The Online Education Sector & Pearson Equity Story

ONLINE EDUCATION SECTOR VALUATION STUDY

Table of Contents •  Executive Summary •  Markets Overview •  Education Industry Analysis •  Company Considerations –  –  –  – 

Recent Corporate Actions (eg. M&A, Strategy reviews) Share price performance Operating Performance Valuation

•  Trade Idea

EXECUTIVE SUMMARY •  • 

• 

• 

This presentation evaluates the education sector and within it, the global leader in the publishing industry - Pearson PLC. Through my analysis, I have identified the fundamental drivers of the industry and company; to evaluate the intrinsic price of Pearson shares (PSOL). To do this I used a fully integrated financial statement forecast model and discounted cash flow valuation. I have observed the following key drivers with respect to the company’s operating performance. Documenting assumptions for PSOL’s growth, I have observed: –  The global E-learning market is valued at £91bn - with projected p.a. growth of 23%. This sector is dominated by education training & software companies. –  The future for Pearson is a progressive transition to digital products and services. This allows Pearson to access fast growing content segments – primarily in the edtech space. –  Pearson has made significant investments in growth through both M&A and organic channels. Since 2006, £0.5bn has been invested in organic through digital channels such as Pearson Access (Content), MyLabs (Formal testing) etc. –  £2.5bn has been invested in acquisitions; increasing Pearson’s market presence in the E-learning markets. On a DCF basis, the company is fundamentally valued at 965p. Pearson PLC shares are currently trading on the London Stock Exchange (LSE) at a premium: 1153p per share. –  Applying different assumptions for terminal growth and WACC, the fundamental share price valuation ranges from 721—1,035p

MARKETS OVERVIEW

Investor Sentiment Quotes “They (Pearson) have been acquiring …teaching systems and administration systems that are incremental and new to Pearson. It’s not straightforward and there are bound to be bumps.”

Steven Liechti (Investec Securities) “We still think the US is ahead of other countries in the economic cycle and that relatively strong growth, and higher interest rates will lead to further dollar gains.” (Pound Sterling Live) “Under Scardino (Previous CEO), Pearson had a halo and it performed well and delivered earnings growth….With the new CEO, earnings growth has gone into reverse. Sales are irrelevant; - it’s about profit.”

Alex DeGroote (Media analyst at Panmure Gordon) “Pearson introduces a level of uncertainty over outcomes which has no parallel in the recent history of the company…Still, we are confident the transition to digital education represents a significant opportunity for Pearson.”

Claudio Apesi (Sanford C. Bernstein Analyst)

Pearson Overview Pearson is the largest education company and largest book publisher in the world. The company delivers its services through a variety of channels including books, newspapers and online services. -  Operates in more than 70 countries globally -  Over 36,000 employees worldwide -  Major markets include the United states (60% sales), Europe (22% sales) -  Generated revenues of £5.7bn in 2013, with EBIT margin of 8% -  Recently merged a core business with external publisher to create Penguin-RandomHouse; the world’s largest publishing organisation -  The firm is rapidly digitizing its business; 60% of its business revenue is now derived from digital services (2013) compared with 50% (2012)

EDUCATION INDUSTRY ANALYSIS

Education Industry Overview •  •  •  •  •  • 

1.4bn students out of 7.1bn world pop North America & Europe are the biggest consumer markets £4,435bn global education expenditure 7.4% p/a growth in education exp till 2017 Education costs have risen 84% since 2000 E-Learning is set to grow at 23% p/a

Growing education sectors

Education Expenditure by region 7.90% Latin America

14.60%

3.10%

Europe

25.20%

Emerging Asia-Pacific North America Middle East & Africa

32.60% 16.60%

Developed AsiaPacific

Growth by education markets 7 6

41%

0.8

5 30% 23%

20%

4

0.4 0.4

3

1.4

0.6 0.6 1.7

0.8 Other 1.9

Post secondary

2 1

2.2

2.5

2.8

2012

2015

2017

0 E-learning

Social

Serious Gaming

Language

Corporates

K12

E-Learning Market Overview •  •  •  •  • 

E-learning global market valued at £91 bn Smartphone penetration highest with 18-34 year olds Asia has the fastest growth rate of 17.3% 32% of sector is comprised of education & training software companies -Europe UK has the 2nd largest number of Elearning companies in Europe

Growth rate by region (2011-16) Africa

297

2010

468

2011

631

2012

792

2013

2014

17.3%

Eastern Europe

16.9% 6.6%

Western Europe

14.6%

Latin America 5.0%

5.0%

10.0% 15.0% 20.0%

2015

E-learning companies by sector 908  

862  

8.9%

Asia

0.0%

1200 953

15.2%

Middle East

North America

Growth in smartphone sales (m)

321  

350  

430  

8  

Competitive Landscape Content  

Distribu1on  

So(ware  

COMPANY CONSIDERATIONS

Strategic Considerations • 

The future for Pearson is a progressive transition to offer digital products and services. This allows Pearson to access fast growing content segments – mainly in the edtech sphere.

• 

Pearson’s sales are expected to fall again in 2014. This is a direct result of weakness in its underlying business trends, negative headwinds from FX and the disposal of Mergermarket. The share price performance outlines this modest performance with respect to its traded peers.

• 

Post 2015, the company looks set to gain traction once again with sales steadily rising. Structural risks still exist and will mostly display a mix of headwinds and tailwinds.

Financial Considerations • 

There is currently heavy investment in organic growth and M&A. Since 2006, £0.5bn has been invested in organic growth through digital channels such as LabLearning.

• 

£2.5bn has been invested in acquisitions; increasing Pearson’s market presence in the E-learning markets.

• 

Current geographical focus lies in the developing markets such as the South Africa, China; where total emerging market revenue stands at £819m (14%) of total sales. This strategy involves entering markets early and building scale.

• 

Given Pearson’s position and strategy, target firms are unlikely to be large scale transactions (>200M). Early innovation and software-based firms are of increasing relevance to the firms desired direction. In the US/Europe the McAfee institute is a prime example of such a niche segment.

Share Price Performance vs Competitors (Last 12 Months) Pearson

Apollo group

John Wiley

190.0

170.0

150.0

130.0

110.0

90.0

70.0

50.0

26-Jul-13 26-Aug-13 26-Sep-13 26-Oct-13 26-Nov-13 26-Dec-13 26-Jan-14 26-Feb-14 26-Mar-14 26-Apr-14 26-May-14 26-Jun-14

Pearson Financial Forecasts • 

• 

• 

Top line sales is forecasted to grow between 3-5% after accounting for Penguin’s restructuring International education division is expected to generate 31% of sales in FY18 vs 27% in current year EBIT margin is expected to grow from 15% to 17%. Net income margin is set to grow to 14% due to restructuring and operational improvements.

EBIT & Margin (‘14-’18) EBIT 1200 1000 800

850

730

Margin (%) 17.5% 984 958 932

400

17.0% 16.7% 16.0%

16.4%

600

18.0%

16.2% 14.6%

15.0% 14.0%

200 0

13.0% 2014E

2015E

2016E

2017E

2018E

Profit & Margin (‘14-’18)

Sales & Growth (‘14-’18) 6000

Sales 3.4%

5600 5185 5200

Growth (%) 2.7%5600

5900

Profit 10.0%

5.4%5.0%

600

0.0%

400

-5.0%

200

5325 5.2%

4800

-10.0%

-11.8% 4400

-15.0% 2015E

2016E

2017E

2018E

0

Margin (%) 701.1 680.5 659.9

13.00% 12.50% 539.6 12.15% 12.00% 11.88% 11.57% 12.39% 11.50% 11.00% 10.76% 10.50% 10.00% 9.50% 2014E 2015E 2016E 2017E 2018E 600.2

5016

2014E

800

Key Financial Metrics - Gearing • 

Without planned transformative acquisitions, Pearson’s leverage ratios are expected to fall as the businesses focuses on cash generation and optimises for its line of acquisitions

Net Debt / EBITDA 1.54x 0.90x 0.54x

• 

Pearson is forecast to attain a net cash position in FY18E – adding debt capacity in future acquisitions

0.23x -0.07x 2013A

Net Debt / (Cash) - £M

2014E

2015E

2016E

2017E

Debt / Equity

2469

1318.9

54.0%

875.2 563.3 242.5 2013A

2014E

2015E

2016E

2017E

29%

28%

27%

25%

24%

2014E

2015E

2016E

2017E

2018E

2018E -73.5 2013A

Headline Operational Metrics • 

I n te r n a t i o n a l e d u c a t i o n d i v i s i o n ; emerging markets such as China and Brazil deliver significant growth

Digital revenue as % of sales (m) 70%

60%

60%

• 

• 

Digital and services stream is now 60% of company revenue as opposed to print FY13 North American ‘MyLab’ usage continues to expand with graded submissions up 15% on 2012

50%

20% 10% 0% 2009

2011

2012

2013

No of registrations (m)

Penguin

60%

2010

MyLab registrations (m)

100%

FT Group

50%

30%

Sales by division (3Yrs) 80%

40%

37%

40%

45%

11

2013 2012

40% 20% 0% 2013

Y1+

Y2+

Y3+

Professional

2011

International Education

2010

North American

9.9 8.9 7.3 0

2

4

6

8

10

12

Acquisition History • 

• 

Since 2007, Pearson has acquired 15 businesses; investing a total amount of £2.5bn. Pearson’s main strategy has been to invest in digital based/E-learning businesses. The company has invested across the whole E-learning environment, including content, LMS and analytics. This has provided Pearson with superior reaction capabilities to the changing market environment. In addition to this, Pearson has been able to build scale in fast-growing markets such as emerging economies.

M&A Transaction History Announced Date

Target

Description

Deal Value

16-Oct-2012

Embanet Compass

Strengthen Pearson’s position in educational services

£404m

25-May-2012

Global English

Build English Language training business

£58m

15-Sept-2011

Connections Learning

Product extension in virtual school market

£254m

26-Apr-2011

Schoolnet

Product extension in diagnostic tools

£140m

TRADE IDEA

Valuation Considerations • 

WACC

In order to calculate the intrinsic value of Pearson stock, I used a 5-year discounted cash flow forecast for the FY14-18E. These projected figures were designed to incorporate assumptions I made about Pearson’s future prospects. •  Key assumptions used include: •  WACC: 8.4% •  Long-term growth rate: 2.5% •  Net Debt Position as at 30 June 2013: £2,469m •  No. outstanding shares: 808m •  On a DCF basis, the company is fundamentally valued at 965p. Pearson PLC shares are currently trading on the London Stock Exchange (LSE) at a premium: 1153p per share. (Downside of 19.4%) LT Growth Rate –  This implies FY’15 EV/EBITDA multiple of 10.6x 965.4 1.5% 2.0% 2.5% 3.0% 7.5% 990 1,081 1,190 1,323 •  Applying different assumptions for terminal growth 8.5% 810 874 948 1,035 9.5% 675 721 774 836 and WACC, valuation ranges from 721—1,035p 10.5% 11.5%

570 485

605 512

644 543

689 577

Discounted Cash Flow Analysis Financial Year (Dec. Year end) Total Turnover growth (%)   EBIT margin (%)   Depreciation & Amortisation   Tax @ 30.0% Capital Expenditure Capex/Sales (%)   Working Capital Working Capital / Sales (%)   Free Cash Flow   Discount Factor   Terminal Value   Present Value Enterprise Value (m) Net Debt as at (Dec 2013) Market Capitalisation (m) No. Shares (m) Share Price (p)

2013 5,690

2014 5,016 -11.8%

2015 5,185 3.4%

2016 5,325 2.7%

2017 5,600 5.2%

2018 5,900 5.4%

458 8.0%

730 14.6%

850 16.4%

932 17.5%

958 17.1%

984 16.7%

617.0

128.3

117.8

112.5

110.2

110.9

(137.4) 199.0 -3.5%

(219.1) 100.3 -2.0%

(255.1) 103.7 -2.0%

(279.6) 106.5 -2.0%

(287.4) 112.0 -2.0%

(295.3) 118.0 -2.0%

(493.0) 8.7%

200.6 -4.0%

185.1 -3.6%

4.6 -0.1%

(12.8) 0.2%

(35.4) 0.6%

245.6

739.7

794.4

662.9

656.2

646.6

0.9224

0.8508

0.7848

0.7239

0.6677

682.31

675.91

520.25

474.99

431.70

10,267 2469 7,798 808 965.4

 

 

 

 

 

Terminal Period                               646.6   0.6677   11,206   7,482          

APPENDIX

Operating Assumptions Sales   North American education International education Professional FT Group Penguin Total Divisional Revenue Split North American education International education Professional FT Group Penguin Divisional Revenue Growth North American education International education

Actual 2011 2584 1424 382 427 1045 5862

Actual 2012 2658 1568 390 443 1053 6112

Actual 2013 2779 1539 410 449 513 5690

Forecast 2014 2612 1570 485 349 0 5016

Forecast 2015 2634 1623 572 356 0 5185

Forecast 2016 2665 1694 603 363 0 5325

Forecast 2017 2761 1773 641 370 0 5600

Forecast 2018 2861 1857 681 378 0 5900

44% 24% 7% 7% 18%

43% 26% 6% 7% 17%

49% 27% 7% 8% 9%

52% 31% 10% 7% 0%

51% 31% 11% 7% 0%

50% 32% 11% 7% 0%

49% 32% 11% 7% 0%

48% 31% 12% 6% 0%

2.9% 10.1%

4.6% -1.8%

-6.0% 2.0%

0.8% 3.4%

1.2% 4.4%

3.6% 4.7%

3.6% 4.7%

2.1%

5.1%

18.3%

17.9%

5.4%

6.3%

6.2%

3.7% 0.8%

1.4% -51.3%

-22.3% -100.0%

2.0% 0.0%

2.0% 0.0%

1.9% 0.0%

2.2% 0.0%

Actual 2012 487 8.0% -60%

Actual 2013 458 8.0% -6%

Forecast 2014 730 14.6% 59%

Forecast 2015 850 16.4% 16%

Forecast 2016 932 17.5% 10%

Forecast 2017 958 16.2% 3%

Forecast 2018 984 16.7% 3%

Professional FT Group Penguin

Operating Profit (EBIT)   EBIT EBIT Margin (%) EBIT Growth (%)

Actual 2011 1226 20.9%

Financial Assumptions Pearson Financial Assumptions

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

4.3%

-6.9%

-11.8%

3.4%

2.7%

5.2%

5.4%

44.8%

35.8%

40.6%

40.6%

40.6%

40.6%

40.6%

40.6%

20.9%

25.1%

37.5%

37.5%

37.5%

37.5%

37.5%

SG&A as % of sales

34.3%

49.0%

42.3%

0.0%

0.0%

0.0%

0.0%

0.0%

Amortization of other intangibles amount

518.0

553.0

535.0

0.0

0.0

0.0

0.0

0.0

Non-recurring items amount

124.0

31.0

3.0

0.0

0.0

0.0

0.0

0.0

Effective tax rate

15.5%

35.3%

22.8%

30.0%

30.0%

30.0%

30.0%

30.0%

Diluted weighted average shares outstanding

800.2

804.3

807.8

809.1

809.1

809.1

809.1

809.1

7.9%

7.0%

0.0%

0.0%

0.0%

0.0%

0.0% 20.3%

Income statement Sales growth COGS as % of sales Annual depr. as % of previous PPE

Shareholder info Dividend per share growth rate Balance sheet: current assets Accounts receivable as % of sales

23.6%

18.1%

20.6%

20.8%

19.8%

20.4%

20.1%

Inventories % of COGS

0.0%

53.6%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Other current assets % of sales

18.2%

15.3%

20.8%

20.0%

20.0%

20.0%

20.0%

20.0%

Balance sheet: non-current assets Capital expenditures % of sales

2.7%

2.5%

3.5%

2.0%

2.0%

2.0%

2.0%

2.0%

Other assets % of sales

8.8%

8.4%

10.7%

10.0%

10.0%

10.0%

10.0%

10.0%

Balance sheet: liabilities Accounts payable and accruals % of COGS

66.3%

25.5%

26.4%

26.0%

26.0%

26.1%

26.0%

26.0%

Accrued income taxes % of tax expense

131.5%

210.9%

188.5%

180.0%

180.0%

180.0%

180.0%

180.0%

Other long-term liabilities % of sales

20.9%

19.1%

20.0%

20.0%

20.0%

20.0%

20.0%

20.0%

3,131.0

3,265.0

2,870.0

2,676.0

2,676.0

2,676.0

2,676.0

2,676.0

(46.0)

(5.0)

0.0

0.0

0.0

0.0

0.0

Balance sheet: equity

Common stock amount Share repurchases £ amount (show as positive) Debt (£/£ amount) Loans due for repayment

78.0

55.0

47.0

0.0

0.0

0.0

0.0

0.0

Other long-term debt repayment

1,973.0

2,217.0

2,179.0

0.0

0.0

0.0

0.0

0.0

Short term debt

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

Loans due for repayment

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

Other long-term debt repayment

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

Cash

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

Interest Rate (%)

Income Statement Pearson Income Statement

Hist.

Hist.

Hist

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18 5,900.0

Net Sales

5,862.0

6,112.0

5,690.0

5,016.0

5,185.0

5,325.0

5,600.0

COGS

2,624.0

2,187.0

2,312.0

2,038.1

2,106.8

2,163.7

2,275.4

2,397.3

SG&A

2,012.0

2,996.0

2,407.0

2,121.9

2,193.4

2,252.6

2,368.9

2,495.8

EBIT

1,226.0

487.0

458.0

730.3

850.3

931.9

958.1

984.4 110.9

Depreciation

70.0

80.0

82.0

128.3

117.8

112.5

110.2

Amortization

518.0

553.0

535.0

0.0

0.0

0.0

0.0

0.0

1,814.0

1,120.0

1,075.0

858.6

968.1

1,044.4

1,068.4

1,095.3 0.0

EBITDA Non-recurring items

124.0

31.0

3.0

0.0

0.0

0.0

0.0

Interest Income

11.0

10.0

9.0

5.5

6.0

9.7

12.9

16.1

Interest Expense

66.0

75.0

82.0

114.8

84.7

84.7

84.7

84.7

1,047.0

391.0

382.0

621.1

771.6

857.0

886.4

915.8 274.7

Profit before taxes Taxes

162.0

138.0

87.0

141.5

231.5

257.1

265.9

Profit after tax

885.0

253.0

295.0

479.6

540.2

599.9

620.5

641.1

71.0

61.0

244.0

60.0

60.0

60.0

60.0

60.0

956.0

314.0

539.0

539.6

600.2

659.9

680.5

701.1

800.2

804.3

807.8

809.1

809.1

809.1

809.1

809.1

£1.19

£0.39

£0.67

£0.67

£0.74

£0.82

£0.84

£0.87

Dividends per share

£0.40

£0.43

£0.46

£0.46

£0.46

£0.46

£0.46

£0.46

Dividends

319.0

346.0

372.0

372.6

372.6

372.6

372.6

372.6

Discountinued Operations (Profit) Net income Shareholder information Diluted weighted average shares outstanding Diluted earnings per share

Balance Sheet Balance Sheet

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

Cash and cash equivalents Accounts receivable Income Tax refund Other current assets Total current assets

1,369.0 1,386.0 0.0 1,066.0 3,821.0

1,062.0 1,104.0 1,172.0 937.0 4,275.0

729.0 1,173.0 0.0 1,183.0 3,085.0

374.1 1,042.0 0.0 1,003.2 2,419.3

817.8 1,027.5 0.0 1,037.0 2,882.3

1,129.7 1,086.4 0.0 1,065.0 3,281.1

1,450.5 1,126.1 0.0 1,120.0 3,696.7

1,766.5 1,196.3 0.0 1,180.0 4,142.8

Net PP&E Goodwill Other intangibles Other assets Total assets

383.0 183.0 6,342.0 515.0 11,244.0

327.0 15.0 6,218.0 513.0 11,348.0

342.0 1,092.0 5,801.0 611.0 10,931.0

314.1 1,092.0 5,801.0 501.6 10,128.0

300.0 1,092.0 5,801.0 518.5 10,593.8

294.0 1,092.0 5,801.0 532.5 11,000.6

295.7 1,092.0 5,801.0 560.0 11,445.4

302.8 1,092.0 5,801.0 590.0 11,928.6

Short term debt Accounts payable and accruals Accrued income taxes Total current liabilities

136.0 1,741.0 213.0 2,090.0

262.0 1,556.0 291.0 2,109.0

533.0 1,505.0 164.0 2,202.0

0.0 1,304.2 254.6 1,558.8

0.0 1,346.5 416.7 1,763.2

0.0 1,391.9 462.8 1,854.7

0.0 1,458.0 478.6 1,936.7

0.0 1,536.9 494.5 2,031.4

Total long-term debt Other long-term liabilities Total liabilities

1,964.0 1,228.0 5,282.0

2,010.0 1,165.0 5,284.0

1,693.0 1,136.0 5,031.0

1,693.0 1,003.2 4,255.0

1,693.0 1,037.0 4,493.2

1,693.0 1,065.0 4,612.7

1,693.0 1,120.0 4,749.7

1,693.0 1,180.0 4,904.4

Common stock Retained earnings Treasury stock Total equity Total Liab.& Equity

3,131.0 2,980.0 (149.0) 5,962.0 11,244.0

3,265.0 2,902.0 (103.0) 6,064.0 11,348.0

2,870.0 3,128.0 (98.0) 5,900.0 10,931.0

2,676.0 3,295.0 (98.0) 5,873.0 10,128.0

2,676.0 3,522.6 (98.0) 6,100.6 10,593.8

2,676.0 3,809.9 (98.0) 6,387.9 11,000.6

2,676.0 4,117.7 (98.0) 6,695.7 11,445.4

2,676.0 4,446.2 (98.0) 7,024.2 11,928.6

OK

OK

OK

OK

OK

OK

OK

OK

 

Balance?

Cash Flow Statement Pearson

 

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

Cash Flow Statement

 

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

Net Income

956.0

314.0

539.0

539.6

600.2

659.9

680.5

701.1

Depreciation

70.0

80.0

82.0

128.3

117.8

112.5

110.2

110.9

Amortisation

518.0

553.0

535.0

0.0

0.0

0.0

0.0

0.0

Change in OWC

0.0

304.0

(493.0)

200.6

185.1

4.6

(12.8)

(35.4)

Change in other assets

0.0

2.0

(98.0)

109.4

(16.9)

(14.0)

(27.5)

(30.0)

Change in other liabilities

0.0

(63.0)

(29.0)

(132.8)

33.8

28.0

55.0

60.0

Cash from Operating Activities

0.0

1190.0

536.0

845.0

919.9

791.0

805.5

806.6

Capex

156.0

152.0

199.0

100.3

103.7

106.5

112.0

118.0

Cash from Investing Activities

-156.0

-152.0

-199.0

-100.3

-103.7

-106.5

-112.0

-118.0

Change in Common Stock

0.0

134.0

-395.0

-194.0

0.0

0.0

0.0

0.0

Change in Treasury Stock

0.0

46.0

5.0

0.0

0.0

0.0

0.0

0.0

(319.0)

(346.0)

(372.0)

(372.6)

(372.6)

(372.6)

(372.6)

(372.6)

Dividends Long Term Debt Repayment

0.0

2010.0

(317.0)

0.0

0.0

0.0

0.0

0.0

Cash from Financing Activities

(319.0)

1844.0

(1079.0)

(566.6)

(372.6)

(372.6)

(372.6)

(372.6)

Net Cash Flow

(475.0)

2882.0

(742.0)

178.1

443.7

311.9

320.9

316.0

Beginning Cash

0.0

1233.0

800.0

196.0

374.1

817.8

1129.7

1450.5

1233.0

800.0

196.0

374.1

817.8

1129.7

1450.5

1766.5

Ending Cash

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