Income Statement
($ in millions)
Actual Projected
2022A 2023P 2024P 2025P 2026P 2027P
Revenues $51,761.0 $56,937.1 $62,630.8 $68,893.9 $75,783.3 $83,361.6
Less: COGS (Excl. Depreciation) (39,334.0) (43,727.7) (47,975.2) (52,634.9) (57,746.9) (63,354.8)
Gross Profit $12,427.0 $13,209.4 $14,655.6 $16,259.0 $18,036.4 $20,006.8
Margin % 24.0% 23.2% 23.4% 23.6% 23.8% 24.0%
Less: Sales, General & Administration Expenses (excl. Amor (8,553.0) (9,337.7) (10,208.8) (11,160.8) (12,201.1) (13,337.9)
EBITDA $3,874.0 $3,871.7 $4,446.8 $5,098.1 $5,835.3 $6,668.9
Margin % 7.5% 6.8% 7.1% 7.4% 7.7% 8.0%
Less: Depreciation (787.0) (854.1) (939.5) (1,033.4) (1,136.7) (1,250.4)
Less: Amortization (82.0) (100.0) (100.0) (100.0) (100.0) (100.0)
EBIT $3,005.0 $2,917.7 $3,407.3 $3,964.7 $4,598.6 $5,318.5
Margin % 5.8% 5.1% 5.4% 5.8% 6.1% 6.4%
Less: Interest (expense) / income (25.0) (25.0) (25.0) (25.0) (25.0) (25.0)
Pre-Tax Income $2,980.0 $2,892.7 $3,382.3 $3,939.7 $4,573.6 $5,293.5
Less: Taxes Tax Rate % 20.0% (596.0) (578.5) (676.5) (787.9) (914.7) (1,058.7)
Net Income $2,384.0 $2,314.1 $2,705.9 $3,151.8 $3,658.9 $4,234.8
Income Statement Drivers
Revenue Growth 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
COGS as a % Revenue 77.0% 76.8% 76.6% 76.4% 76.2% 76.0%
SG&A Expenses as a % Revenue 16.5% 16.4% 16.3% 16.2% 16.1% 16.0%
Depreciation as a % Revenue 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Amortization After 2022 Actual, Held Constant @ $100M p.a.
Interest Expense Held Constant @ $25M p.a.
