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	PROJECTED INCOME STATEMENT
	All amounts in USD millions | 5-Year Projection
		Year 1	Year 2	Year 3	Year 4	Year 5
	Revenue	1,590	1,677	1,761	1,841	1,914
	Revenue Growth %	6.0%	5.5%	5.0%	4.5%	4.0%
	Cost of Goods Sold	(986)	(1,032)	(1,074)	(1,114)	(1,149)
	Gross Profit	604	646	687	727	766
	Gross Margin %	38.0%	38.5%	39.0%	39.5%	40.0%
	Selling, General & Administrative	(191)	(198)	(203)	(206)	(211)
	Research & Development	(48)	(50)	(53)	(55)	(57)
	Depreciation & Amortization	(85)	(86)	(87)	(88)	(89)
	Total Operating Expenses	(1,309)	(1,366)	(1,417)	(1,463)	(1,506)
	EBITDA	366	398	432	466	498
	EBITDA Margin %	23.0%	23.7%	24.5%	25.3%	26.0%
	EBIT (Operating Income)	281	312	344	378	409
	EBIT Margin %	17.7%	18.6%	19.6%	20.5%	21.3%
	Interest Expense	(28)	(28)	(28)	(28)	(28)
	Earnings Before Tax	253	284	317	350	381
	Income Tax	(63)	(71)	(79)	(88)	(95)
	Effective Tax Rate	25.0%	25.0%	25.0%	25.0%	25.0%
	Net Income	190	213	238	263	286
	Net Margin %	11.9%	12.7%	13.5%	14.3%	14.9%
	Note: All projections driven by Assumptions sheet inputs. COGS, SG&A, R&D as % of revenue; D&A from Depreciation & Capex schedule.