

## Current Liabilities | 441.2m | 460.5m | 652.0m | 694.7m | 727.9m | 794.5m | 904.7m | 970.3m | 1.2b | 1.3b | 916.7m | 1.1b | 1.3b | 1.4b | 1.3b |

## Long-term debt | 268.6m | 425.8m | 130.6m | 434.9m | 437.8m | 258.3m | |||||||||

## Total Debt | 8.7m | 8.7m | 268.6m | 425.8m | 431.9m | 434.9m | 437.8m | 703.0m | |||||||

## Total Liabilities | 492.6m | 486.5m | 684.1m | 912.6m | 927.3m | 1.1b | 1.2b | 1.3b | 1.5b | 1.6b | 1.5b | 1.8b | 1.9b | 2.1b | 2.0b |

## Common Stock | 51.0k | 11.0k | 12.0k | 13.0k | 12.0k | 13.0k | 57.0k | 56.0k | 57.0k | ||||||

## Preferred Stock | |||||||||||||||

## Additional Paid-in Capital | 32.8m | 95.2m | 112.5m | 125.3m | 117.5m | 519.7m | 538.4m | 547.2m | 569.7m | 581.7m | 594.7m | 612.3m | 626.7m | 638.0m | 670.8m |

## Retained Earnings | 29.2m | 69.1m | 114.1m | 119.7m | 119.2m | 167.1m | 170.0m | 166.4m | 218.3m | 208.9m | 203.8m | 214.8m | 208.5m | 200.5m | 62.1m |

## Total Equity | 61.1m | 161.5m | 229.9m | 690.3m | 686.5m | 757.3m | 763.0m | 768.3m | 788.6m | 804.6m | 827.8m | 688.6m | |||

## Debt to Equity Ratio | 0.4 x | 0.5 x | 1 x | ||||||||||||

## Debt to Assets Ratio | 0.1 x | 0.2 x | 0.3 x | ||||||||||||

## Financial Leverage | 9.7 x | 4 x | 4 x | 2.8 x | 2.9 x | 2.9 x | 3.1 x | 3 x | 3.2 x | 3.4 x | 3.5 x | 4 x |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 53.7m | 5.0m | (154.9m) | ||

## Depreciation and Amortization | 49.5m | 91.1m | 98.5m | ||

## Accounts Receivable | (21.3m) | 181.0m | (13.0m) | 44.9m | |

## Inventories | |||||

## Accounts Payable | 27.2m | (14.8m) | 8.7m | ||

## Cash From Operating Activities | 28.3m | 361.2m | 3.0m | 185.2m | 345.5m |

## Purchases of PP&E | (30.0m) | (52.3m) | (64.6m) | ||

## Cash From Investing Activities | 353.7m | (289.8m) | (289.1m) | ||

## Short-term Borrowings | (3.0b) | (3.0b) | |||

## Long-term Borrowings | (472.7m) | (18.6m) | |||

## Dividends Paid | (145.0k) | (207.0k) | (455.0k) | ||

## Cash From Financing Activities | 457.0k | 204.1m | 15.5m | ||

## Net Change in Cash | 377.7m | 93.5m | 88.1m | ||

## Interest Paid | 12.8m | 18.0m | |||

## Income Taxes Paid | 29.7m | (2.9m) | 2.6m |

- Source: SEC Filings

USD | Q1, 2013 | Q3, 2014 | Q2, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2016 | Q1, 2016 | Q2, 2016 | Q3, 2017 | Q1, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 346.0k | (3.5m) | (13.4m) | (15.6m) | |||||||

## Depreciation and Amortization | 4.7m | 18.2m | 21.6m | 23.9m | |||||||

## Accounts Receivable | 21.1m | 126.0m | 121.8m | 176.6m | 178.3m | 188.9m | 18.1m | 226.9m | 199.6m | (7.7m) | 29.8m |

## Accounts Payable | (35.2m) | (27.4m) | (4.2m) | (27.1m) | |||||||

## Cash From Operating Activities | (541.8m) | (747.7m) | (766.1m) | (853.1m) | |||||||

## Purchases of PP&E | (6.1m) | (9.2m) | (16.7m) | (15.8m) | |||||||

## Cash From Investing Activities | 448.8m | (122.3m) | (32.8m) | (16.8m) | |||||||

## Short-term Borrowings | (521.8m) | (653.8m) | (127.5m) | ||||||||

## Long-term Borrowings | (46.5m) | (10.0m) | (15.0m) | ||||||||

## Dividends Paid | (83.0k) | ||||||||||

## Cash From Financing Activities | (2.3m) | 166.9m | (1.0m) | 50.7m | |||||||

## Net Change in Cash | (97.6m) | (701.6m) | (793.6m) | (810.7m) |

- Source: SEC Filings

USD | Q1, 2013 |
---|---|

## Financial Leverage | 9.7 x |

BlackHawk Network's Transaction Volume was reported to be $16.7b in FY, 2016.