| Cash Flow Items ($mn) | Sustainable Level |
|---|---|
| Revenue | 10,000 |
| -
Cost of goods sold |
- |
| -
R&D and Cost of labor |
- |
|
-
Selling, general, and administrative costs Selling & Admin. Costs |
- |
| -
Other |
- |
| +
Depreciation and amortization Depreciation |
- |
|
=
Earnings before interest, taxes, depreciation and amortization (EBITDA) EBITDA |
1,700 |
|
-
Maintenance capital expenditure Maintenance Cap-Ex |
142 |
|
=
Unlevered cash flow |
1,587 |
|
-
Increases in working capital Increases in working cap. |
0 |
|
-
Debt service charges |
28 |
|
-
Cash taxes |
311 |
|
=
Discretionary cash flow |
1,219 |
| POSSIBLY WIDENING THE MOAT: | |
|
-
Growth capital expenditure Growth Cap-Ex |
142 |
|
-
Cash spent on acquisitions Acquisitions |
|
| -
Other |
|
| POSSIBLE SHENANIGANS: | |
| -
Dividends |
494 |
|
-
Share Buybacks |
489 |
| =
FREE CASH FLOW | 1,077 |
* Click on the orange dot above to read additional notes on the items
Last 12 months ending 12/31/2018.
