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[null,1,"Contents"]
[null,2,"Update"]
[null,3,"Amazon Model"]
[null,4,"Amazon DCF"]
[null,5,"Sensitivity and Presentation"]
[null,6,"Tornado Diagram"]
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["Contents","Update"]
[]
[null,null,null,null,null,"Fiscal Year",null,107,107,null,2013,2014,2015,2016,2017]
[null,"Income Statement",null,null,null,"Income Statement"]
[null,null,"Sales/Revenue",null,null,null,"Sales/Revenue",108,108,null,74450000,88990000,107010000,135990000,177870000]
[null,null,"COGS excluding D&A",null,null,null,"COGS excluding D&A",111,111,null,51380000,58570000,66000000,80780000,101000000]
[null,null,"Cash Gross Margin",null,null,null,"Cash Gross Margin","Calc",null,null,23070000,30420000,41010000,55210000,76870000]
[null,null,"Research & Development",null,null,null,"Research & Development",121,121,null,6570000,9280000,12540000,16090000,22620000]
[null,null,"Other SG&A",null,null,null,"Other SG&A",122,122,null,12850000,16650000,20410000,27280000,38990000]
[null,null,"Other Operating Expense",null,null,null,"Other Operating Expense",124,124,null,0,0,0,0,0]
[null,null,"EBITDA Calculated",null,null,null,"EBITDA Calculated",null,null,null,3650000,4490000,8060000,11840000,15260000]
[null,null,"Unusual Expense",null,null,null,"Unusual Expense",125,125,null,0,0,0,-67000,-109000]
[null,null,"Depreciation",null,null,null,"Depreciation",113,113,null,2630000,4010000.25,5380000,7200000,10570000]
[null,null,"Amortization of Intangibles",null,null,null,"Amortization of Intangibles",114,114,null,168000,181000,270000,287000,366000]
[null,null,"EBIT Computed",null,null,null,"EBIT Computed",null,null,null,852000,298999.75,2410000,4420000,4433000]
[null,null,"Non Operating Income/Expense",null,null,null,"Non Operating Income/Expense",127,127,null,-250000,-251000,-427000,-144000,23000]
[null,null,"Non-Operating Interest Income",null,null,null,"Non-Operating Interest Income",128,128,null,38000,39000,50000,100000,202000]
[null,null,"Equity in Affiliates (Pretax)",null,null,null,"Equity in Affiliates (Pretax)",129,129,null,0,0,0,0,0]
[null,null,"Interest Expense",null,null,null,"Interest Expense",130,130,null,141000,210000,459000,484000,848000]
[null,null,"Pretax Income Computed",null,null,null,"Pretax Income Computed",null,null,null,499000,-123000.25,1574000,3892000,3810000]
[null,null,"Income Tax",null,null,null,"Income Tax",137,137,null,161000,167000,950000,1430000,769000]
[null,null,"Equity in Affiliates",null,null,null,"Equity in Affiliates",143,143,null,-71000,37000,-22000,-96000,-4000]
[null,null,"Other After Tax Income (Expense)",null,null,null,"Other After Tax Income (Expense)",144,144,null,0,0,0,0,0]
[null,null,"Consolidated Net Income",null,null,null,"Consolidated Net Income",145,145,null,274000,-241000,596000,2370000,3030000]
[null,null,"Other Reconciling Item (Income)",null,null,null,"Other Reconciling Item (Income)",null,null,null,7000,12000.25,-6000,4000,-7000]
[null,null,"Net Income Computed",null,null,null,"Net Income Computed",null,null,null,274000,-241000,596000,2370000,3030000]
[null,null,"Minority Interest Expense",null,null,null,"Minority Interest Expense",146,146,null,0,0,0,0,0]
[null,null,"Net Income",null,null,null,"Net Income",147,147,null,274000,-241000,596000,2370000,3030000]
[null,null,"Extraordinaries & Discontinued Operations",null,null,null,"Extraordinaries & Discontinued Operations",150,150,null,0,0,0,0,0]
[null,null,"Net Income After Extraordinaries",null,null,null,"Net Income After Extraordinaries",154,154,null,274000,-241000,596000,2370000,3030000]
[null,null,"Preferred Dividends",null,null,null,"Preferred Dividends",155,155,null,0,0,0,0,0]
[null,null,"Net Income Available to Common",null,null,null,"Net Income Available to Common",156,156,null,274000,-241000,596000,2370000,3030000]
[]
[null,null,"EPS (Basic)",null,null,null,"EPS (Basic)",157,157,null,0.6,-0.52,1.28,5,6.32]
[null,null,"Basic Shares Outstanding",null,null,null,"Basic Shares Outstanding",159,159,null,457000,462000,467000,474000,480000]
[null,null,"EPS (Diluted)",null,null,null,"EPS (Diluted)",160,160,null,0.59,-0.52,1.25,4.9000000000000004,6.15]
[null,null,"Diluted Shares Outstanding",null,null,null,"Diluted Shares Outstanding",162,162,null,465000,462000,477000,484000,493000]
[]
[]
[]
[null,null,null,null,null,null,null,"Fiscal year is January-December. All values USD millions."]
[null,null,null,null,null,null,null,108,108,null,2013,2014,2015,2016,2017]
[null,null,"Net Income before Extraordinaries",null,null,null,"Net Income before Extraordinaries",109,109,null,0,0.19520000000000001,0.20250000000000001,0.27079999999999999,0.308]
[null,null,"Depreciation, Depletion & Amortization",null,null,null,"Depreciation, Depletion & Amortization",111,111,null,51380000,58570000,66000000,80780000,101000000]
[null,null,"Deferred Taxes & Investment Tax Credit",null,null,null,"Deferred Taxes & Investment Tax Credit",114,114,null,168000,181000,270000,287000,366000]
[null,null,"Other Funds",null,null,null,"Other Funds",117,117,null,0,0.29430000000000001,0.34760000000000002,0.3498,0.38159999999999999]
[null,null,"Funds from Operations",null,null,null,"Funds from Operations",null,null,null,51548000,58751000.489500001,66270000.550099999,81067000.6206,101366000.68960001]
[null,null,"Extraordinaries",null,null,null,"Extraordinaries",119,119,null,2013,2014,2015,2016,2017]
[null,null,"Changes in Working Capital",null,null,null,"Changes in Working Capital",120,120,null,19410000,25930000,32950000,43370000,61610000]
[null,null,"Net Operating Cash Flow",null,null,null,"Net Operating Cash Flow",null,null,null,70960013,84683014.489500001,99222015.550099999,124439016.6206,162978017.68959999]
[null,null,"Investing Activities",null,null,null,"Investing Activities"]
[null,null,"Capital Expenditures (Fixed Assets)",null,null,null,"Capital Expenditures (Fixed Assets)",132,132,null,141000,210000,459000,484000,848000]
[null,null,"Capital Expenditures (Other Assets)",null,null,null,"Capital Expenditures (Other Assets)",133,133,null,0,0,0,0,0]
[null,null,"Net Assets from Acquisitions",null,null,null,"Net Assets from Acquisitions",136,136,null,0,0,0,0,2.1399999999999999E-2]
[null,null,"Sale of Fixed Assets & Businesses",null,null,null,"Sale of Fixed Assets & Businesses",137,137,null,161000,167000,950000,1430000,769000]
[]
[null,null,"Purchase/Sale of Investments",null,null,null,"Purchase/Sale of Investments",138,138,null,144000,279000,452000,1340000,74000]
[null,null,"Other Uses",null,null,null,"Other Uses",141,141,null,-23000,-180000,-221000,-331000,988000]
[null,null,"Other Sources",null,null,null,"Other Sources",142,142,null,0,0,0,0,789000]
[null,null,"Net Investing Cash Flow",null,null,null,"Net Investing Cash Flow",null,null,null,423000,476000,1640000,2923000,3468000.0214]
[null,null,"Financing Activities",null,null,null,"Financing Activities"]
[null,null,"Common Dividends",null,null,null,"Common Dividends",151,151,null,0,0,0,0,0]
[null,null,"Preferred Dividends",null,null,null,"Preferred Dividends",152,152,null,0,0,0,0,0]
[null,null,"Change in Capital Stock",null,null,null,"Change in Capital Stock",153,153,null,0,0,0,0,0]
[null,null,"Repurchase of Common & Preferred Stk.",null,null,null,"Repurchase of Common & Preferred Stk.",154,154,null,274000,-241000,596000,2370000,3030000]
[null,null,"Sale of Common & Preferred Stock",null,null,null,"Sale of Common & Preferred Stock",155,155,null,0,0,0,0,0]
[null,null,"Issuance/Reduction of Debt, Net",null,null,null,"Issuance/Reduction of Debt, Net",158,158,null,0,-1.8667,3.4615,2.9079000000000002,0.26350000000000001]
[null,null,"Change in Current Debt",null,null,null,"Change in Current Debt",159,159,null,457000,462000,467000,474000,480000]
[null,null,"Change in Long-Term Debt",null,null,null,"Change in Long-Term Debt",160,160,null,0.59,-0.52,1.25,4.9000000000000004,6.15]
[null,null,"Issuance of Long-Term Debt",null,null,null,"Issuance of Long-Term Debt",161,161,null,0,-1.8814,3.4037999999999999,2.92,0.25509999999999999]
[null,null,"Reduction in Long-Term Debt",null,null,null,"Reduction in Long-Term Debt",162,162,null,465000,462000,477000,484000,493000]
[null,null,"Other Funds",null,null,null,"Other Funds",117,117,null,0,0.29430000000000001,0.34760000000000002,0.3498,0.38159999999999999]
[null,null,"Other Uses",null,null,null,"Other Uses",141,141,null,-23000,-180000,-221000,-331000,988000]
[null,null,"Other Sources",null,null,null,"Other Sources",142,142,null,0,0,0,0,789000]
[null,null,"Net Financing Cash Flow",null,null,null,"Net Financing Cash Flow",166,166,null,0,0,0,0,0]
[]
[null,null,"Exchange Rate Effect",null,null,null,"Exchange Rate Effect",169,169,null,0,0,0,0,0]
[null,null,"Miscellaneous Funds",null,null,null,"Miscellaneous Funds",170,170,null,0,0,0,0,0]
[null,null,"Net Change in Cash",null,null,null,"Net Change in Cash",171,171,null,0,0,0,0,0]
[null,null,"Free Cash Flow",null,null,null,"Free Cash Flow",172,172,null,0,0,0,0,0]
[]
[]
[]
[null,null,null,null,null,null,null,"Fiscal year is January-December. All values USD millions."]
[null,null,null,null,null,null,null,108,108,null,2013,2014,2015,2016,2017]
[null,null,null,null,null,"Assets"]
[null,null,null,null,null,null,"Cash & Short Term Investments",109,109,null,0,0.19520000000000001,0.20250000000000001,0.27079999999999999,0.308]
[null,null,null,null,null,null,"Total Accounts Receivable",114,114,null,168000,181000,270000,287000,366000]
[null,null,null,null,null,null,"Inventories",121,121,null,6570000,9280000,12540000,16090000,22620000]
[null,null,null,null,null,null,"Progress Payments & Other",125,125,null,0,0,0,-67000,-109000]
[null,null,null,null,null,null,"Other Current Assets",126,126,null,0,0,0,4420000,4430000]
[null,null,null,null,null,null,"Total Current Assets",null,null,null,6738000,9461000.1952,12810000.202500001,20730000.270800002,27307000.307999998]
[null,null,null,null,null,null,"Property, Plant & Equipment - Gross",131,131,null,0,0.4894,1.1857,5.45E-2,0.75209999999999999]
[null,null,null,null,null,null,"Accumulated Depreciation",136,136,null,0,0,0,0,2.1399999999999999E-2]
[null,null,null,null,null,null,"Net Property, Plant & Equipment",130,130,null,141000,210000,459000,484000,848000]
[null,null,null,null,null,null,"Total Investments and Advances",137,137,null,161000,167000,950000,1430000,769000]
[null,null,null,null,null,null,"Intangible Assets",140,140,null,-133000,-136000,302000,85000,-228000]
[null,null,null,null,null,null,"Other Assets",143,143,null,-71000,37000,-22000,-96000,-4000]
[null,null,null,null,null,null,"Total Assets",null,null,null,6836000,9739000.1952,14499000.202500001,22633000.270800002,28692000.307999998]
[]
[null,null,null,null,null,"Liabilities & Shareholders' Equity"]
[null,null,null,null,null,null,"ST Debt & Current Portion LT Debt",151,151,null,0,0,0,0,0]
[null,null,null,null,null,null,"Accounts Payable",154,154,null,274000,-241000,596000,2370000,3030000]
[null,null,null,null,null,null,"Income Tax Payable",156,156,null,274000,-241000,596000,2370000,3030000]
[null,null,null,null,null,null,"Other Current Liabilities",157,157,null,0.6,-0.52,1.28,5,6.32]
[null,null,null,null,null,null,"Total Current Liabilities",null,null,null,548000.6,-482000.52,1192001.28,4740005,6060006.3200000003]
[null,null,null,null,null,null,"Long-Term Debt",162,162,null,465000,462000,477000,484000,493000]
[null,null,null,null,null,null,"Provision for Risks & Charges",167,167,null,0,0,0,0,0]
[null,null,null,null,null,null,"Deferred Taxes",168,168,null,0,0,0,0,0]
[null,null,null,null,null,null,"Other Liabilities",171,171,null,0,0,0,0,0]
[null,null,null,null,null,null,"Reconciling Liabilities",null,null,null,5822999.4000000004,9759000.7151999995,12829998.922500001,17408995.270800002,22138993.987999998]
[null,null,null,null,null,null,"Total Liabilities",null,null,null,6836000,9739000.1952,14499000.202500001,22633000.270800002,28692000.307999998]
[null,null,null,null,null,null,"Total Shareholders' Equity",189,189,null,0,0,0,0,0]
[null,null,null,null,null,null,"Accumulated Minority Interest",191,191,null,0,0,0,0,0]
[null,null,null,null,null,null,"Total Equity",192,192,null,0,0,0,0,0]
[null,null,null,null,null,null,"Liabilities & Shareholders' Equity",148,148,null,6836000,9739000.1952,14499000.202500001,22633000.270800002,28692000.307999998]

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["Contents","Amazon Model",null,2,"Jan Start",{"$f":"F2=1","v":true}]
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[null,null,"Histoic Year",null,"Last Year",{"$f":"IF(F1,L13,L13-1)","v":2016},null,{"$f":"H3<=$F$6","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
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[]
["Profit and Loss"]
[null,null,"View Ratios"]
[null,null,"All values USD millions."]
[]
[null,null,"Fiscal Year",null,null,null,null,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032]
[null,null,"Income Statement"]
[null,null,null,"Sales/Revenue",null,null,null,61090000,74450000,88990000,107010000,135990000]
[null,null,null,"COGS excluding D&A",null,null,null,44140000,51380000,58570000,66000000,80780000]
[null,null,null,"Cash Gross Margin",null,null,null,16950000,23070000,30420000,41010000,55210000]
[null,null,null,"Research & Development",null,null,null,4560000,6570000,9280000,12540000,16090000]
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[null,null,null,"EBITDA Calculated",null,null,null,2670000,3650000,4490000,8060000,11840000]
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[null,null,null,"Depreciation",null,null,null,1670000,2630000,4010000.25,5380000,7200000]
[null,null,null,"Amortization of Intangibles",null,null,null,163000,168000,181000,270000,287000]
[null,null,null,"EBIT Computed",null,null,null,837000,852000,298999.75,2410000,4420000]
[null,null,null,"Non Operating Income/Expense",null,null,null,-239000,-250000,-251000,-427000,-144000]
[null,null,null,"Non-Operating Interest Income",null,null,null,40000,38000,39000,50000,100000]
[null,null,null,"Equity in Affiliates (Pretax)",null,null,null,0,0,0,0,0]
[null,null,null,"Interest Expense",null,null,null,92000,141000,210000,459000,484000]
[null,null,null,"Pretax Income Computed",null,null,null,546000,499000,-123000.25,1574000,3892000]
[null,null,null,"Income Tax",null,null,null,428000,161000,167000,950000,1430000]
[null,null,null,"Equity in Affiliates",null,null,null,-155000,-71000,37000,-22000,-96000]
[null,null,null,"Other After Tax Income (Expense)",null,null,null,0,0,0,0,0]
[null,null,null,"Consolidated Net Income",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Other Reconciling Item (Income)",null,null,null,-2000,7000,12000.25,-6000,4000]
[null,null,null,"Net Income Computed",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Minority Interest Expense",null,null,null,0,0,0,0,0]
[null,null,null,"Net Income",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Extraordinaries & Discontinued Operations",null,null,null,0,0,0,0,0]
[null,null,null,"Net Income After Extraordinaries",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Preferred Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Net Income Available to Common",null,null,null,-39000,274000,-241000,596000,2370000]
[]
[null,null,null,"EPS (Basic)",null,null,null,-0.09,0.6,-0.52,1.28,5]
[null,null,null,"Basic Shares Outstanding",null,null,null,453000,457000,462000,467000,474000]
[null,null,null,"EPS (Diluted)",null,null,null,-0.09,0.59,-0.52,1.25,4.9000000000000004]
[null,null,null,"Diluted Shares Outstanding",null,null,null,453000,465000,462000,477000,484000]
[]
["Cash Flow"]
[null,"View Ratios"]
[null,"All values USD millions."]
[null,"Fiscal Year",null,null,null,null,null,{"$f":"H13","v":2012},{"$f":"I13","v":2013},2014,2015,2016]
[null,null,null,"Net Income before Extraordinaries",null,null,null,-39000,274000,-241000,596000,2370000]
[null,null,null,"Depreciation, Depletion & Amortization",null,null,null,1830000,2800000,4190000,5650000,7480000]
[null,null,null,"Deferred Taxes & Investment Tax Credit",null,null,null,-265000,-156000,-316000,81000,-246000]
[null,null,null,"Other Funds",null,null,null,1130000,1790000,2240000,3040000,2920000]
[null,null,null,"Funds from Operations",null,null,null,2656000,4708000,5873000,9367000,12524000]
[null,null,null,"Extraordinaries",null,null,null,0,0,0,0,0]
[null,null,null,"Changes in Working Capital",null,null,null,1520000,767000,974000,2560000,3920000]
[null,null,null,"Net Operating Cash Flow",null,null,null,4176000,5475000,6847000,11927000,16444000]
[null,null,null,"Investing Activities"]
[null,null,null,"Capital Expenditures (Fixed Assets)",null,null,null,-3790000,-3440000,-4890000,-4590000,-6740000]
[null,null,null,"Capital Expenditures (Other Assets)",null,null,null,0,0,0,0,0]
[null,null,null,"Net Assets from Acquisitions",null,null,null,-745000,-312000,-979000,-795000,-116000]
[null,null,null,"Sale of Fixed Assets & Businesses",null,null,null,0,0,0,0,0]
[]
[null,null,null,"Purchase/Sale of Investments",null,null,null,935000,-520000,807000,-1070000,-3020000]
[null,null,null,"Other Uses",null,null,null,0,0,0,0,0]
[null,null,null,"Other Sources",null,null,null,0,0,0,0,0]
[null,null,null,"Net Investing Cash Flow",null,null,null,-3600000,-4272000,-5062000,-6455000,-9876000]
[null,null,null,"Financing Activities"]
[null,null,null,"Common Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Preferred Dividends",null,null,null,0,0,0,0,0]
[null,null,null,"Change in Capital Stock",null,null,null,-960000,0,0,0,0]
[null,null,null,"Repurchase of Common & Preferred Stk.",null,null,null,-960000,0,0,0,0]
[null,null,null,"Sale of Common & Preferred Stock",null,null,null,0,0,0,0,0]
[null,null,null,"Issuance/Reduction of Debt, Net",null,null,null,2790000,-617000,4430000,-3880000,-3740000]
[null,null,null,"Change in Current Debt",null,null,null,0,0,0,0,0]
[null,null,null,"Change in Long-Term Debt",null,null,null,2790000,-617000,4430000,-3880000,-3740000]
[null,null,null,"Issuance of Long-Term Debt",null,null,null,3380000,394000,6360000,353000,621000]
[null,null,null,"Reduction in Long-Term Debt",null,null,null,-588000,-1010000,-1930000,-4240000,-4360000]
[null,null,null,"Other Funds",null,null,null,1130000,1790000,2240000,3040000,2920000]
[null,null,null,"Other Uses",null,null,null,0,0,0,0,0]
[null,null,null,"Other Sources",null,null,null,0,0,0,0,0]
[null,null,null,"Net Financing Cash Flow",null,null,null,2260000,-539000,4430000,-3760000,-2910000]
[]
[null,null,null,"Exchange Rate Effect",null,null,null,-29000,-86000,-310000,-374000,-212000]
[null,null,null,"Miscellaneous Funds",null,null,null,0,0,0,0,0]
[null,null,null,"Net Change in Cash",null,null,null,2820000,574000,5900000,1330000,3440000]
[null,null,null,"Free Cash Flow",null,null,null,395000,2030000,1950000,7330000,9710000]
[]
["Balance Sheet"]
[null,"View Ratios"]
[null,"All values USD millions."]
[null,"Fiscal Year",null,null,null,null,null,{"$f":"H13","v":2012},{"$f":"I13","v":2013},2014,2015,2016,2017]
[null,null,"Assets"]
[null,null,null,"Cash & Short Term Investments",null,null,null,11450000,12450000,17420000,19810000,25980000]
[null,null,null,"Total Accounts Receivable",null,null,null,3360000,4770000,5610000,5650000,8340000]
[null,null,null,"Inventories",null,null,null,6030000,7410000,8300000,10240000,11460000]
[null,null,null,"Progress Payments & Other",null,null,null,0,0,0,0,0]
[null,null,null,"Other Current Assets",null,null,null,453000,0,0,0,0]
[null,null,null,"Total Current Assets",null,null,null,21293000,24630000,31330000,35700000,45780000]
[null,null,null,"Property, Plant & Equipment - Gross",null,null,null,9580000,14810000,22730000,30050000,42440000]
[null,null,null,"Accumulated Depreciation",null,null,null,2520000,3860000,5760000,8220000.5,13330000]
[null,null,null,"Net Property, Plant & Equipment",null,null,null,7060000,10950000,16970000,21840000,29110000]
[null,null,null,"Total Investments and Advances",null,null,null,151000,520000,886000,418000,715000]
[null,null,null,"Intangible Assets",null,null,null,3280000,3300000,4080000,4750000,4640000]
[null,null,null,"Other Assets",null,null,null,648000,538000,971000,1950000,2700000]
[null,null,null,"Total Assets",null,null,null,32432000,39938000,54237000,64658000,82945000]
[]
[null,null,"Liabilities & Shareholders' Equity"]
[null,null,null,"ST Debt & Current Portion LT Debt",null,null,null,1140000,1740000,3600000,3340000,5200000]
[null,null,null,"Accounts Payable",null,null,null,13320000,15130000,16459999,20400000,25310000]
[null,null,null,"Income Tax Payable",null,null,null,0,0,0,0,0]
[null,null,null,"Other Current Liabilities",null,null,null,4550000,6110000,8029999.5,10150000,13310000]
[null,null,null,"Total Current Liabilities",null,null,null,19010000,22980000,28089998.5,33890000,43820000]
[null,null,null,"Long-Term Debt",null,null,null,3830000,5180000,12490000,14180000,15210000]
[null,null,null,"Provision for Risks & Charges",null,null,null,336000,457000,510000,932000,1400000]
[null,null,null,"Deferred Taxes",null,null,null,-123000,344000,750000,325000,-62000]
[null,null,null,"Other Liabilities",null,null,null,1200000,1220000,1660000,1960000,3300000]
[null,null,null,"Reconciling Liabilities",null,null,null,-10999.5,7000,-2998.5,-9000,-13000]
[null,null,null,"Total Liabilities",null,null,null,24242000.5,30188000,43497000,51278000,63655000]
[null,null,null,"Total Shareholders' Equity",null,null,null,8189999.5,9750000,10740000,13380000,19290000]
[null,null,null,"Accumulated Minority Interest",null,null,null,0,0,0,0,0]
[null,null,null,"Total Equity",null,null,null,8189999.5,9750000,10740000,13380000,19290000]
[null,null,null,"Liabilities & Shareholders' Equity",null,null,null,32432000,39938000,54237000,64658000,82945000]
[null,null,null,null,null,null,null,0,0,0,0,0]
["Other Data"]
[null,"Ending Stock Price",null,null,null,null,null,250.86999499999999,398.790009,310.35000600000001,675.89001499999995,768.65997300000004,1169.469971]
[null,"Average Stock Price",null,null,null,null,null,226.79166783333332,304.02000174999995,327.29500066666668,493.28417466666662,708.79083258333333,985.32499183333323]
[]
[null,"Revenue Forecast",null,null,null,null,228710000]
[null,"Revenue Growth",null,null,null,null,0.29032440056417497]
[null,"Five Year Revenue Growth",null,null,null,null,0.20369999999999999]
[null,"Enterprise Value",null,null,null,null,642900032]
[null,"Current Stock Price",null,null,null,null,1294.5]
[]
[]
[null,null,null,null,{"$f":"'Amazon DCF'!E72","v":1638.1935494511924}]
[null,"Year",null,null,null,null,null,null,{"$f":"'Amazon Model'!H13","v":2012},{"$f":"'Amazon Model'!I13","v":2013},{"$f":"'Amazon Model'!J13","v":2014},{"$f":"'Amazon Model'!K13","v":2015},{"$f":"'Amazon Model'!L13","v":2016},{"$f":"'Amazon Model'!M13","v":2017},{"$f":"N140+1","v":2018},2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032]
[null,"History with Current Year",null,null,2016,null,null,null,{"$f":"I140<=$E$141","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"History without Current Year",null,null,{"$f":"'Amazon Model'!F5","v":2016},null,null,null,{"$f":"I140<=$E$142","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[]
["Analysis",null,null,null,"Time Series","Code"]
[null,"Operations and EBITDA"]
[null,null,"Revenue Growth",null,true,{"$f":"'Sensitivity and Presentation'!$E$32","v":1},{"$f":"INDEX(C203:C206,F147)","v":"Base Case"},null,null,{"$f":"IF(J141,'Amazon Model'!I15/'Amazon Model'!H15-1,'Amazon Model'!J208)","v":0.21869373056146668},{"$f":"IF(K141,'Amazon Model'!J15/'Amazon Model'!I15-1,'Amazon Model'!K208)","v":0.19529885829415705},{"$f":"IF(L141,'Amazon Model'!K15/'Amazon Model'!J15-1,'Amazon Model'!L208)","v":0.20249466232160906},{"$f":"IF(M141,'Amazon Model'!L15/'Amazon Model'!K15-1,'Amazon Model'!M208)","v":0.2708158116063919},{"$f":"IF(N141,'Amazon Model'!M15/'Amazon Model'!L15-1,'Amazon Model'!N208)","v":0.28999999999999998},{"$f":"IF(O141,'Amazon Model'!N15/'Amazon Model'!M15-1,'Amazon Model'!O208)","v":0.28999999999999998},{"$f":"IF(P141,'Amazon Model'!O15/'Amazon Model'!N15-1,'Amazon Model'!P208)","v":0.2},{"$f":"IF(Q141,'Amazon Model'!P15/'Amazon Model'!O15-1,'Amazon Model'!Q208)","v":0.18612097182041992},{"$f":"IF(R141,'Amazon Model'!Q15/'Amazon Model'!P15-1,'Amazon Model'!R208)","v":0.17320508075688773},{"$f":"IF(S141,'Amazon Model'!R15/'Amazon Model'!Q15-1,'Amazon Model'!S208)","v":0.16118548977353128},{"$f":"IF(T141,'Amazon Model'!S15/'Amazon Model'!R15-1,'Amazon Model'!T208)","v":0.15},{"$f":"IF(U141,'Amazon Model'!T15/'Amazon Model'!S15-1,'Amazon Model'!U208)","v":0.11397535284773888},{"$f":"IF(V141,'Amazon Model'!U15/'Amazon Model'!T15-1,'Amazon Model'!V208)","v":8.6602540378443879E-2},{"$f":"IF(W141,'Amazon Model'!V15/'Amazon Model'!U15-1,'Amazon Model'!W208)","v":6.5803700647624627E-2},{"$f":"IF(X141,'Amazon Model'!W15/'Amazon Model'!V15-1,'Amazon Model'!X208)","v":0.05},{"$f":"IF(Y141,'Amazon Model'!X15/'Amazon Model'!W15-1,'Amazon Model'!Y208)","v":0.05},{"$f":"IF(Z141,'Amazon Model'!Y15/'Amazon Model'!X15-1,'Amazon Model'!Z208)","v":0.05},{"$f":"IF(AA141,'Amazon Model'!Z15/'Amazon Model'!Y15-1,'Amazon Model'!AA208)","v":0.05},{"$f":"IF(AB141,'Amazon Model'!AA15/'Amazon Model'!Z15-1,'Amazon Model'!AB208)","v":0.05},{"$f":"IF(AC141,'Amazon Model'!AB15/'Amazon Model'!AA15-1,'Amazon Model'!AC208)","v":0.05}]
[null,null,"COGS Percent",null,true,{"$f":"'Sensitivity and Presentation'!G32","v":1},null,null,{"$f":"IF(I141,'Amazon Model'!H16/'Amazon Model'!H15,I216)","v":0.72254051399574404},{"$f":"IF(J141,'Amazon Model'!I16/'Amazon Model'!I15,J216)","v":0.69012760241772997},{"$f":"IF(K141,'Amazon Model'!J16/'Amazon Model'!J15,K216)","v":0.65816383863355432},{"$f":"IF(L141,'Amazon Model'!K16/'Amazon Model'!K15,L216)","v":0.61676478833753856},{"$f":"IF(M141,'Amazon Model'!L16/'Amazon Model'!L15,M216)","v":0.59401426575483496},{"$f":"IF(N141,'Amazon Model'!M16/'Amazon Model'!M15,N216)","v":0.56999999999999995},{"$f":"IF(O141,'Amazon Model'!N16/'Amazon Model'!N15,O216)","v":0.61},{"$f":"IF(P141,'Amazon Model'!O16/'Amazon Model'!O15,P216)","v":0.60235757282057845},{"$f":"IF(Q141,'Amazon Model'!P16/'Amazon Model'!P15,Q216)","v":0.59481089431852208},{"$f":"IF(R141,'Amazon Model'!Q16/'Amazon Model'!Q15,R216)","v":0.58735876489990568},{"$f":"IF(S141,'Amazon Model'!R16/'Amazon Model'!R15,S216)","v":0.57999999999999996},{"$f":"IF(T141,'Amazon Model'!S16/'Amazon Model'!S15,T216)","v":0.57999999999999996},{"$f":"IF(U141,'Amazon Model'!T16/'Amazon Model'!T15,U216)","v":0.57999999999999996},{"$f":"IF(V141,'Amazon Model'!U16/'Amazon Model'!U15,V216)","v":0.57999999999999996},{"$f":"IF(W141,'Amazon Model'!V16/'Amazon Model'!V15,W216)","v":0.57999999999999996},{"$f":"IF(X141,'Amazon Model'!W16/'Amazon Model'!W15,X216)","v":0.57999999999999996},{"$f":"IF(Y141,'Amazon Model'!X16/'Amazon Model'!X15,Y216)","v":0.57999999999999996},{"$f":"IF(Z141,'Amazon Model'!Y16/'Amazon Model'!Y15,Z216)","v":0.57999999999999996},{"$f":"IF(AA141,'Amazon Model'!Z16/'Amazon Model'!Z15,AA216)","v":0.57999999999999996},{"$f":"IF(AB141,'Amazon Model'!AA16/'Amazon Model'!AA15,AB216)","v":0.57999999999999996},{"$f":"IF(AC141,'Amazon Model'!AB16/'Amazon Model'!AB15,AC216)","v":0.57999999999999996}]
[null,null,"R&D as % of Margin",null,true,{"$f":"'Sensitivity and Presentation'!I32","v":1},null,null,{"$f":"IF(I142,'Amazon Model'!H18/'Amazon Model'!H15,I224)","v":7.4643967916189227E-2},{"$f":"IF(J142,'Amazon Model'!I18/'Amazon Model'!I15,J224)","v":8.8247145735392885E-2},{"$f":"IF(K142,'Amazon Model'!J18/'Amazon Model'!J15,K224)","v":0.10428137993032925},{"$f":"IF(L142,'Amazon Model'!K18/'Amazon Model'!K15,L224)","v":0.11718530978413233},{"$f":"IF(M142,'Amazon Model'!L18/'Amazon Model'!L15,M224)","v":0.11831752334730494},{"$f":"IF(N142,'Amazon Model'!M18/'Amazon Model'!M15,N224)","v":0.11},{"$f":"IF(O142,'Amazon Model'!N18/'Amazon Model'!N15,O224)","v":0.1},{"$f":"IF(P142,'Amazon Model'!O18/'Amazon Model'!O15,P224)","v":0.1},{"$f":"IF(Q142,'Amazon Model'!P18/'Amazon Model'!P15,Q224)","v":0.1},{"$f":"IF(R142,'Amazon Model'!Q18/'Amazon Model'!Q15,R224)","v":0.1},{"$f":"IF(S142,'Amazon Model'!R18/'Amazon Model'!R15,S224)","v":0.09},{"$f":"IF(T142,'Amazon Model'!S18/'Amazon Model'!S15,T224)","v":0.09},{"$f":"IF(U142,'Amazon Model'!T18/'Amazon Model'!T15,U224)","v":0.09},{"$f":"IF(V142,'Amazon Model'!U18/'Amazon Model'!U15,V224)","v":0.09},{"$f":"IF(W142,'Amazon Model'!V18/'Amazon Model'!V15,W224)","v":0.08},{"$f":"IF(X142,'Amazon Model'!W18/'Amazon Model'!W15,X224)","v":0.08},{"$f":"IF(Y142,'Amazon Model'!X18/'Amazon Model'!X15,Y224)","v":0.08},{"$f":"IF(Z142,'Amazon Model'!Y18/'Amazon Model'!Y15,Z224)","v":0.08},{"$f":"IF(AA142,'Amazon Model'!Z18/'Amazon Model'!Z15,AA224)","v":0.08},{"$f":"IF(AB142,'Amazon Model'!AA18/'Amazon Model'!AA15,AB224)","v":0.08},{"$f":"IF(AC142,'Amazon Model'!AB18/'Amazon Model'!AB15,AC224)","v":0.08}]
[null,null,"Other SG&A as Percent of Revenue",null,true,{"$f":"'Sensitivity and Presentation'!K32","v":1},null,null,{"$f":"IF(I142,'Amazon Model'!H19/'Amazon Model'!H15,I232)","v":0.15910951055819283},{"$f":"IF(J142,'Amazon Model'!I19/'Amazon Model'!I15,J232)","v":0.17259905977165882},{"$f":"IF(K142,'Amazon Model'!J19/'Amazon Model'!J15,K232)","v":0.18709967412068773},{"$f":"IF(L142,'Amazon Model'!K19/'Amazon Model'!K15,L232)","v":0.19072983833286608},{"$f":"IF(M142,'Amazon Model'!L19/'Amazon Model'!L15,M232)","v":0.2006029855136407},{"$f":"IF(N142,'Amazon Model'!M19/'Amazon Model'!M15,N232)","v":0.2147},{"$f":"IF(O142,'Amazon Model'!N19/'Amazon Model'!N15,O232)","v":0.2},{"$f":"IF(P142,'Amazon Model'!O19/'Amazon Model'!O15,P232)","v":0.2},{"$f":"IF(Q142,'Amazon Model'!P19/'Amazon Model'!P15,Q232)","v":0.2},{"$f":"IF(R142,'Amazon Model'!Q19/'Amazon Model'!Q15,R232)","v":0.2},{"$f":"IF(S142,'Amazon Model'!R19/'Amazon Model'!R15,S232)","v":0.2},{"$f":"IF(T142,'Amazon Model'!S19/'Amazon Model'!S15,T232)","v":0.2},{"$f":"IF(U142,'Amazon Model'!T19/'Amazon Model'!T15,U232)","v":0.2},{"$f":"IF(V142,'Amazon Model'!U19/'Amazon Model'!U15,V232)","v":0.2},{"$f":"IF(W142,'Amazon Model'!V19/'Amazon Model'!V15,W232)","v":0.2},{"$f":"IF(X142,'Amazon Model'!W19/'Amazon Model'!W15,X232)","v":0.2},{"$f":"IF(Y142,'Amazon Model'!X19/'Amazon Model'!X15,Y232)","v":0.2},{"$f":"IF(Z142,'Amazon Model'!Y19/'Amazon Model'!Y15,Z232)","v":0.2},{"$f":"IF(AA142,'Amazon Model'!Z19/'Amazon Model'!Z15,AA232)","v":0.2},{"$f":"IF(AB142,'Amazon Model'!AA19/'Amazon Model'!AA15,AB232)","v":0.2},{"$f":"IF(AC142,'Amazon Model'!AB19/'Amazon Model'!AB15,AC232)","v":0.2}]
[null,null,"Other Operating Expense",null,null,null,null,null,{"$f":"'Amazon Model'!H20","v":0},{"$f":"'Amazon Model'!I20","v":0},{"$f":"'Amazon Model'!J20","v":0},{"$f":"'Amazon Model'!K20","v":0},{"$f":"'Amazon Model'!L20","v":0},{"$f":"'Amazon Model'!M20","v":0}]
[]
[null,"Capital Expenditures"]
[null,null,"Capital Expenditures (Fixed Assets)",null,null,null,null,null,{"$f":"-'Amazon Model'!H62","v":3790000},{"$f":"-'Amazon Model'!I62","v":3440000},{"$f":"-'Amazon Model'!J62","v":4890000},{"$f":"-'Amazon Model'!K62","v":4590000},{"$f":"-'Amazon Model'!L62","v":6740000},{"$f":"-'Amazon Model'!M62","v":0}]
[null,null,"Capital Expenditures/Sales",null,true,{"$f":"'Sensitivity and Presentation'!M32","v":1},null,null,{"$f":"IF(I142,I154/'Amazon Model'!H15,'Amazon Model'!I240)","v":6.2039613684727449E-2},{"$f":"IF(J142,J154/'Amazon Model'!I15,'Amazon Model'!J240)","v":4.6205507051712558E-2},{"$f":"IF(K142,K154/'Amazon Model'!J15,'Amazon Model'!K240)","v":5.4949994381391171E-2},{"$f":"IF(L142,L154/'Amazon Model'!K15,'Amazon Model'!L240)","v":4.289318755256518E-2},{"$f":"IF(M142,M154/'Amazon Model'!L15,'Amazon Model'!M240)","v":4.9562467828516803E-2},{"$f":"IF(N142,N154/'Amazon Model'!M15,'Amazon Model'!N240)","v":0.05},{"$f":"IF(O142,O154/'Amazon Model'!N15,'Amazon Model'!O240)","v":0.06},{"$f":"IF(P142,P154/'Amazon Model'!O15,'Amazon Model'!P240)","v":0.06},{"$f":"IF(Q142,Q154/'Amazon Model'!P15,'Amazon Model'!Q240)","v":0.06},{"$f":"IF(R142,R154/'Amazon Model'!Q15,'Amazon Model'!R240)","v":0.06},{"$f":"IF(S142,S154/'Amazon Model'!R15,'Amazon Model'!S240)","v":0.08},{"$f":"IF(T142,T154/'Amazon Model'!S15,'Amazon Model'!T240)","v":0.08},{"$f":"IF(U142,U154/'Amazon Model'!T15,'Amazon Model'!U240)","v":0.08},{"$f":"IF(V142,V154/'Amazon Model'!U15,'Amazon Model'!V240)","v":0.08},{"$f":"IF(W142,W154/'Amazon Model'!V15,'Amazon Model'!W240)","v":7.0000000000000007E-2},{"$f":"IF(X142,X154/'Amazon Model'!W15,'Amazon Model'!X240)","v":7.0000000000000007E-2},{"$f":"IF(Y142,Y154/'Amazon Model'!X15,'Amazon Model'!Y240)","v":7.0000000000000007E-2},{"$f":"IF(Z142,Z154/'Amazon Model'!Y15,'Amazon Model'!Z240)","v":7.0000000000000007E-2},{"$f":"IF(AA142,AA154/'Amazon Model'!Z15,'Amazon Model'!AA240)","v":7.0000000000000007E-2},{"$f":"IF(AB142,AB154/'Amazon Model'!AA15,'Amazon Model'!AB240)","v":7.0000000000000007E-2},{"$f":"IF(AC142,AC154/'Amazon Model'!AB15,'Amazon Model'!AC240)","v":7.0000000000000007E-2}]
[null,null,"Capital Expenditures/Depreciation",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,I154/'Amazon Model'!H23)","v":2.2694610778443112},{"$f":"IF('Amazon Model'!I5,J154/'Amazon Model'!I23)","v":1.3079847908745248},{"$f":"IF('Amazon Model'!J5,K154/'Amazon Model'!J23)","v":1.2194512955454304},{"$f":"IF('Amazon Model'!K5,L154/'Amazon Model'!K23)","v":0.85315985130111527},{"$f":"IF('Amazon Model'!L5,M154/'Amazon Model'!L23)","v":0.93611111111111112},{"$f":"IF('Amazon Model'!M5,N154/'Amazon Model'!M23)","v":false}]
[null,null,"Capital Expenditures (Other Assets)",null,null,null,null,null,{"$f":"-'Amazon Model'!H63","v":0},{"$f":"-'Amazon Model'!I63","v":0},{"$f":"-'Amazon Model'!J63","v":0},{"$f":"-'Amazon Model'!K63","v":0},{"$f":"-'Amazon Model'!L63","v":0},{"$f":"-'Amazon Model'!M63","v":0}]
[null,null,"Net Assets from Acquisitions",null,null,null,null,null,{"$f":"-'Amazon Model'!H64","v":745000},{"$f":"-'Amazon Model'!I64","v":312000},{"$f":"-'Amazon Model'!J64","v":979000},{"$f":"-'Amazon Model'!K64","v":795000},{"$f":"-'Amazon Model'!L64","v":116000},{"$f":"-'Amazon Model'!M64","v":0}]
[null,null,"Acquisitions as Percent of Sales",null,false,{"$f":"AVERAGEIF($142:$142,TRUE,159:159)","v":7.1338612401175049E-3},{"$f":"LOOKUP($E$142,$140:$140,159:159)","v":8.5300389734539305E-4},8.0000000000000002E-3,{"$f":"IF(I142,I158/'Amazon Model'!H15,$H$159)","v":1.2195121951219513E-2},{"$f":"IF(J142,J158/'Amazon Model'!I15,$H$159)","v":4.1907320349227669E-3},{"$f":"IF(K142,K158/'Amazon Model'!J15,$H$159)","v":1.1001236093943139E-2},{"$f":"IF(L142,L158/'Amazon Model'!K15,$H$159)","v":7.4292122231567146E-3},{"$f":"IF(M142,M158/'Amazon Model'!L15,$H$159)","v":8.5300389734539305E-4},{"$f":"IF(N142,N158/'Amazon Model'!M15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(O142,O158/'Amazon Model'!N15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(P142,P158/'Amazon Model'!O15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(Q142,Q158/'Amazon Model'!P15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(R142,R158/'Amazon Model'!Q15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(S142,S158/'Amazon Model'!R15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(T142,T158/'Amazon Model'!S15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(U142,U158/'Amazon Model'!T15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(V142,V158/'Amazon Model'!U15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(W142,W158/'Amazon Model'!V15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(X142,X158/'Amazon Model'!W15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(Y142,Y158/'Amazon Model'!X15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(Z142,Z158/'Amazon Model'!Y15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(AA142,AA158/'Amazon Model'!Z15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(AB142,AB158/'Amazon Model'!AA15,$H$159)","v":8.0000000000000002E-3},{"$f":"IF(AC142,AC158/'Amazon Model'!AB15,$H$159)","v":8.0000000000000002E-3}]
[]
[null,"Working Capital"]
[null,null,"Total Expenses",null,null,"Average","Last",null,{"$f":"'Amazon Model'!H15-'Amazon Model'!H21","v":58420000},{"$f":"'Amazon Model'!I15-'Amazon Model'!I21","v":70800000},{"$f":"'Amazon Model'!J15-'Amazon Model'!J21","v":84500000},{"$f":"'Amazon Model'!K15-'Amazon Model'!K21","v":98950000},{"$f":"'Amazon Model'!L15-'Amazon Model'!L21","v":124150000},{"$f":"'Amazon Model'!M15-'Amazon Model'!M21","v":0}]
[null,null,"A/R as Percent of Sales",null,false,{"$f":"AVERAGEIF(142:142,TRUE,163:163)","v":5.9247659555018248E-2},{"$f":"AVERAGEIF(140:140,E142,163:163)","v":6.1328038826384296E-2},0.05,{"$f":"IF(I142,'Amazon Model'!H98/'Amazon Model'!H15,$H$163)","v":5.5000818464560487E-2},{"$f":"IF(J142,'Amazon Model'!I98/'Amazon Model'!I15,$H$163)","v":6.4069845533915384E-2},{"$f":"IF(K142,'Amazon Model'!J98/'Amazon Model'!J15,$H$163)","v":6.3040791100123603E-2},{"$f":"IF(L142,'Amazon Model'!K98/'Amazon Model'!K15,$H$163)","v":5.2798803850107469E-2},{"$f":"IF(M142,'Amazon Model'!L98/'Amazon Model'!L15,$H$163)","v":6.1328038826384296E-2},{"$f":"IF(N142,'Amazon Model'!M98/'Amazon Model'!M15,$H$163)","v":0.05},{"$f":"IF(O142,'Amazon Model'!N98/'Amazon Model'!N15,$H$163)","v":0.05},{"$f":"IF(P142,'Amazon Model'!O98/'Amazon Model'!O15,$H$163)","v":0.05},{"$f":"IF(Q142,'Amazon Model'!P98/'Amazon Model'!P15,$H$163)","v":0.05},{"$f":"IF(R142,'Amazon Model'!Q98/'Amazon Model'!Q15,$H$163)","v":0.05},{"$f":"IF(S142,'Amazon Model'!R98/'Amazon Model'!R15,$H$163)","v":0.05},{"$f":"IF(T142,'Amazon Model'!S98/'Amazon Model'!S15,$H$163)","v":0.05},{"$f":"IF(U142,'Amazon Model'!T98/'Amazon Model'!T15,$H$163)","v":0.05},{"$f":"IF(V142,'Amazon Model'!U98/'Amazon Model'!U15,$H$163)","v":0.05},{"$f":"IF(W142,'Amazon Model'!V98/'Amazon Model'!V15,$H$163)","v":0.05},{"$f":"IF(X142,'Amazon Model'!W98/'Amazon Model'!W15,$H$163)","v":0.05},{"$f":"IF(Y142,'Amazon Model'!X98/'Amazon Model'!X15,$H$163)","v":0.05},{"$f":"IF(Z142,'Amazon Model'!Y98/'Amazon Model'!Y15,$H$163)","v":0.05},{"$f":"IF(AA142,'Amazon Model'!Z98/'Amazon Model'!Z15,$H$163)","v":0.05},{"$f":"IF(AB142,'Amazon Model'!AA98/'Amazon Model'!AA15,$H$163)","v":0.05},{"$f":"IF(AC142,'Amazon Model'!AB98/'Amazon Model'!AB15,$H$163)","v":0.05}]
[null,null,"Inventory as Percent of COGS",null,false,{"$f":"AVERAGEIF($142:$142,TRUE,164:164)","v":0.1439118823688757},{"$f":"LOOKUP($E$142,$140:$140,164:164)","v":0.14186679871255262},0.15,{"$f":"IF(I142,'Amazon Model'!H99/'Amazon Model'!H16,$H$164)","v":0.13661078386950612},{"$f":"IF(J142,'Amazon Model'!I99/'Amazon Model'!I16,$H$164)","v":0.14421954067730636},{"$f":"IF(K142,'Amazon Model'!J99/'Amazon Model'!J16,$H$164)","v":0.14171077343349839},{"$f":"IF(L142,'Amazon Model'!K99/'Amazon Model'!K16,$H$164)","v":0.15515151515151515},{"$f":"IF(M142,'Amazon Model'!L99/'Amazon Model'!L16,$H$164)","v":0.14186679871255262},{"$f":"IF(N142,'Amazon Model'!M99/'Amazon Model'!M16,$H$164)","v":0.15},{"$f":"IF(O142,'Amazon Model'!N99/'Amazon Model'!N16,$H$164)","v":0.15},{"$f":"IF(P142,'Amazon Model'!O99/'Amazon Model'!O16,$H$164)","v":0.15},{"$f":"IF(Q142,'Amazon Model'!P99/'Amazon Model'!P16,$H$164)","v":0.15},{"$f":"IF(R142,'Amazon Model'!Q99/'Amazon Model'!Q16,$H$164)","v":0.15},{"$f":"IF(S142,'Amazon Model'!R99/'Amazon Model'!R16,$H$164)","v":0.15},{"$f":"IF(T142,'Amazon Model'!S99/'Amazon Model'!S16,$H$164)","v":0.15},{"$f":"IF(U142,'Amazon Model'!T99/'Amazon Model'!T16,$H$164)","v":0.15},{"$f":"IF(V142,'Amazon Model'!U99/'Amazon Model'!U16,$H$164)","v":0.15},{"$f":"IF(W142,'Amazon Model'!V99/'Amazon Model'!V16,$H$164)","v":0.15},{"$f":"IF(X142,'Amazon Model'!W99/'Amazon Model'!W16,$H$164)","v":0.15},{"$f":"IF(Y142,'Amazon Model'!X99/'Amazon Model'!X16,$H$164)","v":0.15},{"$f":"IF(Z142,'Amazon Model'!Y99/'Amazon Model'!Y16,$H$164)","v":0.15},{"$f":"IF(AA142,'Amazon Model'!Z99/'Amazon Model'!Z16,$H$164)","v":0.15},{"$f":"IF(AB142,'Amazon Model'!AA99/'Amazon Model'!AA16,$H$164)","v":0.15},{"$f":"IF(AC142,'Amazon Model'!AB99/'Amazon Model'!AB16,$H$164)","v":0.15}]
[null,null,"Other Current Assets as Percent of Revenues",null,false,{"$f":"AVERAGEIF($142:$142,TRUE,165:165)","v":1.4830577835979702E-3},{"$f":"LOOKUP($E$142,$140:$140,165:165)","v":0},0,{"$f":"IF(I142,('Amazon Model'!H100+'Amazon Model'!H101)/'Amazon Model'!H15,$H$165)","v":7.4152889179898507E-3},{"$f":"IF(J142,('Amazon Model'!I100+'Amazon Model'!I101)/'Amazon Model'!I15,$H$165)","v":0},{"$f":"IF(K142,('Amazon Model'!J100+'Amazon Model'!J101)/'Amazon Model'!J15,$H$165)","v":0},{"$f":"IF(L142,('Amazon Model'!K100+'Amazon Model'!K101)/'Amazon Model'!K15,$H$165)","v":0},{"$f":"IF(M142,('Amazon Model'!L100+'Amazon Model'!L101)/'Amazon Model'!L15,$H$165)","v":0},{"$f":"IF(N142,('Amazon Model'!M100+'Amazon Model'!M101)/'Amazon Model'!M15,$H$165)","v":0},{"$f":"IF(O142,('Amazon Model'!N100+'Amazon Model'!N101)/'Amazon Model'!N15,$H$165)","v":0},{"$f":"IF(P142,('Amazon Model'!O100+'Amazon Model'!O101)/'Amazon Model'!O15,$H$165)","v":0},{"$f":"IF(Q142,('Amazon Model'!P100+'Amazon Model'!P101)/'Amazon Model'!P15,$H$165)","v":0},{"$f":"IF(R142,('Amazon Model'!Q100+'Amazon Model'!Q101)/'Amazon Model'!Q15,$H$165)","v":0},{"$f":"IF(S142,('Amazon Model'!R100+'Amazon Model'!R101)/'Amazon Model'!R15,$H$165)","v":0},{"$f":"IF(T142,('Amazon Model'!S100+'Amazon Model'!S101)/'Amazon Model'!S15,$H$165)","v":0},{"$f":"IF(U142,('Amazon Model'!T100+'Amazon Model'!T101)/'Amazon Model'!T15,$H$165)","v":0},{"$f":"IF(V142,('Amazon Model'!U100+'Amazon Model'!U101)/'Amazon Model'!U15,$H$165)","v":0},{"$f":"IF(W142,('Amazon Model'!V100+'Amazon Model'!V101)/'Amazon Model'!V15,$H$165)","v":0},{"$f":"IF(X142,('Amazon Model'!W100+'Amazon Model'!W101)/'Amazon Model'!W15,$H$165)","v":0},{"$f":"IF(Y142,('Amazon Model'!X100+'Amazon Model'!X101)/'Amazon Model'!X15,$H$165)","v":0},{"$f":"IF(Z142,('Amazon Model'!Y100+'Amazon Model'!Y101)/'Amazon Model'!Y15,$H$165)","v":0},{"$f":"IF(AA142,('Amazon Model'!Z100+'Amazon Model'!Z101)/'Amazon Model'!Z15,$H$165)","v":0},{"$f":"IF(AB142,('Amazon Model'!AA100+'Amazon Model'!AA101)/'Amazon Model'!AA15,$H$165)","v":0},{"$f":"IF(AC142,('Amazon Model'!AB100+'Amazon Model'!AB101)/'Amazon Model'!AB15,$H$165)","v":0}]
[null,null,"Accounts Payable as Percent of Expenses",null,false,{"$f":"AVERAGEIF($142:$142,TRUE,166:166)","v":0.20930571623331523},{"$f":"LOOKUP($E$142,$140:$140,166:166)","v":0.20386629077728555},0.18,{"$f":"IF(I142,'Amazon Model'!H113/I162,$H$166)","v":0.22800410818212941},{"$f":"IF(J142,'Amazon Model'!I113/J162,$H$166)","v":0.21370056497175141},{"$f":"IF(K142,'Amazon Model'!J113/K162,$H$166)","v":0.19479288757396448},{"$f":"IF(L142,'Amazon Model'!K113/L162,$H$166)","v":0.20616472966144517},{"$f":"IF(M142,'Amazon Model'!L113/M162,$H$166)","v":0.20386629077728555},{"$f":"IF(N142,'Amazon Model'!M113/N162,$H$166)","v":0.18},{"$f":"IF(O142,'Amazon Model'!N113/O162,$H$166)","v":0.18},{"$f":"IF(P142,'Amazon Model'!O113/P162,$H$166)","v":0.18},{"$f":"IF(Q142,'Amazon Model'!P113/Q162,$H$166)","v":0.18},{"$f":"IF(R142,'Amazon Model'!Q113/R162,$H$166)","v":0.18},{"$f":"IF(S142,'Amazon Model'!R113/S162,$H$166)","v":0.18},{"$f":"IF(T142,'Amazon Model'!S113/T162,$H$166)","v":0.18},{"$f":"IF(U142,'Amazon Model'!T113/U162,$H$166)","v":0.18},{"$f":"IF(V142,'Amazon Model'!U113/V162,$H$166)","v":0.18},{"$f":"IF(W142,'Amazon Model'!V113/W162,$H$166)","v":0.18},{"$f":"IF(X142,'Amazon Model'!W113/X162,$H$166)","v":0.18},{"$f":"IF(Y142,'Amazon Model'!X113/Y162,$H$166)","v":0.18},{"$f":"IF(Z142,'Amazon Model'!Y113/Z162,$H$166)","v":0.18},{"$f":"IF(AA142,'Amazon Model'!Z113/AA162,$H$166)","v":0.18},{"$f":"IF(AB142,'Amazon Model'!AA113/AB162,$H$166)","v":0.18},{"$f":"IF(AC142,'Amazon Model'!AB113/AC162,$H$166)","v":0.18}]
[null,null,"Taxes Payable as Percent of Taxes",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,'Amazon Model'!H114/'Amazon Model'!H31)","v":0},{"$f":"IF('Amazon Model'!I5,'Amazon Model'!I114/'Amazon Model'!I31)","v":0},{"$f":"IF('Amazon Model'!J5,'Amazon Model'!J114/'Amazon Model'!J31)","v":0},{"$f":"IF('Amazon Model'!K5,'Amazon Model'!K114/'Amazon Model'!K31)","v":0},{"$f":"IF('Amazon Model'!L5,'Amazon Model'!L114/'Amazon Model'!L31)","v":0},{"$f":"IF('Amazon Model'!M5,'Amazon Model'!M114/'Amazon Model'!M31)","v":false}]
[null,null,"Other Current Liabilites as Percent of Revenues",null,false,{"$f":"AVERAGEIF($142:$142,TRUE,168:168)","v":8.7901884366649224E-2},{"$f":"LOOKUP($E$142,$140:$140,168:168)","v":9.7874843738510187E-2},7.0000000000000007E-2,{"$f":"IF(I$142,'Amazon Model'!H115/'Amazon Model'!H15,$H$168)","v":7.4480275004092322E-2},{"$f":"IF(J$142,'Amazon Model'!I115/'Amazon Model'!I15,$H$168)","v":8.2068502350570852E-2},{"$f":"IF(K$142,'Amazon Model'!J115/'Amazon Model'!J15,$H$168)","v":9.0234852230587706E-2},{"$f":"IF(L$142,'Amazon Model'!K115/'Amazon Model'!K15,$H$168)","v":9.4850948509485097E-2},{"$f":"IF(M$142,'Amazon Model'!L115/'Amazon Model'!L15,$H$168)","v":9.7874843738510187E-2},{"$f":"IF(N$142,'Amazon Model'!M115/'Amazon Model'!M15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(O$142,'Amazon Model'!N115/'Amazon Model'!N15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(P$142,'Amazon Model'!O115/'Amazon Model'!O15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(Q$142,'Amazon Model'!P115/'Amazon Model'!P15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(R$142,'Amazon Model'!Q115/'Amazon Model'!Q15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(S$142,'Amazon Model'!R115/'Amazon Model'!R15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(T$142,'Amazon Model'!S115/'Amazon Model'!S15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(U$142,'Amazon Model'!T115/'Amazon Model'!T15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(V$142,'Amazon Model'!U115/'Amazon Model'!U15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(W$142,'Amazon Model'!V115/'Amazon Model'!V15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(X$142,'Amazon Model'!W115/'Amazon Model'!W15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(Y$142,'Amazon Model'!X115/'Amazon Model'!X15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(Z$142,'Amazon Model'!Y115/'Amazon Model'!Y15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(AA$142,'Amazon Model'!Z115/'Amazon Model'!Z15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(AB$142,'Amazon Model'!AA115/'Amazon Model'!AA15,$H$168)","v":7.0000000000000007E-2},{"$f":"IF(AC$142,'Amazon Model'!AB115/'Amazon Model'!AB15,$H$168)","v":7.0000000000000007E-2}]
[null,null,"Working Capital as Percent of EBITDA"]
[]
[null,"Depreciation"]
[null,null,"Depreciation Expense as Percent of Gross Assets",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,'Amazon Model'!H23/'Amazon Model'!H103)","v":0.174321503131524},{"$f":"IF('Amazon Model'!I5,'Amazon Model'!I23/'Amazon Model'!H103)","v":0.27453027139874742},{"$f":"IF('Amazon Model'!J5,'Amazon Model'!J23/'Amazon Model'!I103)","v":0.27076301485482784},{"$f":"IF('Amazon Model'!K5,'Amazon Model'!K23/'Amazon Model'!J103)","v":0.23669159700835898},{"$f":"IF('Amazon Model'!L5,'Amazon Model'!L23/'Amazon Model'!K103)","v":0.23960066555740434},{"$f":"IF('Amazon Model'!M5,'Amazon Model'!M23/'Amazon Model'!L103)","v":false}]
[null,null,"Depreciation Expense as Percent of Net Assets",null,false,2,{"$f":"AVERAGEIF($142:$142,TRUE,173:173)","v":0.32439512140112259},0.25,{"$f":"IF(I142,'Amazon Model'!H23/'Amazon Model'!H105,CHOOSE($F$173,$G$173,$H$173))","v":0.23654390934844194},{"$f":"IF(J142,'Amazon Model'!I23/'Amazon Model'!H105,CHOOSE($F$173,$G$173,$H$173))","v":0.37252124645892354},{"$f":"IF(K142,'Amazon Model'!J23/'Amazon Model'!I105,CHOOSE($F$173,$G$173,$H$173))","v":0.36621006849315069},{"$f":"IF(L142,'Amazon Model'!K23/'Amazon Model'!J105,CHOOSE($F$173,$G$173,$H$173))","v":0.31703005303476722},{"$f":"IF(M142,'Amazon Model'!L23/'Amazon Model'!K105,CHOOSE($F$173,$G$173,$H$173))","v":0.32967032967032966},0.3,0.28999999999999998,{"$f":"IF(P142,'Amazon Model'!O23/'Amazon Model'!N105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(Q142,'Amazon Model'!P23/'Amazon Model'!O105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(R142,'Amazon Model'!Q23/'Amazon Model'!P105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(S142,'Amazon Model'!R23/'Amazon Model'!Q105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(T142,'Amazon Model'!S23/'Amazon Model'!R105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(U142,'Amazon Model'!T23/'Amazon Model'!S105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(V142,'Amazon Model'!U23/'Amazon Model'!T105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(W142,'Amazon Model'!V23/'Amazon Model'!U105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(X142,'Amazon Model'!W23/'Amazon Model'!V105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(Y142,'Amazon Model'!X23/'Amazon Model'!W105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(Z142,'Amazon Model'!Y23/'Amazon Model'!X105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(AA142,'Amazon Model'!Z23/'Amazon Model'!Y105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(AB142,'Amazon Model'!AA23/'Amazon Model'!Z105,CHOOSE($F$173,$G$173,$H$173))","v":0.25},{"$f":"IF(AC142,'Amazon Model'!AB23/'Amazon Model'!AA105,CHOOSE($F$173,$G$173,$H$173))","v":0.25}]
[null,null,"Amortisation as Percent of Intangibles",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,174:174)","v":5.6472128442928107E-2},{"$f":"LOOKUP($E$142,$140:$140,174:174)","v":6.0421052631578945E-2},{"$f":"IF(I142,'Amazon Model'!H24/'Amazon Model'!H107,CHOOSE($F$174,$G$174,$H$174))","v":4.9695121951219515E-2},{"$f":"IF(J142,'Amazon Model'!I24/'Amazon Model'!H107,CHOOSE($F$174,$G$174,$H$174))","v":5.1219512195121948E-2},{"$f":"IF(K142,'Amazon Model'!J24/'Amazon Model'!I107,CHOOSE($F$174,$G$174,$H$174))","v":5.4848484848484848E-2},{"$f":"IF(L142,'Amazon Model'!K24/'Amazon Model'!J107,CHOOSE($F$174,$G$174,$H$174))","v":6.6176470588235295E-2},{"$f":"IF(M142,'Amazon Model'!L24/'Amazon Model'!K107,CHOOSE($F$174,$G$174,$H$174))","v":6.0421052631578945E-2},{"$f":"IF(N142,'Amazon Model'!M24/'Amazon Model'!L107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(O142,'Amazon Model'!N24/'Amazon Model'!M107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(P142,'Amazon Model'!O24/'Amazon Model'!N107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(Q142,'Amazon Model'!P24/'Amazon Model'!O107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(R142,'Amazon Model'!Q24/'Amazon Model'!P107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(S142,'Amazon Model'!R24/'Amazon Model'!Q107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(T142,'Amazon Model'!S24/'Amazon Model'!R107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(U142,'Amazon Model'!T24/'Amazon Model'!S107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(V142,'Amazon Model'!U24/'Amazon Model'!T107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(W142,'Amazon Model'!V24/'Amazon Model'!U107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(X142,'Amazon Model'!W24/'Amazon Model'!V107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(Y142,'Amazon Model'!X24/'Amazon Model'!W107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(Z142,'Amazon Model'!Y24/'Amazon Model'!X107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(AA142,'Amazon Model'!Z24/'Amazon Model'!Y107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(AB142,'Amazon Model'!AA24/'Amazon Model'!Z107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2},{"$f":"IF(AC142,'Amazon Model'!AB24/'Amazon Model'!AA107,CHOOSE($F$174,$G$174,$H$174))","v":5.6472128442928107E-2}]
[]
[null,"Other Expenses and Income"]
[null,null,"Cash and Investments",null,null,null,null,null,{"$f":"'Amazon Model'!H97+'Amazon Model'!H106","v":11601000},{"$f":"'Amazon Model'!I97+'Amazon Model'!I106","v":12970000},{"$f":"'Amazon Model'!J97+'Amazon Model'!J106","v":18306000},{"$f":"'Amazon Model'!K97+'Amazon Model'!K106","v":20228000},{"$f":"'Amazon Model'!L97+'Amazon Model'!L106","v":26695000},{"$f":"'Amazon Model'!M97+'Amazon Model'!M106","v":0}]
[null,null,"Non-Operating Income",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,178:178)","v":-262200},{"$f":"LOOKUP($E$142,$140:$140,178:178)","v":-144000},{"$f":"IF(I141,'Amazon Model'!H26,CHOOSE($F$178,$G$178,$H$178))","v":-239000},{"$f":"IF(J141,'Amazon Model'!I26,CHOOSE($F$178,$G$178,$H$178))","v":-250000},{"$f":"IF(K141,'Amazon Model'!J26,CHOOSE($F$178,$G$178,$H$178))","v":-251000},{"$f":"IF(L141,'Amazon Model'!K26,CHOOSE($F$178,$G$178,$H$178))","v":-427000},{"$f":"IF(M141,'Amazon Model'!L26,CHOOSE($F$178,$G$178,$H$178))","v":-144000},{"$f":"IF(N141,'Amazon Model'!M26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(O141,'Amazon Model'!N26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(P141,'Amazon Model'!O26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(Q141,'Amazon Model'!P26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(R141,'Amazon Model'!Q26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(S141,'Amazon Model'!R26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(T141,'Amazon Model'!S26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(U141,'Amazon Model'!T26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(V141,'Amazon Model'!U26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(W141,'Amazon Model'!V26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(X141,'Amazon Model'!W26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(Y141,'Amazon Model'!X26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(Z141,'Amazon Model'!Y26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(AA141,'Amazon Model'!Z26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(AB141,'Amazon Model'!AA26,CHOOSE($F$178,$G$178,$H$178))","v":-262200},{"$f":"IF(AC141,'Amazon Model'!AB26,CHOOSE($F$178,$G$178,$H$178))","v":-262200}]
[null,null,"Interest and Other Income as Percent of Investments",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,('Amazon Model'!H26/I177))","v":-2.0601672269631929E-2},{"$f":"IF('Amazon Model'!I5,('Amazon Model'!I26/J177))","v":-1.9275250578257519E-2},{"$f":"IF('Amazon Model'!J5,('Amazon Model'!J26/K177))","v":-1.3711351469463564E-2},{"$f":"IF('Amazon Model'!K5,('Amazon Model'!K26/L177))","v":-2.1109353371564169E-2},{"$f":"IF('Amazon Model'!L5,('Amazon Model'!L26/M177))","v":-5.3942685896235252E-3},{"$f":"IF('Amazon Model'!M5,('Amazon Model'!M26/N177))","v":false}]
[null,null,"Other Assets",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,180:180)","v":1361400},{"$f":"LOOKUP($E$142,$140:$140,180:180)","v":2700000},{"$f":"IF(I142,'Amazon Model'!H108,CHOOSE($F$180,$G$180,$H$180))","v":648000},{"$f":"IF(J142,'Amazon Model'!I108,CHOOSE($F$180,$G$180,$H$180))","v":538000},{"$f":"IF(K142,'Amazon Model'!J108,CHOOSE($F$180,$G$180,$H$180))","v":971000},{"$f":"IF(L142,'Amazon Model'!K108,CHOOSE($F$180,$G$180,$H$180))","v":1950000},{"$f":"IF(M142,'Amazon Model'!L108,CHOOSE($F$180,$G$180,$H$180))","v":2700000},{"$f":"IF(N142,'Amazon Model'!M108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(O142,'Amazon Model'!N108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(P142,'Amazon Model'!O108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(Q142,'Amazon Model'!P108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(R142,'Amazon Model'!Q108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(S142,'Amazon Model'!R108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(T142,'Amazon Model'!S108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(U142,'Amazon Model'!T108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(V142,'Amazon Model'!U108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(W142,'Amazon Model'!V108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(X142,'Amazon Model'!W108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(Y142,'Amazon Model'!X108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(Z142,'Amazon Model'!Y108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(AA142,'Amazon Model'!Z108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(AB142,'Amazon Model'!AA108,CHOOSE($F$180,$G$180,$H$180))","v":1361400},{"$f":"IF(AC142,'Amazon Model'!AB108,CHOOSE($F$180,$G$180,$H$180))","v":1361400}]
[null,null,"Equity Income After Tax",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,181:181)","v":-58399.95},{"$f":"LOOKUP($E$142,$140:$140,181:181)","v":-92000},{"$f":"IF(I142,('Amazon Model'!H28+'Amazon Model'!H32+'Amazon Model'!H33+'Amazon Model'!H35),CHOOSE($F$181,$G$181,$H$181))","v":-157000},{"$f":"IF(J142,('Amazon Model'!I28+'Amazon Model'!I32+'Amazon Model'!I33+'Amazon Model'!I35),CHOOSE($F$181,$G$181,$H$181))","v":-64000},{"$f":"IF(K142,('Amazon Model'!J28+'Amazon Model'!J32+'Amazon Model'!J33+'Amazon Model'!J35),CHOOSE($F$181,$G$181,$H$181))","v":49000.25},{"$f":"IF(L142,('Amazon Model'!K28+'Amazon Model'!K32+'Amazon Model'!K33+'Amazon Model'!K35),CHOOSE($F$181,$G$181,$H$181))","v":-28000},{"$f":"IF(M142,('Amazon Model'!L28+'Amazon Model'!L32+'Amazon Model'!L33+'Amazon Model'!L35),CHOOSE($F$181,$G$181,$H$181))","v":-92000},{"$f":"IF(N142,('Amazon Model'!M28+'Amazon Model'!M32+'Amazon Model'!M33+'Amazon Model'!M35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(O142,('Amazon Model'!N28+'Amazon Model'!N32+'Amazon Model'!N33+'Amazon Model'!N35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(P142,('Amazon Model'!O28+'Amazon Model'!O32+'Amazon Model'!O33+'Amazon Model'!O35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(Q142,('Amazon Model'!P28+'Amazon Model'!P32+'Amazon Model'!P33+'Amazon Model'!P35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(R142,('Amazon Model'!Q28+'Amazon Model'!Q32+'Amazon Model'!Q33+'Amazon Model'!Q35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(S142,('Amazon Model'!R28+'Amazon Model'!R32+'Amazon Model'!R33+'Amazon Model'!R35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(T142,('Amazon Model'!S28+'Amazon Model'!S32+'Amazon Model'!S33+'Amazon Model'!S35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(U142,('Amazon Model'!T28+'Amazon Model'!T32+'Amazon Model'!T33+'Amazon Model'!T35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(V142,('Amazon Model'!U28+'Amazon Model'!U32+'Amazon Model'!U33+'Amazon Model'!U35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(W142,('Amazon Model'!V28+'Amazon Model'!V32+'Amazon Model'!V33+'Amazon Model'!V35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(X142,('Amazon Model'!W28+'Amazon Model'!W32+'Amazon Model'!W33+'Amazon Model'!W35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(Y142,('Amazon Model'!X28+'Amazon Model'!X32+'Amazon Model'!X33+'Amazon Model'!X35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(Z142,('Amazon Model'!Y28+'Amazon Model'!Y32+'Amazon Model'!Y33+'Amazon Model'!Y35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(AA142,('Amazon Model'!Z28+'Amazon Model'!Z32+'Amazon Model'!Z33+'Amazon Model'!Z35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(AB142,('Amazon Model'!AA28+'Amazon Model'!AA32+'Amazon Model'!AA33+'Amazon Model'!AA35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95},{"$f":"IF(AC142,('Amazon Model'!AB28+'Amazon Model'!AB32+'Amazon Model'!AB33+'Amazon Model'!AB35),CHOOSE($F$181,$G$181,$H$181))","v":-58399.95}]
[null,null,"Other Income as Percent of Other Assets",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,I181/I180)","v":-0.24228395061728394},{"$f":"IF('Amazon Model'!I5,J181/J180)","v":-0.11895910780669144},{"$f":"IF('Amazon Model'!J5,K181/K180)","v":5.0463697219361482E-2},{"$f":"IF('Amazon Model'!K5,L181/L180)","v":-1.4358974358974359E-2},{"$f":"IF('Amazon Model'!L5,M181/M180)","v":-3.4074074074074076E-2},{"$f":"IF('Amazon Model'!M5,N181/N180)","v":false}]
[null,null,"Total Debt",null,null,null,null,null,{"$f":"'Amazon Model'!H112+'Amazon Model'!H117","v":4970000},{"$f":"'Amazon Model'!I112+'Amazon Model'!I117","v":6920000},{"$f":"'Amazon Model'!J112+'Amazon Model'!J117","v":16090000},{"$f":"'Amazon Model'!K112+'Amazon Model'!K117","v":17520000},{"$f":"'Amazon Model'!L112+'Amazon Model'!L117","v":20410000},{"$f":"'Amazon Model'!M112+'Amazon Model'!M117","v":0}]
[null,null,"Interest Expense as Percent of Debt",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,184:184)","v":2.0370173933222595E-2},{"$f":"LOOKUP($E$142,$140:$140,184:184)","v":2.3713865752082314E-2},{"$f":"IF(I142,'Amazon Model'!H29/I183,CHOOSE($F$184,$G$184,$H$184))","v":1.8511066398390341E-2},{"$f":"IF(J142,'Amazon Model'!I29/J183,CHOOSE($F$184,$G$184,$H$184))","v":2.0375722543352601E-2},{"$f":"IF(K142,'Amazon Model'!J29/K183,CHOOSE($F$184,$G$184,$H$184))","v":1.305158483530143E-2},{"$f":"IF(L142,'Amazon Model'!K29/L183,CHOOSE($F$184,$G$184,$H$184))","v":2.6198630136986301E-2},{"$f":"IF(M142,'Amazon Model'!L29/M183,CHOOSE($F$184,$G$184,$H$184))","v":2.3713865752082314E-2},{"$f":"IF(N142,'Amazon Model'!M29/N183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(O142,'Amazon Model'!N29/O183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(P142,'Amazon Model'!O29/P183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(Q142,'Amazon Model'!P29/Q183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(R142,'Amazon Model'!Q29/R183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(S142,'Amazon Model'!R29/S183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(T142,'Amazon Model'!S29/T183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(U142,'Amazon Model'!T29/U183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(V142,'Amazon Model'!U29/V183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(W142,'Amazon Model'!V29/W183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(X142,'Amazon Model'!W29/X183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(Y142,'Amazon Model'!X29/Y183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(Z142,'Amazon Model'!Y29/Z183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(AA142,'Amazon Model'!Z29/AA183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(AB142,'Amazon Model'!AA29/AB183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2},{"$f":"IF(AC142,'Amazon Model'!AB29/AC183,CHOOSE($F$184,$G$184,$H$184))","v":2.0370173933222595E-2}]
[null,null,"Interest Income",null,null,null,null,null,{"$f":"'Amazon Model'!H27","v":40000},{"$f":"'Amazon Model'!I27","v":38000},{"$f":"'Amazon Model'!J27","v":39000},{"$f":"'Amazon Model'!K27","v":50000},{"$f":"'Amazon Model'!L27","v":100000},{"$f":"'Amazon Model'!M27","v":0},{"$f":"'Amazon Model'!N27","v":0},{"$f":"'Amazon Model'!O27","v":0},{"$f":"'Amazon Model'!P27","v":0},{"$f":"'Amazon Model'!Q27","v":0},{"$f":"'Amazon Model'!R27","v":0},{"$f":"'Amazon Model'!S27","v":0},{"$f":"'Amazon Model'!T27","v":0},{"$f":"'Amazon Model'!U27","v":0},{"$f":"'Amazon Model'!V27","v":0},{"$f":"'Amazon Model'!W27","v":0},{"$f":"'Amazon Model'!X27","v":0},{"$f":"'Amazon Model'!Y27","v":0},{"$f":"'Amazon Model'!Z27","v":0},{"$f":"'Amazon Model'!AA27","v":0},{"$f":"'Amazon Model'!AB27","v":0}]
[null,null,"Cash Balance",null,null,null,null,null,{"$f":"'Amazon Model'!H97+'Amazon Model'!H106","v":11601000},{"$f":"'Amazon Model'!I97+'Amazon Model'!I106","v":12970000},{"$f":"'Amazon Model'!J97+'Amazon Model'!J106","v":18306000},{"$f":"'Amazon Model'!K97+'Amazon Model'!K106","v":20228000},{"$f":"'Amazon Model'!L97+'Amazon Model'!L106","v":26695000},{"$f":"'Amazon Model'!M97+'Amazon Model'!M106","v":0},{"$f":"'Amazon Model'!N97+'Amazon Model'!N106","v":0},{"$f":"'Amazon Model'!O97+'Amazon Model'!O106","v":0},{"$f":"'Amazon Model'!P97+'Amazon Model'!P106","v":0},{"$f":"'Amazon Model'!Q97+'Amazon Model'!Q106","v":0},{"$f":"'Amazon Model'!R97+'Amazon Model'!R106","v":0},{"$f":"'Amazon Model'!S97+'Amazon Model'!S106","v":0},{"$f":"'Amazon Model'!T97+'Amazon Model'!T106","v":0},{"$f":"'Amazon Model'!U97+'Amazon Model'!U106","v":0},{"$f":"'Amazon Model'!V97+'Amazon Model'!V106","v":0},{"$f":"'Amazon Model'!W97+'Amazon Model'!W106","v":0},{"$f":"'Amazon Model'!X97+'Amazon Model'!X106","v":0},{"$f":"'Amazon Model'!Y97+'Amazon Model'!Y106","v":0},{"$f":"'Amazon Model'!Z97+'Amazon Model'!Z106","v":0},{"$f":"'Amazon Model'!AA97+'Amazon Model'!AA106","v":0},{"$f":"'Amazon Model'!AB97+'Amazon Model'!AB106","v":0}]
[null,null,"Interest Income Rate",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,187:187)","v":2.9452213670649774E-3},{"$f":"LOOKUP($E$142,$140:$140,187:187)","v":3.7460198539052258E-3},{"$f":"IF(I142,I185/I186,$H$187)","v":3.4479786225325403E-3},2.9298380878951427E-3,2.1304490331039002E-3,2.4718212378880759E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3,3.7460198539052258E-3]
[]
[null,"Income Tax and Equity"]
[null,null,"Income Tax Rate",null,false,2,{"$f":"AVERAGEIF($142:$142,TRUE,190:190)","v":0.14395708414869141},{"$f":"LOOKUP($E$142,$140:$140,190:190)","v":0.36742034943473795},{"$f":"IF(I142,'Amazon Model'!H31/'Amazon Model'!H30,CHOOSE($F$190,$G$190,$H$190))","v":0.78388278388278387},{"$f":"IF(J142,'Amazon Model'!I31/'Amazon Model'!I30,CHOOSE($F$190,$G$190,$H$190))","v":0.32264529058116231},{"$f":"IF(K142,'Amazon Model'!J31/'Amazon Model'!J30,CHOOSE($F$190,$G$190,$H$190))","v":-1.3577208176406146},{"$f":"IF(L142,'Amazon Model'!K31/'Amazon Model'!K30,CHOOSE($F$190,$G$190,$H$190))","v":0.60355781448538759},{"$f":"IF(M142,'Amazon Model'!L31/'Amazon Model'!L30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(N142,'Amazon Model'!M31/'Amazon Model'!M30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(O142,'Amazon Model'!N31/'Amazon Model'!N30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(P142,'Amazon Model'!O31/'Amazon Model'!O30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(Q142,'Amazon Model'!P31/'Amazon Model'!P30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(R142,'Amazon Model'!Q31/'Amazon Model'!Q30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(S142,'Amazon Model'!R31/'Amazon Model'!R30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(T142,'Amazon Model'!S31/'Amazon Model'!S30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(U142,'Amazon Model'!T31/'Amazon Model'!T30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(V142,'Amazon Model'!U31/'Amazon Model'!U30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(W142,'Amazon Model'!V31/'Amazon Model'!V30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(X142,'Amazon Model'!W31/'Amazon Model'!W30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(Y142,'Amazon Model'!X31/'Amazon Model'!X30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(Z142,'Amazon Model'!Y31/'Amazon Model'!Y30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(AA142,'Amazon Model'!Z31/'Amazon Model'!Z30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(AB142,'Amazon Model'!AA31/'Amazon Model'!AA30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795},{"$f":"IF(AC142,'Amazon Model'!AB31/'Amazon Model'!AB30,CHOOSE($F$190,$G$190,$H$190))","v":0.36742034943473795}]
[null,null,"Minority Income Percent",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,'Amazon Model'!H37/'Amazon Model'!H36)","v":0},{"$f":"IF('Amazon Model'!I5,'Amazon Model'!I37/'Amazon Model'!I36)","v":0},{"$f":"IF('Amazon Model'!J5,'Amazon Model'!J37/'Amazon Model'!J36)","v":0},{"$f":"IF('Amazon Model'!K5,'Amazon Model'!K37/'Amazon Model'!K36)","v":0},{"$f":"IF('Amazon Model'!L5,'Amazon Model'!L37/'Amazon Model'!L36)","v":0},{"$f":"IF('Amazon Model'!M5,'Amazon Model'!M37/'Amazon Model'!M36)","v":false}]
[null,null,"Dividend as Percent of Income",null,null,null,null,null,{"$f":"IF('Amazon Model'!H5,-'Amazon Model'!H72/'Amazon Model'!H38)","v":0},{"$f":"IF('Amazon Model'!I5,-'Amazon Model'!I72/'Amazon Model'!I38)","v":0},{"$f":"IF('Amazon Model'!J5,-'Amazon Model'!J72/'Amazon Model'!J38)","v":0},{"$f":"IF('Amazon Model'!K5,-'Amazon Model'!K72/'Amazon Model'!K38)","v":0},{"$f":"IF('Amazon Model'!L5,-'Amazon Model'!L72/'Amazon Model'!L38)","v":0},{"$f":"IF('Amazon Model'!M5,-'Amazon Model'!M72/'Amazon Model'!M38)","v":false}]
[null,null,"Other Funds",null,false,1,{"$f":"AVERAGEIF($142:$142,TRUE,193:193)","v":2224000},{"$f":"LOOKUP($E$142,$140:$140,193:193)","v":2920000},{"$f":"IF(I142,'Amazon Model'!H56,CHOOSE($F$193,$G$193,$H$193))","v":1130000},{"$f":"IF(J142,'Amazon Model'!I56,CHOOSE($F$193,$G$193,$H$193))","v":1790000},{"$f":"IF(K142,'Amazon Model'!J56,CHOOSE($F$193,$G$193,$H$193))","v":2240000},{"$f":"IF(L142,'Amazon Model'!K56,CHOOSE($F$193,$G$193,$H$193))","v":3040000},{"$f":"IF(M142,'Amazon Model'!L56,CHOOSE($F$193,$G$193,$H$193))","v":2920000},{"$f":"IF(N142,'Amazon Model'!M56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(O142,'Amazon Model'!N56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(P142,'Amazon Model'!O56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(Q142,'Amazon Model'!P56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(R142,'Amazon Model'!Q56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(S142,'Amazon Model'!R56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(T142,'Amazon Model'!S56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(U142,'Amazon Model'!T56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(V142,'Amazon Model'!U56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(W142,'Amazon Model'!V56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(X142,'Amazon Model'!W56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(Y142,'Amazon Model'!X56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(Z142,'Amazon Model'!Y56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(AA142,'Amazon Model'!Z56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(AB142,'Amazon Model'!AA56,CHOOSE($F$193,$G$193,$H$193))","v":2224000},{"$f":"IF(AC142,'Amazon Model'!AB56,CHOOSE($F$193,$G$193,$H$193))","v":2224000}]
[null,null,"Unsual Expense",null,null,null,null,null,{"$f":"'Amazon Model'!H22","v":0},{"$f":"'Amazon Model'!I22","v":0},{"$f":"'Amazon Model'!J22","v":0},{"$f":"'Amazon Model'!K22","v":0},{"$f":"'Amazon Model'!L22","v":-67000},{"$f":"'Amazon Model'!M22","v":0}]
[null,null,"Other Funds as Percent of Unusual Expense",null,null,null,null,null,{"$f":"IFERROR(IF('Amazon Model'!H5,I193/I194),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!I5,J193/J194),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!J5,K193/K194),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!K5,L193/L194),0)","v":0},{"$f":"IFERROR(IF('Amazon Model'!L5,M193/M194),0)","v":-43.582089552238806},{"$f":"IFERROR(IF('Amazon Model'!M5,N193/N194),0)","v":false}]
[]
[null,null,"Extraordinaries & Discontinued Operations",null,null,null,null,null,{"$f":"'Amazon Model'!H39","v":0},{"$f":"'Amazon Model'!I39","v":0},{"$f":"'Amazon Model'!J39","v":0},{"$f":"'Amazon Model'!K39","v":0},{"$f":"'Amazon Model'!L39","v":0},{"$f":"'Amazon Model'!M39","v":0}]
[]
[]
[]
["Time Series Variables"]
[null,"Growth",null,null,{"$f":"F147","v":1},null,null,2018,2019,{"$f":"I202+4","v":2023},{"$f":"J202+4","v":2027}]
[null,null,"Base Case",null,null,null,null,0.28999999999999998,0.2,0.15,0.05,null,null,{"$f":"O203","v":0.28999999999999998},{"$f":"interpolate_look_up(O140,202:202,203:203)","v":0.28999999999999998},{"$f":"interpolate_look_up(P140,202:202,203:203)","v":0.2},{"$f":"interpolate_look_up(Q140,202:202,203:203)","v":0.18612097182041992},0.17320508075688773,0.16118548977353128,0.15,0.11397535284773888,8.6602540378443879E-2,6.5803700647624627E-2,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Case 1 - Higher Growth",null,null,null,null,0.32,0.2,0.18,7.0000000000000007E-2,null,null,{"$f":"O204","v":0.32},{"$f":"interpolate_look_up(O$140,$202:$202,204:204)","v":0.32},0.2,0.19480074928505936,0.18973665961010278,0.18480421729446139,0.18,0.14214411661612761,0.11224972160321825,8.8642430653865067E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Case 2 - Lower Growth",null,null,null,null,0.25,0.1,0.08,0.03,null,null,0.25,0.25,0.1,9.4574160900317589E-2,8.9442719099991588E-2,8.4589701075245133E-2,0.08,6.260338320293149E-2,4.8989794855663557E-2,3.8336586254776352E-2,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Case 3 - Varying Growth",null,null,null,null,0.28999999999999998,0.12,0.15,0.04,null,null,0.28999999999999998,0.28999999999999998,0.12,0.12688455161286769,0.13416407864998739,0.14186124135047637,0.15,0.10779123358892526,7.7459666924148324E-2,5.5663153674274816E-2,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,null,{"$f":"INDEX(C203:C206,$F$147)","v":"Base Case"},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N203:N206,$F$147)","v":0.28999999999999998},{"$f":"INDEX(O203:O206,$F$147)","v":0.28999999999999998},0.2,0.18612097182041992,0.17320508075688773,0.16118548977353128,0.15,0.11397535284773888,8.6602540378443879E-2,6.5803700647624627E-2,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,"COGS Margin",null,null,{"$f":"F148","v":1},null,null,2017,2018,{"$f":"I210+4","v":2022},{"$f":"J210+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.56999999999999995,0.61,0.57999999999999996,0.57999999999999996,null,null,{"$f":"interpolate_look_up(N$140,$210:$210,211:211)","v":0.56999999999999995},0.61,0.60235757282057845,0.59481089431852208,0.58735876489990568,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996]
[null,null,"Case 2 - Lower Cost/High Price",null,null,null,null,0.56999999999999995,0.56999999999999995,0.56999999999999995,0.52,null,null,0.56999999999999995,0.56999999999999995,{"$f":"interpolate_look_up(P$140,$210:$210,212:212)","v":0.56999999999999995},0.56999999999999995,0.56999999999999995,0.56999999999999995,0.55706641706802729,0.54442630355264798,0.53207300048712947,0.52,0.52,0.52,0.52,0.52,0.52,0.52]
[null,null,"Case 3 - Higher Cost/Lower Price",null,null,null,null,0.56999999999999995,0.61,0.61,0.61,null,null,0.56999999999999995,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61,0.61]
[null,null,"Case 3 - Varying Cost",null,null,null,null,0.56999999999999995,0.65,0.6,0.63,null,null,0.56999999999999995,0.65,0.63712233510990324,0.62449979983983983,0.61212733961480914,0.6,0.60736334065742359,0.61481704595757591,0.6223622248765367,0.63,0.63,0.63,0.63,0.63,0.63,0.63]
[]
[null,null,{"$f":"INDEX(C211:C214,$E$210)","v":"Base Case"},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N211:N214,$E$210)","v":0.56999999999999995},{"$f":"INDEX(O211:O214,$E$210)","v":0.61},0.60235757282057845,0.59481089431852208,0.58735876489990568,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996,0.57999999999999996]
[]
[null,"R&D as Perecent of Margin",null,null,{"$f":"F149","v":1},null,null,2017,2018,{"$f":"I218+4","v":2022},{"$f":"J218+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.11,0.1,0.09,0.08,null,null,{"$f":"LOOKUP(N$140,$218:$218,219:219)","v":0.11},0.1,0.1,0.1,0.1,0.09,0.09,0.09,0.09,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Case 2 - Lower Spending",null,null,null,null,0.11,0.09,0.08,7.0000000000000007E-2,null,null,0.11,0.09,0.09,0.09,0.09,0.08,0.08,0.08,0.08,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Case 3 - Higher Spending",null,null,null,null,0.11,0.11,0.11,0.09,null,null,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.09,0.09,0.09,0.09,0.09,0.09,0.09]
[null,null,"Case 3 - Varying Cost",null,null,null,null,0.11,0.11,0.11,0.11,null,null,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11]
[]
[null,null,{"$f":"INDEX(C219:C222,$E$218)","v":"Base Case"},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N219:N222,$E$218)","v":0.11},0.1,0.1,0.1,0.1,0.09,0.09,0.09,0.09,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[]
[null,"Other SG&A as Percent of Revenue",null,null,{"$f":"F150","v":1},null,null,2017,2018,{"$f":"I226+4","v":2022},{"$f":"J226+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.2147,0.2,0.2,0.2,null,null,{"$f":"LOOKUP(N$140,$226:$226,227:227)","v":0.2147},{"$f":"LOOKUP(O$140,$226:$226,227:227)","v":0.2},{"$f":"LOOKUP(P$140,$210:$210,227:227)","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Case 2 - Lower Cost",null,null,null,null,0.2147,0.17,0.17,0.17,null,null,{"$f":"LOOKUP(N$140,$226:$226,228:228)","v":0.2147},{"$f":"LOOKUP(O$140,$210:$210,228:228)","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,"Case 3 - Higher Cost",null,null,null,null,0.2147,0.2147,0.2147,0.2147,null,null,{"$f":"LOOKUP(N$140,$226:$226,229:229)","v":0.2147},{"$f":"LOOKUP(O$140,$210:$210,229:229)","v":0.2147},0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147,0.2147]
[null,null,"Case 3 - Varying Cost",null,null,null,null,0.2147,0.2,0.2,0.2,null,null,{"$f":"LOOKUP(N$140,$226:$226,230:230)","v":0.2147},{"$f":"LOOKUP(O$140,$210:$210,230:230)","v":0.2},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,null,{"$f":"INDEX(C227:C230,$E$226)","v":"Base Case"},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N227:N230,$E$226)","v":0.2147},0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[]
[null,"Capital Expenditures/Sales",null,null,{"$f":"F155","v":1},null,null,2017,2018,{"$f":"I234+4","v":2022},{"$f":"J234+4","v":2026}]
[null,null,"Base Case",null,null,null,null,0.05,0.06,0.08,7.0000000000000007E-2,null,null,{"$f":"LOOKUP(N$140,$234:$234,235:235)","v":0.05},0.06,0.06,0.06,0.06,0.08,0.08,0.08,0.08,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Case 2 - Lower Cap Exp",null,null,null,null,0.05,7.0000000000000007E-2,0.04,0.03,null,null,0.05,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0.04,0.04,0.04,0.04,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Case 3 - Lower Cap Exp",null,null,null,null,0.06,0.08,0.08,0.08,null,null,0.06,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null,null,"Case 3 - Varying Cap Exp",null,null,null,null,0.05,7.0000000000000007E-2,0.04,0.03,null,null,0.05,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,0.04,0.04,0.04,0.04,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,null,{"$f":"INDEX(C235:C238,$E$234)","v":"Base Case"},null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(N235:N238,$E$234)","v":0.05},0.06,0.06,0.06,0.06,0.08,0.08,0.08,0.08,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[]
[]
["EBITDA and Capital Expenditure Calculations"]
[null,"Revenues"]
[null,null,"Growth",null,null,null,null,{"$f":"LOOKUP(H4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0},{"$f":"LOOKUP(I4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.21869373056146668},{"$f":"LOOKUP(J4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.19529885829415705},{"$f":"LOOKUP(K4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.20249466232160906},{"$f":"LOOKUP(L4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.2708158116063919},{"$f":"LOOKUP(M4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.28999999999999998},{"$f":"LOOKUP(N4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.28999999999999998},{"$f":"LOOKUP(O4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.2},{"$f":"LOOKUP(P4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.18612097182041992},{"$f":"LOOKUP(Q4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.17320508075688773},{"$f":"LOOKUP(R4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.16118548977353128},{"$f":"LOOKUP(S4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.15},{"$f":"LOOKUP(T4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.11397535284773888},{"$f":"LOOKUP(U4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":8.6602540378443879E-2},{"$f":"LOOKUP(V4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":6.5803700647624627E-2},{"$f":"LOOKUP(W4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.05},{"$f":"LOOKUP(X4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.05},{"$f":"LOOKUP(Y4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.05},{"$f":"LOOKUP(Z4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.05},{"$f":"LOOKUP(AA4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.05},{"$f":"LOOKUP(AB4,'Amazon Model'!$140:$140,'Amazon Model'!147:147)","v":0.05}]
[null,null,"Forecast",null,null,null,null,{"$f":"IF(H5,H15,G247*(1+H246))","v":61090000},74450000,88990000,107010000,135990000,175427100,226300959,271561150.80000001,322104376.09556764,377894490.56934738,438805599.11448669,504626438.98165965,562141415.42089236,610824290.04827571,651018788.77891028,683569728.21785581,717748214.62874866,753635625.3601861,791317406.62819541,830883276.95960522,872427440.80758548]
[]
[null,"COGS excluding D&A"]
[null,null,"COGS Percent",null,null,null,null,{"$f":"'Amazon Model'!I148","v":0.72254051399574404},{"$f":"'Amazon Model'!J148","v":0.69012760241772997},{"$f":"'Amazon Model'!K148","v":0.65816383863355432},{"$f":"'Amazon Model'!L148","v":0.61676478833753856},{"$f":"'Amazon Model'!M148","v":0.59401426575483496},{"$f":"'Amazon Model'!N148","v":0.56999999999999995},{"$f":"'Amazon Model'!O148","v":0.61},{"$f":"'Amazon Model'!P148","v":0.60235757282057845},{"$f":"'Amazon Model'!Q148","v":0.59481089431852208},{"$f":"'Amazon Model'!R148","v":0.58735876489990568},{"$f":"'Amazon Model'!S148","v":0.57999999999999996},{"$f":"'Amazon Model'!T148","v":0.57999999999999996},{"$f":"'Amazon Model'!U148","v":0.57999999999999996},{"$f":"'Amazon Model'!V148","v":0.57999999999999996},{"$f":"'Amazon Model'!W148","v":0.57999999999999996},{"$f":"'Amazon Model'!X148","v":0.57999999999999996},{"$f":"'Amazon Model'!Y148","v":0.57999999999999996},{"$f":"'Amazon Model'!Z148","v":0.57999999999999996},{"$f":"'Amazon Model'!AA148","v":0.57999999999999996},{"$f":"'Amazon Model'!AB148","v":0.57999999999999996},{"$f":"'Amazon Model'!AC148","v":0.57999999999999996}]
[null,null,"COGS Amount",null,null,null,null,{"$f":"IF(H5,H16,H250*H247)","v":44140000},51380000,58570000,66000000,80780000,99993446.999999985,138043584.99000001,163576915.6682511,191591192.00931418,221959641.24329093,254507247.48640227,292683334.6093626,326042020.94411755,354278088.22799987,377590897.49176794,396470442.36635637,416293964.48467422,437108662.7089079,458964095.84435332,481912300.63657099,506007915.66839951]
[]
[null,"Research & Development"]
[null,null,"R&D as Percent of Margin",null,null,null,null,{"$f":"'Amazon Model'!I149","v":7.4643967916189227E-2},{"$f":"'Amazon Model'!J149","v":8.8247145735392885E-2},{"$f":"'Amazon Model'!K149","v":0.10428137993032925},{"$f":"'Amazon Model'!L149","v":0.11718530978413233},{"$f":"'Amazon Model'!M149","v":0.11831752334730494},{"$f":"'Amazon Model'!N149","v":0.11},{"$f":"'Amazon Model'!O149","v":0.1},{"$f":"'Amazon Model'!P149","v":0.1},{"$f":"'Amazon Model'!Q149","v":0.1},{"$f":"'Amazon Model'!R149","v":0.1},{"$f":"'Amazon Model'!S149","v":0.09},{"$f":"'Amazon Model'!T149","v":0.09},{"$f":"'Amazon Model'!U149","v":0.09},{"$f":"'Amazon Model'!V149","v":0.09},{"$f":"'Amazon Model'!W149","v":0.08},{"$f":"'Amazon Model'!X149","v":0.08},{"$f":"'Amazon Model'!Y149","v":0.08},{"$f":"'Amazon Model'!Z149","v":0.08},{"$f":"'Amazon Model'!AA149","v":0.08},{"$f":"'Amazon Model'!AB149","v":0.08},{"$f":"'Amazon Model'!AC149","v":0.08}]
[null,null,"R&D Amount",null,null,null,null,{"$f":"H254*H247","v":4560000},{"$f":"I254*I247","v":6570000},9280000,12540000,16090000,19296981,22630095.900000002,27156115.080000002,32210437.609556764,37789449.056934737,39492503.920303799,45416379.508349366,50592727.38788031,54974186.104344815,52081503.102312826,54685578.257428467,57419857.170299895,60290850.028814889,63305392.530255631,66470662.156768419,69794195.264606833]
[]
[null,"Other SG&A"]
[null,null,"SG&A as Pecent of Revenues",null,null,null,null,{"$f":"'Amazon Model'!I150","v":0.15910951055819283},{"$f":"'Amazon Model'!J150","v":0.17259905977165882},{"$f":"'Amazon Model'!K150","v":0.18709967412068773},{"$f":"'Amazon Model'!L150","v":0.19072983833286608},{"$f":"'Amazon Model'!M150","v":0.2006029855136407},{"$f":"'Amazon Model'!N150","v":0.2147},{"$f":"'Amazon Model'!O150","v":0.2},{"$f":"'Amazon Model'!P150","v":0.2},{"$f":"'Amazon Model'!Q150","v":0.2},{"$f":"'Amazon Model'!R150","v":0.2},{"$f":"'Amazon Model'!S150","v":0.2},{"$f":"'Amazon Model'!T150","v":0.2},{"$f":"'Amazon Model'!U150","v":0.2},{"$f":"'Amazon Model'!V150","v":0.2},{"$f":"'Amazon Model'!W150","v":0.2},{"$f":"'Amazon Model'!X150","v":0.2},{"$f":"'Amazon Model'!Y150","v":0.2},{"$f":"'Amazon Model'!Z150","v":0.2},{"$f":"'Amazon Model'!AA150","v":0.2},{"$f":"'Amazon Model'!AB150","v":0.2},{"$f":"'Amazon Model'!AC150","v":0.2}]
[null,null,"SG&A Amount",null,null,null,null,{"$f":"IF(H5,H19,H247*H258)","v":9720000},12850000,16650000,20410000,27280000,37664198.369999997,45260191.800000004,54312230.160000004,64420875.219113529,75578898.113869473,87761119.822897345,100925287.79633194,112428283.08417848,122164858.00965515,130203757.75578207,136713945.64357117,143549642.92574975,150727125.07203722,158263481.3256391,166176655.39192104,174485488.16151711]
[]
[null,"Capital Expenditure"]
[null,null,"Capital Expenditure as Percent of Sales",null,null,null,null,{"$f":"'Amazon Model'!I155","v":6.2039613684727449E-2},{"$f":"'Amazon Model'!J155","v":4.6205507051712558E-2},{"$f":"'Amazon Model'!K155","v":5.4949994381391171E-2},{"$f":"'Amazon Model'!L155","v":4.289318755256518E-2},{"$f":"'Amazon Model'!M155","v":4.9562467828516803E-2},{"$f":"'Amazon Model'!N155","v":0.05},{"$f":"'Amazon Model'!O155","v":0.06},{"$f":"'Amazon Model'!P155","v":0.06},{"$f":"'Amazon Model'!Q155","v":0.06},{"$f":"'Amazon Model'!R155","v":0.06},{"$f":"'Amazon Model'!S155","v":0.08},{"$f":"'Amazon Model'!T155","v":0.08},{"$f":"'Amazon Model'!U155","v":0.08},{"$f":"'Amazon Model'!V155","v":0.08},{"$f":"'Amazon Model'!W155","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!X155","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!Y155","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!Z155","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!AA155","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!AB155","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!AC155","v":7.0000000000000007E-2}]
[null,null,"Capital Expenditues ",null,null,null,null,{"$f":"IF(H5,-H62,H262*H247)","v":3790000},3440000,4890000,4590000,6740000,8771355,13578057.539999999,16293669.048,19326262.565734059,22673669.434160843,35104447.929158933,40370115.118532769,44971313.23367139,48865943.203862056,45571315.214523725,47849880.975249909,50242375.024012409,52754493.775213033,55392218.463973686,58161829.387172371,61069920.856530987]
[]
[null,"Acquisition Premium"]
[null,null,"Premium as Percent of Sales",null,null,null,null,{"$f":"'Amazon Model'!I159","v":1.2195121951219513E-2},{"$f":"'Amazon Model'!J159","v":4.1907320349227669E-3},{"$f":"'Amazon Model'!K159","v":1.1001236093943139E-2},{"$f":"'Amazon Model'!L159","v":7.4292122231567146E-3},{"$f":"'Amazon Model'!M159","v":8.5300389734539305E-4},{"$f":"'Amazon Model'!N159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!O159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!P159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!Q159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!R159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!S159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!T159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!U159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!V159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!W159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!X159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!Y159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!Z159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!AA159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!AB159","v":8.0000000000000002E-3},{"$f":"'Amazon Model'!AC159","v":8.0000000000000002E-3}]
[null,null,"Acquisition Premium",null,null,null,null,{"$f":"H266*H247","v":745000},{"$f":"I266*I247","v":312000},979000,795000,116000,1403416.8,1810407.672,2172489.2064,2576835.0087645412,3023155.9245547792,3510444.7929158937,4037011.5118532772,4497131.3233671393,4886594.3203862058,5208150.3102312824,5468557.8257428464,5741985.7170299897,6029085.0028814888,6330539.2530255634,6647066.2156768423,6979419.5264606839]
[]
["Working Capital"]
[null,"Current Assets"]
[null,null,"A/R as Percent of Sales",null,null,null,null,{"$f":"'Amazon Model'!I163","v":5.5000818464560487E-2},{"$f":"'Amazon Model'!J163","v":6.4069845533915384E-2},{"$f":"'Amazon Model'!K163","v":6.3040791100123603E-2},{"$f":"'Amazon Model'!L163","v":5.2798803850107469E-2},{"$f":"'Amazon Model'!M163","v":6.1328038826384296E-2},{"$f":"'Amazon Model'!N163","v":0.05},{"$f":"'Amazon Model'!O163","v":0.05},{"$f":"'Amazon Model'!P163","v":0.05},{"$f":"'Amazon Model'!Q163","v":0.05},{"$f":"'Amazon Model'!R163","v":0.05},{"$f":"'Amazon Model'!S163","v":0.05},{"$f":"'Amazon Model'!T163","v":0.05},{"$f":"'Amazon Model'!U163","v":0.05},{"$f":"'Amazon Model'!V163","v":0.05},{"$f":"'Amazon Model'!W163","v":0.05},{"$f":"'Amazon Model'!X163","v":0.05},{"$f":"'Amazon Model'!Y163","v":0.05},{"$f":"'Amazon Model'!Z163","v":0.05},{"$f":"'Amazon Model'!AA163","v":0.05},{"$f":"'Amazon Model'!AB163","v":0.05},{"$f":"'Amazon Model'!AC163","v":0.05}]
[null,null,"Accounts Receivable",null,null,null,null,{"$f":"H271*H247","v":3360000},{"$f":"I271*I247","v":4770000},5609999.9999999991,5650000,8340000,8771355,11315047.950000001,13578057.540000001,16105218.804778382,18894724.528467368,21940279.955724336,25231321.949082986,28107070.771044619,30541214.502413787,32550939.438945517,34178486.410892792,35887410.731437437,37681781.268009305,39565870.331409775,41544163.847980261,43621372.040379278]
[]
[null,null,"Inventory as Percent of COGS",null,null,null,null,{"$f":"'Amazon Model'!I164","v":0.13661078386950612},{"$f":"'Amazon Model'!J164","v":0.14421954067730636},{"$f":"'Amazon Model'!K164","v":0.14171077343349839},{"$f":"'Amazon Model'!L164","v":0.15515151515151515},{"$f":"'Amazon Model'!M164","v":0.14186679871255262},{"$f":"'Amazon Model'!N164","v":0.15},{"$f":"'Amazon Model'!O164","v":0.15},{"$f":"'Amazon Model'!P164","v":0.15},{"$f":"'Amazon Model'!Q164","v":0.15},{"$f":"'Amazon Model'!R164","v":0.15},{"$f":"'Amazon Model'!S164","v":0.15},{"$f":"'Amazon Model'!T164","v":0.15},{"$f":"'Amazon Model'!U164","v":0.15},{"$f":"'Amazon Model'!V164","v":0.15},{"$f":"'Amazon Model'!W164","v":0.15},{"$f":"'Amazon Model'!X164","v":0.15},{"$f":"'Amazon Model'!Y164","v":0.15},{"$f":"'Amazon Model'!Z164","v":0.15},{"$f":"'Amazon Model'!AA164","v":0.15},{"$f":"'Amazon Model'!AB164","v":0.15},{"$f":"'Amazon Model'!AC164","v":0.15}]
[null,null,"Inventory",null,null,null,null,{"$f":"H274*H251","v":6030000},{"$f":"I274*I251","v":7410000.0000000009},8300000.0000000009,10240000,11460000,14999017.049999997,20706537.748500001,24536537.350237664,28738678.801397126,33293946.186493639,38176087.122960337,43902500.191404387,48906303.141617633,53141713.234199978,56638634.623765193,59470566.354953453,62444094.672701128,65566299.406336181,68844614.376653001,72286845.095485643,75901187.35025993]
[]
[null,null,"Other Current Assets as Percent of Revenues",null,null,null,null,{"$f":"'Amazon Model'!I165","v":7.4152889179898507E-3},{"$f":"'Amazon Model'!J165","v":0},{"$f":"'Amazon Model'!K165","v":0},{"$f":"'Amazon Model'!L165","v":0},{"$f":"'Amazon Model'!M165","v":0},{"$f":"'Amazon Model'!N165","v":0},{"$f":"'Amazon Model'!O165","v":0},{"$f":"'Amazon Model'!P165","v":0},{"$f":"'Amazon Model'!Q165","v":0},{"$f":"'Amazon Model'!R165","v":0},{"$f":"'Amazon Model'!S165","v":0},{"$f":"'Amazon Model'!T165","v":0},{"$f":"'Amazon Model'!U165","v":0},{"$f":"'Amazon Model'!V165","v":0},{"$f":"'Amazon Model'!W165","v":0},{"$f":"'Amazon Model'!X165","v":0},{"$f":"'Amazon Model'!Y165","v":0},{"$f":"'Amazon Model'!Z165","v":0},{"$f":"'Amazon Model'!AA165","v":0},{"$f":"'Amazon Model'!AB165","v":0},{"$f":"'Amazon Model'!AC165","v":0}]
[null,null,"Other Current Assets",null,null,null,null,{"$f":"H277*H247","v":453000},{"$f":"I277*I247","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Current Liabilities"]
[null,null,"Total Expenses",null,null,null,null,{"$f":"H251+H255+H259","v":58420000},{"$f":"I251+I255+I259","v":70800000},84500000,98950000,124150000,156954626.36999997,205933872.69000003,245045260.90825111,288222504.83798444,335327988.41409516,381760871.22960341,439025001.9140439,489063031.41617632,531417132.34199977,559876158.34986281,587869966.26735604,617263464.58072388,648126637.80976009,680532969.700248,714559618.18526042,750287599.09452343]
[null,null,"Accounts Payable as Percent of Expenses",null,null,null,null,{"$f":"'Amazon Model'!I166","v":0.22800410818212941},{"$f":"'Amazon Model'!J166","v":0.21370056497175141},{"$f":"'Amazon Model'!K166","v":0.19479288757396448},{"$f":"'Amazon Model'!L166","v":0.20616472966144517},{"$f":"'Amazon Model'!M166","v":0.20386629077728555},{"$f":"'Amazon Model'!N166","v":0.18},{"$f":"'Amazon Model'!O166","v":0.18},{"$f":"'Amazon Model'!P166","v":0.18},{"$f":"'Amazon Model'!Q166","v":0.18},{"$f":"'Amazon Model'!R166","v":0.18},{"$f":"'Amazon Model'!S166","v":0.18},{"$f":"'Amazon Model'!T166","v":0.18},{"$f":"'Amazon Model'!U166","v":0.18},{"$f":"'Amazon Model'!V166","v":0.18},{"$f":"'Amazon Model'!W166","v":0.18},{"$f":"'Amazon Model'!X166","v":0.18},{"$f":"'Amazon Model'!Y166","v":0.18},{"$f":"'Amazon Model'!Z166","v":0.18},{"$f":"'Amazon Model'!AA166","v":0.18},{"$f":"'Amazon Model'!AB166","v":0.18},{"$f":"'Amazon Model'!AC166","v":0.18}]
[null,null,"Accounts Payable",null,null,null,null,{"$f":"H281*H282","v":13320000},{"$f":"I281*I282","v":15130000},16459998.999999998,20400000,25310000,28251832.746599995,37068097.084200002,44108146.963485196,51880050.870837197,60359037.914537124,68716956.82132861,79024500.3445279,88031345.654911742,95655083.821559951,100777708.5029753,105816593.92812409,111107423.6245303,116662794.80575681,122495934.54604463,128620731.27334687,135051767.8370142]
[]
[null,null,"Other Current Liabilites as Percent of Revenues",null,null,null,null,{"$f":"'Amazon Model'!I168","v":7.4480275004092322E-2},{"$f":"'Amazon Model'!J168","v":8.2068502350570852E-2},{"$f":"'Amazon Model'!K168","v":9.0234852230587706E-2},{"$f":"'Amazon Model'!L168","v":9.4850948509485097E-2},{"$f":"'Amazon Model'!M168","v":9.7874843738510187E-2},{"$f":"'Amazon Model'!N168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!O168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!P168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!Q168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!R168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!S168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!T168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!U168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!V168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!W168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!X168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!Y168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!Z168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!AA168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!AB168","v":7.0000000000000007E-2},{"$f":"'Amazon Model'!AC168","v":7.0000000000000007E-2}]
[null,null,"Other Current Liabilities",null,null,null,null,{"$f":"H285*H247","v":4550000},{"$f":"I285*I247","v":6110000},8029999.5,10150000,13310000,12279897.000000002,15841067.130000001,19009280.556000002,22547306.326689739,26452614.339854319,30716391.938014071,35323850.72871618,39349899.079462469,42757700.303379305,45571315.214523725,47849880.975249909,50242375.024012409,52754493.775213033,55392218.463973686,58161829.387172371,61069920.856530987]
[]
[null,null,"Total Working Capital",null,null,null,null,{"$f":"H272+H275+H278-H283-H286","v":-8027000},{"$f":"I272+I275+I278-I283-I286","v":-9060000},-10579998.499999998,-14660000,-18820000,-16761357.696599999,-20887578.515700005,-25002832.629247531,-29583459.591351423,-34622981.539430439,-39316981.680658013,-45214528.932756707,-50367870.821711957,-54729856.38832549,-57159449.654788323,-60017422.137527741,-63018293.244404145,-66169207.906624347,-69477668.301955551,-72951551.717053339,-76599129.302905977]
[null,null,"Change in Working Capital",null,null,null,null,null,{"$f":"I288-H288","v":-1033000},{"$f":"J288-I288","v":-1519998.4999999981},-4080001.5000000019,-4160000,2058642.3034000006,-4126220.8191000056,-4115254.1135475263,-4580626.9621038921,-5039521.9480790161,-4694000.1412275732,-5897547.2520986944,-5153341.8889552504,-4361985.5666135326,-2429593.2664628327,-2857972.4827394187,-3000871.1068764031,-3150914.6622202024,-3308460.3953312039,-3473883.415097788,-3647577.5858526379]
[]
["Depreciaiton and Amoritsation"]
[null,"Plant Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G296","v":0},{"$f":"H296","v":7060000},10950000,16970000,21840000,29110000,29148355,34273389.590000004,41998711.240500003,50825295.996109061,60792641.43124263,80698929.00259091,100894311.87047595,120642047.13652836,139347478.55625832,150081924.13171747,160411324.07403803,170550868.07954094,180667644.83486873,190892952.09012526,201331543.45476633]
[null,null,"Add: Capital Expenditures",null,null,null,null,{"$f":"H263","v":3790000},{"$f":"I263","v":3440000},4890000,4590000,6740000,8771355,13578057.539999999,16293669.048,19326262.565734059,22673669.434160843,35104447.929158933,40370115.118532769,44971313.23367139,48865943.203862056,45571315.214523725,47849880.975249909,50242375.024012409,52754493.775213033,55392218.463973686,58161829.387172371,61069920.856530987]
[null,null,"Less: Depreciation on Opening Balance",null,null,null,null,{"$f":"H299","v":1670000},{"$f":"I299","v":2630000},4010000.25,5380000,7200000,8733000,8453022.9499999993,8568347.3975000009,10499677.810125001,12706323.999027265,15198160.357810657,20174732.250647727,25223577.967618987,30160511.784132089,34836869.63906458,37520481.032929368,40102831.018509507,42637717.019885235,45166911.208717182,47723238.022531316,50332885.863691583]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H5,H105,H293+H294-H295)","v":7060000},10950000,16970000,21840000,29110000,29148355,34273389.590000004,41998711.240500003,50825295.996109061,60792641.43124263,80698929.00259091,100894311.87047595,120642047.13652836,139347478.55625832,150081924.13171747,160411324.07403803,170550868.07954094,180667644.83486873,190892952.09012526,201331543.45476633,212068578.44760573]
[]
[null,null,"Depreciation Rate",null,null,null,null,{"$f":"'Amazon Model'!I173","v":0.23654390934844194},{"$f":"'Amazon Model'!J173","v":0.37252124645892354},{"$f":"'Amazon Model'!K173","v":0.36621006849315069},{"$f":"'Amazon Model'!L173","v":0.31703005303476722},{"$f":"'Amazon Model'!M173","v":0.32967032967032966},{"$f":"'Amazon Model'!N173","v":0.3},{"$f":"'Amazon Model'!O173","v":0.28999999999999998},{"$f":"'Amazon Model'!P173","v":0.25},{"$f":"'Amazon Model'!Q173","v":0.25},{"$f":"'Amazon Model'!R173","v":0.25},{"$f":"'Amazon Model'!S173","v":0.25},{"$f":"'Amazon Model'!T173","v":0.25},{"$f":"'Amazon Model'!U173","v":0.25},{"$f":"'Amazon Model'!V173","v":0.25},{"$f":"'Amazon Model'!W173","v":0.25},{"$f":"'Amazon Model'!X173","v":0.25},{"$f":"'Amazon Model'!Y173","v":0.25},{"$f":"'Amazon Model'!Z173","v":0.25},{"$f":"'Amazon Model'!AA173","v":0.25},{"$f":"'Amazon Model'!AB173","v":0.25},{"$f":"'Amazon Model'!AC173","v":0.25}]
[null,null,"Depreciation Expense",null,null,null,null,{"$f":"IF(H5,H23,H298*H293)","v":1670000},2630000,4010000.25,5380000,7200000,8733000,8453022.9499999993,8568347.3975000009,10499677.810125001,12706323.999027265,15198160.357810657,20174732.250647727,25223577.967618987,30160511.784132089,34836869.63906458,37520481.032929368,40102831.018509507,42637717.019885235,45166911.208717182,47723238.022531316,50332885.863691583]
[]
[null,"Intangible Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G305","v":0},{"$f":"H305","v":3280000},3300000,4080000,4750000,4640000,5781386.1240248131,7265306.6162507217,9027508.4942405559,11094540.88379872,13491164.4705483,16239734.490638722,19359653.630457599,22763504.107394934,26364594.900017209,30083880.420708954,33853537.487271838,37683741.887073129,41584745.777897678,45566905.92608729,49640711.977559313]
[null,null,"Add: New Premiums",null,null,null,null,{"$f":"H267","v":745000},{"$f":"I267","v":312000},979000,795000,116000,1403416.8,1810407.672,2172489.2064,2576835.0087645412,3023155.9245547792,3510444.7929158937,4037011.5118532772,4497131.3233671393,4886594.3203862058,5208150.3102312824,5468557.8257428464,5741985.7170299897,6029085.0028814888,6330539.2530255634,6647066.2156768423,6979419.5264606839]
[null,null,"Less: Amortisation",null,null,null,null,{"$f":"H308","v":163000},{"$f":"I308","v":168000},181000,270000,287000,262030.67597518643,326487.17977409152,410287.32841016614,509802.61920637719,626532.33780519851,761874.77282547182,917092.37203439954,1093280.8464298008,1285503.5277639283,1488864.7895395393,1698900.7591799661,1911781.3172286968,2128081.1120569436,2348379.1048359498,2573260.1642048233,2803316.6627951292]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H5,H107,H302+H303-H304)","v":3280000},3300000,4080000,4750000,4640000,5781386.1240248131,7265306.6162507217,9027508.4942405559,11094540.88379872,13491164.4705483,16239734.490638722,19359653.630457599,22763504.107394934,26364594.900017209,30083880.420708954,33853537.487271838,37683741.887073129,41584745.777897678,45566905.92608729,49640711.977559313,53816814.841224872]
[]
[null,null,"Amortisation Rate",null,null,null,null,{"$f":"'Amazon Model'!I174","v":4.9695121951219515E-2},{"$f":"'Amazon Model'!J174","v":5.1219512195121948E-2},{"$f":"'Amazon Model'!K174","v":5.4848484848484848E-2},{"$f":"'Amazon Model'!L174","v":6.6176470588235295E-2},{"$f":"'Amazon Model'!M174","v":6.0421052631578945E-2},{"$f":"'Amazon Model'!N174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!O174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!P174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!Q174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!R174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!S174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!T174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!U174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!V174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!W174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!X174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!Y174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!Z174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!AA174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!AB174","v":5.6472128442928107E-2},{"$f":"'Amazon Model'!AC174","v":5.6472128442928107E-2}]
[null,null,"Amortisation Expense",null,null,null,null,{"$f":"IF(H5,H24,H307*H302)","v":163000},168000,181000,270000,287000,262030.67597518643,326487.17977409152,410287.32841016614,509802.61920637719,626532.33780519851,761874.77282547182,917092.37203439954,1093280.8464298008,1285503.5277639283,1488864.7895395393,1698900.7591799661,1911781.3172286968,2128081.1120569436,2348379.1048359498,2573260.1642048233,2803316.6627951292]
[]
[null,null,"Other Assets",null,null,null,null,{"$f":"IF(H5,H108,G310)","v":648000},538000,971000,1950000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000]
[null,null,"Non Operating Income",null,null,null,null,{"$f":"'Amazon Model'!I178","v":-239000},{"$f":"'Amazon Model'!J178","v":-250000},{"$f":"'Amazon Model'!K178","v":-251000},{"$f":"'Amazon Model'!L178","v":-427000},{"$f":"'Amazon Model'!M178","v":-144000},{"$f":"'Amazon Model'!N178","v":-262200},{"$f":"'Amazon Model'!O178","v":-262200},{"$f":"'Amazon Model'!P178","v":-262200},{"$f":"'Amazon Model'!Q178","v":-262200},{"$f":"'Amazon Model'!R178","v":-262200},{"$f":"'Amazon Model'!S178","v":-262200},{"$f":"'Amazon Model'!T178","v":-262200},{"$f":"'Amazon Model'!U178","v":-262200},{"$f":"'Amazon Model'!V178","v":-262200},{"$f":"'Amazon Model'!W178","v":-262200},{"$f":"'Amazon Model'!X178","v":-262200},{"$f":"'Amazon Model'!Y178","v":-262200},{"$f":"'Amazon Model'!Z178","v":-262200},{"$f":"'Amazon Model'!AA178","v":-262200},{"$f":"'Amazon Model'!AB178","v":-262200},{"$f":"'Amazon Model'!AC178","v":-262200}]
[]
[null,null,"Unusual Expense",null,null,null,null,{"$f":"'Amazon Model'!I194","v":0},{"$f":"'Amazon Model'!J194","v":0},{"$f":"'Amazon Model'!K194","v":0},{"$f":"'Amazon Model'!L194","v":0},{"$f":"'Amazon Model'!M194","v":-67000},{"$f":"'Amazon Model'!N194","v":0},{"$f":"'Amazon Model'!O194","v":0},{"$f":"'Amazon Model'!P194","v":0},{"$f":"'Amazon Model'!Q194","v":0},{"$f":"'Amazon Model'!R194","v":0},{"$f":"'Amazon Model'!S194","v":0},{"$f":"'Amazon Model'!T194","v":0},{"$f":"'Amazon Model'!U194","v":0},{"$f":"'Amazon Model'!V194","v":0},{"$f":"'Amazon Model'!W194","v":0},{"$f":"'Amazon Model'!X194","v":0},{"$f":"'Amazon Model'!Y194","v":0},{"$f":"'Amazon Model'!Z194","v":0},{"$f":"'Amazon Model'!AA194","v":0},{"$f":"'Amazon Model'!AB194","v":0},{"$f":"'Amazon Model'!AC194","v":0}]
[null,null,"Other Equity Income",null,null,null,null,{"$f":"'Amazon Model'!I181","v":-157000},{"$f":"'Amazon Model'!J181","v":-64000},{"$f":"'Amazon Model'!K181","v":49000.25},{"$f":"'Amazon Model'!L181","v":-28000},{"$f":"'Amazon Model'!M181","v":-92000},{"$f":"'Amazon Model'!N181","v":-58399.95},{"$f":"'Amazon Model'!O181","v":-58399.95},{"$f":"'Amazon Model'!P181","v":-58399.95},{"$f":"'Amazon Model'!Q181","v":-58399.95},{"$f":"'Amazon Model'!R181","v":-58399.95},{"$f":"'Amazon Model'!S181","v":-58399.95},{"$f":"'Amazon Model'!T181","v":-58399.95},{"$f":"'Amazon Model'!U181","v":-58399.95},{"$f":"'Amazon Model'!V181","v":-58399.95},{"$f":"'Amazon Model'!W181","v":-58399.95},{"$f":"'Amazon Model'!X181","v":-58399.95},{"$f":"'Amazon Model'!Y181","v":-58399.95},{"$f":"'Amazon Model'!Z181","v":-58399.95},{"$f":"'Amazon Model'!AA181","v":-58399.95},{"$f":"'Amazon Model'!AB181","v":-58399.95},{"$f":"'Amazon Model'!AC181","v":-58399.95}]
[]
[null,null,"Provision for Risks & Charges",null,null,null,null,{"$f":"IF(H5,H118,G316)","v":336000},457000,510000,932000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000]
[null,null,"Deferred Taxes",null,null,null,null,{"$f":"IF(H5,H119,G317)","v":-123000},344000,750000,325000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000]
[null,null,"Other Liabilities",null,null,null,null,{"$f":"IF(H5,H120,G318)","v":1200000},1220000,1660000,1960000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000]
[null,null,"Reconciling Liabilities",null,null,null,null,{"$f":"IF(H5,H121,G319)","v":-10999.5},7000,-2998.5,-9000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000]
[]
["Debt and Cash"]
[null,null,"Cash Balance",null,null,null,null,{"$f":"IF(H5,H97+H106)","v":11601000},12970000,18306000,20228000,26695000,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Debt Balance",null,null,null,null,{"$f":"IF(H5,H117+H112)","v":4970000},6920000,16090000,17520000,20410000,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Net Cash Balance",null,null,null,null,{"$f":"H322-H323","v":6631000},{"$f":"I322-I323","v":6050000},2216000,2708000,6285000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening Net Cash",null,null,null,null,{"$f":"G328","v":0},{"$f":"H328","v":6631000},6050000,2216000,2708000,6285000,8617851.4446115643,13261341.08087435,18789944.89176856,26765827.076395437,37773152.925635815,45666883.102941647,56288955.900527909,67780224.435280278,80111283.962493867,102728772.8945775,127235197.02433427,153330580.31322739,181027698.25040042,210356176.92349154,241359310.52252361]
[null,null,"Add: Cash Flow",null,null,null,null,{"$f":"H385","v":-2741000},{"$f":"I385","v":353000},-399001.25000000186,4941001.5000000019,7161000,2332851.4446115647,4643489.6362627866,5528603.810894209,7975882.1846268782,11007325.849240378,7893730.1773058306,10622072.79758626,11491268.534752371,12331059.527213596,22617488.932083644,24506424.12975676,26095383.288893115,27697117.937173024,29328478.673091121,31003133.599032067,32732413.880831908]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H5,H324,H326+H327)","v":6631000},6050000,2216000,2708000,6285000,8617851.4446115643,13261341.08087435,18789944.89176856,26765827.076395437,37773152.925635815,45666883.102941647,56288955.900527909,67780224.435280278,80111283.962493867,102728772.8945775,127235197.02433427,153330580.31322739,181027698.25040042,210356176.92349154,241359310.52252361,274091724.40335554]
[]
[null,null,"Cash Balance",null,null,null,null,{"$f":"IF(H5,H322,MAX(H328,0))","v":11601000},12970000,18306000,20228000,26695000,8617851.4446115643,13261341.08087435,18789944.89176856,26765827.076395437,37773152.925635815,45666883.102941647,56288955.900527909,67780224.435280278,80111283.962493867,102728772.8945775,127235197.02433427,153330580.31322739,181027698.25040042,210356176.92349154,241359310.52252361,274091724.40335554]
[null,null,"Debt Balance",null,null,null,null,{"$f":"IF(H5,H323,MAX(-H328,0))","v":4970000},6920000,16090000,17520000,20410000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Minimum Cash Balance Percent",null,null,null,null,{"$f":"IF(H5,H97/H15,G333)","v":0.1874283843509576},0.16722632639355273,0.19575233172266546,0.18512288571161573,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337,0.19104345907787337]
[]
[null,null,"Debt Balance",null,null,null,null,{"$f":"H331","v":4970000},{"$f":"I331","v":6920000},16090000,17520000,20410000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate",null,null,null,null,{"$f":"'Amazon Model'!I184","v":1.8511066398390341E-2},{"$f":"'Amazon Model'!J184","v":2.0375722543352601E-2},{"$f":"'Amazon Model'!K184","v":1.305158483530143E-2},{"$f":"'Amazon Model'!L184","v":2.6198630136986301E-2},{"$f":"'Amazon Model'!M184","v":2.3713865752082314E-2},{"$f":"'Amazon Model'!N184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!O184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!P184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!Q184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!R184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!S184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!T184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!U184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!V184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!W184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!X184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!Y184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!Z184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!AA184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!AB184","v":2.0370173933222595E-2},{"$f":"'Amazon Model'!AC184","v":2.0370173933222595E-2}]
[null,null,"Interest Expense",null,null,null,null,{"$f":"IF(H5,H29,G335*H336)","v":92000},141000,210000,459000,484000,415755.24997707317,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Cash Balance",null,null,null,null,{"$f":"H330","v":11601000},{"$f":"I330","v":12970000},18306000,20228000,26695000,8617851.4446115643,13261341.08087435,18789944.89176856,26765827.076395437,37773152.925635815,45666883.102941647,56288955.900527909,67780224.435280278,80111283.962493867,102728772.8945775,127235197.02433427,153330580.31322739,181027698.25040042,210356176.92349154,241359310.52252361,274091724.40335554]
[null,null,"Interest Income Rate",null,null,null,null,{"$f":"'Amazon Model'!I187","v":3.4479786225325403E-3},{"$f":"'Amazon Model'!J187","v":2.9298380878951427E-3},{"$f":"'Amazon Model'!K187","v":2.1304490331039002E-3},{"$f":"'Amazon Model'!L187","v":2.4718212378880759E-3},{"$f":"'Amazon Model'!M187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!N187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!O187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!P187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!Q187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!R187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!S187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!T187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!U187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!V187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!W187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!X187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!Y187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!Z187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!AA187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!AB187","v":3.7460198539052258E-3},{"$f":"'Amazon Model'!AC187","v":3.7460198539052258E-3}]
[null,null,"Interest Income",null,null,null,null,{"$f":"IF(H5,H27,H340*G339)","v":40000},38000,39000,50000,100000,100000,32282.64260952075,49677.246978364303,70387.506618350104,100265.31963437138,141498.98080403003,171069.0507695885,210859.54635897325,253906.06643671205,300098.46024534135,384824.02283040836,476625.57416869927,574379.39806415956,678133.35175276431,787998.41514699964,904136.76914224995]
[]
[null,null,"Shares",null,null,null,null,{"$f":"IF(H5,H45,G343)","v":453000},457000,462000,467000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000]
[]
["Profit and Loss"]
[null,"Revenues",null,null,null,null,null,{"$f":"H247","v":61090000},{"$f":"I247","v":74450000},88990000,107010000,135990000,175427100,226300959,271561150.80000001,322104376.09556764,377894490.56934738,438805599.11448669,504626438.98165965,562141415.42089236,610824290.04827571,651018788.77891028,683569728.21785581,717748214.62874866,753635625.3601861,791317406.62819541,830883276.95960522,872427440.80758548]
[null,"Less: COGS Cash",null,null,null,null,null,{"$f":"H251","v":44140000},{"$f":"I251","v":51380000},58570000,66000000,80780000,99993446.999999985,138043584.99000001,163576915.6682511,191591192.00931418,221959641.24329093,254507247.48640227,292683334.6093626,326042020.94411755,354278088.22799987,377590897.49176794,396470442.36635637,416293964.48467422,437108662.7089079,458964095.84435332,481912300.63657099,506007915.66839951]
[null,null,"Margin",null,null,null,null,{"$f":"H346-H347","v":16950000},{"$f":"I346-I347","v":23070000},30420000,41010000,55210000,75433653.000000015,88257374.00999999,107984235.13174891,130513184.08625346,155934849.32605645,184298351.62808442,211943104.37229705,236099394.47677481,256546201.82027584,273427891.28714234,287099285.85149944,301454250.14407444,316526962.6512782,332353310.78384209,348970976.32303423,366419525.13918597]
[null,"R&D Expense",null,null,null,null,null,{"$f":"H255","v":4560000},{"$f":"I255","v":6570000},9280000,12540000,16090000,19296981,22630095.900000002,27156115.080000002,32210437.609556764,37789449.056934737,39492503.920303799,45416379.508349366,50592727.38788031,54974186.104344815,52081503.102312826,54685578.257428467,57419857.170299895,60290850.028814889,63305392.530255631,66470662.156768419,69794195.264606833]
[null,"Other SG&A",null,null,null,null,null,{"$f":"H259","v":9720000},{"$f":"I259","v":12850000},16650000,20410000,27280000,37664198.369999997,45260191.800000004,54312230.160000004,64420875.219113529,75578898.113869473,87761119.822897345,100925287.79633194,112428283.08417848,122164858.00965515,130203757.75578207,136713945.64357117,143549642.92574975,150727125.07203722,158263481.3256391,166176655.39192104,174485488.16151711]
[null,null,"EBITDA",null,null,null,null,{"$f":"H348-H349-H350","v":2670000},{"$f":"I348-I349-I350","v":3650000},4490000,8060000,11840000,18472473.630000018,20367086.30999998,26515889.891748913,33881871.257583171,42566502.155252233,57044727.884883285,65601437.067615747,73078384.004716009,79407157.70627588,91142630.429047436,95699761.950499803,100484750.0480248,105508987.5504261,110784436.92794737,116323658.77434474,122139841.71306202]
[null,"Depreciation",null,null,null,null,null,{"$f":"H299","v":1670000},{"$f":"I299","v":2630000},4010000.25,5380000,7200000,8733000,8453022.9499999993,8568347.3975000009,10499677.810125001,12706323.999027265,15198160.357810657,20174732.250647727,25223577.967618987,30160511.784132089,34836869.63906458,37520481.032929368,40102831.018509507,42637717.019885235,45166911.208717182,47723238.022531316,50332885.863691583]
[null,"Amortisation",null,null,null,null,null,{"$f":"H308","v":163000},{"$f":"I308","v":168000},181000,270000,287000,262030.67597518643,326487.17977409152,410287.32841016614,509802.61920637719,626532.33780519851,761874.77282547182,917092.37203439954,1093280.8464298008,1285503.5277639283,1488864.7895395393,1698900.7591799661,1911781.3172286968,2128081.1120569436,2348379.1048359498,2573260.1642048233,2803316.6627951292]
[null,"Unusual Expense",null,null,null,null,null,{"$f":"H313","v":0},{"$f":"I313","v":0},0,0,-67000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBIT ",null,null,null,null,{"$f":"H351-H352-H353-H354","v":837000},{"$f":"I351-I352-I353-I354","v":852000},298999.75,2410000,4420000,9477442.9540248308,11587576.18022589,17537255.165838744,22872390.828251794,29233645.818419769,41084692.754247151,44509612.444933623,46761525.190667219,47961142.394379862,54816896.000443317,56480380.15839047,58470137.712286599,60743189.41848392,63269146.61439424,66027160.587608606,69003639.186575308]
[null,"Less: Interest Expense",null,null,null,null,null,{"$f":"H337","v":92000},{"$f":"I337","v":141000},210000,459000,484000,415755.24997707317,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Interest Income",null,null,null,null,null,{"$f":"H341","v":40000},{"$f":"I341","v":38000},39000,50000,100000,100000,32282.64260952075,49677.246978364303,70387.506618350104,100265.31963437138,141498.98080403003,171069.0507695885,210859.54635897325,253906.06643671205,300098.46024534135,384824.02283040836,476625.57416869927,574379.39806415956,678133.35175276431,787998.41514699964,904136.76914224995]
[null,"Add: Non-Operating Income",null,null,null,null,null,{"$f":"H311","v":-239000},{"$f":"I311","v":-250000},-251000,-427000,-144000,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200]
[null,null,"EBT",null,null,null,null,{"$f":"H355-H356+H357+H358","v":546000},{"$f":"I355-I356+I357+I358","v":499000},-123000.25,1574000,3892000,8899487.7040477581,11357658.82283541,17324732.412817109,22680578.334870145,29071711.13805414,40963991.735051185,44418481.495703213,46710184.737026192,47952848.460816577,54854794.460688658,56603004.181220882,58684563.286455296,61055368.816548079,63685079.966147006,66552959.002755605,69645575.955717564]
[null,"Income Tax Rate",null,null,null,null,null,{"$f":"'Amazon Model'!I190","v":0.78388278388278387},{"$f":"'Amazon Model'!J190","v":0.32264529058116231},{"$f":"'Amazon Model'!K190","v":-1.3577208176406146},{"$f":"'Amazon Model'!L190","v":0.60355781448538759},{"$f":"'Amazon Model'!M190","v":0.36742034943473795},{"$f":"'Amazon Model'!N190","v":0.36742034943473795},{"$f":"'Amazon Model'!O190","v":0.36742034943473795},{"$f":"'Amazon Model'!P190","v":0.36742034943473795},{"$f":"'Amazon Model'!Q190","v":0.36742034943473795},{"$f":"'Amazon Model'!R190","v":0.36742034943473795},{"$f":"'Amazon Model'!S190","v":0.36742034943473795},{"$f":"'Amazon Model'!T190","v":0.36742034943473795},{"$f":"'Amazon Model'!U190","v":0.36742034943473795},{"$f":"'Amazon Model'!V190","v":0.36742034943473795},{"$f":"'Amazon Model'!W190","v":0.36742034943473795},{"$f":"'Amazon Model'!X190","v":0.36742034943473795},{"$f":"'Amazon Model'!Y190","v":0.36742034943473795},{"$f":"'Amazon Model'!Z190","v":0.36742034943473795},{"$f":"'Amazon Model'!AA190","v":0.36742034943473795},{"$f":"'Amazon Model'!AB190","v":0.36742034943473795},{"$f":"'Amazon Model'!AC190","v":0.36742034943473795}]
[null,"Income Tax  ",null,null,null,null,null,{"$f":"IF(H5,H31,H360*H359)","v":428000},161000,167000,950000,1430000,3269852.882011381,4173034.9734467207,6365459.2369805928,8333306.0171799352,10681538.265009616,15051004.157534223,16320253.992511716,17162272.398239326,17618852.337864261,20154767.748916954,20797095.57532011,21561902.749134399,22432984.945442896,23399194.334940962,24452911.452708252,25589201.854233332]
[null,"Other Equity Income",null,null,null,null,null,{"$f":"H314","v":-157000},{"$f":"I314","v":-64000},49000.25,-28000,-92000,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95]
[null,null,"Net Income",null,null,null,null,{"$f":"H359-H361+H362","v":-39000},{"$f":"I359-I361+I362","v":274000},-241000,596000,2370000,5571234.872036377,7126223.8993886886,10900873.225836517,14288872.367690209,18331772.923044525,25854587.627516963,28039827.553191498,29489512.388786867,30275596.172952317,34641626.761771701,35747508.655900769,37064260.587320894,38563983.921105176,40227485.68120604,42041647.60004735,43997974.151484229]
[]
[null,null,"Shares",null,null,null,null,{"$f":"IF(H5,H45,G365)","v":453000},457000,462000,467000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000,474000]
[null,null,"EPS",null,null,null,null,{"$f":"H363/H365","v":-8.6092715231788075E-2},{"$f":"I363/I365","v":0.59956236323851209},-0.52164502164502169,1.2762312633832977,5,11.753660067587294,15.034227635841114,22.997622839317547,30.145300353776811,38.674626419925161,54.545543517968277,59.155754331627634,62.2141611577782,63.872565765722186,73.083600763231431,75.41668492806069,78.194642589284584,81.358615867310505,84.868113251489532,88.695459071829859,92.822730277392893]
[]
[null,null,"EBT Check - Actual EBT",null,null,null,{"$f":"AND(H368:AB368)","v":true},{"$f":"IF(H5,H359=H30,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"Net Income Check",null,null,null,{"$f":"AND(H369:AB369)","v":true},{"$f":"IF(H5,H363=H38,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
["Cash Flow Statement"]
[null,null,"EBITDA",null,null,null,null,{"$f":"H351","v":2670000},{"$f":"I351","v":3650000},4490000,8060000,11840000,18472473.630000018,20367086.30999998,26515889.891748913,33881871.257583171,42566502.155252233,57044727.884883285,65601437.067615747,73078384.004716009,79407157.70627588,91142630.429047436,95699761.950499803,100484750.0480248,105508987.5504261,110784436.92794737,116323658.77434474,122139841.71306202]
[null,null,"Less: Taxes",null,null,null,null,{"$f":"H361","v":428000},{"$f":"I361","v":161000},167000,950000,1430000,3269852.882011381,4173034.9734467207,6365459.2369805928,8333306.0171799352,10681538.265009616,15051004.157534223,16320253.992511716,17162272.398239326,17618852.337864261,20154767.748916954,20797095.57532011,21561902.749134399,22432984.945442896,23399194.334940962,24452911.452708252,25589201.854233332]
[null,null,"Less: WC Changes",null,null,null,null,{"$f":"H289","v":0},{"$f":"I289","v":-1033000},-1519998.4999999981,-4080001.5000000019,-4160000,2058642.3034000006,-4126220.8191000056,-4115254.1135475263,-4580626.9621038921,-5039521.9480790161,-4694000.1412275732,-5897547.2520986944,-5153341.8889552504,-4361985.5666135326,-2429593.2664628327,-2857972.4827394187,-3000871.1068764031,-3150914.6622202024,-3308460.3953312039,-3473883.415097788,-3647577.5858526379]
[null,null,"Add: Equity Income",null,null,null,null,{"$f":"H362","v":-157000},{"$f":"I362","v":-64000},49000.25,-28000,-92000,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95,-58399.95]
[null,null,"Add: Other Income",null,null,null,null,{"$f":"H358","v":-239000},{"$f":"I358","v":-250000},-251000,-427000,-144000,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200,-262200]
[null,null,"Less: Unusual Expense",null,null,null,null,{"$f":"H354","v":0},{"$f":"I354","v":0},0,0,-67000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Funds from Operations",null,null,null,{"$f":"H372-H373-H374+H375+H376-H377","v":1846000},{"$f":"I372-I373-I374+I375+I376-I377","v":4208000},5640998.7499999981,10735001.500000002,14401000,12823378.494588638,19999672.205653265,23945084.818315845,29808592.252507128,36603885.888321631,46367123.918576628,54858130.377202719,60748853.545431927,65829690.985025145,73096855.996593311,77440038.907919109,81603118.455766812,85906317.317203388,90373103.038337603,95024030.786734283,99877617.494681329]
[null,null,"Less: Capital Expenditures",null,null,null,null,{"$f":"H263","v":3790000},{"$f":"I263","v":3440000},4890000,4590000,6740000,8771355,13578057.539999999,16293669.048,19326262.565734059,22673669.434160843,35104447.929158933,40370115.118532769,44971313.23367139,48865943.203862056,45571315.214523725,47849880.975249909,50242375.024012409,52754493.775213033,55392218.463973686,58161829.387172371,61069920.856530987]
[null,null,"Less: Acquisition Premiums",null,null,null,null,{"$f":"H267","v":745000},{"$f":"I267","v":312000},979000,795000,116000,1403416.8,1810407.672,2172489.2064,2576835.0087645412,3023155.9245547792,3510444.7929158937,4037011.5118532772,4497131.3233671393,4886594.3203862058,5208150.3102312824,5468557.8257428464,5741985.7170299897,6029085.0028814888,6330539.2530255634,6647066.2156768423,6979419.5264606839]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H378-H379-H380","v":-2689000},{"$f":"I378-I379-I380","v":456000},-228001.25000000186,5350001.5000000019,7545000,2648606.6945886379,4611206.9936532658,5478926.563915845,7905494.6780085284,10907060.529606007,7752231.1965018008,10451003.746816672,11280408.988393398,12077153.460776884,22317390.471838303,24121600.106926352,25618757.714724414,27122738.539108865,28650345.321338356,30215135.183885068,31828277.111689657]
[null,null,"Less: Interest Expense",null,null,null,null,{"$f":"H356","v":92000},{"$f":"I356","v":141000},210000,459000,484000,415755.24997707317,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Interest Income",null,null,null,null,{"$f":"H357","v":40000},38000,39000,50000,100000,100000,32282.64260952075,49677.246978364303,70387.506618350104,100265.31963437138,141498.98080403003,171069.0507695885,210859.54635897325,253906.06643671205,300098.46024534135,384824.02283040836,476625.57416869927,574379.39806415956,678133.35175276431,787998.41514699964,904136.76914224995]
[null,null,"Less: Dividends"]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H381-H382+H383-H384","v":-2741000},{"$f":"I381-I382+I383-I384","v":353000},-399001.25000000186,4941001.5000000019,7161000,2332851.4446115647,4643489.6362627866,5528603.810894209,7975882.1846268782,11007325.849240378,7893730.1773058306,10622072.79758626,11491268.534752371,12331059.527213596,22617488.932083644,24506424.12975676,26095383.288893115,27697117.937173024,29328478.673091121,31003133.599032067,32732413.880831908]
[]
["Balance Sheet"]
[null,"Equity"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G392","v":0},{"$f":"H392","v":8189999.5},9750000,10740000,13380000,19290000,24861234.872036375,31987458.771425065,42888331.997261584,57177204.364951789,75508977.287996322,101363564.91551328,129403392.46870477,158892904.85749164,189168501.03044397,223810127.79221568,259557636.44811645,296621897.03543735,335185880.95654249,375413366.63774854,417455014.23779589]
[null,null,"Add: Income",null,null,null,null,{"$f":"H363","v":-39000},{"$f":"I363","v":274000},-241000,596000,2370000,5571234.872036377,7126223.8993886886,10900873.225836517,14288872.367690209,18331772.923044525,25854587.627516963,28039827.553191498,29489512.388786867,30275596.172952317,34641626.761771701,35747508.655900769,37064260.587320894,38563983.921105176,40227485.68120604,42041647.60004735,43997974.151484229]
[null,null,"Less: Dividends",null,null,null,null,{"$f":"H384","v":0},{"$f":"I384","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H5,H125,H389+H390-H391)","v":8189999.5},9750000,10740000,13380000,19290000,24861234.872036375,31987458.771425065,42888331.997261584,57177204.364951789,75508977.287996322,101363564.91551328,129403392.46870477,158892904.85749164,189168501.03044397,223810127.79221568,259557636.44811645,296621897.03543735,335185880.95654249,375413366.63774854,417455014.23779589,461452988.38928014]
[]
[null,null,"Assets",null,"Direct","Financing"]
[null,null,null,"Cash & Short Term Investments",null,-1,null,{"$f":"H330","v":11601000},{"$f":"I330","v":12970000},18306000,20228000,26695000,8617851.4446115643,13261341.08087435,18789944.89176856,26765827.076395437,37773152.925635815,45666883.102941647,56288955.900527909,67780224.435280278,80111283.962493867,102728772.8945775,127235197.02433427,153330580.31322739,181027698.25040042,210356176.92349154,241359310.52252361,274091724.40335554]
[null,null,null,"Total Accounts Receivable",1,null,null,{"$f":"H272","v":3360000},{"$f":"I272","v":4770000},5609999.9999999991,5650000,8340000,8771355,11315047.950000001,13578057.540000001,16105218.804778382,18894724.528467368,21940279.955724336,25231321.949082986,28107070.771044619,30541214.502413787,32550939.438945517,34178486.410892792,35887410.731437437,37681781.268009305,39565870.331409775,41544163.847980261,43621372.040379278]
[null,null,null,"Inventories",1,null,null,{"$f":"H275","v":6030000},{"$f":"I275","v":7410000.0000000009},8300000.0000000009,10240000,11460000,14999017.049999997,20706537.748500001,24536537.350237664,28738678.801397126,33293946.186493639,38176087.122960337,43902500.191404387,48906303.141617633,53141713.234199978,56638634.623765193,59470566.354953453,62444094.672701128,65566299.406336181,68844614.376653001,72286845.095485643,75901187.35025993]
[null,null,null,"Progress Payments & Other",1]
[null,null,null,"Other Current Assets",1,null,null,{"$f":"H278","v":453000},{"$f":"I278","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Current Assets",null,null,null,{"$f":"SUM(H395:H399)","v":21444000},{"$f":"SUM(I395:I399)","v":25150000},32216000,36118000,46495000,32388223.494611561,45282926.779374346,56904539.782006219,71609724.682570949,89961823.640596822,105783250.18162632,125422778.04101528,144793598.34794253,163794211.69910762,191918346.95728824,220884249.7901805,251662085.71736595,284275778.92474592,318766661.63155431,355190319.46598953,393614283.79399478]
[null,null,null,"Property, Plant & Equipment - Gross"]
[null,null,null,"Accumulated Depreciation"]
[null,null,null,"Net Property, Plant & Equipment",1,null,null,{"$f":"H296","v":7060000},{"$f":"I296","v":10950000},16970000,21840000,29110000,29148355,34273389.590000004,41998711.240500003,50825295.996109061,60792641.43124263,80698929.00259091,100894311.87047595,120642047.13652836,139347478.55625832,150081924.13171747,160411324.07403803,170550868.07954094,180667644.83486873,190892952.09012526,201331543.45476633,212068578.44760573]
[null,null,null,"Total Investments and Advances",null,-1]
[null,null,null,"Intangible Assets",1,null,null,{"$f":"H305","v":3280000},{"$f":"I305","v":3300000},4080000,4750000,4640000,5781386.1240248131,7265306.6162507217,9027508.4942405559,11094540.88379872,13491164.4705483,16239734.490638722,19359653.630457599,22763504.107394934,26364594.900017209,30083880.420708954,33853537.487271838,37683741.887073129,41584745.777897678,45566905.92608729,49640711.977559313,53816814.841224872]
[null,null,null,"Other Assets",null,-1,null,{"$f":"H310","v":648000},{"$f":"I310","v":538000},971000,1950000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000,2700000]
[null,null,null,"Total Assets",null,null,null,{"$f":"SUM(H400:H406)","v":32432000},{"$f":"SUM(I400:I406)","v":39938000},54237000,64658000,82945000,70017964.61863637,89521622.985625073,110630759.51674677,136229561.56247872,166945629.54238775,205421913.67485595,248376743.54194883,290899149.59186584,332206285.15538317,374784151.50971466,417849111.35149038,462596695.68397999,509228169.5375123,557926519.64776683,608862574.89831519,662199677.08282542]
[]
[null,null,"Liabilities & Shareholders' Equity"]
[null,null,null,"ST Debt & Current Portion LT Debt",null,1,null,{"$f":"H331","v":4970000},{"$f":"I331","v":6920000},16090000,17520000,20410000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Accounts Payable",-1,null,null,{"$f":"H283","v":13320000},{"$f":"I283","v":15130000},16459998.999999998,20400000,25310000,28251832.746599995,37068097.084200002,44108146.963485196,51880050.870837197,60359037.914537124,68716956.82132861,79024500.3445279,88031345.654911742,95655083.821559951,100777708.5029753,105816593.92812409,111107423.6245303,116662794.80575681,122495934.54604463,128620731.27334687,135051767.8370142]
[null,null,null,"Income Tax Payable",null,1]
[null,null,null,"Other Current Liabilities",null,1,null,{"$f":"H286","v":4550000},{"$f":"I286","v":6110000},8029999.5,10150000,13310000,12279897.000000002,15841067.130000001,19009280.556000002,22547306.326689739,26452614.339854319,30716391.938014071,35323850.72871618,39349899.079462469,42757700.303379305,45571315.214523725,47849880.975249909,50242375.024012409,52754493.775213033,55392218.463973686,58161829.387172371,61069920.856530987]
[null,null,null,"Total Current Liabilities",null,null,null,{"$f":"SUM(H410:H413)","v":22840000},{"$f":"SUM(I410:I413)","v":28160000},40579998.5,48070000,59030000,40531729.746599995,52909164.214200005,63117427.519485198,74427357.197526932,86811652.254391447,99433348.759342685,114348351.07324408,127381244.73437421,138412784.12493926,146349023.71749902,153666474.90337399,161349798.6485427,169417288.58096984,177888153.01001832,186782560.66051924,196121688.69354519]
[null,null,null,"Long-Term Debt",null,1]
[null,null,null,"Provision for Risks & Charges",null,1,null,{"$f":"H316","v":336000},457000,510000,932000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000,1400000]
[null,null,null,"Deferred Taxes",-1,null,null,-123000,344000,750000,325000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000,-62000]
[null,null,null,"Other Liabilities",-1,null,null,1200000,1220000,1660000,1960000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000,3300000]
[null,null,null,"Reconciling Liabilities",-1,null,null,-10999.5,7000,-2998.5,-9000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000,-13000]
[null,null,null,"Total Liabilities",null,null,null,{"$f":"SUM(H414:H419)","v":24242000.5},{"$f":"SUM(I414:I419)","v":30188000},43497000,51278000,63655000,45156729.746599995,57534164.214200005,67742427.519485205,79052357.197526932,91436652.254391447,104058348.75934269,118973351.07324408,132006244.73437421,143037784.12493926,150974023.71749902,158291474.90337399,165974798.6485427,174042288.58096984,182513153.01001832,191407560.66051924,200746688.69354519]
[null,null,null,"Total Shareholders' Equity",null,1]
[null,null,null,"Accumulated Minority Interest",null,1]
[null,null,null,"Total Equity",null,1,null,{"$f":"H392","v":8189999.5},{"$f":"I392","v":9750000},10740000,13380000,19290000,24861234.872036375,31987458.771425065,42888331.997261584,57177204.364951789,75508977.287996322,101363564.91551328,129403392.46870477,158892904.85749164,189168501.03044397,223810127.79221568,259557636.44811645,296621897.03543735,335185880.95654249,375413366.63774854,417455014.23779589,461452988.38928014]
[null,null,null,"Liabilities & Shareholders' Equity",null,null,null,{"$f":"H423+H420","v":32432000},{"$f":"I423+I420","v":39938000},54237000,64658000,82945000,70017964.61863637,89521622.985625073,110630759.51674679,136229561.56247872,166945629.54238778,205421913.67485595,248376743.54194885,290899149.59186584,332206285.15538323,374784151.50971472,417849111.35149044,462596695.68398005,509228169.5375123,557926519.64776683,608862574.89831519,662199677.0828253]
[]
[null,null,null,"Difference",null,null,null,{"$f":"H424-H407","v":0},{"$f":"I424-I407","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,{"$f":"AND(H427:AB427)","v":true},{"$f":"H426=0","v":true},{"$f":"I426=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Invested Capital",1,null,null,{"$f":"SUMPRODUCT(H395:H424,$E$395:$E$424)","v":5796999.5},{"$f":"SUMPRODUCT(I395:I424,$E$395:$E$424)","v":9729000},16092999.5,19804000,25015000,27223280.427424818,33267184.820550717,41807667.661493018,51658683.615246102,62888438.702214815,85113073.750585705,107138287.29689303,129162579.5016738,150514917.37132931,165352670.11216182,178872320.39903206,192233691.74622238,205612676.48135507,219149408.1782307,232957533.10244468,247131184.84245557]
[null,null,null,"Invested Capital",2,null,null,{"$f":"SUMPRODUCT(H395:H424,$F$395:$F$424)","v":5796999.5},{"$f":"SUMPRODUCT(I395:I424,$F$395:$F$424)","v":9729000},16092999.5,19804000,25015000,27223280.427424811,33267184.820550717,41807667.661493026,51658683.615246087,62888438.702214822,85113073.750585705,107138287.29689305,129162579.50167383,150514917.3713294,165352670.1121619,178872320.39903209,192233691.74622238,205612676.4813551,219149408.1782307,232957533.10244465,247131184.8424556]
[null,null,null,"Net Debt",3,null,null,{"$f":"H429-H423","v":-2393000},{"$f":"I429-I423","v":-21000},5352999.5,6424000,5725000,2362045.5553884357,1279726.0491256528,-1080664.3357685581,-5518520.7497057021,-12620538.5857815,-16250491.164927572,-22265105.17181173,-29730325.35581781,-38653583.659114569,-58457457.680053771,-80685316.049084365,-104388205.28921497,-129573204.47518739,-156263958.45951784,-184497481.13535124,-214321803.54682454]
[null,null,null,"ROIC",4,null,null,{"$f":"H355/AVERAGE(G428:H428)","v":0.14438503919139548},{"$f":"I355/AVERAGE(H428:I428)","v":0.10975138830836624},2.3158528060540005E-2,0.13427306090025715,0.19723777862067426,0.36285432355270347,0.38312074912049704,0.46719386281933145,0.48942513569466839,0.51042130482161496,0.55519287706400378,0.46303560299832103,0.39577954854079134,0.34297462563574227,0.34708781890011636,0.32815967297733883,0.3151128561582065,0.3053600297476507,0.29790392739549532,0.29208647140242805,0.28746203194258296]
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[null,null,null,"EPS",6,null,null,{"$f":"H366","v":-8.6092715231788075E-2},{"$f":"I366","v":0.59956236323851209},-0.52164502164502169,1.2762312633832977,5,11.753660067587294,15.034227635841114,22.997622839317547,30.145300353776811,38.674626419925161,54.545543517968277,59.155754331627634,62.2141611577782,63.872565765722186,73.083600763231431,75.41668492806069,78.194642589284584,81.358615867310505,84.868113251489532,88.695459071829859,92.822730277392893]
[null,null,null,"Revenue",7,null,null,{"$f":"H346","v":61090000},{"$f":"I346","v":74450000},88990000,107010000,135990000,175427100,226300959,271561150.80000001,322104376.09556764,377894490.56934738,438805599.11448669,504626438.98165965,562141415.42089236,610824290.04827571,651018788.77891028,683569728.21785581,717748214.62874866,753635625.3601861,791317406.62819541,830883276.95960522,872427440.80758548]
[null,null,null,"EBITDA  ",8,null,null,{"$f":"H372","v":2670000},{"$f":"I372","v":3650000},4490000,8060000,11840000,18472473.630000018,20367086.30999998,26515889.891748913,33881871.257583171,42566502.155252233,57044727.884883285,65601437.067615747,73078384.004716009,79407157.70627588,91142630.429047436,95699761.950499803,100484750.0480248,105508987.5504261,110784436.92794737,116323658.77434474,122139841.71306202]
[null,null,null,"EBITDA Margin",9,null,null,{"$f":"H435/H434","v":4.3706007529873955E-2},{"$f":"I435/I434","v":4.9026192075218265E-2},5.0455107315428703E-2,7.5320063545463042E-2,8.706522538421943E-2,0.1053000000000001,8.9999999999999913E-2,9.7642427179421537E-2,0.10518910568147791,0.11264123510009431,0.13000000000000003,0.12999999999999998,0.13,0.13000000000000006,0.13999999999999999,0.13999999999999999,0.13999999999999999,0.14000000000000007,0.14000000000000001,0.14000000000000001,0.14000000000000007]
[null,null,null,"Net Operating Cash Flow less Investing Cash Flow",10,null,null,{"$f":"H381","v":-2689000},{"$f":"I381","v":456000},-228001.25000000186,5350001.5000000019,7545000,2648606.6945886379,4611206.9936532658,5478926.563915845,7905494.6780085284,10907060.529606007,7752231.1965018008,10451003.746816672,11280408.988393398,12077153.460776884,22317390.471838303,24121600.106926352,25618757.714724414,27122738.539108865,28650345.321338356,30215135.183885068,31828277.111689657]
[null,null,null,"Working Capital",11,null,null,{"$f":"H396+H397+H399-H411-H413","v":-8027000},-9060000,-10579998.499999998,-14660000,-18820000,-16761357.696599999,-20887578.515700005,-25002832.629247531,-29583459.591351423,-34622981.539430439,-39316981.680658013,-45214528.932756707,-50367870.821711957,-54729856.38832549,-57159449.654788323,-60017422.137527741,-63018293.244404145,-66169207.906624347,-69477668.301955551,-72951551.717053339,-76599129.302905977]
[null,null,null,"Working Capital to EBITDA",12,null,null,{"$f":"H438/H351","v":-3.006367041198502},-2.4821917808219176,-2.3563471046770599,-1.8188585607940446,-1.589527027027027,-0.90736942070275317,-1.0255555555555569,-0.94293771513313585,-0.87313535213112792,-0.81338563862143298,-0.68923076923076909,-0.68923076923076931,-0.6892307692307692,-0.68923076923076876,-0.62714285714285722,-0.62714285714285722,-0.62714285714285734,-0.627142857142857,-0.627142857142857,-0.62714285714285711,-0.62714285714285667]
[]
[]
[null,null,null,null,4]
[null,null,null,null,null,null,null,{"$f":"H3","v":"2012-12-31"},"2013-12-31","2014-12-31","2015-12-31","2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31"]
[null,null,null,"History",null,null,null,{"$f":"IF(H5,H447)","v":0.14438503919139548},0.10975138830836624,2.3158528060540005E-2,0.13427306090025715,0.19723777862067426,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Forecast",null,null,null,{"$f":"IF(NOT(H5),H447)","v":false},false,false,false,false,0.36285432355270347,0.38312074912049704,0.46719386281933145,0.48942513569466839,0.51042130482161496,0.55519287706400378,0.46303560299832103,0.39577954854079134,0.34297462563574227,0.34708781890011636,0.32815967297733883,0.3151128561582065,0.3053600297476507,0.29790392739549532,0.29208647140242805,0.28746203194258296]
[]
[null,null,null,{"$f":"INDEX(D428:D439,$E$442)","v":"ROIC"},null,null,null,{"$f":"INDEX(H428:H439,$E$442)","v":0.14438503919139548},{"$f":"INDEX(I428:I439,$E$442)","v":0.10975138830836624},2.3158528060540005E-2,0.13427306090025715,0.19723777862067426,0.36285432355270347,0.38312074912049704,0.46719386281933145,0.48942513569466839,0.51042130482161496,0.55519287706400378,0.46303560299832103,0.39577954854079134,0.34297462563574227,0.34708781890011636,0.32815967297733883,0.3151128561582065,0.3053600297476507,0.29790392739549532,0.29208647140242805,0.28746203194258296]

{"sheet":"Amazon DCF","index":3,"n_rows":121,"n_cols":16384,"rows_kept":121,"cut":false,"hidden":false,"merged":[]}
["Contents"]
[null,"Period",null,null,{"$f":"E72","v":1638.1935494511924},null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,"Year",null,null,null,null,null,{"$f":"E9","v":2018},{"$f":"H3+1","v":2019},{"$f":"I3+1","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037]
[null,"Holding Period",null,null,null,{"$f":"E9","v":2018},{"$f":"E10","v":2030},{"$f":"H3<=$G$4","v":true},{"$f":"I3<=$G$4","v":true},true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false]
[null,"Exit Period",null,null,null,null,{"$f":"E10","v":2030},{"$f":"H3=$G$5","v":false},{"$f":"I3=$G$5","v":false},false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false]
[null,null,null,null,null,null,"Growth Method",null,{"$f":"E2","v":1638.1935494511924}]
[null,null,null,null,null,null,"EV/EBITDA Method",null,{"$f":"E82","v":1324.7241774842962}]
["Value Assumptions"]
[null,"Valuation Start",null,null,2018]
[null,"Holding Period",null,null,2030]
[]
[null,"WACC - Required Return",null,null,0.09]
[null,"Terminal Growth",null,null,0.04]
[null,"Terminal EV/EBITDA",null,null,14]
[null,"Terminal ROIC",null,null,0.15]
[]
[null,"Depreciation Rate",null,null,{"$f":"LOOKUP(F17,'Amazon Model'!140:140,'Amazon Model'!172:172)","v":0.23960066555740434},2016]
[null,"Depreciation Life",null,null,{"$f":"1/E17","v":4.1736111111111107}]
[null,"Stable Cap Exp to Revenues",null,null,0]
[null,"Working Capital to EBITDA",null,null,-1.6]
[null,"Working Capital growth Factor",null,null,{"$f":"(E13/(1+E13))","v":3.8461538461538464E-2}]
[]
["Holding Period Free Cash Flow"]
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[null,"Less: Depreciation Expense",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":8779510.1297740899},{"$f":"LOOKUP(I$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":8978634.7259101663},{"$f":"LOOKUP(J$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":11009480.429331377},{"$f":"LOOKUP(K$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":13332856.336832464},{"$f":"LOOKUP(L$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":15960035.13063613},{"$f":"LOOKUP(M$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":21091824.622682128},{"$f":"LOOKUP(N$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":26316858.814048789},{"$f":"LOOKUP(O$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":31446015.311896019},{"$f":"LOOKUP(P$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":36325734.428604119},{"$f":"LOOKUP(Q$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":39219381.792109333},{"$f":"LOOKUP(R$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":42014612.335738204},{"$f":"LOOKUP(S$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":44765798.131942175},{"$f":"LOOKUP(T$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":47515290.313553132},{"$f":"LOOKUP(U$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":50296498.186736137},{"$f":"LOOKUP(V$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":53136202.52648671},{"$f":"LOOKUP(W$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":53136202.52648671},{"$f":"LOOKUP(X$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":53136202.52648671},{"$f":"LOOKUP(Y$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":53136202.52648671},{"$f":"LOOKUP(Z$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":53136202.52648671},{"$f":"LOOKUP(AA$3,'Amazon Model'!4:4,'Amazon Model'!352:352)+LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!353:353)","v":53136202.52648671}]
[null,"EBIT ",null,null,null,null,null,{"$f":"H24-H25","v":11587576.18022589},{"$f":"I24-I25","v":17537255.165838748},22872390.828251794,29233645.818419769,41084692.754247159,44509612.444933623,46761525.190667219,47961142.394379862,54816896.000443317,56480380.15839047,58470137.712286599,60743189.41848392,63269146.61439424,66027160.587608606,69003639.186575308,69003639.186575308,69003639.186575308,69003639.186575308,69003639.186575308,69003639.186575308]
[null,"Tax Rate",null,null,null,null,null,{"$f":"LOOKUP(H3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(I3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(J3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(K3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(L3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(M3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(N3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(O3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(P3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(Q3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(R3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(S3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(T3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(U3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(V3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(W3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(X3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(Y3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(Z3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795},{"$f":"LOOKUP(AA3,'Amazon Model'!140:140,'Amazon Model'!190:190)","v":0.36742034943473795}]
[null,"Taxes",null,null,null,null,null,{"$f":"H26*H27","v":4257511.2892402429},{"$f":"I26*I27","v":6443544.421158636},8403781.8305241689,10741036.361855157,15095352.168184338,16353737.357722273,17181135.925656252,17621899.697832271,20140843.083410572,20752041.014002666,21483118.429745592,22318283.881919838,23246371.957498398,24259722.415282711,25353341.222200077,25353341.222200077,25353341.222200077,25353341.222200077,25353341.222200077,25353341.222200077]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"H24","v":20367086.30999998},{"$f":"I24","v":26515889.891748913},33881871.257583171,42566502.155252233,57044727.884883285,65601437.067615747,73078384.004716009,79407157.70627588,91142630.429047436,95699761.950499803,100484750.0480248,105508987.5504261,110784436.92794737,116323658.77434474,122139841.71306202,122139841.71306202,122139841.71306202,122139841.71306202,122139841.71306202,122139841.71306202]
[null,"Less: WC Changes",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-4126220.8191000056},{"$f":"LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-4115254.1135475263},{"$f":"LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-4580626.9621038921},{"$f":"LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-5039521.9480790161},{"$f":"LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-4694000.1412275732},{"$f":"LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-5897547.2520986944},{"$f":"LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-5153341.8889552504},{"$f":"LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-4361985.5666135326},{"$f":"LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-2429593.2664628327},{"$f":"LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-2857972.4827394187},{"$f":"LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3000871.1068764031},{"$f":"LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3150914.6622202024},{"$f":"LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3308460.3953312039},{"$f":"LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3473883.415097788},{"$f":"LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3647577.5858526379},{"$f":"LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3647577.5858526379},{"$f":"LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3647577.5858526379},{"$f":"LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3647577.5858526379},{"$f":"LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3647577.5858526379},{"$f":"LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!374:374)","v":-3647577.5858526379}]
[null,"Less: Capital Expenditures and Acquistion",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":15388465.211999999},{"$f":"LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":18466158.2544},{"$f":"LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":21903097.574498601},{"$f":"LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":25696825.358715624},{"$f":"LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":38614892.722074829},{"$f":"LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":44407126.630386047},{"$f":"LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":49468444.557038531},{"$f":"LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":53752537.524248265},{"$f":"LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":50779465.524755009},{"$f":"LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":53318438.800992757},{"$f":"LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":55984360.741042398},{"$f":"LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":58783578.778094523},{"$f":"LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":61722757.716999248},{"$f":"LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":64808895.602849215},{"$f":"LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":68049340.382991672},{"$f":"LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":68049340.382991672},{"$f":"LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":68049340.382991672},{"$f":"LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":68049340.382991672},{"$f":"LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":68049340.382991672},{"$f":"LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!379:379)+LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!380:380)","v":68049340.382991672}]
[null,"Less: Taxes",null,null,null,null,null,{"$f":"H28","v":4257511.2892402429},{"$f":"I28","v":6443544.421158636},8403781.8305241689,10741036.361855157,15095352.168184338,16353737.357722273,17181135.925656252,17621899.697832271,20140843.083410572,20752041.014002666,21483118.429745592,22318283.881919838,23246371.957498398,24259722.415282711,25353341.222200077,25353341.222200077,25353341.222200077,25353341.222200077,25353341.222200077,25353341.222200077]
[null,null,"Free Cash Flow",null,null,null,null,{"$f":"H30-H31-H32-H33","v":4847330.6278597452},{"$f":"I30-I31-I32-I33","v":5721441.329737803},8155618.8146642894,11168162.382760473,8028483.1358516905,10738120.331606122,11582145.410976477,12394706.050808869,22651915.087344687,24487254.618243799,26018141.984113216,27558039.552631944,29123767.648780931,30728924.171310604,32384737.693722907,32384737.693722907,32384737.693722907,32384737.693722907,32384737.693722907,32384737.693722907]
[]
[null,null,"Free Cash Flow over Explicit Period",null,null,null,null,{"$f":"IF(H4,H34)","v":4847330.6278597452},{"$f":"IF(I4,I34)","v":5721441.329737803},8155618.8146642894,11168162.382760473,8028483.1358516905,10738120.331606122,11582145.410976477,12394706.050808869,22651915.087344687,24487254.618243799,26018141.984113216,27558039.552631944,29123767.648780931,false,false,false,false,false,false,false]
[null,null,"NPV of Explicit Cash Fllow",null,{"$f":"NPV(F37,36:36)","v":97802753.404961422},{"$f":"E12","v":0.09}]
[null,null,"Including 1/2 year adjustment",null,{"$f":"E37*(1+F37)^0.5","v":102109072.29631923}]
[]
["Terminal Cash Flow"]
[null,"Invested Capital",null,null,null,null,null,{"$f":"LOOKUP(H$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":33267184.820550717},{"$f":"LOOKUP(I$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":41807667.661493026},{"$f":"LOOKUP(J$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":51658683.615246087},{"$f":"LOOKUP(K$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":62888438.702214822},{"$f":"LOOKUP(L$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":85113073.750585705},{"$f":"LOOKUP(M$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":107138287.29689305},{"$f":"LOOKUP(N$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":129162579.50167383},{"$f":"LOOKUP(O$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":150514917.3713294},{"$f":"LOOKUP(P$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":165352670.1121619},{"$f":"LOOKUP(Q$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":178872320.39903209},{"$f":"LOOKUP(R$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":192233691.74622238},{"$f":"LOOKUP(S$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":205612676.4813551},{"$f":"LOOKUP(T$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":219149408.1782307},{"$f":"LOOKUP(U$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":232957533.10244465},{"$f":"LOOKUP(V$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":247131184.8424556},{"$f":"LOOKUP(W$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":247131184.8424556},{"$f":"LOOKUP(X$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":247131184.8424556},{"$f":"LOOKUP(Y$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":247131184.8424556},{"$f":"LOOKUP(Z$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":247131184.8424556},{"$f":"LOOKUP(AA$3,'Amazon Model'!$4:$4,'Amazon Model'!429:429)","v":247131184.8424556}]
[null,"Stable ROIC",null,null,{"$f":"E15","v":0.15},null,null,{"$f":"$E$42","v":0.15},{"$f":"$E$42","v":0.15},0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[null,"NOPAT",null,null,null,null,null,{"$f":"H42*H41","v":4990077.7230826076},{"$f":"I42*I41","v":6271150.1492239535},7748802.5422869129,9433265.805332223,12766961.062587855,16070743.094533956,19374386.925251074,22577237.605699409,24802900.516824286,26830848.059854813,28835053.761933357,30841901.472203262,32872411.226734605,34943629.965366699,37069677.726368338,37069677.726368338,37069677.726368338,37069677.726368338,37069677.726368338,37069677.726368338]
[null,"EBIT = NOPAT/(1-t)",null,null,null,null,null,{"$f":"H43/(1-H27)","v":7888457.5541175902},{"$f":"I43/(1-I27)","v":9913613.4771647546},12249528.633054696,14912376.325894805,20182377.114375275,25405090.220928576,30627584.855027284,35690742.795037404,39209134.366969988,42414971.83141955,45583277.514802851,48755759.76028233,51965647.641937889,55239889.449718595,58600806.543877155,58600806.543877155,58600806.543877155,58600806.543877155,58600806.543877155,58600806.543877155]
[null,"EBITDA = EBIT + Deprecaition",null,null,null,null,null,{"$f":"H44+H25","v":16667967.68389168},{"$f":"I44+I25","v":18892248.203074921},23259009.062386073,28245232.662727267,36142412.245011404,46496914.843610704,56944443.66907607,67136758.106933415,75534868.795574099,81634353.623528883,87597889.850541055,93521557.892224506,99480937.955491021,105536387.63645473,111737009.07036386,111737009.07036386,111737009.07036386,111737009.07036386,111737009.07036386,111737009.07036386]
[null,"Stble EBITDA Applied",null,null,null,null,null,{"$f":"H30","v":20367086.30999998},{"$f":"I30","v":26515889.891748913},33881871.257583171,42566502.155252233,57044727.884883285,65601437.067615747,73078384.004716009,79407157.70627588,91142630.429047436,95699761.950499803,100484750.0480248,105508987.5504261,110784436.92794737,116323658.77434474,122139841.71306202,122139841.71306202,122139841.71306202,122139841.71306202,122139841.71306202,122139841.71306202]
[null,"Stable Taxes",null,null,null,null,null,{"$f":"H44*H27","v":2898379.831034983},{"$f":"I44*I27","v":3642463.3279408016},4500726.090767784,5479110.5205625826,7415416.0517874211,9334347.126394622,11253197.929776212,13113505.189337999,14406233.850145705,15584123.771564739,16748223.752869496,17913858.288079068,19093236.415203284,20296259.484351899,21531128.81750882,21531128.81750882,21531128.81750882,21531128.81750882,21531128.81750882,21531128.81750882]
[]
[null,"Stable Cap Exp to Deprecation",null,null,{"$f":"E19","v":0},null,null,{"$f":"$E$49","v":0},{"$f":"$E$49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Depreciation",null,null,null,null,null,{"$f":"H25","v":8779510.1297740899},{"$f":"I25","v":8978634.7259101663},11009480.429331377,13332856.336832464,15960035.13063613,21091824.622682128,26316858.814048789,31446015.311896019,36325734.428604119,39219381.792109333,42014612.335738204,44765798.131942175,47515290.313553132,50296498.186736137,53136202.52648671,53136202.52648671,53136202.52648671,53136202.52648671,53136202.52648671,53136202.52648671]
[null,"Stable Captial Expenditures",null,null,null,null,null,{"$f":"H49*H50","v":0},{"$f":"I49*I50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Working Captial to EBITDA",null,null,{"$f":"E20","v":-1.6},null,null,{"$f":"$E$53","v":-1.6},{"$f":"$E$53","v":-1.6},-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6,-1.6]
[null,"Stable Change in Working Capital",null,null,{"$f":"E21","v":3.8461538461538464E-2},null,null,{"$f":"H53*H45*$E$54","v":-1025721.0882394882},{"$f":"I53*I45*$E$54","v":-1162599.8894199952},-1431323.634608374,-1738168.1638601397,-2224148.4458468556,-2861348.6057606586,-3504273.4565585279,-4131492.8065805184,-4648299.6181891756,-5023652.5306787016,-5390639.3754179114,-5755172.7933676625,-6121903.8741840636,-6494546.9314741381,-6876123.6350993151,-6876123.6350993151,-6876123.6350993151,-6876123.6350993151,-6876123.6350993151,-6876123.6350993151]
[]
[null,"EBITDA",null,null,null,null,null,{"$f":"IF(H5,H46)","v":false},{"$f":"IF(I5,I46)","v":false},false,false,false,false,false,false,false,false,false,false,110784436.92794737,false,false,false,false,false,false,false]
[null,"Less: WC Change",null,null,null,null,null,{"$f":"IF(H5,H54)","v":false},{"$f":"IF(I5,I54)","v":false},false,false,false,false,false,false,false,false,false,false,-6121903.8741840636,false,false,false,false,false,false,false]
[null,"Less: Capital Expenditures",null,null,null,null,null,{"$f":"IF(H5,H51)","v":false},{"$f":"IF(I5,I51)","v":false},false,false,false,false,false,false,false,false,false,false,0,false,false,false,false,false,false,false]
[null,"Less: Taxes",null,null,null,null,null,{"$f":"IF(H5,H47)","v":false},{"$f":"IF(I5,I47)","v":false},false,false,false,false,false,false,false,false,false,false,19093236.415203284,false,false,false,false,false,false,false]
[null,null,"Stable Cash Flow",null,null,null,null,{"$f":"H56-H57-H58-H59","v":0},{"$f":"I56-I57-I58-I59","v":0},0,0,0,0,0,0,0,0,0,0,97813104.386928141,0,0,0,0,0,0,0]
[]
["Terminal Value - Growth Method"]
[null,"Growth Method ==> (1+g)/(WACC-g)",null,null,{"$f":"E13","v":0.04},{"$f":"E12","v":0.09},null,{"$f":"(1+$E$63)/($F$63-$E$63)","v":20.8},{"$f":"(1+$E$63)/($F$63-$E$63)","v":20.8},20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8,20.8]
[null,"Terminal Value",null,null,null,null,null,{"$f":"H60*H63","v":0},{"$f":"I60*I63","v":0},0,0,0,0,0,0,0,0,0,0,2034512571.2481053,0,0,0,0,0,0,0]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(F65,H64:AA64)*(1+E63)^0.5","v":676756715.69893444},{"$f":"F63","v":0.09}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E38","v":102109072.29631923}]
[null,"Total Enterprise Value",null,null,{"$f":"E65+E66","v":778865787.99525368}]
[]
[null,"Less: Net Debt",null,null,{"$f":"LOOKUP(E9-1,'Amazon Model'!$4:$4,'Amazon Model'!430:430)","v":2362045.5553884357}]
[null,"Equity Value",null,null,{"$f":"E67-E69","v":776503742.43986523}]
[null,"Shares",null,null,{"$f":"LOOKUP(E9-1,'Amazon Model'!4:4,'Amazon Model'!365:365)","v":474000}]
[null,"Equity Value/Share",null,null,{"$f":"E70/E71","v":1638.1935494511924}]
[]
[null,"EV/EBITDA Method ==> EV/EBITDA",null,null,{"$f":"E14","v":14},null,null,{"$f":"$E$74*H46*H5","v":0},{"$f":"$E$74*I46*I5","v":0},0,0,0,0,0,0,0,0,0,0,1550982116.9912632,0,0,0,0,0,0,0]
[null,"PV of Terminal Value",null,null,{"$f":"NPV(F75,H74:AA74)*(1+F75)^0.5","v":528172233.38662571},{"$f":"F65","v":0.09}]
[null,"Add: NPV of Explicit Cash Flow",null,null,{"$f":"E66","v":102109072.29631923}]
[null,"Total Enterprise Value",null,null,{"$f":"E75+E76","v":630281305.68294489}]
[]
[null,"Less: Net Debt",null,null,{"$f":"E69","v":2362045.5553884357}]
[null,"Equity Value",null,null,{"$f":"E77-E79","v":627919260.12755644}]
[null,"Shares",null,null,{"$f":"E71","v":474000}]
[null,"Equity Value/Share",null,null,{"$f":"E80/E81","v":1324.7241774842962}]
[]
[null,"Value Driver Formula: Invested Capital * ROIC *(1-g/ROIC)/(WACC-g)"]
[null,"Invested Capital",null,null,null,null,null,{"$f":"H41","v":33267184.820550717},{"$f":"I41","v":41807667.661493026},51658683.615246087,62888438.702214822,85113073.750585705,107138287.29689305,129162579.50167383,150514917.3713294,165352670.1121619,178872320.39903209,192233691.74622238,205612676.4813551,219149408.1782307,232957533.10244465,247131184.8424556,247131184.8424556,247131184.8424556,247131184.8424556,247131184.8424556,247131184.8424556]
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[null,null,2,{"$f":"G10&B22","v":"COGS Percent  Worst Case"},{"$f":"IF(E$9=$C23,E$13,E$11)","v":1},{"$f":"INDEX('Amazon Model'!$C$203:$C$206,'Sensitivity and Presentation'!E23)","v":"Base Case"},3,{"$f":"INDEX('Amazon Model'!$C$211:$C$214,'Sensitivity and Presentation'!G23)","v":"Case 3 - Higher Cost/Lower Price"},1,{"$f":"INDEX('Amazon Model'!$C$219:$C$222,'Sensitivity and Presentation'!I23)","v":"Base Case"},1,{"$f":"INDEX('Amazon Model'!$C$227:$C$230,'Sensitivity and Presentation'!K23)","v":"Base Case"},1,{"$f":"INDEX('Amazon Model'!$C$235:$C$238,'Sensitivity and Presentation'!M23)","v":"Base Case"},null,null,null,null,13,1168.8611070700861,962.38253001741191]
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[]
[]
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[]
[null,null,null,null,null,"Best Vs Base",null,"Worst Versus Base"]
[null,null,null,"Sales Growth",null,{"$f":"T14-$T$11","v":475.49579098899335},null,{"$f":"T22-$U$10","v":-440.55589354841209}]
[null,null,null,"COGS Percent",null,{"$f":"T15-$T$11","v":892.47919300841409},null,{"$f":"T23-$U$10","v":-155.86307041421014}]
[null,null,null,"R&D Growth",null,161.29898639193425,null,135.841383776361]
[null,null,null,"SG&A to Sales",null,483.8969591758048,null,76.35986197075249]
[null,null,null,"Cap Exp to Sales",null,259.83827599708275,null,232.66524969818556]