Starbucks Corporation (SBUX) Discounted Free Cash Flow - Perpetuity

Starbucks Corporation

SBUX (NASDAQ)

(%)

Valuation
Starbucks Corporation Discounted Free Cash Flow - Perpetuity

"""
    Model: Discounted Free Cash Flow - Perpetuity

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our [GitHub Model Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%growth_in_perpetuity": "2.5%",
        "historical_years": 10,
        "projection_years": 5,
        "%revenue_growth_rate": None,
        "%operating_cash_flow_margin": None,
        "%capital_expenditure_margin": None,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

data.compute({
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%operatingMargin": "income:operatingIncome / income:revenue",
    "%netMargin": "income:netIncome / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth rate between 0% and 25%
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

average_operating_cash_flow_margin = data.average("%operatingCashFlowMargin")
assumptions.set("%operating_cash_flow_margin", average_operating_cash_flow_margin)
# Limit OCF range from 0 to 100% (all revenue converted to OCF)
assumptions.set_bounds(
    "%operating_cash_flow_margin", low=0, high="100%"
)

average_capital_expenditure_margin = data.average("%capitalExpenditureMargin")
assumptions.set("%capital_expenditure_margin", average_capital_expenditure_margin)

# Limit CapEx range from 0 to 90% of OCF Margin
assumptions.set_bounds(
    "%capital_expenditure_margin",
    low=0,
    high=assumptions.get("%operating_cash_flow_margin")*.9
)

data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"""
        income:revenue * 
        {assumptions.get('%operating_cash_flow_margin')}
    """,
    "computedCapitalExpenditure": f"""
        income:revenue * 
        {assumptions.get('%capital_expenditure_margin')}
    """,
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')}
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%freeCashFlowMargin": "flow:freeCashFlow / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculating the Terminal Value
# TV = FCF * (1 + Growth in Perpetuity) / (Discount Rate - Growth in Perpetuity)
discount_rate = assumptions.get("%discount_rate")
growth_in_perpetuity = assumptions.get("%growth_in_perpetuity")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"""
    flow:freeCashFlow:{end_year} *
    (1 + {growth_in_perpetuity}) / ({discount_rate} - {growth_in_perpetuity})
""")

# Discount the terminal value into the present
tv_discount_rate = (1 + assumptions.get("%discount_rate")) ** assumptions.get('projection_years')
discounted_terminal_value = terminal_value / tv_discount_rate

# Get the sum between current date and projection years
discounted_free_cash_flow_sum = data.sum("discountedFreeCashFlow:1->*")

# Add all Discounted FCFs and the Discounted Terminal Value to calculate the enterprise value
enterprise_value = discounted_terminal_value + discounted_free_cash_flow_sum

# Equity value is calculated by adding cash and subtracting total debt from the enterprise value
equity_value = data.get(f"{enterprise_value} + balance:cashAndShortTermInvestments -  balance:totalDebt")

stock_value = equity_value / data.get("income:weightedAverageShsOut")

model.set_final_value({
    "value": stock_value,
    "units": '$'
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

model.render_results([
    [terminal_value, "Terminal Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Value", "$"],
    [discounted_free_cash_flow_sum, "Sum of Discounted Free Cash Flow", "$"],
    [enterprise_value, "Enterprise Value", "$"],
    [data.get("balance:cashAndCashEquivalents"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "$"],
    [stock_value, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [average_operating_cash_flow_margin, "Average Cash from Operating Activities Margin", "%"],
    [average_capital_expenditure_margin, "Average Capital Expenditure Margin", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow"
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical Values",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow"
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
        "width": "full"
    },
})

# Forecast table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowMargin": "Operating Cash Flow Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowMargin": "Free Cash Flow Margin",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Forecast Data",
        "order": "ascending",
        "include_ltm": False,
        "number_format": "M",
        "width": "full"
    },
})

# Historical table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "%netMargin": "Net Margin",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowMargin": "Cash from Operating Activities Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M"
    },
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%growth_in_perpetuity": r"""
        ## Growth in Perpetuity
        
        The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"%operating_cash_flow_margin": r"""
        ## Operating Cash Flow Margin
        
        `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin`
        
        This margin represents the percentage of revenue used to estimate future Operating Cash Flow.
    """,

"%capital_expenditure_margin": r"""
        ## Capital Expenditure Margin
        
        `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin`
        
        This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our GitHub Model Documentation

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Growth In Perpetuity Growth in Perpetuity The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Operating Cash Flow Margin Operating Cash Flow Margin `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin` This margin represents the percentage of revenue used to estimate future Operating Cash Flow.	%
Capital Expenditure Margin Capital Expenditure Margin `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin` This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.	%

Results
Terminal Value	155.4 Bil. USD
Discounted Terminal Value	112.5 Bil. USD
Sum of Discounted Free Cash Flow	23.4 Bil. USD
Enterprise Value	135.9 Bil. USD
Cash and Equivalents	3.41 Bil. USD
Total Debt	33.52 Bil. USD
Equity Value	106 Bil. USD
Shares Outstanding	1.14 Bil. USD
Estimated Value per Share	93.17 USD
Yield of the U.S. 10 Year Treasury Note	4.22%
Average Cash from Operating Activities Margin	18.74%
Average Capital Expenditure Margin	6.45%
Cost of Equity	8.4%
Equity Weight	77.15%
Cost of Debt	1.73%
Debt Weight	22.85%
Forecasted Revenue - 5 Year CAGR	6.68%
Forecasted Free Cash Flow - 5 Year CAGR	20.93%

Historical Values

Monetary values in USD

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"y": 4519100000}, {"l": "2022", "x": "2022-09-30", "y": 2556000000}, {"l": "2023", "x": "2023-09-30", "y": 3675100000}, {"l": "2024", "x": "2024-09-30", "y": 3318100000}, {"l": "2025", "x": "2025-09-28", "y": 2442000000}, {"l": "2026", "x": "2026-09-28", "y": 4875892517, "oy": 4875892517, "e": true, "d": 2026, "g": 99.67, "og": 99.67}, {"l": "2027", "x": "2027-09-28", "y": 5201455860, "oy": 5201455860, "e": true, "d": 2027, "g": 6.68, "og": 6.68}, {"l": "2028", "x": "2028-09-28", "y": 5548757068, "oy": 5548757068, "e": true, "d": 2028, "g": 6.68, "og": 6.68}, {"l": "2029", "x": "2029-09-28", "y": 5919247578, "oy": 5919247578, "e": true, "d": 2029, "g": 6.68, "og": 6.68}, {"l": "2030", "x": "2030-09-28", "y": 6314475739, "oy": 6314475739, "e": true, "d": 2030, "g": 6.68, "og": 6.68}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2016", "x": "2016-09-30", "y": 1440300000}, {"l": "2017", "x": "2017-09-30", "y": 1519400000}, {"l": "2018", "x": "2018-09-30", "y": 1976400000}, {"l": "2019", "x": "2019-09-30", "y": 1806600000}, {"l": "2020", "x": "2020-09-30", "y": 1483600000}, {"l": "2021", "x": "2021-09-30", "y": 1470000000}, {"l": "2022", "x": "2022-09-30", "y": 1841300000}, {"l": "2023", "x": "2023-09-30", "y": 2333600000}, {"l": "2024", "x": "2024-09-30", "y": 2777500000}, {"l": "2025", "x": "2025-09-28", "y": 2305500000}, {"l": "2026", "x": "2026-09-28", "y": 2557741209}, {"l": "2027", "x": "2027-09-28", "y": 2728521590}, {"l": "2028", "x": "2028-09-28", "y": 2910704977}, {"l": "2029", "x": "2029-09-28", "y": 3105052748}, {"l": "2030", "x": "2030-09-28", "y": 3312377120}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2016", "x": "2016-09-30", "y": 3134800000}, {"l": "2017", "x": "2017-09-30", "y": 2654900000}, {"l": "2018", "x": "2018-09-30", "y": 9961400000}, {"l": "2019", "x": "2019-09-30", "y": 3240400000}, {"l": "2020", "x": "2020-09-30", "y": 114200000}, {"l": "2021", "x": "2021-09-30", "y": 4519100000}, {"l": "2022", "x": "2022-09-30", "y": 2556000000}, {"l": "2023", "x": "2023-09-30", "y": 3675100000}, {"l": "2024", "x": "2024-09-30", "y": 3318100000}, {"l": "2025", "x": "2025-09-28", "y": 2442000000}, {"l": "2026", "x": "2026-09-28", "y": 4679141157}, {"l": "2027", "x": "2027-09-28", "y": 4679667569}, {"l": "2028", "x": "2028-09-28", "y": 4679366771}, {"l": "2029", "x": "2029-09-28", "y": 4679893208}, {"l": "2030", "x": "2030-09-28", "y": 4680419704}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2026-09-28": 36, "2027-09-28": 37, "2028-09-28": 38, "2029-09-28": 39, "2030-09-28": 40}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-09-28	2027-09-28	2028-09-28	2029-09-28	2030-09-28

↳ Growth Rate

Forecast Data

Monetary values in USD amounts except #	2025 Sep 28	2026 Sep 28	2027 Sep 28	2028 Sep 28	2029 Sep 28	2030 Sep 28
Revenue	37,184	39,667	42,316	45,141	48,155	51,371
Revenue Growth Rate	2.79%	6.68%	6.68%	6.68%	6.68%	6.68%
Operating Cash Flow	4,748	7,434	7,930	8,459	9,024	9,627
Operating Cash Flow Margin	12.77%	18.74%	18.74%	18.74%	18.74%	18.74%
Capital Expenditure	2,306	2,558	2,729	2,911	3,105	3,312
Capital Expenditure Margin	6.2%	6.45%	6.45%	6.45%	6.45%	6.45%
Free Cash Flow	2,442	4,876	5,201	5,549	5,919	6,314
Free Cash Flow Margin	6.57%	12.29%	12.29%	12.29%	12.29%	12.29%
Compounded Discount Rate		4.21%	11.15%	18.58%	26.48%	34.91%
Discounted Free Cash Flow	2,442	4,679	4,680	4,679	4,680	4,680

Historical Data

Monetary values in USD amounts except #	Average	LTM Feb 07	2025 Sep 28	2024 Sep 30	2023 Sep 30	2022 Sep 30	2021 Sep 30	2020 Sep 30	2019 Sep 30	2018 Sep 30	2017 Sep 30	2016 Sep 30
Revenue	29,708	37,695	37,184	36,176	35,976	32,250	29,061	23,518	26,509	24,720	22,387	21,316
Revenue Growth Rate	6.68%	1.37%	2.79%	0.558%	11.55%	10.98%	23.57%	-11.28%	7.24%	10.42%	5.02%	11.24%
Cost of Revenue	21,844	29,931	28,203	26,467	26,129	23,879	20,670	18,459	19,020	17,403	15,552	14,573
Gross Profit	7,864	7,764	8,982	9,709	9,846	8,371	8,391	5,059	7,488	7,317	6,835	6,743
Gross Margin	26.85%	20.6%	24.15%	26.84%	27.37%	25.96%	28.87%	21.51%	28.25%	29.6%	30.53%	31.63%
Operating Income	4,143	3,394	3,581	5,409	5,871	4,618	4,872	1,562	4,078	3,883	4,135	4,172
Operating Margin	14.25%	9.01%	9.63%	14.95%	16.32%	14.32%	16.77%	6.64%	15.38%	15.71%	18.47%	19.57%
Net Income	3,031	1,369	1,856	3,761	4,124	3,282	4,199	928.3	3,599	4,518	2,885	2,818
Net Margin	10.64%	3.63%	4.99%	10.4%	11.46%	10.18%	14.45%	3.95%	13.58%	18.28%	12.89%	13.22%
Cash from Operating Activities	5,349	4,273	4,748	6,096	6,009	4,397	5,989	1,598	5,047	11,938	4,174	4,575
Cash from Operating Activities Margin	18.74%	11.34%	12.77%	16.85%	16.7%	13.63%	20.61%	6.79%	19.04%	48.29%	18.65%	21.46%
Capital Expenditure	1,899	1,936	2,306	2,778	2,334	1,841	1,470	1,484	1,807	1,976	1,519	1,440
Capital Expenditure Margin	6.45%	5.14%	6.2%	7.68%	6.49%	5.71%	5.06%	6.31%	6.82%	7.99%	6.79%	6.76%
Free Cash Flow	3,450	2,337	2,442	3,318	3,675	2,556	4,519	114.2	3,240	9,961	2,655	3,135