4q17 earnings presentation · this investor presentation contains forward-looking information and...

4Q17 EARNINGS PRESENTATION

NYSE: DOOR

2 2

Safe Harbor / Non-GAAP Financial Measures

SAFE HARBOR / FORWARD LOOKING STATEMENT

This investor presentation contains forward-looking information and other forward-looking statements within the meaning of applicable Canadian and/or U.S. securities laws, including our discussion of

our 2018 outlook, housing and other markets, and the effects of our strategic initiatives. When used in this investor presentation, such forward-looking statements may be identified by the use of such

words as “may,” “might,” “could,” “will,” “would,” “should,” “expect,” “believes,” “outlook,” “predict,” “forecast,” “objective,” “remain,” “anticipate,” “estimate,” “potential,” “continue,” “plan,” “project,”

“targeting,” or the negative of these terms or other similar terminology. Forward-looking statements involve significant known and unknown risks, uncertainties and other factors that may cause the

actual results, performance or achievements of Masonite, or industry results, to be materially different from any future plans, goals, targets, objectives, results, performance or achievements expressed

or implied by such forward-looking statements. As a result, such forward-looking statements should not be read as guarantees of future performance or results, should not be unduly relied upon, and

will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking

statements include, but are not limited to, our ability to successfully implement our business strategy; general economic, market and business conditions; levels of residential new construction;

residential repair, renovation and remodeling; and non-residential building construction activity; the United Kingdom's formal trigger of the two year process for its exit from the European Union and

related negotiations; competition; our ability to manage our operations including integrating our recent acquisitions and companies or assets we acquire in the future; our ability to generate sufficient

cash flows to fund our capital expenditure requirements, to meet our pension obligations, and to meet our debt service obligations, including our obligations under our senior notes and our ABL Facility;

labor relations (i.e., disruptions, strikes or work stoppages), labor costs and availability of labor; increases in the costs of raw materials or any shortage in supplies; our ability to keep pace with

technological developments; the actions taken by, and the continued success of, certain key customers; our ability to maintain relationships with certain customers; the ability to generate the benefits of

our restructuring activities; retention of key management personnel; environmental and other government regulations; and limitations on operating our business as a result of covenant restrictions under

our existing and future indebtedness, including our senior notes and our ABL Facility.

NON-GAAP FINANCIAL MEASURES

Our management reviews net sales and Adjusted EBITDA (as defined below) to evaluate segment performance and allocate resources. Net assets are not allocated to the reportable segments.

Adjusted EBITDA is a non-GAAP financial measure which does not have a standardized meaning under GAAP and is unlikely to be comparable to similar measures used by other companies. Adjusted

EBITDA should not be considered as an alternative to either net income or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of

free cash flow for management's discretionary use, as it does not include certain cash requirements such as interest payments, tax payments and debt service requirements. Beginning with the fourth

quarter of 2015, we revised our calculation of Adjusted EBITDA to separately exclude loss (gain) on disposal of subsidiaries. This definition of Adjusted EBITDA differs from the definitions of EBITDA

contained in the indenture governing the 2023 Notes and the credit agreement governing the ABL Facility. Adjusted EBITDA, as calculated under our ABL Facility or senior notes would also include,

among other things, additional add-backs for amounts related to: cost savings projected by us in good faith to be realized as a result of actions taken or expected to be taken prior to or during the

relevant period; fees and expenses in connection with certain plant closures and layoffs; and the amount of any restructuring charges, integration costs or other business optimization expenses or

reserve deducted in the relevant period in computing consolidated net income, including any one-time costs incurred in connection with acquisitions. The tables in the appendix to this presentation

reconcile Adjusted EBITDA to net income (loss) attributable to Masonite for the periods indicated. We are not providing a quantitative reconciliation of our Adjusted EBITDA or diluted Adjusted EPS

outlook to the corresponding GAAP information because the GAAP measures that we exclude from our Adjusted EBITDA outlook are difficult to predict and are primarily dependent on future

uncertainties.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Net Sales. Management believes this measure provides supplemental information on how successfully we operate our business.

Adjusted EPS is diluted earnings per common share attributable to Masonite (EPS) less asset impairment charges, loss (gain) on disposal of subsidiaries, and other items, if any, that do not relate to

Masonite’s underlying business performance (each net of related tax expense (benefit)). Beginning in the fourth quarter of 2017, we revised our calculation of Adjusted EPS to exclude the beneficial

impact of the deferred tax revaluation recognized as a result of The Tax Cuts and Jobs Act of 2017 and the release of a valuation allowance in Canada as such tax assets are likely to be realized in

future periods. The revision to this definition had no impact on our reported Adjusted EPS for the three months or year ended January 1, 2017. Management uses this measure to evaluate the overall

performance of the Company and believes this measure provides investors with helpful supplemental information regarding the underlying performance of the Company from period to period. This

measure may be inconsistent with similar measures presented by other companies.

3

Agenda

• Year in Review

• 2017 Financial Results

• Financial Outlook

• Summary / Q&A

4

YEAR IN REVIEW

5 5

Key Milestones

Achieved 7th consecutive year of positive AUP

Successful Masonite brand re-launch

Architectural transformation on track, with significantly improved margins

UK business recovery as post-Brexit currency headwinds abated

Re-energized our MVantage lean operating system focus

Highest new product vitality index in over a decade

Successfully completed $150 million bond add-on

Continued opportunistic share repurchase program

Executed margin-accretive tuck-in M&A

(*) – See safe harbor/non-GAAP financial measures on page 2 for definitions and other information and appendix for non-GAAP reconciliations

6 6

2017 Margin Drivers

Operational Headwinds Focused Recovery Actions

Minimal volume leverage on low single

digit growth in North America end

markets

Tightening labor availability

Rising inflationary environment

Wage inflation

Increasing materials inflation

Operational inefficiencies

Cost to serve retail business

Reduced 1H labor productivity

Elevated distribution costs

Higher freight rates and fuel costs

Distribution inefficiencies

Improved operational performance in 2H17 - More to accomplish in 2018

Improved plant labor productivity

Reduced plant headcount by over

400 (7%)

Optimized shift schedules

Plant layout changes and equipment

investments to improve throughput

Optimized internal supply chain

Rebalanced internal facings supply

for cost efficiency

Repositioned inventory to improve

material flow

Remain focused on logistics savings

via packaging, freight lane changes

Additional pricing actions taken

7 7

Quarterly Improvement Trend

$58.2

$52.9

$68.5 $68.5 $65.1

$69.7

$60.6

$64.5

1Q '16 1Q '17 2Q '16 2Q '17 3Q '16 3Q '17 4Q '16 4Q '17

YoY Adjusted EBITDA* Trend

1H Comp = (4%) 2H Comp = +7%

(in millions) Full Year 2017 Net

Sales increased 3%

Full Year 2017 Adjusted

EBITDA* increased 1%

Improved YoY Adjusted

EBITDA growth as year

progressed

Operational actions

began to take hold


8 8

Market leading tech-enabled manufacturer of

premium composite doors and window

components

Complements and expands Masonite UK

portfolio and further strengthens our position

in the Repair & Remodel channel

Similar door business to DSI, with B2B sales

to installers and home improvement

fabricators

DW3 Acquisition

~$60M TTM 2017

Net Sales

~$11M TTM 2017 Adj. EBITDA

~8.5x Pre Synergy Adj. EBITDA*


9

2017 FINANCIAL RESULTS

10 10

4Q17 Consolidated P&L Metrics

(*) – See safe harbor/non-GAAP financial measures on page 2 for definitions and other information and appendix

for non-GAAP reconciliations

Adjusted EBITDA* Bridge

Adj. EPS* excludes approximately $1.77 of tax benefits

($ in millions) 4Q17 4Q16 B/(W)

Net Sales $508.5 $481.0 5.7%

Gross Profit $100.1 $96.5 3.7%

Gross Profit % 19.7% 20.1% (40 bps)

SG&A $59.6 $63.5 6.1%

SG&A % 11.7% 13.2% 140 bps

Adj. EBITDA* $64.5 $60.6 6.4%

Adj. EBITDA %* 12.7% 12.6% 10 bps

Adj. EPS* $0.71 $0.55 29.1%

$1

-$5

-$2

-$6

$3

$13

SG&A

Distribution

Factory

Materials

Fx

Vol/AUP

11

North American Residential

4Q net sales increased due to higher retail volume,

pricing actions, and Canadian Dollar Fx benefit

Sales volume and AUP increased across all channels

Adj. EBITDA* negatively impacted by higher distribution

costs, due largely to higher freight costs

Elevated freight rates persisted post-hurricanes

More costly mix of freight lanes continued to be managed

down across the quarter


($ in millions) 2017 B/(W) 2017 B/(W)

Net Sales $358.8 6.6% $1,428.9 5.7%

Adj. EBITDA* $50.5 1.2% $200.2 (5.8%)

Adj. EBITDA Margin* 14.1% (70bps) 14.0% (170bps)

Fourth Quarter Full Year

12

Europe

4Q net sales growth largely explained by stronger GBP

Foreign exchange benefitted 4Q while remaining a headwind

on full year results

Strong AUP growth driven by pricing actions fully offset

slightly weaker volumes and drove Adj. EBITDA* growth

Growth in merchant and remodel channels offset by softer

volumes in builder channel

Stronger GBP vs. Euro in 4Q helped mitigate strong material

inflation headwinds


($ in millions) 2017 B/(W) 2017 B/(W)

Net Sales $73.3 7.3% $291.9 (3.1%)

Adj. EBITDA* $8.7 10.1% $33.6 (13.4%)

Adj. EBITDA Margin* 11.9% 30bps 11.5% (140bps)


13

Architectural


Significant Adjusted EBITDA* and margin improvement

Strong AUP gains driven by pricing actions

Benefit of rationalized manufacturing footprint

A&F Wood Products exceeding

management’s expectations Adj. EBITDA* Margins

8.3% 7.3%

10.2%

11.8% 12.4%

Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17

Product line consolidation and

operational integration complete;

2018 focus shifts to growing volume

growth via improved service levels

+170 bps YoY

+240 bps YoY

+30 bps YoY +130

bps YoY

+410 bps YoY

($ in millions) 2017 B/(W) 2017 B/(W)

Net Sales $69.6 (0.9%) $288.5 (3.2%)

Adj. EBITDA* $8.6 48.3% $30.1 19.4%

Adj. EBITDA Margin* 12.4% 410bps 10.4% 200bps


14 14

2017 Consolidated P&L Metrics

Adjusted EBITDA* Bridge

(*) – See safe harbor/non-GAAP financial measures on page 2 for definitions and other information and appendix

for non-GAAP reconciliations

($ in millions) 2017 2016 B/(W)

Net Sales $2,032.9 $1,974.0 3.0%

Gross Profit $406.9 $409.6 (0.7%)

Gross Profit % 20.0% 20.8% (80 bps)

SG&A $246.9 $260.4 5.2%

SG&A % 12.1% 13.2% 110 bps

Adj. EBITDA* $255.5 $252.5 1.2%

Adj. EBITDA %* 12.6% 12.8% (20 bps)

Adj. EPS* $3.33 $3.03 9.9%

Continued focus on operations to drive improvement in 2018

$6

-$23

-$18

-$10

-$2

$50

SG&A

Distribution

Factory

Materials

Fx

Vol/AUP

15 15

Liquidity, Credit & Debt Profile

Credit & Debt (millions of USD)

TTM Adj. EBITDA* $255.6 $252.5

TTM Interest Expense $30.2 $28.2

Total Debt $625.7 $470.7

Net Debt^ $449.0 $399.0

4Q17 4Q16

12 months ended

12/31/2017

12 months ended

1/1/2017

Unrestricted cash $176.7 $71.7

Total available liquidity $338.8 $222.8

Cash flow from operations $173.5 $174.0

Capital expenditures $73.8 $82.3

Share repurchases $119.9 $109.2

Liquidity & Cash Flow (millions of USD)


(^) – Net debt equals total debt less unrestricted cash

S&P Upgrade to BB+ on 2/12/18

16 16

Key Reform Elements Expected Impact to Masonite

Corporate Rate US Corporate Rate

reduced to 21% in 2018 Favorable Masonite revenue/profit

footprint oriented to US

jurisdiction

Transition Tax One-time tax on

cumulative foreign

earnings, paid over 8 yrs. Not Applicable

Masonite a Canada

domiciled company

Capital

Expenditures

Immediate write-off of

qualified property

acquisitions thru 2022 Favorable

Masonite capex geared

primarily to qualifying

capital assets

Interest Expense

Limitation Deductibility of interest

expense now capped Unknown Awaiting IRS regulations

to clarify deductibility

guidelines

Compensation

Deductions

Performance based comp

now included in deduction

limitations Unfavorable

Significant portion of

equity incentives are

performance based

U.S. Tax Reform Update

17 17

2018 Viewpoints*

Continued U.S. housing market growth

Expect mid single digit growth in U.S.

housing starts and completions

Expect low single digit growth in the

U.S. RRR market

Expect recent currency recovery to

largely remain

Price increases taken in all business

segments

New products and value-added

services support continued AUP growth

Tightening labor market in U.S.

Increased hiring costs and wages

Increasing inflationary pressures in both

commodities and logistics

Previously announced Retail PLR loss

will temper North America growth

General uncertainty in UK economy

and timing for new housing growth

Tailwinds Headwinds

(*) – Our 2018 viewpoints are a forward-looking statement and subject to risks and uncertainties. See "Safe Harbor/Forward Looking Statement”

18 18

2018 Outlook*

2018 P&L Metrics (includes recent acquisitions)

Net Sales

Adjusted EPS^

+6% - 8% / +5% - 7% (ex Fx)

$3.70 - $4.20

Adjusted EBITDA^ $280 - $300M

Capital Expenditures $75 - $80M

Tax Rate 23% – 27%

Cash Taxes $9 - $12M

Other Key Items

(*) –Our 2018 outlook is a forward-looking statement and subject to risks and uncertainties. See "Safe Harbor/Forward Looking Statement”

( )̂ – See definition of non-GAAP financial measures on page 2. We are not providing a quantitative reconciliation of our Adjusted EBITDA or Adjusted EPS outlook to the

corresponding GAAP information because the GAAP measures that we exclude from our Adjusted EBITDA and Adjusted EPS outlook are difficult to predict and are

primarily dependent on future uncertainties.

19

SUMMARY

20

SUMMARY

Performance momentum in 2H 2017

Higher sales volume, AUP and SG&A savings

offset by inflation and operational inefficiencies

Capital allocation focused on improving returns

Internal investments to improve operational

performance and efficiency

Margin accretive M&A

Opportunistic share repurchase

Remain focused on achieving mid to high teen

Adjusted EBITDA* margin in the longer term

2018 Investor day to be held on March 2, 2018 at

the New York Stock Exchange


21

APPENDIX

22 22

Segment Sales Walks

($ in millions) NA Residential Europe Architectural C&O Consolidated6

4Q16 Net Sales $336.7 $68.3 $70.2 $5.9 $481.0

Foreign Exchange $3.9 $5.2 $0.4 $0.1 $9.6

Volume $12.9 ($2.2) ($3.1) $0.7 $8.3

AUP $6.1 $2.6 $1.9 $0.0 $10.6

Other ($0.8) ($0.6) $0.2 $0.1 ($1.0)

4Q17 Net Sales $358.8 $73.3 $69.6 $6.8 $508.5

23 23

Segment Sales Walks

($ in millions) NA Residential Europe Architectural C&O Consolidated6

2016 Net Sales $1,351.3 $301.2 $297.9 $23.6 $1,974.0

Foreign Exchange $5.0 ($12.1) $0.6 ($0.1) ($6.6)

Volume $44.0 $0.3 ($23.2) $0.8 $21.9

AUP $30.5 $5.6 $11.3 $0.0 $47.4

Other ($1.9) ($3.1) $1.9 ($0.7) ($3.8)

2017 Net Sales $1,428.9 $291.9 $288.5 $23.6 $2,032.9

24 24

Reconciliation of Adj. EPS to net income

(loss) attributable to Masonite

Three Months Ended Year Ended

(In thousands)

December 31, 2017

January 1,

2017

December 31, 2017

January 1,

2017

Net income (loss) attributable to Masonite $ 71,812 $ 15,430

$ 151,739

$ 98,622

Add: Asset impairment — 1,511

—

1,511

Add: Loss (gain) on disposal of subsidiaries — —

212

(6,575 )

Add: Income tax benefit as a result of U.S. Tax Reform (27,138 ) —

(27,138 ) —

Add: Income tax benefit as a result of the release of valuation allowances * (24,069 ) —

(25,396 ) —

Income tax impact of adjustments — —

—

737

Adjusted net income (loss) attributable to Masonite $ 20,605

$ 16,941

$ 99,417

$ 94,295

Diluted earnings (loss) per common share attributable to Masonite ("EPS") $ 2.48

$ 0.50

$ 5.09

$ 3.17

Diluted adjusted earnings (loss) per common share attributable to Masonite ("Adjusted EPS") $ 0.71

$ 0.55

$ 3.33

$ 3.03

Shares used in computing diluted EPS and diluted Adjusted EPS 28,969,630

31,010,490

29,814,659

31,101,076

* Full year results for the year ended December 31, 2017, were reclassified from the previously-presented amounts in order to conform to the current basis of presentation.

25 25

Reconciliation of Adj. EBITDA to net income

(loss) attributable to Masonite Three Months Ended April 2, 2017

(In thousands)

North American

Residential Europe Architectural Corporate &

Other Total

Adjusted EBITDA $ 44,937 $ 7,674 $ 5,214 $ (4,966 ) $ 52,859

Less (plus):

Depreciation 7,484

1,810

2,370

2,360 14,024

Amortization 993

1,667

2,161

1,149 5,970

Share based compensation expense —

—

—

2,427 2,427

Loss (gain) on disposal of property, plant and equipment (399 ) 140

(27 ) 12

(274 )

Restructuring costs —

—

271

22 293

Interest expense (income), net —

—

—

7,024 7,024

Other expense (income), net —

93

—

(342 ) (249 )

Income tax expense (benefit) —

—

—

(1,679 ) (1,679 )

Loss (income) from discontinued operations, net of tax —

—

—

245

245

Net income (loss) attributable to non-controlling interest 917

—

—

596

1,513

Net income (loss) attributable to Masonite $ 35,942 $ 3,964 $ 439 $ (16,780 ) $ 23,565

Three Months Ended April 3, 2016

(In thousands)

North American


Other Total

Adjusted EBITDA $ 51,375 $ 10,118 $ 4,431 $ (7,683 ) $ 58,241

Less (plus):

Depreciation 7,920

2,076

2,507

2,067 14,570

Amortization 1,158

2,396

2,147

763 6,464


—

—

3,728 3,728

Loss (gain) on disposal of property, plant and equipment 91

31

41

(31 ) 132


21

—

(2 ) 19


—

—

7,232 7,232


71

—

715 786


—

—

6,210 6,210


—

—

188

188


—

—

246

1,084

Net income (loss) attributable to Masonite $ 41,368 $ 5,523 $ (264 ) $ (28,799 ) $ 17,828

26 26



Three Months Ended July 2, 2017

(In thousands)

North American


Other Total

Adjusted EBITDA $ 54,606 $ 8,937 $ 7,495 $ (2,501 ) $ 68,537

Less (plus):

Depreciation 7,296 3,394 2,414 2,173 15,277

Amortization 642 2,028 2,155 771 5,596

Share based compensation expense — — — 3,527 3,527


129

(166 ) 256

415

Restructuring costs — (96 ) 503 (1,107 ) (700 )

Loss (gain) on disposal of subsidiaries — 212 — — 212

Interest expense (income), net — — — 7,112 7,112

Other expense (income), net — (80 ) — 58 (22 )

Income tax expense (benefit) — — — 8,932 8,932


—

—

134

134


—

—

245

1,170

Net income (loss) attributable to Masonite $ 45,547 $ 3,350 $ 2,589 $ (24,602 ) $ 26,884

Three Months Ended July 3, 2016

(In thousands)

North American


Other Total

Adjusted EBITDA $ 55,666 $ 12,839 $ 7,672 $ (7,661 ) $ 68,516

Less (plus):

Depreciation 8,126 2,480 2,076 2,131 14,813

Amortization 1,225 2,393 2,064 836 6,518



—

61

—

260

Restructuring costs — — — (103 ) (103 )

Loss (gain) on disposal of subsidiaries — (1,431 ) — — (1,431 )


Other expense (income), net — 22 — (823 ) (801 )



—

—

184

184


—

—

293

1,151


27 27



Three Months Ended October 1, 2017

(In thousands)

North American


Other Total

Adjusted EBITDA $ 50,126 $ 8,219 $ 8,692 $ 2,669 $ 69,706

Less (plus):

Depreciation 7,871 2,008 2,081 2,214 14,174

Amortization 869 2,061 2,075 1,211 6,216



244

33

234

1,388

Restructuring costs — 69 1,378 (54 ) 1,393


Other expense (income), net — (23 ) — (163 ) (186 )



—

—

139

139


—

—

318

1,162


Three Months Ended October 2, 2016

(In thousands)

North American


Other Total

Adjusted EBITDA $ 55,648 $ 7,933 $ 7,229 $ (5,703 ) $ 65,107

Less (plus):

Depreciation 7,666 1,952 2,242 2,135 13,995

Amortization 1,130 2,283 2,015 789 6,217



142

4

—

698

Restructuring costs — — — 215 215

Loss (gain) on disposal of subsidiaries — — — (5,144 ) (5,144 )


Other expense (income), net — 53 — (1,252 ) (1,199 )



—

—

236

236


—

—

231

1,157


28 28


(loss) attributable to Masonite Three Months Ended December 31, 2017

(In thousands) North American


Other Total

Adjusted EBITDA $ 50,510 $ 8,734 $ 8,649 $ (3,427 ) $ 64,466

Less (plus):

Depreciation 7,147

2,376 2,167

2,363

14,053

Amortization 865

2,111 2,351

1,266

6,593


— —

2,950

2,950


(220 ) 488

—

364


— 242

(378 ) (136 )


— —

8,804

8,804


(14 ) — (620 ) (634 )


— —

(40,802 ) (40,802 )


—

—

65

65


—

—

564

1,397

Net income (loss) attributable to Masonite $ 41,569

$ 4,481

$ 3,401

$ 22,361

$ 71,812

Three Months Ended January 1, 2017



Other Total

Adjusted EBITDA $ 49,930 $ 7,905 $ 5,828 $ (3,014 ) $ 60,649

Less (plus):

Depreciation 7,447

1,972 2,797

2,010

14,226

Amortization 870

1,997 1,773

888

5,528


— —

6,868

6,868


391

378

—

1,021


(2 ) 1,313 3

1,314

Asset impairment —

— 1,511

—

1,511


— —

7,028

7,028


411 —

(1,156 ) (745 )


— —

6,196

6,196


—

—

144

144


—

—

1,361

2,128


$ 3,136

$ (1,944 ) $ (26,356 ) $ 15,430

29 29


(loss) attributable to Masonite Year Ended December 31, 2017



Other Total

Adjusted EBITDA $ 200,179 $ 33,564 $ 30,050 $ (8,225 ) $ 255,568

Less (plus):

Depreciation 29,798

9,588 9,032

9,110

57,528

Amortization 3,369

7,867 8,742

4,397

24,375


— —

11,644

11,644


293

328

502

1,893


(27 ) 2,394 (1,517 ) 850

Loss (gain) on disposal of subsidiaries —

212 —

—

212


— —

30,153

30,153


(24 ) — (1,067 ) (1,091 )


— —

(27,560 ) (27,560 )


—

—

583

583

Net income (loss) attributable to non-controlling interest 3,519

—

—

1,723

5,242


$ 15,655

$ 9,554

$ (36,193 ) $ 151,739

Year Ended January 1, 2017



Other Total

Adjusted EBITDA $ 212,619 $ 38,795 $ 25,160 $ (24,061 ) $ 252,513

Less (plus):

Depreciation 31,159

8,480 9,622

8,343

57,604

Amortization 4,383

9,069 7,999

3,276

24,727


— —

18,790

18,790

Loss (gain) on disposal of property, plant and equipment 1,094

564

484

(31 ) 2,111


19 1,313

113

1,445

Asset impairment —

— 1,511

—

1,511

Loss (gain) on disposal of subsidiaries —

(1,431 ) — (5,144 ) (6,575 )


— —

28,178

28,178


557 —

(2,516 ) (1,959 )


— —

21,787

21,787


—

—

752

752

Net income (loss) attributable to non-controlling interest 3,389

—

—

2,131

5,520


$ 21,537

$ 4,231

$ (99,740 ) $ 98,622

4q17 earnings presentation · this investor presentation contains forward-looking information and...

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