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	WORKING CAPITAL SCHEDULE
	AR, Inventory & AP driven by days-outstanding assumptions
		Historical			Projected
	($mm)	FY2023	FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030
	REFERENCE DATA
	Total Revenue	440	477	510	550	595	643	688	735
	Cost of Goods Sold	255	274	291	311	333	357	378	401
	ACCOUNTS RECEIVABLE
	Days Sales Outstanding (DSO)	48	47	46	45	44	43	42	42
	Accounts Receivable	57.9	61.4	64.3	67.8	71.7	75.8	79.2	84.6
	Change in AR		3.6	2.9	3.5	3.9	4.0	3.4	5.4
	INVENTORY
	Days Inventory Outstanding (DIO)	55	53	52	50	49	48	47	46
	Inventory	38.5	39.8	41.4	42.6	44.7	46.9	48.7	50.5
	Change in Inventory		1.4	1.6	1.2	2.2	2.2	1.8	1.8
	ACCOUNTS PAYABLE
	Days Payable Outstanding (DPO)	40	41	42	43	44	45	45	46
	Accounts Payable	28.0	30.8	33.5	36.6	40.2	44.0	46.7	50.5
	Change in AP		2.8	2.6	3.2	3.6	3.8	2.7	3.8
	NET WORKING CAPITAL SUMMARY
	Net Working Capital	68.4	70.4	72.2	73.8	76.3	78.7	81.2	84.6
	Change in Net Working Capital		2.1	1.8	1.5	2.5	2.4	2.6	3.3
	NWC (% of Revenue)	15.5%	14.8%	14.2%	13.4%	12.8%	12.2%	11.8%	11.5%
	Cash Conversion Cycle (Days)	63	59	56	52	49	46	44	42
	Notes:
	- Working capital balances driven by DSO, DIO, DPO assumptions
	- Change in NWC flows directly to the Cash Flow Statement