evaluation
saud.t1
intel_1.xlsxStudent Copy
| Intel | |||||||||||||||||||
| Income Statement | |||||||||||||||||||
| For year ended 12/31/2014 | |||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | Hist CAGR | FC CAGR | NOTES | |||||||
| Revenue | $ 43,623.0 | $ 53,999.0 | $ 53,341.0 | $ 52,708.0 | $ 55,870.0 | $ 59,054.6 | $ 62,420.7 | $ 65,978.7 | $ 69,739.5 | $ 73,714.6 | 6.38% | 5.70% | |||||||
| COGS | 15,132.0 | 20,242.0 | 20,190.0 | 21,187.0 | 20,261.0 | $ 22,025.7 | $ 23,281.2 | $ 24,608.2 | $ 26,010.9 | $ 27,493.5 | 7.57% | 5.70% | |||||||
| Gross profit | 28,491.0 | 33,757.0 | 33,151.0 | 31,521.0 | 35,609.0 | 37,028.8 | 39,139.5 | 41,370.4 | 43,728.6 | 46,221.1 | 5.73% | 5.70% | |||||||
| R&D | 6,576.0 | 8,350.0 | 10,148.0 | 10,611.0 | 11,537.0 | 15.09% | ERROR:#DIV/0! | ||||||||||||
| Amortization of acquisition-related intangibles | 18.0 | 260.0 | 308 | 531.0 | 589.0 | 139.17% | ERROR:#DIV/0! | ||||||||||||
| MG&A | 6,309.0 | 7,670.0 | 8,057.0 | 8,088.0 | 8,136.0 | 20,669.1 | 21,847.2 | 23,092.5 | 24,408.8 | 25,800.1 | 6.56% | 5.70% | |||||||
| Operating income | 15,588.0 | 17,477.0 | 14,638.0 | 12,291.0 | 15,347.0 | 16,359.7 | 17,292.2 | 18,277.9 | 19,319.7 | 20,421.0 | -0.39% | 5.70% | |||||||
| Gain on sale of investments | 348.0 | 112.0 | 141.0 | 471.0 | 411.0 | -0 | -0 | -0 | -0 | -0 | 4.25% | ERROR:#DIV/0! | |||||||
| Earnings before interest and taxes (EBIT) | 15,936.0 | 17,589.0 | 14,779.0 | 12,762.0 | 15,758.0 | 16,359.7 | 17,292.2 | 18,277.9 | 19,319.7 | 20,421.0 | -0.28% | 5.70% | |||||||
| Interest expense, net | 109.0 | 192.0 | 94.0 | (151.0) | 43.00 | - 0 | - 0 | - 0 | - 0 | - 0 | -20.75% | ERROR:#DIV/0! | |||||||
| Earnings before taxes | 16,045.0 | 17,781.0 | 14,873.0 | 12,611.0 | 15,801.0 | 16,359.7 | 17,292.2 | 18,277.9 | 19,319.7 | 20,421.0 | -0.38% | 5.70% | |||||||
| Income tax expense | 4,581.00 | 4,839.0 | 3,868.0 | 2,991.0 | 4,097.00 | 4,237.17 | 4,478.69 | 4,733.98 | 5,003.81 | 5,289.03 | -2.75% | 5.70% | |||||||
| Net income | $ 11,464.00 | $ 12,942.00 | $ 11,005.00 | $ 9,620.00 | $ 11,704.00 | $ 12,122.57 | $ 12,813.55 | $ 13,543.93 | $ 14,315.93 | $ 15,131.94 | 0.52% | 5.70% | |||||||
| Intel | |||||||||||||||||||
| Balance Sheet | |||||||||||||||||||
| For year ended 12/31/2014 | |||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | Hist CAGR | FC CAGR | NOTES | |||||||
| Cash and Cash Equivalents | $ 5,498.0 | $ 5,065.0 | $ 8,478.0 | $ 5,674.0 | $ 2,561.0 | $ 1,086.6 | $ 13,318.1 | $ 25,503.0 | $ 37,615.6 | $ 49,626.7 | -17.39% | 159.97% | from statement of cash flows | ||||||
| Short-term investments | $ 11,294.0 | $ 5,181.0 | $ 3,999.0 | $ 5,972.0 | $ 2,430.0 | $ 2,430.0 | $ 2,430.0 | $ 2,430.0 | $ 2,430.0 | $ 2,430.0 | -31.89% | 0.00% | |||||||
| Trading Assets | $ 5,093.0 | $ 4,591.0 | $ 5,685.0 | $ 8,441.0 | $ 9,063.0 | $ 9,063.0 | $ 9,063.0 | $ 9,063.0 | $ 9,063.0 | $ 9,063.0 | 15.50% | 0.00% | |||||||
| Receivables, net | 2,867.0 | $ 3,650.0 | $ 3,833.0 | $ 3,582.0 | $ 4,427.0 | $ 4,679.3 | $ 4,946.1 | $ 5,228.0 | $ 5,526.0 | $ 5,841.0 | 11.47% | 5.70% | |||||||
| Inventory | $ 3,757.0 | $ 4,096.0 | $ 4,734.0 | $ 4,172.0 | $ 4,273.0 | $ 4,516.6 | $ 4,774.0 | $ 5,046.1 | $ 5,333.8 | $ 5,637.8 | 3.27% | 5.70% | |||||||
| Deferred tax assets | $ 1,488.0 | $ 1,700.0 | $ 2,117.0 | $ 2,594.0 | $ 1,958.0 | $ 1,958.0 | $ 1,958.0 | $ 1,958.0 | $ 1,958.0 | $ 1,958.0 | 7.10% | 0.00% | |||||||
| Other current assets | $ 1,614.0 | $ 1,589.0 | $ 2,512.0 | $ 1,649.0 | $ 3,018.0 | $ 3,190.0 | $ 3,371.9 | $ 3,564.1 | $ 3,767.2 | $ 3,981.9 | 16.94% | 5.70% | |||||||
| Total current assets | $ 31,611.0 | $ 25,872.0 | $ 31,358.0 | $ 32,084.0 | $ 27,730.0 | $ 26,923.5 | $ 39,861.1 | $ 52,792.2 | $ 65,693.6 | $ 78,538.4 | -3.22% | 30.69% | |||||||
| PP&E, gross | 50,481.0 | 58,073.0 | 66,046.0 | 73,416.0 | 79,709.0 | $ 86,882.81 | $ 94,702.26 | $ 103,225.47 | $ 112,515.76 | $ 122,642.18 | 12.10% | 9.00% | |||||||
| Accumulated depreciation | (32,582.0) | (34,446.0) | (38,063.0) | (41,988.0) | (46,471.0) | $ (49,957.62) | $ (54,453.80) | $ (59,354.64) | $ (64,696.56) | $ (70,519.25) | 9.28% | 9.00% | |||||||
| PP&E, net | 17,899.0 | 23,627.0 | 27,983.0 | 31,428.0 | 33,238.0 | 136,840.4 | 149,156.1 | 162,580.1 | 177,212.3 | 193,161.4 | 16.74% | 9.00% | |||||||
| Marketable equity securities | 1,008.0 | 562.0 | 4,424.0 | 6,221.0 | 7,097.0 | 7,097.0 | 7,097.0 | 7,097.0 | 7,097.0 | 7,097.0 | 62.89% | 0.00% | |||||||
| Other long-term investments | 3,026.0 | 889.0 | 493.0 | 1,473.0 | 2,023.0 | $ 2,138.31 | $ 2,260.19 | $ 2,389.03 | $ 2,525.20 | $ 2,669.14 | -9.58% | 5.70% | |||||||
| Goodwill | 4,531.0 | 9,254.0 | 9,710.0 | 10,513.0 | 10,861.0 | $ 11,480.08 | $ 12,134.44 | $ 12,826.10 | $ 13,557.19 | $ 14,329.95 | 24.43% | 5.70% | |||||||
| Identified intangible assets, net | 860.0 | 6,267.0 | 6,235.0 | 5,150.0 | 4,446.0 | $ 4,699.42 | $ 4,967.29 | $ 5,250.42 | $ 5,549.70 | $ 5,866.03 | 50.79% | 5.70% | |||||||
| Other Long-term assets | 4,251.0 | 4,648.0 | 4,148.0 | 5,489.0 | 6,561.0 | $ 6,934.98 | $ 7,330.27 | $ 7,748.10 | $ 8,189.74 | $ 8,656.55 | 11.46% | 5.70% | |||||||
| Total Assets | 63,186.0 | 71,119.0 | 84,351.0 | 92,358.0 | 91,956.0 | 196,113.7 | 222,806.3 | 250,683.0 | 279,824.7 | 310,318.5 | 9.83% | 12.16% | |||||||
| Short-term debt (1.95%) | 38.0 | 247.0 | 312.0 | 281.0 | 1,604.0 | 154.89% | ERROR:#DIV/0! | ||||||||||||
| Accounts payable | 2,290.0 | 2,956.0 | 3,023.0 | 2,969.0 | 2,748.0 | 2,904.6 | 3,070.2 | 3,245.2 | 3,430.2 | 3,625.7 | 4.66% | 5.70% | |||||||
| Accrued compensation and benefits | 2,888.0 | 2,948.0 | 2,972.0 | 3,123.0 | 3,475.0 | 3,637.1 | 3,806.7 | 3,984.2 | 4,170.0 | 4,364.5 | 4.73% | 4.66% | |||||||
| Accrued advertising | 1,007.0 | 1,134.0 | 1,015.0 | 1,021.0 | 1,092.0 | 1,190.3 | 1,297.4 | 1,414.2 | 1,541.4 | 1,680.2 | 2.05% | 9.00% | |||||||
| Deferred income | 747.0 | 1,929.0 | 1,932.0 | 2,096.0 | 2,205.0 | 2,330.7 | 2,463.5 | 2,604.0 | 2,752.4 | 2,909.3 | 31.08% | 5.70% | |||||||
| Other accrued liabilties | 2,357.0 | 2,814.0 | 3,644.0 | 4,078.0 | 4,895.0 | 4,895.0 | 4,895.0 | 4,895.0 | 4,895.0 | 4,895.0 | 20.05% | 0.00% | |||||||
| Total current liabilities | 9,327.0 | 12,028.0 | 12,898.0 | 13,568.0 | 16,019.0 | 14,957.7 | 15,532.8 | 16,142.5 | 16,789.0 | 17,474.6 | 14.48% | 3.96% | |||||||
| Long-term income taxes payable | 190.0 | -0 | -0 | ||||||||||||||||
| Long-term debt (4.8%) | $ 2,077.0 | $ 7,084.0 | $ 13,136.0 | $ 13,165.0 | $ 12,107.0 | 55.38% | ERROR:#DIV/0! | ||||||||||||
| Long-term deferred tax liabilities | $ 926.0 | $ 2,617.0 | $ 3,412.0 | $ 4,397.0 | $ 3,775.0 | $ 3,990.2 | $ 4,217.6 | $ 4,458.0 | $ 4,712.1 | $ 4,980.7 | 42.09% | 5.70% | |||||||
| Other long-term liabilities | $ 1,236.0 Gilbert H. Nguyen: Later 10K's put long-term income taxes payable into this section | $ 3,479.0 | $ 3,702.0 | $ 2,972.0 | $ 3,278.0 | $ 3,464.8 | $ 3,662.3 | $ 3,871.1 | $ 4,091.7 | $ 4,325.0 | 27.61% | 5.70% | |||||||
| Total liabilities | 13,756.0 | 25,208.0 | 33,148.0 | 34,102.0 | 35,179.0 | 22,412.7 | 23,412.8 | 24,471.6 | 25,592.9 | 26,780.3 | 26.46% | 4.55% | |||||||
| Temporary Equity | 912.0 | ||||||||||||||||||
| Preferred Stock | -0 | -0 | -0 | -0 | -0 | ||||||||||||||
| Common Stock | 16,178.0 | 17,036.0 | 19,464.0 | 21,536.0 | 21,781.0 | 21,781.0 | 21,781.0 | 21,781.0 | 21,781.0 | 21,781.0 | 7.72% | 0.00% | |||||||
| Accumulated other comprehensive income (loss) | 333.0 | (781.0) | (399.0) | 1,243.0 | 666.0 | 704.0 | 744.1 | 786.5 | 831.3 | 878.7 | 18.92% | 5.70% | |||||||
| Retained earnings | 32,919.0 | 29,656.0 | 32,138.0 | 35,477.0 | 33,418.0 | 45,540.6 | 58,354.1 | 71,898.0 | 86,214.0 | 101,345.9 | 0.38% | 22.14% | |||||||
| Total shareholders' equity | 49,430.0 | 45,911.0 | 51,203.0 | 58,256.0 | 56,777.0 | 68,025.5 | 80,879.2 | 94,465.6 | 108,826.3 | 124,005.6 | 3.53% | 16.20% | |||||||
| Total Liabilities + Shareholders' Equity | 63,186.0 | 71,119.0 | 84,351.0 | 92,358.0 | 91,956.0 | 90,438.2 | 104,292.0 | 118,937.2 | 134,419.2 | 150,785.9 | 9.83% | 13.63% | |||||||
| check for imbalance | -0 | -0 | -0 | -0 | -0 | 105,675.5 | 118,514.3 | 131,745.8 | 145,405.5 | 159,532.5 | |||||||||
| Intel | |||||||||||||||||||
| Statement Of Cash Flows | |||||||||||||||||||
| For year ended 12/31/2014 | |||||||||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | Hist CAGR | FC CAGR | NOTES | |||||||
| Cash flows from operations (DIRECT) | |||||||||||||||||||
| Cash collections from customers | revenue - increase in receivables | ||||||||||||||||||
| LESS: | |||||||||||||||||||
| Cash paid for merchandise | COGS + increase in inventory - increase in payables | ||||||||||||||||||
| Cash paid for MG&A | SG&A - depreciation - increase in accruals | ||||||||||||||||||
| Cash paid for interest | Interest expense adjusted for interest payable | ||||||||||||||||||
| Cash paid for income taxes | Income tax expense adjusted for deferred tax liability | ||||||||||||||||||
| Net cash provided (used) by operating activities | |||||||||||||||||||
| Cash flows from operations (INDIRECT) | |||||||||||||||||||
| Net income | $ 11,464.0 | $ 12,942.0 | $ 11,005.0 | $ 9,620.0 | $ 11,704.0 | $ 12,122.6 | $ 12,813.6 | $ 13,543.9 | $ 14,315.9 | $ 15,131.9 | 0.52% | 5.70% | starting line | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities | non-cash, add back | ||||||||||||||||||
| Depreciation expense | 4,398.0 | 5,141.0 | 6,357.0 | 6,790.0 | 7,380.0 | 7,380.0 | 7,380.0 | 7,380.0 | 7,380.0 | 7,380.0 | 13.82% | 0.00% | non-cash, add back | ||||||
| Share-based compensation | 917.0 | 1,053.0 | 1,102.0 | 1,118.0 | 1,148.0 | 5.78% | non-operating, subtract if gain | ||||||||||||
| Restructuring, asset impairment, and net loss on retirement of assets | 67.0 | 96.0 | -0 | 240.0 | 295.0 | 44.86% | decrease = source | ||||||||||||
| Excess tax benefit from share-based payment arrangements | (65.0) | (37.0) | (142.0) | (49.0) | (122.0) | 17.05% | increase = use | ||||||||||||
| Amortization of intangibles | 240.0 | 923.0 | 1,165.0 | 1,242.0 | 1,169.0 | 1,169.0 | 1,169.0 | 1,169.0 | 1,169.0 | 1,169.0 | 48.56% | 0.00% | increase = source | ||||||
| (Gains) losses on equity method investments, net | (117.0) Gilbert H. Nguyen: This and other (gains) losses on other equity investments, net are combined in 2011 In 2012, same thing. | (112.0) | (141.0) | (425.0) | (354.0) | 31.89% | |||||||||||||
| (Gains) losses on other equity investments, net | (231.0) | -0 | -0 | -0 | decrease = use | ||||||||||||||
| (Gains) losses on divestitures | -0 | (164.0) | -0 | -0 | |||||||||||||||
| Deferred taxes | (46.0) | 790.0 | (242.0) | (900.0) | (703.0) | 97.72% | |||||||||||||
| Changes in assets and liabilities | |||||||||||||||||||
| Trading assets | -0 | -0 | -0 | -0 | -0 | ||||||||||||||
| Short-term Investments (not in original 10K) | -0 | -0 | -0 | -0 | -0 | ERROR:#DIV/0! | |||||||||||||
| Deferred Tax Assets (not in original 10K) | -0 | -0 | -0 | -0 | -0 | ERROR:#DIV/0! | |||||||||||||
| Other Current Assets (not in original 10K) | (172.0) | (181.8) | (192.2) | (203.2) | (214.7) | 5.70% | |||||||||||||
| Accounts receivable | (584.0) | (678.0) | (176.0) | 271.0 | (861.0) | (252.3) | (266.7) | (281.9) | (298.0) | (315.0) | 10.19% | 5.70% | |||||||
| Inventories | (806.0) | (243.0) | (626.0) | 563.0 | (98.0) | (243.6) | (257.4) | (272.1) | (287.6) | (304.0) | -40.95% | 5.70% | |||||||
| Accounts payable | 407.0 | 596.0 | 67.0 | 267.0 | (249.0) | 156.6 | 165.6 | 175.0 | 185.0 | 195.5 | -11.56% | 5.70% | |||||||
| Accrued compensation and benefits | 161.0 | (95.0) | 192.0 | 155.0 | 4.0 | 162.1 | 169.6 | 177.5 | 185.8 | 194.5 | -60.30% | 4.66% | |||||||
| Income taxes payable and receivable | 53.0 | 660.0 | 229.0 | 1,019.0 | (286.0) | 52.41% | |||||||||||||
| Other assets and liabilities | 834.0 Gilbert H. Nguyen: In 2012, 2011 and 2010 numbers are added with restructuring ($67 and $96). | 91.0 | 94.0 | 865.0 | 1,391.0 | -0 Gilbert Nguyen: Gilbert Nguyen: Use other accrued liability from current liabilities | -0 | -0 | -0 | -0 | 13.64% | ERROR:#DIV/0! | |||||||
| Accrued Advertising (not in original 10K) | 71.0 | 98.3 | 107.1 | 116.8 | 127.3 | 15.71% | |||||||||||||
| Deferred Income (not in original 10K) | 125.7 | 132.8 | 140.4 | 148.4 | 156.9 | 5.70% | |||||||||||||
| Net cash provided (used) by operating activities | 16,692.0 | 20,963.0 | 18,884.0 | 20,776.0 | 20,418.0 | 20,519.0 | 21,222.9 | 21,946.8 | 22,712.1 | 23,521.4 | 5.17% | 3.47% | |||||||
| Cash flows from investing activities | |||||||||||||||||||
| Additions to PPE | (5,207.0) | (10,764.0) | (11,027.0) | (10,711.0) | (10,105.0) | (7,173.8) | (7,819.5) | (8,523.2) | (9,290.3) | (10,126.4) | 18.03% | 9.00% | |||||||
| Acquisitions, net of cash acquired | (218.0) | (8,721.0) | (638.0) | (925.0) | (934.0) | (619.1) Gilbert Nguyen: Gilbert Nguyen: Goodwill | (654.4) | (691.7) | (731.1) | (772.8) | 43.87% | 5.70% | |||||||
| Purchases of available-for-sale investments | (17,675.0) | (11,230.0) | (8,694.0) | (12,493.0) | (7,007.0) | -20.65% | |||||||||||||
| Sale of available-for-sale investments | 506.0 | 9,076.0 | 2,282.0 | 934.0 | 1,227.0 | 24.79% | |||||||||||||
| Maturities and sales of available-for-sale investments | 12,627.0 Gilbert H. Nguyen: Combined with sales of available-for-sale investments in 2010 | 11,029.0 | 5,369.0 | 8,336.0 | 8,944.0 | -8.26% | |||||||||||||
| Purchases of trading assets | (8,944.0) | (11,314.0) | (16,892.0) | (16,718.0) | (14,397.0) | -0 Gilbert Nguyen: Gilbert Nguyen: Seems to be from current assets: Trading Assets line item. Will only use this line instead of purchases and maturity and sales to calculate trading assets. |
Gilbert H. Nguyen: Later 10K's put long-term income taxes payable into this section |
Gilbert H. Nguyen: This and other (gains) losses on other equity investments, net are combined in 2011 In 2012, same thing. |
Gilbert Nguyen: Gilbert Nguyen: Use other accrued liability from current liabilities | -0 | -0 | -0 | -0 | 12.64% | ERROR:#DIV/0! | ||||
| Maturities and sales of trading assets | 8,846.0 | 11,771.0 | 15,786.0 | 13,677.0 | 13,165.0 | 10.45% | sale = source | ||||||||||||
| Origination of loans receivable | (498.0) | (206.0) | (216.0) | (200.0) | -0 | -100.00% | |||||||||||||
| Collection of loans receivable | -0 | 134.0 | 149.0 | 132.0 | purchase = use | ||||||||||||||
| Investments in non-marketable equity investments | (393.0) | (693.0) | (475.0) | (440.0) | (1,377.0) | 36.82% | |||||||||||||
| Return of equity method investments | 199.0 | 263.0 | 137.0 | 45.0 | -100.00% | ||||||||||||||
| Proceeds from the sale of IM Flash Singapore... (2012) | 605.0 | -0 | |||||||||||||||||
| Purchaes of licensed technology and patents | (815.0) | (36.0) | (92.0) | ||||||||||||||||
| Proceeds from divestitures | -0 | 50.0 | -0 | ||||||||||||||||
| Other investing | 218.0 | 304.0 | 369.0 Gilbert H. Nguyen: Separates out purchases of licensed technology and patents into its own section. In previous years, it was a net amount in other investing. | 326.0 | 671.0 Gilbert H. Nguyen: Includes collections of loans receivable and return of equity method investments in this year's calculations. | 32.45% | |||||||||||||
| Marketable Equity Securities (not in original 10K) | -0 | -0 | -0 | -0 | -0 | ERROR:#DIV/0! | |||||||||||||
| Other Long-term Investments (not in original 10K) | (115.3) | (121.9) | (128.8) | (136.2) | (143.9) | 5.70% | |||||||||||||
| Identified Intangible Asset (not in original 10K) Gilbert Nguyen: Gilbert Nguyen: Seems to be R&D from acquired businesses | (253.4) | (267.9) | (283.1) | (299.3) | (316.3) | 5.70% | |||||||||||||
| Other Long-term Assets (not in original 10K) | (374.0) | (395.3) | (417.8) | (441.6) | (466.8) | 5.70% | |||||||||||||
| Net cash provided (used) by investing activities | (10,539.0) | (10,301.0) | (14,060.0) | (18,073.0) | (9,905.0) | (8,535.6) | (9,258.9) | (10,044.7) | (10,898.5) | (11,826.3) | -1.54% | 8.49% | |||||||
| Cash flows from financing activities | issuance = source | ||||||||||||||||||
| Increase (decrease) in short-term debt, net | 23.0 | 209.0 | 65.0 | (31.0) | 235.0 | (1,604.0) | -0 | -0 | -0 | -0 | 78.79% | -100.00% | repayment = use | ||||||
| Proceeds from government grants | 79.0 | 124.0 | 63.0 | 129.0 | 104.0 | 7.12% | |||||||||||||
| Excess tax benefit from share-based payment arrangements | 65.0 | 37.0 | 142.0 | 49.0 | 122.0 | 17.05% | |||||||||||||
| Issuance of long-term debt | -0 | 4,962.0 | 6,124.0 | -0 | -0 | (12,107.0) | -0 | -0 | -0 | -0 | ERROR:#REF! | ||||||||
| Repayment of debt | (157.0) | -0 | (125.0) | -0 | proceeds = source | ||||||||||||||
| Proceeds from sales of shares through employee equity incentive plans | 587.0 | 2,045.0 | 2,111.0 | 1,588.0 | 1,660.0 | 29.68% | use | ||||||||||||
| Repurchase of common stock | (1,736.0) | (14,340.0) | (5,110.0) | (2,440.0) | (10,792.0) Gilbert H. Nguyen: Includes restricted stock units for previous years. In 2014, they are separated. |
Gilbert H. Nguyen: Includes collections of loans receivable and return of equity method investments in this year's calculations. |
Gilbert H. Nguyen: Combined with sales of available-for-sale investments in 2010 |
Gilbert Nguyen: Gilbert Nguyen: Goodwill | 57.90% | ||||||||||
| Restricted stock unit witholdings | (332.0) | use | |||||||||||||||||
| Payment of dividends to stockholders | (3,503.0) | (4,127.0) | (4,350.0) | (4,479.0) | (4,409.0) | 5.92% | |||||||||||||
| Collateral Associated with repurchase of common stock | (325.0) | ||||||||||||||||||
| Increase in liability due to collateral associated with repurchase of common stock | 325.0 | ||||||||||||||||||
| Other financing | - 0 | (10.0) | (328.0) | (314.0) | (199.0) | ||||||||||||||
| Long-term Deferred Tax liabilities (not in original 10K) | 215.2 | 227.4 | 240.4 | 254.1 | 268.6 | 5.70% | |||||||||||||
| Other long-term liabilities (not in original 10K) | - 0 | - 0 | - 0 | - 0 | - 0 | ERROR:#DIV/0! | |||||||||||||
| Common Stock (not in original 10K) | - 0 | - 0 | - 0 | - 0 | - 0 | ERROR:#DIV/0! | |||||||||||||
| Accumulated other comprehensive income (loss) (not in original 10K) | 38.0 | 40.1 | 42.4 | 44.8 | 47.4 | 5.70% | |||||||||||||
| Net cash provided (used) by financing activities | (4,642.0) | (11,100.0) | (1,408.0) | (5,498.0) | (13,611.0) | (13,457.9) | 267.6 | 282.8 | 298.9 | 316.0 | 30.86% | -60.86% | |||||||
| Effect of exchange rate fluctuations on cash and cash equiv. | -0 | 5.0 | (3.0) | (9.0) | (15.0) | ||||||||||||||
| Net increase in cash | 1,511.0 | (433.0) | 3,413.0 | (2,804.0) | (3,113.0) | (1,474.4) | 12,231.6 | 12,184.9 | 12,112.6 | 12,011.1 | 19.81% | 68.94% | |||||||
| Cash, beginning of year | 3,987.0 | 5,498.0 | 5,065.0 | 8,478.0 | 5,674.0 | 2,561.0 | 1,086.6 | 13,318.1 | 25,503.0 | 37,615.6 | 9.22% | 95.77% | feeds the balance sheet cash figure | ||||||
| Cash, end of year | $ 5,498.0 | $ 5,065.0 | $ 8,478.0 | $ 5,674.0 | $ 2,561.0 | $ 1,086.6 | $ 13,318.1 | $ 25,503.0 | $ 37,615.6 | $ 49,626.7 | -17.39% | 159.97% | |||||||
| Noncash investing and financing activities | |||||||||||||||||||
| Issuance of common stock for PP&E | |||||||||||||||||||
| NOTES | |||||||||||||||||||
| Common-size Income Statement | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | |||||||||
| Revenue | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
| COGS | 34.69% | 37.49% | 37.85% | 40.20% | 36.26% | 37.30% | 37.30% | 37.30% | 37.30% | 37.30% | |||||||||
| Gross profit | 65.31% | 62.51% | 62.15% | 59.80% | 63.74% | 62.70% | 62.70% | 62.70% | 62.70% | 62.70% | |||||||||
| R&D | 15.07% | 15.46% | 19.02% | 20.13% | 20.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
| Amortization of acquisition-related intangibles | 0.04% | 0.48% | 0.58% | 1.01% | 1.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
| MG&A | 14.46% | 14.20% | 15.10% | 15.34% | 14.56% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | |||||||||
| Operating income | 35.73% | 32.37% | 27.44% | 23.32% | 27.47% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | |||||||||
| Gain on sale of investments | 0.80% | 0.21% | 0.26% | 0.89% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
| Earnings before interest and taxes (EBIT) | 36.53% | 32.57% | 27.71% | 24.21% | 28.20% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | |||||||||
| Interest expense, net | 0.25% | 0.36% | 0.18% | -0.29% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||
| Earnings before taxes | 36.78% | 32.93% | 27.88% | 23.93% | 28.28% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | |||||||||
| Income tax expense | 10.50% | 8.96% | 7.25% | 5.67% | 7.33% | 7.18% | 7.18% | 7.18% | 7.18% | 7.18% | |||||||||
| Net income | 26.28% | 23.97% | 20.63% | 18.25% | 20.95% | 20.53% | 20.53% | 20.53% | 20.53% | 20.53% | |||||||||
| NOTES | |||||||||||||||||||
| Common-size Balance Sheet | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | |||||||||
| Cash and Cash Equivalents | 9% | 7% | 10% | 6% | 3% | 1% | 6% | 10% | 13% | 16% | |||||||||
| Short-term investments | 18% | 7% | 5% | 6% | 3% | 1% | 1% | 1% | 1% | 1% | |||||||||
| Trading Assets | 8% | 6% | 7% | 9% | 10% | 5% | 4% | 4% | 3% | 3% | |||||||||
| Receivables, net | 5% | 5% | 5% | 4% | 5% | 2% | 2% | 2% | 2% | 2% | |||||||||
| Inventory | 6% | 6% | 6% | 5% | 5% | 2% | 2% | 2% | 2% | 2% | |||||||||
| Deferred tax assets | 2% | 2% | 3% | 3% | 2% | 1% | 1% | 1% | 1% | 1% | |||||||||
| Other current assets | 3% | 2% | 3% | 2% | 3% | 2% | 2% | 1% | 1% | 1% | |||||||||
| Total current assets | 50% | 36% | 37% | 35% | 30% | 14% | 18% | 21% | 23% | 25% | |||||||||
| PP&E, gross | 80% | 82% | 78% | 79% | 87% | 44% | 43% | 41% | 40% | 40% | |||||||||
| Accumulated depreciation | -52% | -48% | -45% | -45% | -51% | -25% | -24% | -24% | -23% | -23% | |||||||||
| PP&E, net | 28% | 33% | 33% | 34% | 36% | 70% | 67% | 65% | 63% | 62% | |||||||||
| Marketable equity securities | 2% | 1% | 5% | 7% | 8% | 4% | 3% | 3% | 3% | 2% | |||||||||
| Other long-term investments | 5% | 1% | 1% | 2% | 2% | 1% | 1% | 1% | 1% | 1% | |||||||||
| Goodwill | 7% | 13% | 12% | 11% | 12% | 6% | 5% | 5% | 5% | 5% | |||||||||
| Identified intangible assets, net | 1% | 9% | 7% | 6% | 5% | 2% | 2% | 2% | 2% | 2% | |||||||||
| Other Long-term assets | 7% | 7% | 5% | 6% | 7% | 4% | 3% | 3% | 3% | 3% | |||||||||
| Total Assets | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | |||||||||
| Short-term debt | 0% | 0% | 0% | 0% | 2% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Accounts payable | 4% | 4% | 4% | 3% | 3% | 1% | 1% | 1% | 1% | 1% | |||||||||
| Accrued compensation and benefits | 5% | 4% | 4% | 3% | 4% | 2% | 2% | 2% | 1% | 1% | |||||||||
| Accrued advertising | 2% | 2% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | |||||||||
| Deferred income | 1% | 3% | 2% | 2% | 2% | 1% | 1% | 1% | 1% | 1% | |||||||||
| Other accrued liabilties | 3.73% | 3.96% | 4.32% | 4.42% | 5.32% | 2% | 2% | 2% | 2% | 2% | |||||||||
| Total current liabilities | 15% | 17% | 15% | 15% | 17% | 8% | 7% | 6% | 6% | 6% | |||||||||
| Long-term income taxes payable | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Long-term debt | 3% | 10% | 16% | 14% | 13% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Long-term deferred tax liabilities | 1% | 4% | 4% | 5% | 4% | 2% | 2% | 2% | 2% | 2% | |||||||||
| Other long-term liabilities | 2% | 5% | 4% | 3% | 4% | 2% | 2% | 2% | 1% | 1% | |||||||||
| Total liabilities | 22% | 35% | 39% | 37% | 38% | 11% | 11% | 10% | 9% | 9% | |||||||||
| Temporary Equity | 0% | 0% | 0% | 0% | 1% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Preferred Stock | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Common Stock | 26% | 24% | 23% | 23% | 24% | 11% | 10% | 9% | 8% | 7% | |||||||||
| Accumulated other comprehensive income (loss) | 1% | -1% | -0% | 1% | 1% | 0% | 0% | 0% | 0% | 0% | |||||||||
| Retained earnings | 52% | 42% | 38% | 38% | 36% | 23% | 26% | 29% | 31% | 33% | |||||||||
| Total shareholders' equity | 78% | 65% | 61% | 63% | 62% | 35% | 36% | 38% | 39% | 40% | |||||||||
| Total Liabilities + Shareholders' Equity | 100% | 100% | 100% | 100% | 100% | 46% | 47% | 47% | 48% | 49% | |||||||||
| NOTES | |||||||||||||||||||
| Growth of Income Statement Items | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | GeoAvg Hist | GeoAvg FC | |||||||
| Revenue | 23.8% | -1.2% | -1.2% | 6.0% | 5.7% | 5.7% | 5.7% | 5.7% | 5.7% | 6% | 6% | ||||||||
| COGS | 33.8% | -0.3% | 4.9% | -4.4% | 8.7% | 5.7% | 5.7% | 5.7% | 5.7% | 8% | 6% | ||||||||
| Gross profit | 18.5% | -1.8% | -4.9% | 13.0% | 4.0% | 5.7% | 5.7% | 5.7% | 5.7% | 6% | 5% | ||||||||
| R&D | 27.0% | 21.5% | 4.6% | 8.7% | -100.0% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 15% | ERROR:#DIV/0! | ||||||||
| Amortization of acquisition-related intangibles | 1344.4% | 18.5% | 72.4% | 10.9% | -100.0% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 139% | ERROR:#DIV/0! | ||||||||
| MG&A | 21.6% | 5.0% | 0.4% | 0.6% | 154.0% | 5.7% | 5.7% | 5.7% | 5.7% | 7% | 26% | ||||||||
| Operating income | 12.1% | -16.2% | -16.0% | 24.9% | 6.6% | 5.7% | 5.7% | 5.7% | 5.7% | -0% | 6% | ||||||||
| Gain on sale of investments | -67.8% | 25.9% | 234.0% | -12.7% | -100.0% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 4% | ERROR:#DIV/0! | ||||||||
| Earnings before interest and taxes (EBIT) | 10.4% | -16.0% | -13.6% | 23.5% | 3.8% | 5.7% | 5.7% | 5.7% | 5.7% | -0% | 5% | ||||||||
| Interest expense, net | 76.1% | -51.0% | -260.6% | -128.5% | -100.0% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | -21% | ERROR:#DIV/0! | ||||||||
| Earnings before taxes | 10.8% | -16.4% | -15.2% | 25.3% | 3.5% | 5.7% | 5.7% | 5.7% | 5.7% | -0% | 5% | ||||||||
| Income tax expense | 5.6% | -20.1% | -22.7% | 37.0% | 3.4% | 5.7% | 5.7% | 5.7% | 5.7% | -3% | 5% | ||||||||
| Net income | 12.9% | -15.0% | -12.6% | 21.7% | 3.6% | 5.7% | 5.7% | 5.7% | 5.7% | 1% | 5% | ||||||||
| 0% | 0% | NOTES | |||||||||||||||||
| Growth of Balance Sheet Items | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | GeoAvg Hist | GeoAvg FC | |||||||
| Cash and Cash Equivalents | -7.88% | 67.38% | -33.07% | -54.86% | -57.57% | 1125.71% | 91.49% | 47.49% | 31.93% | -17% | 81% | ||||||||
| Short-term investments | -54.13% | -22.81% | 49.34% | -59.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -32% | 0% | ||||||||
| Trading Assets | -9.86% | 23.83% | 48.48% | 7.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 15% | 0% | ||||||||
| Receivables, net | 27.31% | 5.01% | -6.55% | 23.59% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 11% | 6% | ||||||||
| Inventory | 9.02% | 15.58% | -11.87% | 2.42% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 3% | 6% | ||||||||
| Deferred tax assets | 14.25% | 24.53% | 22.53% | -24.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 7% | 0% | ||||||||
| Other current assets | -1.55% | 58.09% | -34.36% | 83.02% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 17% | 6% | ||||||||
| Total current assets | -18.16% | 21.20% | 2.32% | -13.57% | -2.91% | 48.05% | 32.44% | 24.44% | 19.55% | -3% | 23% | ||||||||
| PP&E, gross | 15.04% | 13.73% | 11.16% | 8.57% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 12% | 9% | ||||||||
| Accumulated depreciation | 5.72% | 10.50% | 10.31% | 10.68% | 7.50% | 9.00% | 9.00% | 9.00% | 9.00% | 9% | 9% | ||||||||
| PP&E, net | 32.00% | 18.44% | 12.31% | 5.76% | 311.70% | 9.00% | 9.00% | 9.00% | 9.00% | 17% | 42% | ||||||||
| Marketable equity securities | -44.25% | 687.19% | 40.62% | 14.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 63% | 0% | ||||||||
| Other long-term investments | -70.62% | -44.54% | 198.78% | 37.34% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | -10% | 6% | ||||||||
| Goodwill | 104.24% | 4.93% | 8.27% | 3.31% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 24% | 6% | ||||||||
| Identified intangible assets, net | 628.72% | -0.51% | -17.40% | -13.67% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 51% | 6% | ||||||||
| Other Long-term assets | 9.34% | -10.76% | 32.33% | 19.53% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 11% | 6% | ||||||||
| Total Assets | 12.55% | 18.61% | 9.49% | -0.44% | 113.27% | 13.61% | 12.51% | 11.62% | 10.90% | 10% | 28% | ||||||||
| Short-term debt | 550.00% | 26.32% | -9.94% | 470.82% | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 155% | ERROR:#DIV/0! | ||||||||
| Accounts payable | 29.08% | 2.27% | -1.79% | -7.44% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 5% | 6% | ||||||||
| Accrued compensation and benefits | 2.08% | 0.81% | 5.08% | 11.27% | 4.66% | 4.66% | 4.66% | 4.66% | 4.66% | 5% | 5% | ||||||||
| Accrued advertising | 12.61% | -10.49% | 0.59% | 6.95% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 2% | 9% | ||||||||
| Deferred income | 158.23% | 0.16% | 8.49% | 5.20% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 31% | 6% | ||||||||
| Other accrued liabilties | 19.39% | 29.50% | 11.91% | 20.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 20% | 0% | ||||||||
| Total current liabilities | 28.96% | 7.23% | 5.19% | 18.06% | -6.63% | 3.85% | 3.93% | 4.00% | 4.08% | 14% | 2% | ||||||||
| Long-term income taxes payable | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||
| Long-term debt | 241.07% | 85.43% | 0.22% | -8.04% | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | 55% | ERROR:#DIV/0! | ||||||||
| Long-term deferred tax liabilities | 182.61% | 30.38% | 28.87% | -14.15% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 42% | 6% | ||||||||
| Other long-term liabilities | 181.47% | 6.41% | -19.72% | 10.30% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 28% | 6% | ||||||||
| Total liabilities | 83.25% | 31.50% | 2.88% | 3.16% | -36.29% | 4.46% | 4.52% | 4.58% | 4.64% | 26% | -5% | ||||||||
| Temporary Equity | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | -100.00% | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||
| Preferred Stock | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||
| Common Stock | 5.30% | 14.25% | 10.65% | 1.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8% | 0% | ||||||||
| Accumulated other comprehensive income (loss) | -334.53% | -48.91% | -411.53% | -46.42% | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | 19% | 6% | ||||||||
| Retained earnings | -9.91% | 8.37% | 10.39% | -5.80% | 36.28% | 28.14% | 23.21% | 19.91% | 17.55% | 0% | 25% | ||||||||
| Total shareholders' equity | -7.12% | 11.53% | 13.77% | -2.54% | 19.81% | 18.90% | 16.80% | 15.20% | 13.95% | 4% | 17% | ||||||||
| Total Liabilities + Shareholders' Equity | 12.55% | 18.61% | 9.49% | -0.44% | -1.65% | 15.32% | 14.04% | 13.02% | 12.18% | 10% | 10% | ||||||||
| NOTES | |||||||||||||||||||
| Useful Ratios & Other Figures | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | % chg Hist | % chg FC | |||||||
| GM | 0.6531 | 0.6251 | 0.6215 | 0.5980 | 0.6374 | 0.6270 | 0.6270 | 0.6270 | 0.6270 | 0.6270 | |||||||||
| OM | 0.3573 | 0.3237 | 0.2744 | 0.2332 | 0.2747 | 0.2770 | 0.2770 | 0.2770 | 0.2770 | 0.2770 | |||||||||
| Pm | 0.2628 | 0.2397 | 0.2063 | 0.1825 | 0.2095 | 0.2053 | 0.2053 | 0.2053 | 0.2053 | 0.2053 | |||||||||
| TAT | 0.6904 | 0.7593 | 0.6324 | 0.5707 | 0.6076 | 0.3011 | 0.2802 | 0.2632 | 0.2492 | 0.2375 | |||||||||
| EM | 1.2783 | 1.5491 | 1.6474 | 1.5854 | 1.6196 | 1.3295 | 1.2895 | 1.2591 | 1.2352 | 1.2160 | |||||||||
| ROE | 0.2319 | 0.2819 | 0.2149 | 0.1651 | 0.2061 | 0.1782 | 0.1584 | 0.1434 | 0.1315 | 0.1220 | |||||||||
| ROA | 0.1814 | 0.1820 | 0.1305 | 0.1042 | 0.1273 | 0.0618 | 0.0575 | 0.0540 | 0.0512 | 0.0488 | |||||||||
| d | 0.3056 | 0.3189 | 0.3953 | 0.4656 | 0.3767 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| b | 0.6944 | 0.6811 | 0.6047 | 0.5344 | 0.6233 | 1.0000 | 1.0000 | 1.0000 | 1.0000 | 1.0000 | |||||||||
| Alternative to Retention Ratio= Change in RE/NI | (0.2719) | 0.4809 | 0.7332 | (0.1264) | 0.9279 | 1.0031 | 1.0031 | 1.0031 | 1.0031 | ||||||||||
| SGR | 0.1611 | 0.1920 | 0.1300 | 0.0882 | 0.1285 | 0.1782 | 0.1584 | 0.1434 | 0.1315 | 0.1220 | |||||||||
| IGR | 0.1260 | 0.1239 | 0.0789 | 0.0557 | 0.0793 | 0.0618 | 0.0575 | 0.0540 | 0.0512 | 0.0488 | |||||||||
| TIE | 91.6094 | 157.2234 | (84.5166) | 366.4651 | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ERROR:#DIV/0! | ||||||||||
| DOL | 5.4929 | 4.3146 | 3.7077 | 0.9665 | 0.3180 | 0.2770 | 0.2770 | 0.2770 | 0.2770 | ||||||||||
| EPS | 2.4206 | 2.7327 | 2.3237 | 2.0313 | 2.4713 | 2.5597 | 2.7056 | 2.8598 | 3.0228 | 3.1951 | |||||||||
| Days in sales in cash | 23.9886 | 24.6718 | 26.2283 | 24.8052 | 28.9217 | 28.9217 | 28.9217 | 28.9217 | 28.9217 | 28.9217 | |||||||||
| Inventory Turnover= COGS/Avg Inv | 5.1552 | 4.5730 | 4.7579 | 4.7983 | 5.0118 | 5.0118 | 5.0118 | 5.0118 | 5.0118 | ||||||||||
| Receivables Turnover | 16.57 | 14.26 | 14.22 | 13.95 | 12.97 | 12.97 | 12.97 | 12.97 | 12.97 | ||||||||||
| Purchases | $20,581 | $20,828 | $20,625 | $20,362 | $22,269 | $23,539 | $24,880 | $26,299 | $27,798 | ||||||||||
| Payables turnover | 7.85 | 6.97 | 6.88 | 7.12 | 7.88 | 7.88 | 7.88 | 7.88 | 7.88 | ||||||||||
| Day In Inventory | 70.80 | 79.82 | 76.71 | 76.07 | 72.83 | 72.83 | 72.83 | 72.83 | 72.83 | ||||||||||
| Days in receivables | 22.03 | 25.60 | 25.67 | 26.16 | 28.14 | 28.14 | 28.14 | 28.14 | 28.14 | ||||||||||
| Operating Cycle | 78.65 | 86.78 | 83.60 | 83.19 | 80.71 | 80.71 | 80.71 | 80.71 | 80.71 | ||||||||||
| Days In Payable | 46.52 | 52.39 | 53.02 | 51.24 | 46.32 | 46.32 | 46.32 | 46.32 | 46.32 | ||||||||||
| Cash Cycle | 32.13 | 34.39 | 30.58 | 31.95 | 34.38 | 34.38 | 34.38 | 34.38 | 34.38 | ||||||||||
| D/E Ratio | 28% | 55% | 65% | 59% | 62% | 33% | 29% | 26% | 24% | 22% | |||||||||
| ASSUMPTIONS | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | |||||||||
| Sales growth | 5.70% | 5.70% | 5.70% | 5.70% | 5.70% | ||||||||||||||
| COGS as % of sales | 37.30% | 37.30% | 37.30% | 37.30% | 37.30% | ||||||||||||||
| MG&A | 35% | 35% | 35% | 35% | 35% | ||||||||||||||
| ETR (Effective Tax Rate) constant 25% | 0.28551 | 0.27214 | 0.26007 | 0.23717 | 0.25929 | 25.90% | 25.90% | 25.90% | 25.90% | 25.90% | |||||||||
| Gain on sale of investments forecast as zero for all future years | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
| Cash forecast on balance sheet will come from Statement of Cash Flows | |||||||||||||||||||
| PP&E grows % per year | 9% | 9% | 9% | 9% | 9% | ||||||||||||||
| LT investments remains flat (i.e. no change) | |||||||||||||||||||
| All other assets & liabilities grow at same rate as sales | |||||||||||||||||||
| Depreciation as % of PPE, gross | 57.5% | 57.5% | 57.5% | 57.5% | 57.5% | ||||||||||||||
| Interest expense forecast based on debt and these interest rates: ST interest = %, LT interest = % | |||||||||||||||||||
| Capital stock remains flat | |||||||||||||||||||
| Retained earnings grows based on NI & dividends paid | |||||||||||||||||||
| Dividend payout ratio remains constant | |||||||||||||||||||
| There are shares outstanding for all years (historic and forecast) | |||||||||||||||||||
| R&D Adjustment | |||||||||||||||||||
| ST interest rate | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% | ||||||||||||||
| LT Interest rate | 4.80% | 4.80% | 4.80% | 4.80% | 4.80% | ||||||||||||||
| Accrued Advertising | 9% | 9% | 9% | 9% | 9% | ||||||||||||||
| Shares Outstanding | 4736 | 4736 | 4736 | 4736 | 4736 | 4736 | 4736 | 4736 | 4736 | 4736 | |||||||||
| Hist CAGR | FC CAGR | NOTES | |||||||||||||||||
| CASH FLOW COMPUTATIONS | 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | |||||||||
| Sales | 53,999 | 53,341 | 52,708 | 55,870 | 59,055 | 62,421 | 65,979 | 69,739 | 73,715 | 1.14% | 5.70% | ||||||||
| Operating Margin | 32.37% | 27.44% | 23.32% | 27.47% | 27.70% | 27.70% | 27.70% | 27.70% | 27.70% | -5.32% | 0.00% | ||||||||
| Operating Income | 17,477 | 14,638 | 12,291 | 15,347 | 16,360 | 17,292 | 18,278 | 19,320 | 20,421 | -4.24% | 5.70% | ||||||||
| Tax Rate | 27.21% | 26.01% | 23.72% | 25.93% | 25.90% | 25.90% | 25.90% | 25.90% | 25.90% | -1.60% | 0.00% | ||||||||
| NOPAT | 12,721 | 10,831 | 9,376 | 11,368 | 12,123 | 12,814 | 13,544 | 14,316 | 15,132 | -3.68% | 5.70% | ||||||||
| Dep Exp | 5,141 | 6,357 | 6,790 | 7,380 | 7,380 | 7,380 | 7,380 | 7,380 | 7,380 | 12.81% | 0.00% | ||||||||
| OCF | 17,861.73 | 17,188.12 | 16,165.90 | 18,747.72 | 19,502.57 | 20,193.55 | 20,923.93 | 21,695.93 | 22,511.94 | 1.63% | 3.65% | ||||||||
| Cash For CapEx | 19,435.0 | 11,665.0 | 11,636.0 | 11,039.0 | 7,792.9 | 8,473.8 | 9,214.9 | 10,021.4 | 10,899.2 | -17.18% | 8.75% | ||||||||
| Cash Reinvested in non-cash, NOWC ((Ca-cash)-(CL-Non-op)) | (1,183.0) | 1,356.0 | (1,900.0) | 551.0 | 125.3 | 130.8 | 136.5 | 142.3 | 148.1 | -177.52% | 4.28% | ||||||||
| FCFF | (390.3) | 4,167.1 | 6,429.9 | 7,157.7 | 11,584.4 | 11,588.9 | 11,572.5 | 11,532.3 | 11,464.6 | -363.72% | -0.26% | ||||||||
| FCFF | (390.3) | 4,167.1 | 6,429.9 | 7,157.7 | 11,584.4 | 11,588.9 | 11,572.5 | 11,532.3 | 11,464.6 | -363.72% | -0.26% | ||||||||
| Change In Debt | 5,171.0 | 6,064.0 | (31.0) | 235.0 | (13,711.0) | -0 | -0 | -0 | -0 | -64.31% | -100.00% | ||||||||
| Interest (1-t) | 139.7 | 69.6 | (115.2) | 31.9 | -0 | -0 | -0 | -0 | -0 | -38.92% | ERROR:#DIV/0! | ||||||||
| Preferred Cash Flows (Dividends) | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | ||||||||||
| FCFE | 4,641.0 | 10,161.6 | 6,514.1 | 7,360.9 | (2,126.6) | 11,588.9 | 11,572.5 | 11,532.3 | 11,464.6 | 16.62% | ERROR:#NUM! | ||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | FC2015 | FC2016 | FC2017 | FC2018 | FC2019 | ||||||||||
| VALUATION SUMMARY | |||||||||||||||||||
| FCFE Method | |||||||||||||||||||
| 0 | 1 | 2 | 3 | 4 | 5 | ||||||||||||||
| FCFE | (2,126.6) | 11,588.9 | 11,572.5 | 11,532.3 | 11,464.6 | ||||||||||||||
| g | |||||||||||||||||||
| Ke | |||||||||||||||||||
| PV | |||||||||||||||||||
| Terminal Value | |||||||||||||||||||
| Equity Intrinsic Value | |||||||||||||||||||
| Per Share Value | |||||||||||||||||||
| FCFF Method | |||||||||||||||||||
| 0 | 1 | 2 | 3 | 4 | 5 | ||||||||||||||
| FCFF | 11,584.4 | 11,588.9 | 11,572.5 | 11,532.3 | 11,464.6 | ||||||||||||||
| g | |||||||||||||||||||
| WACC | |||||||||||||||||||
| PV | |||||||||||||||||||
| Terminal Value | |||||||||||||||||||
| Debt | |||||||||||||||||||
| Equity Intrinsic Value | |||||||||||||||||||
| Per Share Value | |||||||||||||||||||
| APV Method | |||||||||||||||||||
| 0 | 1 | 2 | 3 | 4 | 5 | ||||||||||||||
| FCFF | 11,584.4 | 11,588.9 | 11,572.5 | 11,532.3 | 11,464.6 | ||||||||||||||
| g | |||||||||||||||||||
| Ku | |||||||||||||||||||
| PV | |||||||||||||||||||
| Terminal Value | |||||||||||||||||||
| Total | |||||||||||||||||||
| Interest Expense | -0 | -0 | -0 | -0 | -0 | ||||||||||||||
| t | |||||||||||||||||||
| Tax savings | |||||||||||||||||||
| g | |||||||||||||||||||
| Ku | |||||||||||||||||||
| PV | |||||||||||||||||||
| Terminal Value | |||||||||||||||||||
| Total | |||||||||||||||||||
| Total of PVs | |||||||||||||||||||
| Debt | |||||||||||||||||||
| Equity Intrinsic Value | |||||||||||||||||||
| Per Share Value | |||||||||||||||||||
| P/E Valuation | |||||||||||||||||||
| Comparable P/E | |||||||||||||||||||
| Earnings Available to Common Shareholders | $ 12,122.57 | $ 12,813.55 | $ 13,543.93 | $ 14,315.93 | $ 15,131.94 | ||||||||||||||
| Implied Equity Value per Share | |||||||||||||||||||
| P/S Valuation | |||||||||||||||||||
| Comparable P/S | |||||||||||||||||||
| Revenue | $ 59,054.6 | $ 62,420.7 | $ 65,978.7 | $ 69,739.5 | $ 73,714.6 | ||||||||||||||
| Implied Equity Value per Share | |||||||||||||||||||
| EV/EBITDA Ratio Valuation | |||||||||||||||||||
| Comparable EV/EBITDA | |||||||||||||||||||
| EBITDA | |||||||||||||||||||
| Value of Operations | |||||||||||||||||||
| Non-operating Assets + | |||||||||||||||||||
| Market Value of Debt - | |||||||||||||||||||
| Intrinsic Value per Share | |||||||||||||||||||
| Bottom Up Beta | D/E Ratio | Revenue | Beta | Unlevered Beta | Weight | B- Weight | Re-Levered | Sum of Beta | Relevered for Intel | ||||||||||
| Intel | 0.65 | 55,870 | 0.9 | 0.55 | 0.54 | 0.30 | 0.48 | 0.70 | 1.03 | ||||||||||
| Qualcomm | 0.25 | 26,487 | 1.35 | 1.09 | 0.25 | 0.28 | 0.34 | ||||||||||||
| texas instruments | 0.71 | 12,205 | 1.26 | 0.75 | 0.12 | 0.09 | 0.15 | ||||||||||||
| Nvidia | 0.63 | 4,130 | 1.45 | 0.90 | 0.04 | 0.04 | 0.06 | ||||||||||||
| AMD | 19.14 | 5,506 | 2.34 | 0.12 | 0.05 | 0.01 | 0.12 | ||||||||||||
| 104,198 |
&F
