Net sales

Cost of sales
Selling, general and administrative expenses
Special (gains) and charges
Operating income
Other (income) expense
Interest expense, net
Income before income taxes
Provision for income taxes
Net income from continuing operations including noncontrolling interest
Net income from continuing operations attributable to noncontrolling interest
Net income from continuing operations attributable to Ecolab
Net loss from discontinued operations, net of tax
Net income (loss) attributable to Ecolab
Earnings attributable to Ecolab per common share
Basic (in dollars per share)
Diluted (in dollars per share)
Weighted-average common shares outstanding
Basic (in shares)
Diluted (in shares)

Balance Sheet

Current assets
Cash and cash equivalents
Accounts receivable, net
Inventories
Other current assets
Total current assets
Property, plant and equipment, net
Goodwill
Other intangible assets, net
Operating lease assets
Other assets
Total assets
Current liabilities
Short-term debt
Accounts payable
Compensation and benefits
Income taxes
Other current liabilities
Total current liabilities
Long-term debt
Pension and postretirement benefits
Deferred income taxes
Operating lease liabilities
Other liabilities
Total liabilities
Commitments and contingencies
Equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock
Total Ecolab shareholders' equity
Noncontrolling interest
Total equity
Total liabilities and equity

OPERATING ACTIVITIES
Net income (loss) attributable to Ecolab, including noncontrolling interest
Less: Net income (loss) from discontinued operations including noncontrolling interest

Net income from continuing operations including noncontrolling interest

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation
Amortization
Deferred income taxes
Share-based compensation expense
Pension and postretirement plan contributions
Pension and postretirement plan expense (income), net
Restructuring charges, net of cash paid
Debt refinancing
Other, net
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable
Inventories
Other assets
Accounts payable
Other liabilities
Cash provided by operating activities - continuing operations
Cash provided by operating activities - discontinued operations
Cash provided by operating activities
INVESTING ACTIVITIES
Capital expenditures
Property and other assets sold
Acquisitions and investments in affiliates, net of cash acquired
Divestiture of businesses
Other, net
Cash used for investing activities - continuing operations
Cash provided by (used for) investing activities - discontinued operations
Cash used for investing activities
FINANCING ACTIVITIES
Net (repayments) issuances of commercial paper and notes payable
Long-term debt borrowings
Long-term debt repayments
Reacquired shares
Dividends paid
Exercise of employee stock options
Debt refinancing
Hedge settlements
Other, net
Cash provided by (used for) financing activities - continuing operations
Cash used for financing activities - discontinued operations
Cash used for financing activities
Effect of exchange rate changes on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
 2019 2020 2021 2022 2023

12,562 11,790 12,733 14,188 15,320

7,046 6,906 7,616 8,831 9,155
3,551 3,309 3,416 3,654 4,062
120 180 103 141 111
1,845 1,396 1,599 1,563 1,992
- 77 - 56 - 34 - 25 - 60
191 290 218 244 297
1,732 1,161 1,414 1,343 1,756
289 177 270 235 363
1,443 985 1,144 1,109 1,393
17 17 14 17 21
1,426 967 1,130 1,092 1,372
133 - 2,173
1,559 - 1,205 1,130 1,092 1,372

5.41 -4.20 $ 3.95 $ 3.83 $ 4.82

$ 5.33 -4.15 $ 3.91 $ 3.81 $ 4.79

288.10 287.00 286.30 285.20 285.00

292.50 290.30 289.10 286.60 286.50

$ 186.4 $ 1,260.2 $ 359.9 $ 598.6 $ 919.5

2,796.5 2,273.8 2,478.4 2,698.1 2,834.2
1,505.6 1,285.2 1,491.8 1,792.8 1,497.2
339.9 298.2 357 404.7 393.2
4,828.4 5,117.4 4,687.1 5,494.2 5,644.1
3,954.9 3,124.9 3,288.5 3,293.4 3,474.6
7,251.7 6,006.9 8,063.9 8,012.7 8,148.2
3,672.5 2,977 4,224.1 3,680.7 3,493.5
577.5 423.8 396.8 448.2 553.5
584.1 476 546 535.1 532.7
20,869.1 18,126 21,206.4 21,464.3 21,846.6

380.6 17.3 411 505.1 630.4

1,284.3 1,160.6 1,384.2 1,728.2 1,566.3
599.5 469.3 509.5 493.6 655.5
142.8 96.1 104.3 197.6 158.7
1,223.4 1,188.9 1,144.2 1,285.9 1,334.9
3,630.6 2,932.2 3,553.2 4,210.4 4,345.8
5,973.5 6,669.3 8,347.2 8,075.3 7,551.4
 1,088 1,226.2 894.2 670.3 651.7
740.4 483.9 622 505.6 418.2
425.2 300.5 282.6 337.8 425.5
285.6 312.4 254.1 406.3 381.8
12,143.3 11,924.5 13,953.3 14,205.7 13,774.4

359.6 362.6 364.1 364.7 365.7

5,907.1 6,235 6,464.6 6,580.2 6,766.7
9,993.7 8,243 8,814.5 9,318.8 10,075.4
-2089.7 -1994.4 -1634.8 -1726.6 -1850.4
-5485.4 -6679.7 -6784.2 -7301.0 -7312.7
8,685.3 6,166.5 7,224.2 7,236.1 8,044.7
40.5 35 28.9 22.5 27.5
8,725.8 6,201.5 7,253.1 7,258.6 8,072.2
$ 20,869.1 $ 18,126 $ 21,206.4 $ 21,464.3 $ 21,846.6

$ 1,576.2 $ (1,185.5) $ 1,144.0 $ 1,108.9 $ 1,393.0

-133.3 2170.3

1442.9 984.8 1144.0 1108.9 1393.0

$ 569.1 $ 594.3 $ 604.4 $ 618.5 $ 616.7

$ 206.2 $ 218.4 $ 238.7 $ 320.2 $ 306.9
$ (22.1) $ (45.8) $ (1.1) $ (142.6) $ (55.7)
$ 84.0 $ 82.1 $ 89.5 $ 87.8 $ 95.1
$ (186.0) $ (70.7) $ (60.2) $ (64.3) $ (109.3)
$ 22.6 $ 42.0 $ 42.4 $ 45.5 $ 3.1
$ 29.9 $ 7.8 $ (41.7) $ 66.2 $ (32.6)
$ 77.1 $ 29.4
$ 17.6 $ 61.0 $ 15.9 $ 24.9 $ 31.9

$ (173.1) $ 155.6 $ (178.2) $ (319.6) $ (84.3)

$ 22.3 $ (179.5) $ (73.0) $ (402.9) $ 320.3
$ (70.4) $ 42.3 $ (92.9) $ (278.2) $ 72.2
$ 22.9 $ 55.9 $ 200.4 $ 394.7 $ (232.3)
$ 80.8 $ (283.5) $ 144.3 $ 329.3 $ 86.8
$ 2,046.7 $ 1,741.8 $ 2,061.9 $ 1,788.4 $ 2,411.8
$ 374.0 $ 118.4
$ 2,420.7 $ 1,860.2 $ 2,061.9 $ 1,788.4 $ 2,411.8

$ (731.3) $ (489.0) $ (643.0) $ (712.8) $ (774.8)

$ 7.5 $ 5.3 $ 12.2 $ 2.2 $ 9.9
$ (391.4) $ (487.0) $ (3,923.7) $ (7.2) $ (180.4)
$ 6.8 $ 116.2
$ (21.2) $ (3.2) $ (25.2) $ 1.0 $ (45.2)
$ (1,129.6) $ (857.7) $ (4,579.7) $ (716.8) $ (990.5)
$ (69.5) $ 443.2
$ (1,199.1) $ (414.5) $ (4,579.7) $ (716.8) $ (990.5)

$ (252.0) $ (65.5) $ 393.6 $ (404.3) $ (1.9)

$ 1,855.9 $ 2,775.0 $ 494.0
$ (400.6) $ (1,570.0) $ (1,017.9) $ (500.0)
$ (353.7) $ (146.2) $ (106.6) $ (518.2) $ (13.7)
$ (552.9) $ (560.8) $ (566.4) $ (602.8) $ (617.3)
$ 186.8 $ 241.5 $ 143.5 $ 29.1 $ 96.8
$ (77.1) $ (29.4)
$ 25.9 $ 172.0 $ (15.3)
$ 25.8 $ (18.0) $ (14.5) $ (7.1) $ (3.3)
$ (1,346.6) $ (340.2) $ 1,603.2 $ (837.3) $ (1,054.7)
$ (3.0) $ (1.6)
$ (1,349.6) $ (341.8) $ 1,603.2 $ (837.3) $ (1,054.7)
$ 20.4 $ (30.1) $ 14.3 $ 4.4 $ (45.7)
$ (107.6) $ 1,073.8 $ (900.3) $ 238.7 $ 320.9
$ 294.0 $ 186.4 $ 1,260.2 $ 359.9 $ 598.6
$ 186.4 $ 1,260.2 $ 359.9 $ 598.6 $ 919.5
*The financial statements have been reformatted for the purpose of this exam
*Special (gains) and charges are mostly made up of restructuring charges and costs
related to acquisitions
d for the purpose of this exam
of restructuring charges and costs
 2019 2020
Income Statement
Revenue $12,562 $11,790
Total Operating Expense $10,717 $10,395
Total Operating Expense $10,717 $10,395
Net Interest Expense $191 $290
Tax Expenses $289 $177
Net Profit $1,366 $929

Depreciation $775 $813

EPS $5.33 -$4.15

Dividends $553 $561
Repurchases $354 $146

Balance Sheet
Net OWC $1,392 $942
Net Assets $13,927 $10,986
Total Assets $15,319 $11,928

Net Debt $6,593 $5,727

Shareholders Equity $8,726 $6,202
Net Capital $15,319 $11,928
Balance Check 0 0

Shares Outstanding 293 290

Share price
Market Capitalization $293 $290

Operating WC $1,392 $942

Operating Cash
Receivables $2,797 $2,274
Operating Marketable Securities
Inventories $1,506 $1,285
Prepaid Expenses
Other Assets $340 $298
Total Current Assets $4,642 $3,857

Accounts Payable $1,284 $1,161

Compensation and Benefits $600 $469
Income Tax Liabilities $143 $96
Other Liabilities $1,223 $1,189
Total Current Liabilities $3,250 $2,915

Net Long Term Assets $13,927 $10,986

PPE $3,955 $3,125
Goodwill $7,252 $6,007
Intangibles $3,673 $2,977
Oeprating Leases $578 $424
Other Assets $584 $476
Total Long-Term Assets $16,041 $13,009

Pension and postretirement benefits $1,088 $1,226

Deferred income taxes $740 $484
Other liabilities $286 $312
Long term Liabilities $2,114 $2,023

Net Debt $6,593 $5,727

Current Portion $381 $17
Long term debt $6,399 $6,970
Excess Cash and Securities 186.4 1260.2

Total Assets $20,683 $16,866

Total Liabilities $9,423 $11,925
Total Equity $8,726 $6,202

Net Income $1,366 $929

CFO $2,047 $1,742
CFI -$1,199 -$415
CFF -$1,350 -$342
 Forecast Period
2021 2022 2023 2024 2025 2026

$12,733 $14,188 $15,320 $16,393 $17,540 $18,768

$11,135 $12,625 $13,328 $14,374 $15,340 $16,360
$11,135 $12,625 $13,328 $14,032 $14,768 $15,539
$218 $244 $297 $274 $316 $322
$270 $235 $363 $373 $403 $446
$1,110 $1,084 $1,333 $1,714 $2,053 $2,460

$843 $939 $924

$3.91 $3.81 $4.79 $5.98 $7.17 $8.59

$566 $603 $617 $794 $951 $1,139
$107 $518 $14 $18 $21 $25

$1,185 $1,190 $1,009 $1,363 $1,458 $1,560

$14,749 $14,388 $14,751 $16,473 $17,626 $18,860
$15,934 $15,578 $15,760 $17,835 $19,084 $20,420

$8,681 $8,320 $7,688 $8,861 $9,028 $9,068

$7,253 $7,259 $8,072 $8,975 $10,056 $11,352
$15,934 $15,578 $15,760 $17,835 $19,084 $20,420
0 0 0 0 0 0

289 287 287 287 287 287

$217
$289 $287 $62,162 $287 $287 $287

$1,185 $1,190 $1,009 $0 $0 $0

$2,478 $2,698 $2,834

$1,492 $1,793 $1,497

$357 $405 $393

$4,327 $4,896 $4,725 $0 $0 $0

$1,384 $1,728 $1,566

$510 $494 $656
$104 $198 $159
$1,144 $1,286 $1,335
$3,142 $3,705 $3,715 $0 $0 $0

$14,749 $14,388 $14,751 $0 $0 $0

$3,289 $3,293 $3,475
 $8,064 $8,013 $8,148
$4,224 $3,681 $3,494
$397 $448 $554
$546 $535 $533
$16,519 $15,970 $16,203 $0 $0 $0

$894 $670 $652

$622 $506 $418
$254 $406 $382
$1,770 $1,582 $1,452 $0 $0 $0

$8,681 $8,320 $7,688 $0 $0 $0

$411 $505 $630
$8,630 $8,413 $7,977
359.9 598.6 919.5

$20,847 $20,866 $20,927 $0 $0 $0

$13,953 $14,206 $13,774 $0 $0 $0
$7,253 $7,259 $8,072 $8,975 $10,056 $11,352

$1,110 $1,084 $1,333

$2,062 $1,788 $2,412
-$4,580 -$717 -$991
$1,603 -$837 -$1,055
Forecast Period
2027 2028 2029 2030

$20,082 $21,487 $22,991 $22,991

$17,501 $18,761 $20,082 <<Aggregate of individual expenses
$16,346 $17,190 $18,393 <<Using % of revenue
$323 $319 $309
$482 $515 $556
$2,930 $3,463 $3,733 0.210403431

Difference in Operating Expense

$10.23 $12.09 $13.03
$1,357 $1,604 $1,729
$30 $36 $38

$1,669 $1,786 $1,786

$20,180 $21,592 $21,592
$21,849 $23,379 $23,379

$8,954 $8,660 $6,693

$12,895 $14,719 $16,685
$21,849 $23,379 $23,379
0 0 0

287 287 287

$287 $287 $287

$0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0
 $0 $0 $0

$0 $0 $0

$0 $0 $0

$0 $0 $0
$0 $0 $0
$12,895 $14,719 $16,685
dividual expenses

rence in Operating Expense $342 $572 $820 $1,155

0.110062025
1.127
$1,571 $1,689
Abnormal Earnings $100.31 Revenue M.
DCF FCFF $19.88 DCF FCFE
Mean Reversion $53.50
Forecast Period
2023 2024 2025

Abnormal Earnings Method

Book Value of Equity $8,072 $8,975 $10,056

Expected Earnings $845 $940
Actual Earnings $1,714 $2,053
Abnormal Earnings $869 $1,113
TV of Abnormal Earnings
Total Abnormal Earnings $869 $1,113

Equity Value $28,738

Number of shares 287
Equity Value per share $100.31

Mean Reversion Method

Book Value of Equity $8,072 $8,975 $10,056

Expected ROE 14.04% 14.04% 14.04%
Expected Earnings $845 $940
Actual Earnings $1,260 $1,412
Abnormal Earnings $415 $472
TV of Abnormal Earnings
Total Abnormal Earnings $415 $472

Equity Value $15,328

Number of shares 287
Equity Value per share $53.50

Discounted FCFF Cashflow Method

Net Income $1,714 $2,053

Interest*(1-Tax) $216 $248
Changes in OWC -$354 -$95
Changes in LTA -$1,722 -$1,153
FCFF -$146 $1,053
TV of FCFF
Total FCFF -$146 $1,053

Enterprise Value $13,383

Net Debt $7,688
Equity Value $5,696
Number of Shares 287
Equity Value per Share $19.88
Discounted FCFE Cashflow Method

Net Income $0 $0
Changes in OWC $0 $0
Changes in LTA $1,497 $0
Changes in Debt $1,173 $167
FCFF $2,670 $167
TV of FCFF
Total FCFF $2,670 $167

Equity Value $172

Number of Shares 1335
Equity Value per Share $0.13

Multiples Method
Revenue EBITDA Earnings
Multiple
2023 Figure
Enterprise Value $0 $0
Net Debt $7,688 $8,861
Equity Value -$7,688 -$8,861 $0
Number of Shares 287 287 287
Equity Value per Share -$26.83 -$30.93 $0.00
-$26.83 EBITDA M. -$30.93
$0.13 Earnings M. $0.00

Forecast Period
2026 2027 2028 2029
Assumptions
Price
EPS1
$11,352 $12,895 $14,719 Implied re
$1,053 $1,189 $1,350 Cost of Equity
$2,460 $2,930 $3,463 Risk Free Rate
$1,408 $1,741 $2,113 Beta
$25,451 MRP
$1,408 $1,741 $27,564 After Tax Cost of Deb
Credit Spread
Tax Rate
Target Debt/Capital
Terminal Growth (TV)
WACC
Current ROE
Target ROE
$11,352 $12,895 $14,719 Difference
14.04% 14.04% 14.04% Change per year
$1,053 $1,189 $1,350
$1,593 $1,810 $2,066
$541 $621 $716
$8,621
$541 $621 $9,337

$2,460 $2,930 $3,463

$253 $254 $251
-$102 -$109 -$117
-$1,234 -$1,320 -$1,413
$1,378 $1,754 $2,185
$18,517
$1,378 $1,754 $20,703
 $0 $0 $0
$0 $0 $0
$0 $0 $0
$40 -$113 -$295
$40 -$113 -$295
-$3,548
$40 -$113 -$3,843
 $217
$5.98
2.35% Cost of Equity

Terminal Growth
10.47% ### 8.00% 9.00% 10.00% 11.00% 12.00%
4.20% 1.00%
1.14 1.50%
5.50% 2.00%
3.57% 2.50%
3.00%
21.38%

2.00%
14.04% Terminal ROE
Terminal Growth

4.44% $53.50 8.00% 9.00% 10.00% 11.00% 12.00%

1.00%
4.44% 1.50%
2.00%
2.50%
3.00%

WACC
Terminal Growth

$0.00 8.00% 9.00% 10.00% 11.00% 12.00%

1.00%
1.50%
2.00%
2.50%
3.00%

Cost of Equity (FCFE Valuation)

Terminal Growth

### 8.00% 9.00% 10.00% 11.00% 12.00%

1.00%
1.50%
2.00%
2.50%
3.00%
Days in a year 365 Abnormal Earnings
Discounted Cashflow

2019 2020

IS Forecast Ratios
Revenue Growth -6.14%
COGS % Revenue 56.09% 58.57%
SG&A % of Revenue 28.27% 28.07%
Depreciation % Revenue 6.17% 6.89%
R&D % Revenue 0.00% 0.00%
Other Expenses % Revenue 0.96% 1.52%
Total Operating Expenses % Revenue 85.31% 88.16%
Statutory/Effective Tax Rate 17.44% 15.97%
Effective Interest Rate 2.89% 4.40%

BS Forecast Ratios
Net LTA % of Sales 118.12%
Working Capital % Sales 11.81%
Leverage Ratio 43.04% 48.01%
Dividend Payout Ratio 40.48% 60.37%
Repurchases Payout Ratio 25.90% 15.74%
Total Payout 66.37% 76.11%

Liquidity Ratios
Current Ratio 3.79 1.32
Quick Ratio 2.29 0.78

Efficiency Ratios
Receivables Turnover 4.49 4.65
Inventory Turnover 4.68 4.95
Payables Turnover 5.49 6.07
Receivables Turnover(Days) 81.25 78.48
Inventory Turnover(Days) 78.00 73.75
Payables Turnover(Days) 66.53 60.12
Fixed Asset Turnover 0.78 0.81
Total Asset Turnover 0.82 0.93

Profitability Ratio
Gross Margin 43.91% 41.43%
EBIT Margin 14.69% 11.84%
EBITDA Margin 20.86% 18.73%
Net Profit Margin 10.87% 7.88%
ROA 8.92% 7.36%
ROE 3.84% 3.54%

Leverage Ratios
Debt/Equity 75.56% 92.35%
Debt/Equity (Market Value) 2253.98% 1972.75%
 Interest Coverage Ratio 9.68x 4.81x
Leverage Ratio 43.04% 48.01%

Altman Z Score wts 1.05 1.05

EBIT/Assets 3.30 0.09 0.08
RE/Assets 1.40
WC/Assets 1.20 0.07 0.06
MVE/Total Liabilities 0.60 0.12 0.03
Sales/Asset 1.00 0.61 0.70

Ohlson's O Score -2.36 -1.33

P(Bankrupcy) 8.61% 20.86%
Intercept wts -1.32 -1.32
TA/GNP -0.407 7.46 7.35
TL/TA 6.03 0.46 0.71
WC/TA -1.43 0.07 0.06
CL/CA 0.076 0.26 0.76
Check This> Liability>Assets -1.72 0.00 0.00
NI/TA -2.37 0.07 0.06
FFO/TL -1.83 0.00 0.15
Check This> Is NI (-) for two years 0.285 0.00 0.00
Delta NI/Delta Mod(NI) -0.521 1.00 1.66

Kaplan-Urwitz 5.24 4.87

Implied Credit Rating AA A
Intercept wts 5.67 5.67
Size 0.011 15.32 11.93
Profitability 5.13 0.11 0.08
Learn>> Subordination -2.36 0.00 0.00
Leverage -2.85 0.43 0.48
Coverage 0.007 9.68 4.81
Beta -0.87
Idiosyncratic -2.9
$100.31 Revenue M. -$26.83 Earnings M.
$19.88 EBITDA M. -$30.93
Forecast Period
2021 2022 2023 2024 2025 2026

8.00% 11.42% 7.98% 7.00% 7.00% 7.00%

59.81% 62.24% 59.76% 59.76% 59.76% 59.76%
26.83% 25.75% 26.51% 27.09% 26.85% 26.61%
6.62% 6.62% 6.03%
0.00% 0.00% 0.00%
0.81% 0.99% 0.73% 0.84% 0.85% 0.81%
87.45% 88.99% 87.00% 85.60% 84.20% 82.80%
19.58% 17.78% 21.38% 21.38% 21.38% 21.38%
3.81% 2.81% 3.57% 3.57% 3.57% 3.57%

86.28% 103.96% 93.91% 93.91% 93.91% 93.91%

7.40% 8.35% 7.77% 7.77% 7.77% 7.77%
54.48% 53.41% 48.78% 49.54% 49.54% 49.54%
51.02% 55.59% 46.31% 46.31% 46.31% 46.31%
9.60% 47.79% 1.03% 1.03% 1.03% 1.03%
60.63% 103.38% 47.33% 47.33% 47.33% 47.33%

1.38 1.32 1.27

0.79 0.73 0.76

5.36 5.48 5.54 5.78

5.48 5.38 5.57 6.54
5.43 4.89 5.36 5.84
68.11 66.59 65.90 63.11
66.55 67.88 65.59 55.79
67.25 74.58 68.08 62.45
0.86 0.87 0.95 2.02
1.02 0.97 1.05 1.04 1.02 1.02

40.19% 37.76% 40.24% 40.24% 40.24% 40.24%

12.55% 11.01% 13.00% 12.32% 12.54% 12.83%
19.18% 17.63% 19.03% 12.32% 12.54% 12.83%
8.72% 7.64% 8.70% 10.46% 11.71% 13.11%
8.88% 7.43% 9.10% 10.92% 11.90% 13.33%
4.84% 3.97% 4.44% 5.42% 5.63% 5.92%

119.69% 114.62% 95.24% 98.73% 89.77% 79.88%

3002.73% 2902.86% 12.37% 3092.71% 3151.07% 3165.04%
 7.32x 6.41x 6.71x 7.36x 6.96x 7.48x
54.48% 53.41% 48.78% 49.68% 47.31% 44.41%

0.94 1.01 4.00 0.00 0.00 0.00

0.08 0.07 0.10

0.06 0.06 0.05

0.02 0.02 4.84
0.61 0.68 0.73

-0.76 -6.63 -0.90 -4.90 -4.92 -4.93

31.81% 0.13% 28.86% 0.74% 0.73% 0.72%
-1.32 -1.32 -1.32 -1.32 -1.32 -1.32
7.48 7.47 7.47 7.52 7.55 7.58
0.67 0.68 0.66
0.06 0.06 0.05
0.73 0.76 0.79
0.00 0.00 0.00 0.00 0.00 0.00
0.05 0.05 0.06
0.15 0.13 0.18
0.00 0.00 0.00 0.00 0.00 0.00
0.03 11.51 0.06 1.00 1.00 1.00

4.79 4.76 4.95 5.04 5.18 5.35

A A A A A AA
5.67 5.67 5.67 5.67 5.67 5.67
15.93 15.58 15.76 17.84 19.08 20.42
0.09 0.08 0.09 0.10 0.12 0.13
0.00 0.00 0.00 0.00 0.00 0.00
0.54 0.53 0.49 0.50 0.47 0.44
7.32 6.41 6.71 7.36 6.96 7.48
 $0.00

Forecast Period
2027 2028 2029 2030 2031
Change in Revenue G
Change in COGS %Re
7.00% 7.00% 7.00%
59.76% 59.76% 59.76%
26.56% 26.72% 26.76%

Opex/Reven
Change in
0.83% 0.83% 0.82%

ue
81.40% 80.00% 80.00%
21.38% 21.38% 21.38%
3.57% 3.57% 3.57%
Operating Cost % Rev
Change in Operating M
93.91% 93.91% 93.91% 93.91% Years
7.77% 7.77% 7.77% 7.77%
49.54% 49.54% 49.54% 49.54%
46.31% 46.31% 46.31% 46.31%
1.03% 1.03% 1.03% 1.03%
47.33% 47.33% 47.33% 47.33%

1.02 1.02 0.98 0.00

40.24% 40.24% 40.24% 0.00%

12.85% 12.69% 12.65% 0.00%
12.85% 12.69% 12.65% 0.00%
14.59% 16.12% 16.24% 0.00%
14.83% 16.39% 15.97% 0.00%
6.08% 6.07% 4.57%

69.44% 58.83% 40.12%

3125.43% 3022.58% 2336.26%
 7.98x 8.54x 9.42x
40.98% 37.04% 28.63%

0.00 0.00 0.00 0.00

-4.94 -4.95 -4.95 -1.84

0.71% 0.70% 0.70% 13.69%
-1.32 -1.32 -1.32 -1.32
7.61 7.64 7.64

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1.00 1.00 1.00 1.00

5.55 5.76 6.01 5.67

AA AA AA AA
5.67 5.67 5.67 5.67
21.85 23.38 23.38 0.00
0.15 0.16 0.16 0.00
0.00 0.00 0.00 0.00
0.41 0.37 0.29
7.98 8.54 9.42
Change in Revenue Growth
Change in COGS %Revenue
Change in Revenue Growth
$0.56 8.00% 9.00% 10.00% 11.00% 12.00%
1.00%
1.50%
2.00%
2.50%
3.00%

Operating Cost % Revenue Target 80%

Change in Operating Margin -1.40%
5