Text: X2. Use the assumptions described in the table when modeling items that are not computed as totals or subtotals, or that are not computed using information available from the model.
Variable Modeling assumptions
Revenue Annual revenue growth in each forecast year equals the weighted average of growth rates from the historical period, where the last year of the historical period is weighted at 47%, the year before that is weighted at 36%, and the year before that is weighted at 17%.
Cost of goods sold Cost of goods sold to revenue in each forecast year is 2.77 percentage points worse than the average ratio from the last 2 years of the historical period.
SG&A and other indirect expenses SG&A and other indirect expenses to revenue in each forecast year equals the average annual ratio from the historical period.
A Information (dollar figures in millions)
Revenue 3
Cost of goods sold 4
SG&A and other indirect expenses 5
Accounts receivable 6
Inventory 7
Accounts payable 8
PP&E 9
Working capital funding gap (in days) 10
Depreciation 11
Amortization 12
CAPEX 13 14
C
D 2018A 665,700 218,016 87,025 89,697 87,886 28,409 180,368 ?? 15,847 1,541 ??
E 2019A 737,740 364,694 100,073 119,868 112,617 14,682 163,258 ?? 14,930 2,739
F 2020A 898,069 412,563 120,315 94,372 91,590 40,241 144,883 ?? 19,623 2,949
G 2021A 1,198,665 518,827 137,158 169,967 125,969 48,078 158,288 ?? 18,513 3,291 ??
H 2022E
2023E
163,253 125,978
248,158 197,857
168,902 70,95
162,766 92,48
4,606 50,769
5,711 29,113
