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Freemium Business Model Notes

Original filename: freemium model 1-2.xls


General Notes
n This model provides a base template for modeling out a freemium web services business
n It uses a "cohort" approach and allows you to model churn and conversion behavior for monthly cohorts.
n The model works off of a concept of "active users" - i.e. someone who is coming to your site at least once to use system that month
n This has a simple user acquisition / growth approach; you can swap in a more complicated user growth model at the top
that accounts for virality or marketing spend -- I only encourage you to model user growth from the bottom up.
n If you are modeling out microtransactions / vgoods, I suggest breaking out different user types and cross-checking against
industry ARPU and ARPPU rates
n Feel free to use the model however you want -- I hope it is helpful to your efforts.
n If you spot a bug, let me know! (giff.constable2@gmail.com)
Notes on Assumptions and Inputs
n Many of the inputs in the model have been zero-ed out so you can enter your own assumptions w/o distraction
n User growth is at top of Model tab; cohort behavior at top of Assumptions tab
n Other assumptions are spread across the Model, Assumptions, and Staff tabs (depending on whether static or change over time)
n Hard-coded inputs are blue

Original model template created by Giff Constable, 2009 -- http://giffconstable.com

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Financial Summary
2010

2011

2012

2013

100
100
0
0%

715,188
334,475
3,197
1%

3,178,669
979,648
40,414
4%

6,974,996
1,845,493
126,009
7%

Revenue
Subscriptions
Advertising / Affiliate
Total Revenue

0
0
0

0
0
0

0
0
0

0
0
0

Cost of Revenues

Gross Profit

Gross Margin

0%

0%

0%

0%

0
0%
0
0%
132,880 100%
132,880

0
0%
0
0%
152,880 100%
152,880

Registered Users (FYE)


Active Users (FYE)
Subscribers (FYE)
Subscriber Ratio (FYE)

Technology
Sales & Marketing
General & Administrative
Total Operating Costs
EBITDA
EBITDA Margin

FYE Headcount (incl. contractors)


Corp
Technology
Sales & Marketing
Customer Support
Total

0
0
32,880
32,880

0
0%
0
0%
72,880 100%
72,880

(32,880)

(72,880)

(132,880)

(152,880)

0%

0%

0%

0%

2010
1.0
3.5
0.0
0.0
4.5

2011
1.0
3.5
0.0
0.0
4.5

2012
1.0
3.5
0.0
0.0
4.5

2013
1.0
3.5
0.0
0.0
4.5

Note: an "active user" is someone who logs in that month


Note: FYE = fiscal year end; numbers represent the last month of the 12 month period
Note: percentages next to operating costs show percent of total costs
Note: headcount show end-of-year numbers, including part-time contractors

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Model
Milestones

User Growth Adjustment

Start
Jan-10

Feb-10

Mar-10

Apr-10

100%

Open Beta
May-10
Jun-10
5

Jul-10

Aug-10

<-- this is a simple input to allow you to flex your user growth up and down (100% = expected case)

WEB SERVICE
New User Growth
Adj New Registered Users
Adj Total Registered

0.0%
0
0

0.0%
0
0

0.0%
0
0

0.0%
100
100

0.0%
500
600

0.0%
1,000
1,600

0.0%
5,000
6,600

0.0%
10,000
16,600

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

55
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

275
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

550
50
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,750
100
25
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

User Churn (by month in)


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

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29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55
545

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
285
1,260

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
605
5,655

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,880
12,775

1
2
3
4
5
6
7

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

0
0
0
0
0
0
0

1
0
0
0
0
0
0

2
2
1
0
0
0
0

11
4
3
1
0
0
0

Total Lost
Total Active Users
Premium Subscribers

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44

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0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Page 5 of 93

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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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0
0
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0
0
0
0
0
0

Confidential

45
46
47
48

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
1

0
0
0
0
5

0
0
0
0
19

User "visits" per month


Download per Visit (MB)

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Peak Concurrency

Subscription Revenue
Total Subscription Revenue

Display Advertising
Ads Shown (000s)
Premium CPM Revenue
Remnant Revenue
Total Display Ad Revenue

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Integrated Sponsors
Insert revenue model if any and make sure to add appropriate sales costs below and in staffing tab
Total Sponsor Revenue
0
0
0
0
0

Total Subscribers

USER BEHAVIOR

REVENUE

Total Advertising Revenue

0
0

0
0

0
0

0
0

0
0

COST OF REVENUES
Make sure to customize hosting and infrastructure costs to your architecture!
Hosting & Infrastructure
Dev/Test Internal Servers
0
0
0
Purchase Cost
0
0
0

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Users per Server Pair


1000
Production/DB/Staging/Analytics Servers 0
Per Server Pair Costs
300
Total Production Server Cost
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

Total bandwith (TB)


Price Per GB
Total Bandwidth Cost

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

Cloud Fees
Insert scaling cloud hosting cost structure formulas here, if used
Total Cloud Fees
0
0

Total Hosting & Infrastructure


Processing Fees
Payment Processing
PayProc Fees
Customer Support Team
FTE
Customer Support
Contractors
Customer Support
Total
Total Cost of Revenues

0.0
0.22
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

TECHNOLOGY
FTE
Technology
Contractors
Technology
Total

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SALES & MARKETING


FTE
Sales & Marketing
Contractors
Sales & Marketing
Total

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

Marketing Budget
Customer Acquisition
PR Budget
Marketing Travel
Conferences

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

Total Sales and Marketing

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

GENERAL AND ADMINISTRATIVE


FTE
Corp
Contractors
Corp
Total
Additional Headcount Costs
FTE
FTE + Contractors
IT and Telephony Costs / FTE
Office Supplies
Office Space / FTE
Office Setup
Travel Costs
Computer Equipment
Other 1

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Other 2
Total

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

2,740

2,740

2,740

2,740

2,740

2,740

2,740

2,740

0
0
0
NM

0
0
0
NM

0
0
0
NM

100
100
0
0%

600
545
0
0%

1,600
1,260
1
0%

6,600
5,655
5
0%

16,600
12,775
19
0%

Subscription Revenue

Cost of Revenues

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

Technology
Sales & Marketing
G&A
Operating Costs

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

Total Costs

2,740

2,740

2,740

2,740

2,740

2,740

2,740

2,740

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

Professional Services
Legal
Auditing
Accounting/Payroll
Insurance
Total
Total G&A

TOTALS
Registered Users
Active Users
Subscribers
Subscriber Ratio

Gross Profit
Gross Margin

EBITDA
EBITDA Margin

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Cumulative P/L
Per Headcount Costs
FTE
FTE + Contractors
Costs / FTE
Costs / Entire Team

(2,740)

(5,480)

(8,220)

(10,960)

(13,700)

(16,440)

(19,180)

(21,920)

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

0
-2,740

0
-5,480

0
-8,220

0
-10,960

0
-13,700

0
-16,440

0
-19,180

0
-21,920

CASH
Name of Round
Capital Invested
Cash in Bank

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Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

10

11

12

13

14

15

16

17

18

0.0%
15,000
31,600

100.0%
30,000
61,600

60.0%
48,000
109,600

50.0%
72,000
181,600

50.0%
108,000
289,600

25.0%
135,000
424,600

5.0%
141,750
566,350

5.0%
148,838
715,188

5.0%
156,279
871,467

5.0%
164,093
1,035,560

5,500
500
50
25
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

8,250
1,000
250
50
10
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

16,500
1,500
500
250
20
5
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

26,400
3,000
750
500
100
10
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

39,600
4,800
1,500
750
200
50
10
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0

59,400
7,200
2,400
1,500
300
100
50
3
2
0
0
0
0
0
0
0
0
0
0
0
0
0

74,250
10,800
3,600
2,400
600
150
100
15
3
2
0
0
0
0
0
0
0
0
0
0
0
0

77,963
13,500
5,400
3,600
960
300
150
30
15
3
2
0
0
0
0
0
0
0
0
0
0
0

81,861
14,175
6,750
5,400
1,440
480
300
45
30
15
3
2
0
0
0
0
0
0
0
0
0
0

85,954
14,884
7,088
6,750
2,160
720
480
90
45
30
15
3
2
0
0
0
0
0
0
0
0
0

wn (100% = expected case)

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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,077
21,698

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,561
42,137

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18,776
71,361

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30,765
112,596

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
46,912
173,684

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
70,955
237,729

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
91,920
287,559

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
101,922
334,475

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
110,500
380,253

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
118,220
426,127

23
18
6
4
1
0
0

34
35
30
8
5
1
0

68
53
60
38
9
6
1

108
105
90
75
46
11
6

162
168
180
113
92
55
13

243
252
288
225
138
110
63

304
378
432
360
276
165
126

319
473
648
540
442
330
189

335
496
810
810
662
528
378

352
521
851
1,013
994
792
605

213985519.xls

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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

213985519.xls

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

7
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

14
8
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Page 13 of 93

72
16
9
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

145
82
18
10
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

217
163
90
20
11
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

435
245
181
99
21
12
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Confidential

0
0
0
0
51

0
0
0
0
112

0
0
0
0
233

0
0
0
0
443

0
0
0
0
791

0
0
0
0
1,343

0
0
0
0
2,141

0
0
0
0
3,197

0
0
0
0
4,523

0
0
0
0
6,121

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

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1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 15 of 93

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0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
0
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

213985519.xls

Page 16 of 93

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0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
2,740

0
7,740

0
7,740

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

2,740

2,740

2,740

2,740

2,740

2,740

2,740

2,740

7,740

7,740

31,600
21,698
51
0%

61,600
42,137
112
0%

109,600
71,361
233
0%

181,600
112,596
443
0%

289,600
173,684
791
0%

424,600
237,729
1,343
1%

566,350
287,559
2,141
1%

715,188
334,475
3,197
1%

871,467
380,253
4,523
1%

1,035,560
426,127
6,121
1%

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
2,740
2,740

0
0
7,740
7,740

0
0
7,740
7,740

2,740

2,740

2,740

2,740

2,740

2,740

2,740

2,740

7,740

7,740

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(2,740)
NM

(7,740)
NM

(7,740)
NM

213985519.xls

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(24,660)

(27,400)

(30,140)

(32,880)

(35,620)

(38,360)

(41,100)

(43,840)

(51,580)

(59,320)

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
685
609

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

0
-24,660

0
-27,400

0
-30,140

0
-32,880

0
-35,620

0
-38,360

0
-41,100

0
-43,840

0
-51,580

0
-59,320

213985519.xls

Page 18 of 93

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Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

19

20

21

22

23

24

25

26

27

28

5.0%
172,298
1,207,858

5.0%
180,913
1,388,771

5.0%
189,959
1,578,730

5.0%
199,456
1,778,186

5.0%
209,429
1,987,615

5.0%
219,901
2,207,516

4.0%
228,697
2,436,213

4.0%
237,845
2,674,058

4.0%
247,358
2,921,416

4.0%
257,253
3,178,669

90,251
15,628
7,442
7,088
2,700
1,080
720
144
90
45
30
15
3
2
0
0
0
0
0
0
0
0

94,764
16,409
7,814
7,442
2,835
1,350
1,080
216
144
90
45
30
15
3
1
0
0
0
0
0
0
0

99,502
17,230
8,205
7,814
2,977
1,418
1,350
324
216
144
90
45
30
15
1
1
0
0
0
0
0
0

104,477
18,091
8,615
8,205
3,126
1,488
1,418
405
324
216
144
90
45
30
5
1
1
0
0
0
0
0

109,701
18,996
9,046
8,615
3,282
1,563
1,488
425
405
324
216
144
90
45
10
5
1
1
0
0
0
0

115,186
19,946
9,498
9,046
3,446
1,641
1,563
447
425
405
324
216
144
90
15
10
5
1
1
0
0
0

120,945
20,943
9,973
9,498
3,618
1,723
1,641
469
447
425
405
324
216
144
30
15
10
5
1
1
0
0

125,783
21,990
10,471
9,973
3,799
1,809
1,723
492
469
447
425
405
324
216
48
30
15
10
5
1
1
0

130,815
22,870
10,995
10,471
3,989
1,900
1,809
517
492
469
447
425
405
324
72
48
30
15
10
5
1
1

136,047
23,784
11,435
10,995
4,189
1,995
1,900
543
517
492
469
447
425
405
108
72
48
30
15
10
5
1

213985519.xls

Page 19 of 93

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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
125,237
473,188

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
132,238
521,863

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
139,360
572,461

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
146,680
625,238

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
154,356
680,311

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
162,407
737,804

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
170,832
795,668

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
178,436
855,077

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
186,109
916,326

1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
193,931
979,648

369
547
893
1,063
1,242
1,188
907

388
574
938
1,116
1,304
1,485
1,361

407
603
985
1,172
1,369
1,559
1,701

427
633
1,034
1,231
1,438
1,637
1,786

449
665
1,085
1,292
1,510
1,719
1,875

471
698
1,140
1,357
1,585
1,805
1,969

495
733
1,197
1,425
1,664
1,895
2,068

515
770
1,257
1,496
1,748
1,990
2,171

535
800
1,319
1,571
1,835
2,090
2,280

557
832
1,372
1,649
1,927
2,194
2,393

213985519.xls

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696
490
271
198
107
23
12
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

213985519.xls

1,043
783
543
297
215
115
25
13
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,565
1,175
868
594
322
230
123
26
14
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,956
1,763
1,302
950
644
346
246
132
28
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,054
2,203
1,954
1,426
1,030
691
369
263
140
30
16
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,157
2,313
2,442
2,138
1,544
1,106
737
395
281
149
31
16
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Page 21 of 93

2,264
2,429
2,564
2,673
2,317
1,659
1,179
790
421
298
157
31
16
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,378
2,550
2,692
2,807
2,896
2,488
1,769
1,263
842
446
315
156
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,497
2,678
2,827
2,947
3,041
3,110
2,654
1,895
1,346
893
472
313
156
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

2,621
2,812
2,968
3,094
3,193
3,266
3,317
2,843
2,020
1,428
944
469
311
155
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Confidential

0
0
0
0
8,009

0
0
0
0
10,202

0
0
0
0
12,717

0
0
0
0
15,570

0
0
0
0
18,773

0
0
0
0
22,337

0
0
0
0
26,277

0
0
0
0
30,598

0
0
0
0
35,307

0
0
0
0
40,414

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
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0

0
0
0
0

0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 22 of 93

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1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
300
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

0
0

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0

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0
0

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0

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0

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0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 23 of 93

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0
0

0
0

0
0

0
0

0
0

0
0

0
0

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0

0
0

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0

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0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

700
40
5,000
0
2,000
0
0

213985519.xls

Page 24 of 93

Confidential

0
7,740

0
7,740

0
7,740

0
7,740

0
7,740

0
7,740

0
7,740

0
7,740

0
7,740

0
7,740

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

1,207,858
473,188
8,009
2%

1,388,771
521,863
10,202
2%

1,578,730
572,461
12,717
2%

1,778,186
625,238
15,570
2%

1,987,615
680,311
18,773
3%

2,207,516
737,804
22,337
3%

2,436,213
795,668
26,277
3%

2,674,058
855,077
30,598
4%

2,921,416
916,326
35,307
4%

3,178,669
979,648
40,414
4%

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

0
0
7,740
7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

7,740

(7,740)
NM

(7,740)
NM

(7,740)
NM

(7,740)
NM

(7,740)
NM

(7,740)
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(7,740)
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NM

(7,740)
NM

213985519.xls

Page 25 of 93

Confidential

(67,060)

(74,800)

(82,540)

(90,280)

(98,020)

(105,760)

(113,500)

(121,240)

(128,980)

(136,720)

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

4.0
4.5
1,935
1,720

0
-67,060

0
-74,800

0
-82,540

0
-90,280

0
-98,020

0
-105,760

0
-113,500

0
-121,240

0
-128,980

0
-136,720

213985519.xls

Page 26 of 93

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May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

29

30

31

32

33

34

35

36

37

38

4.0%
267,543
3,446,212

4.0%
278,245
3,724,457

3.0%
286,592
4,011,049

3.0%
295,190
4,306,238

3.0%
304,045
4,610,284

3.0%
313,167
4,923,450

3.0%
322,562
5,246,012

3.0%
332,239
5,578,251

2.0%
338,883
5,917,134

2.0%
345,661
6,262,795

141,489
24,736
11,892
11,435
4,398
2,094
1,995
570
543
517
492
469
447
425
135
108
72
48
30
15
10
5

147,149
25,725
12,368
11,892
4,574
2,199
2,094
598
570
543
517
492
469
447
142
135
108
72
48
30
15
10

153,035
26,754
12,863
12,368
4,757
2,287
2,199
628
598
570
543
517
492
469
149
142
135
108
72
48
30
15

157,626
27,824
13,377
12,863
4,947
2,378
2,287
660
628
598
570
543
517
492
156
149
142
135
108
72
48
30

162,354
28,659
13,912
13,377
5,145
2,474
2,378
686
660
628
598
570
543
517
164
156
149
142
135
108
72
48

167,225
29,519
14,330
13,912
5,351
2,573
2,474
714
686
660
628
598
570
543
172
164
156
149
142
135
108
72

172,242
30,405
14,759
14,330
5,565
2,675
2,573
742
714
686
660
628
598
570
181
172
164
156
149
142
135
108

177,409
31,317
15,202
14,759
5,732
2,782
2,675
772
742
714
686
660
628
598
190
181
172
164
156
149
142
135

182,731
32,256
15,658
15,202
5,904
2,866
2,782
803
772
742
714
686
660
628
199
190
181
172
164
156
149
142

186,386
33,224
16,128
15,658
6,081
2,952
2,866
835
803
772
742
714
686
660
209
199
190
181
172
164
156
149

213985519.xls

Page 27 of 93

Confidential

1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
201,926
1,045,265

5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
210,203
1,113,306

10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
218,795
1,181,103

15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
226,182
1,250,111

30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
233,538
1,320,619

48
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
240,989
1,392,796

72
48
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
248,535
1,466,823

108
72
48
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
256,256
1,542,806

135
108
72
48
30
15
10
5
2
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
264,184
1,617,505

142
135
108
72
48
30
15
10
10
2
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
270,500
1,692,666

579
866
1,427
1,715
2,023
2,304
2,513

602
900
1,484
1,784
2,104
2,419
2,639

626
936
1,544
1,855
2,188
2,516
2,771

645
974
1,605
1,929
2,276
2,616
2,882

664
1,003
1,669
2,007
2,367
2,721
2,997

684
1,033
1,720
2,087
2,461
2,830
3,117

705
1,064
1,771
2,149
2,560
2,943
3,241

726
1,096
1,824
2,214
2,637
3,061
3,371

748
1,129
1,879
2,280
2,716
3,153
3,506

762
1,163
1,935
2,349
2,797
3,247
3,611

213985519.xls

Page 28 of 93

Confidential

2,752
2,952
3,117
3,249
3,352
3,429
3,483
3,553
3,029
2,143
1,510
938
467
309
154
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

213985519.xls

2,890
3,100
3,273
3,412
3,520
3,601
3,657
3,731
3,787
3,214
2,264
1,501
933
464
308
153
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3,035
3,255
3,436
3,582
3,696
3,781
3,840
3,917
3,976
4,018
3,397
2,252
1,493
928
462
306
152
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3,186
3,418
3,608
3,761
3,881
3,970
4,032
4,113
4,175
4,218
4,246
3,378
2,240
1,485
923
459
304
151
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3,314
3,589
3,789
3,949
4,075
4,168
4,233
4,319
4,384
4,429
4,458
4,223
3,360
2,228
1,477
918
456
303
150
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

3,446
3,732
3,978
4,147
4,278
4,377
4,445
4,535
4,603
4,651
4,681
4,434
4,200
3,342
2,215
1,469
913
454
301
150
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Page 29 of 93

3,584
3,882
4,137
4,354
4,492
4,595
4,667
4,762
4,833
4,883
4,915
4,656
4,410
4,177
3,323
2,203
1,461
908
451
299
149
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0

3,728
4,037
4,303
4,528
4,717
4,825
4,901
5,000
5,075
5,128
5,161
4,888
4,630
4,386
4,154
3,305
2,191
1,452
903
449
298
148
29
15
3
0
0
0
0
0
0
0
0
0
0
0
0

3,877
4,198
4,475
4,709
4,906
5,067
5,146
5,250
5,328
5,384
5,419
5,133
4,862
4,605
4,362
4,131
3,286
2,179
1,444
898
446
296
147
29
14
3
0
0
0
0
0
0
0
0
0
0
0

4,032
4,366
4,654
4,898
5,102
5,269
5,403
5,512
5,595
5,653
5,690
5,389
5,105
4,835
4,580
4,338
4,108
3,268
2,166
1,436
893
444
294
145
29
14
3
0
0
0
0
0
0
0
0
0
0

Confidential

0
0
0
0
45,914

0
0
0
0
51,788

0
0
0
0
58,010

0
0
0
0
64,524

0
0
0
0
71,297

0
0
0
0
78,329

0
0
0
0
85,622

0
0
0
0
93,180

0
0
0
0
101,002

0
0
0
0
109,085

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 30 of 93

Confidential

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 31 of 93

Confidential

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

213985519.xls

Page 32 of 93

Confidential

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
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0

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0

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0

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0
0
0
0

0
0
0
0
0

0
0
0
0
0

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

3,446,212
1,045,265
45,914
4%

3,724,457
1,113,306
51,788
5%

4,011,049
1,181,103
58,010
5%

4,306,238
1,250,111
64,524
5%

4,610,284
1,320,619
71,297
5%

4,923,450
1,392,796
78,329
6%

5,246,012
1,466,823
85,622
6%

5,578,251
1,542,806
93,180
6%

5,917,134
1,617,505
101,002
6%

6,262,795
1,692,666
109,085
6%

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

213985519.xls

Page 33 of 93

Confidential

(149,460)

(162,200)

(174,940)

(187,680)

(200,420)

(213,160)

(225,900)

(238,640)

(251,380)

(264,120)

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

0
-149,460

0
-162,200

0
-174,940

0
-187,680

0
-200,420

0
-213,160

0
-225,900

0
-238,640

0
-251,380

0
-264,120

213985519.xls

Page 34 of 93

Confidential

Mar-13

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

39

40

41

42

43

44

45

46

47

48

2.0%
352,574
6,615,370

2.0%
359,626
6,974,996

2.0%
366,818
7,341,814

2.0%
374,155
7,715,968

2.0%
381,638
8,097,606

2.0%
389,271
8,486,877

2.0%
397,056
8,883,933

2.0%
404,997
9,288,930

2.0%
413,097
9,702,027

2.0%
421,359
10,123,386

190,114
33,888
16,612
16,128
6,263
3,040
2,952
860
835
803
772
742
714
686
220
209
199
190
181
172
164
156

193,916
34,566
16,944
16,612
6,451
3,132
3,040
886
860
835
803
772
742
714
229
220
209
199
190
181
172
164

197,794
35,257
17,283
16,944
6,645
3,226
3,132
912
886
860
835
803
772
742
238
229
220
209
199
190
181
172

201,750
35,963
17,629
17,283
6,778
3,322
3,226
940
912
886
860
835
803
772
247
238
229
220
209
199
190
181

205,785
36,682
17,981
17,629
6,913
3,389
3,322
968
940
912
886
860
835
803
257
247
238
229
220
209
199
190

209,901
37,415
18,341
17,981
7,051
3,457
3,389
997
968
940
912
886
860
835
268
257
247
238
229
220
209
199

214,099
38,164
18,708
18,341
7,193
3,526
3,457
1,017
997
968
940
912
886
860
278
268
257
247
238
229
220
209

218,381
38,927
19,082
18,708
7,336
3,596
3,526
1,037
1,017
997
968
940
912
886
287
278
268
257
247
238
229
220

222,748
39,706
19,464
19,082
7,483
3,668
3,596
1,058
1,037
1,017
997
968
940
912
295
287
278
268
257
247
238
229

227,203
40,500
19,853
19,464
7,633
3,742
3,668
1,079
1,058
1,037
1,017
997
968
940
304
295
287
278
268
257
247
238

213985519.xls

Page 35 of 93

Confidential

149
142
135
108
72
48
30
15
20
10
2
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
276,633
1,768,608

156
149
142
135
108
72
48
30
30
20
10
3
2
0
0
0
0
0
0
0
0
0
0
0
0
0
282,741
1,845,493

164
156
149
142
135
108
72
48
60
30
20
15
3
2
0
0
0
0
0
0
0
0
0
0
0
0
288,832
1,923,479

172
164
156
149
142
135
108
72
96
60
30
30
15
3
2
0
0
0
0
0
0
0
0
0
0
0
295,004
2,002,630

181
172
164
156
149
142
135
108
144
96
60
45
30
15
3
2
0
0
0
0
0
0
0
0
0
0
301,295
2,082,972

190
181
172
164
156
149
142
135
216
144
96
90
45
30
15
3
2
0
0
0
0
0
0
0
0
0
307,729
2,164,514

199
190
181
172
164
156
149
142
270
216
144
144
90
45
30
15
3
2
0
0
0
0
0
0
0
0
314,323
2,247,247

209
199
190
181
172
164
156
149
284
270
216
216
144
90
45
30
15
3
2
0
0
0
0
0
0
0
321,070
2,331,174

220
209
199
190
181
172
164
156
298
284
270
324
216
144
90
45
30
15
3
2
0
0
0
0
0
0
327,985
2,416,286

229
220
209
199
190
181
172
164
313
298
284
405
324
216
144
90
45
30
15
3
2
0
0
0
0
0
335,062
2,502,582

778
1,186
1,993
2,419
2,881
3,344
3,719

793
1,210
2,033
2,492
2,968
3,445
3,831

809
1,234
2,074
2,542
3,057
3,548
3,946

825
1,259
2,115
2,592
3,118
3,655
4,064

842
1,284
2,158
2,644
3,180
3,728
4,186

859
1,310
2,201
2,697
3,244
3,802
4,270

876
1,336
2,245
2,751
3,309
3,878
4,355

893
1,362
2,290
2,806
3,375
3,956
4,442

911
1,390
2,336
2,862
3,442
4,035
4,531

929
1,417
2,382
2,920
3,511
4,116
4,622

213985519.xls

Page 36 of 93

Confidential

4,153
4,541
4,840
5,094
5,306
5,480
5,619
5,788
5,874
5,936
5,974
5,659
5,360
5,077
4,809
4,554
4,313
4,085
3,250
2,154
1,428
887
441
291
144
28
14
3
0
0
0
0
0
0
0
0
0

213985519.xls

4,277
4,677
5,033
5,297
5,518
5,699
5,844
6,019
6,168
6,233
6,273
5,942
5,628
5,331
5,049
4,782
4,529
4,289
4,062
3,231
2,142
1,420
882
436
287
142
28
14
3
0
0
0
0
0
0
0
0

4,406
4,817
5,184
5,509
5,739
5,927
6,078
6,260
6,415
6,544
6,587
6,239
5,910
5,597
5,302
5,021
4,756
4,504
4,265
4,039
3,213
2,130
1,412
872
431
284
139
27
13
3
0
0
0
0
0
0
0

4,538
4,962
5,340
5,675
5,968
6,164
6,321
6,510
6,672
6,806
6,916
6,551
6,205
5,877
5,567
5,272
4,993
4,729
4,479
4,241
4,016
3,195
2,118
1,395
862
426
279
137
27
13
3
0
0
0
0
0
0

4,674
5,111
5,500
5,845
6,147
6,411
6,574
6,771
6,938
7,078
7,193
6,878
6,515
6,171
5,845
5,536
5,243
4,965
4,702
4,453
4,217
3,993
3,176
2,093
1,379
852
418
274
134
26
13
3
0
0
0
0
0

4,814
5,264
5,665
6,020
6,332
6,603
6,836
7,042
7,216
7,361
7,480
7,154
6,841
6,480
6,137
5,813
5,505
5,214
4,938
4,676
4,428
4,193
3,970
3,140
2,069
1,363
836
411
269
132
26
13
2
0
0
0
0

Page 37 of 93

4,910
5,422
5,835
6,201
6,522
6,801
7,042
7,323
7,505
7,656
7,779
7,440
7,115
6,804
6,444
6,103
5,780
5,474
5,184
4,910
4,649
4,403
4,169
3,924
3,103
2,044
1,338
821
403
264
129
25
12
2
0
0
0

5,009
5,531
6,010
6,387
6,717
7,005
7,253
7,543
7,805
7,962
8,091
7,737
7,399
7,076
6,766
6,409
6,069
5,748
5,444
5,155
4,882
4,623
4,377
4,121
3,879
3,066
2,007
1,314
806
395
258
127
25
12
2
0
0

5,109
5,641
6,130
6,578
6,919
7,215
7,470
7,769
8,039
8,281
8,414
8,047
7,695
7,359
7,037
6,729
6,373
6,036
5,716
5,413
5,126
4,854
4,596
4,327
4,072
3,833
3,011
1,971
1,289
791
388
253
124
24
12
2
0

5,211
5,754
6,253
6,710
7,127
7,432
7,695
8,002
8,280
8,529
8,751
8,369
8,003
7,653
7,318
6,998
6,692
6,337
6,002
5,684
5,382
5,097
4,826
4,543
4,276
4,024
3,764
2,956
1,934
1,265
775
380
248
122
24
12
2

Confidential

0
0
0
0
117,424

0
0
0
0
126,009

0
0
0
0
134,833

0
0
0
0
143,884

0
0
0
0
153,152

0
0
0
0
162,624

0
0
0
0
172,288

0
0
0
0
182,135

0
0
0
0
192,151

0
0
0
0
202,326

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 38 of 93

Confidential

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

1000
0
750
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

0.0
0.22
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

3.5%
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

213985519.xls

Page 39 of 93

Confidential

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

4.0
4.5

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

700
40
10,000
0
2,000
0
0

213985519.xls

Page 40 of 93

Confidential

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
12,740

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

6,615,370
1,768,608
117,424
7%

6,974,996
1,845,493
126,009
7%

7,341,814
1,923,479
134,833
7%

7,715,968
2,002,630
143,884
7%

8,097,606
2,082,972
153,152
7%

8,486,877
2,164,514
162,624
8%

8,883,933
2,247,247
172,288
8%

9,288,930
2,331,174
182,135
8%

9,702,027
2,416,286
192,151
8%

10,123,386
2,502,582
202,326
8%

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
NM

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

0
0
12,740
12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

12,740

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

(12,740)
NM

213985519.xls

Page 41 of 93

Confidential

(276,860)

(289,600)

(302,340)

(315,080)

(327,820)

(340,560)

(353,300)

(366,040)

(378,780)

(391,520)

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

4.0
4.5
3,185
2,831

0
-276,860

0
-289,600

0
-302,340

0
-315,080

0
-327,820

0
-340,560

0
-353,300

0
-366,040

0
-378,780

0
-391,520

213985519.xls

Page 42 of 93

Confidential

SUMMARIES
2010

2011

2012

2013

72,000
181,600

219,901
2,207,516

332,239
5,578,251

421,359
10,123,386

213985519.xls

Page 43 of 93

Confidential

112,596

213985519.xls

737,804

1,542,806

2,502,582

Page 44 of 93

Confidential

213985519.xls

Page 45 of 93

Confidential

443

22,337

93,180

202,326

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

213985519.xls

Page 46 of 93

Confidential

0
0

0
0

0
0

0
0

213985519.xls

Page 47 of 93

Confidential

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

8,400
480
0
0
24,000
0
0

8,400
480
40,000
0
24,000
0
0

8,400
480
100,000
0
24,000
0
0

8,400
480
120,000
0
24,000
0
0

213985519.xls

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Confidential

0
32,880

0
72,880

0
132,880

0
152,880

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

32,880

72,880

132,880

152,880

100
100
0
0%

715,188
334,475
3,197
1%

3,178,669
979,648
40,414
4%

6,974,996
1,845,493
126,009
7%

0
0
32,880
32,880

0
0
72,880
72,880

0
0
132,880
132,880

0
0
152,880
152,880

32,880

72,880

132,880

152,880

-32,880

-72,880

-132,880

-152,880

213985519.xls

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213985519.xls

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Confidential

Assumptions
Web Service Freemium Revenue & Tables
Monthly Subscription
Annual Subscription

Amount
$0.00
$0.00

Annual Subscr. Discount

%
15%
85%

75%

Weighted Monthly Sub Revenue

$0.00

<<< drives subscription revenue calculations

Enter your own cohort assumptions below (applications vs games will see very different churn curves)
CHURN WATERFALL: per monthly cohort

# Months a User
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

Lose
55.0%
10.0%
5.0%
5.0%
2.0%
1.0%
1.0%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
0.2%
0.2%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%

CONVERSION RATE: per monthly cohort


Users
Remaining
45%
35%
30%
25%
23%
22%
21%
21%
20%
20%
20%
20%
19%
19%
19%
19%
19%
19%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
17%
17%
17%
17%
17%
16%
16%
16%
16%
15%
15%
15%
14%
14%
14%
13%
13%
13%
13%
12%

# Months a User
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

ChurnTable

Premium
Conversion
0.5%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
ConversionTable

ADVERTISING ASSUMPTIONS
Ads seen per visit
CPM
Inventory sold
Remnant CPM
Remnant %
House ads %

0
$0.00
0%
$0.00
0%
100%

Model out integrated sponsorship revenues and associated costs on Model tab

INFRASTRUCTURE COSTS
Concurrency Multiple

0.00%

Applied to total active users to calculate peak concurrent users online -- needed for hosting cost calculations
Note: if you are primarily using cloud hosting, want to devise a formula that takes into account concurrency over time, rather than peak

Cost per Server Pair

$2,000

cost per server for company-owned machines, not managed or cloud hosting

$175
$10
$300
$500
$3,000
$0

per FTE employee


per FTE employee
per FTE employee
per FTE employee
per new FTE

HEADCOUNT COSTS
IT and Telephony Costs / FTE
Office Supplies
Office Space / FTE
Travel Costs
Computer Equipment
Other 1

213985519.xls

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Other 2

$0

CUSTOMER SUPPORT
Active users per FTE

input = how many active users can each customer support FTE handle?
this number completely depends on your type of business and you may want to switch the model to work off of subscribers, or a blend
if you are outsourcing, you can shift the model to scale up based on the advice of your partner (and don't forget minimum and starting fees)

CDN Cost Table


TB
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90

213985519.xls

$ / GB
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12

Tier
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

TB Usage Per GB
0 to 9
10 to 19
20 to 49
50 to 99
100 to 149
150+

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0.22
0.20
0.15
0.12
0.10
0.09

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92
93
94
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101
102
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107
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120
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122
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124
125
126
127
128
129
130
131
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133
134
135
136
137
138
139
140
141
142
143
144
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146
147
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149
150

213985519.xls

0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.09

4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6

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Staff
Jan-10
Markup for benefits/taxes/etc
Contractor Hours / Month

Feb-10

Mar-10

Apr-10

May-10

Jun-10

1.3
160

Instructions: edit the salary levels and hourly rates to fit your location and circumstance
Salary phase is set on row 83, which allows you to manually determine when business has reached the point
where it can handle more market-competitive salaries

Role
CEO
CFO
General Counsel
HR/Finance/Bookkeeping
Office Manager
CTO
VP of Engineering
Server Dev
Web / Application Dev
Sys Admin
Product Manager
UI Designer
VP of Marketing
Marketing Staff
VP of Bizdev
VP of Sales
Inside Sales
Enterprise Sales
VP, Customer Support
Customer Support

Phase 1
Salary

Phase 2
Salary
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Phase 1
Monthly
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Phase 2
Monthly
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Hourly
Hourly Rate Monthly
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Category
Corp
Corp
Corp
Corp
Corp
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Sales & Marketing
Sales & Marketing
Sales & Marketing
Sales & Marketing
Sales & Marketing
Sales & Marketing
Customer Support
Customer Support
EmpCostTable

Data Reference Points

213985519.xls

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Confidential

Active Users
Subscribers

0
0

0
0

0
0

100
0

545
0

1,260
1

Instructions: enter in a hard coded number (can be a decimal for partial month) for the staff levels per role and employee type (FTE vs Hourly) (color it blue for rea
Customer support FTE is currently formula driven and you will need to edit inputs (Assumptions tab) at minimum

Headcount Levels
Role
CEO
CEO
CFO
CFO
General Counsel
General Counsel
HR/Finance/Bookkeeping
HR/Finance/Bookkeeping
Office Manager
Office Manager
CTO
CTO
VP of Engineering
VP of Engineering
Server Dev
Server Dev
Web / Application Dev
Web / Application Dev
Sys Admin
Sys Admin
Product Manager
Product Manager
UI Designer
UI Designer
VP of Marketing
VP of Marketing
Marketing Staff
Marketing Staff
VP of Bizdev

213985519.xls

Category
Type
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly

Jan-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Feb-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Page 55 of 93

Mar-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Apr-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

May-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jun-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Confidential

VP of Bizdev
VP of Sales
VP of Sales
Inside Sales
Inside Sales
Enterprise Sales
Enterprise Sales
VP, Customer Support
VP, Customer Support
Customer Support
Customer Support

Sales & Marketing


FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Customer Support
Hourly
Customer Support
FTE
Customer Support
Hourly
Customer Support
FTE

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

Instructions: set a 1 if people are using discounted salaries that month; set a 2 if company is now paying the higher, more market-competitive rates
Salary Phase
1
1
1
1
1
1
Note: if you are outsourcing customer support to an offshore partner, you may want to pull it out and model it directly on Model tab

Monthly Cost
Role
CEO
CEO
CFO
CFO
General Counsel
General Counsel
HR/Finance/Bookkeeping
HR/Finance/Bookkeeping
Office Manager
Office Manager
CTO
CTO
VP of Engineering
VP of Engineering
Server Dev
Server Dev
Web / Application Dev

213985519.xls

Category
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Technology
Technology
Technology
Technology
Technology
Technology
Technology

Type
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly

Jan-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Feb-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Page 56 of 93

Mar-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Apr-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

May-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jun-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Confidential

Web / Application Dev


Sys Admin
Sys Admin
Product Manager
Product Manager
UI Designer
UI Designer
VP of Marketing
VP of Marketing
Marketing Staff
Marketing Staff
VP of Bizdev
VP of Bizdev
VP of Sales
VP of Sales
Inside Sales
Inside Sales
Enterprise Sales
Enterprise Sales
VP, Customer Support
VP, Customer Support
Customer Support
Customer Support

Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Customer Support
Hourly
Customer Support
FTE
Customer Support
Hourly
Customer Support
FTE

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

HEADCOUNT
Headcount (FTE)
Corp
Technology
Sales & Marketing
Customer Support
TOTAL
Headcount (including contractors)
Corp
Technology
Sales & Marketing

213985519.xls

FTE
FTE
FTE
FTE

Page 57 of 93

Confidential

Customer Support
TOTAL

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

COSTS
FTE Costs
Corp
Technology
Sales & Marketing
Customer Support
TOTAL

FTE
FTE
FTE
FTE

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

Contractor Costs
Corp
Technology
Sales & Marketing
Customer Support
TOTAL

Hourly
Hourly
Hourly
Hourly

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

Cost (Total)
Corp
Technology
Sales & Marketing
Customer Support
TOTAL

213985519.xls

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Jul-10

213985519.xls

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

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Jan-11

Feb-11

Mar-11

Apr-11

May-11

Confidential

5,655
5

12,775
19

21,698
51

42,137
112

71,361
233

112,596
443

173,684
791

237,729
1,343

287,559
2,141

334,475
3,197

380,253
4,523

Sep-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Oct-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Nov-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Dec-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jan-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Feb-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Mar-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Apr-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

May-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

(FTE vs Hourly) (color it blue for readability)

Jul-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

213985519.xls

Aug-10
0
1
0
0
0
0
0
0
0
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1
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0
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0.5
0
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0

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0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

Jul-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Aug-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Sep-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Oct-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Nov-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Dec-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jan-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Feb-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Mar-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Apr-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

May-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

rket-competitive rates

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0
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0
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0
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0
0
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0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

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4.5

0
4.5

0
4.5

0
4.5

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
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0
0
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0
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0
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0
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0
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0
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0

0
0
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0
0
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0
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0
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0
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0
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0
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0
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0
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0

0
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0
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0

0
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0

0
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0

0
0
0
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0

0
0
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0

0
0
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0

0
0
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0

0
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213985519.xls

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

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Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

Confidential

426,127
6,121

473,188
8,009

521,863
10,202

572,461
12,717

625,238
15,570

680,311
18,773

737,804
22,337

795,668
26,277

855,077
30,598

916,326
35,307

979,648
40,414

Jun-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jul-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Aug-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Sep-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Oct-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Nov-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Dec-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jan-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Feb-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Mar-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Apr-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
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0
0
0

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0
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4.5

0
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4.5

0
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0
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0
0
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4.5

0
0
0
0
0
0
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0
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0
4.5

0
0
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0
0
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0
4.5

0
0
0
0
0
0
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4.5

0
0
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4.5

0
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4.5

Jun-11
0
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Jul-11
0
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Aug-11
0
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Sep-11
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Oct-11
0
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Nov-11
0
0
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Dec-11
0
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Jan-12
0
0
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0

Feb-12
0
0
0
0
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0
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0
0
0
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Mar-12
0
0
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Apr-12
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0
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0
0
0
0
0
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0
0
0
0
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0

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

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0
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0
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0
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0
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Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

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Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Confidential

1,045,265
45,914

1,113,306
51,788

1,181,103
58,010

1,250,111
64,524

1,320,619
71,297

1,392,796
78,329

1,466,823
85,622

1,542,806
93,180

1,617,505
101,002

1,692,666
109,085

1,768,608
117,424

May-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jun-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jul-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Aug-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Sep-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Oct-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Nov-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Dec-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Jan-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Feb-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Mar-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

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0
0
0
0
0
0
0
0
0
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4.5

0
0
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0
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0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
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4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
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0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

May-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jun-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jul-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Aug-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Sep-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Oct-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Nov-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Dec-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jan-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Feb-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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Mar-13
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0
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0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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0
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0
0
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0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

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4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
4.5

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
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0
0
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0
0
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0
0
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0
0
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0
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0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
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0
0
0
0
0

0
0
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Apr-13

213985519.xls

May-13

Jun-13

Jul-13

Aug-13

Sep-13

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Nov-13

Dec-13

Confidential

1,845,493
126,009

1,923,479
134,833

2,002,630
143,884

2,082,972
153,152

2,164,514
162,624

2,247,247
172,288

2,331,174
182,135

2,416,286
192,151

2,502,582
202,326

Apr-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
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0.5
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May-13
0
1
0
0
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0
0
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0
0
1
0
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1
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1
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0
0
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0.5
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Jun-13
0
1
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0
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0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
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0
0
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Jul-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Aug-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Sep-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0

Oct-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
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Nov-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
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0.5
0
0
0
0
0
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Dec-13
0
1
0
0
0
0
0
0
0
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0
1
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0.5
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0
0
0
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0
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0
0
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0
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4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

0
0
0
0
0
0
0
0
0
0
0
4.5

Apr-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

May-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jun-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Jul-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Aug-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Sep-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Oct-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Nov-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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Dec-13
0
0
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0
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0
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0
0
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0
0
0
0
0
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0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
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0
0
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0
0
0
0
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0
0
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0
0
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0
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0
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0
0
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0
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0
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0
0
0
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0
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0
0
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0
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0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3
0
0
4

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

1
3.5
0

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4.5

0
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0
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0
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0
4.5

0
4.5

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
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0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
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0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
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0
0
0
0
0

0
0
0
0
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0
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0
0
0
0
0

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100.0%
90.0%
Users Remaining (Churn)

80.0%
Premium Conversion

70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48

Month after Joining

9.0%

3,000,000

8.0%

2,500,000

Subscribers

7.0%

Active Users

6.0%

Subscriber %

5.0%

1,500,000
4.0%
3.0%

1,000,000

2.0%

500,000
1.0%
0.0%

-1
3
ec
D

Ju
l-1
3

b13
Fe

p12
Se

r-1
2
Ap

No
v11

Ju
n11

Ja
n11

Au
g10

Ja
n10

Subscriber %

User Growth

2,000,000

25
Customer Support

20

Sales & Marketing


Technology
Corp

15

10

3.5

3.5

3.5

3.5

2010

2011

2012

2013

No
v13

Ju
l-1
3

M
ar
-1
3

No
v12

Ju
l-1

M
ar
-1
2

No
v11

Ju
l-1
1

M
ar
-1
1

12,000

No
v10

Ju
l-1
0

Ja
n10

14,000

Total Costs

Revenue

10,000

8,000

6,000

4,000

2,000

Charting
Active Users
Subscribers
Subscriber %

Jan-10
0
0
0.0%

Feb-10
0
0
0.0%

Apr-10
100
0
0.0%

Jun-10
1,260
1
0.1%

Jul-10
5,655
5
0.1%

Aug-10
12,775
19
0.1%

Revenue
Total Costs

Jan-10
0
2,740

Feb-10
0
2,740

Apr-10
0
2,740

Jun-10
0
2,740

Jul-10
0
2,740

Aug-10
0
2,740

Month
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

213985519.xls

Users
Remaining
Premium
(Churn)
Conversion
100.0%
0.0%
45.0%
0.5%
35.0%
1.0%
30.0%
2.0%
25.0%
3.0%
23.0%
4.0%
22.0%
5.0%
21.0%
6.0%
20.7%
7.0%
20.4%
8.0%
20.1%
8.2%
19.8%
8.4%
19.5%
8.6%
19.2%
8.8%
18.9%
9.0%
18.8%
9.2%
18.7%
9.4%
18.6%
9.6%
18.5%
9.8%
18.4%
10.0%
18.3%
10.2%
18.2%
10.4%
18.1%
10.6%
18.0%
10.8%
17.9%
11.0%
17.8%
11.2%
17.7%
11.4%
17.6%
11.6%
17.5%
11.8%
17.4%
12.0%
17.3%
12.2%
17.1%
12.4%
16.9%
12.6%

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33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

Corp
Technology
Sales & Marketing
Customer Support

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16.7%
16.4%
16.1%
15.8%
15.5%
15.2%
14.9%
14.6%
14.3%
14.0%
13.7%
13.4%
13.1%
12.8%
12.5%
12.2%

12.8%
13.0%
13.2%
13.4%
13.6%
13.8%
14.0%
14.2%
14.4%
14.6%
14.8%
15.0%
15.2%
15.4%
15.6%
15.8%

2010
1
3.5
0
0

2011
1
3.5
0
0

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2012
1
3.5
0
0

2013
1
3.5
0
0

Confidential

Sep-10
21,698
51
0.2%

Oct-10
42,137
112
0.3%

Nov-10
71,361
233
0.3%

Dec-10
112,596
443
0.4%

Jan-11
173,684
791
0.5%

Feb-11
237,729
1,343
0.6%

Mar-11
287,559
2,141
0.7%

Apr-11
334,475
3,197
1.0%

May-11
380,253
4,523
1.2%

Jun-11
426,127
6,121
1.4%

Sep-10
0
2,740

Oct-10
0
2,740

Nov-10
0
2,740

Dec-10
0
2,740

Jan-11
0
2,740

Feb-11
0
2,740

Mar-11
0
2,740

Apr-11
0
2,740

May-11
0
7,740

Jun-11
0
7,740

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Jul-11
473,188
8,009
1.7%

Aug-11
521,863
10,202
2.0%

Sep-11
572,461
12,717
2.2%

Oct-11
625,238
15,570
2.5%

Nov-11
680,311
18,773
2.8%

Dec-11
737,804
22,337
3.0%

Jan-12
795,668
26,277
3.3%

Feb-12
855,077
30,598
3.6%

Mar-12
916,326
35,307
3.9%

Apr-12
979,648
40,414
4.1%

Jul-11
0
7,740

Aug-11
0
7,740

Sep-11
0
7,740

Oct-11
0
7,740

Nov-11
0
7,740

Dec-11
0
7,740

Jan-12
0
7,740

Feb-12
0
7,740

Mar-12
0
7,740

Apr-12
0
7,740

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May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
1,045,265 1,113,306 1,181,103 1,250,111 1,320,619 1,392,796 1,466,823 1,542,806 1,617,505 1,692,666
45,914
51,788
58,010
64,524
71,297
78,329
85,622
93,180 101,002 109,085
4.4%
4.7%
4.9%
5.2%
5.4%
5.6%
5.8%
6.0%
6.2%
6.4%
May-12
0
12,740

213985519.xls

Jun-12
0
12,740

Jul-12
0
12,740

Aug-12
0
12,740

Sep-12
0
12,740

Oct-12
0
12,740

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Nov-12
0
12,740

Dec-12
0
12,740

Jan-13
0
12,740

Feb-13
0
12,740

Confidential

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Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
1,768,608 1,845,493 1,923,479 2,002,630 2,082,972 2,164,514 2,247,247 2,331,174 2,416,286 2,502,582
117,424 126,009 134,833 143,884 153,152 162,624 172,288 182,135 192,151 202,326
6.6%
6.8%
7.0%
7.2%
7.4%
7.5%
7.7%
7.8%
8.0%
8.1%
Mar-13
0
12,740

213985519.xls

Apr-13
0
12,740

May-13
0
12,740

Jun-13
0
12,740

Jul-13
0
12,740

Aug-13
0
12,740

Page 91 of 93

Sep-13
0
12,740

Oct-13
0
12,740

Nov-13
0
12,740

Dec-13
0
12,740

Confidential

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Admin
Employee Type
FTE
Hourly
EmployeeType

Categories
Corp
Technology
Sales & Marketing
Customer Support
EmpCategory

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