No-20 Historical 2018 2019 Projected 20/22 2021 2020 2022 Hints 2024 s 348 180 Income Statement Rayenne COGS Gross Profit SG&A Operating Profit Interest Expense Eamings Before Taxes Taxes Net Income Net Income Margin Balance Sheet Debt 9715 680 291 117 174 SO 124 45 79 89 1,000 5 1,030 $ 1.061 $ 1,093 $ 1,126 700 721 743 765 788 300 309 318 328 338 120 124 127 131 135 185 191 197 203 SO 50 SO 50 50 130 135 141 147 153 47 51 53 55 83 87 90 94 98 896 8% 996 996 9 $1126 x 1.03 Rev x 70% Rev - COGS Reyx 12% GP - SG&A Debtx 5% Op Profit - Int Exp EBTX 36% EBT - Taxes 49 996 1.000 1,000 1,000 1,000 1.000 1.000 1.000 Drivers Revenue Growth COGS as of Rey SG&A as of Rev Interest Expense Tax Rate 70.0% 12.0% 5.0% 36.39 3.0% 70.0% 12.0% 5.096 36.29 3.094 70.096 12.096 5.09 36.0% 3.06 70.0% 12.0: 5.00 36.0% 3.0% 70.00 12.09 5.04 36:06 3.0% 70.09 12.09 5.08 16.01 3.0% 700 12.00 5.0% 36.09 THIS YEUE 110 a