THREE MONTHS ENDED

NINE MONTHS ENDED

SEPTEMBER 30,
SEPTEMBER 30,
----------------------------------------------------2000
1999
% CHANGE
2000
1999
% CHANGE
----------- ----------- ----------- ----------- ----------- ----------(IN THOUSANDS, EXCEPT
(IN THOUSANDS, EXCEPT
GROSS MARGIN)
GROSS MARGIN)
<S>
<C>
<C>
<C>
<C>
<C>
<C>
Net sales ........................ $ 637,858 $ 355,777
79% $ 1,789,623 $ 963,797
86%
Gross profit .....................
167,279
70,477
137%
431,477
202,799
113%
Gross margin .....................
26.2%
19.8%
32%
24.1%
21.0%
15%
Marketing, sales and
fulfillment ...................
138,342
86,842
59%
408,266
233,725
75%
Technology and content ...........
71,159
44,451
60%
199,535
102,002
96%
General and administrative .......
26,217
18,382
43%
80,730
44,094
83%
Stock-based compensation .........
4,091
11,789
(65)%
25,909
16,569
56%
Amortization of goodwill and
other intangibles .............
79,194
74,343
7%
242,562
132,393
83%
Acquisition-related and other ....
11,791
1,779
563%
16,259
5,987
172%
Loss from operations .............
(163,515)
(167,109)
(2)%
(541,784)
(331,971)
63%
Interest income ..................
9,402
12,699
(26)%
29,842
36,479
(18)%
Interest expense .................
(33,809)
(21,470)
57%
(94,827)
(66,424)
43%
Other income (expense), net ......
3,353
2,159
55%
(4,693)
2,037
-Non-cash investment gains and
losses, net ....................
12,366
--12,366
--Equity in losses of
equity-method Investees ........
(68,321)
(23,359)
192%
(267,037)
(36,876)
624%

YEAR ENDED DECEMBER 31, 1999

----------------------------------------------FOURTH
THIRD
SECOND
FIRST
QUARTER
QUARTER
QUARTER QUARTER
--------- --------- --------- -------(IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>
<C>
<C>
<C>
<C>
Net sales.................................... $ 676,042 $ 355,777 $ 314,377 $293,643
Gross profit................................. 87,846
70,477
67,531
64,791
Net loss..................................... (323,213) (197,080) (138,008) (61,667)
Basic and diluted loss per share (1)......... $ (0.96) $ (0.59) $ (0.43) $ (0.20)
Shares used in computation of basic and
diluted loss per share..................... 338,389
332,488
322,340 313,794

Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month data)
I. Income Statement
Current EBIT =
$ (231.00)
Current Interest Expense =
$ 139.23
Current Capital Spending
$ 247.47
Current Depreciation and Amortization
$ =265.00
Current Revenues =
$ 3,122.00
II. Balance Sheet
This period Last period
Current Non-cash Working Capital =$ (695.09) $ (698.28)
Book Value of Debt =
$ 2,171.12
2144.04
Book Value of Equity =
$ (1,440.00)
-967.25
296.96%
Cash & Marketable Securities =
$ 996.58
33.53%
Non-operating Assets
$
10.39
III. Tax Information
NOL carried forward =
$ 2,183.00
Marginal tax rate =
35.00%
Adjustments to Current Financial Information
Do you have any operating leases?
Does your firm have R&D expenses?
Are there any other operating expenses to be capitalized?
Discount Rate Inputs
Current Beta =
Current Cost of Borrowing =
Current Market Value of Debt =

Yes
No
No

2.15
9.45%
$ 1,917.60

Expectations for the future

Do you want to enter the growth rate in revenues each year?
If no, Compounded Annual Growth Rate in Revenues for next 10 years:

Yes
42.60%

Do you want me to use current working capital as percent of revenues for the future?No
If not, enter non-cash working capital as a percent of revenues in future periods 3.00%
How would you like capital expenditures to be estimated?
3
If you would chose 3, enter the sales to capital ratio that you would like maintained
3.02
Stable Growth Inputs
Expected Growth Rate in perpetutity =
Expected Operating Margin =
Expected Debt to Capital(MV) Ratio for the firm =
Expected Beta =
Expected Cost of Debt =
Return on Capital for the firm =

4.70%
Speed of convergence
9.32%
1.4
15.00%
1.10
7.00%
15.00%

Per Share Inputs

Number of Shares outstanding =
375.075
Current Stock Price =
$
15.25
Does your firm have equity options outstanding?
Yes
If yes, enter the number of options outstanding =
65.95
and the average exercise price of the options outstanding = 10.65
and the average maturity of the options outstanding =
7.1
and the standard deviation in the firm's stock price =
85%
General Information
Current long term government bond rate =
Estimated Market Risk Premium =

4.70%
4.00%

Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied =
10
Value to Sales multiple in that year =
1.15

ng 12-month data)

Relative Valuation Output

Year in which multiple is used =
Value to Sales Ratio for Specialty retailers=
Revenue in chosen year =
$
Value in chosen year =
$
Cost of capital in chosen year
Value today =
$
+ Cash & Securities =
$
- Debt outstanding =
$
-Equity options outstanding= $
Value of Equity in stock =
$
Value per share =
$

24,898
28,633
2.7955
10,243
1,007
2,220
827
8,203
21.87

10
1.15

Year
1
2
3
4
5
6
7
8
9
10

Revenues
$
4,683
$
6,790
$
9,506
$
12,358
$
14,830
$
17,351
$
19,780
$
21,956
$
23,713
$
24,898

Cumulated Cost of Capital

112.22%
125.94%
141.33%
158.61%
177.00%
196.08%
216.01%
236.66%
257.85%
279.55%

Base
$3,122
-6.48%
-$202
$0
-$202
$265
$247
$3
-$188
$2,183

1
50.00%
$4,683
0.10%
$5
$0
$5
$345
$815
$47
-$512
$2,178

2
45.00%
$6,790
3.94%
$268
$0
$268
$413
$1,048
$63
-$430
$1,911

3
40.00%
$9,506
6.18%
$588
$0
$588
$484
$1,302
$81
-$312
$1,323

4
30.00%
$12,358
7.49%
$926
$0
$926
$551
$1,410
$86
-$19
$397

5
20.00%
$14,830
8.25%
$1,224
$289
$935
$612
$1,356
$74
$116
$0

6
17.00%
$17,351
8.70%
$1,509
$528
$981
$661
$1,420
$76
$146
$0

7
14.00%
$19,780
8.96%
$1,772
$620
$1,152
$694
$1,426
$73
$347
$0

8
11.00%
$21,956
9.11%
$2,000
$700
$1,300
$727
$1,382
$65
$579
$0

9
8.00%
$23,713
9.20%
$2,181
$763
$1,417
$761
$1,290
$53
$836
$0

10
Terminal Year
5.00%
5%
$24,898
$26,069
9.25%
9.32%
$2,303
$2,430
$806
$850
$1,497
$1,579
$797
$834
$1,154
$1,294
$36
$35
$1,104
$1,084
$0
$0
$29,170

Cost of Capital Calculations

Tax Rate
0.00%
Debt Ratio
27.96%
Beta
2.15
Cost of Equity
13.30%
Cost of Debt
9.45%
After-tax cost of debt
9.45%
Cost of Capital
12.22%

0.00%
27.96%
2.15
13.30%
9.45%
9.45%
12.22%

0.00%
27.96%
2.15
13.30%
9.45%
9.45%
12.22%

0.00%
27.96%
2.15
13.30%
9.45%
9.45%
12.22%

0.00%
27.96%
2.15
13.30%
9.45%
9.45%
12.22%

23.64%
27.96%
2.15
13.30%
9.45%
7.22%
11.60%

35.00%
25.37%
1.94
12.46%
8.96%
5.82%
10.78%

35.00%
24.72%
1.73
11.62%
8.84%
5.74%
10.17%

35.00%
23.64%
1.52
10.78%
8.63%
5.61%
9.56%

35.00%
21.48%
1.31
9.94%
8.23%
5.35%
8.95%

35.00%
15.00%
1.10
9.10%
7.00%
4.55%
8.42%

Revenue Growth Rate

Revenues
Operating Margin
EBIT
Taxes
EBIT(1-t)
+ Depreciation
- Capital Expenditures
- Chg WC
FCFF
NOL
Terminal Value

35.00%
15.00%
1.10
9.10%
7.00%
4.55%
8.42%

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested $ 731.12 $
1,248 $
1,946 $
2,845 $
3,790 $
4,608 $
5,443 $
6,247 $
6,968 $
7,549 $
7,942 $
8,437
Reinvestment Rate
NMF
10922.46%
260.67%
153.01%
102.02%
87.58%
76.33%
73.52%
68.83%
59.46%
31.33%
31.33%
Increase in Revenue/Increase in Capital
3.02
3.02
3.02
3.02
3.02
3.02
3.02
3.02
3.02
3.02
2.36
Return on Capital
0.65%
21.45%
30.21%
32.53%
24.66%
21.29%
21.16%
20.81%
20.34%
19.83%
15.00%
Present Value Calculations
Cumulative WACC
Present Value of FCFF
Present Value of Terminal Value

1.12222845 1.259396693 1.4133308 1.586080031 1.770036061 1.96077534 2.160129657 2.366593072 2.578476897 2.79552019
$
(456) $
(342) $
(220) $
(12) $
66 $
75 $
161 $
245 $
324 $
395
$
10,435

The Valuation
PV of FCFF during high growth phase =
PV of Terminal Value =
Value of Operating Assets of the firm =
Value of Cash & Non-operating assets=
Value of Firm =
- Value of Outstanding Debt =
Value of Equity =
- Value of Equity Options =
Value of Equity in Common Stock =
Value of Equity per share =

$
235
$
10,435
$
10,669
$ 1,006.97
$
11,676
$
2,220
$
9,456
$
827
$
8,630
$
23.01

Treasury Stock Approach

$
23.03

Summary Output
Revenues
EBIT
EBIT(1-t)
- Reinvestment
FCFF

$4,683
$5
$5
$517
-$512

$6,790
$268
$268
$698
-$430

$9,506
$588
$588
$899
-$312

$12,358
$926
$926
$944
-$19

$14,830
$1,224
$935
$818
$116

$17,351
$1,509
$981
$835
$146

$19,780
$1,772
$1,152
$804
$347

$21,956
$2,000
$1,300
$720
$579

$23,713
$2,181
$1,417
$582
$836

$24,898
$2,303
$1,497
$393
$1,104

$26,069
$2,430
$1,579
$495
$1,084

Company
Market Value Percent Owned
Della.com
21.90%
drugstore.com
26.70%
Gear.com
49%
HomeGrocer.com
28%
Kozmo.com
21.70%
Naxon Corporation
61%
Pets.com
48.40%

Operating Lease Converter

Inputs
Operating lease expense in current year =
$
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$
60.84
2
$
57.50
3
$
48.73
4
$
41.95
5
$
42.40
6 and beyond $ 206.37

81.00

Output
Pre-tax Cost of Debt =

9.45%

! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following

Reported Operating Income (EBIT) =
$ (231.00) ! This is the EBIT reported in the current income statement
Reported Debt =
$ 2,171.12 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate =

! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6

Converting Operating Leases into debt

Year
Commitment Present Value
1 $
60.84 $
55.58
2 $
57.50 $
48.00
3 $
48.73 $
37.17
4 $
41.95 $
29.23
5 $
42.40 $
27.00
6 and beyond $
51.59 $ 105.38 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$ 302.35
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

$
$

33.59 ! I use straight line depreciation

$28.57 ! PV of operating leases * Pre-tax cost of debt
302.35

come statement
on the balance sheet

line depreciation
ing leases * Pre-tax cost of debt

R & D Converter

This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
5
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$ 1,594.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
-4
-5
0
0
0
0
0
Output
Year
Current
-1
-2
-3
-4
-5
0
0
0
0
0

R& D Expenses
1026.00
! Year -1 is the year prior to the current year
698.00
! Year -2 is the two years prior to the current year
399.00
211.00
89.00

R&D Expense
1594.00
1026.00
698.00
399.00
211.00
89.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
1594.00
0.80
820.80
0.60
418.80
0.40
159.60
0.20
42.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Value of Research Asset =

Amortization of asset for current year =
Adjustment to Operating Income =
Tax Effect of R&D Expensing

0.00

Amortization this year

$
$
$
$
$
$
$
$
$
$

$3,035.40 $

205.20
139.60
79.80
42.20
17.80
-

484.60

$484.60

$1,109.40 ! A positive number indicates an increase in operating income (add to reported EB

$388

Look Up Table for Amortization Periods

Industry NameAmortization Period

Advertising
2
Aerospace/Defense
10
Air Transport
10
Aluminum
5
Apparel
3
Auto & Truck
10
Auto Parts (OEM)
5
Auto Parts (Replacement) 5
Bank
2
Bank (Canadian)
2
Bank (Foreign)
2

Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period

2 years
3 years
5 years
10 years
10 years
10 years

Bank (Midwest)
2
Beverage (Alcoholic)
3
Beverage (Soft Drink)
3
Building Materials
5
Cable TV
10
Canadian Energy
10
Cement & Aggregates 10
Chemical (Basic)
10
Chemical (Diversified) 10
Chemical (Specialty)
10
Coal/Alternate Energy
5
Computer & Peripherals 5
Computer Software & Svcs3
Copper
5
Diversified Co.
5
Drug
10
Drugstore
3
Educational Services
3
Electric Util. (Central) 10
Electric Utility (East)
10
Electric Utility (West) 10
Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn 5
Foreign Telecom.
10
Furn./Home Furnishings 3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems 3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified) 3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic)3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.) 5
Natural Gas (Distrib.) 10
Natural Gas (Diversified)10

Newspaper
3
Office Equip & Supplies 5
Oilfield Services/Equip. 5
Packaging & Container 5
Paper & Forest Products 10
Petroleum (Integrated)
5
Petroleum (Producing)
5
Precision Instrument
5
Publishing
3
R.E.I.T.
3
Railroad
5
Recreation
5
Restaurant
2
Retail (Special Lines)
2
Retail Building Supply 2
Retail Store
2
Securities Brokerage
2
Semiconductor
5
Semiconductor Cap Equip 5
Shoe
3
Steel (General)
5
Steel (Integrated)
5
Telecom. Equipment
10
Telecom. Services
5
Textile
5
Thrift
2
Tire & Rubber
5
Tobacco
5
Toiletries/Cosmetics
3
Trucking/Transp. Leasing 5
Utility (Foreign)
10
Water Utility
10

e adjustments to operating income, net

se the lookup table below

allowed is ten years
ed by the amortization period

n operating income (add to reported EBIT)

Other Expenses to Capitalize

This spreadsheet converts any expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize these expenses
3
Enter the current year's operating expense =
$ 1,594.00 The maximum allowed is ten years
Enter operating expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
0
0
0
0
0
0
0
Output
Year
Current
-1
-2
-3
0
0
0
0
0
0
0

Operating Expenses
1026.00
! Year -1 is the year prior to the current year
698.00
! Year -2 is the two years prior to the current year
399.00

R&D Expense
1594.00
1026.00
698.00
399.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
1594.00
0.67
684.00
0.33
232.67
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Value of Expensing Asset =

0.00

Amortization this year

$
$
$
$
$
$
$
$
$
$

$2,510.67 $

342.00
232.67
133.00
-

707.67

Amortization of asset for current year =

$707.67

Adjustment to Operating Income =

$886.33 ! A positive number indicates an increase in operating income (add to reported E

$310

Tax Effect of Expensing

justments to operating income, net

allowed is ten years

ned by the amortization period

n operating income (add to reported EBIT)

Enter the expected growth rate in revenues each year for the next 10 years
Year
Expected Growth Rate
1
50.00%
2
45.00%
3
40.00%
4
30.00%
5
20.00%
6
17.00%
7
14.00%
8
11.00%
9
8.00%
10
5.00%
Compounded Average
23.08%

Valuing Options or Warrants

Enter the current stock price =
$
23.01
Enter the strike price on the option =
10.65
Enter the expiration of the option =
7.1
Enter the standard deviation in stock prices =
84.90% (volatility)
Enter the annualized dividend yield on stock =
0.00%
Enter the treasury bond rate =
4.70%
Enter the number of warrants (options) outstanding 65.95
=
Enter the number of shares outstanding =
375.08
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
23.0078608 # Warrants issued=
Strike Price=
10.65 # Shares outstanding=
Adjusted S (DO NOT ENTER)=
22.4510003 T.Bond rate=
Adjusted K (DO NOT ENTER)= 10.65 Variance=
Expiration (in years) =
7.1 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

1.60828825
0.94611397

d2 =
N (d2) =

-0.65394231
0.25657449

Value per option =

19.28

Value of all options outstanding =

$1,272

65.95
375
4.70%
0.7208
0.00%
4.70%

Industry
Num ber of Firms
Advertising
31
Aerospace/Defense
43
Air Transport
42
Aluminum
8
Apparel
48
Auto & Truck
21
Auto Parts (OEM)
34
Auto Parts (Replacement)
29
Bank
184
Bank (Canadian)
7
Bank (Foreign)
2
Bank (Midwest)
36
Beverage (Alcoholic)
22
Beverage (Soft Drink)
15
Building Materials
46
Cable TV
20
Canadian Energy
16
Cement & Aggregates
13
Chemical (Basic)
14
Chemical (Diversified)
33
Chemical (Specialty)
83
Computer & Peripherals
157
Computer Software & Svcs
432
Copper
5
Diversified Co.
94
Drug
248
Drugstore
10
Educational Services
25
Electric Util. (Central)
38
Electric Utility (East)
38
Electric Utility (West)
17
Electrical Equipment
95
Electronics
139
Entertainment
88
Environmental
54
Financial Svcs. (Div.)
187
Food Processing
95
Food Wholesalers
26
Foreign Electron/Entertn
13
Foreign Telecom.
16
Furn./Home Furnishings
39
Gold/Silver Mining
31
Grocery
27
Healthcare Info Systems
34
Home Appliance
12
Homebuilding
59
Hotel/Gaming
56
Household Products
30
Industrial Services
196
Insurance (Diversified)
1
Insurance (Life)
34
Insurance (Prop/Casualty)
62
Internet
213
Investment Co.
27
Investment Co. (Foreign)
20
Machinery
128

EBIT/Sales
14.42%
10.59%
14.04%
14.74%
13.40%
15.05%
9.42%
11.29%
NA
NA
NA
NA
15.57%
19.68%
11.16%
24.29%
23.78%
24.79%
20.59%
17.88%
15.99%
12.11%
23.44%
26.55%
14.07%
23.73%
7.02%
17.03%
24.40%
30.06%
23.58%
17.81%
8.99%
19.72%
24.39%
25.93%
12.11%
4.52%
10.44%
35.49%
12.65%
32.51%
6.34%
16.03%
11.95%
11.65%
23.14%
19.49%
10.61%
NA
NA
33.29%
-13.96%
16.05%
32.62%
12.11%

Sales/Capital(BV) Debt to Capital (MV)

1.94
5.90%
1.85
30.74%
2.10
41.08%
1.46
19.17%
1.98
28.97%
1.04
50.62%
2.83
35.14%
1.67
48.30%
NA
30.53%
NA
26.77%
NA
21.44%
NA
29.57%
0.91
20.07%
1.24
13.51%
2.64
29.00%
0.53
26.48%
0.82
37.94%
1.26
17.36%
1.12
21.20%
1.32
20.78%
1.44
25.86%
2.44
3.26%
1.48
1.70%
0.76
37.72%
1.54
22.43%
1.17
3.35%
3.43
12.47%
1.59
5.14%
0.74
51.68%
0.68
42.45%
0.92
45.35%
1.80
3.31%
1.86
7.71%
0.72
13.30%
0.91
49.25%
0.25
32.50%
1.70
25.52%
4.87
29.67%
0.76
15.80%
0.65
7.59%
2.37
20.70%
0.45
12.81%
4.68
22.79%
1.42
6.35%
2.53
27.56%
1.36
53.13%
0.67
49.34%
1.84
10.70%
2.23
18.87%
NA
NA
NA
14.51%
NA
8.21%
1.25
0.34%
0.79
2.34%
0.26
3.79%
1.53
30.47%

Manuf. Housing/Rec Veh

Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Diversified)
Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility

21
17
174
192
43
24
47
36
20
32
74
35
57
47
98
88
50
158
17
90
92
215
13
32
31
92
8
25
30
19
105
166
29
138
10
14
20
50
2
16

8.34%
19.55%
11.20%
12.84%
13.08%
13.23%
21.17%
13.21%
22.92%
12.79%
20.40%
16.37%
14.50%
14.64%
34.27%
13.96%
14.56%
1.03%
24.55%
17.13%
16.14%
8.25%
9.24%
7.96%
61.40%
23.20%
20.69%
9.84%
10.54%
11.19%
16.20%
30.65%
12.15%
NA
12.74%
15.08%
18.66%
17.23%
51.91%
41.56%

2.77
0.64
1.86
2.29
1.84
0.75
0.78
1.35
0.93
1.70
0.88
1.12
1.23
1.67
0.50
1.66
1.56
13.51
0.73
1.13
1.62
3.46
3.46
2.99
0.46
1.25
1.30
2.26
1.57
0.99
1.48
0.88
1.37
NA
2.11
2.68
1.96
1.55
0.25
0.38

29.31%
58.00%
26.01%
8.51%
16.44%
29.68%
45.53%
30.05%
15.90%
29.53%
17.27%
51.45%
35.32%
10.50%
33.86%
8.87%
17.65%
10.21%
39.43%
15.98%
19.13%
11.00%
2.44%
14.53%
56.04%
2.19%
0.85%
16.92%
32.58%
37.83%
3.72%
12.78%
64.68%
68.57%
32.18%
23.81%
9.54%
56.26%
41.08%
43.30%

After-tax Return on Capital Levered Beta Unlevered BetaNon-cash WC/Sales

27.94%
1.05
0.99
-2.65%
19.49%
0.88
0.61
19.06%
29.40%
1.06
0.62
2.47%
21.39%
0.93
0.75
20.12%
26.52%
0.87
0.62
25.28%
15.62%
0.89
0.44
34.59%
26.53%
0.77
0.50
11.02%
18.77%
0.73
0.38
25.95%
NA
0.79
0.55
NA
NA
0.99
0.73
NA
NA
1.10
0.86
NA
NA
0.81
0.57
NA
14.19%
0.64
0.51
11.49%
24.32%
0.79
0.69
6.40%
29.33%
0.83
0.59
12.80%
12.90%
1.01
0.74
-4.68%
19.49%
0.75
0.46
4.00%
31.24%
0.78
0.64
13.79%
22.93%
0.91
0.72
23.32%
23.47%
0.80
0.63
21.58%
23.02%
0.81
0.60
21.05%
29.45%
1.13
1.09
16.46%
34.73%
1.18
1.16
16.99%
20.13%
0.81
0.51
9.30%
21.61%
0.84
0.66
19.53%
27.64%
1.04
1.01
21.27%
24.00%
0.96
0.84
13.65%
26.95%
0.84
0.80
12.27%
17.96%
0.54
0.26
7.16%
20.37%
0.53
0.30
8.47%
21.55%
0.54
0.29
6.66%
32.03%
0.94
0.91
18.87%
16.72%
1.05
0.97
21.76%
14.14%
0.91
0.79
19.80%
22.15%
0.76
0.39
12.77%
NA
0.97
0.65
NA
20.55%
0.70
0.52
15.78%
21.95%
0.76
0.53
3.15%
7.86%
0.85
0.72
22.79%
22.96%
1.03
0.95
12.84%
29.83%
0.87
0.69
19.56%
14.64%
0.44
0.38
10.40%
29.62%
0.68
0.52
3.80%
22.66%
0.95
0.89
19.33%
30.17%
0.88
0.64
19.08%
15.79%
0.88
0.41
38.42%
15.44%
0.91
0.46
2.95%
35.74%
0.77
0.69
15.19%
23.64%
0.95
0.77
14.60%
NA
NA
NA
NA
0.00%
0.93
0.80
NA
0.01%
0.80
0.73
6.57%
-17.41%
1.61
1.60
7.71%
12.65%
0.61
0.59
12.24%
8.59%
1.02
0.98
1.08%
18.47%
0.80
0.56
24.08%

22.98%
12.49%
20.79%
29.31%
24.00%
9.88%
16.51%
17.85%
21.22%
21.71%
18.00%
18.31%
17.73%
24.35%
17.01%
23.07%
22.64%
13.89%
17.90%
19.26%
26.04%
28.49%
31.81%
23.76%
27.87%
28.85%
26.79%
22.13%
16.54%
10.99%
24.02%
26.95%
16.66%
NA
26.86%
40.24%
36.42%
26.70%
13.07%
15.65%

0.80
0.85
0.95
0.91
0.86
0.70
0.58
0.76
0.81
0.92
1.03
0.80
0.80
0.75
0.77
0.99
0.84
0.72
0.82
0.87
0.81
1.00
0.94
0.99
1.26
1.34
1.50
0.81
0.78
0.82
1.21
1.12
0.81
0.82
0.90
0.65
0.90
0.82
0.95
0.56

0.57
0.36
0.70
0.83
0.72
0.49
0.32
0.53
0.68
0.65
0.85
0.39
0.52
0.67
0.51
0.90
0.69
0.65
0.50
0.73
0.66
0.89
0.92
0.85
0.56
1.31
1.49
0.67
0.52
0.51
1.17
0.98
0.29
0.26
0.61
0.50
0.81
0.36
0.56
0.32

20.90%
9.24%
9.69%
17.78%
21.91%
23.84%
5.72%
4.18%
3.51%
26.88%
20.89%
16.43%
15.26%
5.43%
5.16%
28.98%
15.66%
-21.68%
0.94%
17.26%
0.20%
12.54%
11.54%
15.78%
145.45%
17.37%
18.34%
26.85%
20.01%
19.22%
27.67%
4.81%
26.59%
NA
18.08%
14.53%
25.72%
14.42%
5.29%
3.83%