Over the next three years (2020, 2021, and 2022), Dollar Tree is projecting 7% growth in operating income (EXCLUDING IMPAIRMENTS) and 4% growth in depreciation expense. Beginning in 2023, Dollar Tree estimates that free cash flows will grow 2%. Assume the firms effective tax rate is 21%. Capital expenditures are expected to remain constant over the next 3 years. The firm expects working capital needs to increase $50M per year. Dollar General's average cost of capital is 8%.

What are the FCF for 2020 and 2022

What is the G of Dollar Tree

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions w96 Cash flows from operating activities: Feb. 03, 2019 Net income 4175170415 -1,590.80 Goodwill Impairment 2,727.00 Depreciation and amortization 621.10 Provision for deferred income taxes -12.10 Stock-based compensation expense 63.10 Amortization of debt-issuance costs 57.20 Receivable impairment 0.00 Other non-cash adjustments to net income 7.80 Merchandise inventories -369.20 Prepaids and other current assets -20.20 Accounts payable 242.60 Income taxes payable 28.50 Other current liabilities -105.40 Other liabilities 1.70 Net cash provided by operating activities 1,766.00 Feb. 03, 2018 1,714.30 0.00 611.20 -473.50 65.70 15.40 18.50 10.90 -300.90 - 114.60 54.50 -58.50 -22.70 -10.10 1,510.20 Jan. 28, 2017 896.20 0.00 637.50 -124.10 61.60 55.20 0.00 9.40 21.90 117.20 -133.80 77.10 30.40 24.70 1,673.30 -817.10 0.00 Cash flows from investing activities: Capital spending Purchase of investments Proceeds from sale of investments Proceeds from fixed asset disposition Net cash used in investing activities 0.00 -632.20 0.00 4.00 0.30 -627.90 -564.70 -36.10 118.10 -0.90 -483.60 0.40 -816.70 Cash flows from financing activities: Principal payments for long-term debt Proceeds from long-term debt, net of discount Debt-issuance costs Repayments of revolving credit facility Proceeds from revolving credit facility Proceeds from stock issued Cash paid for taxes on stock-based compensation Tax benefit of stock-based compensation Net cash provided by (used in) financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents -6,214.70 4,775.80 -155.30 -50.00 50.00 17.50 -23.20 0.00 -1,599.90 -0.50 -659.10 0.00 0.00 0.00 0.00 35.00 -27.40 0.00 -651.50 0.60 -4,036.20 2,962.50 -6.10 -140.00 140.00 41.50 -22.20 0.00 -1,060.50 1.10 -651.10 231.40 130.30 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 1,097.80 446.70 866.40 1,097.80 736.10 866.40 2125.388-50. 816.7 Long-term debt consists of the following: Principal in millions 5.25% Acquisition Notes, due 2020 750 5.75% Acquisition Notes, due 2023 2,500.00 Term Loan A-1, interest payable at LIBOR, plus 1.50%, which was 3.08% at February 3, 2018 1,532.70 Term Loan B-2, fixed interest rate of 4.25% 650 Secured Senior Notes, fixed interest rate of 5.00% 300 Total 5,732.70 CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions Jan. 30, 2016 Jan. 28, 2017 Feb. 03, 2018 Feb. 02, 2019 Income Statement [Abstract] Net sales Cost of sales Gross profit SGA Receivable impairment Goodwill Impairment $15,498.40 10,841.70 4,656.70 3,607 $20,719.20 14,324.50 6,394.70 4,689.90 $22,245.50 15,223.60 7,021.90 5,004.30 18.5 $22,823.30 15,875.80 6,947.50 5,160.00 2,727 7,887.00 3,607 5,022.80 1,049.70 599.4 -939.50 370 SGA net of Impairments Operating Income Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income Net income per share: 2.1 448.2 165.8 $282.40 $1.26 4,689.90 1,704.80 375.5 -0.1 1,329.40 433.2 $896.20 $3.78 1,999.10 301.8 -6.7 1,704 -10.3 $1,714.30 $7.21 -0.5 -1,309.00 281.8 $1,590.80 $6.66 Diluted shares outstanding 236.1 237.3 238.1