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Following is the income statement for fiscal 2021. Using the assumptions provided, forecast the income statement fiscal 2022. $ millions Fiscal 2021 Forecast the fiscal

Following is the income statement for fiscal 2021.
Using the assumptions provided, forecast the income statement fiscal 2022.
$ millions Fiscal 2021 Forecast the fiscal 2022 income statement using the following forecast assumptions:
Revenue $10,390 Assumptions
Cost of revenue 7,458 Revenue growth 5.00% growth
Product development 991 Cost of revenue Fiscal 2021 percent of revenue
Marketing and administrative 453 Product development Fiscal 2021 percent of revenue
Amortization of intangibles 23 Marketing and administrative Fiscal 2021 percent of revenue
Restructuring and other, net (22) Amortization of intangibles No change
Total operating expenses 8,903 Restructuring and other, net $0
Income from operations 1,487 Interest income No change
Interest income 84 Interest expense No change
Interest expense (224) Other, net No change
Other, net 25 Income tax rate 21.00%
Other expense, net (115)
Income before income taxes 1,372
(Benefit) provision for income taxes (640)
Net income $2,012

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