Campbell Soups 2018 Annual Report

Question	Answer (Show work for full & any partial credit)
Revenue Growth Rate 2016-2017 and 2017-2018
Gross Margin Percentage 2018
Operating Margin 2018
Tax Rate 2018
ROA 2018
ROIC 2018

Financial Analysis Free Cash Flow Calculations

Campbell Soups 2018 Annual Report

Question	Answer (Show work for full & any partial credit)
Determine FCF for 2018 (Show all work)

STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except per share data) Sep 30, 2018 Oct 1, 2017 Oct 2, 2016 $ 19,690.3 $ 2,652.2 2,377.0 24,719.5 10,174.5 7,193.2 539.3 17,650.7 $ 2,355.0 2,381.1 22,386.8 9,034.3 6,493.3 500.3 1,011.4 1,450.7 153.5 18,643.5 391.4 4,134.7 16,844.1 2,154.2 2,317.6 21,315.9 8,509.0 6,064.3 499.2 980.8 1,408.9 Fiscal Year Ended Net revenues: Company-operated stores Licensed stores Other Total net revenues Cost of sales including occupancy costs Store operating expenses Other operating expenses Depreciation and amortization expenses General and administrative expenses Restructuring and impairments Total operating expenses Income equity investees Operating income Gain resulting from acquisition of joint venture Net gain resulting from divestiture of certain operations Interest income and other, net Interest expense Earnings before income taxes Income tax expense Net earnings including noncontrolling interests Net earnings/loss) attributable to noncontrolling interests Net earnings attributable to Starbucks 1,247.0 1,759.0 224.4 17,462.2 318.2 4,171.9 21,137.4 301.2 3,883.3 1,376.4 499.2 191.4 (170.3) 5,780.0 1,262.0 4,518.0 (0.3) 4,518.3 $ 93.5 181.8 (92.5) 4,317.5 1,432.6 2,884.9 0.2 2,884.7 $ 5.4 102.6 (81.3) 4,198.6 1,379.7 2,818.9 1.2 2,817.7 STARBUCKS CORPORATION CONSOLIDATED BALANCE SHEETS (in millions, except per share data) Sep 30, 2018 Oct 1, 2017 S 8,756.3 $ 181.5 693.1 1,400.5 1,462.8 12,494.2 267.7 334.7 5,929.1 134.7 412.2 1,042.2 3,541.6 24,156.4 $ 2,462.3 228.6 870.4 1,364.0 358.1 5,283.4 542.3 481.6 4,919.5 795.4 362.8 441.4 1,539.2 14,365.6 S $ ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Prepaid expenses and other current assets Total current assets Long-term investments Equity and cost investments Property, plant and equipment, net Deferred income taxes, net Other long-term assets Other intangible assets Goodwill TOTAL ASSETS LIABILITIES AND EQUITY Current liabilities: Accounts payable Accrued liabilities Insurance reserves Stored value card liability and current portion of deferred revenue Current portion of long-term debt Total current liabilities Long-term debt Deferred revenue Other long-term liabilities Total liabilities Shareholders' equity: Common stock ($0.001 par value) - authorized, 2,400.0 shares; issued and outstanding, 1,309.1 and 1,431.6 shares, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' equity Noncontrolling interests Total equity TOTAL LIABILITIES AND EQUITY 782.5 1,934.5 215.2 1,288.5 1,179.3 $ 2,298.4 213.7 1,642.9 349.9 5,684.2 9,090.2 6,775.7 1,430.5 22,980.6 4,220.7 3,932.6 4.4 750.9 8,908.6 1.3 41.1 1,457.4 (330.3) 1,169.5 6.3 1,175.8 24,156.4 $ 1.4 41.1 5,563.2 (155.6) 5,450.1 6.9 5,457.0 14,365.6 S STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Sep 30, 2018 Oct 1, 2017 Oct 2, 2016 s 4,518.0 $ 2.884.9 $ 2.818.9 1,067.1 95.1 (310.2) 186.6 1,030.1 265.7 (250.2) 223.3 1,305.9 714.9 (242.8) 226.8 (1,376.4) (499.2) 250.3 37.6 89.0 (6.1) 218.1 (93.5) 176.0 87.2 68.9 45.1 131.0 (41.2) 391.6 7,109.4 (677.1) 11,937.8 (96.8) 14.0 46.4 130.8 (4.7) 4,251.8 (55.6) (67.5) 46.9 180.4 248.8 4,697.9 Fiscal Year Ended OPERATING ACTIVITIES: Net earnings including noncontrolling interests Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization Deferred income taxes, net Income earned from equity method investees Distributions received from equity method investees Gain resulting from acquisition of joint venture Net gain resulting from divestiture of certain retail operations Stock-based compensation Goodwill impairments Other Cash provided by changes in operating assets and liabilities: Accounts receivable Inventories Accounts payable Deferred revenue Other operating assets and liabilities Net cash provided by operating activities INVESTING ACTIVITIES: Purchases of investments Sales of investments Maturities and calls of investments Acquisitions, net of cash acquired Additions to property, plant and equipment Net proceeds from the divestiture of certain operations Other Net cash used by investing activities FINANCING ACTIVITIES: Proceeds from issuance of long-term debt Repayments of long-term debt Proceeds from issuance of common stock Cash dividends paid Repurchase of common stock Minimum tax withholdings on share-based awards Other Net cash used by financing activities Effect of exchange rate changes on cash and cash equivalents Net increase in cash and cash equivalents CASH AND CASH EQUIVALENTS: Beginning of period End of period (674.4) 1,054.5 149.6 (1,585.7) 680.7 27.9 (191.9) 459.0 45.3 (1,311.3) (1,976.4) 608.2 5.6 (2,361.5) (1,519.4) 85.4 54.3 (850.0) (1,440.3) 69.6 24.9 (2,222.9) 5,584.1 1.254.5 153.9 (1,743.4) (7,133.5) (62.7) (41.2) (3,242.8) (39.5) 6,294.0 750.2 (400.0) 150.8 (1,450.4) (2,042.5) (82.8) (4.4) (3,079.1) 10.8 333.5 160.7 (1,178.0) (1,995.6) (106.0) (8.4) (1,872.8) (3.5) 598.7 2,462.3 8.756.3 S 2,128.8 2.462.3 s 1,530.1 2.128.8 S