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Spreadsheet Simulation Schwartz Moon Model (2000)

Sim
6,000

Parameters Historical Sales


Initial Revenue R0 355.8 million per quarter (Rt)
5,000

L0 559.0 million Simulated Sales


Initial loss carry forward
(Rt)

revenues in $ million
4,000
Initial Cash Balance available X0 700.0 million
Drift of (Rt)
Initial expected rate of revenue growth µ0 11.0% per quarter Bankruptcy line
3,000
Initial volatility of revenues σ0 10.0% per quarter
Initial volatility of expected rate of revenue growth η0 3.0% per quarter
2,000
Correlation between percentage change in ρ 0.0
revenue and change in expected rate of growth
1,000
Long-term rate of growth in revenues µ µlt 1.5% per quarter 2

Long-term volatility of the rate of revenue growth σlt 5.0% per quarter
-
Company's corporate tax rate τc 35.0% -5 0 5
Risk-free interest rate r 5.0% per year
Speed of adjustment for rate of growth process κ 0.07 per quarter
Speed of adjustment for the volatility of revenue κ1 0.07 per quarter Net In
process -
Speed of adjustment for the volatility of the rate of κ2 0.07 per quarter (10)
revenue growth process 2
(20)
COGS as % of revenues α 75.0%

revenues in $ million
Fixed component of other expenses F 75.0 million (30)
Variable component of other expenses β 19.0% (40)
Market price of risk for revenue factor λ1 0.01 per quarter
(50)
Market price of risk for rate of revenue growth λ2 - per quarter
(60)
factor
Horizon for estimation T 100.0 quarters (70)
Time increment for discrete version of model ∆t 1 quarter (80)

(90)
PRESS F9 (recalculate) to run new simulation -5 0 5
Results
Bankruptcy in period 4.50 yrs.
Net income
Final Cash Balance (4,866.0) million
10X EBITDA Multiple (110.5) million Cash Bala
Present Value of Firm - million 8,000

6,000

Growth Rate of Revenues 4,000


revenues in $ million

180%
160% 2,000
140% 2
Historical mt -
120%
Simulated mt
growth in %

100%
Drift of mt (2,000)
80%
60%
(4,000)
40%
20% (6,000)
0% Cash balance
-5 Xt 0 Loss car
5
96 4 98 2 1 7 13 19 25 31 37 43 49 55 61 67 73 79 85 91 97 forward
96 1 97 3 99 1 4 10 16 22 28 34 40 46 52 58 64 70 76 82 88 94
time period (quarter)
180%

revenues in $ mill
160% 2,000
140% 2
Historical mt -
120%
Simulated mt

growth in %
100%
Drift of mt (2,000)
80%
60%
(4,000)
40%
20% (6,000)
0% Cash balance
-5 Xt 0 Loss car
5
96 4 98 2 1 7 13 19 25 31 37 43 49 55 61 67 73 79 85 91 97 forward
96 1 97 3 99 1 4 10 16 22 28 34 40 46 52 58 64 70 76 82 88 94
time period (quarter)

Growth Rate of Revenues


12% Simulated mt
Drift of mt
10%

8%
growth in %

6%

4%

2%

0%
97 1 99 1 6 14 22 30 38 46 54 62 70 78 86 94
96 1 98 1 2 10 18 26 34 42 50 58 66 74 82 90 98
time period (quarter)
Quarterly Sales & Costs for Am
Simulation of Revenues
6,000

Historical Sales Quarter


(Rt)
5,000 96 1
Simulated Sales
96 2
(Rt)
revenues in $ million

4,000
Drift of (Rt) 96 3
Bankruptcy line 96 4
3,000
97 1

2,000
97 2

97 3
1,000
2 97 4
98 1
-
-5 0 5 10 15 20 25 30 98 2
Time (years) 98 3
98 4
Net Income and Tax Expense
- 99 1
(10)
2 99 2
(20)
99 3
revenues in $ million

(30) 1
(40) 2
(50) 3

(60)
4
(70) 5
(80) 6
7
(90)
-5 0 5 10 15 20 25 30 8
Time (years) 9
10
Net income Tax expense Bankruptcy line 11
12
Cash Balance and Loss Carry Forward 13
8,000 14
15
6,000 16
17
4,000 18
revenues in $ million

19
2,000 20
2 21
- 22
23
(2,000)
24

(4,000)

(6,000)
Cash balance
-5 Xt 0 Loss carry
5 Bankruptcy
10 line
15 20 25 30
forward Lt Time (years)
revenues in $ mill
2,000
2
-

(2,000)

25
(4,000)
26
27
(6,000)
Cash balance Xt Loss carry Bankruptcy line 28
-5 0 5 10 15 20 25 30
forward Lt 29
Time (years)
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
91
92
93
94
95
96
97
98
99
100
Quarterly Sales & Costs for Amazon
Time
scale in Historical Gross Interest Pretax Tax Net
years Sales (Rt) COGS profit SG&A EBITDA income profit expense income
-3.5 0.875 0.678 0.197 0.516 (0.319)
-3.25 2.230 1.725 0.505 1.253 (0.748)
-3 4.173 3.172 1.001 3.383 (2.382)
-2.75 8.468 6.426 2.042 4.286 (2.244)
-2.5 16.005 12.484 3.521 6.623 (3.102)
-2.25 27.855 22.641 5.214 13.067 (7.853)

-2 37.887 30.717 7.170 17.486 (10.316)


-1.75 66.040 53.127 12.913 24.237 (11.324)
-1.5 87.361 66.222 21.139 29.283 (8.144)
-1.25 116.044 89.793 26.251 44.651 (18.400)
-1 153.698 118.823 34.875 76.381 (41.506)
-0.75 252.893 199.476 53.417 95.486 (42.069)

-0.5 293.643 223.629 70.014 95.386 (25.372)

-0.25 314.377 246.846 67.531 190.005 (122.474)


0 355.800 285.300 70.500 260.945 (190.445)
0.25 292.64 97.547 149.14 (51.589) 8.805 (42.784) - (42.784)
0.5 285.06 95.021 147.22 (52.195) 8.267 (43.928) - (43.928)
0.75 316.78 105.593 155.25 (49.658) 7.714 (41.944) - (41.944)

1 361.47 120.490 166.57 (46.082) 7.187 (38.896) - (38.896)


1.25 401.66 133.888 176.76 (42.867) 6.697 (36.169) - (36.169)
1.5 432.88 144.293 184.66 (40.370) 6.242 (34.127) - (34.127)
1.75 455.86 151.953 190.48 (38.531) 5.813 (32.718) - (32.718)
2 457.97 152.657 191.02 (38.362) 5.402 (32.961) - (32.961)
2.25 395.11 131.702 175.09 (43.391) 4.987 (38.404) - (38.404)
2.5 399.63 133.211 176.24 (43.029) 4.504 (38.525) - (38.525)
2.75 335.80 111.932 160.07 (48.136) 4.019 (44.117) - (44.117)
3 343.13 114.376 161.93 (47.550) 3.464 (44.085) - (44.085)
3.25 358.88 119.626 165.92 (46.290) 2.910 (43.380) - (43.380)
3.5 358.35 119.452 165.78 (46.332) 2.364 (43.967) - (43.967)
3.75 360.03 120.008 166.21 (46.198) 1.811 (44.387) - (44.387)
4 366.35 122.117 167.81 (45.692) 1.253 (44.439) - (44.439)
4.25 396.95 132.317 175.56 (43.244) 0.694 (42.550) - (42.550)
4.5 407.89 135.964 178.33 (42.369) 0.159 (42.210) - (42.210)
4.75 399.51 133.171 176.21 (43.039) (0.372) (43.411) - (43.411)
5 402.58 134.194 176.99 (42.793) (0.918) (43.712) - (43.712)
5.25 410.84 136.946 179.08 (42.133) (1.468) (43.601) - (43.601)
5.5 411.35 137.116 179.21 (42.092) (2.017) (44.109) - (44.109)
5.75 419.41 139.803 181.25 (41.447) (2.571) (44.019) - (44.019)
6 443.93 147.976 187.46 (39.486) (3.125) (42.611) - (42.611)
6.25 443.75 147.916 187.42 (39.500) (3.661) (43.161) - (43.161)
6.5 437.38 145.792 185.80 (40.010) (4.204) (44.214) - (44.214)
6.75 420.11 140.037 181.43 (41.391) (4.760) (46.151) - (46.151)
7 429.36 143.119 183.77 (40.651) (5.341) (45.992) - (45.992)
7.25 451.05 150.349 189.27 (38.916) (5.919) (44.835) - (44.835)
7.5 458.19 152.731 191.08 (38.345) (6.483) (44.828) - (44.828)
7.75 462.14 154.047 192.08 (38.029) (7.047) (45.076) - (45.076)
8 393.04 131.014 174.57 (43.557) (7.614) (51.171) - (51.171)
8.25 405.59 135.197 177.75 (42.553) (8.258) (50.810) - (50.810)
8.5 417.98 139.327 180.89 (41.562) (8.897) (50.458) - (50.458)
8.75 437.04 145.681 185.72 (40.037) (9.531) (49.568) - (49.568)
9 461.98 153.994 192.04 (38.042) (10.155) (48.196) - (48.196)
9.25 439.93 146.642 186.45 (39.806) (10.761) (50.567) - (50.567)
9.5 417.68 139.227 180.81 (41.585) (11.397) (52.983) - (52.983)
9.75 455.16 151.721 190.31 (38.587) (12.064) (50.650) - (50.650)
10 445.03 148.345 187.74 (39.397) (12.701) (52.098) - (52.098)
10.25 404.62 134.873 177.50 (42.631) (13.356) (55.987) - (55.987)
10.5 420.76 140.254 181.59 (41.339) (14.060) (55.399) - (55.399)
10.75 422.17 140.724 181.95 (41.226) (14.757) (55.983) - (55.983)
11 401.82 133.941 176.80 (42.854) (15.461) (58.315) - (58.315)
11.25 386.91 128.969 173.02 (44.047) (16.195) (60.242) - (60.242)
11.5 377.26 125.755 170.57 (44.819) (16.952) (61.771) - (61.771)
11.75 380.20 126.732 171.32 (44.584) (17.729) (62.314) - (62.314)
12 400.41 133.471 176.44 (42.967) (18.513) (61.480) - (61.480)
12.25 416.99 138.997 180.64 (41.641) (19.287) (60.927) - (60.927)
12.5 443.25 147.748 187.29 (39.540) (20.053) (59.593) - (59.593)
12.75 438.44 146.147 186.07 (39.925) (20.803) (60.727) - (60.727)
13 440.26 146.753 186.53 (39.779) (21.566) (61.346) - (61.346)
13.25 460.48 153.492 191.65 (38.162) (22.338) (60.500) - (60.500)
13.5 443.31 147.770 187.31 (39.535) (23.099) (62.634) - (62.634)
13.75 446.36 148.786 188.08 (39.291) (23.887) (63.178) - (63.178)
14 505.52 168.506 203.06 (34.558) (24.682) (59.240) - (59.240)
14.25 459.41 153.136 191.38 (38.247) (25.427) (63.674) - (63.674)
14.5 478.00 159.332 196.09 (36.760) (26.228) (62.988) - (62.988)
14.75 519.72 173.239 206.66 (33.423) (27.020) (60.443) - (60.443)
15 532.15 177.384 209.81 (32.428) (27.780) (60.208) - (60.208)
15.25 530.86 176.954 209.49 (32.531) (28.538) (61.069) - (61.069)
15.5 552.18 184.059 214.88 (30.826) (29.306) (60.132) - (60.132)
15.75 524.27 174.755 207.81 (33.059) (30.062) (63.121) - (63.121)
16 571.67 190.555 219.82 (29.267) (30.856) (60.123) - (60.123)
16.25 611.10 203.701 229.81 (26.112) (31.612) (57.724) - (57.724)
16.5 596.17 198.723 226.03 (27.306) (32.338) (59.645) - (59.645)
16.75 596.12 198.706 226.02 (27.310) (33.089) (60.399) - (60.399)
17 620.56 206.852 232.21 (25.356) (33.848) (59.204) - (59.204)
17.25 611.09 203.697 229.81 (26.113) (34.593) (60.706) - (60.706)
17.5 650.79 216.930 239.87 (22.937) (35.357) (58.293) - (58.293)
17.75 643.64 214.545 238.05 (23.509) (36.090) (59.599) - (59.599)
18 631.82 210.606 235.06 (24.455) (36.839) (61.294) - (61.294)
18.25 640.94 213.646 237.37 (23.725) (37.610) (61.335) - (61.335)
18.5 677.18 225.726 246.55 (20.826) (38.382) (59.208) - (59.208)
18.75 718.97 239.656 257.14 (17.482) (39.127) (56.609) - (56.609)
19 732.68 244.226 260.61 (16.386) (39.839) (56.224) - (56.224)
19.25 716.36 238.788 256.48 (17.691) (40.546) (58.237) - (58.237)
19.5 679.83 226.609 247.22 (20.614) (41.278) (61.892) - (61.892)
19.75 712.78 237.594 255.57 (17.977) (42.057) (60.034) - (60.034)
20 689.64 229.879 249.71 (19.829) (42.812) (62.641) - (62.641)
20.25 729.13 243.044 259.71 (16.669) (43.600) (60.269) - (60.269)
20.5 773.92 257.973 271.06 (13.086) (44.358) (57.445) - (57.445)
20.75 735.36 245.118 261.29 (16.172) (45.081) (61.252) - (61.252)
21 731.71 243.903 260.37 (16.463) (45.851) (62.314) - (62.314)
21.25 733.03 244.343 260.70 (16.358) (46.635) (62.993) - (62.993)
21.5 705.65 235.217 253.77 (18.548) (47.427) (65.975) - (65.975)
21.75 648.24 216.080 239.22 (23.141) (48.257) (71.398) - (71.398)
22 607.61 202.538 228.93 (26.391) (49.155) (75.546) - (75.546)
22.25 607.44 202.481 228.89 (26.405) (50.106) (76.510) - (76.510)
22.5 674.08 224.694 245.77 (21.074) (51.068) (72.141) - (72.141)
22.75 659.57 219.856 242.09 (22.234) (51.975) (74.210) - (74.210)
23 662.62 220.873 242.86 (21.991) (52.909) (74.899) - (74.899)
23.25 695.24 231.745 251.13 (19.381) (53.851) (73.232) - (73.232)
23.5 737.53 245.845 261.84 (15.997) (54.772) (70.769) - (70.769)
23.75 752.25 250.751 265.57 (14.820) (55.662) (70.482) - (70.482)
24 718.05 239.350 256.91 (17.556) (56.549) (74.105) - (74.105)
24.25 718.96 239.653 257.14 (17.483) (57.481) (74.964) - (74.964)
24.5 733.62 244.538 260.85 (16.311) (58.424) (74.735) - (74.735)
24.75 740.39 246.798 262.57 (15.769) (59.364) (75.132) - (75.132)
25 799.32 266.441 277.49 (11.054) (60.309) (71.363) - (71.363)
Historical Simulated Drift of σt ηt
Loss carry Cash Bankruptcy Simulated µt µt µt
forward Lt balance Xt flag Sales (Rt) Drift of (Rt)
4.5
154.9%
87.1%
102.9%
89.0%
74.0%

36.0%
74.3%
32.3%
32.8%
32.4%
64.5%

16.1%

7.1%
559.000 700.000 355.800 355.800 13.2% 11.0% 11.0% 10.0% 3.0%
601.784 657.216 - - 390.189 394.796 9.0% 10.4% 9.7% 2.8%
645.712 613.288 - - 380.084 435.421 9.2% 9.8% 9.3% 2.6%
687.655 571.345 - - 422.371 477.516 9.3% 9.2% 9.1% 2.4%

726.551 532.449 -- 481.959 520.922 5.4% 8.7% 8.8% 2.3%


762.721 496.279 -- 535.553 565.477 3.7% 8.2% 8.5% 2.1%
796.848 462.152 -- 577.173 611.020 3.0% 7.7% 8.3% 2.0%
829.566 429.434 -- 607.812 657.397 2.5% 7.3% 8.1% 1.8%
862.527 396.473 -- 610.628 704.459 3.4% 6.9% 7.9% 1.7%
900.931 358.069 -- 526.809 752.066 3.7% 6.6% 7.7% 1.6%
939.457 319.543 -- 532.844 800.085 4.6% 6.2% 7.5% 1.5%
983.574 275.426 -- 447.727 848.394 2.1% 5.9% 7.3% 1.4%
### 231.341 -- 457.503 896.883 0.7% 5.6% 7.2% 1.3%
### 187.961 -- 478.504 945.448 2.0% 5.3% 7.0% 1.2%
### 143.994 -- 477.806 994.002 2.0% 5.1% 6.9% 1.1%
### 99.607 -- 480.034 1,042.463 1.9% 4.8% 6.7% 1.0%
### 55.168 -- 488.470 1,090.763 3.1% 4.6% 6.6% 1.0%
### 12.618 -- 529.269 1,138.842 3.3% 4.4% 6.5% 0.9%
### (29.592) BRUPT 543.856 1,186.651 2.9% 4.2% 6.4% 0.9%
### (73.003) dead 532.682 1,234.147 2.0% 4.0% 6.3% 0.8%
### (116.715) dead 536.776 1,281.300 3.4% 3.8% 6.2% 0.7%
### (160.316) dead 547.783 1,328.082 2.5% 3.7% 6.1% 0.7%
### (204.425) dead 548.463 1,374.476 1.4% 3.5% 6.1% 0.6%
### (248.443) dead 559.211 1,420.471 1.9% 3.4% 6.0% 0.6%
### (291.054) dead 591.905 1,466.059 1.9% 3.3% 5.9% 0.6%
### (334.215) dead 591.665 1,511.241 1.3% 3.2% 5.9% 0.5%
### (378.429) dead 583.167 1,556.019 1.2% 3.0% 5.8% 0.5%
### (424.580) dead 560.146 1,600.401 1.7% 2.9% 5.8% 0.5%
### (470.572) dead 572.477 1,644.398 2.3% 2.8% 5.7% 0.4%
### (515.407) dead 601.397 1,688.024 2.9% 2.7% 5.7% 0.4%
### (560.235) dead 610.922 1,731.295 2.3% 2.7% 5.6% 0.4%
### (605.311) dead 616.186 1,774.231 2.8% 2.6% 5.6% 0.3%
### (656.481) dead 524.055 1,816.851 2.4% 2.5% 5.5% 0.3%
### (707.292) dead 540.787 1,859.179 2.4% 2.4% 5.5% 0.3%
### (757.750) dead 557.307 1,901.237 2.5% 2.4% 5.5% 0.3%
### (807.318) dead 582.722 1,943.050 1.7% 2.3% 5.4% 0.3%
### (855.514) dead 615.975 1,984.642 1.3% 2.3% 5.4% 0.2%
### (906.081) dead 586.567 2,026.039 1.1% 2.2% 5.4% 0.2%
### (959.064) dead 556.909 2,067.267 1.2% 2.2% 5.3% 0.2%
### ### dead 606.884 2,108.352 1.5% 2.1% 5.3% 0.2%
### ### dead 593.379 2,149.320 1.4% 2.1% 5.3% 0.2%
### ### dead 539.490 2,190.197 1.4% 2.0% 5.3% 0.2%
### ### dead 561.016 2,231.008 1.3% 2.0% 5.3% 0.2%
### ### dead 562.896 2,271.780 1.2% 2.0% 5.2% 0.1%
### ### dead 535.764 2,312.538 1.1% 1.9% 5.2% 0.1%
### ### dead 515.876 2,353.306 1.1% 1.9% 5.2% 0.1%
### ### dead 503.019 2,394.109 1.2% 1.9% 5.2% 0.1%
### ### dead 506.928 2,434.972 1.1% 1.9% 5.2% 0.1%
### ### dead 533.884 2,475.917 1.0% 1.8% 5.2% 0.1%
### ### dead 555.987 2,516.968 1.0% 1.8% 5.2% 0.1%
### ### dead 590.994 2,558.147 1.0% 1.8% 5.2% 0.1%
### ### dead 584.590 2,599.477 1.0% 1.8% 5.1% 0.1%
### ### dead 587.013 2,640.979 1.1% 1.7% 5.1% 0.1%
### ### dead 613.968 2,682.673 1.1% 1.7% 5.1% 0.1%
### ### dead 591.081 2,724.582 1.2% 1.7% 5.1% 0.1%
### ### dead 595.142 2,766.724 1.2% 1.7% 5.1% 0.1%
### ### dead 674.026 2,809.120 1.2% 1.7% 5.1% 0.1%
### ### dead 612.544 2,851.788 1.3% 1.7% 5.1% 0.1%
### ### dead 637.328 2,894.747 1.3% 1.7% 5.1% 0.1%
### ### dead 692.954 2,938.015 1.3% 1.7% 5.1% 0.0%
### ### dead 709.537 2,981.610 1.3% 1.6% 5.1% 0.0%
### ### dead 707.817 3,025.550 1.3% 1.6% 5.1% 0.0%
### ### dead 736.236 3,069.851 1.4% 1.6% 5.1% 0.0%
### ### dead 699.021 3,114.529 1.4% 1.6% 5.1% 0.0%
### ### dead 762.221 3,159.602 1.4% 1.6% 5.1% 0.0%
### ### dead 814.803 3,205.085 1.5% 1.6% 5.1% 0.0%
### ### dead 794.893 3,250.994 1.5% 1.6% 5.0% 0.0%
### ### dead 794.826 3,297.343 1.5% 1.6% 5.0% 0.0%
### ### dead 827.408 3,344.149 1.4% 1.6% 5.0% 0.0%
### ### dead 814.788 3,391.425 1.5% 1.6% 5.0% 0.0%
### ### dead 867.721 3,439.186 1.5% 1.6% 5.0% 0.0%
### ### dead 858.180 3,487.446 1.5% 1.6% 5.0% 0.0%
### ### dead 842.423 3,536.220 1.5% 1.6% 5.0% 0.0%
### ### dead 854.583 3,585.522 1.5% 1.6% 5.0% 0.0%
### ### dead 902.905 3,635.364 1.5% 1.6% 5.0% 0.0%
### ### dead 958.626 3,685.761 1.5% 1.5% 5.0% 0.0%
### ### dead 976.906 3,736.726 1.5% 1.5% 5.0% 0.0%
### ### dead 955.153 3,788.272 1.5% 1.5% 5.0% 0.0%
### ### dead 906.438 3,840.412 1.5% 1.5% 5.0% 0.0%
### ### dead 950.376 3,893.159 1.5% 1.5% 5.0% 0.0%
### ### dead 919.518 3,946.526 1.5% 1.5% 5.0% 0.0%
### ### dead 972.177 4,000.526 1.5% 1.5% 5.0% 0.0%
### ### dead 1,031.894 4,055.172 1.5% 1.5% 5.0% 0.0%
### ### dead 980.473 4,110.476 1.5% 1.5% 5.0% 0.0%
### ### dead 975.614 4,166.451 1.5% 1.5% 5.0% 0.0%
### ### dead 977.372 4,223.109 1.5% 1.5% 5.0% 0.0%
### ### dead 940.870 4,280.464 1.5% 1.5% 5.0% 0.0%
### ### dead 864.320 4,338.527 1.5% 1.5% 5.0% 0.0%
### ### dead 810.153 4,397.311 1.5% 1.5% 5.0% 0.0%
### ### dead 809.924 4,456.830 1.5% 1.5% 5.0% 0.0%
### ### dead 898.774 4,517.094 1.5% 1.5% 5.0% 0.0%
### ### dead 879.426 4,578.117 1.5% 1.5% 5.0% 0.0%
### ### dead 883.491 4,639.911 1.5% 1.5% 5.0% 0.0%
### ### dead 926.980 4,702.490 1.5% 1.5% 5.0% 0.0%
### ### dead 983.379 4,765.865 1.5% 1.5% 5.0% 0.0%
### ### dead 1,003.002 4,830.050 1.5% 1.5% 5.0% 0.0%
### ### dead 957.399 4,895.056 1.5% 1.5% 5.0% 0.0%
### ### dead 958.611 4,960.898 1.5% 1.5% 5.0% 0.0%
### ### dead 978.154 5,027.588 1.5% 1.5% 5.0% 0.0%
### ### dead 987.191 5,095.138 1.5% 1.5% 5.0% 0.0%
### ### dead 1,065.763 5,163.563 1.5% 1.5% 5.0% 0.0%
ε1 ε2 ρ of
variates
generated Bankruptcy line
0.02 4.5 - -76.51
4.5 781.38 -16.36

-1.198 -1.626
0.272 -1.076
-0.077 0.434

0.452 1.101
0.056 0.358
-1.400 0.725
-1.049 0.034
-0.686 1.308
-1.729 -1.499
-0.219 0.239
-1.498 0.076
1.640 -0.064
-0.073 0.015
2.109 1.556
-0.195 1.175
0.919 0.096
1.492 -0.181
0.465 -0.250
-1.305 -0.376
-0.625 0.301
2.460 -0.394
-0.295 -1.079
1.082 0.333
-1.698 1.294
0.517 -0.106
-0.008 0.721
2.271 -0.135
-0.710 -0.102
1.669 -0.767
-0.254 -0.319
-1.273 -0.771
1.360 -1.829
0.382 0.233
-0.163 0.658
1.603 0.527
-0.351 1.543
-1.668 0.665
-1.414 1.328
-0.312 -1.158
0.878 -1.441
0.206 -0.505
0.991 0.176
0.685 -1.417
-1.891 0.541
-0.525 -0.179
-1.401 -0.250
0.384 2.497
-0.164 -0.530
0.217 1.127
-1.722 0.079
0.179 -0.239
-0.075 0.302
-1.026 0.122
0.067 0.075
0.446 -0.422
0.266 -0.663
0.368 -0.141
0.929 -0.262
0.056 1.048
-1.267 0.923
-0.578 -0.903
-0.761 1.483
-0.927 0.408
-0.742 0.715
0.071 -0.608
-0.541 -1.286
0.459 0.720
0.577 0.953
-0.488 -0.692
-0.359 2.173
0.204 1.805
-0.710 -0.757
-0.231 -1.537
0.309 1.483
1.372 0.595
0.684 -0.854
1.323 1.981
-1.138 -1.378
0.344 -0.368
1.023 -0.983
0.327 -1.076
-0.637 -0.510
1.312 2.051
-1.104 -0.779
-0.758 -0.014
-0.830 0.861
-0.103 -0.146
-1.883 1.115
0.010 0.389
0.836 -0.204
-0.318 0.129
0.294 -0.576
0.069 0.654
-0.342 -0.986
-1.282 -0.796
-0.454 0.607
-0.374 0.219
-1.835 -0.645
0.168 -0.962
-0.057 0.810