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 Historical Results Forecast Period
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Balance Sheet Check OK OK OK OK OK OK OK OK OK OK

Assumptions

Key Assumptions
Revenue Growth (% Change) 15.8% 11.2% 8.4% 5.9% 10.0% 10.0% 10.0% 10.0% 10.0%
Cost of Goods Sold (% of Revenue) 38.3% 40.7% 37.4% 37.0% 37.6% 42.0% 47.0% 50.0% 36.0% 35.0%
Salaries and Benefits (% of Revenue) 25.9% 19.2% 18.2% 16.2% 16.7% 17.0% 17.0% 17.0% 17.0% 17.0%
Rent and Overhead ($000's) 10,963 10,125 10,087 11,020 11,412 15,000 15,000 15,000 15,000 15,000
Depreciation & Amortization (% of PP&E) 42.9% 42.9% 42.9% 42.9% 42.9% 35.0% 35.0% 35.0% 35.0% 35.0%
Interest (% of Debt) 5.0% 5.0% 5.0% 5.0% 5.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Tax Rate (% of Earnings Before Tax) 31.2% 29.2% 28.7% 29.0% 29.1% 28.0% 28.0% 28.0% 28.0% 28.0%
Accounts Receivable (Days) 18 18 18 18 18 18 18 18 18 18
Inventory (Days) 73 73 73 73 73 80 90 100 100 100
Accounts Payable (Days) 36 36 36 37 36 37 37 37 37 37
Capital Expenditures ($000's) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Debt Issuance (Repayment) ($000's) - - (20,000) - - - - (20,000) - -
Equity Issued (Repaid) ($000's) 70,000 - - - - - - - - -
Days in Period 365 365 365 365 365 365 365 365 365 365

Income Statement

Revenue 102,007 118,086 131,345 142,341 150,772 165,849 182,434 200,678 220,745 242,820
Cost of Goods Sold (COGS) 39,023 48,004 49,123 52,654 56,710 69,657 85,744 100,339 79,468 84,987
Gross Profit 62,984 70,082 82,222 89,687 94,062 96,193 96,690 100,339 141,277 157,833
Expenses
Salaries and Benefits 26,427 22,658 23,872 23,002 25,245 28,194 31,014 34,115 37,527 41,279
Rent and Overhead 10,963 10,125 10,087 11,020 11,412 15,000 15,000 15,000 15,000 15,000
Depreciation & Amortization 19,500 18,150 17,205 16,544 16,080 13,132 13,786 14,211 14,487 14,667
Interest 2,500 2,500 1,500 1,500 1,500 3,000 3,000 2,000 1,000 1,000
Total Expenses 59,390 53,433 52,664 52,066 54,237 59,327 62,800 65,326 68,014 71,946
Earnings Before Tax 3,594 16,649 29,558 37,621 39,825 36,866 33,890 35,013 73,263 85,887

Taxes 1,120 4,858 8,483 10,908 11,598 10,322 9,489 9,804 20,514 24,048
Net Earnings 2,474 11,791 21,075 26,713 28,227 26,543 24,401 25,209 52,749 61,839

Balance Sheet
Assets
Cash 67,971 81,210 83,715 111,070 139,549 161,050 179,174 177,827 232,676 292,140
Accounts Receivable 5,100 5,904 6,567 7,117 7,538 8,179 8,997 9,896 10,886 11,975
Inventory 7,805 9,601 9,825 10,531 11,342 15,267 21,142 27,490 21,772 23,284
Property & Equipment 45,500 42,350 40,145 38,601 37,521 39,389 40,603 41,392 41,905 42,238
Total Assets 126,376 139,065 140,252 167,319 195,950 223,884 249,916 256,605 307,239 369,637

Liabilities
Accounts Payable 3,902 4,800 4,912 5,266 5,670 7,061 8,692 10,171 8,056 8,615
Debt 50,000 50,000 30,000 30,000 30,000 30,000 30,000 10,000 10,000 10,000
Total Liabilities 53,902 54,800 34,912 35,266 35,670 37,061 38,692 20,171 18,056 18,615
Shareholder's Equity
Equity Capital 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000
Retained Earnings 2,474 14,265 35,340 62,053 90,280 116,823 141,224 166,433 219,183 281,022
Shareholder's Equity 72,474 84,265 105,340 132,053 160,280 186,823 211,224 236,433 289,183 351,022
Total Liabilities & Shareholder's Equity 126,376 139,065 140,252 167,319 195,950 223,884 249,916 256,605 307,239 369,637

Check 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

Cash Flow Statement

Operating Cash Flow

Net Earnings 2,474 11,791 21,075 26,713 28,227 26,543 24,401 25,209 52,749 61,839
Plus: Depreciation & Amortization 19,500 18,150 17,205 16,544 16,080 13,132 13,786 14,211 14,487 14,667
Less: Changes in Working Capital 9,003 1,702 775 902 828 3,175 5,062 5,768 (2,613) 2,041
Cash from Operations 12,971 28,239 37,505 42,355 43,479 36,501 33,125 33,652 69,849 74,464

Investing Cash Flow

Investments in Property & Equipment 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Cash from Investing 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000

Financing Cash Flow

Issuance (repayment) of debt - - (20,000) - - - - (20,000) - -
Issuance (repayment) of equity 70,000 - - - - - - - - -
Cash from Financing 70,000 - (20,000) - - - - (20,000) - -

Net Increase (decrease) in Cash 67,971 13,239 2,505 27,355 28,479 21,501 18,125 (1,348) 54,849 59,464
Opening Cash Balance - 67,971 81,210 83,715 111,070 139,549 161,050 179,174 177,827 232,676
Closing Cash Balance 67,971 81,210 83,715 111,070 139,549 161,050 179,174 177,827 232,676 292,140
Supporting Schedules

Working Capital Schedule

Accounts Receivable 5,100 5,904 6,567 7,117 7,538 8,179 8,997 9,896 10,886 11,975
Inventory 7,805 9,601 9,825 10,531 11,342 15,267 21,142 27,490 21,772 23,284
Accounts Payable 3,902 4,800 4,912 5,266 5,670 7,061 8,692 10,171 8,056 8,615
Net Working Capital (NWC) 9,003 10,705 11,480 12,382 13,210 16,385 21,447 27,215 24,603 26,644
Change in NWC 9,003 1,702 775 902 828 3,175 5,062 5,768 (2,613) 2,041

Depreciation Schedule
PPE Opening 50,000 45,500 42,350 40,145 38,601 37,521 39,389 40,603 41,392 41,905
Plus Capex 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Less Depreciation 19,500 18,150 17,205 16,544 16,080 13,132 13,786 14,211 14,487 14,667
PPE Closing 45,500 42,350 40,145 38,601 37,521 39,389 40,603 41,392 41,905 42,238

Debt & Interest Schedule

Debt Opening 50,000 50,000 50,000 30,000 30,000 30,000 30,000 30,000 10,000 10,000
Issuance (repayment) - - (20,000) - - - - (20,000) - -
Debt Closing 50,000 50,000 30,000 30,000 30,000 30,000 30,000 10,000 10,000 10,000
Interest Expense 2,500 2,500 1,500 1,500 1,500 3,000 3,000 2,000 1,000 1,000

Charts and Graphs

Revenue 102,007 118,086 131,345 142,341 150,772 165,849 182,434 200,678 220,745 242,820
Gross Profit Margin (%) 62% 59% 63% 63% 62% 58% 53% 50% 64% 65%

Operating Cash Flow 12,971 28,239 37,505 42,355 43,479 36,501 33,125 33,652 69,849 74,464
Investing Cash Flow (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000)
Financing Cash Flow 70,000 - (20,000) - - - - (20,000) - -

300,000 Revenue & Gross Profit Margin 100% 100,000 Cash Flow
90% 80,000
250,000
80% 60,000
200,000 70%
40,000
60%
150,000 50% 20,000

40% -
100,000
30% (20,000)
50,000 20%
(40,000)
10%
(60,000)
- 0%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
 90% 80,000
250,000
80% 60,000
200,000 70%
40,000
60%
150,000 50% 20,000

40% -
100,000
30% (20,000)
50,000 20%
(40,000)
10%
(60,000)
- 0%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Revenue Gross Profit Margin (%) Operating Cash Flow Investing Cash Flow Financing Cash Flow