1. Calculate the NOPAT decomposition (NROA, leverage, financing spread) for all years of Dell, assuming that a) operating cash is 10% of sales, and b) opearting cash is 20% of sales. 2. What does the analysis tell you about i) how Dell's performance held up over time, and ii) how easy or difficult it is to use the NOPAT model? Dell Balance Sheet (in thousands)
PERIOD ENDING		1/31/2013	1/31/2012	1/31/2011	1/31/2010	1/31/2009	2/1/2008	2/2/2007	2/3/2006	1/28/2005	1/30/2004	1/31/2003	2/1/2002	2/1/2001	1/28/2000
ASSETS
Current Assets:
Cash and cash equivalents		12,569,000.00	13,852,000	13,913,000.00	10,635,000	$ 8,352,000	$ 7,764,000	$ 9,546,000	$ 7,042,000	$ 4,747,000	$ 4,317,000	$ 4,232,000	$ 3,641,000	$ 4,910,000	$ 3,809,000
Short-term investments		208,000.00	966,000	452,000.00	373,000	740,000	208,000	752,000	2,016,000	5,060,000	835,000	406,000	273,000	528,000	323,000
Accounts receivable, net		6,629,000.00	6,476,000	10,136,000.00	8,543,000	6,443,000	7,693,000	6,152,000	5,452,000	4,548,000	3,635,000	2,586,000	2,269,000	2,895,000	2,608,000
Inventories, net of allowance		1,382,000.00	1,404,000	1,301,000.00	1,051,000	867,000	1,180,000	660,000	576,000	459,000	327,000	306,000	278,000	400,000	391,000
Other Current Assets		7,180,000.00	6,750,000	3,219,000.00	3,643,000	3,749,000	3,035,000	2,829,000	2,620,000	2,083,000	1,519,000	1,394,000	1,416,000	758,000	550,000
Total Current Assets		27,968,000.00	29,448,000	29,021,000.00	24,245,000	20,151,000	19,880,000	19,939,000	17,706,000	16,897,000	10,633,000	8,924,000	7,877,000	9,491,000	7,681,000
PPE, net of depreciation		2,126,000.00	2,124,000	1,953,000.00	2,181,000	2,277,000	2,668,000	2,409,000	2,005,000	1,691,000	1,517,000	913,000	826,000	996,000	765,000
Investments		2,565,000.00	3,404,000	1,503,000.00	781,000	454,000	1,560,000	2,147,000	2,691,000	4,294,000	6,770,000	5,267,000	4,373,000	2,418,000	1,048,000
Long-term financing receivables		1,349,000.00	1,372,000		332,000	500,000	407,000	323,000	325,000	199,000	-	-	-	-	-
Goodwill		9,304,000.00	5,838,000	4,365,000.00	4,074,000	1,737,000	1,648,000	110,000	-	-	-	-	-	-	1,673,000
Intangible Assets, net of amortization		3,374,000.00	1,857,000	1,495,000.00	1,694,000	724,000	780,000	45,000	-	-	-	-	-	-	304,000
Other non-current Assets		854,000.00	490,000	262,000.00	345,000	657,000	618,000	662,000	382,000	134,000	391,000	366,000	459,000	530,000	-
Total Assets		47,540,000.00	44,533,000	38,599,000.00	33,652,000	26,500,000	27,561,000	25,635,000	23,109,000	23,215,000	19,311,000	15,470,000	13,535,000	13,435,000	11,471,000
LIABILITIES
Current Liabilities:
Short Term Borrowing		3,843,000.00	2,867,000	851,000.00	663,000	113,000	225,000	188,000	-	-	-	-	-	-	-
Accounts Payable		11,579,000.00	11,656,000	15,474,000.00	11,373,000	8,309,000	11,492,000	10,430,000	9,840,000	8,895,000	7,316,000	5,989,000	5,075,000	4,286,000	3,538,000
Accrued and other		3,644,000.00	3,740,000		3,884,000	3,788,000	4,323,000	5,141,000	6,087,000	5,241,000	3,580,000	2,944,000	2,444,000	2,257,000	1,654,000
Short-term deferred service revenue		4,373,000.00	3,738,000	3,158,000.00	3,040,000	2,649,000	2,486,000	2,032,000	-	-	-	-	-	-	-
Total Current Liabilities		23,439,000.00	22,001,000	19,483,000.00	18,960,000	14,859,000	18,526,000	17,791,000	15,927,000	14,136,000	10,896,000	8,933,000	7,519,000	6,543,000	5,192,000
Long Term Debt		5,242,000.00	6,387,000	5,146,000.00	3,417,000	1,898,000	362,000	569,000	504,000	505,000	505,000	506,000	520,000	509,000	508,000
Long-term deferred service revenue		3,971,000.00	3,855,000	3,518,000.00	3,029,000	3,000,000	2,774,000	2,189,000	-	-	-	-	-	-	-
Other non-current liabilities		4,187,000.00	3,373,000	2,686,000.00	2,605,000	2,472,000	2,164,000	758,000	2,549,000	2,089,000	1,630,000	1,158,000	802,000	761,000	463,000
Total Liabilities		36,839,000.00	35,616,000	30,833,000.00	28,011,000	22,229,000	23,826,000	21,307,000	18,980,000	16,730,000	13,031,000	10,597,000	8,841,000	7,813