other side "increase" or "Declined"

1 1 1 8 9 Since 2014 McDonalds has been converting restaurants it owned and operated to franchises. 10 This has dramatically changed McDonalds' financials. 11 Also since 2014 McDonalds has been repurchasing shares, driving its Common Equity negative. 12 For each of the following accounts select in column F whether the measure has increased' or 'decreased' from 2014 to date. 13 For each of the following accounts select in column H the cause of the change in column F: 14 Franchising - the change resulted from McDonald's conversion of company operated restaurants to third-party franchises 15 Share Repurchases - the change resulted from McDonald's aggressive repurchasing of shares 16 Neither the change resulted from neither franchising of company operated restaurants nor share repurchases 17 Both - the change resulted from both franchising of company operated restaurants and share repurchases 18 19 Revenues 20 Gross Margin 21 Interest Expense Franchising 22 Tax Rate Share Repurchases 23 Net Income Neither 24 Shares Outstanding 25 Earnings Per Shar (EPS) Both 26 Non-GAAP Net Inc to Common Adjust 27 Cash 28 Accounts Receivable 29 Inventories 30 Property, Plant & Equipment (PP&E) 31 Excess Cash 32 Debt 33 34 SFAKM's default forecast assumes that future year drivers will be the same as last year's. 35 Use SFAM to forecast for 2020 the following hypothesized scenarios: 36 37 Scenario Trend Accelerates Trend Reverses 38 39 Growth -10% 10% 40 Gross Margins 60% 40% 41 42 Net Margins 43 Earnings Per Share 44 45 1 1 I Since 2014 McDonalds has been converting restaurants it owned and operated to franchises. This has dramatically changed McDonalds' financials. Also since 2014 McDonalds has been repurchasing shares, driving its Common Equity negative. 2 For each of the following accounts select in column F whether the measure has 'increased' or 'decreased' from 2014 to date. 3 For each of the following accounts select in column H the cause of the change in column F: 2 Franchising - the change resulted from McDonald's conversion of company operated restaurants to third-party franchises Share Repurchases - the change resulted from McDonald's aggressive repurchasing of shares Neither - the change resulted from neither franchising of company operated restaurants nor share repurchases 7 Both - the change resulted from both franchising of company operated restaurants and share repurchases 3 3 Revenues Gross Margin 1 Interest Expense 2 Tax Rate 3 Net Income 1 Shares Outstanding Earnings Per Shar (EPS) 5 Non-GAAP Net Inc to Common Adjust 7 Cash 3 Accounts Receivable 3 Inventories Property, Plant & Equipment (PP&E) 1 Excess Cash 2 Debt 3 4 SFAKM's default forecast assumes that future year drivers will be the same as last year's. Use SFAM to forecast for 2020 the following hypothesized scenarios: Scenario Trend Accelerates Trend Reverses 3 -10% Growth Gross Margins 10% 40% 60% 2 3 Net Margins Earnings Per Share 1 1 1 8 9 Since 2014 McDonalds has been converting restaurants it owned and operated to franchises. 10 This has dramatically changed McDonalds' financials. 11 Also since 2014 McDonalds has been repurchasing shares, driving its Common Equity negative. 12 For each of the following accounts select in column F whether the measure has increased' or 'decreased' from 2014 to date. 13 For each of the following accounts select in column H the cause of the change in column F: 14 Franchising - the change resulted from McDonald's conversion of company operated restaurants to third-party franchises 15 Share Repurchases - the change resulted from McDonald's aggressive repurchasing of shares 16 Neither the change resulted from neither franchising of company operated restaurants nor share repurchases 17 Both - the change resulted from both franchising of company operated restaurants and share repurchases 18 19 Revenues 20 Gross Margin 21 Interest Expense Franchising 22 Tax Rate Share Repurchases 23 Net Income Neither 24 Shares Outstanding 25 Earnings Per Shar (EPS) Both 26 Non-GAAP Net Inc to Common Adjust 27 Cash 28 Accounts Receivable 29 Inventories 30 Property, Plant & Equipment (PP&E) 31 Excess Cash 32 Debt 33 34 SFAKM's default forecast assumes that future year drivers will be the same as last year's. 35 Use SFAM to forecast for 2020 the following hypothesized scenarios: 36 37 Scenario Trend Accelerates Trend Reverses 38 39 Growth -10% 10% 40 Gross Margins 60% 40% 41 42 Net Margins 43 Earnings Per Share 44 45 1 1 I Since 2014 McDonalds has been converting restaurants it owned and operated to franchises. This has dramatically changed McDonalds' financials. Also since 2014 McDonalds has been repurchasing shares, driving its Common Equity negative. 2 For each of the following accounts select in column F whether the measure has 'increased' or 'decreased' from 2014 to date. 3 For each of the following accounts select in column H the cause of the change in column F: 2 Franchising - the change resulted from McDonald's conversion of company operated restaurants to third-party franchises Share Repurchases - the change resulted from McDonald's aggressive repurchasing of shares Neither - the change resulted from neither franchising of company operated restaurants nor share repurchases 7 Both - the change resulted from both franchising of company operated restaurants and share repurchases 3 3 Revenues Gross Margin 1 Interest Expense 2 Tax Rate 3 Net Income 1 Shares Outstanding Earnings Per Shar (EPS) 5 Non-GAAP Net Inc to Common Adjust 7 Cash 3 Accounts Receivable 3 Inventories Property, Plant & Equipment (PP&E) 1 Excess Cash 2 Debt 3 4 SFAKM's default forecast assumes that future year drivers will be the same as last year's. Use SFAM to forecast for 2020 the following hypothesized scenarios: Scenario Trend Accelerates Trend Reverses 3 -10% Growth Gross Margins 10% 40% 60% 2 3 Net Margins Earnings Per Share