Question
Historical Projected 2012 2013 2014 2015 2016 2017 2018 2019 Sales $4,132.5 $7,491.2 $11,000.0 $13,200.0 COGS (excluding depr.) $1,303.4 $1,632.7 $2,397.48 Gross Profit $2,829.1 $5,858.5
| Historical | Projected | |||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
| Sales | $4,132.5 | $7,491.2 | $11,000.0 | $13,200.0 | ||||
| COGS (excluding depr.) | $1,303.4 | $1,632.7 | $2,397.48 |
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| Gross Profit | $2,829.1 | $5,858.5 | $8,602.5 | |||||
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| SG&A | $2,449.2 | $4,342.5 | $6,376.5 | |||||
| R&D Exp. | $0.0 | $0.0 | $0.0 |
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| EBITDA | $379.9 | $1,516.0 | $2,226.0 | |||||
| EBITDA Margin | 9.19% | 20.24% | 20.24% | |||||
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| Depreciation | $41.8 | $149.0 | $24.75 | |||||
| EBIT | $338.1 | $1,367.0 | $2,201.3 | |||||
| Taxes (35.0%) | $4.4 | $74.2 | $770.4 |
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| Tax-effected EBIT | $333.7 | $1,292.8 | $1,430.8 | |||||
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| Depreciation | $41.8 | $149.0 | $24.8 | |||||
| Capital Expenditures | $142.2 | $1,194.4 | $33.0 | $1,000.0 | ||||
| Change in working capital | $10.8 | $271.2 | $68.0 |
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| Free Cash Flow | $222.5 | ($23.8) | $1,354.6 | |||||
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| Operating Assumptions |
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| Sales Growth | NA | 81.3% | 46.8% | 20.0% | 40.0% | 25.0% | 25.0% | 25.0% |
| COGS (% of sales) | 31.5% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% | 21.8% |
| SG&A (% of sales) | 59.3% | 58.0% | 58.0% | 57.0% | 56.0% | 55.0% | 54.0% | 53.0% |
| R&D Exp. (% of sales) | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
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| Primary Expenditure Assumptions |
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| CapEx (% of sales) | 3.4% | 15.9% | 0.3% | 7.6% | 0.3% | 0.3% | 0.3% | 0.3% |
| Depreciation (% of CapEx) | 29.4% | 12.5% | 75.0% | 80.0% | 85.0% | 90.0% | 95.0% | 100.0% |
| Change in Working Capital (% of sales) | NA | 8.1% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% | 1.9% |
| Dollar values in thousands | ||||||||
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
