This spreadsheet was prepared by Anne Lykes (MBA ’20); under the guidance of Susan Chaplinsky, Tipton R.

Snavely Professor of Bu
of Commerce, McIntire School of Commerce. Copyright © 2021 by the University of Virginia Darden School Foundation, Charlotte
inquiries, send an email to [email protected]. No part of this publication may be reproduced, stored in a retrieva
form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of the Darden Schoo
highest quality, so please submit any errata to [email protected].

Aug. 18, 2021

 This spreadsheet supports STUDENT analysis of the case “Roark Capital: Buyout of Buffalo Wild Wings”
(UVA-F-1984).

e Lykes (MBA ’20); under the guidance of Susan Chaplinsky, Tipton R. Snavely Professor of Business Administration; and Felicia Marston, Profess
mmerce. Copyright © 2021 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved. For customer serv
denbusinesspublishing.com. No part of this publication may be reproduced, stored in a retrieval system, posted to the Internet, or transmitted in a
echanical, photocopying, recording, or otherwise—without the permission of the Darden School Foundation. Our goal is to publish materials of t
rrata to [email protected].
 Exhibit 2
Roark Capital: Buyout of Buffalo Wild Wings
BWW’s Historical Income Statement
(in millions of dollars)

Fiscal years ending December 2012 2013 2014

Restaurant sales (company revenues) $964.0 $1,185.3 $1,423.0
Year-over-year (YoY) growth percentage 34.4% 23.0% 20.1%
Franchise royalties and fees 76.5 81.4 93.2
YoY growth percentage 14.1% 6.4% 14.5%
Total revenue $1,040.5 $1,266.7 $1,516.2
YoY growth percentage 32.6% 21.7% 19.7%
Cost of sales 303.7 363.8 413.9
Cost of sales/company restaurant sales 31.5% 30.7% 29.1%
Labor costs 289.2 360.3 444.2
Labor/company restaurant sales 30.0% 30.4% 31.2%
Operating costs 141.4 174.3 209.6
Operating costs/company restaurant sales 14.7% 14.7% 14.7%
Occupancy costs 54.1 68.4 78.9
Occupancy costs/company restaurant sales 5.6% 5.8% 5.5%
Gross profit $252.1 $299.9 $369.6
Gross profit margin 24.2% 23.7% 24.4%

Selling, general, and administrative (SG&A) expenses 84.1 96.2 118.0

SG&A/total revenue 8.1% 7.6% 7.8%
Pre-opening costs 14.6 14.6 13.5
Depreciation and amortization 67.5 85.0 98.5
Other operating expenses, total $166.2 $195.8 $230.0

Operating income $85.9 $104.1 $139.6

Operating income/total revenue 8.3% 8.2% 9.2%

Data sources: Company filings through December 2016; estimated 2017 numbers taken from UBS analyst report on BWW dated November 2
d Wings
ent

2015 2016 2017E

$1,715.0 $1,891.6 $1,977.5
20.5% 10.3% 4.5%
97.7 95.2 100.3
4.8% -2.6% 5.3%
$1,812.7 $1,986.8 $2,077.8
19.6% 9.6% 4.6%
507.8 564.7 617.0
29.6% 29.9% 31.2%
542.8 599.0 629.3
31.7% 31.7% 31.8%
250.8 285.1 303.1
14.6% 15.1% 15.3%
94.6 108.9 114.2
5.5% 5.8% 5.8%
$416.7 $429.1 $414.1
23.0% 21.6% 19.9%

129.1 123.1 133.1

7.1% 6.2% 6.4%
14.2 8.7 4.3
127.5 152.1 151.4
$270.8 $284.0 $288.7

$145.9 $145.1 $125.4

8.1% 7.3% 6.0%

lyst report on BWW dated November 27, 2017.

 Exhibit 3
Roark Capital: Buyout of Buffalo Wild Wings
BWW’s Historical Balance Sheet
(in millions of dollars)

Dec. 30, 2015 Dec. 30, 2016 Sept. 30, 2017

ASSETS
Cash and equivalents 20.3 49.3 30.7
Accounts receivable 34.1 34.2 42.4
Other receivables 21.6 1.0 2.1
Inventory 15.4 16.5 14.7
Prepaid expenses 6.4 9.1 10.1
Other current assets 100.1 66.5 23.3
Total current assets 197.8 176.6 123.3
Gross property, plant, and equipment 1,059.5 1,150.5 1,179.6
Accumulated depreciation (454.7) (557.7) (637.9)
Net property, plant, and equipment 604.7 592.8 541.7
Goodwill 114.1 117.2 117.2
Other intangibles 138.2 129.4 109.0
Other long-term assets 17.7 31.2 39.2
Total assets 1,072.4 1,047.2 930.5

LIABILITIES
Accounts payable 44.8 45.8 40.9
Accrued expenses 99.2 104.0 65.0
Current portion of long-term debt 2.1 3.7 4.6
Unearned revenue, current 81.3 87.6 6.9
Other current liabilities 36.2 0.9 59.3
Total current liabilities 263.6 242.0 176.7
Long-term debt 71.0 205.3 420.4
Deferred tax liability, non-current 23.7 21.6 12.9
Other non-current liabilities 58.3 60.5 57.6
Total liabilities 416.6 529.3 667.7
Common stock 160.4 147.2 142.7
Retained earnings 499.1 374.7 124.3
Comprehensive income and other (4.1) (3.9) (3.6)
Total common equity 655.3 518.0 263.4
Minority interest 0.4 (0.1) (0.6)
Total equity 655.7 517.9 262.8
Total liabilities and equity 1,072.4 1,047.2 930.5

Data source: Capital IQ.

 Exhibit 8
Roark Capital: Buyout of Buffalo Wild Wings
BWW’s Recent Stock Performance

Stock Return Performance of:

Five-year Three-year Two-year One-year
BWW’s stock 2.32 1.05 0.87 0.97
S&P 500 Index 1.71 1.21 1.17 1.10
S&P 1500 Restaurant Index 1.31 1.28 1.20 1.04

Note: Stock return performance is calculated from monthly returns assuming $1 is invested at the
beginning date of the respective time intervals and grows through December 2016.

Data sources: CRSP and Datastream.

 Exhibit 9
Roark Capital: Buyout of Buffalo Wild Wings
BWW’s Performance Metrics

2012 2013 2014 2015 2016 Q3 2017A

Revenue growth
Company operated 34.4% 23.0% 20.0% 20.5% 10.3% 4.0%
Franchised 14.1% 6.3% 14.6% 4.8% -2.6% 4.6%
Total restaurant 32.6% 21.7% 19.7% 19.6% 9.6% 4.1%

Same-store sales growth

Company operated 6.6% 3.9% 6.5% 4.3% -2.4% -2.3%
Franchised 6.5% 3.3% 5.6% 2.5% -2.6% -3.2%

Margins
Restaurant level (“four-wall”) margin¹ 18.2% 18.4% 19.4% 18.6% 17.7% 16.2%
Operating margin 8.3% 8.2% 9.2% 8.1% 7.3% 5.7%

Store count
Company operated 381 434 491 596 631 638
YoY growth percentage 19.4% 13.9% 13.1% 21.4% 5.9% 1.1%
Franchised 510 559 591 579 609 633
YoY growth percentage 2.4% 9.6% 5.7% -2.0% 5.2% 3.9%
Total restaurants 891 993 1,082 1,175 1,240 1,271
YoY growth percentage 9.1% 11.4% 9.0% 8.6% 5.5% 2.5%

Franchising mix 57.2% 56.3% 54.6% 49.3% 49.1% 49.8%

Average unit volume (AUV)

Company operated AUV (in thousands of dollars, annual) $2,793 $2,932 $3,148 $3,258 $3,140 $3,038
Franchised AUV (in thousands of dollars, annual) $2,940 $3,099 $3,266 $3,352 $3,263 $3,135

Average weekly sales per company-operated unit $53,783 $56,377 $60,470 $62,529 $60,366 $57,930
Average weekly sales per franchised unit $56,489 $59,582 $62,596 $64,474 $62,662 $59,964
¹ Restaurant-level margin is company-operated restaurant sales minus cost of goods sold (COGS), labor, operating, and occupancy costs,
divided by company-operated restaurant sales.

Data sources: Capital IQ, company filings, analyst reports, and author estimates.
2017
2018
 Exhibit 10
Roark Capital: Buyout of Buffalo Wild Wings
BWW’s Projected Income Statement
LBO Forecast Model Assumptions

(in millions of dollars) Closing

2017E
Beginning balance, company restaurants
Less: Refranchised restaurants
Plus: New company restaurants
Ending balance, company restaurants 640
Unit growth

Beginning balance, franchised restaurants

Plus: Refranchised restaurants
Plus: New franchised restaurants
Ending balance, franchised restaurants 647
Unit growth

Average company restaurants

Average franchised restaurants

Average weekly sales per company restaurant, in millions of dollars

Average weekly sales per franchised restaurant, in millions of dollars

Franchise royalties
Cost of sales/company restaurant sales 31.2%
Labor/company restaurant sales 31.8%
Operating costs/company restaurant sales 15.3%
Occupancy costs/company restaurant sales 5.8%
SG&A/total revenues 6.4%

Depreciation and amotization per company restaurant, in millions of dollars

Expected tax rate¹

After-tax sale price of refranchised restaurants, in millions of dollars²

Assumptions: Pro forma revenue forecasts were based on average restaurants per year. Capital expenditures were assumed equal to
depreciation and amortization going forward due to elimination of growth in company-owned restaurants.

¹ Tax rate anticipates passage of the Tax Cuts and Jobs Act of 2017 (TCJA), which dropped the corporate tax rate from 34% to 21%, effective
The TCJA also capped net interest expense deductions at 30% of adjusted taxable income (i.e., 30% of EBITDA from 2018 to 2021, reduced t
starting in 2022). Unused net interest expense deductions could be carried forward indefinitely.
² Pre-tax sale price is estimated as company unit EBITDA (averaged over the past five years) × 5.5 (average purchase price multiple of compa
deducts the tax owed on the gain on sale over the book value of company units at the 25% rate.

Data sources: Buffalo Wild Wings proxy statement, company filings, Capital IQ, and author estimates.
 falo Wild Wings
me Statement
ssumptions

Forecast
2018P 2019P 2020P 2021P 2022P
640 607 567 527 487
33 40 40 40 20
0 0 0 0 0
607 567 527 487 467
-5.2% -6.6% -7.1% -7.6% -4.1%

647 720 795 865 930

33 40 40 40 20
40 35 30 25 25
720 795 865 930 975
11.3% 10.4% 8.8% 7.5% 4.8%

623.5 587.0 547.0 507.0 477.0

683.5 757.5 830.0 897.5 952.5

0.0604 0.0612 0.0621 0.0630 0.0643

0.0627 0.0636 0.0645 0.0655 0.0668

5% 5% 5% 5% 5%
31.2% 31.2% 30.9% 30.6% 30.4%
31.8% 31.6% 31.4% 31.2% 31.0%
15.0% 14.9% 14.8% 14.7% 14.6%
5.8% 5.8% 5.6% 5.4% 5.4%
6.5% 6.4% 6.3% 6.3% 6.2%

0.24 0.24 0.24 0.24 0.24 149.64 140.88 131.28 121.68

25% 25% 25% 25% 25%

1.8 1.8 1.8 1.8 1.8

ditures were assumed equal to

orate tax rate from 34% to 21%, effective January 1, 2018.

of EBITDA from 2018 to 2021, reduced to 30% of EBIT
average purchase price multiple of company units over the past five years). After-tax sale price
114.48 - -
 Exhibit 10 (continued)

BWW’s Projected Income Statement

(in millions of dollars) Closing

2017E
Revenue
Average number of company restaurants
Average weekly sales per company restaurant, in millions of dollars
Company revenue $1,977.5

Average number of franchised restaurants

Average weekly sales per franchised restaurant, in millions of dollars
Franchise sales
Royalty revenue 100.3
Total revenue $2,077.8

Expenses
Cost of sales
Labor
Operating costs
Occupancy
Gross profit
Percentage margin
SG&A
EBITDA $276.8
Percentage margin 13.3%

Depreciation and amortization

Operating income (EBIT) $125.4
Percentage margin 6.0%

Source: Author analysis.

it 10 (continued)

ected Income Statement

Forecast
2018P 2019P 2020P 2021P 2022P

623.5 587.0 547.0 507.0 477.0

0.0604 0.0612 0.0621 0.0630 0.0643
$1,957.2 $1,866.6 $1,765.5 $1,660.9 $1,593.9

683.5 757.5 830.0 897.5 952.5

0.0627 0.0636 0.0645 0.0655 0.0668
2,230.1 2,503.7 2,784.5 3,056.1 3,308.2
111.5 125.2 139.2 152.8 165.4
$2,068.7 $1,991.8 $1,904.7 $1,813.7 $1,759.3

610.6 582.4 545.5 508.2 484.5

622.4 589.8 554.4 518.2 494.1
293.6 278.1 261.3 244.2 232.7
113.5 108.3 98.9 89.7 86.1
428.6 433.2 444.6 453.4 461.9
20.7% 21.7% 23.3% 25.0% 26.3%
134.5 127.5 120.0 114.3 109.1
$294.1 $305.7 $324.7 $339.2 $352.8
14.2% 15.3% 17.0% 18.7% 20.1%

149.6 140.9 131.3 121.7 114.5

144.5 164.8 193.4 217.5 238.3
7.0% 8.3% 10.2% 12.0% 13.5%
 Exhibit 11
Roark Capital: Buyout of Buffalo Wild Wings
Restaurant Comparable Valuation Analysis
(in millions of dollars, except multiples)

Market Cap Percent Percent Unit Sales Growth

Oct. 13, 2017 Franchised Growth CY16 CY17E

Casual dining
Darden $9,822 0% 12% 1% 9%
Cracker Barrel 3,645 0% 1% 3% 1%
Texas Roadhouse 3,548 16% 7% 10% 11%
Cheesecake Factory 1,983 0% 4% 8% -1%
Bloomin’ Brands 1,687 20% -1% -3% -2%
Buffalo Wild Wings 1,587 51% 5% 10% 4%
Brinker 1,520 40% 1% 4% -3%
BJ’s Restaurant 645 0% 5% 8% 4%
Red Robin 828 16% 1% 3% 6%
Chuy’s 350 0% 16% 15% 12%

Quick service
McDonald’s 133,949 93% 1% -3% -8%
Yum Brands 26,272 96% 3% -51% -7%
Restaurant Brands Int. 15,658 100% 6% 2% 12%
The Wendy’s Company 3,737 95% 1% -23% -15%
Wingstop 945 98% 15% 17% 15%

Fast casual
Chipotle 9,308 0% 8% -13% 15%
Shake Shack 876 42% 32% 41% 32%
Potbelly 307 12% 11% 9% 5%
Zoe’s Kitchen 229 1% 19% 22% 0%

Coffee
Starbucks 80,454 50% 9% 10% 5%
Dunkin’ Brands 5,006 100% 2% 6% 4%

Data sources: William Blair Restaurant Industry Report, November 28, 2017; UBS Buffalo Wild Wings Industry Report, October 11, 2017; C
 Wings
alysis
ples)

EBITDA Price/EPS TEV/

Margin LTM LTM EBITDA LTM

12.9% 20.4× 10.9×

13.7% 18.1× 9.7×
13.3% 30.1× 12.5×
11.8% 14.8× 7.1×
9.7% 19.5× 6.9×
12.8% 25.9× 7.7×
13.7% 10.7× 6.5×
11.3% 17.7× 6.5×
10.1% 99.3× 8.3×
11.0% 20.9× 8.0×

40.9% 27.1× 16.4×

33.6% 28.8× 17.3×
44.6% 46.4× 15.2×
31.2% 39.8× 15.9×
28.4% 50.7× 30.8×

10.1% 70.2× 22.0×

15.8% 58.5× 17.2×
8.8% 76.6× 7.0×
7.5% NM 11.8×

22.2% 28.1× 14.7×

37.1% 24.3× 15.4×

ustry Report, October 11, 2017; Capital IQ.

 Exhibit 12
Roark Capital: Buyout of Buffalo Wild Wings
Debt Schedule
(in millions of dollars)

LIBOR
Amount Spread Rate
(Oct. 2017)
Revolver (max $150 million) $100 1.8% 3.5% 5.3%
Senior Secured Term Loan B $1,575 1.8% 3.5% 5.3%
Senior unsecured notes $485 7.3%

Notes:
The deal was expected to close on December 30, 2017.

Due to a change of control provisions in the covenants of the existing debt, the sponsor was
required to pay off the existing debt prior to the closing of the deal.

The revolver was packaged with the Senior Secured Term Loan B and was required to be repaid
in full before it could be drawn again.

Term Loan B (ratings Moody’s B3/S&P B) was a floating rate loan due in 2025 that paid interest
annually on the prior year’s ending debt balance, based on London Inter-bank Offered Rate
(LIBOR) (assumed constant) plus a spread. The loan required amortization of 1% of the initial
principal amount of $1,575 million to be repaid each year.

The senior unsecured notes (ratings Moody’s Caa3/S&P CCC+) were high-yield notes that paid
fixed-rate interest of 7.3% per annum on the prior year’s ending debt balance, were due in 2026,
and had bullet amortization.

Cash flow in excess of operating and financial obligations would be used to, in order of priority,
pay the required amortization on the Senior Secured Term Loan B and repay the revolver. Cash
in excess of those obligations would be used to further reduce the principal on the Senior
Secured Term Loan B.

Transactions costs of approximately $110 million were expected to be incurred to complete the
deal. All costs associated with the transaction would be expensed.

As of the close of Q3 2017, 15.532 million shares of common stock were outstanding.

Data sources: One-year LIBOR for October 13, 2017, from http://libor.fedprimerate.com/2017/10/ (accessed June 16, 2021); Buffalo
Wild Wings proxy statement; and Bloomberg.
 Exhibit 13
Roark Capital: Buyout of Buffalo Wild Wings
Selected Transactions Analysis

Value TEV/
Date Target Type Acquirer
(in millions of dollars) EBITDA LTM
2017 Ruby Tuesday Casual dining NRD Capital $335 7.9×
2017 Panera Bread Company Casual dining JAB Holdings B.V. $7,500 18.5×
2017 Cheddar’s Restaurant Holding Corp. Casual dining Darden Restaurants, Inc. $780 10.8×
2017 Bob Evans Casual dining Golden Gate Capital $565 6.8×
2017 Checkers Drive-In Restaurants, Inc. QSR/fast casual Oak Hill Capital Partners 11.0×
2017 Cheddar’s Scratch Kitchen Casual dining Darden Restaurants $780 10.4×
2017 Popeye’s Louisiana Kitchen, Inc. QSR/fast casual Restaurant Brands International Inc. $1,800 20.6×
2016 Krispy Kreme Donuts QSR/fast casual JAB Holdings B.V. $1,350 19.0×
2015 Del Taco Restaurants, Inc. QSR/fast casual Levy Acquisition Corp. $15,500 8.7×
2014 Tim Horton’s QSR/fast casual Burger King World Wide $11,160 14.3×
2014 Einstein’s Noah Restaurant Group QSR/fast casual JAB Holdings B.V. $374 9.0×
2014 Red Lobster Casual dining Golden Gate Capital $2,100 9.2×
2014 CEC Entertainment, Inc. Casual dining Apollo Global Management, LLC $1,330 7.9×
2014 TGI Fridays Casual dining Sentinel/TriArtisan $890 7.5×
2013 CKE QSR/fast casual Roark Capital $1,700 8.3×
2014 Caribou Coffee QSR/fast casual JAB Holdings B.V. $340 11.0×
2012 Yard House USA, Inc. Casual dining Darden Restaurants, Inc. $585 15.0×
2012 P.F. Chang’s China Bistro, Inc. Casual dining Centerbridge Partners, L.P. $1,100 8.7×
2011 California Pizza Kitchen Casual dining Golden Gate Capital $470 7.6×
2011 Arby’s QSR/fast casual Roark Capital $340 6.5×

Data sources: Buffalo Wild Wings Proxy Statement; Blair Restaurant Industry Report, November 29, 2017.
Deal
Assumptions

Deal Announcement date:

Acquirer
Target
Target Financial Statistics

Deal points
 11/28/2017
Roark Capital
Buffalo Wild Wings,INC
Mkt Cap: $2.4 billion
EV : $2.7 billion
LTM Revenue: $2.0 Billion
LTM EBITDA: 261.1million

LTM EV/EBITDA: 10.2x

Roark will buy the company for $157 per share, representing a premium of
7.2% to the restaurant's Monday's close .
Roark's offer is at a 34% premium to the stock price on Nov. 13, the last
trading day before media reported that Roark had made an offer of more
than $150 per share . Including debt, the deal is valued at about $2.9 billion
Following the deal close, expected during the first quarter of 2018, Buffalo
Wild Wings will become a privately held unit of Arby's and operate as an independent brand
 Pre-LBO information for
Shares outstanding
Tax rate

LBO details:
Offer price
Debt Financing
Senior Secured revolve
Term Loan
Senior unsecured notes
Transaction costs
Net debt

"Exit" details:
Years to exit

EBITDA at exit
EV/EBITDA multiple

a) Total acquisition cost for Roark capital at $157 share

Debt financing
Equity financing
Capital Structure
Debt financing
Equity financing
b) Total acquisition cost for Roark capital at $155 share
Debt Financing
Equity Financing
Capital Structure
Debt financing
Equity financing
Buffalo Wild wings
15.532 million
25%

$157 $155

$100 Million
$1,575 Million
$485 Million
$110 million
$394.3 Million

million
12.6

$2,942.84
$2,160
$782.84

73.40%
26.60%
$2,911.78
$2,160
$751.78

74.18%
25.82%
FCF Calculations

2018 2019 2020 2021 2022

EBIT 144.5 164.8 193.4 217.5 238.3
Tax(25%) 36.1 41.2 48.3 54.4 59.6
Noplat 108.3 123.6 145.0 163.1 178.7
Dep 149.6 140.9 131.3 121.7 114.5
Capex 149.6 140.9 131.3 121.7 114.5
FCF 108.3 123.6 145.0 163.1 178.7

Interest calculation

2018 2019 2020 2021 2022 Rates

Senior Secured
revolve $100 $100 $100 $100 $100 5.30%
Term Loan $1,575 $1,559.25 $1,543.50 $1,527.75 $1,512.00 5.30%
Senior unsecured
notes $485 $485 $485 $485 $485 7.30%
Total Debt $2,160 $2,144 $2,129 $2,113 $2,097
Loan B amortization $15.8 $15.8 $15.8 $15.8 $15.8

Interest Payment $124.18 $123.35 $122.51 $121.68 $120.84

Cash available for Debt repayment

2018 2019 2020 2021 2022

EBIT 144.5 164.8 193.4 217.5 238.3
Interest $124.18 $123.35 $122.51 $121.68 $120.84
Pre Tax income $20.29 $41.47 $70.86 $95.81 $117.48
Tax $5.07 $10.37 $17.72 $23.95 $29.37
Net Income $15.21 $31.10 $53.15 $71.86 $88.11

Non cash Adjustment 3.92 4.82 4.82 4.82 2.42

after tax sales
proceeds 59.4 72 72 72 36
CARD $78.53 $107.92 $129.97 $148.68 $126.53

Refranchised Res
2018 2019 2020 2021 2022
 33 40 40 40 20
After-tax sale price of
refranchised
restaurants, in
millions of dollars² 1.8 1.8 1.8 1.8 1.8
after tax sales
proceeds 59.4 72 72 72 36
Exit
EV/Ebitda 10.4
2018 2019
EBITDA 294.10512 305.69607876
EV at Exit 3058.6932 3179.2392191
EV + Cash $3,137.23 $3,287.2
Total Debt $2,160 $2,081
Equity $977.23 $1,205.7
Initial Equity $782.84

COC return 1.2 1.5

Value TEV/
Target Type Acquirer (in
millions of
Exit mulitpl dollars) EBITDA LTM
Comparables
2017 Ruby Tuesday Casual dining NRD Capital $335 7.9×
Panera Bread Compa JAB Holdings
2017 Casual dining $7,500
ny B.V. 18.5×
Darden
Cheddar’s Restauran
2017 Casual dining Restaurants, $780
t Holding Corp.
Inc. 10.8×
Golden Gate
2017 Bob Evans Casual dining $565
Capital 6.8×
2017 Cheddar’s Scratch Ki Casual dining Darden Restaura $780 10.4×
 2020 2021 2022
324.6534 339.1646 352.7973
3376.396 3527.311 3669.092 0
$3,506.4 $3,676.0 $3,795.6
$1,974 $1,844 $1,695
$1,533 $1,832 $2,101 2018
Initial Equi ($782.84) ($782.84)
$977.23
2.0 2.3 2.7

Irr 25%
 2019 2020 2021 2022
($782.84) ($782.84) ($782.84) ($782.84)

$1,205.7
$1,533
$1,832

$2,101
23% 23 23 22.05