Posted: March 11th, 2023
Excel Project: Projecting Financial Statements Assignment (Company I selected is Wendy’s Corporation)
(This is part 3 of the project)
EXCEL PROJECT: PROJECTING FINANCIAL STATEMENTS ASSIGNMENT
INSTRUCTIONS
OVERVIEW
Common Sized Balance Sheets (Tabs 12), Common Sized Income Statements (Tab 13),
Horizontal Analysis Balance Sheets (Tab 14), Horizontal Analysis Income Statements (Tab 15),
and Projected Financial Statements (Tabs 16-18)
INSTRUCTIONS
Continue in the same Excel workbook prepared in Module 4: Week 4, adding the following
tabs:
o The 12th tab in your Financial Statement Analysis Template must be labeled
Common Sized Balance Sheets.
Set-up like the Historical Balance Sheets (Tab 3), this worksheet should use
formulas to calculate the common sized percentages, linking to the Historical
Balance Sheets for the calculations. “Total Assets” should be used as the base
for all common sized calculations on the Balance Sheets. Common sized
percentages should be calculated for all three historical years presented.
See Exhibit A for a partial example of this tab.
o The 13th tab in your Financial Statement Analysis Template must be labeled
Common Sized Income Statements.
Set-up like the Historical Income Statements (Tab 2), this worksheet should use
formulas to calculate the common sized percentages, linking to the Historical
Income Statements for the calculations. “Revenue” or “Total Revenue”
(depending on your company) should be used as the base for all common sized
calculations on the Income Statements. Common sized percentages should be
calculated for all three historical years presented.
o The 14th tab in your Financial Statement Analysis Template must be labeled
Horizontal Analysis of Balance Sheets.
Start by copying and pasting the Historical Balance Sheets from Tab 3 to this
worksheet. Then, add dollar and percentage change columns between each of
the set of historical years.
See Exhibit B for an example of this tab.
o The 15th tab in your Financial Statement Analysis Template must be labeled
Horizontal Analysis of Income Statements.
Start by copying and pasting the Historical Income Statements from Tab 2 to
this worksheet. Then, add dollar and percentage change columns between each
of the set of historical years.
o The 16th tab in your Financial Statement Analysis Template must be labeled
Projected Income Statements. Three years of projected statements should be
included, starting with the most recent year after the company’s last issued report.
o The 17th tab in your Financial Statement Analysis Template must be labeled
Projected Balance Sheets. Three years of projected statements should be
ACCT 370
Page 2 of 4
included. Three years of projected statements should be included, starting with
the most recent year after the company’s last issued report.
o The 18th tab in your Financial Statement Analysis Template must be labeled
Projected Statement of Cash Flows. Three years of projected statements should
be included, starting with the most recent year after the company’s last issued
report.
Other information relating to projected tabs:
Projections should be based on research performed on your company
and its industry. Use historical, trend, ratio data and current and future
economic projections as well as information from the company’s
MD&A to aid in preparing projections.
Clearly state your assumptions in a text box at the bottom of each tab.
Cite sources for assumptions based on research.
The statements should be consistent, reasonable, and accurate. Areas
that will be checked for accuracy include:
The Balance Sheets should balance for all years presented.
Retained earnings should be properly calculated using the prior
year’s balance, net income, and dividends.
The Ending Cash Balance on the Statement of Cash Flows
should agree to the Cash Balance shown on the Balance Sheet
for the same year.
Net Income on the Income Statements should match what is
reported on the top of the Statement of Cash Flows (if indirect
method is used).
o Other instructions:
The Excel workbook should be professionally formatted. Professional
formatting includes:
All numbers are formatted similarly. The use of decimals, commas
for thousands, and other formatting is consistent.
Dollar signs are included in the first and last numbers of each
column.
Subtotals and totals are preceded by a single underline. Totals are
followed by a double underline.
Line descriptions are indented/bolded in a manner that makes the
spreadsheet easy to read.
All common sized, horizontal analysis, and projection items should be
calculated using formulas. Totals and subtotals should also be calculated
using formulas. For an example of which cells may need formulas, please
see Exhibits A & B.
Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.ACCT 370
Page 2 of 4
included. Three years of projected statements should be included, starting with
the most recent year after the company’s last issued report.
o The 18th tab in your Financial Statement Analysis Template must be labeled
Projected Statement of Cash Flows. Three years of projected statements should
be included, starting with the most recent year after the company’s last issued
report.
Other information relating to projected tabs:
Projections should be based on research performed on your company
and its industry. Use historical, trend, ratio data and current and future
economic projections as well as information from the company’s
MD&A to aid in preparing projections.
Clearly state your assumptions in a text box at the bottom of each tab.
Cite sources for assumptions based on research.
The statements should be consistent, reasonable, and accurate. Areas
that will be checked for accuracy include:
The Balance Sheets should balance for all years presented.
Retained earnings should be properly calculated using the prior
year’s balance, net income, and dividends.
The Ending Cash Balance on the Statement of Cash Flows
should agree to the Cash Balance shown on the Balance Sheet
for the same year.
Net Income on the Income Statements should match what is
reported on the top of the Statement of Cash Flows (if the indirect
method is used).
o Other instructions:
The Excel workbook should be professionally formatted. Professional
formatting includes:
All numbers are formatted similarly. The use of decimals, commas
for thousands, and other formatting are consistent.
Dollar signs are included in the first and last numbers of each
column.
Subtotals and totals are preceded by a single underline. Totals are
followed by a double underline.
Line descriptions are indented/bolded in a manner that makes the
spreadsheet easy to read.
All common-sized, horizontal analysis and projection items should be
calculated using formulas. Totals and subtotals should also be calculated
using formulas. For an example of which cells may need formulas, please
see Exhibits A & B.
Note: Your assignment will be checked for originality via the Turnitin p
Excel Project: Projecting Financial Statements Assignment Instructions
Overview
Common Sized Balance Sheets (Tabs 12), Common Sized Income Statements (Tab 13), Horizontal Analysis Balance Sheets (Tab 14), Horizontal Analysis Income Statements (Tab 15), and Projected Financial Statements (Tabs 16-18)
Instructions
Continue in the same Excel workbook prepared in Module 4: Week 4, adding the following tabs:
· The
12th tab
in your Financial Statement Analysis Template must be labeled Common Sized Balance Sheets.
· Set-up like the Historical Balance Sheets (Tab 3), this worksheet should use formulas to calculate the common sized percentages, linking to the Historical Balance Sheets for the calculations. “Total Assets” should be used as the base for
all common sized calculations on the Balance Sheets. Common sized percentages should be calculated for all three historical years presented.
· See Exhibit A for a partial example of this tab.
· The
13th tab
in your Financial Statement Analysis Template must be labeled Common Sized Income Statements.
· Set-up like the Historical Income Statements (Tab 2), this worksheet should use formulas to calculate the common sized percentages, linking to the Historical Income Statements for the calculations. “Revenue” or “Total Revenue” (depending on your company) should be used as the base for
all common sized calculations on the Income Statements. Common sized percentages should be calculated for all three historical years presented.
· The
14th tab
in your Financial Statement Analysis Template must be labeled Horizontal Analysis of Balance Sheets.
· Start by copying and pasting the Historical Balance Sheets from Tab 3 to this worksheet. Then, add dollar and percentage change columns between each of the set of historical years.
· See Exhibit B for an example of this tab.
· The
15th tab
in your Financial Statement Analysis Template must be labeled Horizontal Analysis of Income Statements.
· Start by copying and pasting the Historical Income Statements from Tab 2 to this worksheet. Then, add dollar and percentage change columns between each of the set of historical years.
· The
16th tab
in your Financial Statement Analysis Template must be labeled Projected Income Statements. Three years of projected statements should be included, starting with the most recent year after the company’s last issued report.
· The
17th tab
in your Financial Statement Analysis Template must be labeled Projected Balance Sheets. Three years of projected statements should be included. Three years of projected statements should be included, starting with the most recent year after the company’s last issued report.
· The
18th tab
in your Financial Statement Analysis Template must be labeled Projected Statement of Cash Flows. Three years of projected statements should be included, starting with the most recent year after the company’s last issued report.
· Other information relating to projected tabs:
· Projections should be based on research performed on your company and its industry. Use historical, trend, ratio data and current and future economic projections as well as information from the company’s MD&A to aid in preparing projections.
· Clearly state your assumptions in a text box at the bottom of each tab. Cite sources for assumptions based on research.
· The statements should be consistent, reasonable, and accurate. Areas that will be checked for accuracy include:
· The Balance Sheets should balance for all years presented.
· Retained earnings should be properly calculated using the prior year’s balance, net income, and dividends.
· The Ending Cash Balance on the Statement of Cash Flows should agree to the Cash Balance shown on the Balance Sheet for the same year.
· Net Income on the Income Statements should match what is reported on the top of the Statement of Cash Flows (if indirect method is used).
· Other instructions:
· The Excel workbook should be professionally formatted. Professional formatting includes:
· All numbers are formatted similarly. The use of decimals, commas for thousands, and other formatting is consistent.
· Dollar signs are included in the first and last numbers of each column.
· Subtotals and totals are preceded by a single underline. Totals are followed by a double underline.
· Line descriptions are indented/bolded in a manner that makes the spreadsheet easy to read.
·
All common sized, horizontal analysis, and projection items should be calculated using formulas.
Totals and subtotals should also be calculated using formulas. For an example of which cells may need formulas, please see Exhibits A & B.
Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.
ACCT 370
Page 1 of 1
Exhibit A: Example Common Sized Balance Sheets (Tab 12, Partial View)
(IMPORTANT NOTE: Only Partial Balance Sheet shown. Your Balance Sheet should include Liabilities and Stockholders’ Equity as well.)
Exhibit B: Example Horizontal Analysis of Balance Sheets (Tab 14, Partial View)
(IMPORTANT NOTE: Only Partial Balance Sheet shown. Your Balance Sheet should include Liabilities and Stockholders’ Equity as well.)
image2
image1
Company_Information
Wendys Corporation
Fast food Chain
Darrell Soto Diaz
Wendys Corporation
WEN
Fast Food Restaurant
Products and Services Cheeseburgers, Mozzarella Chiken Sandwiches, Hamburgers,Quick Service, Restaurant Dining.
WalMart, Target Corporation, Kroger, Coles Group, and Amazon
Major Competitors Chick-fil-A, KFC, Good Times Restaurants, Lubys and Burger King.
WEN_Income Statements
Wendy’s Company (WEN)
Income Statements
As of December 31, 2022, December 31, 2021, December 31, 2020
USD ($) Shares in Millions, $ in Millions
12/31/22
12/31/21
12/31/20
Total Revenue
$ 2,095,505.00
$ 1,896,998.00
$ 1,733,825.00
Cost of Revenue
$ 1,374,748.00
$ 1,198,742.00
$ 1,112,344.00
Gross Profit
$ 720,757.00
$ 698,256.00
$ 621,481.00
Operatong Expense
$ 364,710.00
$ 354,042.00
$ 331,254.00
Operating Income
$ 356,047.00
$ 344,214.00
$ 290,227.00
Net Non Operating Interest Income Expense
–
$ (109,185.00)
$ (117,737.00)
Other Income Expense
$ (2,733.00)
$ 5,549.00
$ (19,695.00)
Pretax Income
$ 353,314.00
$ 240,578.00
$ 152,795.00
Tax Provision
–
$ 40,186.00
$ 34,963.00
Net Income Common Stockholders
$ 353,314.00
$ 200,392.00
$ 117,832.00
Diluted NI Available to Com Stockholders
$ 353,314.00
$ 200,392.00
$ 117,832.00
Basic EPS
$ – 0
$ 0.91
$ 0.53
Diluted EPS
$ – 0
$ 0.89
$ 0.52
Basic Average Shares
$ – 0
$ 221,375.00
$ 223,684.00
Diluted Average Shares
$ – 0
$ 224,405.00
$ 228.01
Total Operating Income as Reported
$ 353,314.00
$ 366,960.00
$ 269,308.00
Total Expenses
$ 1,739,458.00
$ 1,552,784.00
$ 1,443,598.00
Net Income From Continuing and Discontinued Operation
$ 353,314.00
$ 200,392.00
$ 117,832.00
Normalized Income
$ 354,954.00
$ 196,337.00
$ 134,134.00
Net Interst Income
$ – 0
–
$ 29,067.00
Interest Expense
$ – 0
$ 109,185.00
$ 146,804.00
Net Interst Income
$ – 0
$ (109,185.00)
$ (117,737.00)
EBIT
$ 356,047.00
$ 349,763.00
$ 299,599.00
EBITDA
$ – 0
–
–
Reconciled Cost Revenue
$ 1,374,748.00
$ 1,198,742.00
$ 1,112,344.00
Reconciled Depreciation
$ 133,414.00
$ 125,540.00
$ 132,775.00
Net Income from Continuing Operation Net minority Interst
$ 353,314.00
$ 200,392.00
$ 117,832.00
Total Unusual Items Excluding Goodwill
$ (2,733.00)
$ 4,868.00
$ (21,144.00)
Total Unusual Items
$ (2,733.00)
$ 4,868.00
$ (21,144.00)
Normalize EBITDA
$ 492,194.00
$ 470,435.00
$ 453,518.00
Tax Rate for Calcs
$ – 0
$ – 0
$ – 0
Tax Effect of Unusual Items
$ (1,093.00)
$ 812.96
$ (4,842.00)
TGT_Income Statements
Target Corporatios (TGT)
Income Statements
As of December 31, 2022, December 31, 2021, December 31, 2020
USD ($) Shares in Millions, $ in Millions
12/31/22
12/31/21
12/31/20
Total Revenue
$ 106,005,000.00
$ 93,561,000.00
$ 7,811,200.00
Cost of Revenue
$ 74,963,000.00
$ 66,177,000.00
$ 54,864,000.00
Gross Profit
$ 31,042,000.00
$ 27,384,000.00
$ 23,248,000.00
Operatong Expense
$ 22,096,000.00
$ 20,845,000.00
$ 18,590,000.00
Operating Income
$ 8,946,000.00
$ 6,539,000.00
$ 4,658,000.00
Net Non Operating Interest Income Expense
$ (421,000.00)
$ (977,000.00)
$ (477,000.00)
Other Income Expense
$ 382,000.00
$ (16,000.00)
$ 9,000.00
Pretax Income
$ 8,907,000.00
$ 5,546,000.00
$ 4,190,000.00
Tax Provision
$ 1,961,000.00
$ 1,178,000.00
$ 921,000.00
Net Income Common Stockholders
$ 6,946,000.00
$ 4,368,000.00
$ 3,281,000.00
Diluted NI Available to Com Stockholders
$ 6,946,000.00
$ 4,368,000.00
$ 3,281,000.00
Basic EPS
$ 14.23
$ 8.72
$ 6.42
Diluted EPS
$ 14.10
$ 8.64
$ 6.36
Basic Average Shares
$ 488,100.00
$ 500,600.00
$ 5,109,000.00
Diluted Average Shares
$ 492,700.00
$ 505,400.00
$ 5,156,000.00
Total Operating Income as Reported
$ 8,946,000.00
$ 6,539,000.00
$ 4,658,000.00
Total Expenses
$ 97,059,000.00
$ 87,022,000.00
$ 73,454,000.00
Net Income From Continuing and Discontinued Operation
$ 6,946,000.00
$ 4,368,000.00
$ 3,281,000.00
Normalized Income
$ 6,946,000.00
$ 4,368,000.00
$ 3,269,000.00
Interest Expense
$ 421,000.00
$ 977,000.00
$ 477,000.00
Net Interst Income
$ (421,000.00)
$ (977,000.00)
$ (477,000.00)
EBIT
$ 9,328,000.00
$ 6,523,000.00
$ 4,667,000.00
EBITDA
$ – 0
–
–
Reconciled Cost Revenue
$ 74,665,000.00
$ 65,922,000.00
$ 54,617,000.00
Reconciled Depreciation
$ 2,642,000.00
$ 2,485,000.00
$ 2,604,000.00
Net Income from Continuing Operation Net minority Interst
$ 6,946,000.00
$ 4,368,000.00
$ 3,269,000.00
Normalize EBITDA
$ 11,970,000.00
$ 9,008,000.00
$ 7,271,000.00
Tax Rate for Calcs
$ – 0
$ – 0
$ – 0
Tax Effect of Unusual Items
$ – 0
$ – 0
$ – 0
WEN_Balance_Sheet
Wendy’s Co
Consilidated Balance Sheets
As of December 31, 2022, December 31, 2021, December 31, 2020
USD ($) Shares in Millions, $ in Millions
Assets
31-Dec-22
31-Dec-21
31-Dec-20
Total Assets
$ 5,101,391.00
$ 5,040,006.00
$ 4,994,529.00
Current Asset
$ 592,849.00
$ 687,623.00
$ 554,047.00
Cash, Cash Equivalents and Short Term Investments
$ 249,438.00
$ 306,989.00
$ 300,195.00
Cash And Equivalents
$ 249,438.00
$ 306,989.00
$ 300,195.00
Cash
$ 249,438.00
$ 231,922.00
$ 185,203.00
Cash Equivalents
$ – 0
$ 75,067.00
$ 114,992.00
Receivables
$ 119,540.00
$ 109,891.00
$ 117,461.00
Inventory
$ 5,934.00
$ 4,732.00
$ 3,891.00
Prepaid Assets
$ 30,586.00
$ 89,732.00
$ 15,585.00
Restricted Cash
$ 187,353.00
$ 176,279.00
$ 116,915.00
Other Current Assets
–
–
$ 82,376.00
Liabilities
Total Liabilities Net Minority Interest
$ 4,664,986.00
$ 4,490,410.00
$ 4,478,170.00
Current Liabilities
$ 426,925.00
$ 413,308.00
$ 349,698.00
Payables And Accured Expenses
$ 69,305.00
$ 58,225.00
$ 46,627.00
Payables
$ 69,305.00
$ 58,225.00
$ 46,627.00
Current Accuued Expenses
$ 140,783.00
$ 38,361.00
$ 33,064.00
Current Provision
–
$ 2,006.00
$ 52,272.00
Pension and Other Post Retirement Benefit Plan Current
$ 63,835.00
$ 44,264.00
$ 56,010.00
Current Capital Lease Obligation
$ 87,078.00
$ 86,413.00
$ 77,530.00
Other Current Liabilities
$ 206,707.00
$ 184,039.00
$ 117,259.00
TGT_Balance_Sheet
Target Corporation
Consilidated Balance Sheets
As of December 31, 2022, December 31, 2021, December 31, 2020
USD ($) Shares in Millions, $ in Millions
Assets
31-Dec-22
31-Dec-21
31-Dec-20
Total Assets
$ 53,811,000.00
$ 51,248,000.00
$ 42,779,000.00
Current Assets
$ 21,573,000.00
$ 20,756,000.00
$ 12,902,000.00
Cash, Cash Equivalents and Short Term Investments
$ 5,911,000.00
$ 8,511,000.00
$ 2,577,000.00
Cash and Cash Equivalents
$ 926,000.00
$ 867,000.00
$ 767,000.00
Cash
$ 349,000.00
$ 307,000.00
$ 326,000.00
Cash Equivalent
$ 577,000.00
$ 560,000.00
$ 441,000.00
Other Short Term Investment
$ 4,985,000.00
$ 7,644,000.00
$ 1,810,000.00
Receivable
$ 1,353,000.00
$ 1,135,000.00
$ 962,000.00
Accounts receivable
$ 835,000.00
$ 631,000.00
–
Taxes Recievable
–
–
$ 498,000.00
Other Recievables
$ 518,000.00
$ 504,000.00
$ 464,000.00
Inventory
$ 13,902,000.00
$ 10,653,000.00
$ 8,992,000.00
Prepaid Assets
$ 170,000.00
$ 171,000.00
$ 154,000.00
Other Current Assets
$ 237,000.00
$ 286,000.00
$ 217,000.00
Liabilities
Total Liabilities Net Minority Interest
$ 40,984,000.00
$ 36,808,000.00
$ 30,946,000.00
Current Liabilities
$ 21,747,000.00
$ 20,125,000.00
$ 14,487,000.00
Payables And Accured Expenses
$ 18,223,000.00
$ 15,890,000.00
$ 11,858,000.00
Payables
$ 16,944,000.00
$ 14,776,000.00
$ 10,854,000.00
Account Payables
$ 15,478,000.00
$ 12,859,000.00
$ 9,920,000.00
Total Tax Payable
$ 1,042,000.00
$ 1,576,000.00
$ 601,000.00
Income Tax Payable
–
$ 473,000.00
–
Divident Payable
$ 424,000.00
$ 341,000.00
$ 333,000.00
Current Accuued Expenses
$ 1,279,000.00
$ 1,114,000.00
$ 1,004,000.00
Interest Payable
$ 77,000.00
$ 79,000.00
$ 69,000.00
Pension and Other Post Retirement Benefit Plan Current
$ 1,789,000.00
$ 1,846,000.00
$ 1,313,000.00
Current Debt Capital Lease Obligation
$ 425,000.00
$ 1,355,000.00
$ 361,000.00
Current Debt
$ 171,000.00
$ 1,144,000.00
$ 161,000.00
Other Current Borrowings
$ 171,000.00
$ 1,144,000.00
$ 161,000.00
Current Capital lease Obligation
$ 254,000.00
$ 211,000.00
$ 200,000.00
Other Current Liabilities
$ 1,310,000.00
$ 1,034,000.00
$ 955,000.00
WEN_Cash_Flows
Wendy’s Co
Cash Flows
As of December 31, 2021, December 31, 2020, December 31, 2019
USD ($) Shares in Millions, $ in Millions
31-Dec-21
31-Dec-20
31-Dec-19
Operating Cash Flow
$ 345,772.00
$ 284,361.00
$ 288,933.00
Cash Flow from Continiung Operating Activities
$ 345,772.00
$ 284,361.00
$ 288,933.00
Net Income from Continuing Operations
$ 200,392.00
$ 117,832.00
$ 136,940.00
Operating Gain Losses
$ 6,651.00
$ (6,090.00)
$ (24,673.00)
Gain Loss On Investment Securities
$ (63.00)
–
$ (24,496.00)
Earning Losses from Equity Investments
$ (11,203.00)
$ (6,096.00)
$ (8,673.00)
Depreciation Amortization Depletion
$ 125,540.00
$ 132,775.00
$ 131,693.00
Depreciation and Amortization
$ 125,540.00
$ 132,775.00
$ 131,693.00
Deferred Tax
$ (13,781.00)
$ 10,266.00
$ 837.00
Deferred Income Tax
$ 2,251.00
$ 8,037.00
$ 6,999.00
Asset Impairment Charge
$ 22,019.00
$ 18,930.00
$ 18,676.00
Stock based compensation
$ (44,241.00)
$ (12,336.00)
$ (13,510.00)
Other non cash items
$ 30,604.00
$ 6,577.00
$ 18,571.00
Change in working capital
$ (5,613.00)
$ (16,243.00)
$ 16,935.00
Change in Receivables
$ (872.00)
$ (841.00)
$ (163.00)
Change in Inventory
$ (3,396.00)
$ (8,780.00)
$ (1,569.00)
Change in Prepaid Assets
$ 28,966.00
$ (16,611.00)
$ 6,088.00
Change in Payables and Accrued Expense
$ 7,586.00
$ 1,620.00
$ 1,054.00
Change in Payable
$ 7,586.00
$ 1,620.00
$ 1,054.00
Change in Account Payable
$ 21,380.00
$ (18,231.00)
$ 5,034.00
Change in Accrued Expense
–
$ (40,905.00)
$ (41,911.00)
Change in Other Current Liabilities
$ 11,519.00
$ 49,052.00
$ (27,200.00)
Chandge in Other Working Capital
$ 16,337.00
$ 8,376.00
$ 13,400.00
Capital Expenditure Reported
$ (154,669.00)
$ (68,250.00)
$ (54,931.00)
Net Business Purchase And Sale
$ (77,984.00)
$ (68,969.00)
$ (74,453.00)
Purchase of business
$ (67,951.00)
$ 1,212.00
$ (1,604.00)
Sale of Business
$ (123,069.00)
$ (4,879.00)
$ (5,052.00)
Net Investment Purchase And Sale
$ 55,118.00
$ 6,091.00
$ 3,448.00
purchase of Investment
$ (9,937.00)
$ 169.00
$ 24,496.00
Sale of Investment
$ (10,000.00)
$ – 0
$ – 0
Net Other Investing Changes
$ 63.00
$ 169.00
$ 24,496.00
Financing Cash Flow
$ 1,203.00
$ (662.00)
$ (3,370.00)
Cash Flow from Continuing Financing Activities
$ (242,742.00)
$ (157,907.00)
$ (365,296.00)
Net Long Term Debt Issuance
$ (242,742.00)
$ (157,907.00)
$ (365,296.00)
Long Term Debt Issuance
$ 116,016.00
$ (46,530.00)
$ (56,635.00)
Long Term Debt Payments
$ 116,016.00
$ (46,530.00)
$ (56,635.00)
Net Common Stock Issuance
$ 1,100,000.00
$ 153,315.00
$ 850,000.00
Common Stock Payments
$ (983,984.00)
$ (199,845.00)
$ (906,635.00)
Cash Dividends Paid
$ (268,531.00)
$ (62,173.00)
$ (217,797.00)
Common Stock Dividend Paid
$ (268,531.00)
$ (62,173.00)
$ (217,797.00)
Proceeds from Stock Option Exercised
$ (94,846.00)
$ (64,866.00)
$ (96,364.00)
Net Other Financing Charges
$ – 0
$ (64,866.00)
$ (96,364.00)
End Cash Position
$ 30,003.00
$ 23,361.00
$ 28,328.00
Changes in Cash
$ (25,384.00)
$ (7,699.00)
$ (22,828.00)
Effect of Exchange Rate Changes
$ 366,966.00
$ 418,241.00
$ 358,707.00
Beginning Cash Position
$ (51,639.00)
$ 58,204.00
$ (131,294.00)
Income Tax Paid Supplemental Data
$ 364.00
$ 1,330.00
$ 3,489.00
Interest Paid Supplemental Data
$ 133,284.00
$ 136,228.00
$ 138,270.00
Capital Expenditure
$ (77,984.00)
$ (68,969.00)
$ (74,453.00)
Issuance of Debt
$ 1,100,000.00
$ 153,315.00
$ 850,000.00
Repayment of Debt
$ (983,984.00)
$ (199,845.00)
$ (906,635.00)
Repurchase of Capital Stock
$ (268,531.00)
$ (62,173.00)
$ (217,797.00)
Free Cash Flow
$ 267,788.00
$ 215,392.00
$ 214,480.00
Total Brakedown
Operating Cash Flow
$ 345,772.00
$ 284,361.00
$ 288,933.00
Investing Cash Flow
-154669
-68250
-54931
Financial Cash Flow
-242742
-157907
-365296
End Cash Position
366966
418241
358707
Income Tax Paid Supplemental Data
54779
16202
34798
Interest Paid Supplemental Data
133284
136228
138270
Capital Expenditure
-77984
-68969
-74453
Issuance of Debt
1100000
153315
850000
Repayment of Debt
-983984
-199845
-906635
Repurchase of Capital Stock
-268531
-62173
-217797
Free Cash Flow
$ 267,788.00
$ 215,392.00
$ 214,480.00
Net Income
$ 2,000,000.00
$ 200,000,000.00
$ 118,000,000.00
$ 137,000,000.00
$ (200,000,000.00)
Net Income Comparison
$ (198,000,000.00)
$ 6,746,000,000.00
$ 4,250,000,000.00
$ 3,132,000,000.00
TGT_Cash_Flows
Target Corporation
Cash Flows
31-Dec-22
31-Dec-21
31-Dec-20
USD ($) Shares in Millions, $ in Millions
31-Dec-22
31-Dec-21
31-Dec-20
Operating Cash Flow
$ 8,625,000.00
$ 10,525,000.00
$ 7,117,000.00
Cash Flow from Continiung Operating Activities
$ 8,625,000.00
$ 10,525,000.00
$ 7,099,000.00
Net Income from Continuing Operations
$ 6,946,000.00
$ 4,368,000.00
$ 3,281,000.00
Operating Gain Losses
$ (335,000.00)
$ 512,000.00
$ 10,000.00
Gain Loss On Sales of Business
$ (335,000.00)
–
–
Depreciation Amortization Depletion
$ 2,642,000.00
$ 2,485,000.00
$ 2,604,000.00
Depreciation and Amortization
$ 2,642,000.00
$ 2,485,000.00
$ 2,604,000.00
Deferred Tax
$ 522,000.00
$ (184,000.00)
$ 178,000.00
Deferred Income Tax
$ 522,000.00
$ (184,000.00)
$ 178,000.00
Other non cash items
$ 228,000.00
$ 200,000.00
$ 147,000.00
Change in working capital
$ 67,000.00
$ 86,000.00
$ 17,000.00
Change in Inventory
$ (1,445,000.00)
$ 3,058,000.00
$ 862,000.00
Change in Payables and Accrued Expense
$ (3,249,000.00)
$ (1,661,000.00)
$ 505,000.00
Change in Payable
$ 1,882,000.00
$ 4,856,000.00
$ 339,000.00
Change in Account Payable
$ 2,628,000.00
$ 2,925,000.00
$ 140,000.00
Change in Accrued Expense
$ 2,628,000.00
$ 2,925,000.00
$ 140,000.00
Change in Other Current Assets
$ (746,000.00)
$ 1,931,000.00
$ 199,000.00
Cash Flow from Continuing Financing Activities
$ – 0
$ – 0
$ 18,000.00
Investing in Cash Flow
$ (3,154,000.00)
$ (2,591,000.00)
$ (2,944,000.00)
Cash Flow From Continuing Investing Activities
$ (3,154,000.00)
$ (2,591,000.00)
$ (2,944,000.00)
Capital Expendature Report
$ (3,154,000.00)
$ (2,649,000.00)
$ (3,027,000.00)
Net PPE Purchase And Sale
$ 27,000.00
$ 42,000.00
$ 63,000.00
purchase of PPE
–
$ (2,649,000.00)
$ (3,027,000.00)
Sale of PPE
$ 27,000.00
$ 42,000.00
$ 63,000.00
Net Business Purchase and Sale
$ 356,000.00
–
$ – 0
Purchase of Business
–
–
$ – 0
Sale of Business
$ 356,000.00
–
–
Net Investment Purchase And Sale
$ 7,000.00
$ 16,000.00
$ 20,000.00
Financing Cash Flow
$ (8,071,000.00)
$ (2,000,000.00)
$ (3,152,000.00)
Cash Flow from Continuing Financing Activities
$ (8,071,000.00)
$ (2,000,000.00)
$ (3,152,000.00)
Net Issuance Payments of Debt
$ 825,000.00
$ 65,000.00
$ (330,000.00)
Net Long Term Debt Issuance
$ 825,000.00
$ 65,000.00
$ (330,000.00)
Long Term Debt Issuance
$ 1,972,000.00
$ 2,480,000.00
$ 1,739,000.00
Long Term Debt Payments
$ (1,147,000.00)
$ (2,415,000.00)
$ (2,069,000.00)
Net Common Stock Issuance
$ (7,356,000.00)
$ (745,000.00)
$ (1,565,000.00)
Common Stock Payments
$ (7,356,000.00)
$ (745,000.00)
$ (1,565,000.00)
Cash Dividends Paid
$ (1,548,000.00)
$ (1,343,000.00)
$ (1,330,000.00)
Common Stock Dividend Paid
$ (1,548,000.00)
$ (1,343,000.00)
$ (1,330,000.00)
Proceeds from Stock Option Exercised
$ 8,000.00
$ 23,000.00
$ 73,000.00
End Cash Position
$ 5,911,000.00
$ 8,511,000.00
$ 2,577,000.00
Changes in Cash
$ (2,600,000.00)
$ 5,934,000.00
$ 1,021,000.00
Beginning Cash Position
$ 85,511,000.00
$ 2,577,000.00
$ 1,556,000.00
Income Tax Paid Supplemental Data
$ 2,063,000.00
$ 1,031,000.00
$ 696,000.00
Interest Paid Supplemental Data
$ 414,000.00
$ 939,000.00
$ 492,000.00
Capital Expenditure
$ (3,544,000.00)
$ (2,649,000.00)
$ (3,027,000.00)
Issuance of Debt
$ 1,972,000.00
$ 2,480,000.00
$ 1,739,000.00
Repayment of Debt
$ (1,147,000.00)
$ (2,415,000.00)
$ (2,069,000.00)
Repurchase of Capital Stock
$ (7,356,000.00)
$ 745,000.00
$ (1,565,000.00)
Free Cash Flow
$ 5,081,000.00
$ 7,876,000.00
$ 4,090,000.00
Total Brakedown
Total Brakedown
Operating Cash Flow
$ 3,580,000.00
$ 8,625,000.00
$ 10,525,000.00
Investing Cash Flow
$ (5,367,000.00)
$ (3,154,000.00)
$ (2,591,000.00)
Financial Cash Flow
$ (3,012,000.00)
$ (8,071,000.00)
$ (2,000,000.00)
End Cash Position
$ 954,000.00
$ 5,911,000.00
$ 851,100.00
Income Tax Paid Supplemental Data
–
$ 2,063,000.00
$ 1,031,000.00
Interest Paid Supplemental Data
–
$ 414,000.00
$ 939,000.00
Capital Expenditure
$ (5,384,000.00)
$ (354,400.00)
$ (2,649,000.00)
Issuance of Debt
$ 2,963,000.00
$ 1,972,000.00
$ 2,480,000.00
Repayment of Debt
$ (1,174,000.00)
$ (1,147,000.00)
$ (2,415,000.00)
Repurchase of Capital Stock
$ (5,139,000.00)
$ (7,356,000.00)
$ (745,000.00)
Free Cash Flow
$ (1,804,000.00)
$ 5,081,000.00
$ 7,876,000.00
$ 6,946,000,000.00
$ 4,368,000,000.00
$ 3,269,000,000.00
Net Income Comparison
$ 6,746,000,000.00
$ 4,250,000,000.00
$ 3,132,000,000.00
WEN_and_TGT_Ratios
Wendy’s Corporation Historical Ratios
Compertitor Ratio Analysis
As of December 31, 2022, December 31, 2021, December 31, 2020
As of December 31, 2022, December 31, 2021, December 31, 2020
31-Dec-22
31-Dec-21
31-Dec-20
Target
Amazon
Industry Average
Current Ratio
1.38
1.66
1.58
0.99
0.94
0.96
Long-term Debt / Capital
0.86
0.83
0.84
0.51
0.315
0.77
Debt/Equity Ratio
6.77
5.03
5.36
1.06
0.45
3.46
Gross Margin
65.49
63
62.48
29.28
43.8
58.54
Operating Margin
19.34
15.53
15.36
8.43
2.38
32.74
EBIT Margin
19.34
15.53
15.36
8.43
2.38
32.67
EBITDA Margin
25.96
23.19
23.07
10.93
10.53
36.64
Pre-Tax Profit Margin
12.68
8.81
10.03
8.4
-1.15
23.74
Net Profit Margin
10.56
6.79
8.01
6.55
-0.52
14.6
Asset Turnover
0.37
0.34
0.34
1.97
1.11
0.24
Inventory Turnover Ratio
110.31
135.53
164.79
5.39
8.39
24.78
Receivable Turnover
15.86
15.77
14.54
–
12.13
10.49
Days Sales In Receivables
23
23.134
25.08
–
30.08
34.78
ROE – Return On Equity
45.91
21.43
26.52
54.15
-1.86
32.52
Return On Tangible Equity
-12.37
-8.26
-9.21
54.15
-2.16
-9.23
ROA – Return On Assets
3.92
2.33
2.74
12.9
-0.58
5.39
ROl= Return On Investment
5.97
3.59
4.2
26.33
-1.27
7.32
Book Value Per Share
2.02
2.45
2.29
27.21
14.25
12.46
Operating Cash Flow Per Share
0.29
0.018
0.31
-3.31
0.08
1.75
Free Cash Flow Per Share
0.46
0.044
0.28
-5.29
-0.25
1.78
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