The required analysis for this Case Assessment includes the preparation of ONE SET of annual financial projections over five years and an annual cash flow model. Review the options in Exhibit 3 of the case and change the yellow cells in the spreadsheet to your own assumption. Do not change any other cells.
The projections should reflect a fully-financed Company that does not require additional Common Equity, and should be used to support your recommendation in the Case Assessment.
1. A one page Case Assessment which answers the following four questions in bullet point format:
- What is the situation?
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1 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 fx F F H 1 1.8% 2.0% 3.0% 0.9% 5.24 3.944 1.8% 5.04 3.44 1.34 2.0% 0.5% -0.2% 2.0% 0.5% 0.1% 0.5 2.0% 0.5% 0.1% -0.8% 0.1% Actual FYE 12/31/2004 Actual FYE 12/31/2005 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2008 Prolected FYE 12/31/2009 Projected FYE 12/31/2010 Projected FYE 12/31/2011 46.0 187,0 243.0 476.0 63.0 231.0 278.0 562.0 23.0 264.0" 379.0 666.0 23.0 307.1 516.0 846.1 28.8 383.9 645.0 1,067.7 36.0 479.9 806.2 1,322.1 45.0 599.9 1,007.7 1,662.6 66.2 749.6 1.259.7 2,068.7 187.0 74.0 113.0 202.0 99.0 103.0 252.0 134,0 118.0 308.8 169.3 139.5 380.8 221.8 159.0 464.8 287.5 177.3 667.8 369.6 198.2 692.8 472.3 220.5 588.0 885.0 784.0 985.6 1.218.6 1,499.3 1,850.8 2.288.2 45 45 16 45 IMPLIED MARCINS 47 48 48 EBITDA/ Revenue 49 49 EBIT / Ravenue 50 50 Net Income / Revenue 51 51 52 59 BALANCE SHEET 54 55 55 96 55 Assets 57 57 Cash & Equivalents 58 58 Accounts Receivable A 9 Inventory 60 60 Subtotal - Current Assets 61 61 62 62 Gross Fixed Assets 63 63 Accumulated Depreciation 54 64 Net Fixed Assets 65 65 65 66 Total Assets 67 68 68 Liabilities & Equity E9 68 Accounts Payable 70 70 Line of Credit Payable (Drawdown Limit of $360K) 71 71 Accrued Expenses 72 Long Term Debt. Current Portion 73 73 Subtotal - Current Liabilities 74 74 75 75 Long Term Debt 75 76 77 Total Debt 78 78 79 79 Preferred Stock 80 80 Series A (input) 81 81 Series B (input) B2 92 Subtotal. Preferred Stock 83 84 Common Shareholders Equity (Net Worth) 85 85 86 Total Liabilities and Equity B7 37 Sheet1 + LOC Balance Input To Force Common Equity Inflow Need To Zero 36.0 149.0 13.0 24.0 222.0 42.0 214.0 14.0 24.0 294,0 120.0 249.0 14.0 24.0 407.0 193.5 350.0 13.7 24.0 581.2 241.9 107.1 17.1 24.0 390.1 302.3 147.9 21.4 24.0 495.6 377.9 196.6 28.7 24.0 625.1 472.4 263.1 33.4 24.0 782.9 182.0 168.0 134.0 110.0 86.0 62.0 38.0 14.0 J06.0 396.0 407.0 484.0 217.1 233.9 268.8 291.1 - - 300.0 300.0 184.0 2-13.0 243.0 294.5 740.5 941.7 1,187.6 1,189.4 588.0 865.0 784.0 985.6 1.218.6 1,499.8 1,850.8 2,286.3 Ready FE - 1 + 69% HE Type here to search O OG 2:34 AM 2/9/2021 12 1 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 fx H 1 Implied Implied Input Input Input Input Input 10.1 10.1 42.0 68.0 3.7 43.0 76.1 50.0 3.0 40.0 80.0 72.0 40.0 BO.O 58.8 3.0 40.0 80.0 84.0 3.0 40.0 80.0 103.0 3.0 0.0 40.0 80.0 125.0 66.1 15.0 Cap Expenditure Input Set To Maintain Rev Net Fixed Assets Ratio 10.1 174 10.0 16.6 24.1 14.7 30.0 11.5 30.0 11.5 30.0 11.5 30.0 11.5 30.0 11.5 Assume Employees Must Be Paid Twice per Month 7.6% 401.0 375.0 7.5% 448.6 33.4 7.5%, 360.5 26.3 7.5% 226.6 16.9 7.5% 246.2 18.5 7.58 274.8 20.6 6.7 144 2.B 6.9 18.6 2.9 5.9 19.0 2.9 5.4 31.0 20.1 2.8 22.0 29 6.4 27.6 3.0 24.7 2.9 - 88 80 89 89 BALANCE SHEET ASSUMPTIONS & CALCS 90 90 91 91 Cash & Equivalents in Days of Revenue 92 92 Accounts Receivable in Days of Revenue 90 93 Inventory in Days of COGS 94 91 Capital Expenditures 25 95 95 96 Accounts Payable in Days of Cost of Sales 9T S7 Accrued Expenses in Days of Operating Expenses 98 99 99 99 Interest Expense / Total Debt 100 100 Average Total Debt Balance 101 101 Interest Expense Based on Average Total Debt 102 102 103 103 IMPLIED BALANCE SHEET RATIOS 104 104 105 105 Revenue / Inventory 105 106 Revenue / Net Fixed Assets 107 107 Revenue / Total Assets 100 108 109 109 110 110 CASH FLOW STATEMENT 111 111 112 112 113 113 114 114 115 115 Net Income (Loss) 116 116 117 117 Addbacks 118 118 Depreciation (See Delta in Accumulated Depr) 119 110 120 120 Operating Cash Flow 121 121 122 122 Working Capital Investments) 123 123 Cash & Equivalents 124 124 Accounts Receivable 125 125 Inventory 125 126 Accounts Payable 127 127 Accrued Expenses 123 120 129 129 Investing Activities 130 130 Capital Expenditures Sheet1 + Ready Actual FYE 12/31/2005 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2008 Projected FYE 12/31/2009 Projected FYE 12/31/2010 Projected FYE 12/31/2011 29.0 30.0 (12.6) (8.7) 3.2 5.8 25.0 35.0 36.3 52.8 66.7 82.1 102.6 64.0 65.0 22.7 46.8 68.9 87.9 111.6 18.0) (44.0) (35.0) 6.0 1.0 30.0 (33.0) (101.0) 78.0 (0.01 (43.1) [137.01 73.5 (0.3) (6.8) (78.81 (129.01 48.4 17.2) (96.0) (161.2) 60.5 4.3 19.0) ) (1200) (201.5) 75.6 5.3 111.2) (150.0) (261.9) 94.5 6.7 (16.0) (50.0) ) (56.8) (72.0) (84.0) (103.0) () (125.0) FE - 1 + + 69% I Type here to search O A OG 2:34 AM 2/9/2021 12 1 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 fx ) 144.0) 135.0) 6.0 1.0 133.0) (101.0) 78.0 F (43.1) [187.0) 73.6 (0.3] (76.8) (129.0) 48.4 H (96.0) (161.2) 60.5 4.3 (120.0) (201.5) 75.6 5.3 (150.0) (251.9) 34.0 6.7 (15.0) (50,0) (58.8] (72.0) (84.0) (103.0) (125.0) 41.0 11.0 77.0 (266.9) 16.8 24.6 32.6 : : (64.1) (461.8) (1979) (240.1) (292.9) Actual FYE 12/31/2006 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2008 Projected FYE 12/31/2003 Prejected FYE 12/31/2010 Projected FYE 12/31/2011 124 124 Accounts Receivable 125 125 Inventory 126 126 Accounts Payable 127 127 Acerued Expenses 128 128 129 129 Investing Activities 130 130 Capital Expenditures 131 131 132 132 Financing Activities 133 133 Total Net Debt Increase Repayment) 134 134 Preferred Stock Issuance 135 135 Series A at 12/31/07 138 136 Senes B 137 137 135 136 Net Cash Flow Available For (Required From) 139 130 Common Equity Holders 140 140 141 141 142 142 RECONCILIATIONS 143 143 144 144 145 145 145 146 147 147 Beginning Common Shareholders Equity 148 148 + Net Income (Loss) 149 149 - Net Cash Flow (Cash Payout to Common Holders) 150 150 = Ending Common Equity 151 151 152 152 Ending Common Equity from Balance Sheet 153 153 154 154 Difference 155 155 154 156 157 157 Beginning Cash Balance 168 168 + Non Cash Sources of Cash 159 159 - Non Cash Uses of Cash (Including Cash Payout) 160 160 = Ending Cash Balance 161 161 162 162 Ending Cash from Balance Sheet 163 163 164 164 Difference 165 165 169 Sheet1 + 184.0 29.0 213.0 30.0 243.0 (12.6) 64.1 294.5 294.5 (5.7) 481.8 740.5 740.5 3.2 197.8 941.7 941.7 5.8 240.1 1,187.8 1,187.6 8.9 292.9 1,489.4 213.0 243.0 213.0 243.0 294.5 740.5 941.7 1,187.6 1,189.4 (0.01 0.0 10.0) 300.0 45,0 102.0 194.0) 53.0 53.0 154.0 (184.0) 23.0 23.0 172.8 1172.8) 23.0 23.0 (168.3) 174.0 288 28.8 150.5 (143.3) 36.0 36,0 193.4 (184,4) 45.0 45.0 245.3 (234.0) 58.2 53.0 23.0 23.0 28.8 36.0 45.0 56.2 (0.01 10.0) 10.0) ) Ready FE - 1 + + 69% I Type here to search O A OG 2:34 AM 2/9/2021 12 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 F H 1 9-Feb-21 2:31 AM SAMPLE INPUTS Change these cells to your own assumptions! Do not change any other cells Do not change any other cells Actual FYE 12131/2004 Actual FYE 12/31/2005 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2000 Projected FYE 12/31/2009 Projected FYE 12/31/2010 Projected FYE 12/31/2011 1,624.0 1,916.0 2,242.0 2.802.5 2.503.1 4,378.9 5,473.6 6.842.0 1.304.0 1,535.0 1,818.0 2,354.1 2.942.6 3,878.3 4,597.9 5,747.3 320.0 381.0 424,0 448.4 560.5 700.6 875,8 1,094.7 1,060.6 272.0 307.0 347.0 434.4 543.0 678.7 848.4 48.0 74.0 77.0 14.0 17.5 21.6 27.4 34.2 3 FE 456 - FINANCING NEW VENTURES 4 4 5 5 5 CASH FLOW ANALYSIS AS OF 12/31/2006 6 6 7 7 7 JONES ELECTRICAL DISTRIBUTION 8 8 9 9 WITH 2 PERCENT HISTORICAL DISCOUNT FOR NET 10 10 10 11 11 USD in Thousands 12 12 13 13 INCOME STATEMENT 14 14 15 15 16 16 17 17 Revenue 18 18 19 19 cost of Sales 20 20 21 21 Gross Profit 22 22 23 Operating Expenses (Including Depreciation) 24 24 25 EBIT 25 26 27 27 Interest Expense 28 29 29 Pretax Income 30 S1 31 Taxes 32 32 33 Net Income 94 34 35 36 INCOME STATEMENT ASSUMPTIONS 37 37 38 Revenue Growth 39 Gross Margin (Incl 2% Historical Discount for Net 10) 40 40 Operating Expenses / Revenue 41 41 Depreciation (See Delta in Accumulated Depr) 42 42 Depreciation / Revenue 43 43 TaxesPretax Income 44 EBITDA 45 45 Sheet1 + Ready 27.0 30.0 31.0 33.4 26.3 16.9 18.5 20.6 21.0 44,0 48.0 (19.4] (8.8) () 5.0 8.9 13.6 7.0 15.0 16.0 (3.1) 1.7 4,7 14.0 29.0 30.0 (12.6) (6.7) 5.8 8.3 Remarks Implied Implied implied Input Input Input Input Input 19.7% 16.7% 18.0% 19.9% 18.04 25.0 1.3% 34.1% 99.0 17.04 % 18.99 15.5% 35.0 1.6% 34.8% 112.0 25.0% 16.0% 15.5% 36.3 1.5% 34.8% 49.3 25.0% 16.0% 15,5% 52.5 1.8% 34.8% 70.1 25.0% 16.0% 15.5% 66.7 1.5% 34.8% 87.6 25.04 16.0% 15,5% 82.1 1.5% 34.8% 109.8 25.04 16.0% 15.54 102.6 1.5% 34.84 136.8 Depreciation Expense as % of Revenue is stable for industry Effective Tax Rate 33.3% FC E- 1 + + 69% I Type here to search O A 2:33 AM 2/9/2021 5 11 1 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 fx F F H 1 1.8% 2.0% 3.0% 0.9% 5.24 3.944 1.8% 5.04 3.44 1.34 2.0% 0.5% -0.2% 2.0% 0.5% 0.1% 0.5 2.0% 0.5% 0.1% -0.8% 0.1% Actual FYE 12/31/2004 Actual FYE 12/31/2005 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2008 Prolected FYE 12/31/2009 Projected FYE 12/31/2010 Projected FYE 12/31/2011 46.0 187,0 243.0 476.0 63.0 231.0 278.0 562.0 23.0 264.0" 379.0 666.0 23.0 307.1 516.0 846.1 28.8 383.9 645.0 1,067.7 36.0 479.9 806.2 1,322.1 45.0 599.9 1,007.7 1,662.6 66.2 749.6 1.259.7 2,068.7 187.0 74.0 113.0 202.0 99.0 103.0 252.0 134,0 118.0 308.8 169.3 139.5 380.8 221.8 159.0 464.8 287.5 177.3 667.8 369.6 198.2 692.8 472.3 220.5 588.0 885.0 784.0 985.6 1.218.6 1,499.3 1,850.8 2.288.2 45 45 16 45 IMPLIED MARCINS 47 48 48 EBITDA/ Revenue 49 49 EBIT / Ravenue 50 50 Net Income / Revenue 51 51 52 59 BALANCE SHEET 54 55 55 96 55 Assets 57 57 Cash & Equivalents 58 58 Accounts Receivable A 9 Inventory 60 60 Subtotal - Current Assets 61 61 62 62 Gross Fixed Assets 63 63 Accumulated Depreciation 54 64 Net Fixed Assets 65 65 65 66 Total Assets 67 68 68 Liabilities & Equity E9 68 Accounts Payable 70 70 Line of Credit Payable (Drawdown Limit of $360K) 71 71 Accrued Expenses 72 Long Term Debt. Current Portion 73 73 Subtotal - Current Liabilities 74 74 75 75 Long Term Debt 75 76 77 Total Debt 78 78 79 79 Preferred Stock 80 80 Series A (input) 81 81 Series B (input) B2 92 Subtotal. Preferred Stock 83 84 Common Shareholders Equity (Net Worth) 85 85 86 Total Liabilities and Equity B7 37 Sheet1 + LOC Balance Input To Force Common Equity Inflow Need To Zero 36.0 149.0 13.0 24.0 222.0 42.0 214.0 14.0 24.0 294,0 120.0 249.0 14.0 24.0 407.0 193.5 350.0 13.7 24.0 581.2 241.9 107.1 17.1 24.0 390.1 302.3 147.9 21.4 24.0 495.6 377.9 196.6 28.7 24.0 625.1 472.4 263.1 33.4 24.0 782.9 182.0 168.0 134.0 110.0 86.0 62.0 38.0 14.0 J06.0 396.0 407.0 484.0 217.1 233.9 268.8 291.1 - - 300.0 300.0 184.0 2-13.0 243.0 294.5 740.5 941.7 1,187.6 1,189.4 588.0 865.0 784.0 985.6 1.218.6 1,499.8 1,850.8 2,286.3 Ready FE - 1 + 69% HE Type here to search O OG 2:34 AM 2/9/2021 12 1 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 fx H 1 Implied Implied Input Input Input Input Input 10.1 10.1 42.0 68.0 3.7 43.0 76.1 50.0 3.0 40.0 80.0 72.0 40.0 BO.O 58.8 3.0 40.0 80.0 84.0 3.0 40.0 80.0 103.0 3.0 0.0 40.0 80.0 125.0 66.1 15.0 Cap Expenditure Input Set To Maintain Rev Net Fixed Assets Ratio 10.1 174 10.0 16.6 24.1 14.7 30.0 11.5 30.0 11.5 30.0 11.5 30.0 11.5 30.0 11.5 Assume Employees Must Be Paid Twice per Month 7.6% 401.0 375.0 7.5% 448.6 33.4 7.5%, 360.5 26.3 7.5% 226.6 16.9 7.5% 246.2 18.5 7.58 274.8 20.6 6.7 144 2.B 6.9 18.6 2.9 5.9 19.0 2.9 5.4 31.0 20.1 2.8 22.0 29 6.4 27.6 3.0 24.7 2.9 - 88 80 89 89 BALANCE SHEET ASSUMPTIONS & CALCS 90 90 91 91 Cash & Equivalents in Days of Revenue 92 92 Accounts Receivable in Days of Revenue 90 93 Inventory in Days of COGS 94 91 Capital Expenditures 25 95 95 96 Accounts Payable in Days of Cost of Sales 9T S7 Accrued Expenses in Days of Operating Expenses 98 99 99 99 Interest Expense / Total Debt 100 100 Average Total Debt Balance 101 101 Interest Expense Based on Average Total Debt 102 102 103 103 IMPLIED BALANCE SHEET RATIOS 104 104 105 105 Revenue / Inventory 105 106 Revenue / Net Fixed Assets 107 107 Revenue / Total Assets 100 108 109 109 110 110 CASH FLOW STATEMENT 111 111 112 112 113 113 114 114 115 115 Net Income (Loss) 116 116 117 117 Addbacks 118 118 Depreciation (See Delta in Accumulated Depr) 119 110 120 120 Operating Cash Flow 121 121 122 122 Working Capital Investments) 123 123 Cash & Equivalents 124 124 Accounts Receivable 125 125 Inventory 125 126 Accounts Payable 127 127 Accrued Expenses 123 120 129 129 Investing Activities 130 130 Capital Expenditures Sheet1 + Ready Actual FYE 12/31/2005 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2008 Projected FYE 12/31/2009 Projected FYE 12/31/2010 Projected FYE 12/31/2011 29.0 30.0 (12.6) (8.7) 3.2 5.8 25.0 35.0 36.3 52.8 66.7 82.1 102.6 64.0 65.0 22.7 46.8 68.9 87.9 111.6 18.0) (44.0) (35.0) 6.0 1.0 30.0 (33.0) (101.0) 78.0 (0.01 (43.1) [137.01 73.5 (0.3) (6.8) (78.81 (129.01 48.4 17.2) (96.0) (161.2) 60.5 4.3 19.0) ) (1200) (201.5) 75.6 5.3 111.2) (150.0) (261.9) 94.5 6.7 (16.0) (50.0) ) (56.8) (72.0) (84.0) (103.0) () (125.0) FE - 1 + + 69% I Type here to search O A OG 2:34 AM 2/9/2021 12 1 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 fx ) 144.0) 135.0) 6.0 1.0 133.0) (101.0) 78.0 F (43.1) [187.0) 73.6 (0.3] (76.8) (129.0) 48.4 H (96.0) (161.2) 60.5 4.3 (120.0) (201.5) 75.6 5.3 (150.0) (251.9) 34.0 6.7 (15.0) (50,0) (58.8] (72.0) (84.0) (103.0) (125.0) 41.0 11.0 77.0 (266.9) 16.8 24.6 32.6 : : (64.1) (461.8) (1979) (240.1) (292.9) Actual FYE 12/31/2006 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2008 Projected FYE 12/31/2003 Prejected FYE 12/31/2010 Projected FYE 12/31/2011 124 124 Accounts Receivable 125 125 Inventory 126 126 Accounts Payable 127 127 Acerued Expenses 128 128 129 129 Investing Activities 130 130 Capital Expenditures 131 131 132 132 Financing Activities 133 133 Total Net Debt Increase Repayment) 134 134 Preferred Stock Issuance 135 135 Series A at 12/31/07 138 136 Senes B 137 137 135 136 Net Cash Flow Available For (Required From) 139 130 Common Equity Holders 140 140 141 141 142 142 RECONCILIATIONS 143 143 144 144 145 145 145 146 147 147 Beginning Common Shareholders Equity 148 148 + Net Income (Loss) 149 149 - Net Cash Flow (Cash Payout to Common Holders) 150 150 = Ending Common Equity 151 151 152 152 Ending Common Equity from Balance Sheet 153 153 154 154 Difference 155 155 154 156 157 157 Beginning Cash Balance 168 168 + Non Cash Sources of Cash 159 159 - Non Cash Uses of Cash (Including Cash Payout) 160 160 = Ending Cash Balance 161 161 162 162 Ending Cash from Balance Sheet 163 163 164 164 Difference 165 165 169 Sheet1 + 184.0 29.0 213.0 30.0 243.0 (12.6) 64.1 294.5 294.5 (5.7) 481.8 740.5 740.5 3.2 197.8 941.7 941.7 5.8 240.1 1,187.8 1,187.6 8.9 292.9 1,489.4 213.0 243.0 213.0 243.0 294.5 740.5 941.7 1,187.6 1,189.4 (0.01 0.0 10.0) 300.0 45,0 102.0 194.0) 53.0 53.0 154.0 (184.0) 23.0 23.0 172.8 1172.8) 23.0 23.0 (168.3) 174.0 288 28.8 150.5 (143.3) 36.0 36,0 193.4 (184,4) 45.0 45.0 245.3 (234.0) 58.2 53.0 23.0 23.0 28.8 36.0 45.0 56.2 (0.01 10.0) 10.0) ) Ready FE - 1 + + 69% I Type here to search O A OG 2:34 AM 2/9/2021 12 finance - Excel A File Home Insert Page Layout Formulas Data Review View Developer Tell me what you want to do... Yoni Stein & Share K93 F H 1 9-Feb-21 2:31 AM SAMPLE INPUTS Change these cells to your own assumptions! Do not change any other cells Do not change any other cells Actual FYE 12131/2004 Actual FYE 12/31/2005 Actual FYE 12/31/2006 Projected FYE 12/31/2007 Projected FYE 12/31/2000 Projected FYE 12/31/2009 Projected FYE 12/31/2010 Projected FYE 12/31/2011 1,624.0 1,916.0 2,242.0 2.802.5 2.503.1 4,378.9 5,473.6 6.842.0 1.304.0 1,535.0 1,818.0 2,354.1 2.942.6 3,878.3 4,597.9 5,747.3 320.0 381.0 424,0 448.4 560.5 700.6 875,8 1,094.7 1,060.6 272.0 307.0 347.0 434.4 543.0 678.7 848.4 48.0 74.0 77.0 14.0 17.5 21.6 27.4 34.2 3 FE 456 - FINANCING NEW VENTURES 4 4 5 5 5 CASH FLOW ANALYSIS AS OF 12/31/2006 6 6 7 7 7 JONES ELECTRICAL DISTRIBUTION 8 8 9 9 WITH 2 PERCENT HISTORICAL DISCOUNT FOR NET 10 10 10 11 11 USD in Thousands 12 12 13 13 INCOME STATEMENT 14 14 15 15 16 16 17 17 Revenue 18 18 19 19 cost of Sales 20 20 21 21 Gross Profit 22 22 23 Operating Expenses (Including Depreciation) 24 24 25 EBIT 25 26 27 27 Interest Expense 28 29 29 Pretax Income 30 S1 31 Taxes 32 32 33 Net Income 94 34 35 36 INCOME STATEMENT ASSUMPTIONS 37 37 38 Revenue Growth 39 Gross Margin (Incl 2% Historical Discount for Net 10) 40 40 Operating Expenses / Revenue 41 41 Depreciation (See Delta in Accumulated Depr) 42 42 Depreciation / Revenue 43 43 TaxesPretax Income 44 EBITDA 45 45 Sheet1 + Ready 27.0 30.0 31.0 33.4 26.3 16.9 18.5 20.6 21.0 44,0 48.0 (19.4] (8.8) () 5.0 8.9 13.6 7.0 15.0 16.0 (3.1) 1.7 4,7 14.0 29.0 30.0 (12.6) (6.7) 5.8 8.3 Remarks Implied Implied implied Input Input Input Input Input 19.7% 16.7% 18.0% 19.9% 18.04 25.0 1.3% 34.1% 99.0 17.04 % 18.99 15.5% 35.0 1.6% 34.8% 112.0 25.0% 16.0% 15.5% 36.3 1.5% 34.8% 49.3 25.0% 16.0% 15,5% 52.5 1.8% 34.8% 70.1 25.0% 16.0% 15.5% 66.7 1.5% 34.8% 87.6 25.04 16.0% 15,5% 82.1 1.5% 34.8% 109.8 25.04 16.0% 15.54 102.6 1.5% 34.84 136.8 Depreciation Expense as % of Revenue is stable for industry Effective Tax Rate 33.3% FC E- 1 + + 69% I Type here to search O A 2:33 AM 2/9/2021 5 11
