Need help calculating FCF

Based on historical financial data, find FCF for the company of your choice.

In week 1 you were asked to choose a publicly traded company and submit its name for instructor's approval. Assuming

Download annual financial data for the last 5 years from Edgar Website (forms 10-K). Attention: if your company became public less than 5 years ago, you will also have to download data from its IPO filing prospectus (form 424B4). Template below is approximate, you may modify it (change, delete, or add rows), to suit your company

Using approach similar to the one described in this module's Excel file you will have to calculate the FCF for the company of your choice

If you have difficulty estimating company's tax rate you may assume statutory tax rate of 35% for years before 2018.

For submission, Excel file is enough

Financial Data

Year 2015

Year 2016

Year 2017

Year 2018

Year 2019

Assets

Cash & Cash Equivalents

$129,852

$250,470

$312,483

$557,403

$788,072

Accounts receivable

$433,638

$622,685

$609,670

$652,546

$708,714

Inventories

$783,031

$917,491

$1,158,548

$1,019,496

$892,258

Prepaid Expenses

$152,242

$174,507

$256,978

$364,183

$313,165

Total Current Assets

$1,498,763

$1,965,153

$2,337,679

$2,593,628

$2,702,209

Net Property, Plant & Equipment

$538,531

$804,211

$885,774

$826,868

$792,148

Operating lease right of use assets

$591,931

Goodwill

$585,181

$563,591

$555,674

$546,494

$550,178

Intangible assest, net

$75,686

$64,310

$46,995

$41,793

$36,345

Deferred income taxes

$92,157

$136,862

$82,801

$112,420

$82,379

Other long term assets

$78,582

$110,204

$974,444

$123,819

$88,341

Total Assets

$2,865,970

$3,644,331

$4,006,367

$4,245,022

$4,843,531

Liabilities

Revolving credit facility, current

125000

0

Accounts payable

$200,460

$409,679

$561,108

$560,884

$618,194

Accured Expenses

$192,935

$208,750

$296,841

$340,415

$374,694

Customer refund liability

$0

$301,421

$219,424

Operating lease liabilities

$125,900

Current maturities of long-term debt

$42,000

$27,000

$27,000

$25,000

$0

Other current liabilities

$43,415

$40,387

$50,426

$88,257

$83,797

Total current liabilities

$478,810

$685,816

$1,060,375

$1,315,977

$1,422,009

Long Term debt,net of current maturities

$624,070

$790,388

$765,046

$703,834

$592,687

Operating lease liabilities, non-current

$580,635

Other current liabilities

$94,868

$137,227

$162,304

$208,340

$98,113

Total Liabilities

$1,197,748

$1,613,431

$1,987,725

$2,228,151

$2,693,444

Shareholder equity

Additional paid-in capital

$636,558

$823,484

$872,266

$916,628

$973,717

Retained Earnings

$1,076,533

$1,259,414

$1,184,441

$1,139,082

$1,226,986

Accumularted other comprehensive loss

($45,013)

($52,143)

($38,211)

($38,987)

($50,765)

Total stockholders equity

$1,668,222

$2,030,900

$2,018,642

$2,016,871

$2,150,087

Total Liabilities & Shareholder's Equity

$2,865,970

$3,644,331

$4,006,367

$4,245,022

$4,843,531

Income Statement

Year 2015

Year 2016

Year 2017

Year 2018

Year 2019

Revenue

Total revenues

$3,963,313

$4,825,335

$4,976,553

$5,193,185

$5,267,132

Expenses

Cost of Goods Sold

$2,057,766

$2,584,724

$2,737,830

$2,852,714

$2,796,599

Gross proft

$1,905,547

$2,240,611

$2,238,723

$2,340,471

$2,470,533

General, administrative and other

$1,497,000

$1,823,140

$2,086,831

$2,182,339

$2,233,763

Income from operations

$408,547

$417,471

$151,892

$158,132

$236,770

Interest expense

($14,628)

($26,434)

($34,538)

($33,568)

($21,240)

Other expense, net

($7,234)

($2,755)

($127,663)

($192,352)

($5,688)

Income before income taxes

$386,685

$388,282

($10,309)

($67,788)

$209,842

Provision for income taxes

$154,112

$131,303

$37,951

($20,552)

$70,024

Net income

$232,573

$256,979

($48,260)

($46,302)

$92,139

Dividends Paid

Non-distributed Income

Find Changes in NWC

Year 2015

Year 2016

Year 2017

Year 2018

Year 2019

Current Assets, other than Cash and Marketable Securities

Current Liabilities, excluding Debt

Net Working Capital (CA-CL)

Change in NWC (NWC Investment)

Find CapEx

Year 1

Year 2

Year 3

Year 4

Year 5

Net Property, Plant & Equipment

$1,201,264

$1,412,758

$1,482,463

$2,194,198

Depreciation and amortization

($397,056)

($526,984)

($655,595)

($810,119)

Capex

Estimate FCF

Tax Rate

34%

Year

Year 1

Year 2

Year 3

Year 4

Year 5

EBIT

EBIT(1-T) = NOPAT

Plus: Depreciation Expense

Less: CAPEX

Less: Working Capital Investment

Firm Free Cash Flow