D1. Use the assumptions described in the table when modeling items that are not computed as totals or subtotals.

Variable	Modeling assumptions
Revenue	Annual revenue growth in each forecast year is equal to 4.56 percent
Depreciation	Depreciation to sales in each forecast year is equal to the average annual ratio from the last 2 years of the historical period
Amortization	Amortization to revenue in each forecast year is 0.53 percentage points less than the average ratio from the historical period
Shareholders equity	Shareholders equity in each forecast year is $98,765 higher than shareholders equity in the previous year
Cash flows from operating activities	Cash flows from operating activities to revenue in each forecast year is equal to the ratio from the previous year
Cash flows from investing activities	Cash flows from investing activities is expected to be $9,043 lower in each forecast year than in the previous year
Cash flows from financing activities	The annual growth rate for cash flows from financing activities in each forecast year is equal to the average annual growth rate for cash flows from financing activities from the historical period

\begin{tabular}{|l|c|c|c|c|c|} \hline Financial information & 2019A & 2020A & \multicolumn{2}{|c|}{ 2021A } \\ \hline Revenue & 1,008,514 & 1,058,944 & 1,710,087 \\ \hline Cash & 2022E \\ \hline Depreciation & 42,153 & 41,912 & 62,003 \\ \hline Amortization & 85,773 & 80,256 & 191,172 \\ \hline Shareholders' equity & 72,168 & 67,118 & 152,473 \\ \hline Cash flows from operating activities & (23,051) & (19,928) & (85,211) \\ \hline Cash flows from investing activities & (121,888) & (141,901) & (275,998) \\ \hline Cash flows from financing activities & (23,383) & (23,168) & (19,216) \\ \hline Cash flows from other sources (not operating, investing, or financing) & 30,023 & 28,246 & (14,425) & (105,792) \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|c|c|} \hline Financial information & 2019A & 2020A & \multicolumn{2}{|c|}{ 2021A } \\ \hline Revenue & 1,008,514 & 1,058,944 & 1,710,087 \\ \hline Cash & 2022E \\ \hline Depreciation & 42,153 & 41,912 & 62,003 \\ \hline Amortization & 85,773 & 80,256 & 191,172 \\ \hline Shareholders' equity & 72,168 & 67,118 & 152,473 \\ \hline Cash flows from operating activities & (23,051) & (19,928) & (85,211) \\ \hline Cash flows from investing activities & (121,888) & (141,901) & (275,998) \\ \hline Cash flows from financing activities & (23,383) & (23,168) & (19,216) \\ \hline Cash flows from other sources (not operating, investing, or financing) & 30,023 & 28,246 & (14,425) & (105,792) \\ \hline \end{tabular}