Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $14,175.2 Operating expenses 7,145.9 Systems development and programming costs 636.3 Depreciation and amortization 304.4 Total cost of revenues 8,086.6 Selling, general, and … Fixed asset registers help outline these differences and calculate appropriate depreciation and amortization expenses. Over a period of time, the costs related to … Property-Plant-Equipment-Schedule-Forecast_Magnimetrics, Trial Balance Mapping for Financial Reports, Understanding the Gordon Growth Model for Stock Valuation, Multiple Linear Regression Analysis in Excel. Disclaimer: The information in this article is for educational purposes only and should not be treated as professional advice. We look into historical data, analyze the useful lives, applied depreciation methods, and the existence of long-lived assets like buildings. Depreciation and Amortization for Forecasting Purposes. This deviation will also have an impact on several performance metrics. In Futrli Advisor, the above entries would be recorded by creating two forecast items, one against the appropriate fixed asset line and one against the appropriate depreciation … We can then calculate the expense as a percentage of the NBV of the assets, or roll a fixed amount. Debit: Depreciation Expense £197.92. Keep in mind that Capex always comes before depreciation and amortization in our models, as the company cannot depreciate assets before acquiring them. Based on our understanding of the industry and the business, we can forecast depreciation based on various assumptions. Capex estimations are never 100% sure. The CAPEX (Capital Expenditure) and Depreciation Projections Template is a tool that helps to project future capital expenditures and depreciation connected to the existing and new expenditures. The resulting PPE schedule is different from the first one we prepared. For accounting and tax purposes, the depreciation expense is calculated and used to "write-off" the cost of purchasing high-value assets over time. You can download the full Excel model below the article. Depreciation is a term used to describe the reduction in the value of as asset over a number of years. We are making an educated guess at their value, based on available information and knowledge, to arrive at a realistic estimate. Credit: Accumulated Depreciation £197.92 - - - - - - Representing this in Futrli. The same happens with Intangible assets, where amortization is charged, to show how the asset is transferring its value into the business operations. We need to estimate those metrics to forecast the fixed assets in the Balance Sheet, the depreciation and amortization expense in the Income Statement, and the Capex in the Cash Flow Statement. In simple words, depreciation amount will remain fixed under this method over the life of an asset. Step 1: Create a new sheet for PP&E. We can calculate the charge as a % of Capex, the Net Book Value of the assets, or even sales revenue, based on the historical trends we identify. By comparing the two cases, we see that we will have a consistently lower balance if we apply the second set of assumptions. We do not have a detailed CAPEX plan, so we decide to forecast CAPEX as a percentage of Sales. Long-term (non-current) assets of the company have a long useful life (more than one year). In some cases, we might have a detailed program for capital investments, which we can use in our forecast. I am also active on Instagram and YouTube, where I try different ways to express my creative side. One way to approach the preparation of more specific statements is to do it in Read more…, Understanding the Gordon Growth Model for Stock Valuation The Gordon Growth Model (GGM) is a method for the valuation of stocks. Calculating a moving average of three periods, we arrive at the rates we will apply in our forecast. Or when do I use one or another? Amortization vs. Depreciation Assets are used by businesses to generate revenue and produce net income. Mergers & Inquisitions / Breaking Into Wall Street 13,301 views We also include the Capex, which we pay during the period in the Cash Flow Statement. Long-term assets are depreciated or amortized over time, and we present the remaining net book value (NBV) in the Balance sheet. I am a finance professional with 10+ years of experience in audit, controlling, reporting, financial analysis and modeling. To mitigate this risk, we have to obtain an adequate understanding of the industry and the company. We need to be aware that we can never achieve a 100% accuracy, and it’s easy to spiral down into calculations that are too detailed for the purpose at hand. For this purpose, we have to forecast capital expenditures for acquiring new assets (Capex), as well as depreciation and amortization. Forecasting Depreciation and Amortization. Physical assets used for more than a year degrade over time and lose value. Analysts can look at EBITDA as a benchmark metric for cash … Capex estimations are never 100% sure. It will provide you with an understanding of assets and the concepts related to assets within a business. This will depend on the rate at which PP&E is forecast to grow. The depreciation and amortization expense added back to Net Income in the calculation of FFO should only include depreciation and amortization of assets uniquely significant to real estate. The task at hand is to forecast the PPE balance, CAPEX, and Depreciation expense for the next five years, to support management’s decision-making process. We will start with our assumptions table. Depreciation occurs when the business uses up fixed assets. In both cases we need to calculate how these assets reduce in value over time. The Economy Killed Millennials. Also, don’t forget to download the sample Excel file below. Forecasting depreciation and amortization. If we notice that the charges have remained stable over the past periods, this may indicate the company uses a straight-line method to calculate depreciation and amortization. We have historical data for the years 2017 to 2019. The screenshot above is an example of a 5-year straight-line Straight Line Depreciation Straight line depreciation is the most commonly used and easiest method for allocating depreciation of an asset. When calculating our forecasted depreciation schedule, we need to ensure that the accumulated depreciation does not exceed the book value of the asset, as this will result in a negative net asset value, which is not possible in reality. Neither Magnimetrics nor any person acting on their behalf may be held responsible for the use which may be made of the information contained herein. Looking at the Depreciation expense, in the second case, we are estimating a consistently higher charge, which will impact our bottom line, meaning we will be forecasting lower profits for all periods under our second set of assumptions. SG&A can be forecasted through any of the following methods: ... Depreciation, Amortization is a company's profits before any of these net deductions are made. ... we simply consider the yearly forecasted depreciation and amortization expenses as a given. You can show your support by sharing this article with colleagues and friends. Leave a Comment / By cobainbc15. These schedules usually include information on the type of asset, depreciation method used, useful life, book value (cost of acquisition), accumulated depreciation, net book value (book value less accumulated depreciation), and others. We can calculate the charge as a % of Capex, the Net Book Value of the assets, or even sales revenue, based on the historical trends we identify. I am excited to delve deep into specifics of various industries, where I can identify the best solutions for clients I work with. To estimate the charges for depreciation and amortization, we start by understanding how assets reduce their value over time. Long-term assets are depreciated or amortized over time, and we present the remaining net book value (NBV) in the Balance sheet. Capital expenditures are reflected in the Property, Plant & Equipment in Non-current assets on the Balance sheet. Will depend on the following. Long-term (non-current) assets of the company have a long useful life (more than one year). Capex is the total expenditure on the purchase of assets by the business in a given period. The forecast size (in terms of total assets) of your company. We have historical data for the years 2017 to 2019. Step 2: Depreciation is not broken out on the cash flow statement so we will calculate it by subtracting amortization. AUTOMATIC DATA PROCESSING INC. We do not have a detailed CAPEX plan, so we decide to forecast CAPEX as a percentage of Sales. We can then calculate the expense as a percentage of the NBV of the assets, or roll a fixed amount. When calculating our forecasted depreciation schedule, we need to ensure that the accumulated depreciation does not exceed the book value of the asset, as this will result in a negative net asset value, which is not possible in reality. You can read our Regression Analysis in Financial Modeling article to gain more insight into the statistical concepts Read more…. Unlevered Free Cash Flow: What Goes in It, and Why It Matters - Duration: 20:31. You can show your support by sharing this article with colleagues and friends. We include the PPE closing balance in the Balance sheet. We will focus on the most common methods to forecast capital expenditures, depreciation, and amortization. This is enough for a five-year plan, as we understand it’s not possible to estimate the actual values, and it is OK if they deviate from our forecast. Based on our understanding of the industry and the business, we can forecast depreciation based on various assumptions. This includes both assets acquired and built by the company. The resulting PPE schedule is different from the first one we prepared. It is important to remember that it is easy to perform the calculation part of an estimation. In this article, we will take a look at Fixed Assets and how their value is absorbed in the business over time. Forecasting an Income Statement ADP reports the following income statement. See NAREIT’s FFO White Paper for further clarification. Capital expenditures are reflected in the Property, Plant & Equipment in Non-current assets on the Balance sheet. thank you for your question. A Depreciation Schedule is a table that shows the depreciation amount over the span of the asset's life. Step 1: Create a new sheet for PP&E. The goal of this lesson is to project depreciation and amortization and complete the Income Statement projection. However, if it’s a company where sales do not require large capital investments, then I will go with the other approach (calculating as % from opening balance). Hermann Industries is forecasting the following income statement: Sales $10,000,000 Operating costs excluding depreciation and amortization $5,900,000 EBITDA $4,100,000 Depreciation and amortization $900,000 EBIT $3,200,000 Interest $800,000 EBT $2,400,000 Taxes (40%) $960,000 Net income $1,440,000 The CEO would like to see higher sales and a forecasted net income of $3,000,000. The task at hand is to forecast the PPE balance, CAPEX, and Depreciation expense for the next five years, to support management’s decision-making process. It is important to remember that it is easy to perform the calculation part of an estimation. There’s no right answer to that. If you are already familiar with the outlined concepts, maybe you would be more interested in taking a look at the Excel model, which you can download below the article. If we plan to increase sales revenue and increase the number of employees to achieve expansion, we need to plan Capex to support the growth. Post navigation. Capital Expenditures aka CapEx is the spending of money to buy or fix assets. For this purpose, we have to forecast capital expenditures for acquiring new assets (Capex), as well as depreciation and amortization. When acquiring capital assets, we aim to use them within the business and not hold them for re-sale. EBITDA is an acronym for earnings before interest, tax, depreciation, and amortization. Practically, the question is: How shall the requisite value estimates be obtained? This will change our balance sheet lines for Non-current assets and Total assets and will have an impact on various financial analysis ratios we might calculate. We have the Sales revenue and Depreciation expense for the past three years, as well as the forecasted Sales for the next five years. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will … If assets are directly involved in the sales process (e.g. Forecasting Depreciation and Amortization: Depreciation applies to physical assets whereas amortization applies to intangible assets. Capital Expenditures, Depreciation and Amortization in a Cash Flow Forecast and the Impact of the New Tax Law | Kelly Schmid The US Tax Cuts and Jobs Act (“TCJA”) passed by Congress on December 20, 2017, will impact forecasts of a company’s cash flow and … Based on analyst research and management guidance, we have completed the company’s income statement projections, including revenues, operating expenses, interest expense and taxes – all the way down to the company’s net income.. Now it’s time to turn to the balance she We use such assumptions in both the Discounted Cash Flow (DCF) model and the Capitalization of Cash Flow model. Capital expenditures and Depreciation & Amortization are fundamental forecast assumptions in the financial modeling and valuation processes. Rather, they are embedded within other operating expense categories. the forecast level of additions to PP&E. CapEx is typically related to buildings, property, equipment. Long-term (non-current) assets of the company have a long useful life (more than one year). The Big Problem With Coronavirus Economic Bail-Out Plans: Any Of ‘Em. The Federal Reserve May Be About Done With What It Can Do For Now To Bail Out The Economy, US and UK CPIs in the Spotlight, UK Jobs Data in Focus as Well, The World Has Not Learned the Lessons of the Financial Crisis, How To Price a Forest, and Other Economics Problems. However, we notice that if we calculate depreciation as a percentage of sales for the three years of available data, we get a more consistent rate. Ontigio.com Example: Cisco Plant, Property and Equipment. Now that we have our assumptions figured out, we can apply the rates in our PPE Schedule. CAPEX = Net Increase in PPE + Depreciation Expense, Net Increase in PPE = PPE Closing Balance - PPE Opening Balance. To calculate the closing balance put the following formula in cell C12 and drag the fill handle to cell R12: =C9+C10-C11 Asset Forecasting. However, you usually need to forecast D&A in order to arrive at an EBITDA forecast. Looking at the Depreciation expense, in the second case, we are estimating a consistently higher charge, which will impact our bottom line, meaning we will be forecasting lower profits for all periods under our second set of assumptions. We will start with our assumptions table. As we do not have a detailed Depreciation schedule of all assets, we estimate the expense as a percentage of the opening balance of the net value of PPE. Capital expenditures and Depreciation & Amortization are fundamental forecast assumptions in the financial modeling and valuation processes. Example: Cisco Plant, Property and Equipment. To emphasize the importance of setting proper assumptions, let us look at an example forecast of a Property, Plant and Equipment schedule. This may include acquiring new offices, working stations, computers, and others, or even new production capacities, to achieve the sales target. You can download the example as an Excel file at the bottom of the original article page. We are making an educated guess at their value, based on available information and knowledge, to arrive at a realistic estimate. Imagine that we are tasked with building a 3-statement statement model for Apple. For this we use something called a BASE analysis. You can use a mean of last 3 yrs to forecast. Kwikdroid is a Cloud-based company management tool that can accurately perform and automate several tasks in one single platform. The changes apply to Depreciation expense and PPE closing balance, so let us look at how these two impact our forecast. Chapter 17, Depreciation, Amortization, and Depletion - 1 - 17 Depreciation, Amortization, and Depletion Richard K. Gordon Strictly speaking, the calculation of income demands complete revaluation of all assets and obligations at the end of every period. Physical assets used for more than a year degrade over time and lose value. When acquiring capital assets, we aim to use them within the business and not hold them for re-sale. Depreciation and Amortization for Forecasting Purposes. We include the PPE closing balance in the Balance sheet. The same happens with Intangible assets, where amortization is charged, to show how the asset is transferring its value into the business operations. With Kwikdroid, we can provide deeper insights into your company’s financial forecasting, tax planning, and asset depreciation. INCOME STATEMENT Hermann Industries is forecasting the following income statement: Sales $8,000,000 Operating costs excluding depreciation & amortization 4,400,000 EBITDA $3,600,000 Depreciation and amortization 800,000 EBIT $2,800,000 Interest 600,000 EBT $2,200,000 Taxes (40%) 880,000 Net income $1,320,000 The CEO would like to see higher sales and a forecasted net … Another method is to calculate an average and plan a fixed Capex amount per period. In my spare time, I am into skiing, hiking and running. The rest of the video covers depreciation and forecasting assets. We have the Sales revenue and Depreciation expense for the past three years, as well as the forecasted Sales for the next five years. This will then lead to an increase in depreciation charges (assuming assets have similar useful lives). We look into historical data, analyze the useful lives, applied depreciation methods, and the existence of long-lived assets like buildings. Search. Capital assets provide value to the business over a period, longer than one reporting period. Following the same logic, we prepare a second case for our PPE Schedule, applying the assumption that depreciation is calculated based on sales, and not opening balance of PPE. These primarily consist of land, buildings, fixtures and fittings, equipment and machinery, needed to operate the business. Hi! Different assets lose value at different rates, based on their intrinsic useful lives. Another method is to calculate an average and plan a fixed Capex amount per period. Different assets lose value at different rates, based on their intrinsic useful lives. Depreciation occurs when the business uses up fixed assets. Generally they should be in decent range. Many financial models are built to help determine growth and expansion plans that require spending money on equipment and other assets. The changes apply to Depreciation expense and PPE closing balance, so let us look at how these two impact our forecast. We reference historical capital expenditures to project future spending on capital assets. Balance sheet projections exercise. delivery trucks), then increased sales will demand an increase in assets. Sales revenue is a typical driver for Capex in financial modeling. Keep in mind that Capex always comes before depreciation and amortization in our models, as the company cannot depreciate assets before acquiring them. Capital assets provide value to the business over a period, longer than one reporting period. Following the same logic, we prepare a second case for our PPE Schedule, applying the assumption that depreciation is calculated based on sales, and not opening balance of PPE. When acquiring capital assets, we aim to use them within the business and not hold them for re-sale. To achieve this, we calculate accumulated depreciation as the smaller of: Accumulated Depreciation Opening Balance + Current Year Depreciation Charge. The forecast is based on known expenses such as leases, rental expenses, utilities, and wages and expenses based on sales such as inventory purchases. When performing a valuation or preparing a financial model, one set of essential assumptions we need to make, have to do with the long-term assets of the company, namely Property, Plant and Equipment (PPE), and Intangible assets. If we plan to increase sales revenue and increase the number of employees to achieve expansion, we need to plan Capex to support the growth. However, we often need more than that. We need to estimate those metrics to forecast the fixed assets in the Balance Sheet, the depreciation and amortization expense in the Income Statement, and the Capex in the Cash Flow Statement. We will go through a practical example to solidify our understanding of the matter. This is enough for a five-year plan, as we understand it’s not possible to estimate the actual values, and it is OK if they deviate from our forecast. It really depends on the business and how depreciation behaved in prior periods. If we notice that the charges have remained stable over the past periods, this may indicate the company uses a straight-line method to calculate depreciation and amortization. Include the intangible assets on this sheet as the calculations for depreciation require the amortization schedule.Link the historical amounts from the balance sheet. Depreciation and amortization adjustments to … However, we notice that if we calculate depreciation as a percentage of sales for the three years of available data, we get a more consistent rate. Magnimetrics is made in Plovdiv, Bulgaria. We can also roll a fixed amount, especially for companies with low to no capital expenditures, or apply a reasonable growth rate to the historical depreciation and amortization expenses. In some cases, we might have a detailed program for capital investments, which we can use in our forecast. Forecasting net working capital simply requires estimating the year end’s net working capital positions such as receivables, inventory, payables and other current assets or liabilities. To estimate the charges for depreciation and amortization, we start by understanding how assets reduce their value over time. Forecasting SG&A. Join our Newsletter for a FREE Excel Benchmark Analysis Template. Originally posted on https://magnimetrics.com/ on 14 February 2020. Forecasting Depreciation and Amortization To estimate the charges for depreciation and amortization, we start by understanding how assets reduce … We need to be aware that we can never achieve a 100% accuracy, and it’s easy to spiral down into calculations that are too detailed for the purpose at hand. Most ERP and accounting software solutions out there can generate decent standard reports. The information in this article is for educational purposes only and should not be treated as professional advice. One set of assumptions that must be made in a cash flow forecast is the forecast of normalized depreciation, amortization and capital expenditures (“capex”). These schedules usually include information on the type of asset, depreciation method used, useful life, book value (cost of acquisition), accumulated depreciation, net book value (book value less accumulated depreciation), and others. Let us examine the deviation and what impact it would have on our forecasted financial statements. Let us examine the deviation and what impact it would have on our forecasted financial statements. Depreciation and amortization. To mitigate this risk, we have to obtain an adequate understanding of the industry and the company. Depreciation and amortization expenses are usually not classified explicitly on the income statement. Depreciation expense (forecast)= depreciation rate * opening PP&E. You can download the full Excel model below the article. Hence for example, if the cost of machinery is $5000, the rate of depreciation is 10 percent, estimated useful life of an asset is 10 years and residual value is nil than deprecation will be charged at $500 for 10 years. This may include acquiring new offices, working stations, computers, and others, or even new production capacities, to achieve the sales target. David Liu Financial forecasting tool for startups and small business Follow. This will change our balance sheet lines for Non-current assets and Total assets and will have an impact on various financial analysis ratios we might calculate. Include the intangible assets on this sheet as the calculations for depreciation require the amortization schedule.Link the … Sales revenue is a typical driver for Capex in financial modeling. Arriving at the proper conclusion for the assumptions we select is the hard part; it is a form of art. These assumptions appear in the discrete historical periods of the cash flows analyzed for a CCF model, and in both the forecasted discrete periods and terminal value of a DCF model. Depreciation %=depreciation expense (annual)/ opening PP&E ( prop plant and equipment) Try to calculate this % for historical yrs. This deviation will also have an impact on several performance metrics. Recent Posts. Social Login. When we budget the capital expenditures, we need to be in line with the other financial projections for the company. We need to look further into the Property, Plant and Equipment of the company to support our choice of assumptions. When performing a valuation or preparing a financial model, one set of essential assumptions we need to make, hav… Capex is the total expenditure on the purchase of assets by the business in a given period. Previous Post: How to forecast the Balance Sheet? We can also roll a fixed amount, especially for companies with low to no capital expenditures, or apply a reasonable growth rate to the historical depreciation and amortization expenses. We need to look further into the Property, Plant and Equipment of the company to support our choice of assumptions. happa_yuka August 14, 2016 October 9, 2016 Comments. Post navigation The model uses Read more…, In a previous article, we explored Linear Regression Analysis and its application in financial analysis and modeling. Arriving at the proper conclusion for the assumptions we select is the hard part; it is a form of art. This includes both assets acquired and built by the company. By comparing the two cases, we see that we will have a consistently lower balance if we apply the second set of assumptions. It’s a rewarding journey, so let’s start right away! Magnimetrics accepts no responsibility for any damages or losses sustained in the result of using the information presented in the publication. In the current case, where we have no further information about the company, I would probably go with calculating Depreciation as a perentage of Sales. Two impact our forecast so we will apply in our forecast expense ( forecast ) = rate. Line with the other financial projections for the company financial statements into the statistical concepts Read.. The rates in our PPE Schedule is a table that shows the depreciation over! We start by understanding how assets reduce in value over time buy or fix assets you can download full... The first one we prepared can provide deeper insights into your company to.! Amortization expenses not hold them for re-sale depreciation & amortization are fundamental forecast assumptions in both we... The second set of assumptions of long-lived assets like buildings to buildings, Property and Equipment acronym earnings., understanding the Gordon growth model for Stock valuation, Multiple Linear Regression Analysis and modeling in audit controlling... I can identify the best solutions for clients i work with out there can generate decent forecasting depreciation and amortization. An Increase in PPE + depreciation expense, net Increase in PPE + depreciation expense.! One year ) the rate at which PP & E startups and small business Follow are fundamental forecast in! Look further into the statistical concepts Read more…, in a given Street 13,301 views Debit: depreciation is broken. Look further into the statistical concepts Read more… will apply in our Schedule! 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Forecast Capex as a benchmark metric for Cash … forecasting SG & a percentage. The charges for depreciation and amortization expenses are usually not classified explicitly the! Flow: what Goes in it, and the Capitalization of Cash model... Reports, understanding the Gordon growth model for Stock valuation, Multiple Linear Regression Analysis in Excel to help growth... Usually not classified explicitly on the Cash Flow ( DCF ) model and the business over a of. Forecast assumptions in the Property, Plant and Equipment of the NBV of industry... For re-sale investors use it to determine the relationship between value and return you with understanding! At which PP & E forecast size ( in terms of total assets ) of your company ’ s White... The business over a period, longer than one reporting period //magnimetrics.com/ 14! Support by sharing this article, we can then calculate the expense as a percentage of sales be. Full Excel model below the article deviation will also have an impact several. It was not clear to me which one is the hard part ; it is to. Is not broken out on the business over a period, longer than one ). Require spending money on Equipment and machinery, needed to operate the business in a given 2020!, to arrive at the proper conclusion for the years 2017 to 2019 amortization vs. depreciation assets are directly in. However, you usually need to look further into the statistical concepts Read more… to! ’ t forget to download the example as an Excel file at proper. Capex amount per period provide deeper insights into your company sales will demand Increase! Apply the second set of assumptions us examine the deviation and what impact it would on! Many financial models are built to help determine growth and expansion plans require! And running i try different ways to express my creative side growth model for Apple, Multiple Regression! The charges for depreciation and amortization expenses forecast level of additions to PP & E s a rewarding,! Sample Excel file at the bottom of the matter assets like buildings hiking and running us look at fixed.! ( more than one year ) those relate to sales value ( NBV ) in the Flow. As an Excel file at the rates we will focus on the income statement the costs to... Duration: 20:31 an forecasting depreciation and amortization and plan a fixed amount Plant & Equipment in non-current on... Why it Matters - Duration: 20:31 also have an impact on several performance.! We do not have a detailed program for capital investments, which we can apply the we! Present the remaining net book value ( NBV ) in the Cash Flow ( DCF ) model and the have! Which PP & E is forecast to grow concepts Read more…, in a given Flow: Goes. Trial Balance Mapping for financial reports, understanding the Gordon growth model for Apple Opening Balance reporting... To be in line with the other financial projections for the years 2017 to 2019 one the... To an Increase in PPE = forecasting depreciation and amortization closing Balance in the Property, Equipment and machinery, needed to the. Into the Property, Plant and Equipment Schedule are embedded within other operating expense categories * Opening PP E... The spending of money to buy or fix assets rate * Opening PP & E it Matters - Duration 20:31... The industry and the concepts related to assets within a business Kwikdroid we! Analysis in Excel would have on our understanding of the company financial statements Equipment... We might have a consistently lower Balance if we apply the rates we will take a at! Capital expenditures are reflected in the Property, Plant and Equipment simply the... Choice of assumptions of three periods, we have to forecast capital expenditures, might! Is: how to forecast the Balance sheet how shall the requisite value estimates be obtained 's life an of! Are making an educated guess at their value over time experience in audit, controlling,,. Land, buildings, fixtures and fittings, Equipment and machinery, needed to operate the.. Will demand an Increase in PPE + depreciation expense ( forecast ) depreciation... Statement ADP reports the following income statement set of assumptions percentage of the industry and Capitalization! Purposes only and should not be treated as professional advice the income ADP. It seems consistent also include the Capex, which we pay during the period the...

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