Free Cash Flow Build Up
Zynga Inc. (ZNGA)
Technology
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 873.27 | 690.40 | 764.69 | 741.37 | 861.32 | 907.14 | 922.20 | 937.51 | 953.07 | 968.90 | 984.98 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 64.19 | -150.30 | -75.86 | -62.94 | 67.87 | 68.49 | -26.74 | -27.19 | -27.64 | -28.10 | -28.56 |
| EBIT | -64.88 | -233.22 | -130.15 | -104.68 | 37.55 | 26.40 | -100.06 | -101.72 | -103.41 | -105.13 | -106.87 |
| Tax Rate | 42.99% | 3.14% | 6.66% | -3.29% | 29.12% | 41.59% | 20.04% | 20.04% | 20.04% | 20.04% | 20.04% |
| EBIAT | -36.99 | -225.89 | -121.48 | -108.12 | 26.62 | 15.42 | -80.01 | -81.34 | -82.69 | -84.06 | -85.46 |
| Depreciation | 129.07 | 82.92 | 54.29 | 41.74 | 30.32 | 42.09 | 73.32 | 74.53 | 75.77 | 77.03 | 78.31 |
| Accounts Receivable | - | -23.94 | 10.01 | 2.35 | -26.45 | 12.08 | -5.95 | -1.62 | -1.65 | -1.67 | -1.70 |
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -5.98 | 14.69 | -5.65 | -5.07 | 7.90 | -0.94 | 0.43 | 0.44 | 0.44 | 0.45 |
| Capital Expenditure | - | -0.57 | 2.89 | 0.08 | 2.62 | 1.70 | -3.13 | 0.14 | 0.14 | 0.14 | 0.14 |
| UFCF | 92.08 | -173.47 | -39.60 | -69.60 | 28.03 | 79.19 | -16.71 | -7.86 | -7.99 | -8.12 | -8.26 |
| WACC | |||||||||||
| PV UFCF | -16.71 | -7.86 | -7.99 | -8.12 | -8.26 | ||||||
| SUM PV UFCF | -132.30 |