Value Drivers for 2022 Sales Growth COGS as a of Sales Revenue S, G, A as a of Sales Revenue Interest rate as a of Long Term Debt Tax rate as a of Pre tax Income PP E (Gross) Growth Pay Down of Long Term Debt Other Assumptions for 2022 Depreciation Expense as a of Gross PP E AR turnover Inventory turnover AP turnover Find the Above for Nike Inc using the below table Nike, INC CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) Year Ended December 31, 2021 2020 2019 Revenue 44,538 37,403 39,117 Sales Growth 2021 over 2020 19 08 Sales Growth 2020 over 2019 4 38 2021 2020 Property, plant, and equipment (gross) 10,061 9,661 PP E (Gross) Growth 4 1 2021 2020 Sales 44,538 37,403 Account receivable 4,463 2,749 Average account receivable 3,606 AR turnover 12 35 2021 2020 Cost of Sales 24,576 21,162 Inventory 6,854 7,367 Average Inventory 7,110 50 Inventory Turnover 17,465 50 2021 2020 Cost of Sales 24,576 21,162 Account Payable 2836 2248 Average account Payable 2542 AP turnover 9 67 2021 2020 Depreciation Expense 744 721 Gross PP E 10,061 9,661 Depreciation expense as a gross PP E 7 39 7 46 NIKE, INC Common size CONSOLIDATED STATEMENTS OF INCOME Year Ended May 31, (In Billions, Except per Share Data) 2021 of net sales 2020 of net sales 2019 of net sales Revenues $ 44,538 100 00 $ 37,403 100 0 $ 39,117 100 0 Cost of sales (24,576) 55 18 (21,162) 56 6 (21,643) 55 33 Gross profit 19,962 44 82 16,241 43 42 17,474 44 67 Demand creation expense (3,114) 6 99 (3,592) 9 60 (3,753) 9 59 Operating overhead expense (9,911) 22 25 (9,534) 25 49 (8,949) 22 88 Selling and administrative expense (13,025) 29 24 (13,126) 35 09 (12,702) 32 47 Operating income 6,937 15 58 3,115 8 33 4,772 12 20 Interest income 34 0 08 62 0 17 82 0 21 Interest expense (296) 0 66 (151) 0 40 (131) 0 33 Interest income (expense), net (262) 0 59 (89) 0 24 (49) 0 13 Other income (expense), net $ (14) 0 03 $ (139) 0 37 $ 78 0 20 Income before income taxes $ 6,661 14 96 $ 2,887 7 72 $ 4,801 12 27 Income tax expense $ (934) 2 10 $ (348) 0 93 $ (772) 1 97 Net income $ 5,727 12 86 $ 2,539 6 79 $ 4,029 10 30 Earnings per share Common Share Basic $ 3 64 $ 1 63 $ 2 55 Diluted $ 3 56 $ 1 60 $ 2 49 Weighted average common shares Basic 1,573 1,559 1,580 Diluted 1,609 1,592 1,618

Question

Value Drivers for 2022 Sales Growth   COGS as a   of Sales Revenue S, G,   A as a   of Sales Revenue Interest rate as a   of Long Term Debt Tax rate as a   of Pre tax Income PP E (Gross) Growth Pay Down of Long Term Debt Other Assumptions for 2022 Depreciation Expense as a   of Gross PP E AR turnover Inventory turnover AP turnover Find the Above for Nike Inc using the below table  Nike, INC  CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share amounts) Year Ended December 31, 2021 2020 2019 Revenue 44,538 37,403 39,117 Sales Growth   2021 over 2020 19 08  Sales Growth   2020 over 2019  4 38  2021 2020 Property, plant, and equipment (gross) 10,061 9,661 PP E (Gross) Growth   4 1  2021 2020 Sales 44,538 37,403 Account receivable 4,463 2,749 Average account receivable 3,606 AR turnover 12 35 2021 2020 Cost of Sales 24,576 21,162 Inventory 6,854 7,367 Average Inventory 7,110 50 Inventory Turnover 17,465 50 2021 2020 Cost of Sales 24,576 21,162 Account Payable 2836 2248 Average account Payable 2542 AP turnover 9 67 2021 2020 Depreciation Expense 744 721 Gross PP E 10,061 9,661 Depreciation expense as a gross PP E 7 39  7 46  NIKE, INC  Common size CONSOLIDATED STATEMENTS OF INCOME Year Ended May 31, (In Billions, Except per Share Data) 2021   of net sales 2020   of net sales 2019   of net sales Revenues $ 44,538 100 00  $ 37,403 100 0  $ 39,117 100 0  Cost of sales (24,576)  55 18  (21,162)  56 6  (21,643)  55 33  Gross profit 19,962 44 82  16,241 43 42  17,474 44 67  Demand creation expense (3,114)  6 99  (3,592)  9 60  (3,753)  9 59  Operating overhead expense (9,911)  22 25  (9,534)  25 49  (8,949)  22 88  Selling and administrative expense (13,025)  29 24  (13,126)  35 09  (12,702)  32 47  Operating income 6,937 15 58  3,115 8 33  4,772 12 20  Interest income 34 0 08  62 0 17  82 0 21  Interest expense (296)  0 66  (151)  0 40  (131)  0 33  Interest income (expense), net (262)  0 59  (89)  0 24  (49)  0 13  Other income (expense), net $ (14)  0 03  $ (139)  0 37  $ 78 0 20  Income before income taxes $ 6,661 14 96  $ 2,887 7 72  $ 4,801 12 27  Income tax expense $ (934)  2 10  $ (348)  0 93  $ (772)  1 97  Net income $ 5,727 12 86  $ 2,539 6 79  $ 4,029 10 30  Earnings per share Common Share Basic $ 3 64 $ 1 63 $ 2 55 Diluted $ 3 56 $ 1 60 $ 2 49 Weighted average common shares Basic 1,573 1,559 1,580 Diluted 1,609 1,592 1,618

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Value Drivers for 2022
Sales Growth %
COGS as a % of Sales Revenue
S, G, & A as a % of Sales Revenue
Interest rate as a % of Long-Term Debt
Tax rate as a % of Pre-tax Income
PP&E (Gross) Growth
Pay Down of Long-Term Debt

Other Assumptions for 2022
Depreciation Expense as a % of Gross PP&E
AR turnover
Inventory turnover
AP turnover

Question

Value Drivers for 2022 Sales Growth % COGS as a % of Sales Revenue S, G, & A as a % of Sales Revenue Interest

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		Nike, INC.
		CONSOLIDATED STATEMENTS OF INCOME
		(In millions, except per share amounts)
		Year Ended December 31,

			2021	2020	2019
		Revenue	44,538	37,403	39,117

Sales Growth % 2021 over 2020			19.08%
Sales Growth % 2020 over 2019			-4.38%

			2021	2020
	Property, plant, and equipment (gross)		10,061	9,661
	PP&E (Gross) Growth %		4.1%

			2021	2020
	Sales		44,538	37,403
	Account receivable		4,463	2,749
	Average account receivable		3,606
	AR turnover		12.35

			2021	2020
	Cost of Sales		24,576	21,162
	Inventory		6,854	7,367
	Average Inventory		7,110.50
	Inventory Turnover		17,465.50

			2021	2020
	Cost of Sales		24,576	21,162
	Account Payable		2836	2248
	Average account Payable		2542
	AP turnover		9.67

			2021	2020
	Depreciation Expense		744	721
	Gross PP&E		10,061	9,661
	Depreciation expense as a gross PP&E		7.39%	7.46%

NIKE, INC.
Common-size
CONSOLIDATED STATEMENTS OF INCOME
Year Ended May 31,

(In Billions, Except per Share Data)	2021	% of net sales	2020	% of net sales	2019	% of net sales
Revenues	$ 44,538	100.00%	$ 37,403	100.0%	$ 39,117	100.0%
Cost of sales	(24,576)	-55.18%	(21,162)	-56.6%	(21,643)	-55.33%
Gross profit	19,962	44.82%	16,241	43.42%	17,474	44.67%
Demand creation expense	(3,114)	-6.99%	(3,592)	-9.60%	(3,753)	-9.59%
Operating overhead expense	(9,911)	-22.25%	(9,534)	-25.49%	(8,949)	-22.88%
Selling and administrative expense	(13,025)	-29.24%	(13,126)	-35.09%	(12,702)	-32.47%
Operating income	6,937	15.58%	3,115	8.33%	4,772	12.20%
Interest income	34	0.08%	62	0.17%	82	0.21%
Interest expense	(296)	-0.66%	(151)	-0.40%	(131)	-0.33%
Interest income (expense), net	(262)	-0.59%	(89)	-0.24%	(49)	-0.13%
Other income (expense), net	$ (14)	-0.03%	$ (139)	-0.37%	$ 78	0.20%
Income before income taxes	$ 6,661	14.96%	$ 2,887	7.72%	$ 4,801	12.27%
Income tax expense	$ (934)	-2.10%	$ (348)	-0.93%	$ (772)	-1.97%
Net income	$ 5,727	12.86%	$ 2,539	6.79%	$ 4,029	10.30%


Earnings per share Common Share
Basic	$ 3.64		$ 1.63		$ 2.55
Diluted	$ 3.56		$ 1.60		$ 2.49
Weighted average common shares
Basic	1,573		1,559		1,580
Diluted	1,609		1,592		1,618