Based on the actual financial data for 2010 and projections for 2011 for Blue Scholar Learning (BSL),
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Question:
Based on the actual financial data for 2010 and projections for 2011 for Blue Scholar Learning (BSL), as shown below, what is BSL's projected free cash flow (in $ millions) for 2011?
Blue Scholar Learning, Incorporated (BSL) | ||||||
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5-year Financial Projection | ||||||
($ millions) | ||||||
Actual 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
Income Statement | ||||||
Net sales | 1,996 | 2,267 | 2,508 | 2,827 | 3,138 | 3,571 |
Cost of sales | 644 | 742 | 830 | 959 | 1,087 | 1,241 |
Gross income | 1,352 | 1,525 | 1,678 | 1,868 | 2,051 | 2,330 |
Depreciation | 492 | 785 | 1,061 | 1,301 | 1,009 | 917 |
Interest expense | 171 | 178 | 191 | 175 | 142 | 110 |
Operating expenses | 212 | 239 | 270 | 306 | 334 | 374 |
Net income before tax | 477 | 323 | 156 | 86 | 566 | 929 |
Provision for taxes | 186 | 126 | 61 | 34 | 221 | 363 |
Net income after tax | 291 | 197 | 95 | 52 | 345 | 566 |
Balance sheet | ||||||
Total current assets | 1,121 | 1,234 | 1,412 | 1,650 | 1,923 | 2,179 |
Gross property and equipment | 4,180 | 5,149 | 6,410 | 7,449 | 8,200 | 9,016 |
Accumulated depreciation | 868 | 1,654 | 2,714 | 4,015 | 5,024 | 5,941 |
Net property and equipment | 3,312 | 3,495 | 3,696 | 3,434 | 3,176 | 3,075 |
Goodwill | 1,069 | 1,069 | 1,069 | 1,069 | 1,069 | 1,069 |
Total assets | 5,502 | 5,798 | 6,177 | 6,153 | 6,168 | 6,323 |
Accounts payable | 104 | 77 | 91 | 110 | 117 | 135 |
Short-term debt | 335 | 482 | 842 | 814 | 585 | 393 |
Current portion long-term debt | 41 | 140 | 165 | 200 | 223 | 267 |
Accrued expenses | 86 | 97 | 120 | 134 | 174 | 168 |
Total current liabilities | 566 | 796 | 1,218 | 1,258 | 1,099 | 963 |
Long-term debt | 1,694 | 1,554 | 1,389 | 1,189 | 966 | 699 |
Deferred taxes | 335 | 334 | 370 | 454 | 505 | 496 |
Shareholders' equity | 2,907 | 3,104 | 3,200 | 3,252 | 3,598 | 4,165 |
Total liabilities and equity | 5,502 | 5,798 | 6,177 | 6,153 | 6,168 | 6,323 |
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