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	Historical			Projected
	2012	2013	2014	2015	2016	2017	2018	2019
Sales	$4,132.5	$7,491.2	$11,000.0	$13,200.0
COGS (excluding depr.)	$1,303.4	$1,632.7	$2,397.48
Gross Profit	$2,829.1	$5,858.5	$8,602.5
SG&A	$2,449.2	$4,342.5	$6,376.5
R&D Exp.	$0.0	$0.0	$0.0
EBITDA	$379.9	$1,516.0	$2,226.0
EBITDA Margin	9.19%	20.24%	20.24%
Depreciation	$41.8	$149.0	$24.75
EBIT	$338.1	$1,367.0	$2,201.3
Taxes (35.0%)	$4.4	$74.2	$770.4
Tax-effected EBIT	$333.7	$1,292.8	$1,430.8
Depreciation	$41.8	$149.0	$24.8
Capital Expenditures	$142.2	$1,194.4	$33.0	$1,000.0
Change in working capital	$10.8	$271.2	$68.0
Free Cash Flow	$222.5	($23.8)	$1,354.6
Operating Assumptions
Sales Growth	NA	81.3%	46.8%	20.0%	40.0%	25.0%	25.0%	25.0%
COGS (% of sales)	31.5%	21.8%	21.8%	21.8%	21.8%	21.8%	21.8%	21.8%
SG&A (% of sales)	59.3%	58.0%	58.0%	57.0%	56.0%	55.0%	54.0%	53.0%
R&D Exp. (% of sales)	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.1%
Primary Expenditure Assumptions
CapEx (% of sales)	3.4%	15.9%	0.3%	7.6%	0.3%	0.3%	0.3%	0.3%
Depreciation (% of CapEx)	29.4%	12.5%	75.0%	80.0%	85.0%	90.0%	95.0%	100.0%
Change in Working Capital (% of sales)	NA	8.1%	1.9%	1.9%	1.9%	1.9%	1.9%	1.9%
Dollar values in thousands

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