Landmark Solutions Worksheet 2021 T2 2021
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University of New South Wales *
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3650
Subject
Finance
Date
Jul 1, 2024
Type
xlsx
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21
Uploaded by SargentArmadillo2196
Exhibit 1 Landmark's Simplified Financial Statements, 2010-2014 (U.S. $ millions)
2010
2011
2012
2013
2014 [E]
Income statement
Net sales
289.9 304.1 316.4 329.0 345.5 COGS
259.4
273.1
284.1
295.3
310.4
Gross profit
30.5
31.0
32.3
33.7
35.1
Operating expenses
20.9
21.6
26.7
28.6
30.3
Depreciation and amortization
1.6
1.6
1.7
1.7
1.8
Operating profit
8.0
7.8
3.9
3.4
3.0
Interest expense
0.0
0.0
0.3
0.2
0.0
Income taxes
2.8
2.7
1.3
1.1
1.1
Net income
5.2
5.1
2.3
2.1
2.0
EPS
$1.30
$1.27
$0.58
$0.52
$0.49
Dividend
$0.20
$0.20
$0.20
$0.20
$0.20
Balance sheet
Cash
3.6
4.2
3.3
1.5
0.4
Accounts receivable
20.7
22.0
29.3
30.4
31.0
Other current assets
6.3
5.1
4.9
5.0
4.9
Current assets
30.6
31.3
37.5
36.9
36.3
Net PP&E
3.1
5.1
7.2
9.2
11.2
Investments and other assets
45.0
47.1
47.3
47.6
47.2
Total assets
78.7
83.6
92.0
93.7
94.6
Accounts payable
5.6
5.3
7.6
8.9
10.4
Bank borrowing
0.0
0.0
4.0
2.5
0.0
Current Liabilities
5.6
5.3
11.6
11.4
10.4
Accrued expenses and deferred taxes
13.9
13.9
15.0
15.3
15.5
Other non-current liabilities
16.6
17.5
17.0
17.3
17.9
Total liabilities
36.1
36.7
43.6
44.0
43.8
Shareholders' equity
42.6
46.9
48.4
49.7
50.8
Total liabilities and equity
78.7
83.6
92.0
93.7
94.6
Exhibit 2 Broadway's Simplified Financial Statements, 2010-2014 (U.S. $ millions)
2010
2011
2012
2013
2014 [E]
Income statement
Net sales
137.8
143.5
149.5
155.3
161.9
COGS
126.1
131.5
137.1
142.5
148.6
Gross profit
11.7
12.0
12.4
12.8
13.3
Operating expenses
2.9
2.9
2.9
3.0
3.0
Depreciation and amortization
1.8
2.2
2.5
2.8
2.9
Operating profit
7.0
6.9
7.0
7.0
7.4
0.4
0.4
0.4
0.4
0.4
Income taxes
2.3
2.3
2.3
2.3
2.5
Net income
4.3
4.2
4.3
4.3
4.6
EPS
$1.23
$1.21
$1.22
$1.23
$1.30
Dividends
$0.24
$0.24
$0.24
$0.24
$0.24
Balance sheet
Cash
1.8
1.0
1.9
1.5
2.1
Accounts receivable
13.1
13.5
14.6
15.2
16.2
Other current assets
2.8
4.0
4.1
4.2
4.2
Current assets
17.7
18.5
20.6
20.9
22.5
Net PP&E
16.0
17.4
18.6
19.7
20.9
Investments and other assets
35.9
38.6
41.8
43.2
43.5
Total assets
69.6
74.5
81.1
83.8
86.8
Accounts payable
9.3
9.9
10.4
11.0
11.5
0.4
0.4
0.4
0.4
0.4
Current Liabilities
9.7
10.3
10.8
11.4
11.9
Long-term debt
8.2
7.7
8.7
8.3
7.9
Accrued expenses and deferred taxes
11.6
12.8
13.1
13.3
13.0
Other non-current liabilities
11.0
11.2
12.5
11.4
10.9
Total liabilities
40.5
42.0
45.1
44.4
43.7
Shareholders 'equity
29.1
32.5
36.0
39.4
43.1
Total liabilities and equity
69.6
74.5
81.1
83.8
86.8
Interest expense
a
Long-term debt, current portion
b
a
Interest rate on long-term debt outstanding is at 4.5% per year.
b
Principal amount of long-term debt is amortized at $0.4m per year.
Exhibit 3a Five-year Forecast of Landmark's Income and Cash Flow, 2015-2019 (U.S. $ millions)*
2015
2016
2017
2018
2019
Net sales
362.8
380.9
400.0
420.0
441.0
Operating profit
5.4
5.7
6.0
6.3
6.6
Net income
3.5
3.7
3.9
4.1
4.3
Depreciation and amortization
2.1
2.4
2.7
3.0
3.3
Change in net working capital
1.3
1.3
1.4
1.5
1.6
Capital expenditure
3.6
3.8
4.0
4.2
4.4
Total FCF
0.7
1.0
1.2
1.4
1.6
Exhibit 3b Five-year Forecast of Broadway's Income and Cash Flow, 2015-2019 (U.S. $ millions)*
2015
2016
2017
2018
2019
Net sales
168.4
175.1
182.1
189.4
197.0
Operating profit
6.7
7.0
7.3
7.6
7.9
Interest expense
0.4
0.4
0.4
0.4
0.4
Net income
4.1
4.3
4.5
4.7
4.9
Depreciation and amortization
3.1
3.3
3.5
3.7
3.9
Change in net working capital
0.4
0.4
0.4
0.4
0.4
Capital expenditure
4.2
4.4
4.6
4.7
4.9
Total FCF
2.8
3.1
3.3
3.5
3.7
*Numbers in the exhibits are based on the assumption Broadway does not acquire Landmark.
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Exhibit 4 Financial Data of Publically Traded Competitors, 2014 (U.S. $ millions)
Comparable Company 1
Comparable Company 2
Comparable Company 3
Sales
$13,945.7
$6,417.2
$836.9
Net income
$219.4
$123.8
$12.1
EPS
$0.95
$1.84
$0.55
Share price
$26.76
$46.83
$22.73
Number of shares outstanding
231.2
67.3
22.0
Market capitalization
$6,186.9
$3,151.7
$500.1
Debt
$5,887.0
$355.0
$289.0
Assets
$10,267.1
$3,465.9
$862.4
Equity beta
1.69
1.25
1.56
Exhibit 5 Selected Capital Markets Information as of September 1, 2014
Treasury:
3-month Treasury bill rate
0.04%
1-year Treasury bond rate
0.10%
10-year Treasury bond rate
2.56%
Corporate bond yield:
Aaa
4.16%
Aa
4.34%
A
4.52%
Baa
4.70%
Market risk premium
5.90%
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Landmark Solution
Use the worksh
Some basic prin
KISS - Keep It
Be Consisten
Keep the nat
Avoid hard-c
Stick with the
Week #
Week 2
Week 3
Week 4
Week 5
1 Page report
ns case exercises (Week 2-5)
heets created in this excel workbook to carry out the required financial modelling as listed in each week's exercises
nciples of financial modelling/analysis:
t Short and Simple. The exercises we covered in this course does not require fancy, colourful cells or Macro or VBA. nt - ie, column headings, width, fonts, etc
tural flow - ie, read like a book - from left to right, top-down, etc
coded figures. For calculated outputs, refer to source data as much as possible
e tabs we provided in this excel file. You don't need to create new tabs for what we do here.
Topics/Objectives
Create Proforma Financials for both Landmark and Broadway based on the mgmt' Base and Pessimistic case
Both Base and Pessimistic case
Landmark Proforma Financials
Broadway Proforma Financials
Estimate Cost of Capital for Landmark, Broadway & Industry
Calculate the "all-equity" (or Unlevered) beta for the comparable companies in Exhibit 4 Estimate the unlevered beta for the industry
Estimate Cost of Unlevered Equity of the industry (Using CAPM)
Estimate the cost of capital of Landmark and Broadway (and Combined):
- Estimate levered beta based on target D/E or using industry average
- Cost of levered equity
- WACC All workings are linked. Spreadsheet is well formatted and visually pleasing
Capital Structure
How does equity vs. debt financing impact on the capital structure and potential value to the acquisition?
Both Base and Pessimistic case
Merged Proforma (100% Debt Funded)
Merged Proforma (50% Debt Funded)
Valuation/Capital Budgeting Objective is to determine whether the acquisition of Landmark create values and whether the price of $120m is NPV p
- DCF Valuation of Landmark (without acquisition)
- DCF Valuation of Broadway (without acquisition)
- DCF Valuation of Landmark (with acquisition) Base and Pessimistic
- DCF Valuation of Broadway (with acquisition) Base and Pessimistic
- All figures should be linked and well presented
Sensitivity analysis of Landmark value to Broadway - WACC vs. Growth Rate of Broadway
- WACC vs. Operating margin
- NPV of the proposed acquisition to Broadway
Based on the analysis conducted, does the acquisition of Landmark present value to Broadway. Consider the following:
- What are the key risks/variables affecting whether the acquisition would create value?
- How should Broadway finance the acquisition ie, Debt vs. Equity
- Under Base/Pessimistic case, how much value is created for Landmark shareholders? And Broadway shareholders?
- You should consider using summary tables of various key figures / calculations to illustrate and support your commen
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positive
ntary
Wk 4 - Proforma financials of Landmark (3 ways financials) 2015 - 2020
Base and Pessimistic case
Need to achieve
- List of assumptions driving the forecasts
- Income Statement
- Balance Sheet
- Cash flow Statement
- All figures are linked - Well formatted and presented
Exhibit 1 Landmark's Simplified Financial Statements, 2010-2014 (U.S. $ millions)
2010
2011
2012
2013
2014 [E]
Income statement
Net sales
289.9 304.1 316.4 329.0 345.5 COGS
259.4
273.1
284.1
295.3
310.4
Gross profit
30.5
31.0
32.3
33.7
35.1
Operating expenses
20.9
21.6
26.7
28.6
30.3
Depreciation and amortization
1.6
1.6
1.7
1.7
1.8
Operating profit
8.0
7.8
3.9
3.4
3.0
Interest expense
0.0
0.0
0.3
0.2
0.0
Income taxes
2.8
2.7
1.3
1.1
1.1
Net income
5.2
5.1
2.3
2.1
2.0
EPS
$1.30
$1.27
$0.58
$0.52
$0.49
Dividend
$0.20
$0.20
$0.20
$0.20
$0.20
Balance sheet
Cash
3.6
4.2
3.3
1.5
0.4
Accounts receivable
20.7
22.0
29.3
30.4
31.0
Other current assets
6.3
5.1
4.9
5.0
4.9
Current assets
30.6
31.3
37.5
36.9
36.3
Net PP&E
3.1
5.1
7.2
9.2
11.2
Investments and other assets
45.0
47.1
47.3
47.6
47.2
Total assets
78.7
83.6
92.0
93.7
94.6
Accounts payable
5.6
5.3
7.6
8.9
10.4
Bank borrowing
0.0
0.0
4.0
2.5
0.0
Current Liabilities
5.6
5.3
11.6
11.4
10.4
Accrued expenses and deferred taxes
13.9
13.9
15.0
15.3
15.5
Other non-current liabilities
16.6
17.5
17.0
17.3
17.9
Total liabilities
36.1
36.7
43.6
44.0
43.8
Shareholders' equity
42.6
46.9
48.4
49.7
50.8
Total liabilities and equity
78.7
83.6
92.0
93.7
94.6
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Wk 4 - Proforma financials of Broadway (3 ways financials) 2015 - 2020
Base and Pessimistic case
Need to achieve
- List of assumptions driving the forecasts
- Income Statement
- Balance Sheet
- Cash flow Statement
- All figures are linked - Well formatted and presented
Exhibit 2 Broadway's Simplified Financial Statements, 2010-2014 (U.S. $ millions)
2010
2011
2012
2013
2014 [E]
Income statement
Net sales
137.8
143.5
149.5
155.3
161.9
COGS
126.1
131.5
137.1
142.5
148.6
Gross profit
11.7
12.0
12.4
12.8
13.3
Operating expen
2.9
2.9
2.9
3.0
3.0
Depreciation and
1.8
2.2
2.5
2.8
2.9
Operating profit
7.0
6.9
7.0
7.0
7.4
0.4
0.4
0.4
0.4
0.4
Income taxes
2.3
2.3
2.3
2.3
2.5
Net income
4.3
4.2
4.3
4.3
4.6
EPS
$1.23
$1.21
$1.22
$1.23
$1.30
Dividends
$0.24
$0.24
$0.24
$0.24
$0.24
Balance sheet
Cash
1.8
1.0
1.9
1.5
2.1
Accounts receiv
13.1
13.5
14.6
15.2
16.2
Other current ass
2.8
4.0
4.1
4.2
4.2
Current assets
17.7
18.5
20.6
20.9
22.5
Net PP&E
16.0
17.4
18.6
19.7
20.9
Investments and
35.9
38.6
41.8
43.2
43.5
Total assets
69.6
74.5
81.1
83.8
86.8
Accounts payabl
9.3
9.9
10.4
11.0
11.5
0.4
0.4
0.4
0.4
0.4
Current Liabiliti
9.7
10.3
10.8
11.4
11.9
Long-term debt
8.2
7.7
8.7
8.3
7.9
Accrued expense
11.6
12.8
13.1
13.3
13.0
Other non-curren
11.0
11.2
12.5
11.4
10.9
Total liabilities
40.5
42.0
45.1
44.4
43.7
Shareholders 'eq
29.1
32.5
36.0
39.4
43.1
Total liabilities 69.6
74.5
81.1
83.8
86.8
Interest expense
a
Long-term debt, a
Interest rate on long-term debt outstanding is at 4.5% per year.
b
Principal amount of long-term debt is amortized at $0.4m per year.
Week 3- Estimate Cost of Capital for Landmark and Broadway
Need to achieve:
Calculate the "all-equity" (or Unlevered) beta for the comparable companies in Exhibit 4 Estimate the unlevered beta for the industry
Estimate Cost of Unlevered Equity of the industry (Using CAPM)
Estimate the cost of capital of Landmark and Broadway (and Combined):
- Estimate levered beta based on target D/E or using industry average
- Cost of levered equity
- WACC All workings are linked. Spreadsheet is well formatted and visually pleasing
Use the comparable companies information in Exhibit 4, Exhibit 5 and other appropriate information in the case to estimate Cost of Capital
Wk 4 - Proforma 3 way financials of Broadway (Post Acquisitions) 2015 - 2020 (100% debt funded)
Need to achieve
- Base case and Pessimistic case
- Income Statement
- Balance Sheet
- Cash flow Statement
- All figures are linked - Analysis on various relevant debt ratio
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Wk 4 - Proforma 3 way financials of Broadway (Post Acquisitions) 2015 - 2020 (50% debt funded)
Need to achieve
- Base case and Pessimistic case
- Income Statement
- Balance Sheet
- Cash flow Statement
- All figures are linked - Analysis on various relevant debt ratio
Wk 5 - Valuations
Objective of this week's exercise is to determine whether the acquisition of Landmark create values and wh
You should use information presented in Exhibit 3a & 3b and the findings from your Wk 3 and Wk 4 work
Need to do:
- DCF Valuation of Landmark (without acquisition)
- DCF Valuation of Broadway (without acquisition)
- DCF Valuation of Landmark (with acquisition) Base and Pessimistic
- DCF Valuation of Broadway (with acquisition) Base and Pessimistic
- All figures should be linked and well presented
hether the price of $120m is NPV positive
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Wk 5 - Valuation - assess sensivity of key variables to overall valuation
Sensitivity analysis of Landmark value to Broadway - WACC vs. Growth Rate of Broadway
- WACC vs. Operating margin
- NPV of the proposed acquisition to Broadway
- What are the key risks/variables affecting whether the acquisition would create value?
- How should Broadway finance the acquisition ie, Debt vs. Equity
- Under Base/Pessimistic case, how much value is created for Landmark shareholders? And Broadway shareho
- You should consider using summary tables of various key figures / calculations to illustrate and support your Based on the analysis conducted, does the acquisition of Landmark present value to Broadway. Consider the f
olders?
commentary
following:
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604.1
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2010
2011
2012
404.3
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Cost of Goods Sold
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Administration
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(206.2)
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Depreciation & Amortization
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19.6
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33.4
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6.3
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12.7
Net Income
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Shares eatstanding (milliona)
Earnings per share
55.0
$0.33
55.0
$0.05
55.0
$0.11
55.0
$0.23
55.0
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Balance Sheet
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2010
2011
2012
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Assets
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48.8
68.9
69.8
86.3
69.8
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77.5
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85.0
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(The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2020
2019
Sales
$ 442,035
$ 338,635
212,324
126, 311
$ 235,000
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
266, 105
150,400
175,930
62,769
39,783
102,552
73,378
13,648
$ 59,730
84,600
31,020
46,732
29,800
76,532
49,779
19,505
50,525
34,075
Income tax expense
10, 205
6,917
Net income
$ 39,574
$ 27,158
KORBIN COMPANY
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December 31
2021
2020
2019
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Current assets
$ 55,578
$ 37, 199
$ 49,726
Long-term investments
Plant assets, net
900
4,570
56,095
104,820
$ 160,398
95,143
Total assets
$ 133, 242
$ 110,391
Liabilities and Equity
Current liabilities
$ 19,853
$ 23,418
68,000
8,500…
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Annual data for ABC Corporation appear below, in millions of US dollars:
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2017
2018
2019
Sales Revenue
126.1
131.3
144.5
150.4
Cost of Goods Sold
45.3
50.8
54.6
55.3
Operating Income
Ending Inventory
18.8
21.1
20.9
23.3
9.6
10.2
10.8
9.6
Ending Accounts Payable
10.2
8.8
9.5
10.2
Calculate ABC's inventory turnover ratio for 2017. Round your answer to 1 decimal place (xx.x).
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242,212
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194,493
136,896
Gross profit
160,134
113,737
77,004
Selling expenses
57,133
42,536
28,235
Administrative expenses
36,211
27,124
17,754
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93,344
69,660
45,989
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66,790
44,077
31,015
12,423
9,036
6,296
Net income
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$ 35,041
$ 24,719
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Current liabilities
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Retained earnings
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Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1,
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements.
For Years Ended December 31
2021
Sales:
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
2020
$436,580 $ 334,456
262,821
173,759
61,994
39,292
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Comparative Balance Sheets
December 31
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
212,045
122,411
46, 155
101,286
72,473
13,480
$ 58,993 $ 37,225
29,432
75,587
46,824
9,599
2021
$ 54,789
0
100, 200
$154,989
$ 22,628
72,000
9,000
51,361
2019
$ 232,100
148,544
83,556
30,637
19,264
49,901
33,655
6,832
$ 26,823
2020
$36,670
900
91,178…
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Problem 13-2A (Static) Ratios, common-size statements, and trend percents LO P1, P2, P3
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[The following information applies to the questions displayed below.]Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2020
2019
Sales
$ 555,000
$ 340,000
$ 278,000
Cost of goods sold
283,500
212,500
153,900
Gross profit
271,500
127,500
124,100
Selling expenses
102,900
46,920
50,800
Administrative expenses
50,668
29,920
22,800
Total expenses
153,568
76,840
73,600
Income before taxes
117,932
50,660
50,500
Income tax expense
40,800
10,370
15,670
Net income
$ 77,132
$ 40,290
$ 34,830
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
$ 52,390
$ 37,924
$ 51,748
Long-term investments
0
500
3,950
Plant assets, net
100,000
96,000
60,000
Total assets
$ 152,390
$ 134,424
$ 115,698
Liabilities…
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Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1
Sales
Cost of goods sold
Accounts receivable.
2021
$ 706,675
363,004
34,274
2020
2019
$464,918 $ 371,9341
238,808 193, 136
27,058
25,477
2018
$ 260,094
133,898
15,268
2017
$ 194, 100
98,991
13,296
Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether
the situation as revealed by the trend percents appears to be favorable or unfavorable.
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Required Information
Problem 12-6B Use ratios to analyze risk and profitability (LO12-3, 12-4)
(The following information applies to the questions displayed below.]
Income statement and balance sheet data for The Athletic Attic are provided below.
THE ATHLETIC ATTIC
Incone Statements
For the years ended December 31
2022
$12, see, eee
8, 150,eee
4,350,000
2021
Net sales
Cost of goods sold
Gross profit
Expenses:
Operating expenses
bepreciation expense
Interest expense
Income tax expense
Total expenses
$11,0se,000
6,900,000
4,150,000
1,750,eee
200,000
55,000
58e,e00
2,585,000
$ 1,765,000
1,700,000
200, e00
55,000
500,000
2,455,e00
$ 1,695,000
Net incone
THE ATHLETIC ATTIC
Balance Sheets
December 31
2022
2021
2020
Assets
Current assets:
Cash
Accounts receivable
Inventory
Supplics
Long term assets:
Equipnent
Less: Accumulated depreciation
$
240,000
1,005,000
1,740,000
145,800
170,000
755,000
1,370,000
115,000
234,000
775,00e
1,048,eee
90,000
1,700,000
(75e,00e)
1,700,000
(S5e,000)…
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!
Required information
Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2019
$ 279,900
179, 136
Sales
Cost of goods sold
$ 526,492
316,948
2020
$ 403,336
252,892
Gross profit
209,544
150,444
100,764
Selling expenses
74,762
55,660
36,947
Administrative expenses
47,384
35,494
23,232
Total expenses
122,146
91,154
60,179
Income before taxes
87,398
59,290
40,585
Income tax expense
16,256
12,155
8,239
Net income
$ 71,142
$ 47,135
$ 32,346
KORBIN COMPANY
Comparative Balance Sheets
December 31
Assets
Current assets
Long-term investments
Plant assets, net
Current liabilities
Total assets
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
8,750
66,994
2021
2020
$ 60,926
0
109,735
$ 40,778
1,000
99,989
$ 170,661
$ 141,767
$…
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Required Information
Problem 12-6B Use ratios to analyze risk and profitablity (LO12-3, 12-4)
(The following information applies to the questions displayed below.]
Income statement and balance sheet data for The Athletic Attic are provided below.
THE ATHLETIC ATTIC
Incore Statements
For the years ended December 31
2022
$12,500,800
8,150,eee
4,350,000
2021
Not sales
Cost of goods sold
Gross profit
Expenses:
Operating cxpenses
Depreciation expense
Interest expense
Income tax expense
Total expenses
$11,e5e,000
6,900,000
4,150,000
1,750,000
200,e00
55,000
588, 000
2,585,000
1,700,000
200,800
55,000
500,000
2,455,000
$ 1,695,00e
Net income
$ 1,765,000
THE ATHLETIC ATTIC
Balance Sheets
December 31
2022
2021
20z0
Assets
Current assets:
0
Cash
Accounts receivable
Inventory
Supplics
Long term assets:
Equipment
Less: Accumulated depreciation
178,000
755,000
1,370,00e
115,000
234,000
775,000
1,040,eee
90,000
240,000
1,005,eee
1,740,000
145,000
1,700,000
(750,000)
$4,080,000
1,700,e00
(550,000)…
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Total
Net Fixed Assets
Total Assets
O 14.97
siven,
O 16.05
O 9.63
Cash
Accounts Receivable
Inventory
Click to open:
O 12.59
Net Sales
Less: Cost of Goods Sold
Less: Depriciation
Earnings before Interest and Taxes
O 10.12
Less: Interest Paid
Taxable income
Less: Taxes
Net Income
Precision Tools
2012 Income Statement
($ in Millions)
What is the times interest earned ratio for 2012?
2011
2060
3411
18776
24247
14160
38407
LE
36408
28225
1760
6423
510
5913
2070
3843
Precision Tools
2011 and 2012 Balance Sheets
($ in Millions)
2012
1003 Accounts Payable
4218 Long Term Debt
21908 Common Stock
27129 Retained Earnings
14080
41209 Total Liabilities and Equity
2011
7250
9800
15000
6357
38407
2012
8384
11500
17500
3825
41209
97
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Explain Apple annual revenue
Apple annual revenue 2006 to 2023 ($bn)
Year
Revenue ($bn)
2006
19.1
2007
24.4
2008
37.4
2009
42.7
2010
65
2011
108
2012
156.3
2013
170.8
2014
182.6
2015
233.6
2016
215.4
2017
229.2
2018
265.5
2019
260.1
2020
274.5
2021
365.8
2022
394.1
2023
383.2
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Need help with this general accounting question
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Copp
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Bhupatbhai
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Walmart Revenue
The annual revenue of Walmart is given in the table below (source ).
Walmart Annual
Revenue
(Billions of US dollars)
559.151
Year
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
523.964
514.405
500.343
485.873
482.130
485.651
476.294
468.651
446.509
421.849
408.085
404.254
377.023
348.368
312.101
284.310
Apply linear regression to the data in the table to find a model
y = mx + b,
where y is Walmart's annual revenue in billions of US dollars, and a is the number of years since
2000.
Use the model y = mx + b with m rounded to the nearest tenth and 6 rounded to the nearest
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Q5
Revenues
Cost of Goods
Sold
Gross Profit
Selling, General
and Admin
Depreciation
EBIT
Income tax (35%)
Incremental
Earnings
Capital
Purchases
Changes to NWC
Year 0 Year 1
-280,0
00
Year 2
140,00 440,00
0
0
-70,00 220,00
0
0
Year 3 Year 4
440,00 350.00
0
0
220,00 175,00
0
0
70,000 220,00 220,00
0
0
-6400 6400
6400
175,00
0
6400
75.00 75.000 75,000 75,000
0
-11,40 138,60 138.60 93,600
0
0
0
3990 -48,51
48,51
0
32,76
0
0
-7410 90,090 90,090 60,840
-5.000 -5,000 -5,000 -5,000
A garage is installing a new "bubble-wash" car wash. It will promote the car wash as a fun activity for the family, and it is expected that the
novelty of this approach will boost sales in the medium term. If the cost of capital is 10%, what is the net present value (NPV) of this
project? Show all calculations
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Year
0
1
2
3
4
Earning and FCF Forecast ($ million)
Sales
433
468
516
547
574.3
Growth Versus Prior Year
0.081
0.103
0.06
0.05
Cost of Goods Sold
-313.56
-345.72
-366.49
-384.78
Gross Profit
154.44
170.28
180.51
189.52
Selling, General, and Administrative
-93.6
-103.2
-109.4
-114.86
Depreciation
-7
-7.5
-9
-9.5
EBIT
53.84
59.58
62.11
65.16
Less: Income Tax at 25%
-13.46
-14.9
-15.53
-16.29
Plus: Depreciation
7
7.5
9
9.5
Less: Capital Expenditures
-7.7
-10
-9.9
-10.4
Less: Increase in NWC
-6.3
-8.64
-5.58
-4.91
Free Cash Flow
33.38
33.55
40.1
43.055
Sora Industries has 61 million outstanding shares, $122 million in debt, $53 million in cash, and the following projected free cash flow for the next four years:
.
a. Suppose Sora's revenue and free cash flow are expected to grow at a 4.2% rate beyond year four. If Sora's weighted average cost of capital is 12.0%, what is the value of Sora stock based on this…
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Finances
Income Statement
Balance Sheet
Finances
Income Statement
Balance Sheet
Materia
Income Statement
Balance Sheet
FY23
FY24
FY23
FY24
FY23
FY24
Sales
Cost of Goods Sold
11,306,000,000
5,088,000,000
13,206,000,000
Current
Current Assets
5,943,000,000
Other Expenses
4,523,000,000
5,283,000,000
Cash
211,000,000
328,600,000
Liabilities
Accounts Payable
621,000,000
532,000,000
Depreciation
905,000,000
1,058,000,000
Accounts
502,000,000
619,600,000
Notes Payable
376,000,000
440,000,000
Earnings Before Int. & Tax
790,000,000
922,000,000
Receivable
Interest Expense
453,000,000
530,000,000
Total Current
Inventory
41,000,000
99,800,000
997,000,000
972,000,000
Taxable Income
337,000,000
392,000,000
Liabilities
Taxes (25%)
84,250,000
98,000,000
Total Current
754,000,000
1,048,000,000
Long-Term Debt
16,529,000,000
17,383,500,000
Net Income
Dividends
252,750,000
294,000,000
Assets
0
0
Fixed Assets
Add. to Retained Earnings
252,750,000
294,000,000
Net Plant &
20,038,000,000
21,722,000,000…
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What advice would you give to Juirgen
PROBLEM 17-19 Incomplete Statements; Analysis of Ratios [LO2, LO3, L04]
Incomplete financial statements for Tanner Company are given below:
Tanner Company
Income Statement
For the Year Ended December 31
Revenue.
$2,700,000
Cost of goods sold..
Gross margin.
Selling and administrative expenses . .
?
Net operating income
Interest expense
45,000
Net income before taxes
?
Income taxes, 40%.
?
Net income
2$
?
Scanned by CamScanı
Financial Staterment Analysis
923
Tanner Company
Balance Sheet.
December 31
Non-current Assets:
Plant and equipment, net
Current assets:
Accounts receivable, net . .
Inventory..
Cash and cash equivalents.
Total current assets
$ ?
Total assets
$ ?
Equity:
Common stock, $2.50 par value
Retained earnings
Total equity . . ..
Bonds payable, 10%
Current liabilities
?
$250,000
Total liabilities.
?
Total equity and liabilities
$ ?
The following additional information is available about the company:
Selected financial ratios computed…
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Solvency and Profitability Trend Analysis
Addai Company has provided the following comparative information:
20Y8
20Y7
20Y6
20Y5
20Y4
Net income
$273,406
$367,976
$631,176
$884,000
$800,000
Interest expense
616,047
572,003
528,165
495,000
440,000
Income tax expense
31,749
53,560
106,720
160,000
200,000
Total assets (ending balance)
4,417,178
4,124,350
3,732,443
3,338,500
2,750,000
Total stockholders’ equity (ending balance)
3,706,557
3,433,152
3,065,176
2,434,000
1,550,000
Average total assets
4,270,764
3,928,396
3,535,472
3,044,250
2,475,000
Average total stockholders' equity
3,569,855
3,249,164
2,749,588
1,992,000
1,150,000
You have been asked to evaluate the historical performance of the company over the last five years.
Selected industry ratios have remained relatively steady at the following levels for the last five years:
20Y4–20Y8
Return on total assets
28%…
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Solvency and Profitability Trend Analysis
Addai Company has provided the following comparative information:
20Y8
20Y7
20Y6
20Y5
20Y4
Net income
$273,406
$367,976
$631,176
$884,000
$800,000
Interest expense
616,047
572,003
528,165
495,000
440,000
Income tax expense
31,749
53,560
106,720
160,000
200,000
Total assets (ending balance)
4,417,178
4,124,350
3,732,443
3,338,500
2,750,000
Total stockholders’ equity (ending balance)
3,706,557
3,433,152
3,065,176
2,434,000
1,550,000
Average total assets
4,270,764
3,928,396
3,535,472
3,044,250
2,475,000
Average total stockholders' equity
3,569,855
3,249,164
2,749,588
1,992,000
1,150,000
You have been asked to evaluate the historical performance of the company over the last five years.
Selected industry ratios have remained relatively steady at the following levels for the last five years:
20Y4–20Y8
Return on total assets
28%…
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Solvency and Profitability Trend Analysis
Addai Company has provided the following comparative information:
20Y8
20Y7
20Y6
20Y5
20Y4
Net income
$273,406
$367,976
$631,176
$884,000
$800,000
Interest expense
616,047
572,003
528,165
495,000
440,000
Income tax expense
31,749
53,560
106,720
160,000
200,000
Total assets (ending balance)
4,417,178
4,124,350
3,732,443
3,338,500
2,750,000
Total stockholders’ equity (ending balance)
3,706,557
3,433,152
3,065,176
2,434,000
1,550,000
Average total assets
4,270,764
3,928,396
3,535,472
3,044,250
2,475,000
Average total stockholders' equity
3,569,855
3,249,164
2,749,588
1,992,000
1,150,000
You have been asked to evaluate the historical performance of the company over the last five years.
Selected industry ratios have remained relatively steady at the following levels for the last five years:
20Y4–20Y8
Return on total assets
28%…
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A4
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Exercise 17-5 (Algo) Determining income effects from common-size and trend percents LO P1, P2
Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow.
Common-Size Percents
1 Year
Ago
100.0%
61.2
13.8
Sales
Cost of goods sold
Operating expenses
Current
Year
100.0%
63.4
14.3
Change in Net
Income
Net Income
Trend Percents
1 Year
Ago
103.4%
109.5
101.2
2 Years Current
Ago
Year
100.0% 104.6%
57.8
114.7
14.1
106.2
Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year
period?
Complete this question by entering your answers in the tabs below.
Did the net income increase, decrease, or remain unchanged in this three-year period?
Did the net income increase, decrease, or remain unchanged in this three-year period?
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Solvency and Profitability Trend Analysis
Addai Company has provided the following comparative information:
20Y8
20Υ7
20Y6
20Υ5
20Y4
Net income
$273,406
$367,976
$631,176
$884,000
$800,000
Interest expense
616,047
572,003
528,165
495,000
440,000
Income tax expense
31,749
53,560
106,720
160,000
200,000
Total assets (ending balance)
4,417,178
4,124,350
3,732,443
3,338,500
2,750,000
Total stockholders' equity (ending balance)
3,706,557
3,433,152
3,065,176
2,434,000
1,550,000
Average total assets
4,270,764
3,928,396
3,535,472
3,044,250
2,475,000
Average total stockholders' equity
3,569,855
3,249,164
2,749,588
1,992,000
1,150,000
You have been asked to evaluate the historical performance of the company over the last five years.
Selected industry ratios have remained relatively steady at the following levels for the last five years:
20Υ4-20Υ8
Return on total assets
28%
Return on stockholders' equity
18%
Times interest earned
2.7
Ratio of liabilities to stockholders' equity
0.4
Required:
1.…
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Solvency and Profitability Trend Analysis
Addai Company has provided the following comparative information:
20Y8
20Y7
20Y6
20Y5
20Y4
Net income
$1,078,700
$929,900
$781,400
$667,900
$566,000
Interest expense
366,800
334,800
289,100
220,400
175,500
Income tax expense
345,184
260,372
218,792
173,654
135,840
Total assets (ending balance)
8,226,651
8,779,231
6,276,721
6,620,869
5,020,826
Total stockholders' equity (ending balance)
2,543,681
3,148,667
2,003,133
2,553,135
1,531,881
Average total assets
8,502,941
7,527,976
6,448,795
5,517,391
4,722,930
Average stockholders' equity
2,846,174
2,575,900
2,278,134
2,042,508
1,808,307
You have been asked to evaluate the historical performance of the company over the last five years.
Selected industry ratios have remained relatively steady at the following levels for the last five years:…
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Solvency and Profitability Trend Analysis
Addai Company has provided the following comparative information:
20Y8
20Y7
20Y6
20Y5
20Y4
Net income
$1,078,700
$929,900
$781,400
$667,900
$566,000
Interest expense
366,800
334,800
289,100
220,400
175,500
Income tax expense
345,184
260,372
218,792
173,654
135,840
Total assets (ending balance)
8,226,651
8,779,231
6,276,721
6,620,869
5,020,826
Total stockholders' equity (ending balance)
2,543,681
3,148,667
2,003,133
2,553,135
1,531,881
Average total assets
8,502,941
7,527,976
6,448,795
5,517,391
4,722,930
Average stockholders' equity
2,846,174
2,575,900
2,278,134
2,042,508
1,808,307
You have been asked to evaluate the historical performance of the company over the last five years.
Selected industry ratios have remained relatively steady at the following levels for the last five years:…
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QUESTION 8
P18-5A
P14.5A (LO 3)
are presented here (in millions).
Compute selected ratios, and compare liquidity, profitability, and solvency for two
сотрanies.
Suppose selected financial data of Target and Wal-Mart for 2020
Wal-Mart
Target
Corporation Stores, Inc.
Income Statement Data for Year
Net sales
$65,357
$408,214
Cost of goods sold
45,583
304,657
Selling and administrative expenses
15,101
79,607
L
Wal-Mart
Target
Corporation Stores, Inc.
Interest expense
707
2,065
Other income (expense)
(94)
(411)
Income tax eхрense
1,384
7,139
$ 2,488
Balance Sheet Data (End of Year)
Net income
$ 14,335
Current assets
$18,424
$ 48,331
Noncurrent assets
26,109
122,375
Total assets
$44,533
$170,706
Current liabilities
$11,327
$ 55,561
Long-term debt
Total stockholders' equity
17,859
44,089
15,347
71,056
Total liabilities and stockholders' equity
$44,533
$170,706
Beginning-of-Year Balances
Total assets
$44,106
$163,429
Total stockholders' equity
13,712
65,682
Current liabilities
10,512
55,390…
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- TABLE 2.5 2009-2013 Financial Statement Data and Stock Price Data for Mydeco Corp. Mydeco Corp. 2009-2013 (All data as of fiscal year end; in S million) Income Statement Revenue 2013 604.1 2009 2010 2011 2012 404.3 363.8 424.6 510.7 Cost of Goods Sold Gross Profit Sales and Marketing Administration (1883) (173.8) (206.2) (293.4) (246.8) 263.9 (102.1) (66.4) 216.0 190.0 2184 310.7 (66.7) (60.6) (27.3) (66.4) (59.1) (82.8) (59.4) (34.3) (120.8) (78.5) (38.6) Depreciation & Amortization EBIT Interest Income (Expense) (27.0) 37.5 38.4) 57.0 61.4 41.9 72.8 (33.7) 27.7 (32.9) 4.6 32.2) 9.7 (37.4) 19.6 (39.4) 33.4 (11.7) Pretax Income Income Tax (9.7) 18.0 (1.6) 3.0 (3.4) 6.3 (6.9) 12.7 Net Income 21.7 Shares eatstanding (milliona) Earnings per share 55.0 $0.33 55.0 $0.05 55.0 $0.11 55.0 $0.23 55.0 $0.39 Balance Sheet 2009 2010 2011 2012 2013 Assets Cash 48.8 68.9 69.8 86.3 69.8 28.4 77.5 76.9 85.0 Accounts Receivable 88.6 86.1 Inventory Total Current Assets Net Property, Plant & Equip.…arrow_forwardRequired information Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 (The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 442,035 $ 338,635 212,324 126, 311 $ 235,000 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes 266, 105 150,400 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 84,600 31,020 46,732 29,800 76,532 49,779 19,505 50,525 34,075 Income tax expense 10, 205 6,917 Net income $ 39,574 $ 27,158 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 55,578 $ 37, 199 $ 49,726 Long-term investments Plant assets, net 900 4,570 56,095 104,820 $ 160,398 95,143 Total assets $ 133, 242 $ 110,391 Liabilities and Equity Current liabilities $ 19,853 $ 23,418 68,000 8,500…arrow_forwardQUESTION 12 Annual data for ABC Corporation appear below, in millions of US dollars: 2016 2017 2018 2019 Sales Revenue 126.1 131.3 144.5 150.4 Cost of Goods Sold 45.3 50.8 54.6 55.3 Operating Income Ending Inventory 18.8 21.1 20.9 23.3 9.6 10.2 10.8 9.6 Ending Accounts Payable 10.2 8.8 9.5 10.2 Calculate ABC's inventory turnover ratio for 2017. Round your answer to 1 decimal place (xx.x).arrow_forward
- Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales Cost of goods sold $ 402,346 $ 308,230 242,212 $ 213,900 194,493 136,896 Gross profit 160,134 113,737 77,004 Selling expenses 57,133 42,536 28,235 Administrative expenses 36,211 27,124 17,754 Total expenses 93,344 69,660 45,989 Income before taxes Income tax expense 66,790 44,077 31,015 12,423 9,036 6,296 Net income $ 54,367 $ 35,041 $ 24,719 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 180,932 2021 $ 63,959 116,973 0 2020 $ 42,808 800 106,691 $ 180,932 $ 150,299 $…arrow_forwardProblem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements. For Years Ended December 31 2021 Sales: Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 2020 $436,580 $ 334,456 262,821 173,759 61,994 39,292 Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets December 31 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 212,045 122,411 46, 155 101,286 72,473 13,480 $ 58,993 $ 37,225 29,432 75,587 46,824 9,599 2021 $ 54,789 0 100, 200 $154,989 $ 22,628 72,000 9,000 51,361 2019 $ 232,100 148,544 83,556 30,637 19,264 49,901 33,655 6,832 $ 26,823 2020 $36,670 900 91,178…arrow_forwardProblem 13-2A (Static) Ratios, common-size statements, and trend percents LO P1, P2, P3 Skip to question [The following information applies to the questions displayed below.]Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 555,000 $ 340,000 $ 278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 52,390 $ 37,924 $ 51,748 Long-term investments 0 500 3,950 Plant assets, net 100,000 96,000 60,000 Total assets $ 152,390 $ 134,424 $ 115,698 Liabilities…arrow_forward
- Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable. 2021 $ 706,675 363,004 34,274 2020 2019 $464,918 $ 371,9341 238,808 193, 136 27,058 25,477 2018 $ 260,094 133,898 15,268 2017 $ 194, 100 98,991 13,296 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.arrow_forwardRequired Information Problem 12-6B Use ratios to analyze risk and profitability (LO12-3, 12-4) (The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Incone Statements For the years ended December 31 2022 $12, see, eee 8, 150,eee 4,350,000 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses bepreciation expense Interest expense Income tax expense Total expenses $11,0se,000 6,900,000 4,150,000 1,750,eee 200,000 55,000 58e,e00 2,585,000 $ 1,765,000 1,700,000 200, e00 55,000 500,000 2,455,e00 $ 1,695,000 Net incone THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Supplics Long term assets: Equipnent Less: Accumulated depreciation $ 240,000 1,005,000 1,740,000 145,800 170,000 755,000 1,370,000 115,000 234,000 775,00e 1,048,eee 90,000 1,700,000 (75e,00e) 1,700,000 (S5e,000)…arrow_forward! Required information Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 $ 279,900 179, 136 Sales Cost of goods sold $ 526,492 316,948 2020 $ 403,336 252,892 Gross profit 209,544 150,444 100,764 Selling expenses 74,762 55,660 36,947 Administrative expenses 47,384 35,494 23,232 Total expenses 122,146 91,154 60,179 Income before taxes 87,398 59,290 40,585 Income tax expense 16,256 12,155 8,239 Net income $ 71,142 $ 47,135 $ 32,346 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Current liabilities Total assets Liabilities and Equity Common stock Other paid-in capital Retained earnings 8,750 66,994 2021 2020 $ 60,926 0 109,735 $ 40,778 1,000 99,989 $ 170,661 $ 141,767 $…arrow_forward
- Required Information Problem 12-6B Use ratios to analyze risk and profitablity (LO12-3, 12-4) (The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Incore Statements For the years ended December 31 2022 $12,500,800 8,150,eee 4,350,000 2021 Not sales Cost of goods sold Gross profit Expenses: Operating cxpenses Depreciation expense Interest expense Income tax expense Total expenses $11,e5e,000 6,900,000 4,150,000 1,750,000 200,e00 55,000 588, 000 2,585,000 1,700,000 200,800 55,000 500,000 2,455,000 $ 1,695,00e Net income $ 1,765,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 20z0 Assets Current assets: 0 Cash Accounts receivable Inventory Supplics Long term assets: Equipment Less: Accumulated depreciation 178,000 755,000 1,370,00e 115,000 234,000 775,000 1,040,eee 90,000 240,000 1,005,eee 1,740,000 145,000 1,700,000 (750,000) $4,080,000 1,700,e00 (550,000)…arrow_forwardTotal Net Fixed Assets Total Assets O 14.97 siven, O 16.05 O 9.63 Cash Accounts Receivable Inventory Click to open: O 12.59 Net Sales Less: Cost of Goods Sold Less: Depriciation Earnings before Interest and Taxes O 10.12 Less: Interest Paid Taxable income Less: Taxes Net Income Precision Tools 2012 Income Statement ($ in Millions) What is the times interest earned ratio for 2012? 2011 2060 3411 18776 24247 14160 38407 LE 36408 28225 1760 6423 510 5913 2070 3843 Precision Tools 2011 and 2012 Balance Sheets ($ in Millions) 2012 1003 Accounts Payable 4218 Long Term Debt 21908 Common Stock 27129 Retained Earnings 14080 41209 Total Liabilities and Equity 2011 7250 9800 15000 6357 38407 2012 8384 11500 17500 3825 41209 97arrow_forwardExplain Apple annual revenue Apple annual revenue 2006 to 2023 ($bn) Year Revenue ($bn) 2006 19.1 2007 24.4 2008 37.4 2009 42.7 2010 65 2011 108 2012 156.3 2013 170.8 2014 182.6 2015 233.6 2016 215.4 2017 229.2 2018 265.5 2019 260.1 2020 274.5 2021 365.8 2022 394.1 2023 383.2arrow_forward
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