Income - Adjusted Bal Sheet - Standardized CF Standardized Growth Ratios Income - Adjusted Bal Sheet...

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Income - Adjusted Bal Sheet - Standardized CF Standardized Growth Ratios Income - Adjusted Bal Sheet Standardized CF - Standardized Growth Ratios +Sales & Services Revenue TJX Cos Inc/The (TJX US) - Adjusted In Millions of USD except Per Share 12 Months Ending Revenue FY 2021 01/30/2021 32,137.0 32,137.0 Burlington Stores Inc (BURL US) - BBG Adjuste TJX Cos Inc/The (TJX US)-Standardized Burlington Stores Inc (BURL US) - Standardized In Millions of USD except Per Share FY 2022 01/29/2022 48,550.0 48,550.0 FY 2023 Est In Millions of USD except Per Share 01/31/2023 49,772.1 12 Months Ending Revenue FY 2021 FY 2022 01/30/2021 01/29/2022 FY 2023 Est 12 Months Ending FY 2020 02/01/2020 FY 2021 FY 2022 In Millions of USD except Per Share 01/30/2021 01/29/2022 Total Assets 01/31/2023 +Cash, Cash Equivalents & STI 5,764.0 9,322.3 8,542.4 Cash & Cash Equivalents 3,216.8 3.216.8 10,469.6 10,469.6 6.226.8 12 Months Ending Total Assets Cash, Cash Equivalents & STI FY 2020 02/01/2020 FY 2021 FY 2022 01/30/2021 01/29/2022 403.1 1.380.3 1,091.1 6.226.8 Cash Cash Equivalents 403.1 1,380 1,091.1 Sales & Services Revenue 5,764.0 9,322.3 ST Investments 0.0 0.0 0.0 ST Investments 0.0 0.0 0.0 0.0 - Cost of Revenue 24,533.8 34,713.8 -Cost of Revenue 3,555.0 5,436.2 Accounts & Notes Receiv 386.3 461.1 517.6 Accounts & Notes Receiv 91.5 62.2 54.1 Accounts Receivable, Net 386.3 461.1 517.6 Accounts Receivable, Net 91.5 62 2 54.1 +Cost of Goods & Services 24,533.8 34,713.8 +Cost of Goods & Services 3,555.0 5,436.2 Notes Receivable, Net 0.0 0.0 0.0 Notes Receivable, Net 0.0 0.0 Gross Profit 7,603.1 13,836.2 13,973.5 Gross Profit 2,209.0 3,886.1 3,458.5 Inventones 4.872.6 4,337 A 5.961.6 Inventories 777.2 740.8 1,021.0 Other ST Assets 415.0 471.2 552.6 Other ST Assets 145.5 327 A 381.5 +Other Operating Income 0.0 Operating Expenses 6.937.1 0.0 9,072.6 +Other Operating Income 8.4 -Operating Expenses 2,500.5 +Selling, General & Admin 7,020.9 9,081.2 +Selling, General & Admin 2,523.4 11.6 3,073.9 3,095.8 Derivative & Hedging Assets 72 9.0 45.1 Derivative & Hedging Assets Misc ST Assets 407.8 407.8 393.0 Misc ST Assets 145.6 327.4 381.5 Total Current Assets 8,890.6 15,739.3 13.258 Total Current Assets 1,4174 2,510.6 2.547.6 Property, Plant & Equip. Net 14,385.4 14,026.1 14,124.8 Property, Plant & Equip, Net 3.800.3 3.908.2 4.190.7 +Research & Development 0.0 0.0 + Research & Development 0.0 Property. Plant & Equip 20.432.6 20,752.8 21.289.6 Property Plant & Equip 5,162.6 5.406.9 5.842.2 Other Operating Expense -83.8 -8.6 Other Operating Expense -23.0 -21.9 Accumulated Depreciation 6.047 0.726.7 8,726.7 7,164.8 Accumulated Depreciation 1,362.3 1.498.7 1,651.4 Operating Income (Loss) 666.0 4,763.5 4,904.8 Operating Income (Loss) -283.1 823.8 400.8 -Non-Operating (Income) Loss 180.7 115.1 -Non-Operating (Income) Loss 97.8 67.5 +Interest Expense, Net 180.7 115.1 +Interest Expense, Net 96.5 67.3 LT Investments & Receivables Other LT Assets Total Intangible Assets Goodwill 0.0 0.0 0.0 LT Investments & Receivables 00 0.0 0.0 869. 1,048 1.078.1 Other LT Assets 376.2 362.2 351.2 95. 99.0 96. Total Intangible Assets 285.8 285.1 285.1 99. 96.7 Goodwill 47.1 47.1 47.1 Income - Adjusted Bal Sheet - Standardized CF - Standardized +Other Intangible Assets Growth Ratios 00 0.0 0.0 Interest Expense 193.7 119.5 +Interest Expense 97.8 67.5 +Other Intangible Assets 238.7 2387 239 0 238.0 238.0 Deferred Tax Assets 1272 185.0 Deferred Tax Assets 47 44 4.4 4.0 40 -Interest Income 12.9 4.4 -Interest Income 1.3 0.2 +Derivative & Hedging Assets 0.0 0.0 0.0 Derivative & Hedging Assels 00 0.0 0.0 0.0 + Other Non-Op (Income) Loss 0.0 0.0 Pratax Income (Loss), Adjusted 485.3 4,648.5 4,833.1 +Other Non-Op (Income) Loss Pretax Income (Loss), Adjusted 1.3 0.2 Misc LT Assets 761.3 821.9 796.5 Misc LT Assets 85.7 72.8 62.1 Total Noncurrent Assets 15,254.4 15,074.2 15.202.9 -380.9 756.3 341.8 Total Noncurrent Assets 4.176.5 4,270.5 4.541.9 TJX Cos Inc/The (TJX US) Burlingto Total Assets 24,145.0 30,813.6 28,461,5 Total Assets 5,593.0 6,781.1 7,089.5 You should be able to copy the TJX formulas over 5 columns for Burlington's ratios -Abnormal Losses (Gains) 396.0 250.8 -Abnormal Losses (Gains) 56.7 211.0 In Millions of USD except Per Share FY 2022 Disposal of Assets 8.6 +Merger/Acquisition Expense 21.9 Liabilities & Shareholders' Equity FY 2022 Liabilities & Shareholders' Equity Payables & Accruals 12 Months Ending 3.419.3 5.825.6 5.734.5 +Payables & Accruals 759.1 Early Extinguishment of Debt 312.2 242.2 +Early Extinguishment of Debt 0.2 159.4 Accounts Payable 2.672.6 4.823.4 4.465.4 Accounts Payable 759.1 862.6 862.6 1,080.8 1,080.8 NOPAT (use row 22 for tax rate) +Asset Write-Down 6.0 7.7 Accrued Taxes 24.7 81.5 181.2 Accrued Taxes Total Capital 18.509.98 = = 5.214.09 Asset Write-Down Interest & Dividends Payable 281.7 +Impairment of Goodwill +Legal Settlement 22.8 281.7 315.0 311.8 Interest & Dividends Payable - + Other Payables & Accruals 440 4 605 1 776.1 Return on Invested Capital (use average capital) + Other Payables & Accruals 0.0 0.0 0.0 Restructuring ST Debt WACC 30% Example ROIC: Tax rate 01/29/2022 Whenever combining values from both income sta01/29/2022 nce sheet, use the average of the balance sheet for the last 203FYE EBIT is operating income 20,586 43 FY2021 capital 20 1,00 10,000 12.00 6 8.50% 1411.2 1,677.6 1.576.6 + Restructuring +Other Abnormal Items 83.8 +Other Abnormal Items 27.7 21.9 +ST Borrowings +ST Lease Liabilities Pretax Income (Loss), GAAP 89.3 4,397.6 4,833.1 Pretax Income (Loss), GAAP 437.6 545.3 341.8 0.0 1.411.2 0.0 0.0 ST Debl ST Borrowings 305.8 308.5 373.2 EBIT 5,101.83 FY2021 capital Capital ROIC 9.00% 0.0 0.0 0.0 EVA spread 1,677.6 1.576.6 ST Lease Liabilities 305.8 308.5 373.2 +ST Finance Leases Income Tax Expense (Benefit) -1.2 1,114.8 -Income Tax Expense (Benefit) -221.1 136.5 +ST Operating Leases 0.0 1.411.2 0.0 0.0 ST Finance Leases 3.6 3.9 14.4 Returns 1.677.6 1.576.6 ST Operating Leases 302.2 3046 304.6 358. 358 A +Current Income Tax 231.1 1,159.0 +Current Income Tax -196.2 84.5 +Current Portion of LT Debl 0.0 00 Current Portion of LT Debl 0.0 0.0 Return on Equity (again use averages here) Other ST Liabilities 2,319 3.300.5 3.157.1 Other ST Liababes 397.0 512.8 512.8 493.7 493.7 Return on Assets (again use averages here) +Deferred Income Tax -232.3 -44.2 +Deferred Income Tax -25.0 52.0 +Deferred Revenue 784.2 891.8 1.0842 Deferred Revenue 0.0 0.0 0.0 0.0 0.0 Return on Invested Capital (from above) Income (Loss) from Cont Ops 90.5 3,282.8 3,506.4 Income (Loss) from Cont Ops -216.5 408.8 228.2 Derivatives & Hedging 20.2 21.9 3.3 Derivatives & Hedging 0.0 0.0 0.0 0.0 Net Income Avall to Common, GAAP 90.5 3,282.8 3,506.4 Net Income Avall to Common, GAAP -216.5 408.8 228.2 Net Income Avail to Common, Adj 403.3 3,481.0 3,632.9 Net Income Avall to Common, Adj -184.1 598.2 260.7 Net Abnormal Losses (Gains) 312.9 198.2 Net Abnormal Losses (Gains) 32.4 189.3 Misc ST Liabilities Total Current Liabilities +LT Debt +LT Borrowings Margins 1,515.3 2.386.8 2.069.6 Misc &T Liabilities 397,0 512.8 493.7 7.150.2 10,803.7 Gross Margin 10,463.1 10.053.3 13,076.1 10.930.4 2.236.6 5.332 0 3.354.8 Total Current Liabilities LT Debt LT Borrowings 1.461.9 1,684.0 1,947.6 3,323.7 4.328.6 4,080.5 EBITDA Margin 955.2 1.884.0 1.501.9 Net Operating Margin (use tax rate below) +LT Lease Liabilities Net Extraordinary Losses (Gains) 0.0 0.0 Reference Items Net Extraordinary Losses (Gains) Reference Items 7.816.6 7.743.2 0.0 0.0 7,675.0 LT Lease Liabilities 2.368.6 2.444.5 2.578.6 +LT Finance Leases 0.0 0.0 00 0.0 LT Finance Leases Net Profit Margin 46.6 43.8 39.2 use EBITDA from Inc Stmt Reference Items NOPAT divided by Sales use Net Income Avail to Common, Adj, wherever net incomes called for LT Operating Leases Taxes 7,816.6 7.743.2 7.675.6 LT Operating Leases 2.322.0 2.400.8 2.539.4 EBITDA 3,357.2 7,537.9 EBIT Dividends per Share Rental Expense 666.0 4,763.5 0.26 1.04 5,837.9 4,904.8 1.17 EBITDA 373.3 1,535.6 667.9 Other LT Liabilities 993.3 1.101.1 1.0599 Other LT Liabilities 280.1 303.8 300.9 Effective Tax Rate 25.4% 25.0% +Accrued Liabilities 0.0 0.0 EBIT -283.1 823.8 400.8 Accrued Liabilities 0.0 0.0 0.0 Turnovers +Pension Liabilities 101.8 106.0 114.0 Pension Liabilities 0.0 0.0 Depreciation Expense Source: Bloomberg 858.0 858.0 2.983.4 3,292.4 Dividends per Share Depreciation Expense Rental Expense 0.00 0.00 0.00 +Pensions Capital Turnover Keep using average for balance sheet when sales and balance sheet in same ratio (e.g. all turnovers) 2.484 0.0 00 0.0 Pensions 0.0 00 1.807 208.2 249.2 Deferred Revenue 0.0 0.0 00 Deferred Revenue 0.0 0.0 0.0 616.3 650.6 Deferred Tax Liabilities 142.2 37.2 44.2 Deferred Tax Liabilities 182 199 220.0 Working Capital Derivatives & & Hedging 0.0 0.0 0.0 Derivatives & Hedging 26.3 31. 11.0 NOWC Balance Right click to show data transparency (not supported for all voeste: Bloomberg Right click to show data transparency ( Misc LT Liabilities 749.3 057.9 901.7 Misc LT Liabilites 71.6 72.3 69.9 Total Noncurrent Liabilities 11,046.8 14,177.2 11,990.3 NOWC Turnover Total Noncurrent Liabilities 3,603.8 4,632.3 4.3814 Total Liabilities 18,196.8 24.080.9 22,450.5 Total Liabilities 5,065.7 6.310.3 6.329.1 Days Sales Outstanding Preferred Equity and Hybrid Capital 0.0 0.0 00 Preferred Equity and Hybrid Capital 0.0 0.0 0.0 Days Inventory +Share Capital & APIC 1,199. 1.485.2 1.181.2 +Share Capital & APIC 1.587.2 1,809.8 1,927.6 Income - Adjusted Bal Sheet - Standardized CF Standardized Growth Ratios Common Stock 1,199 1.204.7 1.181.2 Common Stock 0.0 0.0 0.0 Additional Paid in Capital 0.0 260.5 0.0 Additional Paid in Capital 1.587.1 1.8098 1.927.6 Treasury Stock 0.0 0.0 0.0 Treasury Stock 1.244.8 1.310.4 1.577.0 Accounts Payable Days (use COGS) Cash Conversion Cycle (AR INV-AP) days Inventory to Cash Days (AR INV) Retained Earings 5.422.3 4.973.5 5.509 C +Retained Earnings 204.8 -11 7 414.3 Cash percentage (Cash&STI-to-Assets) TJX Cos Inc/The (TJX US) - Standardized Burlington Stores Inc (BURL US) - Standardized Other Equity 673 7 -606.1 -687.2 Other Equity -19.0 -23.0 4.4 Equity Before Minority Interest PP&E Turnover 4.367.018 This is current assets minus current liabilities plus short-tea 64B: this excludes short-term debt from operating CL 3.679 Here is an example of using the balance sheet average in coajaon with the income statement, by averaging the balance sheet number. Average Accts Payable/(COGS/365) Days cash is tied up in inventory and receivables, after payables have been paid Cash+Short-term investments, divided by total assets. Note this effects Working Capital turnover and Total Capital turnover quite a bit for TJ 5.948.2 5,832.7 6,003.0 Equity Before Minority Interest 528.1 464.8 760.4 In Millions of USD except Per Share 12 Months Ending FY 2021 01/30/2021 FY 2022 In Millions of USD except Per Share, g 01/29/2022 Minority Non Controlling Interest 0.0 0.0 0.0 +Minority/Non Controlling Interest 0.0 0.0 0.0 Liquidity Cash from Operating Activities Net Income +Depreciation & Amortization Non-Cash Items Stock-Based Compensation Deferred Income Taxes 90.5 3.282.8 870.8 868.0 381.3 251.2 58. 189.0 230.1 44.5 Other Non-Cash Adj 553.4 106.6 Chg in Non-Cash Work Cap 3,219.4 344.5 Cha 12 Months Ending Cash from Operating Activities Net Income +Depreciation & Amortization +Non-Cash Items Stock-Based Compensation Deferred Income Taxes Other Non-Cash Adj Non-Cash Work Cap FY 2021 01/30/2021 FY2022 Total Equity 5,948.2 5,832.7 6,003.0 01/25/2022 Total Equity 528.1 464.8 760.4 Current Ratio Total Liabilities & Equity 24.145.0 30.813.6 28,461.5 Total Liabilities & Equity 5,593.9 6,781.1 7,089.5 -216.5 408.8 Reference Items Solvency Reference Items 2204 249.2 Shares Outstanding (millions) 1.109 1 1,199.1 1.181.2 120.9 319.8 Stock Price 59.0 64.0 55.0 58.5 Number of Employees 285,000.00 286.000.00 714 340.000.00 Shares Outstanding Stock Price Quick Ratio Forecast EBITDA Next Year 25.0 52.0 80.1 90.1 2093 Source: Bloomberg Number of Employees Source: Bloomberg $4.3 94.3 -144.7 +(Inc) Dec in Accts Receiv 65.9 66.4 66.5 5,837.905 667.889 47,000.00 284.90 283.85 55,959.00 55,959.00 Total Debt/EBITDA (both ST and LT Debt) EBIT to Interest Expense (use total, not net) Use year-end debt and forecast FY22 EBITDA given above Total Debt/Equity (both ST and LT) Total Debt/Capital (both ST and LT) -71.1 -61.5 (Inc) Dec in Accts Receiv 26.9 102 (Inc) Dec in Inventories 588.8 1.657.6 Inc (Dec) in Accts Payable 2.111.2 -338.1 (Inc) Dec in Inventories +Inc (Dec) in Accts Payable 36.6 -280.2 104.6 214.8 +1 Inc (Dec) in Other Net Cash From Disc Ops Cash from Operating Activities 4.561 590.6 7126 Inc (Dac) in Other -73.6 -89.5 0.0 0.0 Net Cash From Disc Ops 0.0 0.0 Income Adjusted Bal Sheet Standardized CF Standardized Growth 3,057.5 Cash from Operating Activities 219.2 833.2 Cash from Investing Activities Cash from Investing Activities Change in Fixed & Intang -568.0 -1,044.8 Change in Fixed & Intang 273.3 343.B +Disp in Fixed & Intang Disp of Fixed Prod Assets 0.0 0.0 Disp in Fixed & Intang 0.0 8.7 TJX Cos Inc/The (TJX US) - Growth Burlington Stores Inc (BURL US) - Grow 0.0 Disp of Fixed Prod Assets 0.0 8.7 Disp of Intangible Assets Acq of Fixed & Intang 0.0 Disp of Intangible Assets 0.0 0.0 In Millions of USD except Per Share 568.0 -1,044.8 Acq of Fixed & Intang -273.3 352.5 + Acq of Fixed Prod Assets -568.0 -1,044.8 +Acq of Fixed Prod Assets -273.3 -352.5 12 Months Ending 17 FY 2021 01/30/2021 FY 2022 In Millions of USD except Per Shar 01/29/2022 12 Months Ending FY 2021 01/30/2021 FY 2022 01/29/2022 Acq of Intangible Assets 0.0 0.0 Acq of Intangible Assets 0.0 0.0 1 Year Growth 1 Year Growth +Other Investing Activities -10.6 -1.6 Other Investing Activities -0.9 -0.6 Revenue -22.96 51.07 Revenue -20.89 61.73 N Net Cash From Disc Ops 0.0 0.0 Net Cash From Disc Ops 0.0 0.0 EBITDA -53.47 130.01 EBITDA -74.68 367.34 Cash from Investing Activities -578.6 -1,046.4 Cash from Investing Activities 274.1 344.4 Operating Income -86.82 716.68 Operating Income Cash from Financing Activities Cash from Financing Activities Net Income to Common -97.24 3,528.62 Net Income to Common +Dividends Paid -2783 1,251.8 Cash From (Repayment) Debt 3.568.5 2.976.5 Cash From (Repay) ST Debt 0.0 +Cash From LT Debt 5.986.9 0.0 Repayments of LT Debl 2.418.4 2.976.5 Cash (Repurchase) of Equity 9.7 -1,946.9 Increase in Capital Stock 211.2 229.4 Dividends Paid + Cash From (Repayment) Debl Cash From (Repay) ST Debl Cash From LT D T Debl Repayments of LT Debt +Cash (Repurchase) of Equity Increase in Capital Stock 0.0 0.0 EPS Diluted -97.38 3,757.14 EPS Diluted 1.105.0 -535.2 Dividend per Share -71.74 300.00 EPS Diluted before XO 0.0 0.0 1.505.0 956.6 400.0 -1.491.8 Accounts Receivable 19.39 12.25 Accounts Receivable -32.07 -12.99 -30.6 -226.7 Inventory -10.98 37.45 Inventory -4.69 37.83 34.9 39.9 Decrease in Capital Stock 201.5 2,176.3 Decrease in Capital Stock 65.5 266.6 Fixed Assets -2.50 0.70 Fixed Assets 2.84 7.23 Other Financing Activities -71.7 -25.5 Other Financing Activities 42.2 -16.0 Total Assets 27.62 -7.63 Total Assets 21.22 4.55 Nel Cash From Disc Ops 0.0 0.0 Net Cash From Disc Ops 0.0 0.0 Working Capital 183.60 -43.46 Working Capital -27.42 Cash from Financing Activities 3,228.3 -6,199.8 Cash from Financing Activities 1,032 -778.0 Employees 0.00 18.88 Employees 19.06 0.00 Accounts Payable 80.48 -7.42 Accounts Payable 13.64 25.29 Effect of Foreign Exchange Rates 41.3 -54.1 Effect of Foreign Exchange Rates 0.0 0.0 Short-Term Debt 18.88 -6.02 Short-Term Debt 0.90 20.95 Net Changes in Cash 7.252.8 4.242.8 Net Changes in Cash 977.2 -289.2 Total Debt 28.69 -15.23 Total Debt 27.76 -3.96 Total Equity -1.94 2.92 Total Equity -12.00 63.62 Cash Paid for Taxes 146.0 1.118.9 Cash Paid for Taxes 45.0 130.2 Book Value per Share -1.94 4.97 Book Value per Share -12.61 63.36 Cash Paid for Interest Reference Items EBITDA 153.0 138.7 Cash Paid for Interest 48.4 52.7 Reference Items Cash From Operations 12.18 -32.98 Cash From Operations -75.42 280.12 3,273.4 7,529.3 EBITDA 316.8 1480.6 Capital Expenditures -53.56 83.94 Capital Expenditures -16.77 28.98 Net Cash Paid for Acquisitions Net Cash Paid for Acquisitions 0.0 0.6 Tax Benefit from Stock Options Tax Benefit from Stock Options Net Change In Cash 3,788.43 Net Change In Cash 254.70 Free Cash Flow 3,993.9 2.012.7 Free Cash Flow -54.1 480.7 Free Cash Flow 40.46 49.61 Free Cash Flow Free Cash Flow to Firm 2.101.9 Free Cash Flow to Firm 5313 Free Cash Flow to Equity 7,562.4 -962.8 Free Cash Flow to Equity 1,050 S 45.9 5 Year Growth 5 Year Growth Free Cash Flow per Basic Share 3.33 1.68 Free Cash Flow per Basic Share -0.82 7.22 Revenue 0.76 7.91 Revenue 2.36 10.77 Price to Free Cash Flow 19.24 42.56 Price to Free Cash Flow 31.90 Cash Flow to Net Income Source: Bloomberg 50.42 0.03 Cash Flow to Net Income 2.04 EBITDA -5.40 10.80 EBITDA -7.61 20.75 Source Bloomberg Operating Income -30.93 4.32 Operating Income 14.35 Net Income to Common -47.54 7.39 Net Income to Common 13.62 EPS Diluted -46.94 25.57 EPS Diluted 14.79 Dividend per Share -9.15 14.87 EPS Diluted before XO 14.79 Accounts Receivable 14.14 14.87 Accounts Receivable 10.01 4.57 Inventory 3.26 10.34 Inventory -1.12 7.78 Fixed Assets 27.66 25.52 Fixed Assets 30.86 31.91 Total Assets 21.81 17.18 Total Assets 21.40 22.46 Working Capital Employees 15.80 -1.39 Modified Working Capital 5.77 7.67 Employees 8.33 8.33 Accounts Payable 16.97 14.89 Accounts Payable 7.60 11.04 Short-Term Debt Short-Term Debt 194.07 196.15 Total Debt 54.06 39.08 Total Debt 29.03 31.55 Total Equity 6.25 5.88 Total Capital 5 Year Growth 33.62 36.99 Book Value per Share 8.43 7.81 Cash From Operations 9.06 -3.36 Cash From Operations Free Cash Flow 14.07 -5.01 Free Cash Flow -7.72 6.23 2.33 Source: Bloomberg Income - Adjusted Bal Sheet - Standardized CF Standardized Growth Ratios Income - Adjusted Bal Sheet Standardized CF - Standardized Growth Ratios +Sales & Services Revenue TJX Cos Inc/The (TJX US) - Adjusted In Millions of USD except Per Share 12 Months Ending Revenue FY 2021 01/30/2021 32,137.0 32,137.0 Burlington Stores Inc (BURL US) - BBG Adjuste TJX Cos Inc/The (TJX US)-Standardized Burlington Stores Inc (BURL US) - Standardized In Millions of USD except Per Share FY 2022 01/29/2022 48,550.0 48,550.0 FY 2023 Est In Millions of USD except Per Share 01/31/2023 49,772.1 12 Months Ending Revenue FY 2021 FY 2022 01/30/2021 01/29/2022 FY 2023 Est 12 Months Ending FY 2020 02/01/2020 FY 2021 FY 2022 In Millions of USD except Per Share 01/30/2021 01/29/2022 Total Assets 01/31/2023 +Cash, Cash Equivalents & STI 5,764.0 9,322.3 8,542.4 Cash & Cash Equivalents 3,216.8 3.216.8 10,469.6 10,469.6 6.226.8 12 Months Ending Total Assets Cash, Cash Equivalents & STI FY 2020 02/01/2020 FY 2021 FY 2022 01/30/2021 01/29/2022 403.1 1.380.3 1,091.1 6.226.8 Cash Cash Equivalents 403.1 1,380 1,091.1 Sales & Services Revenue 5,764.0 9,322.3 ST Investments 0.0 0.0 0.0 ST Investments 0.0 0.0 0.0 0.0 - Cost of Revenue 24,533.8 34,713.8 -Cost of Revenue 3,555.0 5,436.2 Accounts & Notes Receiv 386.3 461.1 517.6 Accounts & Notes Receiv 91.5 62.2 54.1 Accounts Receivable, Net 386.3 461.1 517.6 Accounts Receivable, Net 91.5 62 2 54.1 +Cost of Goods & Services 24,533.8 34,713.8 +Cost of Goods & Services 3,555.0 5,436.2 Notes Receivable, Net 0.0 0.0 0.0 Notes Receivable, Net 0.0 0.0 Gross Profit 7,603.1 13,836.2 13,973.5 Gross Profit 2,209.0 3,886.1 3,458.5 Inventones 4.872.6 4,337 A 5.961.6 Inventories 777.2 740.8 1,021.0 Other ST Assets 415.0 471.2 552.6 Other ST Assets 145.5 327 A 381.5 +Other Operating Income 0.0 Operating Expenses 6.937.1 0.0 9,072.6 +Other Operating Income 8.4 -Operating Expenses 2,500.5 +Selling, General & Admin 7,020.9 9,081.2 +Selling, General & Admin 2,523.4 11.6 3,073.9 3,095.8 Derivative & Hedging Assets 72 9.0 45.1 Derivative & Hedging Assets Misc ST Assets 407.8 407.8 393.0 Misc ST Assets 145.6 327.4 381.5 Total Current Assets 8,890.6 15,739.3 13.258 Total Current Assets 1,4174 2,510.6 2.547.6 Property, Plant & Equip. Net 14,385.4 14,026.1 14,124.8 Property, Plant & Equip, Net 3.800.3 3.908.2 4.190.7 +Research & Development 0.0 0.0 + Research & Development 0.0 Property. Plant & Equip 20.432.6 20,752.8 21.289.6 Property Plant & Equip 5,162.6 5.406.9 5.842.2 Other Operating Expense -83.8 -8.6 Other Operating Expense -23.0 -21.9 Accumulated Depreciation 6.047 0.726.7 8,726.7 7,164.8 Accumulated Depreciation 1,362.3 1.498.7 1,651.4 Operating Income (Loss) 666.0 4,763.5 4,904.8 Operating Income (Loss) -283.1 823.8 400.8 -Non-Operating (Income) Loss 180.7 115.1 -Non-Operating (Income) Loss 97.8 67.5 +Interest Expense, Net 180.7 115.1 +Interest Expense, Net 96.5 67.3 LT Investments & Receivables Other LT Assets Total Intangible Assets Goodwill 0.0 0.0 0.0 LT Investments & Receivables 00 0.0 0.0 869. 1,048 1.078.1 Other LT Assets 376.2 362.2 351.2 95. 99.0 96. Total Intangible Assets 285.8 285.1 285.1 99. 96.7 Goodwill 47.1 47.1 47.1 Income - Adjusted Bal Sheet - Standardized CF - Standardized +Other Intangible Assets Growth Ratios 00 0.0 0.0 Interest Expense 193.7 119.5 +Interest Expense 97.8 67.5 +Other Intangible Assets 238.7 2387 239 0 238.0 238.0 Deferred Tax Assets 1272 185.0 Deferred Tax Assets 47 44 4.4 4.0 40 -Interest Income 12.9 4.4 -Interest Income 1.3 0.2 +Derivative & Hedging Assets 0.0 0.0 0.0 Derivative & Hedging Assels 00 0.0 0.0 0.0 + Other Non-Op (Income) Loss 0.0 0.0 Pratax Income (Loss), Adjusted 485.3 4,648.5 4,833.1 +Other Non-Op (Income) Loss Pretax Income (Loss), Adjusted 1.3 0.2 Misc LT Assets 761.3 821.9 796.5 Misc LT Assets 85.7 72.8 62.1 Total Noncurrent Assets 15,254.4 15,074.2 15.202.9 -380.9 756.3 341.8 Total Noncurrent Assets 4.176.5 4,270.5 4.541.9 TJX Cos Inc/The (TJX US) Burlingto Total Assets 24,145.0 30,813.6 28,461,5 Total Assets 5,593.0 6,781.1 7,089.5 You should be able to copy the TJX formulas over 5 columns for Burlington's ratios -Abnormal Losses (Gains) 396.0 250.8 -Abnormal Losses (Gains) 56.7 211.0 In Millions of USD except Per Share FY 2022 Disposal of Assets 8.6 +Merger/Acquisition Expense 21.9 Liabilities & Shareholders' Equity FY 2022 Liabilities & Shareholders' Equity Payables & Accruals 12 Months Ending 3.419.3 5.825.6 5.734.5 +Payables & Accruals 759.1 Early Extinguishment of Debt 312.2 242.2 +Early Extinguishment of Debt 0.2 159.4 Accounts Payable 2.672.6 4.823.4 4.465.4 Accounts Payable 759.1 862.6 862.6 1,080.8 1,080.8 NOPAT (use row 22 for tax rate) +Asset Write-Down 6.0 7.7 Accrued Taxes 24.7 81.5 181.2 Accrued Taxes Total Capital 18.509.98 = = 5.214.09 Asset Write-Down Interest & Dividends Payable 281.7 +Impairment of Goodwill +Legal Settlement 22.8 281.7 315.0 311.8 Interest & Dividends Payable - + Other Payables & Accruals 440 4 605 1 776.1 Return on Invested Capital (use average capital) + Other Payables & Accruals 0.0 0.0 0.0 Restructuring ST Debt WACC 30% Example ROIC: Tax rate 01/29/2022 Whenever combining values from both income sta01/29/2022 nce sheet, use the average of the balance sheet for the last 203FYE EBIT is operating income 20,586 43 FY2021 capital 20 1,00 10,000 12.00 6 8.50% 1411.2 1,677.6 1.576.6 + Restructuring +Other Abnormal Items 83.8 +Other Abnormal Items 27.7 21.9 +ST Borrowings +ST Lease Liabilities Pretax Income (Loss), GAAP 89.3 4,397.6 4,833.1 Pretax Income (Loss), GAAP 437.6 545.3 341.8 0.0 1.411.2 0.0 0.0 ST Debl ST Borrowings 305.8 308.5 373.2 EBIT 5,101.83 FY2021 capital Capital ROIC 9.00% 0.0 0.0 0.0 EVA spread 1,677.6 1.576.6 ST Lease Liabilities 305.8 308.5 373.2 +ST Finance Leases Income Tax Expense (Benefit) -1.2 1,114.8 -Income Tax Expense (Benefit) -221.1 136.5 +ST Operating Leases 0.0 1.411.2 0.0 0.0 ST Finance Leases 3.6 3.9 14.4 Returns 1.677.6 1.576.6 ST Operating Leases 302.2 3046 304.6 358. 358 A +Current Income Tax 231.1 1,159.0 +Current Income Tax -196.2 84.5 +Current Portion of LT Debl 0.0 00 Current Portion of LT Debl 0.0 0.0 Return on Equity (again use averages here) Other ST Liabilities 2,319 3.300.5 3.157.1 Other ST Liababes 397.0 512.8 512.8 493.7 493.7 Return on Assets (again use averages here) +Deferred Income Tax -232.3 -44.2 +Deferred Income Tax -25.0 52.0 +Deferred Revenue 784.2 891.8 1.0842 Deferred Revenue 0.0 0.0 0.0 0.0 0.0 Return on Invested Capital (from above) Income (Loss) from Cont Ops 90.5 3,282.8 3,506.4 Income (Loss) from Cont Ops -216.5 408.8 228.2 Derivatives & Hedging 20.2 21.9 3.3 Derivatives & Hedging 0.0 0.0 0.0 0.0 Net Income Avall to Common, GAAP 90.5 3,282.8 3,506.4 Net Income Avall to Common, GAAP -216.5 408.8 228.2 Net Income Avail to Common, Adj 403.3 3,481.0 3,632.9 Net Income Avall to Common, Adj -184.1 598.2 260.7 Net Abnormal Losses (Gains) 312.9 198.2 Net Abnormal Losses (Gains) 32.4 189.3 Misc ST Liabilities Total Current Liabilities +LT Debt +LT Borrowings Margins 1,515.3 2.386.8 2.069.6 Misc &T Liabilities 397,0 512.8 493.7 7.150.2 10,803.7 Gross Margin 10,463.1 10.053.3 13,076.1 10.930.4 2.236.6 5.332 0 3.354.8 Total Current Liabilities LT Debt LT Borrowings 1.461.9 1,684.0 1,947.6 3,323.7 4.328.6 4,080.5 EBITDA Margin 955.2 1.884.0 1.501.9 Net Operating Margin (use tax rate below) +LT Lease Liabilities Net Extraordinary Losses (Gains) 0.0 0.0 Reference Items Net Extraordinary Losses (Gains) Reference Items 7.816.6 7.743.2 0.0 0.0 7,675.0 LT Lease Liabilities 2.368.6 2.444.5 2.578.6 +LT Finance Leases 0.0 0.0 00 0.0 LT Finance Leases Net Profit Margin 46.6 43.8 39.2 use EBITDA from Inc Stmt Reference Items NOPAT divided by Sales use Net Income Avail to Common, Adj, wherever net incomes called for LT Operating Leases Taxes 7,816.6 7.743.2 7.675.6 LT Operating Leases 2.322.0 2.400.8 2.539.4 EBITDA 3,357.2 7,537.9 EBIT Dividends per Share Rental Expense 666.0 4,763.5 0.26 1.04 5,837.9 4,904.8 1.17 EBITDA 373.3 1,535.6 667.9 Other LT Liabilities 993.3 1.101.1 1.0599 Other LT Liabilities 280.1 303.8 300.9 Effective Tax Rate 25.4% 25.0% +Accrued Liabilities 0.0 0.0 EBIT -283.1 823.8 400.8 Accrued Liabilities 0.0 0.0 0.0 Turnovers +Pension Liabilities 101.8 106.0 114.0 Pension Liabilities 0.0 0.0 Depreciation Expense Source: Bloomberg 858.0 858.0 2.983.4 3,292.4 Dividends per Share Depreciation Expense Rental Expense 0.00 0.00 0.00 +Pensions Capital Turnover Keep using average for balance sheet when sales and balance sheet in same ratio (e.g. all turnovers) 2.484 0.0 00 0.0 Pensions 0.0 00 1.807 208.2 249.2 Deferred Revenue 0.0 0.0 00 Deferred Revenue 0.0 0.0 0.0 616.3 650.6 Deferred Tax Liabilities 142.2 37.2 44.2 Deferred Tax Liabilities 182 199 220.0 Working Capital Derivatives & & Hedging 0.0 0.0 0.0 Derivatives & Hedging 26.3 31. 11.0 NOWC Balance Right click to show data transparency (not supported for all voeste: Bloomberg Right click to show data transparency ( Misc LT Liabilities 749.3 057.9 901.7 Misc LT Liabilites 71.6 72.3 69.9 Total Noncurrent Liabilities 11,046.8 14,177.2 11,990.3 NOWC Turnover Total Noncurrent Liabilities 3,603.8 4,632.3 4.3814 Total Liabilities 18,196.8 24.080.9 22,450.5 Total Liabilities 5,065.7 6.310.3 6.329.1 Days Sales Outstanding Preferred Equity and Hybrid Capital 0.0 0.0 00 Preferred Equity and Hybrid Capital 0.0 0.0 0.0 Days Inventory +Share Capital & APIC 1,199. 1.485.2 1.181.2 +Share Capital & APIC 1.587.2 1,809.8 1,927.6 Income - Adjusted Bal Sheet - Standardized CF Standardized Growth Ratios Common Stock 1,199 1.204.7 1.181.2 Common Stock 0.0 0.0 0.0 Additional Paid in Capital 0.0 260.5 0.0 Additional Paid in Capital 1.587.1 1.8098 1.927.6 Treasury Stock 0.0 0.0 0.0 Treasury Stock 1.244.8 1.310.4 1.577.0 Accounts Payable Days (use COGS) Cash Conversion Cycle (AR INV-AP) days Inventory to Cash Days (AR INV) Retained Earings 5.422.3 4.973.5 5.509 C +Retained Earnings 204.8 -11 7 414.3 Cash percentage (Cash&STI-to-Assets) TJX Cos Inc/The (TJX US) - Standardized Burlington Stores Inc (BURL US) - Standardized Other Equity 673 7 -606.1 -687.2 Other Equity -19.0 -23.0 4.4 Equity Before Minority Interest PP&E Turnover 4.367.018 This is current assets minus current liabilities plus short-tea 64B: this excludes short-term debt from operating CL 3.679 Here is an example of using the balance sheet average in coajaon with the income statement, by averaging the balance sheet number. Average Accts Payable/(COGS/365) Days cash is tied up in inventory and receivables, after payables have been paid Cash+Short-term investments, divided by total assets. Note this effects Working Capital turnover and Total Capital turnover quite a bit for TJ 5.948.2 5,832.7 6,003.0 Equity Before Minority Interest 528.1 464.8 760.4 In Millions of USD except Per Share 12 Months Ending FY 2021 01/30/2021 FY 2022 In Millions of USD except Per Share, g 01/29/2022 Minority Non Controlling Interest 0.0 0.0 0.0 +Minority/Non Controlling Interest 0.0 0.0 0.0 Liquidity Cash from Operating Activities Net Income +Depreciation & Amortization Non-Cash Items Stock-Based Compensation Deferred Income Taxes 90.5 3.282.8 870.8 868.0 381.3 251.2 58. 189.0 230.1 44.5 Other Non-Cash Adj 553.4 106.6 Chg in Non-Cash Work Cap 3,219.4 344.5 Cha 12 Months Ending Cash from Operating Activities Net Income +Depreciation & Amortization +Non-Cash Items Stock-Based Compensation Deferred Income Taxes Other Non-Cash Adj Non-Cash Work Cap FY 2021 01/30/2021 FY2022 Total Equity 5,948.2 5,832.7 6,003.0 01/25/2022 Total Equity 528.1 464.8 760.4 Current Ratio Total Liabilities & Equity 24.145.0 30.813.6 28,461.5 Total Liabilities & Equity 5,593.9 6,781.1 7,089.5 -216.5 408.8 Reference Items Solvency Reference Items 2204 249.2 Shares Outstanding (millions) 1.109 1 1,199.1 1.181.2 120.9 319.8 Stock Price 59.0 64.0 55.0 58.5 Number of Employees 285,000.00 286.000.00 714 340.000.00 Shares Outstanding Stock Price Quick Ratio Forecast EBITDA Next Year 25.0 52.0 80.1 90.1 2093 Source: Bloomberg Number of Employees Source: Bloomberg $4.3 94.3 -144.7 +(Inc) Dec in Accts Receiv 65.9 66.4 66.5 5,837.905 667.889 47,000.00 284.90 283.85 55,959.00 55,959.00 Total Debt/EBITDA (both ST and LT Debt) EBIT to Interest Expense (use total, not net) Use year-end debt and forecast FY22 EBITDA given above Total Debt/Equity (both ST and LT) Total Debt/Capital (both ST and LT) -71.1 -61.5 (Inc) Dec in Accts Receiv 26.9 102 (Inc) Dec in Inventories 588.8 1.657.6 Inc (Dec) in Accts Payable 2.111.2 -338.1 (Inc) Dec in Inventories +Inc (Dec) in Accts Payable 36.6 -280.2 104.6 214.8 +1 Inc (Dec) in Other Net Cash From Disc Ops Cash from Operating Activities 4.561 590.6 7126 Inc (Dac) in Other -73.6 -89.5 0.0 0.0 Net Cash From Disc Ops 0.0 0.0 Income Adjusted Bal Sheet Standardized CF Standardized Growth 3,057.5 Cash from Operating Activities 219.2 833.2 Cash from Investing Activities Cash from Investing Activities Change in Fixed & Intang -568.0 -1,044.8 Change in Fixed & Intang 273.3 343.B +Disp in Fixed & Intang Disp of Fixed Prod Assets 0.0 0.0 Disp in Fixed & Intang 0.0 8.7 TJX Cos Inc/The (TJX US) - Growth Burlington Stores Inc (BURL US) - Grow 0.0 Disp of Fixed Prod Assets 0.0 8.7 Disp of Intangible Assets Acq of Fixed & Intang 0.0 Disp of Intangible Assets 0.0 0.0 In Millions of USD except Per Share 568.0 -1,044.8 Acq of Fixed & Intang -273.3 352.5 + Acq of Fixed Prod Assets -568.0 -1,044.8 +Acq of Fixed Prod Assets -273.3 -352.5 12 Months Ending 17 FY 2021 01/30/2021 FY 2022 In Millions of USD except Per Shar 01/29/2022 12 Months Ending FY 2021 01/30/2021 FY 2022 01/29/2022 Acq of Intangible Assets 0.0 0.0 Acq of Intangible Assets 0.0 0.0 1 Year Growth 1 Year Growth +Other Investing Activities -10.6 -1.6 Other Investing Activities -0.9 -0.6 Revenue -22.96 51.07 Revenue -20.89 61.73 N Net Cash From Disc Ops 0.0 0.0 Net Cash From Disc Ops 0.0 0.0 EBITDA -53.47 130.01 EBITDA -74.68 367.34 Cash from Investing Activities -578.6 -1,046.4 Cash from Investing Activities 274.1 344.4 Operating Income -86.82 716.68 Operating Income Cash from Financing Activities Cash from Financing Activities Net Income to Common -97.24 3,528.62 Net Income to Common +Dividends Paid -2783 1,251.8 Cash From (Repayment) Debt 3.568.5 2.976.5 Cash From (Repay) ST Debt 0.0 +Cash From LT Debt 5.986.9 0.0 Repayments of LT Debl 2.418.4 2.976.5 Cash (Repurchase) of Equity 9.7 -1,946.9 Increase in Capital Stock 211.2 229.4 Dividends Paid + Cash From (Repayment) Debl Cash From (Repay) ST Debl Cash From LT D T Debl Repayments of LT Debt +Cash (Repurchase) of Equity Increase in Capital Stock 0.0 0.0 EPS Diluted -97.38 3,757.14 EPS Diluted 1.105.0 -535.2 Dividend per Share -71.74 300.00 EPS Diluted before XO 0.0 0.0 1.505.0 956.6 400.0 -1.491.8 Accounts Receivable 19.39 12.25 Accounts Receivable -32.07 -12.99 -30.6 -226.7 Inventory -10.98 37.45 Inventory -4.69 37.83 34.9 39.9 Decrease in Capital Stock 201.5 2,176.3 Decrease in Capital Stock 65.5 266.6 Fixed Assets -2.50 0.70 Fixed Assets 2.84 7.23 Other Financing Activities -71.7 -25.5 Other Financing Activities 42.2 -16.0 Total Assets 27.62 -7.63 Total Assets 21.22 4.55 Nel Cash From Disc Ops 0.0 0.0 Net Cash From Disc Ops 0.0 0.0 Working Capital 183.60 -43.46 Working Capital -27.42 Cash from Financing Activities 3,228.3 -6,199.8 Cash from Financing Activities 1,032 -778.0 Employees 0.00 18.88 Employees 19.06 0.00 Accounts Payable 80.48 -7.42 Accounts Payable 13.64 25.29 Effect of Foreign Exchange Rates 41.3 -54.1 Effect of Foreign Exchange Rates 0.0 0.0 Short-Term Debt 18.88 -6.02 Short-Term Debt 0.90 20.95 Net Changes in Cash 7.252.8 4.242.8 Net Changes in Cash 977.2 -289.2 Total Debt 28.69 -15.23 Total Debt 27.76 -3.96 Total Equity -1.94 2.92 Total Equity -12.00 63.62 Cash Paid for Taxes 146.0 1.118.9 Cash Paid for Taxes 45.0 130.2 Book Value per Share -1.94 4.97 Book Value per Share -12.61 63.36 Cash Paid for Interest Reference Items EBITDA 153.0 138.7 Cash Paid for Interest 48.4 52.7 Reference Items Cash From Operations 12.18 -32.98 Cash From Operations -75.42 280.12 3,273.4 7,529.3 EBITDA 316.8 1480.6 Capital Expenditures -53.56 83.94 Capital Expenditures -16.77 28.98 Net Cash Paid for Acquisitions Net Cash Paid for Acquisitions 0.0 0.6 Tax Benefit from Stock Options Tax Benefit from Stock Options Net Change In Cash 3,788.43 Net Change In Cash 254.70 Free Cash Flow 3,993.9 2.012.7 Free Cash Flow -54.1 480.7 Free Cash Flow 40.46 49.61 Free Cash Flow Free Cash Flow to Firm 2.101.9 Free Cash Flow to Firm 5313 Free Cash Flow to Equity 7,562.4 -962.8 Free Cash Flow to Equity 1,050 S 45.9 5 Year Growth 5 Year Growth Free Cash Flow per Basic Share 3.33 1.68 Free Cash Flow per Basic Share -0.82 7.22 Revenue 0.76 7.91 Revenue 2.36 10.77 Price to Free Cash Flow 19.24 42.56 Price to Free Cash Flow 31.90 Cash Flow to Net Income Source: Bloomberg 50.42 0.03 Cash Flow to Net Income 2.04 EBITDA -5.40 10.80 EBITDA -7.61 20.75 Source Bloomberg Operating Income -30.93 4.32 Operating Income 14.35 Net Income to Common -47.54 7.39 Net Income to Common 13.62 EPS Diluted -46.94 25.57 EPS Diluted 14.79 Dividend per Share -9.15 14.87 EPS Diluted before XO 14.79 Accounts Receivable 14.14 14.87 Accounts Receivable 10.01 4.57 Inventory 3.26 10.34 Inventory -1.12 7.78 Fixed Assets 27.66 25.52 Fixed Assets 30.86 31.91 Total Assets 21.81 17.18 Total Assets 21.40 22.46 Working Capital Employees 15.80 -1.39 Modified Working Capital 5.77 7.67 Employees 8.33 8.33 Accounts Payable 16.97 14.89 Accounts Payable 7.60 11.04 Short-Term Debt Short-Term Debt 194.07 196.15 Total Debt 54.06 39.08 Total Debt 29.03 31.55 Total Equity 6.25 5.88 Total Capital 5 Year Growth 33.62 36.99 Book Value per Share 8.43 7.81 Cash From Operations 9.06 -3.36 Cash From Operations Free Cash Flow 14.07 -5.01 Free Cash Flow -7.72 6.23 2.33 Source: Bloomberg