In some cases, the NKE financials in this model have been edited and simplified for eductional purposes.

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ified for eductional purposes.
Financial Statement Model for NIKE, Inc.
(USD in millions, except per share)

Company name NIKE, Inc.

Ticker NKE
Share price as of last close $85.25
Latest closing share price date 8/29/19
Latest fiscal year end date 5/31/19

Income Statement
2017A 2018A 2019A 2020P
Revenue 34,350 36,397 39,117 42,051
COGS 19,038 20,441 21,643 23,254
Gross Profit 15,312 15,956 17,474 18,797

Demand creation 3,341 3,577 3,753 4,030

Operating overhead 6,506 7,160 8,229 8,837
Total SG&A (less depreciation) 9,847 10,737 11,982 12,868

EBITDA 5,465 5,219 5,492 5,929

Depreciation 706 747 705
Amortization 10 27 15
EBIT 4,749 4,445 4,772 5,929
Net interest expense 59 54 49
Other expense (income) (196) 66 (78) 0
Pre-tax income 4,886 4,325 4,801 5,929
Taxes 646 2,392 772 955
Net Income 4,240 1,933 4,029 4,975

Drivers
Revenue growth 6.0% 7.5% 7.5%
Gross margin 44.6% 43.8% 44.7% 44.7%
SG&A as % of revenue 28.7% 29.5% 30.6% 30.6%
EBITDA margin 15.9% 14.3% 14.0% 14.0%
Effective tax rate 13.2% 55.3% 16.1% 16.1%

Balance Sheet
2017A 2018A 2019A 2020P
Cash and equivalents 5,245 4,663
Accounts receivable, net 3,498 4,272 4,608
Inventories 5,261 5,622 6,119
Prepaid expenses and other current assets 1,130 1,968 2,103
Current Assets 15,134 16,525 12,830

Property, plant, and equipment, net 4,454 4,744

Identifiable intangible assets, net 285 283
Goodwill 154 154
Deferred income taxes and other assets 2,509 2,011
Long-Term Assets 7,402 7,192 0

Total assets 22,536 23,717 12,830

Current portion of long-term debt 6 6

Notes payable 336 9
Accounts payable 2,279 2,612 2,803
Accrued liabilities 3,269 5,010 5,372
Revolver 0 0
Current Liabilities 5,890 7,637 8,175

Income taxes payable 150 229

Long-term debt 3,468 3,464
Deferred income taxes and other liabilities 3,216 3,347
Long-Term Liabilities 6,834 7,040 0

Total Liabilities 12,724 14,677 8,175

Stockholder's Equity 9,812 9,040

Total Liabilities + Stockholder's Equity 22,536 23,717 8,175

Check 0.000 0.000 4,655.414

Working Capital Schedule

2017A 2018A 2019A 2020P
Working Capital Balances
Accounts receivable, net 3,498 4,272 4,608
Inventories 5,261 5,622 6,119
Prepaid expenses and other current assets 1,130 1,968 2,103
Total non-cash current assets 9,889 11,862 12,830

Accounts payable 2,279 2,612 2,803

Accrued liabilities 3,269 5,010 5,372
Total non-debt current liabilities 5,548 7,622 8,175

Net working capital 4,341 4,240 4,655

Change in net working capital (101) 415

Drivers
Days sales outstanding (DSO) 35 40 40
Inventory Turns 3.9x 3.8x 3.8x
Prepaid exp. as % of revenue 3.1% 5.0% 5.0%

Days payables outstanding (DPO) 41 44 44

Accrued liabilities as % of COGS 16.0% 23.1% 23.1%
 PP&E and Intangible Schedule
2017A 2018A 2019A 2020P
Beginning PP&E Balance
Depreciation
Capex
Ending PP&E

Beginning Intangible Balance

Amortization
Additions
Ending Intangible Balance

Goodwill

Drivers
Capex as % of revenue
Depreciation as % of capex
2021P 2022P 2023P 2024P
45,205 48,595 52,240 56,158
24,998 26,873 28,888 31,055
20,206 21,722 23,351 25,102

4,333 4,658 5,007 5,382

9,500 10,212 10,978 11,802
13,833 14,870 15,985 17,184

6,374 6,852 7,366 7,918

6,374 6,852 7,366 7,918

0 0 0 0
6,374 6,852 7,366 7,918
1,026 1,103 1,186 1,275
5,348 5,749 6,180 6,643

7.5% 7.5% 7.5% 7.5%

44.7% 44.7% 44.7% 44.7%
30.6% 30.6% 30.6% 30.6%
14.0% 14.0% 14.0% 14.0%
16.1% 16.1% 16.1% 16.1%

2021P 2022P 2023P 2024P

4,954 5,325 5,725 6,154

6,578 7,072 7,602 8,172
2,260 2,430 2,612 2,808
13,793 14,827 15,939 17,135
 0 0 0 0

13,793 14,827 15,939 17,135

3,013 3,239 3,482 3,744

5,775 6,208 6,673 7,174

8,788 9,447 10,156 10,917

0 0 0 0

8,788 9,447 10,156 10,917

8,788 9,447 10,156 10,917

5,004.570 5,379.912 5,783.406 6,217.161

ule
2021P 2022P 2023P 2024P

4,954 5,325 5,725 6,154

6,578 7,072 7,602 8,172
2,260 2,430 2,612 2,808
13,793 14,827 15,939 17,135

3,013 3,239 3,482 3,744

5,775 6,208 6,673 7,174
8,788 9,447 10,156 10,917

5,005 5,380 5,783 6,217

349 375 403 434

40 40 40 40
3.8x 3.8x 3.8x 3.8x
5.0% 5.0% 5.0% 5.0%

44 44 44 44
23.1% 23.1% 23.1% 23.1%
dule
2021P 2022P 2023P 2024P