Beruflich Dokumente
Kultur Dokumente
Scenario
Project Assumptions
1 Cost of Capital
Capital Expenditures & PP&E Information
2 Initial Investment (Fixed Cost, $mil)
3 Future Investment (% of initial Investment)
4 Future Investment (Annual Growth)
5 PP&E Liquidation Value
6 PP&E life for depreciation (Years)
Revenue Forecasts
Market Forecasts
7 Initial Market Size (Units, million)
8 Market Growth Rate
9 Market Size (Units, million)
(Actual Market Size, Units Mil)
Market Share
10 Initial Market Share
11 Market Share Annual Growth Rate
12 Market Share
Pricing Strategy
13 Initial Unit Price ($/unit)
14 Bi-Annual Price Increases ($/unit)
15 Unit Price ($/unit)
Taxes
16 Tax Rate (2008 Total Taxes / Pre-Tax Inc)
Operating Expenses
COGS
17
COGS / Sales (% Sales)
SG&A
18
1% of 2008 Company SG&A ($mil)
19
SG&A Expense Growth Rate
R&D
20
R&D Upfront ($mil)
21
R&D for Versioning ($mil)
Working Capital Assumptions
Cash Requirements
22
% of SG&A
23
% R&D Expenditures
24
25
26
27
Inventory
Inventory Days (365 x Inventory / COGS)
Excess Inventory liquidation value (% of Inventory Cost)
Accounts Receivable
Days Receivable (365 x Accounts Receivable / Sales)
Accounts Payable
Days Payable (365 x Accounts Payable / COGS)
Margins
Gross Margin
Operating Margin
Net Margin
1 Base
0 (F2008)
12.01%
Year
2
5.0%
50.0%
5
1.0%
50.0%
5
1.0%
50.0%
5
1.0%
50.0%
5
2500.00%
26.0
60.0
128.0%
59.3
116.3
9.4%
64.9
195.4
3.5%
67.1
229.0
5.00%
26.3%
5%
27.6%
5%
28.9%
5%
30.4%
200.00
200.00
49.99
249.99
249.99
49.99
299.98
25.45%
25.45%
25.45%
25.45%
25.45%
25.45%
80.66%
80.66%
80.66%
80.66%
80.66%
80.66%
25.00%
25.00%
25.00%
25.00%
25.00
25.00
25.00
25.00
25.00
50%
100%
50%
100%
50%
100%
50%
100%
50%
100%
227.70
10.0%
50.00%
5.00
50.0%
5
1.00
1.0
1.0
25.00%
25.0%
200.00
69.59
200.00
50.00%
100.00%
7.58
7.58
7.58
7.58
7.58
7.58
25.00%
38.49
38.49
38.49
38.49
38.49
38.49
61.54
61.54
61.54
61.54
61.54
61.54
1
50.0
40.3
9.7
69.6
25.0
-84.9
45.5
-130.5
-33.2
-97.3
Year
2
1,365.0
1,101.0
264.0
87.0
25.0
152.0
50.1
101.9
25.9
76.0
3
4,084.6
3,294.6
790.0
108.7
25.0
656.2
54.9
601.4
153.0
448.3
4
4,692.0
3,784.6
907.4
135.9
25.0
746.5
59.7
686.8
174.8
512.0
5
6,116.9
4,933.9
1,183.0
169.9
25.0
988.1
64.6
923.5
235.0
688.5
1
-97.3
45.5
22.8
59.1
-133.6
(133.59)
Year
2
76.0
50.1
23.9
-9.4
111.6
111.60
3
448.3
54.9
24.1
-26.6
505.7
505.67
4
512.0
59.7
24.4
5.2
542.1
542.11
5
688.5
64.6
-21.0
48.6
725.5
725.47
1
-133.6
89%
-119.3
Year
2
111.6
80%
88.9
3
505.7
71%
359.8
4
542.1
64%
344.4
5
725.5
57%
411.4
0.0
200.0
-200.0
-200.0
-50.9
-149.1
0
-149.1
227.7
-376.8
(376.80)
0
-376.8
100%
-376.8
708.4
0
-376.8
-376.8
3
-376.8
-376.8
4.0
43.7%
1
-133.6
-510.4
Year
2
111.6
-398.8
3
505.7
106.9
4
542.1
649.0
5
725.5
1,374.5
-119.3
-496.1
88.9
-407.1
359.8
-47.3
344.4
297.0
411.4
708.4
3
24.1
298.5
54.9
4
24.4
322.9
59.7
5
24.6
347.5
64.6
274.8
72.8 Accumulated CapEx - Acc
36.4 Book Value of CapEx * Liq
45.6 LV - (LV - Book) * Tax Rat
-21.0
0
227.7
227.7
1
22.8
250.5
45.5
Year
2
23.9
274.4
50.1
227.7
22.8
23.9
24.1
24.4
1
34.8
25.0
59.8
0.8
5.3
6.8
59.1
Year
2
43.5
25.0
68.5
22.9
143.9
185.6
49.7
3
54.4
25.0
79.4
68.4
430.7
555.5
23.0
4
68.0
25.0
93.0
78.6
494.8
638.1
28.2
59.1
-9.4
-26.6
5.2
3
19.3%
16.1%
11.0%
4
19.3%
15.9%
10.9%
1
19.3%
-169.8%
-194.5%
Year
2
19.3%
11.1%
5.6%
5
84.9
25.0
109.9
102.5 365 x Inventory / COGS
645.0 365 x Accounts Receivabl
831.9 365 x Accounts Payable /
25.6
51.3 25% inventory liquidation
48.6
5 Avg
19.3%
19.3%
16.2%
-22.1%
11.3%
-31.2%
Inventory Days
Excess Inventory Liquidation
Days Receivable
Days Payable
Scenario Analysis
Notes:
Use goal seek to get breakeven points first. Use goal
Use data tables to do sensitivity analysis. Highlight th
Do scenario's last. Enter the input cells and then the
Value Drivers
Cost of Capital
Initial Investment ($mil)
PP&E Liquidation Value
PP&E Life for Depreciation
Initial Market Size (Units Mil)
Market Growth Rate
Initial Market Share
Market Share Growth Rate
Initial Unit Price ($/unit)
Bi-Annual Price Increases ($/unit)
Tax Rate
COGS / Sales (% Sales)
SG&A First-Year ($mil)
SG&A Expense Growth Rate
R&D Upfront ($mil)
R&D Versioning ($mil)
Cash (% of SG&A)
Cash (% R&D)
Inventory Days
Excess Inventory Liquidation
Days Receivable
Days Payable
x Inventory / COGS
x Accounts Receivable / Sales
x Accounts Payable / COGS
Notes:
1) Start with the base case parameter. Compute 1%
2) Set up a data table with the NPv cell in the bottom
3) Compute the elasticity as the % Percentage chang
enario Analysis
708.42
Worst
15.01%
Err:504
284.0
Base
12.01%
Err:504
227.7
30%
Best
BE
9.61%
Err:504
185.0
43.72%
Err:504
904.24
50%
75%
-2253%
3.00
5.00
7.00
0.32
0.50
1.00
2.00
0.52
1000%
2500%
5000%
1571%
15.00%
25.00%
35.00%
13%
1.00%
5.00%
8.00%
-18%
175.00
200.00
250.00
77.36
24.99
49.99
99.99
(59.44)
35%
25.45%
12.50%
88%
84.30%
80.66%
74.25%
90%
85.00
69.59
45.00
229.81
30%
25%
15%
98%
250.00
200.00
150.00
1,150.26
30.00
25.00
15.00
260.19
60%
50%
35%
2288%
100%
100%
85%
8801%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.4
708.4
708.4
708.4
708.4
708.4
15.00
7.58
6.00
103.15
15%
25%
35%
-1194%
45.00
38.49
30.00
381.96
50.00
61.54
75.00
(364.28)
Worst
(813.97)
Base
708.42
Best
33,293.68
708.4
708.4
708.4
708.4
points first. Use goal seek, enter the NPV cell (AJ3), then "0" for the value we want the NPV to be, then the paramete
analysis. Highlight the 2 x 5 matrix of cells with the NPV cell in the lower left and Break Even parameter value in the u
t cells and then the values for each scenario. Then "show" the scenario. Simply show "Base" Scenario to return all pa
1.0%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
Base x (1-0.01)
11.89%
Err:504
225.4
Err:504
50%
Err:504
4.95
Err:504
0.99
Err:504
2475%
Err:504
24.75%
Err:504
4.95%
Err:504
198.00
Err:504
49.49
Base
12.01%
Err:504
227.7
50%
5.00
1.00
2500%
25.00%
5.00%
200.00
49.99
Base x (1+0.01)
12.13%
Err:504
230.0
Err:504
51%
Err:504
5.05
Err:504
1.01
Err:504
2525%
Err:504
25.25%
Err:504
5.05%
Err:504
202.00
Err:504
50.49
Elasticity
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
708.42
708.42
708.42
708.4
708.4
708.4
708.4
708.4
708.4
708.4
708.4
708.4
708.4
Err:504
25%
Err:504
79.85%
Err:504
68.89
Err:504
25%
Err:504
198.00
Err:504
24.75
Err:504
50%
Err:504
99%
Err:504
7.50
Err:504
25%
Err:504
38.11
Err:504
60.92
Err:504
25.45%
80.66%
69.59
25%
200.00
25.00
50%
100%
7.58
25%
38.49
61.54
Err:504
25.70%
Err:504
81.47%
Err:504
70.29
Err:504
25%
Err:504
202.00
Err:504
25.25
Err:504
51%
Err:504
101%
Err:504
7.66
Err:504
25%
Err:504
38.87
Err:504
62.16
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Price
22.38%
Notes:
1) Start with the price vector - list it out in column form
2) Find the intial market share corresponding to each price that recovers
Use data table. Highlight the entire matrix 12 x 12. Enter the initial mark
parameter are in a row, the initial price cell in the column box since valu
Market Size
Market Profiles
Base
1682.86%
Initial Market Si
1.00
2500.00%
26.0
2
60.0
1.0
1
1.0
128.0%
59.3
3
116.3
9.4%
64.9
4
195.4
250.0
200.0
Actual
150.0
Market Size (Mil Units)
100.0
50.0
be, then the parameter cell you want to find the breakeven point for. The parameter cell will be the base case parame
0.0 on the parameter input in the forecast driver section (Bas
rameter value in the upper right. Choose row-cell and click
1
2
3
4
cenario to return all parameters to base values
Year
Bad Scenario
Initial Market Si
0.10
1522.34%
1.6
2
60.0
0.1
1
1.0
250.0
79.1%
2.9
3
116.3
7.0%
3.1
4
195.4
200.0
Actual
150.0
Market Size (Mil Units)
100.0
50.0
0.0
Year
1400.00
Cost of CapiNPV
1%
2%
3%
4%
5%
6%
7%
8%
9%
1302.35
1233.90
1168.91
1107.15
1048.43
992.58
939.42
888.81
840.59
1200.00
1000.00
800.00
NPV
600.00
400.00
200.00
0.00
0%
-200.00
NPV
600.00
400.00
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%
794.63
750.80
708.99
669.07
630.96
594.54
559.74
526.46
494.63
464.16
434.99
407.05
380.28
354.63
330.02
306.42
283.78
262.04
241.16
221.10
201.83
183.31
165.49
148.36
131.87
116.00
100.72
86.01
71.83
58.17
45.00
32.30
20.06
8.24
-3.16
-14.17
-24.80
-35.06
-44.97
-54.56
-63.82
200.00
0.00
0%
-200.00
R=1
23.19%
24.06%
25.00%
26.02%
27.12%
28.32%
each price that recovers the base NPV. You need to enter the price into the parameter set and the find the initial mark
2. Enter the initial market penetration cell in the "row" box since values for this
column box since values for this parameter are in a column.
1883.75%
2144.35%
2500.00%
Forecast = Actual
3024.12%
3905.32%
5879.44%
Initial Market Si
3.5%
67.1
5
229.0
2.00
2.0
1
1.0
250.0
tual
200.0
3024.12%
62.5
2
60.0
154.2%
158.8
3
116.3
150.0
Market Size (Mil Units)
100.0
50.0
e the base case parameter cell between AL6 and BG6. The base case values are hard coded in AL2 through BG2
0.0 automatically when you change one of the da
cast driver section (Base Case). It will fill in the NPV values and update
4
5
1
2
3
4
Year
3.3%
3.2
5
229.0
1400.00
1200.00
1000.00
800.00
600.00
400.00
IRR = 43.72%
200.00
0.00
0%
-200.00
10%
20%
30%
40%
50%
60
600.00
400.00
IRR = 43.72%
200.00
0.00
0%
-200.00
10%
R = 12.01%
20%
30%
Cost of Capital
40%
50%
60
708.42
708.41845
708.42
Simulation Analysis
29.63%
31.07%
Scenario #
1
2
3
4
5
6
7
8
9
10
11
12
13
14
the find the initial market share that recovers the base NPV using g
15
16
17
18
19
20
9680.69%
13770.16%
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
10.7%
175.8
4
195.4
3.5%
182.1
5
229.0
V 3,173)
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
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
50%
60%
50%
60%
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
Data Table
Scenario #
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
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
Min
Max
Upper Limits
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
950
1000
1050
1100
1150
1200
1250
1300
1350
1400
Data Table
Scenario #
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
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
Min
Max
Upper Limits
-49
-24
1
26
51
76
101
126
151
176
201
226
251
276
301
326
351
376
401
426
451
476
501
526
551
576
601
626
651
676
701
726
751
776
801
Base
Max
Min
Name
Base
12.01%
227.70
15.00%
283.85
9.62%
185.13
Cost of Capital
Initial Investment ($mil)
12.01%
227.70
11%
198.32
12%
188.04
12%
187.94
15%
196.43
11%
215.18
11%
238.27
13%
191.68
13%
263.65
12%
241.85
14%
218.79
10%
265.13
10%
211.95
13%
208.39
14%
214.11
11%
237.10
10%
249.49
13%
267.02
14%
194.09
10%
235.14
14%
263.78
11%
261.31
14%
270.92
13%
207.65
10%
237.34
14%
268.01
14%
283.10
11%
267.08
14%
251.29
12%
282.18
10%
188.12
15%
195.34
13%
185.44
12%
267.15
15%
258.45
11%
13%
14%
14%
12%
14%
12%
14%
13%
11%
11%
10%
13%
14%
12%
15%
10%
15%
13%
15%
11%
10%
12%
14%
12%
10%
13%
14%
13%
13%
10%
13%
14%
11%
11%
14%
13%
10%
15%
13%
204.18
246.94
213.96
207.78
214.44
222.18
258.80
196.03
261.80
259.83
265.77
238.93
217.34
199.91
251.76
215.74
224.31
245.10
212.94
261.31
229.96
210.05
210.17
192.11
207.41
206.67
265.07
265.10
228.82
188.33
276.79
247.76
280.73
241.90
248.77
265.10
283.85
205.85
268.07
227.31
11%
11%
14%
12%
13%
15%
10%
12%
12%
13%
11%
12%
11%
12%
11%
12%
12%
15%
10%
15%
11%
12%
10%
15%
11%
11%
12%
11%
14%
14%
11%
12%
13%
14%
10%
11%
12%
11%
15%
14%
12%
12%
216.15
275.11
223.84
239.63
185.53
219.89
198.86
234.22
205.64
210.57
266.94
186.98
247.67
269.92
278.12
259.73
222.05
222.05
191.60
248.27
186.76
251.05
278.57
253.16
265.11
197.56
202.09
249.81
223.24
280.84
273.86
191.39
200.05
243.99
280.66
206.01
255.10
217.25
226.64
209.62
251.26
227.82
13%
10%
14%
10%
12%
10%
13%
14%
13%
12%
14%
14%
12%
13%
13%
10%
13%
10%
13%
12%
10%
10%
10%
10%
13%
14%
12%
12%
14%
10%
14%
10%
11%
11%
12%
14%
14%
11%
12%
14%
11%
13%
13%
10%
10%
268.44
277.54
276.03
222.29
237.41
279.92
280.90
212.94
226.31
249.32
241.95
275.78
231.61
194.45
201.64
281.35
279.64
281.30
193.72
249.53
222.94
230.27
203.94
274.13
239.74
243.57
278.26
254.61
279.42
253.64
207.72
191.48
247.32
228.69
264.58
260.76
255.67
213.28
282.00
248.82
248.63
202.36
203.73
190.10
213.92
11%
10%
10%
12%
11%
12%
11%
15%
14%
12%
11%
13%
12%
13%
10%
14%
14%
10%
13%
15%
11%
12%
10%
14%
11%
13%
12%
11%
14%
13%
14%
12%
10%
11%
15%
12%
13%
13%
13%
13%
11%
11%
13%
14%
10%
267.57
214.33
199.25
225.14
233.86
219.41
227.33
195.07
283.77
278.82
250.75
202.18
260.74
261.85
221.39
211.02
242.87
220.94
281.43
228.25
208.79
195.39
269.92
204.12
276.86
214.16
277.76
243.27
272.89
260.49
204.46
227.31
244.63
202.32
243.44
189.22
233.51
218.24
233.36
255.82
281.85
266.84
230.22
283.81
256.45
11%
14%
12%
12%
14%
12%
12%
14%
13%
14%
15%
11%
11%
12%
15%
11%
11%
12%
11%
10%
13%
12%
14%
15%
13%
12%
11%
12%
15%
14%
15%
13%
13%
12%
12%
15%
12%
13%
10%
11%
14%
14%
14%
14%
15%
212.22
271.42
202.62
213.86
276.50
212.69
250.22
242.28
210.53
186.73
190.88
247.91
254.54
205.31
267.52
271.55
281.61
187.56
197.53
189.25
242.32
250.05
185.48
219.39
273.94
227.84
217.85
258.55
234.08
212.61
192.84
227.89
188.84
283.50
268.75
196.65
198.92
259.77
218.05
238.73
242.37
273.84
258.29
254.46
236.17
10%
14%
13%
11%
12%
11%
13%
13%
11%
11%
11%
11%
13%
15%
13%
14%
13%
13%
10%
13%
13%
11%
11%
13%
11%
15%
12%
14%
12%
14%
11%
13%
14%
10%
10%
13%
11%
11%
14%
12%
15%
11%
14%
14%
11%
219.82
255.45
197.43
187.85
254.23
209.28
261.71
274.62
229.97
240.22
233.18
282.60
281.22
266.31
222.05
248.08
198.61
205.80
206.49
194.43
219.92
203.14
242.93
241.53
238.97
252.47
249.35
254.19
202.05
260.73
201.30
229.39
270.14
237.38
267.41
265.14
211.88
266.84
191.55
283.67
223.61
199.20
228.95
214.92
264.20
13%
11%
13%
13%
11%
11%
13%
11%
11%
10%
13%
14%
14%
10%
14%
10%
11%
10%
15%
13%
10%
11%
12%
11%
11%
10%
14%
14%
11%
11%
14%
12%
13%
13%
13%
12%
14%
12%
13%
15%
10%
15%
14%
10%
10%
191.11
282.51
239.30
252.14
252.81
274.37
221.95
233.36
263.25
188.74
187.26
191.38
219.71
222.54
215.69
198.09
205.03
255.33
222.70
236.05
198.48
199.94
267.00
243.89
250.04
226.36
235.69
186.90
196.40
254.43
220.02
260.97
266.60
283.15
253.61
255.49
202.78
269.55
196.15
248.45
216.10
194.09
245.01
188.45
234.31
10%
12%
12%
10%
14%
10%
12%
13%
13%
14%
14%
10%
15%
14%
13%
10%
14%
10%
11%
14%
10%
10%
13%
12%
10%
13%
11%
10%
11%
11%
15%
15%
11%
13%
13%
15%
13%
14%
14%
14%
12%
14%
13%
13%
14%
272.37
209.19
189.44
255.95
199.53
228.62
252.87
259.32
231.97
239.27
256.73
230.93
212.39
228.14
195.96
216.27
248.71
211.09
214.54
282.71
216.19
198.39
205.24
251.26
268.24
206.58
262.25
220.40
256.42
245.79
246.39
233.25
267.22
253.94
244.11
198.33
216.69
270.55
205.46
207.68
218.75
219.26
254.71
200.12
283.57
13%
13%
12%
11%
13%
11%
10%
11%
13%
11%
11%
14%
10%
14%
14%
14%
15%
14%
13%
12%
10%
11%
14%
15%
11%
12%
14%
12%
10%
10%
14%
10%
12%
15%
14%
12%
13%
13%
13%
14%
10%
14%
14%
14%
10%
196.99
219.69
274.82
253.28
259.97
277.76
207.99
254.54
219.53
204.90
188.71
240.25
212.28
232.05
276.96
205.95
272.93
233.75
202.73
251.91
186.81
235.95
283.36
199.37
198.15
241.31
274.71
272.78
226.28
262.08
250.49
283.84
270.01
209.49
215.45
265.34
243.07
228.70
212.91
264.13
263.92
239.58
268.72
230.00
277.20
14%
11%
13%
14%
13%
12%
13%
11%
11%
15%
11%
12%
14%
11%
10%
10%
14%
11%
11%
10%
13%
12%
11%
14%
13%
10%
10%
13%
15%
11%
15%
14%
12%
10%
13%
13%
13%
10%
15%
11%
10%
12%
13%
12%
14%
218.06
274.41
239.44
185.99
253.30
267.67
190.65
228.78
191.69
254.09
255.01
215.58
274.63
278.58
195.75
254.97
202.78
258.05
195.12
185.13
230.44
198.16
210.99
189.13
223.31
191.26
263.01
188.34
188.37
216.32
236.33
270.15
222.98
196.99
274.38
188.30
263.39
258.95
214.77
199.94
191.47
204.93
274.87
272.35
204.65
12%
11%
15%
14%
10%
13%
10%
11%
14%
15%
14%
13%
12%
13%
14%
10%
12%
14%
10%
10%
10%
10%
13%
Description
Base
Base
NPV
226.52
197.96
230.61
279.10
277.74
222.67
212.48
253.17
266.02
261.29
201.15
267.29
227.61
265.39
190.37
268.27
278.30
227.29
239.50
260.91
215.83
258.27
198.85
IRR
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
43.7%
43.7%
114.8%
153.2%
119.1%
78.9%
91.0%
94.8%
45.0%
88.3%
115.3%
20.9%
24.7%
18.6%
169.1%
126.8%
11.2%
88.8%
26.7%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
21.3%
45.8%
31.4%
136.0%
51.2%
61.2%
5.6%
31.6%
10.2%
68.1%
13.4%
71.1%
30.3%
51.1%
122.6%
55.3%
32.6%
97.5%
160.5%
125.5%
98.5%
80.9%
114.6%
84.3%
103.9%
61.1%
82.8%
114.0%
59.6%
14.8%
153.8%
25.6%
120.4%
74.2%
158.1%
132.6%
30.8%
-2.0%
86.4%
144.3%
91.6%
60.3%
109.3%
41.0%
13.8%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
105.7%
47.9%
33.1%
7.9%
128.9%
22.2%
98.0%
148.6%
71.2%
32.7%
89.6%
98.0%
96.2%
87.8%
74.5%
122.9%
69.7%
23.8%
76.3%
61.2%
129.2%
106.8%
132.4%
13.3%
72.2%
138.5%
67.7%
8.5%
50.6%
-27.6%
25.4%
96.9%
63.0%
28.2%
103.0%
82.3%
4.0%
120.2%
142.0%
30.2%
45.3%
72.2%
16.9%
22.7%
26.5%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
82.0%
29.1%
39.7%
23.6%
62.0%
31.7%
17.7%
68.6%
42.0%
67.6%
-6.9%
39.2%
105.7%
-10.3%
103.7%
120.5%
11.0%
17.4%
5.5%
122.6%
39.9%
78.4%
132.0%
126.0%
154.9%
26.6%
59.9%
20.3%
1.4%
12.0%
-1.8%
55.7%
129.4%
88.1%
26.0%
17.1%
112.7%
90.2%
-11.8%
134.9%
107.5%
118.6%
58.6%
89.0%
82.5%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
108.8%
110.3%
71.0%
87.2%
157.4%
140.2%
85.1%
70.1%
111.4%
28.0%
90.9%
6.0%
133.5%
76.8%
9.5%
6.5%
64.9%
85.5%
-9.3%
86.9%
153.0%
25.9%
69.2%
95.2%
35.6%
32.8%
152.3%
171.0%
123.6%
166.8%
105.2%
43.6%
105.5%
106.3%
134.4%
-18.1%
156.2%
117.9%
102.3%
77.9%
133.2%
133.3%
109.5%
91.9%
137.7%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
12.5%
93.4%
17.5%
83.5%
106.6%
121.0%
95.9%
40.8%
101.7%
65.0%
131.8%
101.5%
53.9%
82.9%
54.9%
24.2%
162.8%
92.9%
62.4%
160.8%
182.1%
5.9%
103.3%
77.0%
20.5%
58.5%
149.7%
13.6%
68.1%
41.0%
66.1%
51.4%
45.9%
37.9%
56.7%
88.8%
98.4%
128.9%
66.2%
37.6%
77.9%
35.2%
72.2%
91.7%
83.8%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
76.2%
63.0%
-16.8%
57.6%
154.3%
36.5%
79.2%
68.7%
119.7%
114.3%
160.2%
108.6%
52.4%
59.9%
52.5%
54.4%
126.2%
22.1%
81.4%
51.2%
32.0%
143.8%
88.7%
81.9%
169.2%
123.7%
-0.2%
49.5%
0.6%
119.6%
76.9%
50.0%
47.6%
57.2%
3.9%
26.2%
139.0%
157.1%
89.5%
80.4%
36.2%
-29.4%
147.0%
37.4%
100.4%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
129.4%
3.3%
2.9%
29.1%
82.7%
33.2%
34.8%
43.9%
141.9%
101.2%
43.3%
164.3%
127.4%
63.1%
-24.4%
44.6%
47.5%
15.3%
8.0%
52.8%
67.2%
66.5%
127.4%
135.7%
48.7%
31.4%
72.9%
65.1%
79.3%
30.8%
59.3%
157.9%
150.9%
65.7%
76.1%
19.8%
18.2%
16.0%
135.9%
136.9%
33.7%
97.2%
7.9%
95.4%
11.6%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
75.6%
84.5%
38.1%
105.8%
135.8%
109.0%
125.0%
203.1%
156.8%
72.5%
66.7%
67.7%
171.5%
106.6%
52.4%
1.6%
40.1%
42.2%
45.2%
4.9%
151.9%
89.8%
10.9%
32.2%
32.3%
171.5%
32.0%
-38.6%
67.9%
47.7%
31.2%
14.8%
113.1%
146.8%
123.2%
80.8%
213.1%
54.9%
28.1%
70.5%
16.1%
107.4%
59.9%
96.2%
87.0%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
32.7%
50.6%
120.9%
174.3%
10.6%
28.2%
67.7%
79.7%
88.9%
-24.2%
81.4%
62.5%
52.1%
87.3%
143.2%
123.5%
62.9%
141.7%
77.1%
112.8%
136.4%
47.7%
156.7%
110.9%
16.2%
22.4%
1.2%
7.7%
30.1%
92.6%
147.8%
72.0%
82.1%
105.4%
88.6%
41.7%
121.3%
79.0%
56.1%
101.1%
-26.4%
2.1%
-6.4%
28.0%
58.2%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
56.6%
11.2%
25.7%
-27.0%
92.7%
-21.1%
-16.0%
66.5%
104.2%
89.8%
61.5%
107.2%
45.6%
60.4%
-35.5%
112.7%
55.0%
92.8%
-24.2%
121.7%
102.9%
0.9%
164.5%
176.6%
51.5%
100.9%
11.0%
73.1%
-8.5%
85.5%
-25.7%
14.5%
89.8%
53.1%
91.9%
12.4%
25.6%
130.7%
-9.7%
114.1%
92.8%
118.2%
-18.8%
45.3%
22.3%
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
Frequency
111.8%
87.4%
82.0%
51.6%
20.9%
35.5%
40.3%
94.0%
70.3%
69.5%
35.8%
99.0%
64.6%
157.1%
212.1%
0.8%
164.9%
53.2%
143.6%
108.6%
16.8%
67.7%
34.8%
43.4%
94.7%
142.5%
85.2%
105.6%
91.2%
94.3%
24.9%
87.9%
(0.39)
2.13
%
0
0
0
0
0
0
0
0
0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00% This varies with different draws.
0.00%
0.00%
0.00%
100.00%
0.00%
0
0
0
0
0
0
0
0
0
0
0
0
500
0
0
0
0
0
0
0
0
0
0
0
0
0
500
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
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%
Description
NPV
$0.00
Base
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
IRR
0.00
108.90
87.28
112.59
104.40
110.14
109.08
108.59
90.03
104.78
114.08
86.36
109.36
111.12
108.00
111.41
109.39
111.07
107.49
107.76
111.06
108.83
97.86
81.14
120.25
0.0%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
31.0%
31.2%
30.8%
31.2%
31.0%
31.2%
30.8%
30.8%
31.2%
30.9%
28.3%
24.8%
33.9%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
56.56
98.81
105.19
68.11
87.37
59.57
64.86
183.54
185.33
57.35
194.51
43.04
170.70
43.32
122.49
87.83
186.51
109.48
107.22
111.14
107.35
108.61
108.05
109.66
109.03
110.28
108.35
69.21
121.93
146.20
80.91
143.95
173.37
157.33
154.29
46.28
59.29
46.60
105.19
148.63
79.05
163.69
64.10
39.97
73.36
20.2%
28.5%
30.0%
22.3%
26.0%
20.7%
21.7%
43.4%
43.7%
22.1%
45.2%
19.6%
41.3%
19.7%
33.2%
27.4%
43.9%
31.0%
30.7%
31.3%
30.7%
30.9%
30.8%
31.0%
30.9%
31.1%
30.8%
24.2%
33.1%
37.2%
26.2%
36.8%
41.7%
39.0%
38.5%
20.2%
22.4%
20.2%
30.3%
37.6%
25.9%
40.1%
23.3%
19.1%
24.9%
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
125.68
89.15
109.86
110.72
109.79
111.58
113.73
106.14
107.42
105.40
110.89
108.02
317.87
367.18
477.76
(95.57)
627.41
675.60
511.46
529.15
510.18
255.78
(47.35)
63.83
114.73
76.54
110.46
164.07
45.14
22.37
83.02
37.61
116.94
97.16
104.52
110.13
108.70
119.55
108.11
110.43
112.00
106.48
103.21
98.76
101.74
33.8%
27.6%
31.1%
31.2%
31.1%
31.3%
31.6%
30.5%
30.7%
30.4%
31.2%
30.8%
59.2%
65.2%
77.9%
-12.9%
94.1%
99.1%
81.6%
83.6%
81.5%
51.5%
2.1%
23.6%
31.8%
25.7%
31.2%
39.4%
20.3%
16.2%
26.8%
19.0%
32.2%
29.1%
30.2%
31.1%
30.9%
32.6%
30.8%
31.2%
31.4%
30.5%
29.4%
28.3%
29.1%
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
Frequency
104.79
111.06
112.19
90.00
114.25
113.09
102.91
82.97
128.36
82.78
152.37
129.88
148.05
95.08
86.04
121.84
135.96
95.49
99.59
97.16
132.38
140.85
123.21
125.36
118.40
100.81
106.73
(95.57)
675.60
%
1
1
0
1
7
10
24
68
9
7
4
0
0
1
0.20%
0.20%
0.00%
0.20%
1.40%
2.00%
4.80%
13.60%
1.80%
1.40%
0.80%
0.00%
0.00%
0.20%
29.8%
31.5%
31.8%
26.2%
32.4%
32.1%
29.4%
24.7%
36.6%
24.7%
44.7%
37.0%
43.1%
27.4%
25.4%
34.6%
39.0%
26.5%
27.7%
27.0%
41.6%
46.4%
36.9%
38.0%
34.7%
28.1%
30.1%
-12.9%
99.1%
0
1
0
1
0
0
0
0
1
2
1
0
0
0
1
1
0
0
0
0
0
141
0.00%
0.20%
0.00%
0.20%
0.00%
0.00%
0.00%
0.00%
0.20%
0.40%
0.20%
0.00%
0.00%
0.00%
0.20%
0.20%
0.00%
0.00%
0.00%
0.00%
0.00%
50%
74.99%
30.02%
PP&E Liquidation Value
PPE Life for Depreciation (Years)
50%
51%
59%
69%
71%
51%
48%
36%
69%
61%
69%
54%
66%
43%
37%
31%
45%
39%
57%
62%
43%
73%
36%
32%
37%
74%
34%
39%
54%
43%
54%
52%
42%
56%
37%
5.00
6.98
3.00
5.00
5.2
3.4
3.7
3.7
3.6
4.2
6.8
5.7
5.9
6.6
6.7
6.5
4.2
6.8
4.5
6.4
5.8
4.2
4.2
4.0
6.2
4.9
6.9
4.1
6.0
3.8
6.0
3.5
6.0
6.3
5.2
6.7
5.8
4.0
48%
44%
64%
34%
57%
72%
69%
61%
52%
50%
30%
31%
39%
52%
61%
38%
57%
40%
32%
64%
60%
70%
73%
65%
52%
39%
44%
57%
57%
68%
49%
59%
47%
38%
66%
63%
62%
56%
58%
42%
6.9
6.9
3.9
5.6
5.2
6.3
5.8
6.8
3.8
4.8
3.6
4.0
5.0
4.8
3.2
4.2
3.9
6.6
3.6
5.8
6.1
7.0
5.5
5.1
7.0
4.3
3.6
3.3
6.4
5.0
6.5
5.1
3.3
5.7
4.3
5.3
3.4
4.7
4.2
4.3
52%
45%
70%
65%
67%
47%
51%
43%
50%
33%
54%
54%
37%
67%
66%
66%
47%
35%
31%
38%
49%
50%
72%
61%
72%
51%
34%
54%
47%
59%
45%
53%
32%
39%
74%
51%
38%
40%
41%
62%
46%
64%
3.0
6.9
4.4
5.1
6.1
4.7
5.9
4.4
5.8
3.4
5.6
4.4
3.6
6.2
3.2
6.3
4.4
6.6
3.2
3.1
5.7
5.5
5.3
5.0
5.5
5.4
6.2
5.8
4.9
6.0
4.1
6.7
5.5
6.2
4.5
7.0
6.7
6.9
3.8
6.5
6.2
4.3
31%
54%
34%
62%
58%
48%
54%
56%
56%
58%
55%
37%
51%
42%
57%
42%
66%
60%
47%
51%
33%
39%
48%
45%
34%
51%
69%
39%
33%
57%
60%
63%
36%
55%
38%
64%
59%
58%
65%
35%
51%
61%
50%
75%
72%
3.2
6.2
3.4
3.7
4.7
4.9
3.4
4.8
6.6
3.8
5.2
6.4
6.0
3.4
3.6
4.3
7.0
4.2
3.7
5.1
5.2
6.2
6.5
3.3
3.0
3.5
4.0
6.6
6.7
6.7
4.8
4.9
5.7
6.4
3.1
3.7
4.8
6.1
7.0
6.1
6.6
5.2
4.1
4.1
6.4
33%
50%
38%
35%
57%
42%
44%
63%
57%
54%
44%
56%
52%
54%
40%
41%
61%
55%
34%
40%
32%
72%
55%
34%
54%
53%
68%
59%
46%
57%
38%
51%
67%
38%
34%
68%
55%
40%
68%
55%
65%
49%
59%
38%
66%
5.3
5.3
5.4
3.7
3.2
4.0
4.5
6.4
3.5
4.0
5.3
3.4
4.8
4.6
6.1
5.4
5.7
5.2
5.7
4.7
5.1
6.8
5.2
6.6
6.0
7.0
4.9
3.9
5.8
6.0
6.5
6.6
6.6
4.9
3.6
4.0
6.4
5.4
4.1
6.6
5.1
3.0
5.6
6.6
7.0
73%
47%
31%
72%
51%
66%
65%
66%
55%
59%
70%
34%
47%
47%
37%
33%
54%
66%
40%
63%
61%
66%
51%
60%
60%
73%
37%
67%
37%
33%
54%
40%
32%
62%
62%
37%
50%
54%
59%
64%
71%
62%
71%
74%
30%
4.0
6.5
4.4
6.4
4.1
6.8
3.6
6.0
4.8
6.0
6.2
4.1
7.0
4.6
6.4
5.5
5.7
5.2
3.4
5.5
3.1
3.1
3.9
6.7
3.8
3.5
6.0
6.8
6.9
5.9
4.8
6.1
6.1
5.6
4.5
5.7
3.4
6.6
5.2
4.0
6.4
5.0
7.0
3.4
6.2
33%
67%
32%
64%
49%
56%
46%
56%
72%
43%
41%
43%
35%
54%
53%
38%
52%
43%
42%
64%
68%
57%
40%
42%
43%
51%
36%
61%
74%
51%
38%
69%
48%
59%
30%
36%
41%
71%
47%
33%
43%
70%
47%
56%
61%
6.4
3.4
4.3
3.6
4.3
5.5
6.8
3.5
3.8
3.5
3.5
5.0
6.0
3.8
5.1
3.5
4.0
6.8
4.3
4.8
4.2
3.2
5.6
4.4
6.3
6.0
5.6
4.6
6.3
4.2
3.5
5.9
4.0
6.4
6.6
3.4
4.8
4.6
3.6
4.5
6.3
6.1
5.1
6.4
3.7
39%
42%
34%
46%
57%
58%
70%
65%
72%
52%
44%
61%
47%
68%
49%
70%
70%
34%
62%
65%
34%
55%
31%
59%
72%
53%
50%
55%
37%
51%
71%
63%
33%
37%
45%
48%
69%
58%
58%
63%
40%
59%
71%
71%
35%
6.6
6.7
3.7
5.0
4.7
3.3
5.2
6.1
4.7
5.2
5.9
6.7
6.8
6.2
6.2
7.0
3.7
3.4
4.4
6.8
5.4
4.1
6.7
6.2
5.7
6.1
6.2
6.9
3.5
3.6
6.8
5.5
6.4
6.8
4.1
5.8
3.4
6.1
6.9
4.9
3.4
4.0
3.4
5.6
4.3
75%
36%
66%
38%
54%
65%
34%
48%
70%
54%
72%
40%
69%
41%
66%
45%
36%
52%
40%
48%
52%
32%
42%
61%
65%
43%
47%
33%
57%
73%
59%
34%
71%
45%
52%
38%
74%
41%
60%
50%
46%
52%
65%
44%
66%
6.0
4.4
5.1
3.3
3.6
4.6
6.2
5.1
3.3
3.1
4.1
6.0
3.0
5.1
6.2
6.7
6.6
6.1
6.8
5.2
5.3
5.9
5.0
5.6
6.1
6.9
5.1
3.6
4.3
5.0
4.4
5.8
5.7
4.1
4.4
6.1
6.4
3.5
6.2
6.6
3.2
6.4
3.9
5.7
4.5
71%
31%
64%
58%
47%
44%
70%
62%
74%
31%
68%
45%
51%
40%
75%
74%
64%
72%
50%
50%
66%
67%
44%
44%
57%
39%
47%
33%
47%
33%
61%
33%
37%
71%
36%
37%
67%
59%
43%
49%
51%
53%
52%
35%
53%
4.0
6.1
5.1
6.3
6.2
5.6
7.0
6.0
6.6
6.5
4.9
4.1
6.3
3.8
3.9
7.0
4.4
7.0
5.4
5.5
5.0
3.1
5.9
6.4
3.1
5.3
4.8
4.6
4.5
3.3
6.5
5.9
6.7
4.1
3.3
3.0
4.4
5.8
4.0
5.7
5.7
4.7
5.0
6.2
3.8
54%
73%
34%
51%
75%
61%
44%
67%
54%
49%
53%
40%
53%
70%
39%
71%
60%
39%
50%
41%
72%
75%
38%
67%
74%
44%
74%
64%
52%
72%
31%
72%
67%
41%
67%
61%
64%
47%
46%
58%
58%
65%
31%
54%
32%
3.2
4.9
4.9
4.6
6.5
5.1
6.6
5.4
6.2
3.1
5.3
5.5
4.6
4.7
5.1
5.5
5.5
6.2
6.4
4.8
5.6
5.8
5.1
4.9
4.9
3.1
6.2
3.2
5.6
5.0
5.8
6.1
6.7
3.1
3.7
6.0
3.1
5.9
5.4
3.2
4.9
4.2
4.8
5.0
3.3
31%
66%
65%
45%
63%
34%
31%
35%
39%
35%
41%
59%
60%
39%
74%
61%
71%
47%
61%
56%
64%
50%
66%
Gross Margin
5.3
3.2
5.1
5.2
6.1
5.6
4.6
5.5
6.9
5.9
5.7
4.5
6.0
6.5
5.6
5.5
5.6
6.1
3.4
3.5
5.5
4.9
5.9
Operating Margin
19.3%
19.3%
20.6%
25.3%
22.3%
20.4%
16.0%
25.4%
21.8%
20.8%
23.2%
23.1%
16.2%
25.2%
19.5%
23.6%
21.8%
19.2%
24.7%
-22.1%
-22.1%
-16.7%
-0.9%
-6.5%
-21.0%
-12.2%
-9.4%
-5.0%
-6.0%
2.3%
-65.4%
-32.8%
-10.0%
4.2%
-14.6%
-20.6%
-2.7%
-6.7%
22.6%
23.7%
21.4%
17.1%
24.3%
17.7%
23.7%
19.7%
18.8%
19.0%
17.9%
18.5%
23.1%
18.2%
24.8%
17.1%
20.3%
24.0%
25.2%
19.9%
25.1%
20.8%
19.2%
18.1%
24.9%
19.2%
19.7%
21.6%
17.6%
18.0%
22.3%
21.6%
24.6%
21.3%
19.7%
17.8%
23.2%
15.9%
19.4%
19.5%
23.8%
23.7%
16.8%
24.8%
18.1%
-90.5%
-2.2%
-9.8%
0.9%
6.0%
-14.8%
-24.1%
-31.9%
-23.8%
6.2%
-9.2%
-1.1%
-76.4%
-2.2%
-4.5%
-1.9%
-11.2%
-29.5%
4.8%
5.3%
-10.5%
-5.5%
-10.4%
-8.0%
-19.1%
-35.9%
-11.5%
6.6%
-42.6%
-40.0%
6.1%
-15.4%
-14.6%
-5.7%
7.1%
1.7%
-42.9%
-38.2%
-2.7%
6.0%
-20.7%
2.3%
-13.6%
-18.4%
-12.9%
23.6%
16.0%
24.7%
22.6%
17.4%
22.2%
19.5%
22.4%
25.6%
18.6%
22.9%
19.1%
16.4%
15.7%
21.8%
20.8%
22.6%
18.6%
15.8%
17.5%
17.7%
16.8%
21.1%
23.4%
23.9%
20.7%
19.4%
15.8%
18.9%
20.2%
17.9%
20.1%
21.5%
22.5%
24.7%
20.6%
22.7%
21.9%
24.0%
22.5%
20.8%
23.6%
23.9%
18.9%
18.0%
-7.9%
-53.4%
-3.9%
-11.6%
-5.6%
-40.1%
-24.6%
-7.5%
-14.7%
-45.3%
-42.2%
-10.9%
-5.8%
-3.8%
-10.3%
-2.1%
3.8%
-51.4%
-31.0%
-3.3%
-7.6%
-9.6%
-6.8%
-67.1%
-6.5%
-7.7%
-7.5%
-18.1%
-47.0%
-50.2%
-10.2%
-37.8%
-12.0%
-34.8%
-5.7%
-5.2%
-46.7%
4.4%
-1.4%
-69.4%
-54.3%
6.2%
-28.9%
-23.5%
-16.0%
16.2%
23.4%
24.2%
21.4%
18.1%
22.4%
22.9%
24.6%
21.7%
17.2%
15.9%
25.4%
22.1%
17.7%
23.3%
20.8%
19.7%
15.7%
16.8%
23.8%
23.3%
25.2%
20.0%
16.4%
23.5%
20.7%
18.3%
21.3%
23.0%
18.5%
16.4%
23.1%
18.4%
25.6%
25.4%
23.1%
18.0%
21.6%
16.4%
23.6%
19.7%
22.3%
23.4%
21.8%
25.7%
-16.3%
-11.5%
-21.9%
-39.1%
-33.3%
-37.5%
-14.5%
2.6%
-6.4%
3.0%
-50.6%
-9.0%
3.2%
-26.9%
-8.3%
-8.2%
-61.7%
-17.5%
-63.0%
-5.9%
5.6%
-4.2%
-1.8%
-2.4%
4.8%
-21.1%
-31.2%
-63.3%
-30.4%
-8.6%
-18.8%
-63.0%
-20.4%
-9.9%
-16.0%
-27.4%
-13.8%
-12.3%
-22.6%
-2.0%
-1.2%
-13.1%
5.6%
-24.4%
-35.9%
23.9%
21.4%
19.2%
19.1%
23.6%
23.2%
25.3%
16.9%
20.7%
18.4%
24.6%
18.1%
24.5%
23.2%
18.4%
19.0%
21.2%
20.0%
22.7%
16.6%
20.3%
15.9%
17.2%
23.6%
17.2%
19.7%
19.2%
23.3%
25.7%
19.1%
22.9%
18.0%
17.5%
20.7%
17.1%
19.8%
20.1%
25.3%
24.3%
21.6%
24.7%
25.1%
25.1%
25.5%
23.1%
4.8%
-3.3%
-18.1%
-31.2%
5.7%
-5.2%
-1.6%
-17.2%
0.8%
-3.7%
-25.8%
-34.0%
3.3%
0.0%
-18.9%
-61.2%
-27.1%
0.0%
-42.6%
-22.5%
3.2%
-29.4%
-29.8%
-9.3%
0.3%
-57.6%
6.1%
-1.8%
6.6%
-0.7%
-7.8%
-7.8%
-11.0%
-17.2%
-2.9%
-57.2%
6.0%
-17.2%
-11.4%
-22.7%
1.5%
5.6%
-1.4%
10.1%
-1.8%
15.7%
25.1%
18.3%
24.8%
19.9%
25.5%
23.4%
21.9%
21.4%
17.9%
23.0%
20.0%
18.0%
16.3%
23.5%
19.6%
25.5%
22.9%
19.9%
24.7%
19.0%
17.8%
23.8%
18.2%
23.3%
21.5%
18.1%
24.2%
20.3%
22.7%
20.4%
16.4%
21.1%
17.2%
23.3%
20.3%
17.7%
24.4%
23.7%
16.1%
17.9%
22.5%
24.3%
17.1%
21.1%
-9.7%
-8.9%
-5.1%
8.3%
-14.0%
1.3%
-4.2%
-32.0%
-4.0%
-13.2%
4.0%
-3.6%
-7.9%
-2.6%
-12.6%
-74.6%
2.8%
-9.3%
-12.6%
6.5%
6.1%
-25.7%
1.6%
-9.4%
-24.3%
-14.0%
1.7%
-26.8%
-12.8%
-14.2%
-51.1%
-41.9%
-1.9%
-15.6%
-9.6%
-27.4%
4.4%
9.2%
-2.3%
-12.3%
-12.8%
1.7%
-72.7%
-4.6%
1.0%
24.8%
24.3%
15.7%
22.5%
25.1%
16.8%
16.1%
22.8%
24.5%
21.8%
24.4%
21.1%
23.6%
25.2%
17.3%
23.7%
21.4%
23.4%
17.2%
17.0%
20.5%
23.2%
17.5%
17.6%
23.7%
24.5%
17.2%
20.4%
16.1%
19.4%
22.5%
24.0%
18.3%
23.7%
25.2%
24.2%
20.3%
25.1%
24.5%
19.3%
17.7%
16.7%
21.3%
19.7%
23.3%
4.1%
-36.6%
-33.1%
-43.4%
7.5%
-29.4%
-1.2%
-8.9%
-20.3%
-7.9%
2.5%
-1.3%
4.3%
-8.1%
-33.6%
-35.2%
8.6%
-5.8%
-19.6%
-10.4%
2.1%
5.2%
-16.2%
-18.1%
8.9%
-0.5%
-14.3%
-17.0%
-18.2%
0.7%
-11.1%
3.2%
-14.4%
-43.0%
-25.0%
-1.7%
-2.5%
6.2%
-1.8%
-18.9%
-20.1%
-39.5%
0.1%
-22.7%
9.4%
22.4%
19.5%
19.7%
24.3%
18.8%
15.8%
21.0%
21.7%
22.0%
16.5%
21.4%
17.7%
22.2%
19.3%
17.1%
19.0%
17.6%
19.9%
25.4%
24.6%
16.1%
23.7%
17.1%
24.8%
17.2%
17.0%
16.0%
18.7%
23.0%
20.5%
17.6%
23.4%
20.8%
25.7%
19.8%
16.2%
23.0%
16.8%
24.4%
19.7%
25.5%
15.8%
23.3%
23.3%
18.3%
1.0%
-31.4%
-26.5%
-34.1%
-11.7%
-26.8%
-25.2%
-4.6%
4.3%
-11.2%
-42.3%
1.6%
-13.7%
-53.1%
-67.3%
-21.1%
-1.8%
-31.8%
-13.4%
-66.0%
-20.2%
-8.1%
0.1%
5.1%
-47.5%
-22.8%
-37.3%
-20.2%
-0.6%
-12.4%
-12.3%
4.1%
-5.5%
-6.9%
0.0%
-34.2%
-17.5%
-5.8%
8.5%
3.8%
-45.0%
-2.7%
-35.6%
-2.1%
-23.3%
19.4%
18.1%
20.3%
24.4%
22.9%
22.9%
21.8%
25.4%
24.9%
22.3%
16.2%
21.1%
23.5%
23.2%
24.2%
18.6%
16.9%
21.1%
25.0%
16.5%
21.1%
19.3%
20.9%
19.6%
23.2%
18.5%
19.2%
18.6%
18.9%
23.7%
20.9%
17.1%
18.5%
22.0%
24.5%
23.2%
21.0%
19.3%
23.2%
20.2%
18.6%
16.9%
18.9%
20.0%
22.4%
0.5%
-1.2%
-34.8%
-12.9%
13.8%
-5.8%
2.8%
8.9%
13.3%
-3.9%
-27.9%
-34.2%
9.0%
-10.0%
-20.0%
-21.5%
-0.8%
-53.6%
5.8%
-23.6%
5.9%
-23.8%
-9.4%
-29.4%
-30.2%
-2.0%
-23.9%
-82.5%
-26.5%
-12.5%
-4.6%
-99.1%
0.5%
1.2%
-9.3%
-14.1%
9.4%
-19.8%
-4.7%
-21.0%
-15.1%
-5.6%
-20.9%
-1.9%
-15.0%
16.4%
20.4%
21.2%
25.7%
17.9%
20.6%
16.7%
15.9%
25.2%
16.8%
16.4%
24.2%
23.5%
18.3%
25.3%
23.0%
18.7%
24.5%
24.8%
25.7%
25.6%
16.1%
20.3%
21.4%
15.9%
16.8%
16.0%
18.1%
16.6%
21.4%
19.4%
24.7%
19.6%
24.9%
19.2%
17.5%
20.7%
22.1%
19.3%
16.2%
19.1%
15.9%
18.0%
19.0%
22.6%
1.8%
-2.0%
-5.5%
1.1%
-6.9%
-34.7%
-21.1%
1.2%
-0.2%
-26.7%
-15.0%
3.0%
-9.8%
-7.9%
7.6%
-1.4%
-17.6%
7.5%
-25.2%
-11.9%
8.3%
-27.4%
5.8%
0.2%
-29.2%
-41.1%
-14.2%
-76.6%
-36.6%
3.6%
3.8%
-25.5%
2.0%
-2.0%
-3.8%
-11.9%
-7.2%
-12.2%
-2.1%
-7.2%
-59.5%
-28.4%
-31.1%
-84.5%
4.8%
25.7%
16.9%
23.4%
16.6%
16.2%
16.6%
19.8%
24.5%
22.4%
24.9%
24.8%
17.1%
19.2%
25.3%
16.0%
25.3%
25.0%
20.2%
21.2%
24.8%
19.7%
21.4%
21.1%
21.6%
16.2%
25.4%
16.6%
18.5%
15.7%
16.2%
17.2%
25.2%
20.7%
23.8%
21.1%
17.3%
16.6%
15.8%
25.5%
17.9%
19.9%
19.6%
24.5%
24.6%
19.4%
-76.1%
-63.5%
-21.5%
-79.6%
-2.6%
-30.4%
-40.0%
-25.7%
-2.3%
-12.8%
-8.0%
-19.9%
-14.4%
10.9%
-46.3%
3.1%
-3.3%
3.7%
-58.1%
-9.8%
-8.4%
-41.8%
1.7%
6.3%
-8.6%
-18.4%
-12.9%
-26.8%
-50.3%
-4.7%
-41.5%
-8.4%
-7.3%
-29.9%
-36.2%
-23.1%
-53.1%
-13.2%
-75.5%
-4.0%
-16.6%
-14.0%
-49.0%
-13.1%
-41.4%
24.9%
15.9%
19.8%
25.0%
17.3%
21.4%
16.6%
18.2%
16.8%
25.4%
23.6%
18.4%
19.5%
24.8%
20.0%
17.1%
23.3%
19.7%
16.1%
20.7%
24.7%
20.1%
24.8%
21.1%
22.7%
18.0%
25.1%
18.6%
24.4%
24.3%
18.4%
22.7%
0.16
0.26
120.00%
22.22%
100.00%
80.00%
ent draws.
60.00%
Percentage
40.00%
20.00%
5.2%
-18.2%
-33.6%
-32.0%
-112.1%
-5.8%
-14.1%
-13.0%
-20.5%
6.1%
-18.0%
-16.8%
-14.6%
5.2%
8.2%
-26.6%
7.8%
-10.4%
-3.7%
-11.4%
-38.4%
-25.3%
-25.3%
-51.5%
0.3%
-4.1%
-31.2%
-28.6%
-20.0%
-0.4%
-35.0%
-26.1%
(1.12)
0.14
77.78%
60.00%
Percentage
40.00%
20.00%
0.00%
NPV
Gross Margin
Operating Margin
0.0%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
0.0%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
22.8%
23.7%
25.6%
15.6%
28.2%
29.0%
26.2%
26.5%
26.2%
21.7%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.1%
19.1%
19.1%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
9.3%
10.1%
12.1%
2.1%
14.7%
15.5%
12.7%
13.0%
12.6%
8.2%
3.0%
4.9%
5.7%
5.1%
5.7%
6.6%
4.5%
4.2%
5.2%
4.4%
5.8%
5.4%
5.6%
5.7%
5.6%
5.8%
5.6%
5.7%
5.7%
5.6%
5.6%
5.6%
5.6%
19.1%
19.2%
19.2%
19.0%
19.2%
19.2%
19.1%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
5.6%
5.7%
5.7%
5.5%
5.7%
5.7%
5.6%
5.4%
5.8%
5.4%
6.0%
5.8%
6.0%
5.5%
5.4%
5.7%
5.9%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
1.00
2.00
0.50
Iniital Market Size (Units Mil)
1.00
0.52
1.77
1.36
1.77
1.27
1.62
1.74
1.56
0.89
1.37
0.86
1.69
0.58
1.47
1.99
0.68
1.82
1.94
1.61
1.45
1.26
1.25
1.49
0.89
1.38
1.05
1.37
0.68
1.97
1.55
0.63
1.19
1.74
1.14
2500%
4996%
1002%
25%
34.98%
15.01%
Market Growth Rate
Initial Market Share
2500%
25%
4025%
26%
3073%
22%
4080%
26%
1363%
20%
3158%
27%
4111%
18%
1804%
23%
1651%
32%
2006%
24%
1557%
17%
1112%
28%
4927%
25%
3870%
28%
2329%
30%
3773%
26%
1786%
16%
2035%
34%
2776%
26%
3178%
23%
2336%
17%
4770%
22%
4519%
20%
3222%
16%
4578%
32%
2525%
16%
4899%
29%
3632%
28%
3168%
22%
3382%
31%
3648%
23%
2442%
33%
4093%
25%
1571%
30%
3070%
26%
0.99
1.80
1.84
1.94
1.67
1.42
1.37
1.23
1.13
1.18
1.33
0.88
1.29
1.05
0.95
0.99
1.85
1.31
1.69
0.57
0.85
1.93
0.71
1.17
1.22
1.72
1.23
1.92
1.86
1.54
1.26
1.74
0.78
0.80
0.73
1.25
0.89
1.76
1.44
1.42
4994%
3404%
3879%
4037%
3363%
2859%
1980%
2422%
1622%
3565%
1170%
4760%
2083%
3717%
2720%
4063%
3103%
1992%
2036%
2781%
2567%
3268%
3237%
4036%
3292%
2168%
4460%
2039%
2304%
3353%
4729%
4650%
1717%
2820%
4226%
3918%
1019%
2670%
3242%
4310%
23%
19%
25%
33%
33%
20%
28%
25%
32%
16%
32%
33%
34%
20%
17%
18%
27%
24%
31%
17%
18%
32%
18%
24%
27%
17%
16%
15%
20%
33%
19%
31%
28%
22%
33%
17%
34%
22%
18%
27%
1.18
0.90
1.10
1.80
1.79
0.64
1.68
1.01
0.81
0.56
1.20
1.81
0.87
0.69
0.61
1.98
1.58
1.86
1.05
1.63
0.55
1.64
1.78
0.71
0.64
1.44
1.87
1.17
1.76
0.62
1.23
1.47
1.05
1.21
1.12
1.66
1.69
1.17
0.68
1.55
1.04
1.90
3164%
2787%
3836%
3571%
2764%
3731%
3355%
2815%
3178%
2851%
1634%
4449%
1121%
3439%
3806%
2842%
4291%
2548%
4864%
1002%
1087%
4594%
4345%
2398%
1345%
3154%
4476%
1717%
4479%
2453%
4750%
4455%
1311%
4729%
3308%
4408%
4692%
2447%
2941%
3211%
4671%
3098%
23%
20%
23%
16%
33%
23%
32%
27%
28%
32%
16%
28%
17%
15%
29%
19%
28%
18%
20%
30%
22%
31%
26%
22%
34%
17%
27%
30%
32%
22%
15%
31%
34%
33%
18%
28%
29%
20%
24%
28%
26%
26%
1.22
0.71
0.81
0.70
1.46
1.06
1.31
1.60
0.62
1.64
1.01
1.64
1.60
1.79
0.55
1.32
1.77
0.83
0.84
0.54
0.97
0.83
1.92
1.52
1.61
1.97
0.83
0.57
0.81
0.58
1.81
1.73
1.29
0.74
1.40
1.71
1.54
1.34
0.87
0.97
0.66
0.91
0.82
1.63
0.65
3731%
4155%
1034%
4264%
3420%
1836%
2899%
2271%
1013%
2143%
3612%
2124%
1969%
3431%
2608%
3920%
4006%
1560%
3102%
3674%
1589%
2001%
3440%
2772%
1484%
2593%
3780%
2378%
4419%
1485%
1072%
4033%
2149%
1109%
1094%
2400%
1272%
4057%
2726%
3070%
4405%
1791%
4481%
1956%
2249%
30%
32%
19%
28%
16%
35%
18%
17%
33%
22%
29%
35%
25%
25%
34%
26%
24%
16%
15%
26%
23%
18%
34%
23%
20%
33%
30%
21%
19%
26%
35%
21%
16%
17%
27%
28%
29%
31%
18%
20%
16%
19%
28%
33%
32%
1.45
0.91
2.00
1.86
1.31
1.17
1.75
0.75
1.60
1.45
0.85
1.63
1.30
0.90
1.51
0.58
0.67
1.03
0.87
0.92
1.90
1.33
1.31
1.02
1.29
1.47
1.47
1.72
0.82
1.48
1.89
1.20
1.06
0.67
0.99
0.77
1.43
0.58
1.36
1.00
0.90
1.48
0.58
0.82
1.12
4535%
1168%
2021%
4886%
4414%
1089%
4931%
1749%
2945%
1379%
2171%
4686%
1084%
2789%
3559%
1447%
1256%
3325%
3089%
2070%
3425%
2115%
4507%
1637%
2564%
3136%
1874%
3955%
3851%
1058%
3357%
4692%
2543%
1454%
4357%
3525%
4694%
3496%
3436%
2193%
4915%
4948%
1454%
2398%
2605%
16%
22%
28%
29%
27%
32%
17%
19%
25%
23%
34%
33%
17%
29%
22%
26%
30%
24%
22%
33%
21%
21%
33%
30%
17%
26%
15%
21%
29%
20%
22%
21%
20%
19%
30%
34%
26%
20%
17%
31%
30%
16%
22%
24%
26%
1.18
1.76
0.56
0.99
1.66
0.56
0.91
1.18
0.86
1.73
1.59
0.75
0.66
1.28
1.61
1.20
1.76
1.09
0.93
1.35
0.81
0.70
1.32
1.32
1.85
1.73
1.43
1.53
0.61
1.43
0.70
1.62
1.86
1.05
0.59
1.12
1.08
1.35
0.96
0.60
1.26
1.96
1.54
1.11
1.46
1467%
4124%
1377%
3458%
2832%
1392%
4996%
4690%
1561%
4838%
1396%
3575%
4952%
2200%
1323%
4036%
4959%
2235%
2435%
2941%
2377%
2227%
1506%
1393%
4901%
1908%
4391%
4964%
4293%
1089%
3003%
2805%
2739%
4388%
2500%
1440%
1729%
1708%
4516%
3547%
3071%
4957%
1784%
3253%
4049%
17%
25%
22%
17%
20%
32%
22%
16%
34%
15%
26%
22%
24%
21%
21%
33%
17%
34%
31%
26%
33%
31%
31%
26%
34%
16%
21%
24%
32%
22%
20%
16%
18%
31%
24%
26%
19%
16%
28%
24%
31%
28%
28%
15%
19%
1.10
1.44
1.36
1.75
1.88
1.80
1.70
1.31
1.02
0.68
1.53
1.44
1.41
1.35
0.97
1.98
1.86
1.44
1.86
1.07
0.78
1.77
1.00
0.76
0.54
0.83
1.54
0.57
1.92
0.52
1.57
1.94
1.73
0.86
1.79
0.87
1.70
1.31
0.51
0.74
1.82
1.51
0.77
1.51
1.09
3789%
4546%
1996%
4202%
2481%
1844%
2460%
2594%
4613%
2159%
4643%
1245%
3832%
1840%
1470%
4682%
1563%
3822%
4755%
4726%
1792%
1318%
4560%
1252%
3698%
3737%
3087%
1220%
2081%
1009%
4170%
2841%
2112%
1549%
3958%
2182%
1861%
1135%
3420%
1601%
3476%
2857%
2024%
4961%
2686%
27%
30%
18%
32%
25%
16%
16%
18%
28%
15%
33%
34%
18%
19%
24%
22%
30%
34%
27%
34%
27%
29%
30%
18%
34%
29%
32%
15%
23%
34%
17%
29%
24%
30%
29%
28%
17%
32%
31%
33%
23%
34%
18%
26%
26%
1.38
1.23
1.16
1.29
1.56
1.90
0.98
0.80
1.29
1.45
0.82
1.74
1.03
0.88
1.41
0.80
0.80
0.95
1.40
1.33
0.79
1.11
1.41
0.81
1.47
1.32
0.91
1.41
1.63
1.94
1.39
0.58
1.20
1.62
1.24
1.95
1.77
0.80
1.73
1.31
1.96
0.97
1.51
1.45
1.31
1111%
1461%
1911%
2268%
4031%
3687%
4340%
4277%
2357%
1829%
3732%
4889%
2580%
1240%
2972%
2798%
1183%
1570%
1609%
4654%
4012%
4963%
3095%
2285%
4498%
3421%
2845%
4097%
1522%
1379%
3489%
3245%
3039%
3269%
4225%
4865%
1930%
4354%
1257%
2431%
3304%
2273%
1595%
2466%
4111%
24%
24%
31%
18%
19%
29%
21%
16%
26%
18%
19%
17%
32%
17%
18%
25%
32%
22%
32%
26%
35%
19%
15%
17%
27%
22%
19%
23%
32%
33%
34%
33%
24%
26%
18%
28%
34%
17%
29%
35%
28%
15%
25%
15%
29%
1.22
0.63
1.00
0.79
1.62
0.60
1.19
1.38
1.32
1.89
0.60
0.97
1.72
0.82
1.15
1.15
1.41
0.69
1.30
2.00
1.10
0.83
1.72
1.25
1.80
1.18
0.58
1.88
1.70
1.88
1.50
1.94
0.92
1.18
0.56
1.76
0.58
0.62
1.54
0.60
1.28
0.89
0.94
0.96
0.58
2594%
1237%
4096%
3367%
3936%
4201%
3084%
1410%
3161%
3494%
1292%
1490%
4811%
2778%
1291%
3931%
4835%
1054%
4161%
4119%
2634%
3152%
4259%
2177%
3054%
2890%
1365%
1022%
2558%
4216%
4963%
1843%
2703%
2275%
4626%
2168%
2791%
2695%
2409%
4097%
2010%
4153%
4251%
3615%
4125%
29%
23%
30%
34%
22%
28%
16%
20%
30%
25%
20%
16%
30%
31%
20%
24%
19%
22%
20%
16%
23%
22%
20%
17%
30%
16%
19%
23%
25%
20%
35%
33%
33%
19%
16%
20%
30%
32%
31%
23%
28%
27%
23%
25%
27%
1.47
0.82
1.14
1.32
1.95
0.91
1.22
0.87
1.39
0.99
1.39
1.50
1.82
0.59
1.02
0.96
1.60
1.60
0.59
1.90
1.30
1.33
0.78
1.02
0.83
1.96
0.91
0.95
1.64
0.76
1.62
1.80
1.04
0.83
0.78
0.62
0.84
1.45
0.78
1.87
0.82
1.45
1.09
1.03
0.81
2658%
2950%
3860%
2112%
2432%
3374%
3077%
2963%
4245%
1020%
3918%
4463%
1234%
1669%
4068%
2292%
2059%
3956%
3440%
4444%
2429%
3272%
4330%
2398%
3131%
2297%
1839%
4592%
1240%
3402%
3951%
2383%
3137%
1718%
1879%
3091%
3866%
1624%
3414%
1326%
1104%
2410%
3844%
1995%
2956%
21%
18%
27%
34%
28%
17%
22%
24%
31%
26%
33%
17%
30%
18%
30%
23%
22%
35%
29%
16%
33%
31%
28%
26%
24%
21%
33%
32%
17%
28%
24%
17%
26%
24%
19%
35%
27%
27%
28%
33%
28%
23%
18%
30%
27%
0.61
1.75
1.16
1.06
0.85
1.30
1.85
0.96
1.36
0.88
1.68
1.22
1.69
1.68
1.40
1.37
0.50
1.56
1.21
1.04
1.15
1.77
1.29
0.93
1.91
1.01
1.10
1.95
1.86
1.05
0.94
1.94
1.76
0.86
1.67
0.52
0.79
1.87
1.96
0.71
1.70
1.41
0.95
1.59
0.88
2203%
4295%
3964%
2162%
3715%
3617%
2593%
3994%
3444%
4987%
1452%
2496%
1386%
2643%
3655%
4780%
2157%
1903%
4819%
1053%
2042%
1529%
2467%
3572%
2073%
2597%
4921%
4106%
2174%
4499%
2214%
2779%
1670%
1366%
2107%
3877%
2575%
1423%
2711%
2629%
1600%
2649%
2374%
3174%
1186%
24%
29%
24%
30%
28%
33%
28%
24%
16%
35%
27%
22%
21%
31%
20%
22%
21%
30%
31%
23%
34%
27%
30%
16%
24%
34%
29%
16%
18%
21%
26%
22%
19%
29%
31%
30%
21%
17%
34%
29%
27%
24%
34%
17%
15%
1.37
1.39
0.82
0.71
0.84
1.14
1.34
0.55
0.60
1.33
1.62
0.50
1.10
1.58
0.55
1.99
1.82
1.19
0.90
0.96
1.41
1.23
1.95
3033%
4189%
1864%
4174%
1325%
1941%
3881%
3609%
1248%
3142%
4505%
2557%
2907%
2157%
3737%
3530%
3727%
2614%
4286%
2099%
3050%
3052%
1755%
25%
20%
16%
28%
35%
20%
21%
16%
33%
28%
30%
24%
25%
21%
27%
34%
22%
17%
28%
31%
26%
18%
30%
5%
8.00%
1.00%
Market Share Growth Rate
Initial Unit Price
5%
6%
6%
6%
4%
1%
6%
4%
3%
1%
2%
7%
3%
2%
4%
4%
7%
3%
6%
4%
6%
2%
5%
8%
4%
8%
4%
3%
7%
8%
4%
4%
5%
8%
2%
200.00
249.83
175.03
49.99
99.99
25.28
Price Increase
200.00
177.05
228.85
183.43
214.50
248.20
230.42
249.64
243.28
191.91
214.47
180.07
179.75
188.98
241.14
216.94
194.72
238.40
201.39
234.21
204.98
232.22
225.76
219.62
175.54
183.85
208.16
227.81
176.92
179.04
238.60
222.11
183.03
232.72
200.29
49.99
65.72
74.76
71.74
38.60
37.92
75.91
97.26
34.34
48.07
86.82
97.99
50.02
78.08
48.57
86.69
26.50
64.90
29.71
74.32
42.86
37.24
91.37
46.39
78.59
58.93
66.33
73.13
43.35
74.31
76.61
87.50
57.05
36.05
62.44
4%
5%
5%
5%
6%
2%
2%
4%
6%
4%
2%
3%
5%
6%
3%
5%
4%
7%
2%
7%
7%
5%
6%
7%
4%
3%
7%
2%
7%
1%
4%
3%
7%
7%
5%
5%
7%
8%
6%
8%
201.36
229.60
177.13
199.02
208.19
200.10
238.50
239.68
185.07
175.40
213.57
181.59
231.27
211.05
204.46
199.77
219.35
215.89
223.67
178.33
207.58
231.70
215.25
214.94
182.69
215.42
181.01
221.85
226.76
222.42
237.76
175.74
181.86
179.25
206.89
181.71
231.56
225.87
190.88
188.27
41.88
61.18
88.43
50.10
55.07
88.59
57.35
69.27
55.34
75.63
91.45
27.85
78.59
78.16
91.75
80.24
55.25
84.83
70.86
36.09
58.89
70.40
80.95
87.74
96.32
38.22
35.33
80.01
32.34
28.27
36.06
40.59
97.72
56.63
84.74
45.08
64.57
47.65
32.41
62.79
8%
6%
8%
2%
7%
7%
4%
4%
1%
6%
2%
2%
7%
1%
5%
6%
6%
2%
5%
5%
1%
4%
7%
2%
2%
1%
2%
6%
5%
4%
3%
5%
5%
3%
2%
5%
6%
4%
5%
2%
4%
7%
213.61
238.47
175.12
187.96
185.05
233.42
177.24
176.02
182.44
183.26
208.10
219.97
183.54
217.17
244.31
227.18
181.56
239.16
183.04
229.07
211.34
182.03
222.59
233.57
185.85
207.03
221.85
208.72
214.13
203.16
212.19
232.98
224.20
221.17
234.02
233.24
220.28
197.41
193.72
197.40
231.08
188.44
43.08
71.29
26.07
64.88
38.27
36.82
29.34
32.34
86.52
61.81
81.29
45.34
94.12
73.76
76.21
72.98
82.02
99.47
46.14
56.11
52.55
44.89
73.10
78.41
32.93
31.13
31.34
69.34
93.72
77.46
26.93
30.79
37.61
84.69
28.38
85.61
68.36
49.23
87.00
26.79
90.63
52.58
5%
7%
6%
6%
3%
4%
7%
4%
1%
4%
7%
2%
2%
5%
2%
2%
5%
5%
7%
5%
6%
7%
8%
3%
1%
2%
1%
2%
7%
3%
3%
6%
2%
5%
4%
8%
3%
6%
4%
4%
6%
5%
3%
4%
8%
248.98
208.46
226.20
189.39
194.59
206.51
199.99
193.41
210.96
207.79
249.76
198.92
231.88
201.90
206.12
220.76
221.68
208.71
230.54
207.60
233.22
235.65
209.67
201.73
229.54
234.11
217.64
189.08
201.90
227.83
241.83
219.15
217.05
236.81
214.76
241.21
195.79
200.82
232.12
193.18
204.85
249.29
205.61
189.73
232.53
56.66
44.73
86.82
91.97
49.90
39.36
71.39
29.07
96.59
59.26
59.63
99.75
29.73
43.84
58.22
92.42
79.09
41.62
46.33
35.41
72.85
26.79
55.69
48.88
66.06
44.52
49.04
37.01
68.22
49.33
82.97
97.98
69.69
99.79
60.02
83.98
36.96
55.39
63.13
63.89
30.42
75.90
30.85
37.04
92.93
8%
7%
2%
5%
2%
7%
5%
6%
8%
7%
7%
5%
3%
6%
5%
7%
7%
2%
2%
5%
7%
4%
4%
5%
5%
5%
4%
4%
1%
2%
7%
6%
7%
2%
8%
4%
1%
4%
5%
4%
2%
2%
7%
4%
6%
226.53
233.57
214.50
183.16
218.75
221.66
183.07
227.93
246.38
248.45
207.49
235.64
212.09
235.70
187.02
217.28
219.46
207.45
185.04
221.41
179.92
238.07
225.48
223.48
234.35
207.26
193.11
220.87
176.91
183.27
232.80
202.99
180.85
212.52
206.12
205.45
235.51
205.59
193.16
238.54
246.08
196.42
244.75
197.55
215.06
34.10
93.88
54.54
79.05
96.75
58.59
82.57
81.92
79.73
40.68
57.94
47.25
57.18
40.93
65.59
66.05
67.25
70.68
85.34
35.88
59.02
72.56
59.25
39.54
81.35
39.99
37.74
60.87
90.68
96.93
90.84
80.53
60.95
33.60
55.10
53.54
61.45
37.04
63.32
67.01
77.79
69.86
98.74
62.73
79.98
5%
4%
6%
4%
7%
7%
7%
8%
2%
5%
5%
5%
7%
7%
2%
7%
6%
6%
3%
3%
3%
2%
7%
6%
3%
6%
2%
7%
7%
8%
4%
4%
2%
5%
6%
1%
1%
8%
5%
1%
6%
7%
2%
6%
2%
214.93
247.66
225.81
223.32
184.15
205.31
245.39
180.75
185.68
242.53
213.45
185.49
244.51
204.48
229.73
213.61
191.34
204.18
247.38
213.33
241.60
216.07
235.23
218.67
177.43
232.36
195.26
219.03
175.23
225.20
189.25
236.80
212.10
178.05
195.88
182.99
227.80
232.08
232.44
242.62
249.83
202.54
213.97
218.33
201.39
86.48
99.99
59.58
62.91
63.31
58.64
80.60
63.22
39.40
65.55
30.57
65.34
78.28
87.37
44.45
31.75
75.56
65.57
59.28
43.44
96.93
89.68
59.20
59.79
51.78
72.45
81.64
88.34
98.29
93.35
28.93
56.58
45.15
67.23
53.55
67.59
57.16
52.45
84.44
48.71
62.09
63.62
95.46
30.84
54.73
5%
6%
5%
6%
5%
2%
1%
5%
5%
4%
6%
4%
6%
4%
5%
5%
6%
6%
3%
5%
2%
2%
6%
6%
6%
6%
1%
7%
5%
6%
7%
6%
3%
6%
1%
2%
2%
2%
8%
6%
6%
5%
7%
2%
2%
186.95
222.32
238.32
223.79
245.72
235.18
219.50
236.95
245.04
245.39
175.74
201.07
221.75
217.99
207.86
203.50
235.10
189.58
249.29
198.18
220.27
201.78
208.25
216.05
198.40
193.91
221.04
210.03
236.79
175.89
230.55
216.17
206.41
213.68
225.46
228.59
195.58
211.63
189.32
242.92
197.25
208.29
208.24
208.97
230.79
97.35
28.46
74.15
68.47
63.92
49.77
44.51
53.73
35.94
41.47
92.10
77.46
96.46
25.64
83.71
54.27
63.07
53.15
80.15
85.81
39.45
31.84
79.01
33.44
57.43
62.99
33.65
71.95
27.91
36.16
73.74
56.03
80.73
33.10
49.04
69.74
81.36
84.26
93.95
88.25
49.27
75.97
43.63
59.25
25.28
5%
1%
6%
1%
1%
6%
2%
7%
2%
6%
2%
5%
6%
7%
6%
2%
7%
3%
3%
5%
7%
3%
3%
5%
3%
5%
6%
2%
6%
7%
3%
5%
5%
7%
8%
6%
3%
3%
2%
2%
6%
4%
5%
2%
1%
196.50
231.78
187.37
181.10
202.61
218.42
214.02
243.15
249.28
240.64
229.65
246.05
226.09
220.86
179.83
229.22
240.35
210.77
226.17
228.57
190.84
243.21
218.34
186.57
239.58
214.08
233.40
244.07
227.47
182.68
177.13
234.12
194.17
228.74
184.44
218.93
236.35
192.25
204.08
244.67
222.98
183.72
182.43
231.53
220.29
48.27
64.41
56.57
56.57
94.46
87.19
64.62
92.98
60.34
66.01
91.41
31.40
71.26
87.41
99.91
71.58
73.66
61.32
42.91
74.25
72.25
62.45
51.15
38.08
65.49
99.48
64.05
73.28
25.68
98.57
74.75
48.18
62.88
43.30
54.63
66.06
64.02
34.39
63.04
34.08
79.96
44.09
95.21
79.55
69.36
3%
4%
4%
4%
7%
4%
6%
7%
2%
2%
2%
8%
6%
4%
4%
6%
6%
5%
7%
1%
7%
3%
5%
7%
5%
5%
4%
3%
7%
5%
1%
8%
7%
2%
3%
5%
7%
6%
5%
6%
5%
5%
1%
2%
5%
204.96
199.68
196.42
225.33
185.61
236.00
229.51
216.51
248.79
223.65
226.67
246.64
238.24
198.19
177.67
182.63
248.00
210.14
210.29
236.57
213.68
218.62
182.45
235.44
214.20
207.43
246.43
224.61
182.87
187.63
226.32
220.63
238.48
186.25
178.55
204.23
214.48
230.30
179.06
237.35
234.45
192.62
213.03
202.24
206.33
28.82
33.36
87.13
76.68
69.43
66.51
68.23
67.45
72.16
28.95
44.29
87.73
86.20
50.05
70.47
70.18
77.09
87.86
97.48
60.63
56.93
71.67
89.07
74.41
74.33
31.41
37.73
67.01
67.01
62.89
28.04
28.13
45.69
87.82
49.33
31.19
50.20
91.80
46.24
86.84
47.61
99.90
67.23
40.22
64.41
7%
6%
7%
7%
3%
2%
7%
6%
3%
3%
2%
7%
3%
3%
1%
5%
1%
3%
5%
7%
7%
7%
2%
6%
2%
3%
4%
3%
7%
1%
7%
6%
3%
2%
4%
7%
8%
3%
2%
7%
2%
6%
8%
2%
3%
223.60
242.61
246.24
242.47
227.66
243.60
218.31
229.30
226.30
243.83
219.69
200.03
185.66
209.69
238.55
242.33
194.11
247.91
232.09
243.77
200.09
219.84
188.51
196.32
182.98
214.66
201.45
248.57
175.67
208.56
184.18
211.55
246.56
244.80
241.91
207.84
206.24
183.78
216.48
242.00
236.10
206.96
246.20
185.05
237.01
99.75
94.60
63.22
83.24
74.15
48.19
85.81
48.62
63.65
73.54
96.10
96.23
81.58
53.32
57.72
80.32
84.04
52.78
42.78
99.32
44.51
94.46
83.37
75.62
93.08
33.47
40.36
30.62
52.19
25.75
74.59
82.67
56.89
25.59
61.88
89.31
81.06
28.67
55.97
58.24
99.85
57.45
30.84
71.22
27.61
3%
3%
4%
7%
8%
2%
7%
1%
2%
1%
3%
8%
6%
7%
6%
8%
8%
6%
8%
4%
8%
8%
5%
4%
3%
8%
6%
1%
4%
7%
8%
7%
6%
3%
5%
6%
5%
2%
4%
6%
5%
4%
7%
7%
8%
184.88
227.26
229.27
225.86
243.40
234.01
236.44
213.11
175.94
245.35
244.40
186.00
209.34
175.92
178.81
202.24
216.62
186.57
236.66
240.71
239.84
241.65
181.04
231.90
204.85
226.06
214.99
194.40
230.48
206.40
244.14
207.24
235.43
248.32
197.74
189.27
215.20
215.01
196.87
177.01
186.51
225.68
175.88
188.83
218.68
57.31
26.03
31.82
69.11
82.82
43.87
99.33
76.35
60.76
28.48
52.14
65.34
94.12
77.41
53.59
92.53
90.54
76.22
53.51
73.20
39.95
39.13
47.79
62.55
95.42
99.53
62.66
86.60
47.80
77.31
40.28
78.28
37.39
72.66
69.84
68.39
65.74
93.36
83.19
69.94
28.17
81.53
55.20
39.58
62.06
7%
8%
7%
1%
5%
7%
7%
1%
7%
3%
3%
4%
6%
3%
5%
8%
7%
4%
6%
2%
3%
1%
8%
178.53
183.07
176.59
200.77
178.49
221.95
227.62
203.90
242.53
197.56
178.64
201.22
236.96
205.80
175.07
241.21
176.92
243.70
175.03
242.86
229.08
185.42
202.88
48.67
45.03
39.78
89.31
47.20
60.49
54.38
55.13
26.82
26.97
95.04
67.25
75.31
82.25
63.43
47.62
99.91
74.35
87.94
45.49
26.34
60.92
71.82
25%
34.86%
12.50%
Taxes
81%
69.59
25%
84.27%
84.72
29.97%
74.26%
45.17
15.00%
COGS/Sales
SG&A Initial ($mil) SG&A Growth Rat
25%
81%
69.59
25%
25%
78%
60.04
26%
32%
76%
76.93
20%
26%
84%
76.11
25%
23%
80%
63.48
27%
15%
78%
46.26
27%
21%
81%
64.30
23%
17%
78%
62.69
23%
28%
77%
81.06
26%
19%
78%
58.05
26%
17%
80%
54.01
17%
17%
80%
57.02
29%
24%
80%
55.72
19%
23%
79%
81.87
23%
24%
81%
84.50
21%
27%
79%
49.37
21%
22%
83%
52.74
20%
33%
80%
66.46
30%
13%
81%
54.72
28%
14%
75%
63.92
19%
16%
82%
65.58
25%
15%
82%
47.24
17%
30%
81%
74.89
18%
15%
75%
70.71
22%
29%
82%
65.68
19%
27%
80%
73.27
16%
28%
75%
62.65
16%
19%
75%
81.96
23%
17%
75%
78.57
22%
28%
81%
50.14
28%
15%
77%
62.16
22%
13%
79%
84.64
29%
13%
77%
80.13
27%
32%
82%
45.76
15%
22%
81%
69.73
16%
27%
29%
26%
25%
17%
14%
13%
33%
14%
23%
23%
28%
32%
35%
19%
25%
35%
33%
34%
25%
29%
34%
33%
34%
13%
33%
30%
35%
20%
22%
18%
20%
25%
22%
23%
33%
28%
30%
20%
14%
84%
74%
76%
83%
82%
75%
79%
82%
80%
83%
79%
80%
82%
76%
83%
79%
81%
83%
75%
82%
77%
80%
78%
74%
80%
75%
78%
82%
78%
76%
80%
77%
84%
77%
82%
79%
81%
77%
79%
81%
59.57
70.47
84.56
81.34
67.36
71.02
47.21
73.11
50.22
63.40
59.05
57.40
76.41
71.00
84.13
53.92
46.49
64.16
60.25
50.35
81.67
63.81
84.45
67.78
84.04
78.33
52.28
55.05
76.14
60.54
73.54
70.68
82.97
80.83
79.23
63.22
49.32
47.57
74.12
61.35
29%
28%
17%
29%
20%
27%
28%
24%
29%
26%
19%
18%
27%
16%
25%
28%
30%
27%
18%
25%
29%
27%
17%
16%
17%
25%
28%
19%
22%
22%
21%
26%
26%
21%
23%
18%
17%
22%
18%
16%
28%
33%
21%
33%
25%
26%
17%
21%
20%
22%
24%
18%
17%
14%
21%
23%
20%
27%
24%
23%
27%
13%
23%
23%
34%
14%
16%
26%
15%
15%
17%
16%
16%
21%
19%
15%
15%
30%
20%
13%
29%
22%
78%
75%
84%
76%
80%
75%
78%
77%
83%
81%
79%
77%
77%
79%
78%
83%
79%
77%
77%
76%
79%
83%
80%
82%
84%
82%
76%
79%
79%
75%
78%
77%
80%
77%
80%
82%
75%
75%
77%
76%
79%
83%
48.94
55.01
73.25
81.52
63.49
48.05
51.67
63.37
45.26
46.28
78.12
58.64
50.97
73.50
73.89
52.08
67.09
84.41
63.20
66.77
47.14
73.51
59.85
83.24
50.69
55.47
57.44
50.55
83.43
51.99
45.17
65.64
81.16
61.47
79.31
70.76
47.75
58.25
64.62
82.01
67.39
75.80
20%
28%
21%
26%
18%
16%
25%
18%
19%
27%
24%
20%
22%
26%
25%
22%
26%
29%
22%
20%
20%
26%
21%
18%
22%
22%
22%
24%
27%
22%
28%
29%
21%
24%
28%
21%
21%
20%
28%
28%
29%
20%
30%
34%
13%
15%
16%
16%
20%
34%
28%
35%
30%
15%
17%
24%
16%
13%
14%
21%
14%
15%
21%
25%
32%
28%
26%
22%
22%
30%
27%
30%
16%
27%
35%
15%
34%
27%
25%
33%
21%
28%
30%
28%
13%
32%
19%
75%
75%
77%
80%
80%
78%
74%
82%
82%
82%
78%
81%
79%
76%
83%
74%
80%
82%
81%
79%
83%
81%
77%
83%
76%
77%
74%
82%
77%
79%
76%
79%
80%
78%
83%
81%
75%
79%
82%
76%
83%
79%
84%
80%
81%
61.36
47.51
75.34
66.35
52.21
71.62
61.51
48.54
62.35
62.18
47.91
61.63
63.01
80.70
56.42
75.67
58.48
54.74
61.75
66.24
70.41
81.44
47.57
60.24
57.16
78.16
63.38
52.20
49.23
56.27
55.37
52.57
55.02
61.45
80.66
50.91
83.29
75.11
71.81
78.59
75.56
62.19
61.80
60.33
75.90
19%
30%
19%
16%
20%
29%
25%
26%
28%
18%
18%
25%
24%
15%
28%
19%
15%
17%
27%
21%
27%
24%
15%
16%
28%
15%
16%
17%
25%
21%
27%
29%
17%
20%
22%
26%
19%
21%
18%
26%
21%
29%
21%
22%
15%
32%
33%
33%
26%
28%
32%
22%
26%
33%
32%
22%
15%
26%
20%
16%
21%
33%
34%
23%
30%
29%
25%
26%
22%
26%
18%
16%
27%
13%
23%
32%
32%
16%
30%
21%
35%
33%
20%
14%
16%
23%
16%
32%
17%
25%
77%
80%
76%
83%
81%
75%
82%
75%
76%
76%
76%
84%
80%
76%
78%
84%
75%
81%
82%
78%
84%
83%
80%
78%
82%
78%
78%
83%
75%
75%
84%
83%
78%
79%
83%
78%
81%
83%
84%
76%
82%
77%
77%
75%
80%
76.97
79.69
63.52
60.50
61.57
68.26
47.21
56.92
45.92
77.06
49.01
45.26
73.67
80.02
80.16
53.61
82.56
59.84
69.16
75.10
64.96
45.79
69.20
74.69
67.14
51.39
49.83
59.02
70.83
79.53
51.60
71.10
63.48
55.03
78.54
80.75
59.30
84.59
80.32
61.77
62.63
60.70
79.66
83.77
69.50
25%
18%
24%
25%
25%
29%
17%
24%
19%
23%
17%
18%
27%
27%
20%
21%
19%
28%
22%
21%
24%
20%
17%
18%
29%
23%
19%
23%
28%
26%
19%
29%
24%
28%
22%
16%
19%
20%
26%
15%
30%
20%
22%
24%
29%
16%
29%
26%
27%
31%
30%
30%
17%
32%
21%
29%
28%
15%
25%
32%
13%
34%
28%
32%
23%
22%
31%
15%
22%
27%
17%
24%
27%
14%
28%
15%
30%
27%
25%
17%
33%
20%
22%
26%
26%
20%
17%
35%
16%
13%
76%
83%
80%
79%
82%
80%
82%
79%
81%
78%
82%
82%
82%
75%
80%
78%
79%
80%
79%
82%
84%
83%
76%
77%
81%
82%
74%
76%
75%
78%
80%
76%
83%
78%
77%
76%
81%
76%
75%
80%
80%
76%
76%
76%
84%
67.17
54.50
64.16
62.60
55.70
49.81
70.90
58.15
58.30
80.47
78.54
80.07
45.77
58.09
52.44
64.97
84.13
71.05
77.48
78.16
71.03
82.02
45.40
76.07
80.43
75.87
83.92
65.41
72.70
54.15
53.95
83.76
56.88
81.37
55.75
84.72
51.10
60.48
83.81
62.38
62.13
49.22
84.14
55.00
69.81
26%
18%
17%
26%
30%
19%
16%
20%
20%
17%
27%
21%
26%
21%
28%
21%
23%
30%
16%
29%
15%
18%
23%
16%
27%
26%
17%
16%
18%
22%
26%
24%
26%
22%
22%
22%
26%
22%
29%
19%
23%
16%
18%
27%
17%
31%
22%
15%
22%
29%
30%
15%
30%
27%
33%
22%
23%
18%
23%
19%
29%
21%
17%
32%
20%
26%
26%
23%
31%
35%
23%
29%
28%
16%
20%
30%
18%
25%
23%
15%
19%
18%
28%
14%
33%
13%
17%
21%
33%
31%
76%
81%
77%
82%
79%
84%
76%
84%
78%
75%
79%
82%
75%
82%
82%
82%
77%
84%
79%
76%
77%
82%
83%
81%
77%
81%
81%
83%
83%
81%
77%
77%
82%
81%
83%
81%
78%
76%
77%
82%
78%
79%
77%
80%
79%
55.58
59.26
82.55
51.55
81.86
48.40
83.51
53.08
83.59
75.59
70.15
56.54
45.98
65.61
54.29
68.70
48.94
63.21
68.39
75.12
68.72
51.38
46.83
57.97
54.18
48.32
71.13
68.68
45.86
66.29
80.47
72.37
48.99
63.13
55.60
78.31
74.83
50.57
74.08
67.53
55.30
77.33
47.89
53.05
49.51
15%
27%
22%
27%
25%
28%
25%
27%
27%
22%
17%
24%
23%
21%
21%
28%
17%
22%
20%
16%
22%
23%
28%
16%
27%
20%
18%
24%
24%
23%
16%
18%
18%
16%
21%
26%
27%
29%
26%
22%
22%
22%
24%
21%
21%
24%
31%
28%
18%
17%
26%
16%
17%
23%
13%
17%
17%
25%
30%
15%
15%
24%
22%
16%
24%
14%
34%
14%
31%
29%
33%
33%
17%
21%
25%
18%
31%
27%
24%
28%
28%
15%
29%
20%
19%
20%
18%
18%
26%
16%
84%
75%
83%
80%
82%
79%
83%
76%
75%
83%
80%
76%
79%
81%
79%
77%
75%
83%
80%
84%
77%
78%
80%
78%
83%
77%
76%
76%
84%
77%
80%
81%
82%
84%
79%
82%
81%
82%
82%
80%
81%
77%
77%
84%
78%
45.53
64.40
54.84
47.88
49.45
77.20
63.77
56.54
75.24
75.44
49.35
72.23
50.63
70.40
69.30
81.10
80.31
49.36
73.44
52.23
45.83
47.39
84.30
45.54
47.34
45.73
72.71
80.88
74.08
65.75
58.09
52.64
58.83
81.16
73.41
76.69
65.85
46.29
52.66
75.21
50.00
64.77
81.21
57.84
72.07
16%
29%
16%
27%
17%
19%
22%
18%
21%
22%
20%
28%
29%
21%
27%
16%
24%
28%
25%
19%
23%
17%
15%
22%
29%
21%
17%
25%
30%
20%
18%
28%
20%
27%
26%
18%
18%
23%
28%
18%
27%
25%
27%
26%
29%
14%
17%
25%
34%
24%
21%
20%
21%
21%
34%
18%
34%
17%
15%
22%
15%
22%
28%
19%
26%
31%
28%
17%
17%
15%
34%
17%
24%
25%
20%
16%
16%
27%
24%
16%
13%
15%
14%
19%
18%
18%
27%
16%
26%
28%
75%
76%
83%
77%
83%
80%
84%
84%
80%
78%
80%
76%
75%
82%
81%
75%
76%
79%
84%
81%
79%
76%
82%
81%
80%
82%
80%
83%
80%
78%
80%
80%
81%
82%
79%
82%
78%
75%
84%
80%
76%
81%
81%
75%
75%
82.62
77.88
67.13
78.95
73.28
84.03
53.27
69.64
65.96
55.86
50.00
55.01
79.83
84.71
69.45
64.37
75.92
57.57
53.46
83.19
76.44
58.71
84.14
74.55
69.67
83.50
76.30
69.26
48.98
82.40
52.22
83.91
52.88
63.81
69.61
77.62
78.06
47.19
74.66
81.83
53.69
69.52
62.45
72.85
61.31
19%
27%
23%
20%
24%
16%
29%
28%
24%
19%
29%
15%
20%
18%
17%
17%
28%
28%
25%
29%
20%
22%
21%
17%
29%
22%
18%
19%
24%
23%
23%
15%
24%
23%
22%
24%
30%
21%
23%
23%
16%
21%
26%
27%
17%
25%
35%
34%
13%
18%
24%
19%
33%
28%
17%
33%
15%
30%
32%
33%
22%
24%
31%
23%
31%
22%
26%
14%
22%
16%
23%
15%
14%
28%
14%
28%
13%
30%
27%
13%
14%
23%
28%
24%
25%
31%
15%
19%
18%
30%
84%
78%
79%
83%
75%
83%
77%
76%
82%
75%
79%
81%
82%
75%
78%
79%
84%
83%
75%
80%
80%
83%
80%
81%
84%
76%
81%
75%
79%
82%
79%
84%
82%
77%
82%
80%
81%
77%
80%
83%
79%
83%
74%
76%
83%
48.46
72.67
47.91
81.18
62.81
79.49
79.18
76.92
68.13
55.49
45.19
47.63
70.03
70.75
67.55
55.37
82.84
83.42
70.65
64.15
71.26
63.45
69.83
67.21
67.99
65.61
75.08
56.35
45.34
52.41
69.09
68.80
55.94
70.34
61.62
78.40
67.03
72.74
82.88
53.16
50.36
68.33
58.79
76.79
54.24
24%
15%
17%
15%
17%
25%
27%
24%
23%
25%
21%
17%
17%
26%
18%
17%
19%
24%
23%
21%
18%
27%
29%
15%
22%
22%
19%
30%
28%
26%
25%
24%
15%
23%
24%
20%
17%
21%
29%
25%
25%
28%
29%
25%
22%
30%
30%
21%
27%
29%
17%
17%
29%
22%
13%
19%
25%
28%
17%
32%
15%
25%
29%
20%
27%
28%
19%
15%
22%
30%
21%
26%
29%
24%
34%
19%
24%
29%
23%
23%
23%
35%
28%
17%
20%
27%
27%
13%
30%
32%
81%
81%
82%
74%
83%
80%
79%
78%
80%
78%
76%
77%
82%
75%
84%
80%
75%
82%
84%
75%
80%
76%
82%
79%
77%
82%
76%
82%
78%
84%
78%
77%
78%
77%
84%
84%
81%
76%
79%
79%
77%
78%
83%
80%
77%
75.03
78.98
82.92
57.91
48.92
51.40
46.30
78.35
82.26
75.18
47.58
80.29
45.55
53.79
46.63
76.79
54.17
51.43
74.42
84.65
75.09
79.30
64.72
60.77
57.17
83.81
62.37
78.46
77.27
62.12
71.72
65.70
80.74
65.72
71.83
76.42
72.83
72.66
49.87
55.29
52.15
76.42
56.20
78.73
61.22
27%
21%
19%
30%
15%
18%
24%
15%
25%
15%
23%
16%
19%
25%
29%
25%
26%
26%
23%
27%
19%
22%
15%
15%
18%
29%
21%
22%
27%
27%
17%
27%
24%
19%
27%
27%
24%
16%
15%
27%
19%
25%
17%
26%
23%
19%
35%
22%
21%
21%
16%
18%
28%
17%
29%
31%
32%
27%
29%
34%
16%
20%
32%
20%
30%
18%
15%
22%
81%
78%
81%
84%
76%
84%
77%
80%
82%
80%
81%
78%
83%
77%
76%
83%
78%
81%
78%
83%
84%
81%
76%
81.76
69.19
51.05
67.66
52.84
66.50
72.27
81.82
61.58
63.57
57.26
58.87
74.08
59.90
66.69
67.87
79.63
76.55
49.63
59.50
83.27
83.93
54.36
21%
21%
28%
21%
24%
25%
24%
19%
20%
19%
28%
16%
23%
28%
27%
29%
19%
17%
22%
19%
15%
29%
28%
200.00
25.00
50%
249.90
30.00
59.94%
150.01
15.13
35.18%
R&D Initial ($mil)
R&D Versioning ($mil)
Cash % of SG&A
200.00
25.00
50%
219.63
17.29
50%
217.30
21.06
36%
163.96
21.59
41%
235.05
16.36
38%
164.07
15.53
40%
247.85
29.36
43%
241.69
20.28
54%
184.33
28.26
54%
184.28
27.39
40%
187.20
25.60
50%
234.40
17.95
46%
221.57
21.73
38%
159.31
17.49
45%
243.44
27.10
45%
176.96
27.39
57%
236.62
26.88
46%
205.09
17.84
49%
202.71
17.81
40%
247.26
20.89
46%
191.37
23.74
39%
218.08
21.20
35%
151.60
18.88
43%
203.65
23.30
44%
201.07
15.40
50%
198.68
16.60
43%
174.18
29.14
60%
196.90
17.36
41%
237.53
29.20
59%
247.87
15.85
48%
211.81
16.78
51%
151.86
28.39
42%
169.51
20.32
54%
184.63
27.16
58%
161.23
18.40
52%
169.82
218.01
180.20
217.80
201.67
186.74
160.55
248.19
162.27
204.29
213.77
162.78
212.42
194.02
189.79
240.90
186.29
192.69
221.66
204.09
206.03
247.08
211.95
189.09
163.22
173.34
182.76
209.23
240.75
213.04
150.86
167.89
246.21
165.74
180.63
186.71
202.40
173.45
156.42
233.40
22.99
28.06
29.91
20.94
28.10
23.09
26.10
20.00
15.55
18.27
26.98
16.77
18.23
25.70
28.91
24.66
23.90
28.63
20.12
20.53
19.39
23.43
20.74
25.01
29.69
20.96
28.39
24.17
18.39
28.19
29.18
23.71
28.45
24.96
20.88
29.42
23.49
18.07
25.14
26.34
58%
48%
55%
45%
56%
60%
36%
54%
48%
36%
60%
45%
52%
39%
41%
57%
35%
58%
46%
46%
41%
44%
49%
52%
47%
40%
59%
43%
42%
43%
50%
43%
58%
36%
48%
37%
45%
46%
57%
54%
172.42
197.17
190.03
157.30
186.16
188.10
236.13
164.73
226.47
241.27
181.65
161.84
248.41
191.40
236.83
247.06
171.24
211.99
234.71
193.64
216.28
220.53
231.94
154.65
210.72
236.30
192.91
245.30
170.12
168.52
172.64
156.93
183.04
217.23
167.46
193.39
177.15
247.54
153.20
207.96
167.40
194.14
17.80
18.37
25.09
25.43
21.29
17.11
26.20
18.54
28.01
18.88
22.67
23.99
18.94
20.32
27.98
20.47
21.35
17.54
19.67
15.70
23.57
15.92
28.04
18.84
18.76
27.41
25.99
26.57
23.67
17.66
18.88
25.05
21.16
20.81
26.50
28.37
27.35
18.05
24.99
15.32
20.00
18.53
53%
45%
36%
51%
43%
46%
51%
51%
43%
55%
43%
38%
56%
54%
56%
40%
51%
37%
44%
45%
60%
52%
56%
37%
45%
44%
56%
43%
38%
59%
59%
36%
44%
60%
37%
47%
41%
42%
43%
57%
44%
53%
180.81
194.87
221.51
182.53
184.58
172.19
194.53
200.91
249.22
184.22
150.01
171.05
159.74
186.80
215.94
176.97
152.75
225.19
191.34
167.22
160.91
209.64
195.26
151.18
244.62
218.86
158.61
203.30
171.54
173.89
230.37
153.06
207.98
248.44
247.26
206.86
197.93
184.77
160.03
241.18
184.04
239.85
179.00
226.94
170.54
29.60
27.26
21.71
17.61
28.82
21.51
23.05
28.97
17.92
28.32
17.97
29.70
21.73
18.08
25.26
27.24
28.57
21.99
22.51
21.89
24.27
17.02
22.19
20.12
29.33
21.87
16.20
25.19
27.67
26.53
26.87
16.39
19.12
24.95
23.00
27.74
27.02
20.22
19.62
28.26
26.92
29.29
16.72
22.08
21.08
53%
53%
41%
54%
43%
49%
53%
53%
53%
45%
53%
52%
36%
48%
53%
35%
59%
51%
50%
36%
59%
44%
52%
53%
50%
59%
46%
55%
52%
43%
41%
49%
58%
60%
49%
53%
41%
52%
55%
49%
55%
53%
54%
39%
60%
226.76
208.21
191.05
154.24
249.90
217.21
187.80
163.83
234.05
165.07
206.52
171.27
159.78
183.17
170.85
196.79
185.49
238.07
191.04
188.96
198.15
206.22
192.36
208.17
162.89
247.00
205.96
237.49
173.00
162.52
226.96
191.81
231.05
217.62
208.50
223.02
188.42
199.91
182.75
173.28
217.93
212.19
153.39
151.75
203.31
24.55
26.09
18.91
20.83
19.33
29.27
19.03
23.85
23.31
15.13
18.41
18.23
29.43
21.23
18.65
16.79
22.75
22.74
19.82
23.89
25.42
23.81
20.56
29.66
28.70
19.44
16.03
21.61
17.53
19.07
21.23
20.04
18.47
19.42
28.13
21.89
29.20
29.94
16.03
27.49
28.78
25.96
16.84
24.43
21.83
38%
43%
51%
59%
38%
40%
56%
46%
39%
44%
54%
50%
58%
49%
54%
46%
52%
41%
59%
49%
45%
49%
43%
54%
36%
43%
46%
51%
38%
50%
40%
36%
54%
54%
49%
57%
51%
45%
50%
50%
59%
54%
53%
53%
45%
233.82
214.38
221.72
163.70
238.32
197.69
202.26
213.13
230.73
154.16
210.30
195.49
241.73
178.57
224.93
152.58
249.46
201.79
246.14
213.53
206.20
246.20
191.87
207.93
238.95
183.76
233.90
225.26
216.95
201.74
183.26
161.31
239.19
244.89
210.29
230.05
239.81
169.01
168.86
205.50
239.90
236.56
199.22
198.03
168.84
22.08
15.52
24.62
24.45
19.26
15.63
27.73
23.77
20.05
28.79
27.51
26.42
22.42
26.52
28.98
23.68
23.65
21.81
20.30
28.35
29.60
25.27
19.95
29.49
25.57
16.98
16.83
20.49
21.09
21.63
19.17
29.14
28.73
17.95
25.82
17.53
25.67
20.00
24.02
16.08
20.67
22.77
15.39
29.63
28.66
49%
51%
49%
55%
46%
52%
43%
41%
46%
48%
57%
38%
56%
48%
42%
52%
57%
44%
51%
56%
50%
40%
37%
57%
56%
51%
43%
40%
37%
45%
53%
39%
38%
54%
42%
48%
42%
44%
59%
40%
52%
53%
53%
35%
41%
158.67
190.48
194.84
178.66
234.79
229.39
154.96
175.25
174.72
150.70
185.64
161.50
196.58
240.86
246.95
182.25
237.37
205.88
214.83
204.23
208.93
203.99
164.30
181.30
201.70
248.16
224.38
240.15
227.29
150.49
174.16
181.59
151.97
212.74
213.96
156.35
195.14
165.34
224.26
183.97
229.00
229.57
181.26
209.60
233.28
27.92
24.65
22.61
15.22
23.96
17.44
28.12
18.20
17.40
16.75
17.67
27.75
22.22
17.51
18.61
17.13
27.30
19.46
29.78
17.79
23.82
20.44
26.66
24.48
28.47
19.15
23.97
29.66
23.10
16.76
27.65
25.77
28.13
18.39
21.26
29.09
17.18
17.29
25.85
19.81
24.58
29.91
26.70
22.01
16.08
39%
59%
56%
51%
58%
48%
49%
55%
49%
41%
46%
36%
36%
45%
44%
36%
37%
49%
38%
37%
45%
36%
48%
45%
58%
35%
50%
53%
57%
38%
53%
44%
43%
47%
37%
39%
46%
48%
47%
47%
49%
55%
39%
40%
39%
228.48
215.35
174.80
221.16
247.95
244.17
219.65
220.92
211.43
150.07
155.43
219.73
197.09
219.83
214.30
224.12
150.36
240.06
220.28
162.70
198.22
248.12
185.06
185.88
151.85
247.00
181.69
222.90
151.14
185.10
247.05
155.54
211.15
202.56
177.45
237.86
185.09
247.39
184.26
183.87
204.06
188.72
226.47
236.64
223.17
21.55
23.11
29.96
24.49
17.99
28.06
20.86
29.53
18.96
19.55
28.64
22.75
18.78
17.13
18.26
25.18
18.75
17.12
18.80
19.60
22.83
19.34
21.00
19.13
18.52
23.34
25.57
23.01
21.01
20.87
18.36
16.46
22.87
15.48
16.28
26.35
22.03
20.33
21.43
28.43
26.00
19.95
22.38
17.01
29.15
51%
40%
46%
38%
47%
39%
55%
48%
49%
51%
54%
51%
52%
56%
57%
45%
52%
59%
55%
39%
37%
60%
59%
47%
42%
49%
47%
57%
54%
44%
43%
45%
51%
38%
57%
50%
48%
52%
37%
49%
38%
47%
49%
41%
40%
154.00
221.12
227.92
164.08
162.51
198.84
186.86
153.02
173.00
236.84
153.75
240.76
151.85
235.54
203.88
218.55
213.03
200.52
180.43
179.62
209.52
179.68
236.11
215.89
161.94
234.06
164.32
176.35
223.70
206.12
209.25
242.09
200.04
214.07
188.23
177.79
212.49
249.23
180.95
204.44
158.45
203.03
208.45
223.29
168.06
20.78
20.11
22.66
24.82
29.29
21.88
17.90
20.71
20.10
25.61
22.73
18.70
24.00
17.99
20.85
21.80
21.02
23.83
15.56
22.45
22.10
15.38
29.77
15.49
25.29
21.66
25.93
29.37
23.39
23.05
28.11
28.94
16.67
29.80
29.06
28.51
25.80
21.22
28.60
29.27
21.52
28.30
19.33
21.45
16.04
50%
36%
56%
44%
48%
44%
54%
39%
46%
51%
51%
35%
42%
40%
51%
47%
39%
55%
50%
48%
49%
40%
46%
37%
35%
39%
54%
43%
38%
35%
41%
54%
53%
40%
38%
36%
48%
38%
55%
58%
47%
44%
54%
50%
43%
223.16
158.50
165.92
161.00
183.72
172.55
156.41
241.40
220.50
206.54
248.58
238.58
187.44
197.93
155.74
182.16
233.53
207.15
239.90
222.05
232.40
196.88
237.57
200.46
231.35
213.89
238.84
165.62
202.16
155.58
214.69
208.47
203.42
196.00
203.74
175.44
249.49
169.40
177.08
235.37
198.42
167.00
221.11
174.03
243.51
17.90
17.39
27.44
23.85
18.97
24.22
27.66
17.09
18.25
24.80
22.41
29.33
16.50
26.00
27.94
18.79
21.59
29.36
25.50
20.06
17.21
18.30
20.78
22.31
21.82
24.83
21.32
22.81
27.45
27.75
22.31
16.18
26.86
25.74
15.15
17.79
20.84
18.80
24.13
16.47
23.88
24.05
17.23
27.77
21.70
53%
55%
44%
54%
46%
54%
56%
56%
48%
47%
40%
59%
52%
42%
46%
58%
36%
43%
41%
49%
53%
55%
56%
55%
54%
57%
47%
40%
48%
36%
51%
43%
58%
43%
56%
46%
43%
45%
46%
52%
46%
57%
52%
56%
42%
225.39
174.26
208.55
175.59
193.87
232.60
164.61
229.17
158.50
165.09
228.35
226.38
171.96
197.29
181.47
207.44
151.31
234.94
187.09
225.90
171.50
217.41
228.58
210.73
226.89
171.99
229.28
205.68
187.77
227.94
183.24
163.67
154.23
235.87
200.29
179.77
213.13
235.58
216.59
206.15
245.20
188.13
226.34
208.91
210.71
15.39
26.40
28.95
28.43
25.50
21.25
15.42
17.38
16.55
25.43
24.19
19.24
15.84
29.19
23.97
22.96
20.43
22.12
21.42
21.09
22.98
22.32
20.82
23.32
28.62
28.85
21.89
17.52
18.66
28.36
18.58
25.00
25.74
29.43
26.38
15.24
26.22
17.44
26.78
26.88
27.60
18.62
28.60
20.06
19.64
55%
52%
40%
45%
39%
38%
41%
46%
49%
41%
59%
44%
47%
48%
53%
48%
42%
56%
37%
38%
44%
55%
44%
53%
58%
36%
57%
58%
48%
46%
45%
53%
56%
46%
52%
43%
37%
46%
35%
50%
35%
35%
46%
41%
49%
154.93
199.74
201.33
230.95
158.58
170.71
200.39
234.55
171.10
173.93
192.46
236.43
178.85
209.55
211.50
214.42
241.06
164.91
154.81
181.78
225.29
152.19
161.84
27.42
27.08
16.99
15.81
30.00
17.93
25.75
21.68
18.43
19.13
23.37
19.98
18.18
24.12
20.20
22.07
26.78
29.77
24.83
22.80
21.94
26.57
17.14
40%
53%
37%
40%
39%
57%
51%
40%
37%
49%
54%
40%
44%
41%
53%
59%
36%
53%
46%
39%
56%
41%
47%
100%
100.00%
85.02%
Cash % of R&D
7.58
14.99
6.04
Inventory Days
100%
89%
87%
99%
91%
91%
92%
90%
98%
97%
96%
89%
92%
86%
96%
99%
86%
92%
98%
93%
88%
91%
99%
88%
92%
97%
96%
100%
90%
92%
96%
96%
88%
89%
93%
7.58
13.30
14.40
12.60
12.73
12.54
9.12
7.95
13.98
13.62
7.03
14.06
11.34
14.95
10.49
13.61
10.48
14.88
9.02
6.67
6.32
7.18
13.28
8.40
12.63
9.86
11.84
10.01
6.64
14.65
7.70
6.69
12.84
12.21
9.01
25%
34.93%
15.00%
Inventory Liquidation %
25%
33%
29%
27%
26%
25%
26%
22%
16%
23%
19%
20%
34%
27%
26%
20%
15%
19%
32%
32%
15%
27%
26%
23%
32%
17%
24%
19%
31%
35%
30%
16%
28%
22%
25%
96%
99%
93%
94%
95%
99%
99%
89%
96%
89%
85%
86%
89%
95%
93%
97%
99%
94%
93%
94%
99%
99%
96%
95%
98%
94%
99%
93%
93%
87%
98%
96%
95%
90%
96%
95%
93%
88%
96%
89%
10.37
14.55
10.78
12.75
9.30
11.50
6.56
12.72
13.64
13.58
9.44
14.51
9.17
9.18
12.77
9.94
11.57
9.78
13.09
10.57
9.35
8.06
7.63
7.32
7.83
14.93
7.44
12.88
9.35
7.99
9.72
10.44
11.25
13.17
14.07
9.74
12.30
8.58
7.14
9.39
28%
17%
34%
19%
23%
19%
27%
16%
17%
31%
16%
17%
31%
27%
16%
34%
24%
33%
34%
30%
18%
16%
24%
32%
27%
30%
17%
30%
30%
21%
18%
27%
18%
32%
16%
17%
27%
21%
20%
24%
91%
85%
98%
88%
91%
100%
97%
100%
88%
87%
95%
91%
98%
89%
86%
87%
87%
94%
95%
86%
87%
99%
99%
93%
98%
93%
97%
92%
98%
94%
88%
99%
91%
95%
99%
99%
97%
88%
98%
90%
93%
99%
7.34
8.54
9.69
14.99
13.84
9.20
6.60
13.81
14.34
10.19
14.27
12.20
7.70
6.10
12.20
8.12
9.25
9.47
10.05
6.26
8.73
7.97
11.86
9.46
7.53
12.71
10.20
6.93
10.37
7.80
11.58
14.76
8.94
9.56
9.62
9.85
12.49
14.38
13.44
9.67
12.97
8.51
26%
20%
32%
33%
24%
22%
24%
19%
17%
33%
30%
24%
22%
16%
20%
30%
34%
22%
22%
18%
32%
35%
23%
20%
19%
29%
16%
34%
22%
21%
29%
15%
19%
32%
30%
20%
29%
32%
28%
34%
33%
21%
88%
89%
98%
98%
87%
96%
100%
93%
98%
92%
98%
96%
98%
97%
89%
92%
88%
93%
86%
91%
98%
85%
90%
99%
98%
100%
94%
98%
89%
92%
91%
92%
88%
92%
94%
96%
93%
96%
100%
87%
91%
86%
90%
93%
99%
10.99
7.28
13.87
10.85
6.84
9.70
13.41
11.72
12.84
14.63
10.74
12.96
6.76
12.43
11.79
6.18
6.88
14.09
9.15
12.11
10.30
9.00
13.16
13.75
7.02
8.48
7.10
7.45
10.46
8.29
10.83
12.01
6.79
12.78
12.09
6.05
6.63
14.38
9.38
7.44
7.20
14.38
6.17
10.60
14.94
27%
34%
24%
22%
17%
26%
28%
28%
30%
21%
17%
23%
19%
30%
28%
25%
16%
20%
32%
25%
34%
33%
17%
34%
26%
34%
30%
22%
22%
35%
21%
19%
24%
16%
33%
21%
33%
29%
18%
21%
28%
23%
25%
27%
23%
91%
96%
91%
95%
97%
86%
92%
96%
92%
96%
91%
96%
98%
95%
88%
95%
85%
100%
93%
98%
90%
89%
93%
97%
87%
94%
91%
94%
97%
96%
87%
100%
97%
86%
100%
90%
93%
86%
87%
89%
86%
91%
94%
98%
97%
8.78
6.97
13.31
13.57
7.15
14.07
10.21
6.04
6.67
6.04
14.84
11.94
12.82
12.35
9.64
11.65
9.55
6.61
7.36
9.52
9.75
8.35
11.51
7.11
12.33
10.50
6.43
6.19
10.53
10.17
7.50
14.85
9.16
9.90
10.92
13.43
10.06
8.72
13.45
6.15
14.65
7.51
7.35
10.15
6.07
34%
20%
29%
24%
18%
18%
31%
17%
20%
31%
16%
34%
33%
18%
16%
35%
28%
25%
21%
20%
19%
27%
31%
34%
28%
35%
27%
33%
26%
21%
31%
28%
22%
30%
20%
34%
29%
22%
18%
33%
25%
27%
19%
22%
28%
92%
90%
97%
88%
97%
100%
100%
86%
96%
90%
87%
100%
96%
92%
96%
97%
92%
95%
94%
85%
87%
91%
91%
97%
98%
87%
87%
96%
99%
99%
85%
87%
89%
93%
88%
93%
89%
90%
94%
98%
99%
100%
87%
99%
87%
8.80
13.28
12.68
9.76
13.34
12.13
9.73
9.50
9.61
11.25
9.81
6.49
9.26
7.95
11.16
13.30
13.29
10.96
9.79
7.68
7.59
7.41
13.82
6.47
8.20
12.10
7.48
8.74
7.90
11.13
10.24
9.98
11.75
6.45
14.22
12.70
7.52
7.50
10.64
12.36
9.53
8.11
13.63
13.34
13.37
29%
23%
18%
27%
21%
21%
33%
21%
27%
22%
32%
26%
30%
31%
25%
30%
33%
24%
23%
20%
19%
19%
29%
20%
28%
20%
22%
27%
27%
23%
31%
26%
21%
34%
19%
17%
19%
22%
31%
29%
24%
32%
24%
34%
23%
88%
98%
88%
86%
89%
94%
90%
87%
92%
85%
89%
87%
86%
89%
90%
96%
99%
88%
89%
86%
96%
96%
96%
91%
99%
90%
98%
88%
85%
89%
100%
94%
98%
92%
95%
92%
87%
86%
89%
99%
85%
99%
96%
93%
95%
14.53
14.13
8.38
6.20
12.91
9.83
8.22
13.28
10.75
9.14
14.16
7.14
14.85
13.05
13.98
12.40
13.67
10.46
13.88
8.37
6.12
13.00
10.95
6.47
10.48
9.26
14.48
6.74
10.66
7.55
9.60
12.80
6.69
12.14
14.33
14.94
7.10
11.16
6.73
6.87
11.30
12.10
13.26
6.70
8.62
34%
27%
28%
32%
35%
23%
25%
19%
34%
34%
17%
25%
33%
31%
29%
32%
23%
33%
27%
25%
29%
15%
21%
20%
30%
32%
20%
23%
33%
33%
25%
30%
30%
34%
18%
29%
22%
25%
32%
22%
34%
30%
21%
32%
29%
91%
87%
93%
94%
90%
99%
88%
96%
95%
95%
96%
86%
94%
98%
97%
97%
95%
94%
93%
87%
96%
92%
98%
97%
91%
90%
92%
89%
92%
94%
85%
86%
92%
93%
96%
98%
99%
87%
97%
94%
92%
99%
92%
96%
91%
7.91
9.26
12.94
9.62
11.10
13.93
12.18
12.00
11.96
7.79
8.40
8.87
10.38
8.55
11.17
9.51
8.54
12.56
12.33
14.29
10.62
12.13
6.52
13.39
9.29
13.11
12.67
14.24
7.95
13.11
13.45
12.15
12.58
13.40
13.18
9.85
11.05
12.94
7.53
14.77
6.98
12.75
11.94
12.72
10.33
23%
28%
19%
20%
18%
20%
32%
19%
15%
26%
20%
26%
21%
24%
18%
31%
20%
16%
24%
23%
27%
28%
34%
22%
33%
30%
17%
20%
17%
26%
24%
18%
23%
21%
21%
27%
33%
21%
30%
18%
30%
16%
20%
25%
28%
86%
92%
97%
90%
95%
95%
96%
95%
95%
99%
87%
98%
90%
94%
93%
95%
94%
91%
94%
99%
98%
98%
92%
96%
94%
90%
96%
97%
92%
87%
91%
99%
90%
89%
98%
87%
89%
96%
98%
91%
95%
96%
92%
92%
89%
7.65
11.60
6.94
9.66
9.86
12.21
13.80
10.26
14.41
7.29
11.11
11.42
12.39
12.47
10.24
6.69
14.74
9.69
10.03
11.34
12.35
10.85
14.69
7.01
10.34
11.89
8.77
12.99
13.19
10.67
12.16
12.28
6.94
10.59
10.91
12.63
13.97
6.17
14.25
7.72
8.85
6.99
14.59
7.27
10.66
31%
33%
31%
23%
15%
27%
18%
20%
24%
28%
22%
29%
30%
22%
30%
28%
19%
26%
21%
26%
28%
25%
17%
18%
31%
21%
27%
16%
20%
31%
20%
27%
29%
22%
29%
21%
24%
16%
32%
24%
19%
20%
28%
24%
26%
99%
86%
96%
86%
85%
98%
96%
88%
93%
97%
87%
91%
89%
98%
91%
88%
99%
85%
86%
96%
89%
98%
89%
89%
90%
91%
99%
91%
98%
92%
91%
90%
94%
94%
89%
93%
87%
87%
100%
91%
100%
87%
88%
98%
97%
6.78
13.01
7.63
12.79
7.38
12.93
11.26
12.15
9.08
9.98
6.63
6.68
9.74
12.23
10.45
14.26
8.00
11.27
7.19
10.13
6.63
9.30
9.55
12.85
12.89
14.55
11.06
12.15
12.44
12.65
7.16
7.76
12.46
12.91
10.56
12.95
8.99
9.38
9.35
13.52
12.54
12.63
6.68
6.40
10.38
22%
28%
27%
22%
35%
29%
34%
20%
32%
28%
22%
19%
17%
29%
21%
27%
31%
30%
22%
35%
33%
31%
32%
16%
30%
34%
22%
23%
16%
26%
29%
19%
20%
32%
21%
24%
18%
18%
20%
23%
22%
18%
29%
34%
30%
93%
90%
98%
92%
90%
100%
100%
88%
98%
93%
95%
94%
96%
87%
91%
86%
86%
87%
87%
97%
86%
89%
91%
86%
98%
93%
88%
92%
97%
89%
91%
95%
87%
92%
85%
92%
96%
89%
89%
92%
93%
99%
97%
99%
95%
13.57
10.06
14.05
12.58
6.04
8.22
10.60
13.14
14.06
7.78
6.75
9.85
8.44
11.10
7.12
13.49
6.79
14.21
12.50
11.02
9.01
8.68
8.52
14.62
11.98
6.72
10.81
8.45
13.65
11.10
12.04
12.05
10.37
14.75
13.14
13.25
7.52
9.16
13.76
6.44
9.90
6.77
14.67
6.38
13.32
32%
16%
32%
20%
21%
20%
22%
25%
23%
23%
19%
23%
18%
26%
22%
20%
25%
30%
22%
18%
32%
17%
32%
27%
23%
30%
26%
27%
21%
18%
35%
24%
23%
33%
34%
30%
34%
20%
31%
17%
29%
17%
16%
26%
25%
91%
88%
91%
92%
87%
93%
100%
94%
86%
94%
96%
95%
99%
93%
97%
100%
96%
95%
85%
91%
85%
86%
91%
10.20
7.13
9.97
7.49
8.16
6.40
8.54
12.51
14.76
10.35
9.74
6.69
8.31
13.12
14.76
7.24
9.61
6.33
14.00
14.29
6.12
6.81
9.66
24%
25%
29%
35%
21%
30%
22%
23%
32%
33%
32%
31%
16%
30%
17%
27%
26%
20%
19%
25%
21%
23%
17%
38.49
61.54
44.99
74.99
30.00
50.05
Accounts Receivable DaAccounts Payable Days
38.49
61.54
38.96
71.35
32.47
70.33
44.23
64.01
39.30
68.91
38.83
51.27
30.49
71.44
34.53
54.41
33.24
51.68
34.66
72.41
43.11
63.35
31.55
50.90
43.58
55.44
38.15
69.07
43.96
73.54
33.90
63.21
36.17
55.93
35.82
73.76
35.47
55.17
31.22
50.62
33.65
70.72
44.67
57.32
34.04
53.74
33.32
53.08
30.03
64.45
32.05
50.05
37.25
63.11
32.84
70.24
36.46
63.84
40.19
70.03
43.51
63.56
32.79
73.35
30.00
65.42
41.01
69.21
30.53
58.03
32.29
42.32
33.22
36.16
30.16
34.96
32.01
38.47
37.64
34.06
34.48
42.27
38.47
32.23
30.02
41.87
30.63
32.59
43.99
34.19
32.02
38.44
33.18
44.42
36.33
38.94
36.05
31.81
41.40
41.87
32.22
30.91
37.88
39.29
37.33
44.56
41.50
42.00
32.64
38.26
56.65
68.67
70.21
51.50
69.76
52.26
59.72
70.65
73.31
63.98
51.97
56.13
70.26
66.07
54.56
56.01
72.33
56.41
51.85
68.98
50.44
72.72
70.36
69.60
55.34
60.50
61.98
63.79
51.83
66.70
66.67
70.94
61.23
69.97
68.26
53.04
55.96
50.19
65.40
55.64
44.47
42.99
39.64
30.25
36.78
42.40
31.61
42.84
35.01
38.00
44.58
38.67
42.03
40.92
36.13
44.05
30.55
36.77
39.20
31.47
44.42
31.47
32.14
43.42
42.67
34.99
31.74
39.19
32.72
40.13
42.35
41.04
34.27
31.55
44.94
40.99
41.94
34.00
40.13
38.21
34.42
39.25
68.20
74.22
61.74
74.38
72.68
65.76
69.84
52.11
67.46
74.96
62.00
53.68
60.28
71.77
72.30
53.60
53.42
61.72
58.80
65.18
61.34
59.27
74.80
52.21
59.32
60.16
73.83
52.29
64.75
73.31
55.00
66.55
68.56
54.71
54.98
73.78
54.95
69.39
67.53
74.40
67.26
56.42
43.15
42.24
41.77
33.93
33.73
40.72
31.51
40.74
41.34
43.73
37.13
40.70
39.81
44.91
40.37
34.23
38.06
43.40
36.45
44.03
35.00
34.27
33.84
40.83
38.00
35.86
43.91
31.03
40.29
44.50
40.00
33.55
34.91
34.09
32.84
35.15
42.03
42.50
33.13
43.09
43.45
38.82
32.22
35.24
31.44
66.96
58.56
57.71
54.31
70.51
57.30
70.72
73.33
58.91
50.07
54.27
51.76
73.82
55.80
62.57
64.00
70.19
56.45
68.37
51.55
51.66
52.16
55.24
67.64
59.09
50.29
64.21
50.77
73.52
66.34
65.94
71.93
54.82
71.41
71.66
72.39
53.58
54.68
69.69
51.66
61.94
50.12
67.03
58.02
56.00
41.94
42.16
44.01
40.41
37.90
43.40
43.65
42.27
30.90
40.11
37.78
32.09
37.66
41.73
40.82
38.21
39.18
41.60
32.99
40.98
39.64
31.01
34.76
43.97
37.31
44.20
33.47
34.59
42.36
33.00
44.18
37.08
34.55
41.48
38.45
44.63
41.99
40.48
35.81
34.41
39.58
30.87
40.06
32.63
32.17
66.77
51.74
57.54
65.01
67.09
72.36
71.64
60.18
59.01
55.24
66.55
65.32
69.59
69.13
62.04
67.60
71.53
59.17
63.42
70.96
74.76
69.66
65.08
55.90
73.78
60.07
63.92
63.72
51.38
67.83
63.45
53.97
61.05
64.42
64.16
74.18
64.56
60.01
54.36
68.71
74.58
63.96
74.84
68.03
51.10
33.32
31.76
33.17
32.61
31.11
32.74
40.85
44.08
40.05
31.15
43.43
31.84
33.15
37.90
38.63
35.83
40.05
33.91
44.60
40.83
43.11
38.13
39.21
40.95
42.11
40.91
31.47
35.59
40.01
39.24
35.28
31.09
42.05
42.80
34.57
30.55
33.23
39.30
44.16
36.73
36.13
41.80
35.06
30.35
32.69
54.75
59.11
72.80
61.10
56.51
50.93
74.72
67.71
66.98
72.59
54.82
74.99
56.07
51.08
60.96
68.54
50.90
57.43
69.00
72.89
61.80
69.72
53.89
56.07
73.14
73.10
59.34
50.28
63.22
67.71
64.03
62.48
64.55
56.45
71.36
60.19
73.01
52.97
69.39
70.10
64.87
64.74
59.60
58.32
56.16
36.73
44.25
41.62
41.43
37.14
33.37
42.79
40.90
36.43
33.60
41.99
38.71
42.04
38.65
30.36
30.44
33.98
42.58
44.80
31.11
31.86
32.54
44.86
39.12
42.82
30.17
44.94
42.87
43.60
39.05
43.11
31.32
31.14
37.12
41.32
36.08
36.30
34.83
38.58
43.42
34.35
31.54
39.96
40.98
39.54
62.65
61.47
73.38
72.47
59.40
60.59
52.48
50.59
51.73
51.96
53.53
73.70
68.63
72.07
53.61
53.43
74.49
50.73
56.80
54.80
70.27
60.41
68.82
50.11
59.55
68.30
50.76
58.68
56.04
59.75
70.89
70.07
67.85
54.10
60.14
55.08
61.77
69.72
71.84
63.11
59.04
58.10
65.68
51.81
74.36
35.71
36.81
44.36
39.15
34.77
34.19
40.25
44.03
43.75
44.68
42.34
36.81
34.02
33.25
38.42
37.17
32.55
38.77
36.26
41.39
31.42
34.23
42.45
38.32
35.97
40.34
43.16
39.82
33.91
35.78
33.31
32.60
42.43
30.34
39.13
42.71
39.36
44.96
41.89
33.11
30.97
32.33
33.03
36.56
41.13
54.77
56.25
59.48
72.95
58.27
57.99
71.35
60.93
63.92
69.06
63.92
58.88
73.38
71.64
65.90
63.18
58.70
67.19
74.96
55.83
65.24
64.62
65.26
72.45
68.52
55.20
74.75
53.59
71.20
62.57
73.57
73.37
64.00
60.89
55.82
60.32
52.98
60.64
53.88
59.57
50.41
57.68
74.35
62.83
61.70
39.00
30.52
43.78
31.42
41.06
43.40
37.60
44.74
41.54
34.27
33.61
44.22
33.48
31.01
44.99
40.93
41.29
40.72
32.13
33.83
37.85
40.48
33.64
33.17
41.39
33.99
31.62
30.72
36.16
30.04
34.97
41.44
31.23
38.06
39.56
41.63
36.83
40.24
32.13
41.54
42.02
32.70
32.94
32.13
44.86
54.91
71.92
66.61
66.14
59.12
54.86
50.45
71.19
72.38
73.41
74.41
68.29
59.49
54.13
65.41
68.97
67.47
53.76
64.24
72.89
71.14
72.88
61.13
50.16
57.18
70.37
59.31
51.28
50.77
64.25
52.97
59.17
54.54
54.19
53.98
70.30
61.47
57.08
61.00
69.27
71.73
60.82
56.75
68.85
66.90
44.68
37.97
42.59
39.01
32.38
40.79
41.49
40.36
31.97
31.83
39.68
33.73
30.49
43.45
44.27
31.29
34.06
38.36
31.93
30.19
31.57
35.85
32.92
32.42
44.79
40.60
36.74
43.80
38.76
30.06
36.49
34.54
34.93
37.35
36.09
36.11
32.35
38.86
42.84
43.57
42.24
33.01
32.85
38.11
44.42
62.65
63.84
65.78
62.96
71.88
59.89
53.32
54.10
64.32
52.16
71.64
54.64
59.14
64.52
51.19
63.54
72.36
63.20
66.92
65.64
59.49
56.79
71.65
56.42
66.82
64.11
56.06
70.15
66.64
68.69
61.53
67.52
54.91
64.59
73.18
50.58
68.14
51.71
68.80
72.60
50.55
53.31
65.45
64.81
65.85
31.85
34.19
35.72
36.06
32.34
32.15
44.36
37.46
30.35
30.22
32.40
41.85
31.26
38.60
34.52
42.90
44.00
32.93
42.17
44.81
35.65
37.77
32.95
43.76
43.24
38.87
40.13
44.28
40.92
34.62
34.84
38.00
39.43
33.64
37.27
34.88
41.42
43.75
31.31
42.49
38.77
32.46
40.46
32.47
34.44
73.03
68.62
63.89
50.64
67.97
61.13
61.01
64.15
54.39
68.92
54.48
63.54
58.23
62.64
52.74
71.72
57.54
54.92
56.56
66.44
51.52
62.72
56.58
70.45
59.69
59.09
54.93
57.68
58.53
66.51
65.66
73.64
60.69
63.89
50.34
72.26
61.24
57.09
64.85
68.48
59.37
58.66
58.25
57.98
66.16
33.54
38.35
44.56
41.44
42.58
30.75
39.25
31.26
39.30
35.76
35.80
43.18
35.47
41.56
30.14
33.87
30.71
44.52
41.12
41.32
32.95
36.46
43.90
57.41
53.14
55.45
59.60
61.92
65.02
68.61
70.65
69.21
61.93
58.46
69.08
71.12
69.25
60.35
58.69
61.74
59.40
54.82
58.98
69.68
74.97
58.23