Historical Results Forecast Period

FINANCIAL STATEMENTS 2015.00 2016.00 2017.00 2018.00 2019.00 2020.00 2021.00 2022.00 2023.00
Balance Sheet Check OK OK OK OK OK OK OK OK OK

Assumptions
Income statement
Revenue Growth (% Change) 0.73 -0.75 0.38 0.37 0.38 0.38 0.35 0.36
Cost of Goods Sold (% of Revenue) 0.13 0.06 0.19 0.10 0.06 0.07 0.13 0.13 0.11
Salaries and Benefits ($billion) 344.97 876.67 12.71 72.00 78.66 80.00 82.00 84.00 86.00
Research and Development 12.28 13.95 16.63 21.42 26.02 28.00 30.00 32.00 34.00
Depreciation & Amortization (% of PP&E Open Bal) 0.51 0.21 0.20 0.21 0.20 0.22 0.23 0.23 0.23
Interest (% of Debt Open Bal) 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01
Tax Rate (% of Earnings Before Tax) 0.02 0.08 0.09 0.02 0.02 0.02 0.02 0.02 0.02
Balance Sheet
Accounts Receivable (Days) 8.85 5.25 27.87 22.95 21.75 20.00 20.00 20.00 20.00
Inventory (Days) 159.71 200.49 274.99 443.94 572.26 450.00 450.00 450.00 450.00
Accounts Payable (Days) 9.80 12.50 25.14 45.50 72.07 37.00 37.00 37.00 37.00
Capital Expenditures ($billion) 24.08 11.35 15.07 26.38 36.65 40.00 40.00 45.00 48.00
Debt Issuance (Repayment) ($billion) 1.20 1.22 15.24 9.12 18.13 0.00 0.00 -20.00 0.00
Equity Issued (Repaid) ($billion) 2.33 18.71 13.46 25.13 23.81 22.00 24.00 8.00 8.00

Income Statement
Reveneue 573.59 989.73 245.02 336.96 461.40 636.73 878.69 1186.23 1607.34
Cost of Goods Sold (COGS) 28.16 35.14 45.58 59.55 71.90 41.39 114.23 148.28 176.81
Gross Profit 545.43 954.59 199.44 277.41 389.50 595.34 764.46 1037.95 1430.54
Expenses
Salaries and Benefits 344.97 876.67 12.71 72.00 78.66 80.00 82.00 84.00 86.00
research and development expenses 12.28 13.95 16.63 21.42 26.02 28.00 30.00 32.00 34.00
Depreciation & Amortization 5.06 6.14 6.92 9.04 11.78 18.61 24.38 27.97 31.89
Interest 0.10 0.12 0.16 0.21 0.27 0.34 0.34 0.34 0.24
Total Expenses 362.42 896.88 36.42 102.67 116.73 126.95 136.72 144.31 152.13
Earnings Before Tax 183.02 57.71 163.02 174.74 272.77 468.39 627.74 893.64 1278.41

Taxes 3.30 4.67 14.53 4.18 5.28 9.37 12.55 17.87 25.57
Net Earnings 179.72 53.04 148.49 170.56 267.49 459.02 615.19 875.77 1252.84
 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015.00 2016.00 2017.00 2018.00 2019.00 2020.00 2021.00 2022.00 2023.00
Balance Sheet Check OK OK OK OK OK OK OK OK OK

Balance Sheet
Assets
Cash 73.07 86.33 101.87 109.14 119.68 834.96 1362.84 2154.19 3343.56
Accounts Receivable 13.91 14.23 18.71 21.19 27.49 34.89 48.15 65.00 88.07
Inventory 31.46 32.71 34.34 42.74 44.15 51.03 140.83 182.81 217.98
Property & Equipment 29.02 34.23 42.38 59.72 84.59 105.98 121.60 138.64 154.75
Total Assets 147.46 167.50 197.30 232.79 275.91 1026.85 1673.42 2540.64 3804.37

Liabilities
Accounts Payable 1.93 2.04 3.14 4.38 5.56 4.20 11.58 15.03 17.92
Debt 25.20 26.42 41.66 50.78 68.91 68.91 68.91 48.91 48.91
Total Liabilities 27.13 28.46 44.80 55.16 74.47 73.11 80.49 63.94 66.83
Shareholder's Equity
Equity Capital 31.11 33.91 39.25 42.74 49.32 71.32 95.32 103.32 111.32
Retained Earnings 89.22 105.13 113.25 134.89 152.12 611.14 1226.33 2102.09 3354.93
Shareholder's Equity 120.33 139.04 152.50 177.63 201.44 682.46 1321.65 2205.41 3466.25
Total Liabilities & Shareholder's Equity 147.46 167.50 197.30 232.79 275.91 755.57 1402.14 2269.36 3533.08

Check 0.00 0.00 0.00 0.00 0.00

 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015.00 2016.00 2017.00 2018.00 2019.00 2020.00 2021.00 2022.00 2023.00
Balance Sheet Check OK OK OK OK OK OK OK OK OK

Cash Flow Statement

Operating Cash Flow
Net Earnings 179.72 53.04 148.49 170.56 267.49 459.02 615.19 875.77 1252.84
Plus: Depreciation & Amortization 5.06 6.14 6.92 9.04 11.78 18.61 24.38 27.97 31.89
Less: Changes in Working Capital 5.06 1.08 0.78 2.12 2.74 15.64 95.68 55.38 55.36
Cash from Operations 179.72 58.10 154.63 177.48 276.53 461.99 543.88 848.36 1229.37

Investing Cash Flow

Investments in Property & Equipment 24.08 11.35 15.07 26.38 36.65 40.00 40.00 45.00 48.00
Cash from Investing 24.08 11.35 15.07 26.38 36.65 40.00 40.00 45.00 48.00

Financing Cash Flow

Issuance (repayment) of debt 1.20 1.22 15.24 9.12 18.13 0.00 0.00 -20.00 0.00
Issuance (repayment) of equity 2.33 18.71 13.46 25.13 23.81 22.00 24.00 8.00 8.00
Cash from Financing 3.53 19.93 28.70 34.25 41.94 22.00 24.00 -12.00 8.00

Net Increase (decrease) in Cash 159.17 66.68 168.26 185.35 281.82 443.99 527.88 791.36 1189.37
Opening Cash Balance 0.00 73.07 86.33 101.87 109.14 390.96 834.96 1362.84 2154.19
Closing Cash Balance 159.17 139.75 254.59 287.22 390.96 834.96 1362.84 2154.19 3343.56

Check 86.10 53.42 152.72 178.08 271.28

 Historical Results Forecast Period
FINANCIAL STATEMENTS 2015.00 2016.00 2017.00 2018.00 2019.00 2020.00 2021.00 2022.00 2023.00
Balance Sheet Check OK OK OK OK OK OK OK OK OK

Supporting Schedules
Working Capital Schedule
Accounts Receivable 13.91 14.23 18.71 21.19 27.49 34.89 48.15 65.00 88.07
Inventory 31.46 32.71 34.34 42.74 44.15 51.03 140.83 182.81 217.98
Accounts Payable 1.93 2.04 3.14 4.38 5.56 4.20 11.58 15.03 17.92
Net Working Capital (NWC) 43.44 44.90 49.91 59.55 66.08 81.72 177.40 232.78 288.13
Change in NWC 43.44 1.46 5.01 9.64 6.53 15.64 95.68 55.38 55.36

Depreciation Schedule
PPE Opening 10.00 29.02 34.23 42.38 59.72 84.59 105.98 121.60 138.64
Plus Capex 24.08 11.35 15.07 26.38 36.65 40.00 40.00 45.00 48.00
Less Depreciation 5.06 6.14 6.92 9.04 11.78 18.61 24.38 27.97 31.89
PPE Closing 29.02 34.23 42.38 59.72 84.59 105.98 121.60 138.64 154.75

Debt & Interest Schedule

Debt Opening 24.00 25.20 26.42 41.66 50.78 68.91 68.91 68.91 48.91
Issuance (repayment) 1.20 1.22 15.24 9.12 18.13 0.00 0.00 -20.00 0.00
Debt Closing 25.20 26.42 41.66 50.78 68.91 68.91 68.91 48.91 48.91
Interest Expense 0.10 0.12 0.16 0.21 0.27 0.34 0.34 0.34 0.24

Equity Schedule
Equity Opening 118.00 120.33 139.04 152.50 177.63 201.44 179.44 155.44 147.44
d
2024.00
OK

0.34
0.10
88.00
36.00
0.23
0.01
0.02

20.00
450.00
37.00
48.00
0.00
25.00

2153.84
215.38
1938.46

88.00
36.00
35.59
0.24
159.84
1778.62

35.57
1743.05
d
2024.00
OK

5025.61
118.02
265.54
167.16
5576.33

21.83
48.91
70.74

136.32
5097.98
5234.30
5305.04
d
2024.00
OK

1743.05
35.59
73.59
1705.05

48.00
48.00

0.00
25.00
25.00

1682.05
3343.56
5025.61
d
2024.00
OK

118.02
265.54
21.83
361.73
73.59

154.75
48.00
35.59
167.16

48.91
0.00
48.91
0.24

139.44