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 CORPORATE FINANCE MBA & CPA CHEAT SHEET
>> FINANCIAL PROJECTIONS // BREAKEVEN // PROJECT BUDGETING // FINANCIAL ANALYSIS // CASH FLOW ANALYSIS // DCF VALUATION
Financial Projections 2023 2024 2025 2026 2027 Financial Planning & Analysis 2023 2024 2025 2026 2027 Cash Flow Analysis and DCF 2023 2024 2025 2026 2027

Assumptions Breakeven Analysis Free Cash Flows

Days 365 365 365 365 365 in $000 in $000
Revenue Growth Rate - 10% 10% 10% 10% Fixed Costs 1,000 1,100 1,210 1,331 1,464 Cash Flow From Operations 475 1,163 1,279 1,408 1,548
Fixed Costs (% of Revenue) 20% 20% 20% 20% 20% Variable Costs 2,500 2,750 3,025 3,328 3,661 Cash Flow from Investing (2,600) (500) (500) (500) (500)
Variable Costs (% of Revenue) 50% 50% 50% 50% 50% Total Costs 3,500 3,850 4,235 4,659 5,125 Cash Flow From Financing 2,125 (550) (500) (500) (850)
Working Capital Req (% of Revenue) 13% 13% 12% 11% 10% Revenue 5,000 5,500 6,050 6,655 7,321 Net Purchase of Capital Assets (2,600) (500) (500) (500) (500)
Capital Expenditures ($000) $2,600 $500 $500 $500 $500 Contribution Margin 2,500 2,750 3,025 3,328 3,661 Net Debt Proceeds 650 (650) - - -
Capital Assets Salvage Value $2,500 Contribution Margin % 50% 50% 50% 50% 50% EBIT 1,400 1,550 1,715 1,897 2,096
Discount Rate 10% 10% 10% 10% 10% Breakeven Revenue 2,000 2,200 2,420 2,662 2,928 Working Capital Changes (650) (75) (83) (90) (100)
Tax Rate 25% 25% 25% 25% 25% Taxes (375) (413) (454) (499) (549)
Initial Revenue ($000) $5,000 - - - - Capital Budgeting
Initial Equity ($000) $1,475 in $000 Net Cash Flow (CF) - 113 279 408 198
Initial Investment - CAPEX (2,600) Free Cash Flow (FCF) (2,125) 663 779 908 1,048
Income Statement Revenue 5,000 5,500 6,050 6,655 7,321 Unlevered Cash Flow (FCFF) (2,225) 563 678 807 947
in $000 Variable Costs (2,500) (2,750) (3,025) (3,328) (3,661) Levered Cash Flow (FCFE) (1,475) 13 779 908 1,048
Revenue 5,000 5,500 6,050 6,655 7,321 Fixed Costs (1,000) (1,100) (1,210) (1,331) (1,464)
Variable COGS 1,000 1,000 1,225 1,328 1,461 1,500 1,650 1,815 1,997 2,196 Cash Flow Ratios
Fixed COGS 500 500 510 531 564 Tax Expense (375) (413) (454) (499) (549)
Gross Profit 3,500 4,000 4,315 4,797 5,296 After Tax Annual Cash Flows 1,125 1,238 1,361 1,497 1,647 Operating Cash Flow Margin 10% 21% 21% 21% 21%
Variable Overhead 1,500 1,750 1,800 2,000 2,200 Operating Cash Flow Ratio 4.75 11.63 12.79 14.08 15.48
Fixed Overhead 500 600 700 800 900 Investment in Working Capital (650) (738) (738) (738) (738) Cash Flow Coverage Ratio 0.73 0.00 0.00 0.00 0.00
EBITDA/Operating Income 1,500 1,650 1,815 1,997 2,196 Salvage value of CAPEX - - - - 2,500 Cash Conversion Efficiency 7.69 8.00 7.89 7.80 7.72
Depreciation & Amortization 100 100 100 100 100 Net Incremental Cash Flow (2,125) 500 623 759 3,409 Free Cash Flow Margin -43% 12% 13% 14% 14%
EBIT 1,400 1,550 1,715 1,897 2,096 Discount Rate (from assumptions) 0.9091 0.8264 0.7513 0.6830 0.6209
Tax 375 413 454 499 549 PV of Future Cash Flows (1,932) 413 468 519 2,117 Discounted Cash Flow Valuation Assumptions
Net Income 1,025 1,138 1,262 1,398 1,548
NPV ($000) 1,585 WACC (Weighted Average Cost of Capital) using the CAPM (Capital Asset Pricing Model)
Balance Sheet IRR 33%
Current Assets 750 825 908 998 1,098 Initial Investment (no working cap) (2,600) Risk Free Rate 2% WACC 7.00%
Fixed Assets 2,500 2,900 3,300 3,700 4,100 After Tax Annual Cash Flows 1,125 1,238 1,361 1,497 1,647 Market Return Rate 7%
Total Assets 3,250 3,725 4,208 4,698 5,198 Amount left to repay (1,475) (238) 1,124 Beta 1.2
Current Liabilities 100 100 100 100 100 Payback period 2 years 2 months Tax Rate 25%
WACC = Cost of Debt x (1-Tax rate) x Debt
Long-Term Liabilities 650 Debt to Assets 0.23 Ratio + Cost of Equity x Cost of Equity x
Total Liabilities 750 100 100 100 100 Financial Analysis 2023 2024 2025 2026 2027 Equity to Assets 0.77 Equity Ratio
Equity 2,500 3,625 4,108 4,598 5,098 Cost of Debt 7%
Total Liabilities & Equity 3,250 3,725 4,208 4,698 5,198 Ratios & Metrics Cost of Equity 8% Cost of equity = Risk free rate + Beta x risk
- - - - - ROE 41% 31% 31% 30% 30% Growth rate 4% premium
Cash Flow Statement ROIC 32% 31% 30% 30% 30% WACC 7%
in $000 Working Capital ($000) 650 725 808 898 998
Net Income 1,025 1,138 1,262 1,398 1,548 Gross Profit Margin 70% 73% 71% 72% 72% Discounted Cash Flow Valuation
Depreciation & Amortization 100 100 100 100 100 Net Profit Margin 21% 21% 21% 21% 21% in $000
Change in Working Capital (650) (75) (83) (90) (100) Contribution Margin 50% 50% 50% 50% 50% Net Purchase of Capital Assets (2,600) (500) (500) (500) (500)
Cash from Operating Activities 475 1,163 1,279 1,408 1,548 Current Ratio 7.50 8.25 9.08 9.98 10.98 EBIT 1,400 1,550 1,715 1,897 2,096
Debt to Equity 0.30 0.03 0.02 0.02 0.02 Working Capital Changes (650) (75) (83) (90) (100)
Sales of Securities - - - - - Equity Ratio 0.77 0.97 0.98 0.98 0.98 Taxes (375) (413) (454) (499) (549)
Purchase of Securities - - - - - Debt Ratio 0.23 0.03 0.02 0.02 0.02 Unlevered Cash Flow FCFF ($000) (2,225) 563 678 807 947
Sales of Capital Assets - - - - - Asset Turnover 0.32 0.31 0.30 0.30 0.30 Terminal Value 32,837
Purchase of Capital Assets (2,600) (500) (500) (500) (500) Fixed Asset Turnover 0.41 0.39 0.38 0.38 0.38 Total FCFF (2,225) 563 678 807 33,784
Cash from Investing Activities (2,600) (500) (500) (500) (500) Discount Rate (WACC) 0.9346 0.8734 0.8163 0.7629 0.7130
Vertical Analysis / Common Size Income Statement Discounted Cash Flows ($000) (2,079) 491 554 616 23,412
Net Debt Proceeds 650 (650) - - - Revenue 100% 100% 100% 100% 100%
Net Equity Proceeds 1,475 100 (500) (500) (850) Variable COGS 20% 18% 20% 20% 20% Enterprise Value ($000) 22,994
Cash from Financing Activities 2,125 (550) (500) (500) (850) Fixed COGS 10% 9% 8% 8% 8% Less Net Debt (Funded Debt - Cash) (650)
Gross Profit 70% 73% 71% 72% 72% Equity Value ($000) 22,344
Net Cash Flow - 113 279 408 198 Variable Overhead 30% 32% 30% 30% 30%
Beginning cash balance - - 113 392 800 Fixed Overhead 10% 11% 12% 12% 12% Enterprise Value Sensitivity Analysis
Ending cash balance - 113 392 800 998 EBITDA/Operating Income 30% 30% 30% 30% 30%
Depreciation & Amortization 2% 2% 2% 2% 1% Growth WACC
For simplicity, debt was assumed to be convertible debentures with accrued interest so no annual interest expense was reported EBIT 28% 28% 28% 28% 29% 22,994 6.00% 6.50% 7.00% 7.50% 8.00%
Working Capital Schedule Tax 8% 8% 8% 8% 8% 2.50%
in $000 Net Income 21% 21% 21% 21% 21% 3.50%
Accounts Receivable 300 330 363 399 439 4.00%
Inventory 225 248 272 299 329 Horizontal Analysis / Income Statement Trend Analysis 4.50%
Other Current Assets 225 247 273 300 330 Revenue 0% 10% 10% 10% 10% 5.00%
Total Current Assets 750 825 908 998 1098 Variable COGS 0% 0% 23% 8% 10%
Fixed COGS 0% 0% 2% 4% 6% Equity Value Sensitivity Analysis
Accounts Payable 70 70 70 70 70 Gross Profit 0% 14% 8% 11% 10%
Other Current Liabilities 30 30 30 30 30 Variable Overhead 0% 17% 3% 11% 10% Growth WACC
Total Current Liabilities 100 100 100 100 100 Fixed Overhead 0% 20% 17% 14% 13% 22,344 6.00% 6.50% 7.00% 7.50% 8.00%
EBITDA/Operating Income 0% 10% 10% 10% 10% 2.50%
Days Sales Outstanding DSO 22 22 22 22 22 Depreciation & Amortization 0% 0% 0% 0% 0% 3.50%
Days Inventory Outstanding DIO 55 60 57 59 59 EBIT 0% 11% 11% 11% 11% 4.00%
Days Payable Outstanding DPO 17 17 15 14 13 Tax 0% 10% 10% 10% 10% 4.50%
Cash Conversion Cycle 60 65 64 67 69 Net Income 0% 11% 11% 11% 11% 5.00%
Equivalent Revenue Days 817 983 1067 1219 1376
 CORPORATE FINANCE M
>> FINANCIAL PROJECTIONS // BREAKEVEN // PROJECT BUDGETING //
Financial Projections 2023 2024 2025 2026 2027 Financial Planning & Analysis 2023

Assumptions Breakeven Analysis

Days 365 365 365 365 365 in $000
Revenue Growth Rate - 10% 10% 10% 10% Fixed Costs 1,000
Fixed Costs (% of Revenue) 20% 20% 20% 20% 20% Variable Costs 2,500
Variable Costs (% of Revenue) 50% 50% 50% 50% 50% Total Costs 3,500
Working Capital Req (% of Revenue) 13% 13% 12% 11% 10% Revenue 5,000
Capital Expenditures ($000) $2,600 $500 $500 $500 $500 Contribution Margin 2,500
Capital Assets Salvage Value $2,500 Contribution Margin % 50%
Discount Rate 10% 10% 10% 10% 10% Breakeven Revenue 2,000
Tax Rate 25% 25% 25% 25% 25%
Initial Revenue ($000) $5,000 - - - - Capital Budgeting
Initial Equity ($000) $1,475 in $000
Initial Investment - CAPEX (2,600)
Income Statement Revenue 5,000
in $000 Variable Costs (2,500)
Revenue 5,000 5,500 6,050 6,655 7,321 Fixed Costs (1,000)
Variable COGS 1,000 1,000 1,225 1,328 1,461 1,500
Fixed COGS 500 500 510 531 564 Tax Expense (375)
Gross Profit 3,500 4,000 4,315 4,797 5,296 After Tax Annual Cash Flows 1,125
Variable Overhead 1,500 1,750 1,800 2,000 2,200
Fixed Overhead 500 600 700 800 900 Investment in Working Capital (650)
EBITDA/Operating Income 1,500 1,650 1,815 1,997 2,196 Salvage value of CAPEX -
Depreciation & Amortization 100 100 100 100 100 Net Incremental Cash Flow (2,125)
EBIT 1,400 1,550 1,715 1,897 2,096 Discount Rate (from assumptions) 0.9091
Tax 375 413 454 499 549 PV of Future Cash Flows (1,932)
Net Income 1,025 1,138 1,262 1,398 1,548
NPV ($000) 1,585
Balance Sheet IRR 33%
Current Assets 750 825 908 998 1,098 Initial Investment (no working cap) (2,600)
Fixed Assets 2,500 2,900 3,300 3,700 4,100 After Tax Annual Cash Flows 1,125
Total Assets 3,250 3,725 4,208 4,698 5,198 Amount left to repay (1,475)
Current Liabilities 100 100 100 100 100 Payback period
Long-Term Liabilities 650
Total Liabilities 750 100 100 100 100 Financial Analysis 2023
Equity 2,500 3,625 4,108 4,598 5,098
Total Liabilities & Equity 3,250 3,725 4,208 4,698 5,198 Ratios & Metrics
- - - - - ROE 41%
Cash Flow Statement ROIC 32%
in $000 Working Capital ($000) 650
Net Income 1,025 1,138 1,262 1,398 1,548 Gross Profit Margin 70%
Depreciation & Amortization 100 100 100 100 100 Net Profit Margin 21%
Change in Working Capital (650) (75) (83) (90) (100) Contribution Margin 50%
Cash from Operating Activities 475 1,163 1,279 1,408 1,548 Current Ratio 7.50
Debt to Equity 0.30
Sales of Securities - - - - - Equity Ratio 0.77
Purchase of Securities - - - - - Debt Ratio 0.23
Sales of Capital Assets - - - - - Asset Turnover 0.32
Purchase of Capital Assets (2,600) (500) (500) (500) (500) Fixed Asset Turnover 0.41
Cash from Investing Activities (2,600) (500) (500) (500) (500)
Vertical Analysis / Common Size Income Sta
Net Debt Proceeds 650 (650) - - - Revenue 100%
Net Equity Proceeds 1,475 100 (500) (500) (850) Variable COGS 20%
Cash from Financing Activities 2,125 (550) (500) (500) (850) Fixed COGS 10%
 Debt to Equity 0.30
Sales of Securities - - - - - Equity Ratio 0.77
Purchase of Securities - - - - - Debt Ratio 0.23
Sales of Capital Assets - - - - - Asset Turnover 0.32
Purchase of Capital Assets (2,600) (500) (500) (500) (500) Fixed Asset Turnover 0.41
Cash from Investing Activities (2,600) (500) (500) (500) (500)
Vertical Analysis / Common Size Income Sta
Net Debt Proceeds 650 (650) - - - Revenue 100%
Net Equity Proceeds 1,475 100 (500) (500) (850) Variable COGS 20%
Cash from Financing Activities 2,125 (550) (500) (500) (850) Fixed COGS 10%
Gross Profit 70%
Net Cash Flow - 113 279 408 198 Variable Overhead 30%
Beginning cash balance - - 113 392 800 Fixed Overhead 10%
Ending cash balance - 113 392 800 998 EBITDA/Operating Income 30%
For simplicity, debt was assumed to be convertible debentures with accrued interest so no annual interest expense was Depreciation & Amortization 2%
reported EBIT 28%
Working Capital Schedule Tax 8%
in $000 Net Income 21%
Accounts Receivable 300 330 363 399 439
Inventory 225 248 272 299 329 Horizontal Analysis / Income Statement Tre
Other Current Assets 225 247 273 300 330 Revenue 0%
Total Current Assets 750 825 908 998 1098 Variable COGS 0%
Fixed COGS 0%
Accounts Payable 70 70 70 70 70 Gross Profit 0%
Other Current Liabilities 30 30 30 30 30 Variable Overhead 0%
Total Current Liabilities 100 100 100 100 100 Fixed Overhead 0%
EBITDA/Operating Income 0%
Days Sales Outstanding DSO 22 22 22 22 22 Depreciation & Amortization 0%
Days Inventory Outstanding DIO 55 60 57 59 59 EBIT 0%
Days Payable Outstanding DPO 17 17 15 14 13 Tax 0%
Cash Conversion Cycle 60 65 64 67 69 Net Income 0%
Equivalent Revenue Days 817 983 1067 1219 1376
NCE MBA & CPA CHEAT SHEE
CT BUDGETING // FINANCIAL ANALYSIS // CASH FLOW ANALYSIS // DCF VALUA
anning & Analysis 2023 2024 2025 2026 2027 Cash Flow Analysis and DCF 2023 2024 2025

nalysis Free Cash Flows

in $000
1,000 1,100 1,210 1,331 1,464 Cash Flow From Operations 475 1,163 1,279
2,500 2,750 3,025 3,328 3,661 Cash Flow from Investing (2,600) (500) (500)
3,500 3,850 4,235 4,659 5,125 Cash Flow From Financing 2,125 (550) (500)
5,000 5,500 6,050 6,655 7,321 Net Purchase of Capital Assets (2,600) (500) (500)
Margin 2,500 2,750 3,025 3,328 3,661 Net Debt Proceeds 650 (650) -
Margin % 50% 50% 50% 50% 50% EBIT 1,400 1,550 1,715
venue 2,000 2,200 2,420 2,662 2,928 Working Capital Changes (650) (75) (83)
Taxes (375) (413) (454)
geting
Net Cash Flow (CF) - 113 279
ent - CAPEX (2,600) Free Cash Flow (FCF) (2,125) 663 779
5,000 5,500 6,050 6,655 7,321 Unlevered Cash Flow (FCFF) (2,225) 563 678
(2,500) (2,750) (3,025) (3,328) (3,661) Levered Cash Flow (FCFE) (1,475) 13 779
(1,000) (1,100) (1,210) (1,331) (1,464)
1,500 1,650 1,815 1,997 2,196 Cash Flow Ratios
(375) (413) (454) (499) (549)
al Cash Flows 1,125 1,238 1,361 1,497 1,647 Operating Cash Flow Margin 10% 21% 21%
Operating Cash Flow Ratio 4.75 11.63 12.79
Working Capital (650) (738) (738) (738) (738) Cash Flow Coverage Ratio 0.73 0.00 0.00
of CAPEX - - - - 2,500 Cash Conversion Efficiency 7.69 8.00 7.89
al Cash Flow (2,125) 500 623 759 3,409 Free Cash Flow Margin -43% 12% 13%
from assumptions) 0.9091 0.8264 0.7513 0.6830 0.6209
ash Flows (1,932) 413 468 519 2,117 Discounted Cash Flow Valuation Assumptions

1,585 WACC (Weighted Average Cost of Capital) using the CAPM (Capital Asset Pricing Mo
33%
ent (no working cap) (2,600) Risk Free Rate 2% WACC
al Cash Flows 1,125 1,238 1,361 1,497 1,647 Market Return Rate 7%
repay (1,475) (238) 1,124 Beta 1.2
d 2 years 2 months Tax Rate 25% WACC = Cost of De
Debt to Assets 0.23 Debt Ratio + Cost o
nalysis 2023 2024 2025 2026 2027 Equity to Assets 0.77 Equity x Eq
Cost of Debt 7%
trics Cost of Equity 8% Cost of equity = Ris
41% 31% 31% 30% 30% Growth rate 4% risk pre
32% 31% 30% 30% 30% WACC 7%
al ($000) 650 725 808 898 998
argin 70% 73% 71% 72% 72% Discounted Cash Flow Valuation
gin 21% 21% 21% 21% 21% in $000
Margin 50% 50% 50% 50% 50% Net Purchase of Capital Assets (2,600) (500) (500)
7.50 8.25 9.08 9.98 10.98 EBIT 1,400 1,550 1,715
0.30 0.03 0.02 0.02 0.02 Working Capital Changes (650) (75) (83)
0.77 0.97 0.98 0.98 0.98 Taxes (375) (413) (454)
0.23 0.03 0.02 0.02 0.02 Unlevered Cash Flow FCFF ($000) (2,225) 563 678
0.32 0.31 0.30 0.30 0.30 Terminal Value
nover 0.41 0.39 0.38 0.38 0.38 Total FCFF (2,225) 563 678
Discount Rate (WACC) 0.9346 0.8734 0.8163 0
lysis / Common Size Income Statement Discounted Cash Flows ($000) (2,079) 491 554
100% 100% 100% 100% 100%
20% 18% 20% 20% 20% Enterprise Value ($000) 22,994
10% 9% 8% 8% 8% Less Net Debt (Funded Debt - Cash) (650)
 0.30 0.03 0.02 0.02 0.02 Working Capital Changes (650) (75) (83)
0.77 0.97 0.98 0.98 0.98 Taxes (375) (413) (454)
0.23 0.03 0.02 0.02 0.02 Unlevered Cash Flow FCFF ($000) (2,225) 563 678
0.32 0.31 0.30 0.30 0.30 Terminal Value
nover 0.41 0.39 0.38 0.38 0.38 Total FCFF (2,225) 563 678
Discount Rate (WACC) 0.9346 0.8734 0.8163 0
lysis / Common Size Income Statement Discounted Cash Flows ($000) (2,079) 491 554
100% 100% 100% 100% 100%
20% 18% 20% 20% 20% Enterprise Value ($000) 22,994
10% 9% 8% 8% 8% Less Net Debt (Funded Debt - Cash) (650)
70% 73% 71% 72% 72% Equity Value ($000) 22,344
ead 30% 32% 30% 30% 30%
d 10% 11% 12% 12% 12% Enterprise Value Sensitivity Analysis
ting Income 30% 30% 30% 30% 30%
Amortization 2% 2% 2% 2% 1% Growth WACC
28% 28% 28% 28% 29% 22,994 6.00% 6.50% 7.00% 7
8% 8% 8% 8% 8% 2.50% 20,340 17,312 14,965 1
21% 21% 21% 21% 21% 3.50% 28,914 23,448 19,553 1
4.00% 36,417 28,356 22,994 1
nalysis / Income Statement Trend Analysis 4.50% 48,922 35,719 27,811 2
0% 10% 10% 10% 10% 5.00% 73,932 47,991 35,038 2
0% 0% 23% 8% 10%
0% 0% 2% 4% 6% Equity Value Sensitivity Analysis
0% 14% 8% 11% 10%
ead 0% 17% 3% 11% 10% Growth WACC
d 0% 20% 17% 14% 13% 22,344 6.00% 6.50% 7.00% 7
ting Income 0% 10% 10% 10% 10% 2.50% 19,690 16,662 14,315 1
Amortization 0% 0% 0% 0% 0% 3.50% 28,264 22,798 18,903 1
0% 11% 11% 11% 11% 4.00% 35,767 27,706 22,344 1
0% 10% 10% 10% 10% 4.50% 48,272 35,069 27,161 2
0% 11% 11% 11% 11% 5.00% 73,282 47,341 34,388 2
T SHEET
YSIS // DCF VALUATION
3 2024 2025 2026 2027

5 1,163 1,279 1,408 1,548

) (500) (500) (500) (500)
5 (550) (500) (500) (850)
) (500) (500) (500) (500)
0 (650) - - -
0 1,550 1,715 1,897 2,096
) (75) (83) (90) (100)
) (413) (454) (499) (549)

113 279 408 198

) 663 779 908 1,048
) 563 678 807 947
) 13 779 908 1,048

% 21% 21% 21% 21%

5 11.63 12.79 14.08 15.48
3 0.00 0.00 0.00 0.00
9 8.00 7.89 7.80 7.72
% 12% 13% 14% 14%

ptions

g the CAPM (Capital Asset Pricing Model)

% WACC 7.00%
%
2
% WACC = Cost of Debt x (1-Tax rate) x
3 Debt Ratio + Cost of Equity x Cost of
7 Equity x Equity Ratio
%
% Cost of equity = Risk free rate + Beta x
% risk premium
%

) (500) (500) (500) (500)

0 1,550 1,715 1,897 2,096
) (75) (83) (90) (100)
) (413) (454) (499) (549)
) 563 678 807 947
32,837
) 563 678 807 33,784
6 0.8734 0.8163 0.7629 0.7130
) 491 554 616 23,412

4
)
) (75) (83) (90) (100)
) (413) (454) (499) (549)
) 563 678 807 947
32,837
) 563 678 807 33,784
6 0.8734 0.8163 0.7629 0.7130
) 491 554 616 23,412

4
)
4

WACC
% 6.50% 7.00% 7.50% 8.00%
0 17,312 14,965 13,093 11,568
4 23,448 19,553 16,640 14,381
7 28,356 22,994 19,173 16,315
2 35,719 27,811 22,550 18,802
2 47,991 35,038 27,279 22,117

WACC
% 6.50% 7.00% 7.50% 8.00%
0 16,662 14,315 12,443 10,918
4 22,798 18,903 15,990 13,731
7 27,706 22,344 18,523 15,665
2 35,069 27,161 21,900 18,152
2 47,341 34,388 26,629 21,467