1. Use the financial statements found at the end of this homework to calculate each of the following for Peloton:
   1. Free Cash Flow

Balance Sheet

	2021	2020
Assets
Current Assets:
Cash and Cash Equivalents	1,606,800	1,755,000
Accounts Receivable	71,400	34,600
Inventory	937,100	244,500
Prepaid Assets	202,800	124,500
Total Current Assets	2,818,100	2,158,600
Net Fixed Assets:
Net PPE	1,172,000	734,900
Goodwill and Other Intangible Assets	457,800	55,100
Other Non Current Assets	37,600	33,300
Total Assets	4,485,600	2,981,800
Liabilities and Equity
Current Liabilities:
Accounts Payable	364,400	135,800
Accruals	298,800	225,900
Current Provisions	84,400	0
Pension	107,300	0
Current Capital Lease	620,400	508,200
Current Deferred Revenue	299,000	363,600
Other Current Liabilities	27,200	0
Total Current Liabilities	1,801,500	1,233,500
Long Term Debt	829,800	0
Long term Capital Lease Obligation	620,400	508,200
Other Noncurrent Liabilities	38,300	23,400
Total Liabilities	3,290,000	1,303,800
Common Equity
Common Stock	1,754,100 (300,147 shares)	1,678,000 (288,057 shares)
Retained Earnings	0	0
Total Common Equity	1,754,100	1678,000
Total Liabilities & Equity	4,485,600	2,981,800

Income Statement:

	2021	2020
Total Revenue (Sales)	4,069,100	4,021,900
Operating Expenses (costs)	2,683,100	2,569,900
EBITDA	1,386,000	1,452,000
Depreciation & Amortization	80,500	0
EBIT	-619,400	-183,400
Interest Expense	23,000	14,800
EBT	-642,400	-198,200
Taxes (0%)	-8,100	-9,200
Net Income	-634,300	-189,000

Notes:

• Pensions, deferred revenue and other current liabilities do not accrue interest expenses.
• Retained earnings in 2020 were -693,900 and in 2021 were -883,000
• common stock price is 32.25