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Balance Sheet Data NVR Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	545	424	395	667	712	768	866	976	1,100	1,239
Cash (%)
AccountReceivable	10	11	19	20	19	24	27	31	35	39
AccountReceivable (%)
Inventories	869	1,007	1,092	1,246	1,253	1,536	1,732	1,951	2,199	2,479
Inventories (%)
PrepaidExpenses	295	343	380	370	396	501	565	637	718	809
PrepaidExpenses (%)
AccountsPayable	230	260	284	295	289	388	437	493	556	626
AccountsPayable (%)
AccruedLiabilities	289	305	336	342	333	453	510	575	648	731
AccruedLiabilities (%)
CapitalExpenditure	-32	-18	-22	-20	-20	-32	-36	-41	-46	-52
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	545	424	395	667	712
Cash (%)
AccountReceivable	10	11	19	20	19
AccountReceivable (%)
Inventories	869	1,007	1,092	1,246	1,253
Inventories (%)
PrepaidExpenses	295	343	380	370	396
PrepaidExpenses (%)
AccountsPayable	230	260	284	295	289
AccountsPayable (%)
AccruedLiabilities	289	305	336	342	333
AccruedLiabilities (%)
CapitalExpenditure	-32	-18	-22	-20	-20
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	768	866	976	1,100	1,239
Cash (%)
AccountReceivable	24	27	31	35	39
AccountReceivable (%)
Inventories	1,536	1,732	1,951	2,199	2,479
Inventories (%)
PrepaidExpenses	501	565	637	718	809
PrepaidExpenses (%)
AccountsPayable	388	437	493	556	626
AccountsPayable (%)
AccruedLiabilities	453	510	575	648	731
AccruedLiabilities (%)
CapitalExpenditure	-32	-36	-41	-46	-52
CapitalExpenditure (%)

To support growth, companies need to keep investing in capital items – including property, plants and equipment. To calculate this net investment,we take capital expenditure (found in the company’s statement of cash flows) and subtract non-cash depreciation (found on the income statement). Working capital refers to the cash a company needs for day-to-day operations. The faster a company expands, the more cash it will need. To calculate working capital, we take current assets and subtract current liabilities. You can find both of these on a company’s balance sheet, which is published in its quarterly and annual financial statements.

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