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| HISTORICAL INCOME STATEMENT | ||||
| ($mm, except per share data) | ||||
| Historical Income Statement | FY2023A | FY2024A | FY2025A | |
| Revenue | 4,200.0 | 4,550.0 | 4,900.0 | |
| Revenue Growth (%) | 0.0% | 8.3% | 7.7% | |
| Cost of Goods Sold | 2,436.0 | 2,616.3 | 2,793.0 | |
| Gross Profit | 1,764.0 | 1,933.8 | 2,107.0 | |
| Gross Margin (%) | 42.0% | 42.5% | 43.0% | |
| Operating Expenses: | ||||
| SG&A | 630.0 | 673.4 | 710.5 | |
| R&D | 210.0 | 227.5 | 245.0 | |
| D&A | 168.0 | 182.0 | 196.0 | |
| Other OpEx | 84.0 | 91.0 | 98.0 | |
| Total Operating Expenses | 1,092.0 | 1,173.9 | 1,249.5 | |
| EBITDA | 840.0 | 941.9 | 1,053.5 | |
| EBITDA Margin (%) | 20.0% | 20.7% | 21.5% | |
| EBIT (Operating Income) | 672.0 | 759.9 | 857.5 | |
| EBIT Margin (%) | 16.0% | 16.7% | 17.5% | |
| Interest Expense | 75.0 | 71.3 | 67.5 | |
| Other Income / (Expense) | 15.0 | 16.0 | 18.0 | |
| Pre-Tax Income (EBT) | 612.0 | 704.6 | 808.0 | |
| Income Tax Expense | 153.0 | 176.2 | 202.0 | |
| Effective Tax Rate (%) | 25.0% | 25.0% | 25.0% | |
| Net Income | 459.0 | 528.5 | 606.0 | |
| Net Margin (%) | 10.9% | 11.6% | 12.4% | |
| Shares Outstanding (mm) | 250.0 | 250.0 | 250.0 | |
| Earnings Per Share (EPS) | $1.84 | $2.11 | $2.42 | |