You're an analyst at the consumer retail group of the Great Invesment Bank and you're asked to put together an analysis of Starbucks (SBUX) Your MD has asked you to perform the following tasks: 

1 Evaluate Starbucks's performance overtime 

2 Put together a 4-year 3-statement model for the company 

3 Evaluate Starbucks's trading levels compared to peers 

Part 1. Historical performance 

A. Please calculate annual revenue growth historically 

B. What is the compound annual growth rate between 2019 and 2022?

C. What do you think is the reason for the amount of revenue growth in 2020? Where would you find this information? 

D. Calculate COGS margin and gross margin. What is the gross margin trend? What is the reason for a change in gross margin between 2020 and 2019? What about 2022 and 2021? 

E. Calculate operating income margin for 2019-2022. Are trends consistent with gross margin trends? 

F. When reviewing the operating income as calculated on the income statement, which iems would you definitively exclude from your calculation? Why? Calculate adjusted operating income based on this observation 

G. Calculate 2019-2022 adjusted EBITDA