Note: Blue cells = primary inputs. Purple cells = guidance.

Starbucks Income Statement Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20 Dec-20 Mar-21 June-21 Sept-21 Sept-21 Jan-22 Mar-22 June-22 Sept-22E Sept-22E Dec-22E Mar-23E June-23E Sept-23E Sept-23E
(Dollars in millions, except per share data) F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Revenue - Company-operated stores 5,370.3 5,159.0 5,535.0 5,480.1 21,544.4 5,780.7 4,766.0 3,444.4 5,173.6 19,164.7 5,726.5 5,653.1 6,363.1 6,864.3 24,607.0 6,722.4 6,276.7 6,675.5 6,746.9 26,421.5 6,819.5 6,892.2 6,964.8 7,037.5 27,714.0
Revenue - Licensed stores revenue 737.1 678.2 725.0 734.7 2,875.0 792.0 689.8 300.5 544.6 2,326.9 613.8 595.0 680.2 794.5 2,683.5 850.8 849.5 956.8 965.8 3,622.9 970.6 975.4 980.2 985.1 3,911.4
Revenue - Product, Services, and Other 525.3 468.7 563.0 532.2 2,089.2 524.4 539.9 477.2 484.9 2,026.4 409.1 419.9 453.2 487.9 1,770.1 477.2 509.4 517.8 557.1 2,061.5 537.7 580.7 595.5 639.9 2,353.8
Total revenues 6,632.7 6,305.9 6,823.0 6,747.0 26,508.6 7,097.1 5,995.7 4,222.1 6,203.1 23,518.0 6,749.4 6,668.0 7,496.5 8,146.7 29,060.6 8,050.4 7,635.6 8,150.1 8,269.8 32,105.9 8,327.9 8,448.3 8,540.6 8,662.4 33,979.2
Product and distribution costs 2,175.8 2,012.0 2,199.6 2,139.5 8,526.9 2,236.4 1,997.7 1,484.0 1,976.8 7,694.9 2,049.1 1,992.4 2,206.0 2,491.1 8,738.6 2,526.9 2,465.8 2,613.6 2,658.4 10,264.7 2,669.1 2,725.4 2,759.2 2,805.8 10,959.5
Store operating expenses 2,586.8 2,554.1 2,643.2 2,709.5 10,493.6 2,821.5 2,721.4 2,537.8 2,683.4 10,764.1 2,867.3 2,823.3 2,966.9 3,273.4 11,930.9 3,400.0 3,314.7 3,302.5 3,338.3 13,355.5 3,374.7 3,411.0 3,447.4 3,483.8 13,716.9
Other operating expenses 97.6 87.1 94.4 91.9 371.0 101.8 95.0 133.6 99.9 430.3 91.8 87.7 71.4 108.6 359.5 101.7 101.7 135.1 137.5 476.0 138.6 141.1 142.7 145.1 567.6
Depreciation and amortization expenses 333.4 356.2 343.1 344.6 1,377.3 351.0 356.3 361.0 362.9 1,431.2 366.1 366.7 354.3 354.7 1,441.8 366.0 367.7 356.8 369.2 1,459.7 375.2 380.4 385.1 389.9 1,530.7
General and administrative expenses (GAAP) 448.0 458.1 459.7 458.3 1,824.1 434.2 406.5 399.9 439.0 1,679.6 472.1 464.4 494.9 501.2 1,932.6 525.8 481.5 486.7 495.3 1,989.3 497.7 499.3 500.9 503.0 2,000.8
Restructuring and impairments 43.2 43.0 37.7 11.9 135.8 6.3 (0.7) 78.1 195.0 278.7 72.2 23.0 19.8 55.5 170.5 (7.5) 4.4 14.0 14.0 24.9 14.0 14.0 14.0 14.0 56.0
Total operating expenses 5,684.8 5,510.5 5,777.7 5,755.7 22,728.7 5,951.2 5,576.2 4,994.4 5,757.0 22,278.8 5,918.6 5,757.5 6,113.3 6,784.5 24,573.9 6,912.9 6,735.8 6,908.7 7,012.7 27,570.1 7,069.3 7,171.2 7,249.3 7,341.5 28,831.3
Income from equity investees 67.8 62.3 76.0 91.9 298.0 73.9 67.9 68.4 112.2 322.4 82.7 77.1 105.5 120.0 385.3 40.3 49.1 54.1 54.1 197.6 54.1 54.1 54.1 54.1 216.4
Total operating income/(loss) 1,015.7 857.7 1,121.3 1,083.2 4,077.9 1,219.8 487.4 (703.9) 558.3 1,561.6 913.5 987.6 1,488.7 1,482.2 4,872.0 1,177.8 948.9 1,295.5 1,311.1 4,733.3 1,312.6 1,331.2 1,345.4 1,375.0 5,364.3
Non-GAAP operating income adjustments 138.0 141.4 125.3 77.4 482.1 71.6 66.8 173.7 259.5 571.6 134.9 88.2 51.7 115.2 390.0 35.2 47.5 77.5 78.0 238.2 78.0 78.0 78.0 78.0 312.0
Non-GAAP operating income 1,153.7 999.1 1,246.6 1,160.6 4,560.0 1,291.4 554.2 (530.2) 817.8 2,133.2 1,048.4 1,075.8 1,540.4 1,597.4 5,262.0 1,213.0 996.4 1,373.0 1,389.1 4,971.5 1,390.6 1,409.2 1,423.4 1,453.0 5,676.3
Gain on acquisition of JV/disposition of business - 21.0 601.8 - 622.8 - - - - - - - - 864.5 864.5 - - - - - - - - - -
Interest income and other 24.8 15.2 40.20 16.3 96.5 15.9 2.0 12.7 9.1 39.7 15.5 17.3 36.0 21.5 90.3 (0.1) 46.3 19.8 12.3 78.3 14.2 18.3 10.6 9.5 52.6
Interest expense (75.0) (73.9) (86.4) (95.7) (331.0) (91.9) (99.2) (120.8) (125.0) (436.9) (120.7) (115.0) (113.4) (120.6) (469.7) (115.3) (119.1) (123.1) (119.6) (477.1) (117.2) (117.2) (113.7) (113.6) (461.6)
Income/(loss) before income tax 965.5 820.0 1,676.9 1,003.8 4,466.2 1,143.8 390.2 (812.0) 442.4 1,164.4 808.3 889.9 1,411.3 2,247.6 5,357.1 1,062.4 876.1 1,192.2 1,203.9 4,334.6 1,209.6 1,232.3 1,242.4 1,270.9 4,955.3
Provisions for income tax 205.1 161.2 303.7 201.6 871.6 258.5 65.4 (133.9) 49.7 239.7 186.1 230.5 257.1 483.0 1,156.7 246.3 201.1 278.5 288.9 1,014.8 290.3 295.8 298.2 305.0 1,189.3
Net income including noncontrolling interest 760.4 658.8 1,373.2 802.2 3,594.6 885.3 324.8 (678.1) 392.7 924.7 622.2 659.4 1,154.2 1,764.6 4,200.4 816.1 675.0 913.7 915.0 3,319.8 919.3 936.6 944.2 965.9 3,766.0
Net earnings attributable to noncontrolling interest (0.2) (4.4) 0.4 (0.4) (4.6) (0.4) (3.6) 0.3 0.1 (3.6) - - 0.8 0.2 1.0 0.2 0.3 0.8 0.4 1.7 0.4 0.5 0.5 0.4 1.9
Net income attributable to common shareholders 760.6 663.2 1,372.8 802.6 3,599.2 885.7 328.4 (678.4) 392.6 928.3 622.2 659.4 1,153.4 1,764.4 4,199.4 815.9 674.7 912.9 914.6 3,318.1 918.9 936.1 943.7 965.5 3,764.2
Non-GAAP net income adjustments 41.4 (54.2) (544.2) (30.0) (586.9) (11.0) (23.0) (35.1) (50.8) (119.9) (35.5) (11.8) (11.9) (696.1) (755.3) (3.9) (46.2) (23.0) (23.2) (96.3) (23.2) (23.2) (23.2) (23.2) (92.7)
Non-GAAP net income 940.0 750.4 953.9 850.0 3,494.4 946.3 372.2 (539.8) 601.3 1,380.0 721.6 735.8 1,193.2 1,183.5 3,834.1 847.2 676.0 967.4 969.4 3,460.0 973.7 990.9 998.5 1,020.3 3,983.5
Basic shares outstanding 1,242 1,239 1,211 1,211 1,221 1,180 1,172 1,169 1,167 1,181 1,175 1,178 1,179 1,180 1,178 1,170 1,149 1,147 1,145 1,152 1,139 1,133 1,128 1,122 1,130
Diluted shares outstanding 1,253 1,251 1,223 1,223 1,233 1,191 1,181 1,169 1,179 1,199 1,183 1,185 1,186 1,188 1,186 1,177 1,154 1,151 1,148 1,157 1,142 1,137 1,131 1,125 1,134
Basic EPS 0.61 0.54 1.13 0.66 2.95 0.75 0.28 (0.58) 0.34 0.79 0.53 0.56 0.98 1.50 3.56 0.70 0.59 0.80 0.80 2.88 0.81 0.83 0.84 0.86 3.33
Diluted EPS 0.61 0.53 1.12 0.66 2.92 0.74 0.28 (0.58) 0.33 0.77 0.53 0.56 0.97 1.49 3.54 0.69 0.58 0.79 0.80 2.87 0.80 0.82 0.83 0.86 3.32
Non-GAAP diluted EPS 0.75 0.60 0.78 0.70 2.83 0.79 0.32 (0.46) 0.51 1.15 0.61 0.62 1.01 1.00 3.24 0.72 0.59 0.84 0.84 2.99 0.85 0.87 0.88 0.91 3.51
Cash dividend 0.36 0.36 0.36 0.41 1.49 0.41 0.41 0.41 0.45 1.68 0.45 0.45 0.45 0.49 1.84 0.49 0.49 0.49 0.51 1.98 0.51 0.51 0.51 0.54 2.08
Approximate Dividend Payout Ratio 51% 217% 52% 69% 63%

Segment Data Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20 Dec-20 Mar-21 June-21 Sept-21 Sept-21 Jan-22 Mar-22 June-22 Sept-22E Sept-22E Dec-22E Mar-23E June-23E Sept-23E Sept-23E
F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
North America (GAAP)
NA company-operated stores 9,777 9,776 9,857 9,974 10,020 10,051 10,017 10,109 10,029 9,820 9,860 9,861 9,900 9,954 10,050 10,146 10,146 10,242 10,338 10,434 10,530 10,530
Net new company operated stores added 87 (1) 81 117 284 46 31 (34) 92 (80) (209) 40 1 39 54 96 96 285 96 96 96 96 384
Average company operated stores in the period 9,777 9,817 9,916 9,997 10,036 10,034 10,063 10,069 9,925 9,840 9,861 9,881 9,927 10,002 10,098 10,194 10,290 10,386 10,482
Average revenue per average company operated store 0.394 0.426 0.420 0.447 0.385 0.256 0.385 0.426 0.430 0.501 0.533 0.528 0.497 0.551 0.551 0.551 0.551 0.551 0.551
NA Revenue: Company-operated stores ($M) 4,092.2 3,849.6 4,182.2 4,164.2 16,288.2 4,471.0 3,863.6 2,568.9 3,875.3 4,284.8 4,268.4 4,929.8 5,254.3 5,214.1 4,936.3 5,513.2 5,564.0 21,227.6 5,616.9 5,669.8 5,722.7 5,775.6 22,785.0
Revenue growth rate (YoY) 9.3% 0.4% -38.6% -6.9% -4.2% 10.5% 91.9% 35.6% 21.7% 15.6% 11.8% 5.9% 7.7% 14.9% 3.8% 3.8%
Comp store sales - Transaction 4% 0% 3% 3% 2% -7% -53% -25% -21% -10% 82% 18% 12% 5% 1%
Comp store sales - Ticket 0% 4% 4% 3% 3% 5% 27% 21% 20% 22% 1% 3% 6% 7% 8%
Comp store sales - Total 4% 4% 7% 6% 6% -3% -41% -9.0% -6.0% 9.0% 84% 22% 18.0% 12.0% 9%
NA licensed stores 7,876 7,943 7,996 8,093 8,183 8,220 8,218 6,831 8,279 8,300 8,315 6,965 6,988 6,972 7,000 7,028 7,028 7,056 7,084 7,112 7,140 7,140
Net new licensed stores added 106 67 53 97 323 90 37 (2) 32 34 21 15 73 23 (16) 28 28 63 28 28 28 28 112
Average licensed stores in the period 7,823 7,910 7,970 8,045 8,138 8,202 8,219 7,525 7,555 8,290 8,308 7,640 6,977 6,980 6,986 7,014 7,042 7,070 7,098 7,126
Average revenue per average licensed store 0.066 0.059 0.062 0.060 0.066 0.057 0.029 0.045 0.055 0.048 0.056 0.066 0.074 0.073 0.078 0.078 0.078 0.078 0.078 0.078
NA Revenue: licensed stores ($M) 514.6 463.1 496.3 484.0 537.3 464.2 235.5 336.9 416.2 394.2 468.5 506.5 515.9 507.0 544.2 547.1 2,114.2 549.3 551.5 553.6 555.8 2,210.2
NA Revenue: Other 5.7 1.4 2.6 3.2 2.6 2.2 1.1 1.7 2.2 2.0 2.0 2.2 2.3 2.4 1.0 1.1 7 1.2 1.2 0.5 0.6 3
Other revenue YoY growth rate -54% 57% -58% -47% -15% -9% 82% 29% 5% 20% -50% -50% -50% -50% -50% -50%
NA total stores 17,653 17,719 17,853 18,067 18,203 18,271 18,235 16,940 18,308 18,120 18,175 16,826 16,888 16,926 17,050 17,174 2.1% 17,298 17,422 17,546 17,670 2.9%
NA total net store additions 193 66 134 214 607 136 68 (36) 124 (46) (188) 55 74 62 38 124 124 348 124 124 124 124 496
NA total net revenues ($M) 4,612.5 4,314.1 4,681.1 4,651.4 18,259.1 5,010.9 4,330.0 2,805.5 4,213.9 4,703.2 4,664.6 5,400.3 5,763.0 5,732.3 5,445.7 6,058.4 6,112.2 23,348.6 6,167.3 6,222.5 6,276.8 6,332.0 24,998.6
Product and distribution costs 1,351.3 1,220.5 1,324.0 1,278.9 1,388.4 1,248.2 805.6 1,158.3 1,276.2 1,227.6 1,416.2 1,580.3 1,629.4 1,564.0 1,713.2 1,728.4 6,635.0 1,744.0 1,759.6 1,775.0 1,790.6 7,069.1
Product/dist costs (as % of total segment revenue) 29.3% 28.3% 28.3% 27.5% 27.7% 28.8% 28.7% 27.5% 27.1% 26.3% 26.2% 27.4% 28.4% 28.7% 28.3% 28.3% 28.4% 28.3% 28.3% 28.3% 28.3% 28.3%
Store operating expenses 1,983.1 1,935.7 2,034.0 2,112.1 2,214.4 2,158.6 2,054.4 2,060.7 2,238.8 2,203.1 2,346.8 2,570.8 2,702.4 2,625.4 2,670.0 2,694.6 10,692.4 2,720.2 2,745.8 2,771.5 2,797.1 11,034.6
Store opex (as % of comp-op store revenue) 48.5% 50.3% 48.6% 50.7% 49.5% 55.9% 80.0% 53.2% 52.2% 51.6% 47.6% 48.9% 51.8% 53.2% 48.4% 48.4% 50.4% 48.4% 48.4% 48.4% 48.4% 48.4%
Other operating expenses 44.5 39.4 41.7 34.2 42.5 41.8 40.7 38.0 42.8 41.9 39.7 47.3 48.2 47.1 55.4 55.9 206.6 56.4 56.9 57.4 57.9 228.6
Other opex (as % of total segment revenue) 1.0% 0.9% 0.9% 0.7% 0.8% 1.0% 1.5% 0.9% 0.9% 0.9% 0.7% 0.8% 0.8% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9% 0.9%
Depreciation and amortization expenses 166.9 173.0 175.6 180.6 189.2 191.5 191.3 190.1 188.9 186.0 188.9 189.9 200.0 202.0 201.2 208.2 811.4 211.6 214.5 217.2 219.9 863.1
General and administrative expenses 75.1 70.9 72.0 106.0 72.4 68.2 62.2 65.2 70.8 77.7 73.2 78.4 76.7 71.3 76.5 77.2 301.7 77.9 78.6 79.3 80.0 315.7
G&A expense (as % of total segment revenue) 1.6% 1.6% 1.5% 2.3% 1.4% 1.6% 2.2% 1.5% 1.5% 1.7% 1.4% 1.4% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%
Restructuring and impairments 22.9 18.2 15.1 0.7 5.2 0.5 56.2 195.6 72.2 23.0 19.8 40.5 (7.5) 4.4 12.0 12.0 20.9 12.0 12.0 12.0 12.0 48.0
NA total operating expenses 3,643.8 3,457.7 3,662.4 3,712.5 - 3,912.1 3,708.8 3,210.4 3,707.9 3,889.7 3,759.3 4,084.6 4,507.2 4,649.2 4,514.2 4,728.3 4,776.3 18,668 4,822.1 4,867.4 4,912.2 4,957.4 19,559
NA total operating income 968.7 856.4 1,018.7 938.9 3,782.7 1,098.8 621.2 (404.9) 506.0 813.5 905.3 1,315.7 1,255.8 1,083.1 931.5 1,330.1 1,335.9 4,680.6 1,345.2 1,355.1 1,364.6 1,374.6 5,439.5
NA total operating margin (%) 21.0% 19.9% 21.8% 20.2% 20.7% 21.9% 14.3% -14.4% 12.0% 17.3% 19.4% 24.4% 21.8% 18.9% 17.1% 22.0% 21.9% 20.0% 21.8% 21.8% 21.7% 21.7% 21.8%
International Segment (GAAP) F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
International company-operated stores 5,839 5,879 5,646 5,860 5,860 6,059 6,137 6,254 6,528 6,528 6,713 6,836 7,013 7,272 7,272 7,485 7,587 7,717 7,847 7,847 7,977 8,107 8,237 8,367 8,367
Net new company operated stores added 188 40 (233) 214 209 199 78 117 274 668 185 123 177 259 744 213 102 130 130 575 130 130 130 130 520
Average company operated stores in the period 5,859 5,763 5,753 5,960 6,098 6,196 6,391 6,621 6,775 6,925 7,143 7,379 7,536 7,652 7,782 7,912 8,042 8,172 8,302
Average revenue per average company operated store 0.223 0.235 0.229 0.220 0.148 0.141 0.203 0.218 0.204 0.207 0.225 0.204 0.178 0.152 0.152 0.152 0.152 0.152 0.152
Int'l Revenue: Company-operated stores ($M) 1,278.1 1,309.4 1,352.8 1,315.9 5,256.2 1,309.7 902.4 875.5 1,298.3 4,385.9 1,441.7 1,384.7 1,433.3 1,610.0 5,869.7 1,508.3 1,340.4 1,162.3 1,182.9 5,193.9 1,202.6 1,222.4 1,242.1 1,261.9 4,929.1
Revenue growth rate (YoY) 2.5% -31.1% -35.3% -1.3% 10.1% 53.4% 63.7% 24.0% 4.6% -3.2% -18.9% -26.5% -20.3% -8.8% 6.9% 6.7%
Comp store sales - Transaction 1% 0% 1% 1% -1% -32% -44% -15% -3% 26% 55% 6% 2% -3% -18%
Comp store sales - Ticket 1% 2% 3% 3% 2% 1% 13% 7% -10% 7% -9% -2% -5% -5% -15%
Comp store sales - Total 2% 2% 5% 3% 1% -31% -37% -10.0% 8% 35% 41% 3% -3% -8% -4% 4.0%
International licensed stores 6,373 6,586 7,127 7,329 7,329 7,533 7,642 7,691 9,735 9,735 7,917 7,987 8,107 9,735 9,735 9,944 10,117 10,181 10,245 10,245 10,309 10,373 10,437 10,501 10,501
Net new licensed stores added 172 213 541 202 1,128 204 109 49 82 444 139 70 120 205 534 209 173 64 64 510 64 64 64 64 256
Average licensed stores in the period 6,287 6,480 6,857 7,228 7,431 7,588 7,667 8,713 8,826 7,952 8,047 8,921 9,840 10,031 10,149 10,213 10,277 10,341 10,405 10,469
Average revenue per licensed store 0.035 0.033 0.033 0.035 0.034 0.030 0.008 0.024 0.022 0.025 0.026 0.032 0.034 0.034 0.041 0.041 0.041 0.041 0.041 0.041
Int'l Revenue: licensed stores ($M) 222.5 215.1 228.7 250.7 917.0 254.7 225.6 65.0 207.7 753.0 197.6 200.8 211.7 288.0 898.1 334.9 342.5 412.6 418.7 1,508.7 421.4 424.0 426.6 429.2 1,701.2
Int'l Revenue: Other 3.4 4.9 3.8 5.5 17.6 6.7 6.6 9.1 5.3 27.7 15.0 25.4 13.4 16.6 70.4 32.7 19.5 9.8 12.1 74.1 23.9 14.2 7.2 8.8 54.1
Other revenue YoY growth rate 97% 35% 139% -4% 124% 285% 47% 213% 118% -23% -27% -27% -27% -27% -27% -27%
Int'l total stores 12,212 12,465 12,773 13,189 13,592 13,779 13,945 16,263 14,630 14,823 15,120 17,007 17,429 17,704 17,898 18,092 6.4% 18,286 18,480 18,674 18,868 4.3%
Int'l total net store additions 360 253 308 416 1,337 403 187 166 356 1,112 324 193 297 464 1,278 422 275 194 194 1,085 194 194 194 194 776
Int'l total net revenues ($M) 1,504.0 1,529.4 1,585.3 1,572.1 6,190.8 1,571.1 1,134.6 949.6 1,511.3 5,166.6 1,654.3 1,610.9 1,658.4 1,914.6 6,838.2 1,875.9 1,702.4 1,584.7 1,613.7 6,776.7 1,647.9 1,660.6 1,675.9 1,700.0 6,684.3
Product and distribution costs 462.7 470.2 476.1 486.1 1,895.1 488.5 387.7 337.7 479.2 1,693.1 520.4 513.5 501.7 605.1 2,140.7 615.8 580.5 550.3 560.4 2,307.0 572.2 576.7 582.0 590.3 2,321.2
Product/dist costs (as % of total segment revenue) 30.8% 30.7% 30.0% 30.9% 30.6% 31.1% 34.2% 35.6% 31.7% 32.8% 31.5% 31.9% 30.3% 31.6% 31.3% 32.8% 34.1% 34.7% 34.7% 34.0% 34.7% 34.7% 34.7% 34.7% 34.7%
Store operating expenses 603.7 618.4 609.2 597.3 2,428.6 607.1 562.8 483.4 622.7 2,276.0 628.5 620.2 620.1 702.6 2,571.4 697.6 689.3 632.5 643.7 2,663.1 654.4 665.2 675.9 686.7 2,682.3
Store opex (as % of comp-op store revenue) 47.2% 47.2% 45.0% 45.4% 46.2% 46.4% 62.4% 55.2% 48.0% 51.9% 43.6% 44.8% 43.3% 43.6% 43.8% 46.3% 51.4% 54.4% 54.4% 51.3% 54.4% 54.4% 54.4% 54.4% 54.4%
Other operating expenses 31.3 26.3 26.7 31.9 116.2 35.9 31.8 37.5 39.9 145.1 34.3 29.3 38.3 39.8 141.7 39.2 39.5 60.2 61.3 200.2 62.6 63.1 63.7 64.6 253.9
Other opex (as % of total segment revenue) 2.1% 1.7% 1.7% 2.0% 1.9% 2.3% 2.8% 3.9% 2.6% 2.8% 2.1% 1.8% 2.3% 2.1% 2.1% 2.1% 2.3% 3.8% 3.8% 3.0% 3.8% 3.8% 3.8% 3.8% 3.8%
Depreciation and amortization expenses 127.0 130.4 127.7 126.5 511.6 126.6 130.0 128.5 133.1 518.2 140.0 143.4 129.7 131.6 544.7 133.1 133.4 125.0 129.3 520.8 131.5 133.3 134.9 136.6 536.2
General and administrative expenses 69.3 80.2 86.0 82.4 317.9 67.2 63.7 66.1 84.5 281.5 82.6 79.8 92.3 98.4 353.1 91.3 79.6 81.8 83.3 336.0 85.1 85.7 86.5 87.8 345.0
G&A expense (as % of total segment revenue) 4.6% 5.2% 5.4% 5.2% 5.1% 4.3% 5.6% 7.0% 5.6% 5.4% 5.0% 5.0% 5.6% 5.1% 5.2% 4.9% 4.7% 5.2% 5.2% 5.0% 5.2% 5.2% 5.2% 5.2% 5.2%
Restructuring and impairments 6.4 24.2 16.6 12.0 59.2 0.8 (1.2) (0.2) (0.6) (1.2) - - - - - - - - - - - - - - -
Int'l Total operating expenses 1,300.4 1,349.7 1,342.3 1,336.2 5,328.6 1,326.1 1,174.8 1,053.0 1,358.8 4,912.7 1,405.8 1,386.2 1,382.1 1,577.5 5,751.6 1,577.0 1,522.3 1,449.8 1,478.0 6,027.1 1,505.8 1,523.9 1,543.0 1,566.0 6,138.7
Income from equity investees 26.4 22.1 27.2 26.8 102.5 30.9 24.8 17.4 29.2 102.3 26.3 26.8 42.0 40.3 135.4 0.7 0.6 0.4 0.4 2.1 0.4 0.4 0.4 0.4 1.6
Int'l Total operating income 230.0 201.8 270.2 262.7 964.7 275.9 (15.4) (86.0) 181.7 356.2 274.8 251.5 318.3 377.4 1,222.0 299.6 180.7 135.3 136.1 751.7 142.5 137.1 133.3 134.4 547.2
Int'l Total operating margin (%) 15.3% 13.2% 17.0% 16.7% 15.6% 17.6% -1.4% -9.1% 12.0% 6.9% 16.6% 15.6% 19.2% 19.7% 17.9% 16.0% 10.6% 8.5% 8.4% 11.1% 8.6% 8.3% 8.0% 7.9% 8.2%
Channel Development (GAAP) F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Channel Development Revenue 504.6 446.6 533.3 508.1 1,992.6 494.6 519.1 447.3 464.0 1,925.0 371.4 369.9 414.0 438.3 1,593.6 417.1 463.1 479.7 508.4 1,868.3 483.8 537.2 556.5 589.8 2,167.3
Revenue YoY growth rate -2% 16% -16% -9% -3.4% -25% -29% -7% -6% -17.2% 12% 25% 16% 16.0% 17.2% 16.0% 16.0% 16.0% 16.0% 16.0%
Product and distribution costs 348.4 305.4 377.1 359.1 1,390.0 338.8 351.6 319.9 327.8 1,338.1 233.5 231.9 268.3 277.5 1,011.2 258.8 300.5 325.8 345.3 1,230.4 328.6 364.8 377.9 400.6 1,471.9
Product/dist costs (as % of total segment revenue) 69.0% 68.4% 70.7% 70.7% 69.8% 68.5% 67.7% 71.5% 70.6% 69.5% 62.9% 62.7% 64.8% 63.3% 63.5% 62.0% 64.9% 67.9% 67.9% 65.9% 67.9% 67.9% 67.9% 67.9% 67.9%
Other operating expenses 18.6 17.1 20.2 20.3 76.2 20.6 17.7 51.4 18.5 108.2 11.1 13.1 (9.9) 17.0 31.3 11.4 10.7 13.6 14.4 50.1 13.7 15.2 15.8 16.7 61.4
Other opex (as % of comp-op store revenue) 3.7% 3.8% 3.8% 4.0% 3.8% 4.2% 3.4% 11.5% 4.0% 5.6% 3.0% 3.5% -2.4% 3.9% 2.0% 2.7% 2.3% 2.8% 2.8% 2.7% 2.8% 2.8% 2.8% 2.8% 2.8%
Depreciation and amortization expenses - 12.3 0.2 0.3 12.8 0.3 0.3 0.3 0.3 1.2 0.2 0.3 0.2 0.3 1.0 - - - - - - - - - -
General and administrative expenses 3.2 3.1 2.7 2.6 11.6 2.4 3.0 2.5 2.5 10.4 2.2 2.3 2.9 3.4 10.8 3.3 2.5 2.3 2.4 10.5 2.3 2.6 2.7 2.8 10.4
G&A expense (as % of total segment revenue) 0.6% 0.7% 0.5% 0.5% 0.6% 0.5% 0.6% 0.6% 0.5% 0.5% 0.6% 0.6% 0.7% 0.8% 0.7% 0.8% 0.5% 0.5% 0.5% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5%
Restructuring and impairments - - - - - - - - - - - - - - - - - - - - - - - - -
Channel Dev Total operating expenses 370.2 337.9 400.2 382.3 1,491 362.1 372.6 374.1 349.1 1,458 247.0 247.6 261.5 298.2 1,054 273.5 313.7 341.7 362.2 1,291 344.6 382.7 396.4 420.1 1,544
Income from equity investees 41.4 40.2 48.8 65.1 195.5 43.0 43.1 51.0 83.0 220.1 56.4 50.3 63.5 79.7 249.9 39.6 48.5 53.7 53.7 195.5 53.7 53.7 53.7 53.7 214.8
Channel Dev Total operating income 175.8 148.9 181.9 190.9 697.5 175.5 189.6 124.2 197.9 687.2 180.8 172.6 216.0 219.8 789.2 183.2 197.9 191.7 200.0 772.8 192.9 208.2 213.8 223.4 838.3
Channel Dev Total operating margin (%) 34.8% 33.3% 34.1% 37.6% 35.0% 35.5% 36.5% 27.8% 42.7% 35.7% 48.7% 46.7% 52.2% 50.1% 49.5% 43.9% 42.7% 40.0% 39.3% 41.4% 39.9% 38.8% 38.4% 37.9% 38.7%
Corporate & Other (GAAP) F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Net revenues ($M) 11.6 15.8 23.3 15.4 66.1 20.5 12.0 19.7 13.9 66.1 20.5 22.6 23.8 30.8 97.7 25.1 24.4 27.3 35.4 112.2 28.9 28.1 31.4 40.7 129.1
Net revenue YoY growth rate 77% -24% -15% -10% 0% 0% 88% 21% 122% 48% 22% 8% 15% 15% 15% 15% 15% 15% 15% 15%
Product and distribution costs 13.4 15.9 22.4 15.5 20.7 10.2 20.8 11.6 63.3 19.0 19.4 19.8 28.2 86.4 22.9 20.8 24.3 24.3 92.3 24.3 24.3 24.3 24.3 97.2
Other operating expenses 3.2 4.3 5.8 5.3 2.8 3.7 4.0 3.4 13.9 3.6 3.4 3.3 4.5 14.8 2.9 4.4 5.9 5.9 19.1 5.9 5.9 5.9 5.9 23.6
Depreciation and amortization expenses 39.5 40.5 39.6 37.3 34.9 34.5 40.9 39.5 149.8 37.0 37.0 35.5 32.9 142.4 32.9 32.3 30.6 31.7 127.5 32.2 32.6 33.0 33.4 131.3
General and administrative expenses 300.4 303.9 299.0 267.4 292.2 271.6 269.1 288.8 1,121.7 316.5 304.6 326.5 321.0 1,268.6 354.5 328.1 326.1 332.4 1,341.1 332.4 332.4 332.4 332.4 1,329.7

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Starbucks Balance Sheet Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20 Dec-20 Mar-21 June-21 Sept-21 Sept-21 Jan-22 Mar-22 June-22 Sept-22E Sept-22E Dec-22E Mar-23E June-23E Sept-23E Sept-23E
(Dollars in millions, except per share data) F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Assets
Cash and equivalents 4,762 2,055 4,763 2,687 2,687 3,041 2,572 3,966 4,351 4,351 5,028 3,881 4,753 6,456 6,456 3,969 3,913 3,178 3,641 3,641 3,771 2,497 2,134 2,501 2,501
Short-term investments 230 77 72 71 71 68 53 230 281 281 236 123 154 162 162 87 82 77 96 96 85 82 83 85 85
Accounts receivable, net 721 704 791 879 879 908 941 881 883 883 888 880 911 940 940 1,031 1,002 1,146 954 954 1,067 1,109 1,201 1,000 1,000
Inventories 1,355 1,443 1,517 1,529 1,529 1,409 1,492 1,584 1,551 1,551 1,472 1,504 1,548 1,604 1,604 1,637 1,920 2,133 1,712 1,712 1,729 2,122 2,252 1,806 1,806
Prepaid expenses and other current assets 609 674 592 488 488 474 692 920 740 740 734 592 566 595 595 530 624 534 539 539 545 550 556 561 561
Total Current Assets 7,676 4,952 7,735 5,654 5,654 5,900 5,750 7,581 7,806 7,806 8,357 6,979 7,932 9,756 9,756 7,255 7,541 7,068 6,942 6,942 7,198 6,361 6,226 5,953 5,953
Long-term investments 265 252 223 220 220 200 199 223 206 206 191 285 286 282 282 300 286 293 279 279 289 278 278 274 274
Equity investments 336 309 340 396 396 411 421 426 479 479 496 499 535 269 269 252 271 303 303 303 303 303 303 303 303
Property, plant and equipment, net 6,039 6,136 6,188 6,432 6,432 6,391 6,387 6,296 6,241 6,241 6,178 6,123 6,151 6,370 6,370 6,398 6,461 6,408 6,506 6,506 6,590 6,675 6,761 6,828 6,828
Operating lease, right-of-use asset - - - - - 8,359 8,261 8,214 8,134 8,134 8,199 8,037 8,065 8,236 8,236 8,203 8,170 8,037 8,005 8,005 7,973 7,941 7,909 7,878 7,878
Deferred income taxes, net 650 1,007 1,533 1,766 1,766 1,731 1,710 1,740 1,790 1,790 1,792 1,770 1,851 1,875 1,875 1,860 1,809 1,753 1,782 1,782 1,867 1,791 1,777 1,772 1,772
Other long-term assets 473 465 458 480 480 485 580 551 569 569 541 575 586 579 579 588 583 641 639 639 648 628 625 619 619
Other intangible assets, net 982 918 853 782 782 739 679 600 552 552 506 444 398 350 350 303 255 203 187 187 172 158 146 134 134
Goodwill 3,560 3,604 3,565 3,491 3,491 3,516 3,493 3,510 3,597 3,597 3,707 3,659 3,672 3,677 3,677 3,676 3,646 3,451 3,451 3,451 3,451 3,451 3,451 3,451 3,451
Total Assets 19,981 17,642 20,895 19,219 19,219 27,731 27,479 29,141 29,375 29,375 29,968 28,372 29,477 31,393 31,393 28,834 29,022 28,156 28,095 28,095 28,491 27,586 27,477 27,212 27,212
Liabilities F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Accounts payable 1,101 1,097 1,145 1,190 1,190 1,086 998 861 998 998 1,051 1,034 1,127 1,212 1,212 1,289 1,330 1,490 1,317 1,317 1,365 1,441 1,487 1,377 1,377
Accrued liabilities 2,564 2,569 3,239 1,754 1,754 1,638 1,539 1,512 1,161 1,161 1,617 1,772 1,791 1,973 1,973 2,444 2,092 2,069 2,069 2,069 2,069 2,069 2,069 2,069 2,069
Accrued payroll and benefits (current) - - - 665 665 579 596 652 696 696 685 646 741 772 772 664 666 707 707 707 707 707 707 707 707
Income taxes payable (current) - - - 1,292 1,292 1,414 87 91 98 98 150 117 205 348 348 - - - - - - - - -
Current portion of operating lease liability - - - - - 1,269 1,254 1,237 1,249 1,249 1,268 1,296 1,308 1,251 1,251 1,253 1,236 1,215 1,210 1,210 1,205 1,200 1,195 1,191 1,191
Stored value card liability and deferred revenue 1,554 1,311 1,300 1,269 1,269 1,694 1,436 1,463 1,457 1,457 1,871 1,622 1,628 1,596 1,596 2,071 1,782 1,723 1,706 1,706 2,218 1,885 1,866 1,847 1,847
Current portion of debt - 75 - - - 997 2,357 2,186 1,689 1,689 1,243 18 999 999 999 1,199 1,999 1,199 1,000 1,000 1,000 750 1,876 1,876 1,876
Other current liabilities 209 221 212 - - - - - - - - - - - - - - - - - - - - - -
Total Current liabilities 5,428 5,273 5,896 6,169 6,169 8,676 8,266 8,002 7,347 7,347 7,884 6,505 7,800 8,151 8,151 8,921 9,104 8,402 8,009 8,009 8,564 8,052 9,200 9,067 9,067
Long-term debt 9,131 9,142 11,159 11,167 11,167 10,653 11,659 14,646 14,660 14,660 14,674 14,630 13,619 13,617 13,617 13,586 14,014 13,931 13,931 13,931 13,931 13,681 12,555 12,555 12,555
Operating lease liability - - - - - 7,712 7,650 7,654 7,662 7,662 7,755 7,578 7,598 7,738 7,738 7,708 7,669 7,554 7,524 7,524 7,494 7,464 7,434 7,405 7,405
Deferred revenue 6,824 6,762 6,718 6,744 6,744 6,749 6,686 6,643 6,599 6,599 6,598 6,532 6,491 6,463 6,463 6,448 6,382 6,333 6,301 6,301 6,270 6,239 6,207 6,176 6,176
Other long-term liabilities 1,478 1,500 1,441 1,371 1,371 701 751 821 907 907 963 775 763 738 738 621 614 594 594 594 594 594 594 594 594
Total liabilities 22,860 22,677 25,213 25,451 25,451 34,490 35,012 37,765 37,174 37,174 37,872 36,020 36,271 36,707 36,707 37,284 37,783 36,815 36,359 36,359 36,853 36,030 35,991 35,797 35,797
Equity F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Common stock and additional paid in capital 42 42 42 42 42 42 42 117 375 375 490 597 731 847 847 42 42 118 186 186 256 320 387 456 456
Retained earnings (2,584) (4,808) (4,014) (5,771) (5,771) (6,415) (7,051) (8,208) (7,816) (7,816) (8,254) (8,124) (7,502) (6,316) (6,316) (8,753) (9,071) (8,720) (8,394) (8,394) (8,560) (8,707) (8,843) (8,983) (8,983)
Accumulated other comprehensive loss (343) (271.50) (349) (503) (503) (387) (522) (530) (365) (365) (146) (126) (30) 147 147 254 260 (65) (65) (65) (65) (65) (65) (65) (65)
Noncontrolling interest 6 2 2 1 1 1 (3) (3) 6 6 6 6 7 7 7 7 7 8 8 8 8 8 8 8 8
Total shareholders' equity (2,879) (5,035) (4,319) (6,231) (6,231) (6,759) (7,533) (8,624) (7,799) (7,799) (7,904) (7,648) (6,794) (5,315) (5,315) (8,450) (8,761) (8,659) (8,265) (8,265) (8,362) (8,444) (8,514) (8,585) (8,585)
Total liabilities and equity 19,981 17,642 20,894 19,220 19,220 27,731 27,479 29,141 29,375 29,375 29,968 28,372 29,477 31,393 31,393 28,834 29,022 28,156 28,095 28,095 28,491 27,586 27,477 27,212 27,212
- - - - - - - - - - - - - - - - - - - - - - - - -
Balance Sheet Ratios & Assumptions Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20 Dec-20 Mar-21 June-21 Sept-21 Sept-21 Jan-22 Mar-22 June-22 Sept-22E Sept-22E Dec-22E Mar-23E June-23E Sept-23E Sept-23E
F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Day Count (number of days in the quarter) 92 90 91 92 92 91 91 92 92 90 91 92 92 90 91 92 92 90 91 92
Receivables turnover 9.2 9.0 8.6 7.7 7.8 6.4 4.8 7.0 7.6 7.6 8.2 8.7 7.8 7.6 7.1 8.7 7.8 7.6 7.1 8.7
Days sales outstanding 10 10 11 12 12 14 19 13 12 12 11 11 12 12 13 11 12 12 13 11
Inventory turnover 1.6 1.4 1.4 1.4 1.6 1.3 0.9 1.3 1.4 1.3 1.4 1.6 1.5 1.3 1.2 1.6 1.5 1.3 1.2 1.6
Days sales outstanding 57 65 63 66 58 68 97 72 66 68 64 59 60 70 74 59 60 70 74 59
Payables turnover 2.0 1.8 1.9 1.8 2.1 2.0 1.7 2.0 2.0 1.9 2.0 2.1 2.0 1.9 1.8 2.0 2.0 1.9 1.9 2.0
Number of days of payables 47 49 47 51 45 45 53 46 47 47 46 45 47 49 52 46 47 48 49 45
Total investments as a % of assets 2% 2% 1% 2% 2% 1% 1% 2% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Short-term investments as a % of total investments 46% 23% 24% 24% 24% 26% 21% 51% 58% 55% 30% 35% 37% 23% 22% 21% 26% 23% 23% 23% 24%
Deferred inc taxes as % of def revenue & stored value liabilit 8% 12% 19.1% 22.0% 22.0% 20.5% 21.1% 21.5% 22.2% 21.2% 21.7% 22.8% 23.3% 21.8% 22.2% 21.8% 22.3% 22.0% 22.0% 22.0% 22.1%
Depreciation & amortization-to-average P&E 6.1% 5.8% 5.8% 22.5% 5.8% 5.9% 5.9% 6.0% 6.3% 6.3% 6.1% 6.0% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1%

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Starbucks Cash Flow Statement Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20 Dec-20 Mar-21 June-21 Sept-21 Sept-21 Jan-22 Mar-22 June-22 Sept-22E Sept-22E Dec-22E Mar-23E June-23E Sept-23E Sept-23E
(Dollars in millions, except per share data) F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Cash flows from operating activities
Net income - including noncontrolling interests 760 659 1,373 802 3,595 885 325 (678) 393 925 622 659 1,154 1,765 4,200 816 675 914 915 3,320 919 937 944 966 3,766
Depreciation and amortization 351 373 360 366 1,449 369 378 377 379 1,503 388 385 373 378 1,524 386 391 391 389 1,558 395 400 405 410 1,611
Deferred income taxes, net (355) (360) (529) (252) (1,495) 10 37 (28) (46) (26) (6) (19) (88) (33) (146) (0) 29 7 (29) 6 (85) 77 13 6 10
Income earned from equity method investees (55) (53) (66) (77) (251) (63) (53) (66) (98) (281) (69) (62) (107) (109) (347) (47) (72) (56) (54) (229) (54) (54) (54) (54) (216)
Distributions received from equity method investees 64 30 70 53 217 64 34 68 62 228 77 53 96 109 336 45 56 45 54 200 54 54 54 54 216
Gain resulting from acquisitions/sales - (21) (602) - (623) - - - - - - - - (865) (865) - - - - - - - - - -
Stock-based compensation expense 97 95 63 53 308 90 56 41 61 249 99 76 80 64 319 96 53 57 70 276 72 66 68 71 276
Other Noncash Income/(Expense) 6 90 36 66 198 300 364 427 586 1,677 431 347 352 339 1,469 - - 1,135 - 1,135 - - - - -
Changes in operating assets and liabilities, net of the effects
Accounts receivable (29) 39 (80) (128) (198) (23) (38) 74 (16) (3) 20 (7) (26) (30) (43) (92) 29 (183) 192 (54) (112) (42) (92) 202 (45)
Inventories 45 (96) (90) (33) (173) 123 (86) (89) 41 (11) 90 (39) (43) (58) (50) (36) (289) (232) 421 (136) (18) (393) (130) 445 (95)
Increase/(Decrease) in prepaid expenses, other current 847 (73) 57 90 922 (29) (219) (244) 175 (318) 5 135 77 34 251 441 169 (609) (5) (5) (5) (5) (6) (6) (22)
Accounts payable (21) (62) 68 47 32 (110) (76) (134) 109 (211) 25 (4) 87 82 190 84 49 209 (173) 169 48 76 46 (110) 60
Stored value card liability and deferred revenue 363 (353) (42) 2 (31) 427 (315) (20) (61) 31 399 (309) (37) (59) (6) 461 (351) (78) (17) 15 512 (333) (19) (19) 142
Increase/(Decrease) in Income Taxes Payable - - 1,045 192 1,237 125 (1,353) 3 10 (1,215) 57 (17) 89 157 286 - - - - - - - - - -
Other operating assets and liabilities 306 124 (497) (74) (141) (333) (416) (99) (103) (951) (303) (314) (258) (254) (1,129) (284) (577) (334) (37) (1,232) (36) (36) (36) (36) (144)
Net cash provided by operating activities 2,379 390 1,169 1,108 5,047 1,836 (1,361) (368) 1,491 1,598 1,836 884 1,749 1,521 5,989 1,871 162 1,265 1,726 5,023 1,689 746 1,194 1,930 5,559
Cash flows from investing activities
Sale/Maturities/(Purchases) of investments (62) 186 40 5 168 28 5 (187) (30) (184) 69 20 (27) (5) 57 57 4 (46) (5) 9 0 14 (1) 3 16
Additions to PP&E (431) (414) (435) (526) (1,807) (394) (364) (380) (345) (1,484) (324) (324) (338) (484) (1,470) (417) (455) (424) (486) (1,782) (479) (486) (491) (478) (1,933)
Other investing activities (17) 28 600 17 628 (20) (3) (17) (5) (44) (18) (2) (42) 1,156 1,094 (41) (28) (26) 20 (76) 8 36 17 20 81
Net cash provided by (used for) investing (510) (201) 205 (504) (1,011) (386) (362) (584) (380) (1,712) (273) (307) (407) 667 (319) (401) (480) (495) (472) (1,848) (471) (436) (475) (455) (1,837)
Cash flows from financing activities
Debt issuance - - 1,646 350 1,996 - 1,740 4,145 (4,478) 1,407 193 10 12 (512) (296) 200 1,316 222 (199) 1,538 - (500) - - (500)
Debt/commercial paper (payments) (350) - 275 (275) (350) - (221) (747) (968) (645) (1,222) (26) 508 (1,385) (13) (1,026) (1,039) -
Proceeds from issuance of commercial paper 75 - (75) - 498 609 (1,107) 4,728 4,728 - - - - - - - - - -
Proceeds from issuance of common stock 108 167 83 51 410 33 32 33 200 299 103 32 57 55 246 41 15 19 - 76 - - - - -
Cash dividends paid (447) (448) (436) (431) (1,761) (484) (481) (479) (479) (1,924) (528) (530) (530) (531) (2,119) (576) (563) (562) (589) (2,290) (586) (583) (580) (606) (2,356)
Repurchase of common stock (5,115) (2,713) (145) (2,249) (10,222) (1,091) (608) - - (1,699) - - - - - (3,521) (477) (16) - (4,013) (500) (500) (500) (500) (2,000)
Minimum tax withholdings on share-based awards (55) (1) (50) (6) (112) (78) (9) (2) (3) (92) (89) (2) (4) (3) (97) (114) (9) (1) (2) (125) (2) (2) (2) (2) (7)
Other financing activities (0) 0 (18) 0 (18) - (10) (27) 0 (38) - - - - - - (9) - - (9) - - - - -
Net cash provided by (used for) financing (5,859) (2,919) 1,355 (2,634) (10,057) (1,123) 1,273 2,343 (780) 1,713 (966) (1,712) (491) (483) (3,651) (3,969) 260 (1,364) (790) (5,863) (1,088) (1,585) (1,082) (1,108) (4,862)
Effect of exchange rate changes & restricted cash (5) 23 (21) (47) (49) 27 (18) 2 54 65 80 (13) 21 (2) 86 13 2 (141) - (126) - - - - -
Net increase (decrease) in cash and equivalents (3,995) (2,707) 2,708 (2,077) (6,070) 354 (468) 1,394 385 1,664 677 (1,147) 872 1,703 2,105 (2,486) (56) (736) 464 (2,814) 130 (1,274) (363) 367 (1,140)
Cash and equivalents at beginning of period 8,756 4,762 2,055 4,763 8,756 2,687 3,041 2,572 3,966 2,687 4,351 5,028 3,881 4,753 4,351 6,456 3,969 3,913 3,178 6,456 3,641 3,771 2,497 2,134 3,641
Cash and equivalents at end of period (BS) 4,762 2,055 4,763 2,687 2,687 3,041 2,572 3,966 4,351 4,351 5,028 3,881 4,753 6,456 6,456 3,969 3,913 3,178 3,641 3,641 3,771 2,497 2,134 2,501 2,501
Free Cash Flow to Firm (FCFF)
DCF Period (approximate number of years)
Discounted FCFF
Net Cash and investments per share
Cash & marketable securities (exEquity method investments) 5,257 2,384 5,058 2,977 2,977 3,309 2,824 4,419 4,838 4,838 5,454 4,288 5,193 6,900 6,900 4,356 4,281 3,547 4,016 4,016 4,146 2,858 2,496 2,860 2,860
Total Debt 9,131 9,217 11,159 11,167 11,167 11,650 14,015 16,832 16,348 16,348 15,916 14,649 14,618 14,616 14,616 14,786 16,013 15,130 14,931 14,931 14,931 14,431 14,431 14,431 14,431
Adjusted net cash per share (3.09) (5.46) (4.99) (6.70) (6.64) (7.00) (9.48) (10.62) (9.76) (9.60) (8.84) (8.74) (7.95) (6.50) (6.50) (8.86) (10.17) (10.06) (9.51) (9.43) (9.44) (10.18) (10.55) (10.28) (10.21)

Cash Flow Ratios & Assumptions Dec-18 Mar-19 June-19 Sept-19 Sept-19 Dec-19 Mar-20 June-20 Sept-20 Sept-20 Dec-20 Mar-21 June-21 Sept-21 Sept-21 Jan-22 Mar-22 June-22 Sept-22E Sept-22E Dec-22E Mar-23E June-23E Sept-23E Sept-23E
F1Q19 F2Q19 F3Q19 F4Q19 FY 2019 F1Q20 F2Q20 F3Q20 F4Q20 FY 2020 F1Q21 F2Q21 F3Q21 F4Q21 FY 2021 F1Q22 F2Q22 F3Q22 F4Q22E FY 2022E F1Q23E F2Q23E F3Q23E F4Q23E FY 2023E
Cash Flow Statement Ratios
Share-based compensation to revenue 1.5% 1.5% 0.9% 0.8% 1.2% 1.3% 0.9% 1.0% 1.0% 1.1% 1.5% 1.1% 1.1% 0.8% 1.1% 1.2% 0.7% 0.7% 0.8% 0.9% 0.8% 0.8% 0.8%
Distributions from equity investments as a % of income 115.8% 55.6% 106.8% 69.4% 86.5% 102.2% 63.3% 102.3% 63.1% 81.1% 111.9% 85.1% 90.2% 100.3% 96.7% 96.4% 77.5% 80.1% 100.0% 100.0% 100.0% 100.0% 100.0%
Net Cash from Operations growth rate (YoY) -23% -449% -131% 35% -68% 0% -165% -576% 2% 275% 2% -82% -28% 13% -16% -10% 361% -6% 12% 11%
Capex to revenue 6.5% 6.6% 6.4% 7.8% 7% 6% 6% 9% 5.6% 6% 5% 5% 5% 6% 5% 5% 6% 5% 5.9% 5.5% 6% 6% 6% 6% 5.7%

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