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{"sheet":"Contents","index":0,"n_rows":27,"n_cols":5,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
[null,null,"Go to Charts by Pressing Shift and Enter on Menu Item "]
[]
[null,null,"Sheet Tab","Description","Author"]
[null,1,"Contents"]
[null,2,"Transaction Assumptions"]
[null,3,"Transaction Structure"]
[null,4,"Merger Assumptions"]
[null,5,"Merger Model"]
[null,6,"Acquiror Scenario"]
[null,7,"Acquiror Assumptions"]
[null,8,"Acquiror Model"]
[null,9,"Target Scenario"]
[null,10,"Target Assumptions"]
[null,11,"Target Model"]
[null,12,"Airline Fleet (2)"]
[null,13,"Debt 1998"]
[null,14,"Pro Forma BS"]
[null,15,"Airline Fleet"]
[null,16,"Fleet Before Merger"]
[null,17,"Aircraft Purchase"]
[null,18,"Pro Forma IS"]
[null,19,"Plant Balance"]
[null,20,"Purchase Price Allocation"]
[null,21,"Sources and Uses"]
[]
[]
[null," Colour Codes "]

{"sheet":"Transaction Assumptions","index":1,"n_rows":150,"n_cols":20,"rows_kept":150,"cut":false,"hidden":false,"merged":[]}
["Transaction Period",null,null,"Period","Column",null,null,"KH Plane Strategy"]
[null,"Period in KH Model",null,6,{"$f":"MATCH(D2,'Acquiror Model'!1:1)","v":13},null,null,"KH Scenario"]
[null,"Period in Kalitta Model",null,6,{"$f":"MATCH(D3,'Target Model'!1:1)","v":14},null,null,"Kalitta Scenario"]
[]
["Consideration for Equity",null,null,null,null,null,"Accretion and Dilution"]
[null,"Total Consideration"]
[null,"Cash to Kalitta",null,20000]
[null,"Shares to Kalitta",null,4099,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Merger Model'!H208","v":1997},{"$f":"'Merger Model'!I208","v":1998},{"$f":"'Merger Model'!J208","v":1999},{"$f":"'Merger Model'!K208","v":2000},{"$f":"'Merger Model'!L208","v":2001}]
[null,"Applied Share Price in Issue to Kalitta",null,19,null,null,null,null,null,null,null,null,null,null,"EPS",{"$f":"'Merger Model'!H209","v":0.95689135263206371},{"$f":"'Merger Model'!I209","v":2.7214800009301827},{"$f":"'Merger Model'!J209","v":3.4750677880664913},{"$f":"'Merger Model'!K209","v":3.5346449482333164},{"$f":"'Merger Model'!L209","v":3.5977356747619589}]
[null,"Total Value of Shares",null,{"$f":"D8*D9","v":77881}]
[null,"Payment for 727's in September",null,51000]
[null,null,"Total Consideration",{"$f":"SUM(D7:D11)","v":152999}]
[]
[null,"Capital Expenditure for two747's",null,39600]
[null,"Reserve for conversion of two 747's",null,16400]
[null,null,"Total Payment for 747's",{"$f":"SUM(D14:D15)","v":56000}]
[]
[null,"Transaction Fees",null,16895]
[null,"Percent of Consideration",null,{"$f":"D18/D12","v":0.1104255583369826}]
[]
[null,"Shares Owned by Christopher",null,5948]
[null,"Initial Shares Outstanding",null,{"$f":"'Acquiror Model'!M297","v":7928}]
[null,"Percent Owned by Christopher Before",null,{"$f":"D21/D22","v":0.75025227043390519}]
[]
[null,"Kalitta Shares",null,{"$f":"D8","v":4099}]
[null,"Percent of Kalitta & Christoper owned by Christopher",null,{"$f":"D21/(D8+D21)","v":0.59201751766696531}]
[]
[null,"New Shares",null,{"$f":"D25+D33","v":6299}]
[null,"Total Shares After Merger",null,{"$f":"D28+D22","v":14227}]
[null,"Percent Owned by Christopher",null,{"$f":"D21/D29","v":0.41807830182048217}]
[]
["Transaction Financing"]
[null,"New Shares Issued",null,{"$f":"D35/D34","v":2200}]
[null,"Share Price Assumed",null,{"$f":"D9","v":19}]
[null,null,"Cash From Share Issuance",{"$f":"'Transaction Structure'!E18","v":41800}]
[]
[null,"New Notes Issued"]
[null,null,"Amount",340000]
[null,null,"Interest Rate",9.5000000000000001E-2]
[]
[null,"New Term Loan"]
[null,null,"Amount",45900]
[null,null,"Interest Rate",8.7999999999999995E-2]
[]
[null,"Revolving Credit"]
[null,null,"Amount of Commitment",10000]
[null,null,"Interest",{"$f":"D43","v":8.7999999999999995E-2}]
[]
[null,null,null,"Year 1","Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Total"]
[null,null,"Repayment",3.0632418969529372E-2,2.8045907377324226E-2,2.5434863076744155E-2,2.5603745084623385E-2,4.9212590758293734E-2,0.16821409494669703,0.16821409494669703,0.16821409494669703,0.16821409494669703,0.16821409494669703,1]
[]
["Existing Debt Retired"]
[null,"Existing Kalitta Debt",null,{"$f":"'Transaction Structure'!I61","v":255092.98099999997}]
[null,"Existing KH Debt",null,{"$f":"'Transaction Structure'!H61","v":35146.729999999996}]
[null,null,"Total Debt Retired",{"$f":"SUM(D53:D54)","v":290239.71099999995}]
[]
[null,"Breakage Fees on Debt",null,3000]
[]
["Accounting Adjusments"]
[null,"Asset Increase - PP&E",null,46276]
[null,"Asset Increase - Other",null,10123]
[null,"Asset Increase - Current",null,-101]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Combined EBITDA (USD Millions)",null,null,{"$f":"104917.923181616/1000","v":104.917923181616}]
[]
[null,null,null,"Cash","Value/","Shares","Stock"]
[null,null,null,"USD MM","EBTDA","000's","Price"]
["Uses"]
[null,"Consideration for Equity - Shares to Kalitta",null,{"$f":"G106*F106/1000","v":61.484999999999999},null,{"$f":"'Sources and Uses'!G10","v":4099},15,null,null,null,{"$f":"F106+F117","v":6299}]
[null,"Consideration for Equity - Cash to Kalitta",null,{"$f":"'Sources and Uses'!H51","v":20}]
[null,"Capital Expenditure for two747's",null,{"$f":"'Sources and Uses'!H50","v":39.6}]
[null,"Reserve for conversion of two 747's",null,{"$f":"'Sources and Uses'!H53","v":16.399999999999999}]
[null,"Repayment of Kitty Hawk and Kalitta Debt",null,{"$f":"'Sources and Uses'!E76/-1000","v":328.84},{"$f":"D110/$D$101","v":3.1342595242832654}]
[null,"Fees to Advisors and Banks",null,{"$f":"'Sources and Uses'!E78/-1000","v":16.895}]
[null,"Working Capital",null,{"$f":"'Sources and Uses'!E80/1000","v":5.9649999999999999}]
[null,null,"Total",{"$f":"SUM(D106:D112)","v":489.18499999999995},{"$f":"D113/D101","v":4.6625494020998337}]
[]
["Sources"]
[null,"Shares to Kalitta",null,{"$f":"D106","v":61.484999999999999},null,{"$f":"F106","v":4099},{"$f":"G106","v":15},null,null,{"$f":"D116+D117","v":103.285},null,null,{"$f":"D116+D117","v":103.285},{"$f":"'Pro Forma BS'!I31/1000","v":99.47}]
[null,"Shares to Public",null,{"$f":"G117*F117/1000","v":41.8},null,{"$f":"'Sources and Uses'!E71/1000","v":2200},19]
[null,"Proceeds from Notes",null,{"$f":"'Sources and Uses'!H74/1000","v":340},{"$f":"D118/D101","v":3.2406283854041793}]
[null,"Proceeds from Term Loan",null,{"$f":"'Sources and Uses'!E79/1000","v":45.9},{"$f":"(D118+D119)/D101","v":3.6781132174337436}]
[null,null,"Total",{"$f":"SUM(D116:D119)","v":489.18499999999995}]
[]
["Enterprise Value Paid"]
[null,"Total Consideration",null,{"$f":"D116+D117","v":103.285}]
[null,"Total New Debt",null,{"$f":"D118+D119","v":385.9}]
[null,"Minority Interest ",null,{"$f":"'Pro Forma BS'!E30/1000","v":3.5720000000000001}]
[null,"Existing Debt",null,{"$f":"'Pro Forma BS'!E25/1000","v":0.3}]
[null,"Less: Cash",null,{"$f":"-'Pro Forma BS'!D6/1000","v":-56}]
[null,null,"Total Enterprise Value",{"$f":"SUM(D123:D127)","v":437.05699999999996},{"$f":"D128/D101","v":4.1657038830576303}]
[]
[null,null,null,{"$f":"D120-D113","v":0}]
[]
[null,null,null,{"$f":"D120-D116","v":427.69999999999993}]
[]
[]
["Consideration for Merger",null,null,{"$f":"D106+D107","v":81.484999999999999}]
["Book Value",null,null,{"$f":"'Pro Forma BS'!C31/1000","v":35.65}]
[null,"Market to Book Ratio",null,{"$f":"D135/D136","v":2.2856942496493691}]
[]
["Enterprise Value",null,null,{"$f":"D128","v":437.05699999999996}]
["EBITDA",null,null,{"$f":"'Pro Forma IS'!C35/1000","v":75.463323181615849}]
[null,"EV/EBITDA",null,{"$f":"D139/D140","v":5.7916479366823657}]
[]
[]
[]
[]
["Uses"]
[null,"Purchase of 16 727's",null,51]
[]
["Sources"]
[null,"Term Loan",null,{"$f":"'Sources and Uses'!H46","v":45.9}]

{"sheet":"Transaction Structure","index":2,"n_rows":72,"n_cols":18,"rows_kept":72,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"KH Planes"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"KH Assumptions"]
["Uses and Sources",null,null,null,null,null,"Valuation Multiples for Transaction",null,null,null,null,null,null,null,null,"Kalitta Assumptions"]
[null,"Uses of Funds",null,null,null,null,"Kalitta EBITDA",null,{"$f":"'Target Model'!P235","v":87588.495391438017}]
[null,null,"Consideration - Cash",null,{"$f":"'Transaction Assumptions'!D7","v":20000}]
[null,null,"Consideration - Shares",null,{"$f":"'Transaction Assumptions'!D10","v":77881},null,"Kalittal EV",null,{"$f":"SUM(E5:E10)","v":459015.71099999995}]
[null,null,"Consideration - Asset Purchase",null,{"$f":"'Transaction Assumptions'!D11","v":51000},null,"EV/EBITDA",null,{"$f":"I6/I4","v":5.2405936298897746}]
[null,null,"Transaction Fees",null,{"$f":"'Transaction Assumptions'!D18","v":16895}]
[null,null,"Debt Retired",null,{"$f":"'Transaction Assumptions'!D55","v":290239.71099999995},null,"Total Invested Capital",null,{"$f":"SUM(I65:I66,I61)-I52","v":280278.63599999994}]
[null,null,"Fees for Debt Retirement",null,{"$f":"'Transaction Assumptions'!D57","v":3000},null,"EV/Invested Capital",null,{"$f":"I6/I9","v":1.637712090906565}]
[null,null,"Cash to Reserve for New 747's",null,{"$f":"'Transaction Assumptions'!D16","v":56000}]
[null,null,"Additional Cash ",null,{"$f":"MAX(E23,0)","v":0},null,"Total Consideration",null,{"$f":"(E5+E6+E7)","v":148881}]
[null,null,null,"Total Uses of Funds",{"$f":"SUM(E5:E12)","v":515015.71099999995},null,"Commmon Equity",null,{"$f":"I66","v":35650.142}]
[null,null,null,null,null,null,"Price to Book",null,{"$f":"I12/I13","v":4.1761684988519825}]
[null,"Sources of Funds"]
[null,null,"New Notes Issued",null,{"$f":"'Transaction Assumptions'!D38","v":340000},null,"Solvency Ratios for Credti Analysis"]
[null,null,"New Term Loan",null,{"$f":"'Transaction Assumptions'!D42","v":45900},null,"Kalitta EBITDA",null,{"$f":"I4","v":87588.495391438017}]
[null,null,"New Shares Issued to Public",null,{"$f":"E13-E16-E17-E19-E20","v":41800},null,"Kitty Hawk EBITDA",null,{"$f":"'Acquiror Model'!O210","v":29386.350266265668}]
[null,null,"New Shares Issued to Kalitta",null,{"$f":"E6","v":77881},null,"Total EBITDA",null,{"$f":"SUM(I17:I18)","v":116974.84565770368}]
[null,null,"Cash Used",null,9434.710999999952]
[null,null,null,"Total Sources of Funds",{"$f":"SUM(E16:E20)","v":515015.71099999995},null,"Total Debt",null,{"$f":"E16+E17","v":385900}]
[null,null,null,null,null,null,"Debt/EBITDA",null,{"$f":"I21/I19","v":3.2989998647165177}]
[null,null,"Net Working Capital"]
[null,null,null,null,null,null,"Total Capital",null,{"$f":"I21+R66+R65","v":574394.51700000011}]
[null,null,"Total Consideration",null,{"$f":"SUM(E5:E7)","v":148881},null,"Debt to Capital",null,{"$f":"I21/I24","v":0.67183788942748546}]
[]
["Goodwill and Purchase Price Allocation"]
[null,"Goodwill"]
[null,null,"Consideration",null,{"$f":"E5+E6+E7","v":148881}]
[null,null,"Less: Existing Equity",null,{"$f":"I66","v":35650.142}]
[null,null,null,"Base Increase in Net Assets",{"$f":"E29-E30","v":113230.85800000001}]
[]
[null,null,"Less: Increase in Assets"]
[null,null,null,"Increase in Net Plant",{"$f":"'Transaction Assumptions'!D60","v":46276}]
[null,null,null,"Increase in Other Assets",{"$f":"'Transaction Assumptions'!D61","v":10123}]
[null,null,null,"Increase in Current Assets",{"$f":"'Transaction Assumptions'!D62","v":-101}]
[null,null,null,"Total",{"$f":"SUM(E34:E36)","v":56298}]
[]
[null,null,"Net After Incease in Assets",null,{"$f":"E31-E37","v":56932.858000000007}]
[null,null,"Add: Fees Capitalised",null,{"$f":"'Transaction Assumptions'!D18","v":16895}]
[null,null,"Add: Breakage Fees",null,{"$f":"E10","v":3000}]
[null,null,null,"Total Goodwill",{"$f":"E39+E40+E41","v":76827.858000000007}]
[]
[]
[]
[]
["Column Number",null,null,null,{"$f":"'Transaction Assumptions'!E2","v":13},{"$f":"'Transaction Assumptions'!E3","v":14}]
[]
["Pro-Forma Balance Sheet",null,null,null,"Row KH","Row Kalitta",null,"KHC","Kalitta","Asset Writeup","Goodwill","Cash Change","Debt Retired","New Debt Issued","Remove Existing Equity","New Equity Issued","Total Adjustments","Pro-Forma"]
[null,"Assets"]
[null,null,"Cash Balance",null,{"$f":"MATCH(C51,'Acquiror Model'!C:C,0)","v":255},{"$f":"MATCH(C51,'Target Model'!C:C,0)","v":280},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E51,$E$47)","v":7503.48},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F51,'Transaction Structure'!$F$47)","v":3282.1419999999998},null,null,null,null,null,null,null,{"$f":"SUM(J51:P51)","v":0},{"$f":"Q51+H51+I51","v":10785.621999999999}]
[null,null,"Restricted Cash",null,null,{"$f":"MATCH(C52,'Target Model'!C:C,0)","v":281},null,null,{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F52,'Transaction Structure'!$F$47)","v":14036.924000000001},{"$f":"E36","v":-101},null,{"$f":"-E20","v":-9434.710999999952},null,null,null,null,-9535.710999999952,{"$f":"Q52+H52+I52","v":4501.2130000000489}]
[null,null,"Current Assets Less Cash",null,{"$f":"MATCH(C53,'Acquiror Model'!C:C,0)","v":256},{"$f":"MATCH(C53,'Target Model'!C:C,0)","v":285},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E53,$E$47)","v":21644.726999999999},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F53,'Transaction Structure'!$F$47)-I52","v":105113.40900000001},null,null,null,null,null,null,null,0,{"$f":"Q53+H53+I53","v":126758.13600000001}]
[null,null,"Net Plant",null,{"$f":"MATCH(C54,'Acquiror Model'!C:C,0)","v":261},{"$f":"MATCH(C54,'Target Model'!C:C,0)","v":290},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E54,$E$47)","v":89356.941000000006},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F54,'Transaction Structure'!$F$47)","v":271819.19199999998},{"$f":"E34","v":46276},null,{"$f":"E11","v":56000},null,null,null,null,102276,{"$f":"Q54+H54+I54","v":463452.13299999997}]
[null,null,"Other Assets",null,{"$f":"MATCH(C55,'Acquiror Model'!C:C,0)","v":257},{"$f":"MATCH(C55,'Target Model'!C:C,0)","v":291},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E55,$E$47)","v":12395.5},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F55,'Transaction Structure'!$F$47)","v":6224.5410000000002},{"$f":"E35","v":10123},null,null,null,null,null,null,10123,28743.041000000001]
[null,null,"Goodwill",null,null,null,null,null,null,null,{"$f":"E42","v":76827.858000000007},null,null,null,null,null,76827.858000000007,76827.858000000007]
[null,null,null,"Total Assets",null,null,null,{"$f":"SUM(H51:H55)","v":130900.648},{"$f":"SUM(I51:I55)","v":400476.20800000004},null,null,null,null,null,null,null,{"$f":"SUM(Q51:Q56)","v":179691.14700000006},{"$f":"Q57+H57+I57","v":711068.00300000003}]
[]
[]
[null,null,"Current Liabilities Less Debt",null,{"$f":"MATCH(C60,'Acquiror Model'!C:C,0)","v":271},{"$f":"MATCH(C60,'Target Model'!C:C,0)","v":301},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E60,$E$47)","v":27967.937999999998},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F60,'Transaction Structure'!$F$47)","v":75905.357000000004},null,null,null,null,null,null,null,{"$f":"SUM(J60:P60)","v":0},{"$f":"Q60+H60+I60","v":103873.295}]
[null,null,"Total Debt",null,{"$f":"MATCH(C61,'Acquiror Model'!C:C,0)","v":272},{"$f":"MATCH(C61,'Target Model'!C:C,0)","v":303},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E61,$E$47)","v":35146.729999999996},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F61,'Transaction Structure'!$F$47)","v":255092.98099999997},null,null,null,{"$f":"-E9","v":-290239.71099999995},null,null,null,{"$f":"SUM(J61:P61)","v":-290239.71099999995},0]
[null,null,"New Notes",null,null,null,null,null,null,null,null,null,null,{"$f":"E16","v":340000},null,null,340000,340000]
[null,null,"New Term Loan",null,null,null,null,null,null,null,null,null,null,{"$f":"E17","v":45900},null,null,45900,45900]
[null,null,"Deferred Tax Liability",null,{"$f":"MATCH(C64,'Acquiror Model'!C:C,0)","v":273},{"$f":"MATCH(C64,'Target Model'!C:C,0)","v":304},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E64,$E$47)","v":2544.9},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F64,'Transaction Structure'!$F$47)","v":30255.291000000001},null,null,null,null,null,null,null,0,32800.190999999999]
[null,null,"Minority Interest",null,null,{"$f":"MATCH(C65,'Target Model'!C:C,0)","v":306},null,null,{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F65,'Transaction Structure'!$F$47)","v":3572.4369999999999},null,null,null,null,null,null,null,0,3572.4369999999999]
[null,null,"Common Equity",null,{"$f":"MATCH(C66,'Acquiror Model'!C:C,0)","v":274},{"$f":"MATCH(C66,'Target Model'!C:C,0)","v":307},null,{"$f":"INDEX('Acquiror Model'!$1:$1048576,'Transaction Structure'!E66,$E$47)","v":65241.08},{"$f":"INDEX('Target Model'!$1:$1048576,'Transaction Structure'!F66,'Transaction Structure'!$F$47)","v":35650.142},null,null,null,null,null,{"$f":"-I66","v":-35650.142},{"$f":"E18+E19","v":119681},84030.858000000007,184922.08000000002]
[null,null,null,"Total Liabilities and Capital",null,null,null,{"$f":"SUM(H60:H66)","v":130900.64799999999},{"$f":"SUM(I60:I66)","v":400476.20799999998},null,null,null,null,null,null,null,{"$f":"SUM(Q60:Q66)","v":179691.14700000006},{"$f":"Q67+H67+I67","v":711068.00300000003}]
[]
[null,null,null,null,null,null,null,{"$f":"H67-H57","v":0},{"$f":"I67-I57","v":0},null,null,null,null,null,null,null,null,{"$f":"R67-R57","v":0}]
[]
[null,null,"Shares",null,{"$f":"MATCH(C71,'Acquiror Model'!C:C,0)","v":296},null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Transaction Assumptions'!D33+'Transaction Assumptions'!D8","v":6299},{"$f":"Q71+E71","v":6595}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R71-Q71","v":296}]

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["Assumptions",null,null,null,null,null,1997,{"$f":"G2+1","v":1998},{"$f":"H2+1","v":1999},2000,2001,2002,2003,2004,2005]
[]
[null,"Cap Exp for 747"]
[null,"Depreciation Write-up",null,null,14,{"$f":"'Transaction Structure'!E34","v":46276},{"$f":"$F$5/$E$5","v":3305.4285714285716},{"$f":"$F$5/$E$5","v":3305.4285714285716},3305.4285714285716,3305.4285714285716,3305.4285714285716,3305.4285714285716,3305.4285714285716,3305.4285714285716,3305.4285714285716]
[]
[null,"Repayment Percent",null,null,null,null,{"$f":"H7/4","v":7.6581047423823429E-3},{"$f":"'Transaction Assumptions'!D50","v":3.0632418969529372E-2},{"$f":"'Transaction Assumptions'!E50","v":2.8045907377324226E-2},{"$f":"'Transaction Assumptions'!F50","v":2.5434863076744155E-2},{"$f":"'Transaction Assumptions'!G50","v":2.5603745084623385E-2},{"$f":"'Transaction Assumptions'!H50","v":4.9212590758293734E-2},{"$f":"'Transaction Assumptions'!I50","v":0.16821409494669703},{"$f":"'Transaction Assumptions'!J50","v":0.16821409494669703},{"$f":"'Transaction Assumptions'!K50","v":0.16821409494669703}]
[]
[null,"Minimum Cash as Percent of Revenues",null,null,null,null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,"Interest Income Rate",null,null,null,null,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[]
[null,"Income Tax Rate",null,null,null,null,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]

{"sheet":"Merger Model","index":4,"n_rows":214,"n_cols":15,"rows_kept":214,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Planes",null,{"$f":"'Merger Assumptions'!G2","v":1997},{"$f":"'Merger Assumptions'!H2","v":1998},{"$f":"'Merger Assumptions'!I2","v":1999},{"$f":"'Merger Assumptions'!J2","v":2000},{"$f":"'Merger Assumptions'!K2","v":2001},{"$f":"'Merger Assumptions'!L2","v":2002},{"$f":"'Merger Assumptions'!M2","v":2003},{"$f":"'Merger Assumptions'!N2","v":2004},{"$f":"'Merger Assumptions'!O2","v":2005}]
["Period",null,null,null,"KH Case",null,{"$f":"'Acquiror Assumptions'!Q3","v":0.28000000000000003},{"$f":"'Acquiror Assumptions'!R3","v":1},{"$f":"'Acquiror Assumptions'!S3","v":1},{"$f":"'Acquiror Assumptions'!T3","v":1},{"$f":"'Acquiror Assumptions'!U3","v":1},{"$f":"'Acquiror Assumptions'!V3","v":1},{"$f":"'Acquiror Assumptions'!W3","v":1},{"$f":"'Acquiror Assumptions'!X3","v":1},{"$f":"'Acquiror Assumptions'!Y3","v":1}]
[null,"KH Model Period",null,null,"Kalitta Case",{"$f":"'Transaction Assumptions'!D2","v":6},{"$f":"F3+1","v":7},{"$f":"G3+1","v":8},9,10,11,12,13,14,15]
[null,"Kalittal Model Period",null,null,null,{"$f":"'Transaction Assumptions'!D3","v":6},{"$f":"F4+1","v":7},{"$f":"G4+1","v":8},9,10,11,12,13,14,15]
[null,"KH Model Column",null,null,null,{"$f":"MATCH(F3,'Acquiror Model'!1:1)","v":13},{"$f":"MATCH(G3,'Acquiror Model'!1:1)","v":14},{"$f":"MATCH(H3,'Acquiror Model'!1:1)","v":15},{"$f":"MATCH(I3,'Acquiror Model'!1:1)","v":16},{"$f":"MATCH(J3,'Acquiror Model'!1:1)","v":17},{"$f":"MATCH(K3,'Acquiror Model'!1:1)","v":18},{"$f":"MATCH(L3,'Acquiror Model'!1:1)","v":19},{"$f":"MATCH(M3,'Acquiror Model'!1:1)","v":20},{"$f":"MATCH(N3,'Acquiror Model'!1:1)","v":21},{"$f":"MATCH(O3,'Acquiror Model'!1:1)","v":22}]
[null,"Kalittal Model Column",null,null,null,{"$f":"MATCH(F4,'Target Model'!1:1)","v":14},{"$f":"MATCH(G4,'Target Model'!1:1)","v":15},{"$f":"MATCH(H4,'Target Model'!1:1)","v":16},{"$f":"MATCH(I4,'Target Model'!1:1)","v":17},{"$f":"MATCH(J4,'Target Model'!1:1)","v":18},{"$f":"MATCH(K4,'Target Model'!1:1)","v":19},{"$f":"MATCH(L4,'Target Model'!1:1)","v":20},{"$f":"MATCH(M4,'Target Model'!1:1)","v":21},{"$f":"MATCH(N4,'Target Model'!1:1)","v":22},{"$f":"MATCH(O4,'Target Model'!1:1)","v":23}]
[]
["Pro-Forma Balance Sheet"]
[null,"Assets"]
[null,null,"Cash Balance",null,null,{"$f":"'Transaction Structure'!R51","v":10785.621999999999}]
[null,null,"Restricted Cash",null,null,{"$f":"'Transaction Structure'!R52","v":4501.2130000000489}]
[null,null,"Current Assets Less Cash",null,null,{"$f":"'Transaction Structure'!R53","v":126758.13600000001}]
[null,null,"Net Plant",null,null,{"$f":"'Transaction Structure'!R54","v":463452.13299999997}]
[null,null,"Other Assets",null,null,{"$f":"'Transaction Structure'!R55","v":28743.041000000001}]
[null,null,"Goodwill",null,null,{"$f":"'Transaction Structure'!R56","v":76827.858000000007}]
[null,null,null,"Total Assets",null,{"$f":"'Transaction Structure'!R57","v":711068.00300000003}]
[]
[]
[null,null,"Current Liabilities Less Debt",null,null,{"$f":"'Transaction Structure'!R60","v":103873.295}]
[null,null,"Total Debt",null,null,{"$f":"'Transaction Structure'!R61","v":0}]
[null,null,"New Notes",null,null,{"$f":"'Transaction Structure'!R62","v":340000}]
[null,null,"New Term Loan",null,null,{"$f":"'Transaction Structure'!R63","v":45900}]
[null,null,"Deferred Tax Liability",null,null,{"$f":"'Transaction Structure'!R64","v":32800.190999999999}]
[null,null,"Minority Interest",null,null,{"$f":"'Transaction Structure'!R65","v":3572.4369999999999}]
[null,null,"Common Equity",null,null,{"$f":"'Transaction Structure'!R66","v":184922.08000000002}]
[null,null,null,"Total Liabilities and Capital",null,{"$f":"'Transaction Structure'!R67","v":711068.00300000003}]
[]
[null,null,"Shares"]
[]
["Operations Analysis"]
[null,"Revenues - KH",null,null,{"$f":"ROW('Acquiror Model'!D202)","v":202},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E31&\":\"&$E31),G$5)","v":38000.547719202907},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E31&\":\"&$E31),H$5)","v":143660.334021191},164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[null,"Revenues - Kalitta",null,null,{"$f":"ROW('Target Model'!D233)","v":233},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E32&\":\"&$E32),G$6)","v":134730.0996062441},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E32&\":\"&$E32),H$6)","v":494301.45744326687},496294.46557906823,477993.43156379543,457781.93806458544,435467.33201139641,410837.66288474918,383659.75232793525,353677.07070758782]
[null,"Synergies"]
[null,null,"Total",null,null,null,{"$f":"SUM(G31:G33)","v":172730.647325447},{"$f":"SUM(H31:H33)","v":637961.79146445787},660306.75491399074,665216.81303717964,671469.27298483381,679319.36895496922,689064.71025284089,701051.91509096988,715684.25622356369]
[]
[null,"Cash Operating Expense - KH",null,null,{"$f":"ROW('Acquiror Model'!H209)","v":209},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E36&\":\"&$E36),G$5)","v":30455.548017271536},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E36&\":\"&$E36),H$5)","v":114273.98375492533},127691.73903975895,142939.15386063218,160267.0481989386,179960.71383234698,202344.69156884038,227788.21888550042,256711.44358302941]
[null,"Cash Operating Expense - Kalitta",null,null,{"$f":"ROW('Target Model'!D234)","v":234},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E37&\":\"&$E37),G$6)","v":123298.359},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E37&\":\"&$E37),H$6)","v":406712.96205182886},388385.93604560272,364069.72903676686,348376.01414595707,330660.07948100561,308427.84652072308,283972.39026441221,257071.38838247026]
[null,"Synergies"]
[null,null,"Total",null,null,null,{"$f":"SUM(G36:G38)","v":153753.90701727153},{"$f":"SUM(H36:H38)","v":520986.94580675417},516077.6750853617,507008.88289739902,508643.06234489568,510620.79331335262,510772.53808956349,511760.60914991261,513782.83196549967]
[]
[null,"EBITDA",null,null,null,null,{"$f":"G34-G39","v":18976.740308175475},{"$f":"H34-H39","v":116974.8456577037},144229.07982862904,158207.93013978063,162826.21063993813,168698.5756416166,178292.1721632774,189291.30594105728,201901.42425806401]
[]
[null,"Capital Expenditure - KH",null,null,{"$f":"ROW('Acquiror Model'!D230)","v":230},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E43&\":\"&$E43),G$5)","v":11205.913854600303},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E43&\":\"&$E43),H$5)","v":30485.550932790349},33823.383572708903,37538.391108615237,41674.799774907529,46282.234741143664,51416.406452315205,57139.8875701625,63522.992870686867]
[null,"Capital Expenditure - Kalitta",null,null,{"$f":"ROW('Target Model'!D252)","v":252},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E44&\":\"&$E44),G$6)","v":62229.599999999999},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E44&\":\"&$E44),H$6)","v":35000},35000,30000,30000,30000,30000,20000,20000]
[null,"Capital Expenditures 747's",null,null,null,null,{"$f":"'Merger Assumptions'!G4","v":0},{"$f":"'Merger Assumptions'!H4","v":0},{"$f":"'Merger Assumptions'!I4","v":0},{"$f":"'Merger Assumptions'!J4","v":0},{"$f":"'Merger Assumptions'!K4","v":0},{"$f":"'Merger Assumptions'!L4","v":0},{"$f":"'Merger Assumptions'!M4","v":0},{"$f":"'Merger Assumptions'!N4","v":0},{"$f":"'Merger Assumptions'!O4","v":0}]
[null,"Synegies"]
[null,null,"Total",null,null,null,{"$f":"SUM(G43:G46)","v":73435.5138546003},{"$f":"SUM(H43:H46)","v":65485.550932790349},68823.383572708903,67538.391108615237,71674.799774907529,76282.234741143664,81416.406452315205,77139.887570162507,83522.992870686867]
[]
[null,"Depreciation - KH",null,null,{"$f":"ROW('Acquiror Model'!D211)","v":211},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E49&\":\"&$E49),G$5)","v":3710.260625037708},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E49&\":\"&$E49),H$5)","v":12989.03834745426},15636.78615520438,18563.565699334409,21799.418696823079,25377.711817848089,29335.5172983312,33714.038831321559,38559.088347738725]
[null,"Depreciation - Kalitta",null,null,{"$f":"ROW('Target Model'!E236)","v":236},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E50&\":\"&$E50),G$6)","v":11269.530491328398},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E50&\":\"&$E50),H$6)","v":45100.593083285763},47852.391029565828,51376.290548251673,55372.962685472783,60806.799020542967,68459.975655786853,79751.538525983706,95035.319016533555]
[null,"Added Depreciation from Writeup",null,null,null,null,{"$f":"'Merger Assumptions'!G5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!H5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!I5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!J5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!K5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!L5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!M5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!N5","v":3305.4285714285716},{"$f":"'Merger Assumptions'!O5","v":3305.4285714285716}]
[null,null,"Total",null,null,null,{"$f":"SUM(G49:G51)","v":18285.219687794677},{"$f":"SUM(H49:H51)","v":61395.060002168597},66794.605756198769,73245.284819014647,80477.809953724427,89489.939409819621,101100.92152554663,116771.00592873384,136899.83593570086]
[]
[null,"Net Plant"]
[null,null,"Opening Balance",null,null,null,{"$f":"F58","v":463452.13299999997},{"$f":"G58","v":518602.4271668056},522692.91809742741,524721.69591393752,519014.80220353807,510211.79202472122,497004.08735604532,477319.5722828139,437688.45392424252]
[null,null,"Add: Capital Expenditures",null,null,null,{"$f":"G47","v":73435.5138546003},{"$f":"H47","v":65485.550932790349},68823.383572708903,67538.391108615237,71674.799774907529,76282.234741143664,81416.406452315205,77139.887570162507,83522.992870686867]
[null,null,"Less: Depreciation",null,null,null,{"$f":"G52","v":18285.219687794677},{"$f":"H52","v":61395.060002168597},66794.605756198769,73245.284819014647,80477.809953724427,89489.939409819621,101100.92152554663,116771.00592873384,136899.83593570086]
[null,null,"Closing Balance",null,null,{"$f":"F13","v":463452.13299999997},{"$f":"G55+G56-G57","v":518602.4271668056},{"$f":"H55+H56-H57","v":522692.91809742741},524721.69591393752,519014.80220353807,510211.79202472122,497004.08735604532,477319.5722828139,437688.45392424252,384311.61085922853]
[]
[null,"Current Assets - KH",null,null,{"$f":"ROW('Acquiror Model'!D256)","v":256},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E60&\":\"&$E60),G$5)","v":20357.436278144414},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E60&\":\"&$E60),H$5)","v":21549.050103178648},24601.843400238376,28083.507221007621,32053.100238037252,36577.805541535919,41734.057105213753,47608.824414455194,54301.077827396381]
[null,"Current Assets - Kalitta",null,null,{"$f":"ROW('Target Model'!E285)","v":285},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E61&\":\"&$E61),G$6)","v":128929.97547247268},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E61&\":\"&$E61),H$6)","v":131867.05638915236},131202.70283445661,126311.83086761135,121547.30984122957,116264.80461983407,110281.41464202975,103683.36220418807,96408.854591060226]
[null,"Total Curent Assets",null,null,null,{"$f":"F12","v":126758.13600000001},{"$f":"SUM(G60:G61)","v":149287.41175061709},{"$f":"SUM(H60:H61)","v":153416.10649233102},155804.54623469498,154395.33808861897,153600.41007926682,152842.61016136999,152015.47174724349,151292.18661864326,150709.93241845659]
[]
[null,"Current Liabilities - KH",null,null,{"$f":"ROW('Acquiror Model'!D271)","v":271},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E64&\":\"&$E64),G$5)","v":25712.801766776756},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E64&\":\"&$E64),H$5)","v":27148.87960794619},30773.295517577244,34902.45983625044,39605.789164158705,44962.246825242953,51061.666350813321,58006.260760209843,65912.344147956843]
[null,"Current Liabilities - Kalitta",null,null,{"$f":"ROW('Target Model'!D301)","v":301},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E65&\":\"&$E65),G$6)","v":76016.700599055795},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E65&\":\"&$E65),H$6)","v":71974.924056348711},68893.288868177027,64665.066150699364,61880.209864999437,58739.848821028187,54821.392501249436,50510.522505360488,45767.986104867698]
[null,"Total Current Liabilities",null,null,null,{"$f":"F19","v":103873.295},{"$f":"SUM(G64:G65)","v":101729.50236583255},{"$f":"SUM(H64:H65)","v":99123.803664294901},99666.584385754279,99567.525986949797,101485.99902915815,103702.09564627113,105883.05885206276,108516.78326557032,111680.33025282454]
[]
[null,"Working Capital",null,null,null,{"$f":"F12-F19","v":22884.841000000015},{"$f":"G62-G66","v":47557.909384784536},{"$f":"H62-H66","v":54292.302828036118},56137.9618489407,54827.812101669173,52114.411050108669,49140.514515098854,46132.412895180722,42775.403353072936,39029.602165632052]
[null,null,"Change in Working Capital",null,null,null,{"$f":"G68-F68","v":24673.068384784521},{"$f":"H68-G68","v":6734.3934432515816},1845.6590209045826,-1310.1497472715273,-2713.4010515605041,-2973.8965350098151,-3008.1016199181322,-3357.0095421077858,-3745.801187440884]
[]
[null,"Other Assets",null,null,null,{"$f":"F14","v":28743.041000000001},{"$f":"F71","v":28743.041000000001},{"$f":"G71","v":28743.041000000001},28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001]
[null,"Goodwill",null,null,null,{"$f":"F15","v":76827.858000000007},{"$f":"F72","v":76827.858000000007},{"$f":"G72","v":76827.858000000007},76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007]
[null,"Deferred Tax Liability",null,null,null,{"$f":"F23","v":32800.190999999999},{"$f":"F73","v":32800.190999999999},{"$f":"G73","v":32800.190999999999},32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999]
[]
[null,"Other Income - KH",null,null,{"$f":"ROW('Acquiror Model'!D233)","v":233},null,{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E75&\":\"&$E75),G$5)","v":0},{"$f":"INDEX(INDIRECT(\"'Acquiror Model'!\"&$E75&\":\"&$E75),H$5)","v":0},0,0,0,0,0,0,0]
[null,"Other Income - Kalitta",null,null,{"$f":"ROW('Target Model'!D240)","v":240},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E76&\":\"&$E76),G$6)","v":0},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E76&\":\"&$E76),H$6)","v":0},0,0,0,0,0,0,0]
[null,null,"Total Other Income",null,null,null,{"$f":"SUM(G75:G76)","v":0},{"$f":"SUM(H75:H76)","v":0},0,0,0,0,0,0,0]
[]
[null,"Minority Interest",null,null,{"$f":"ROW('Target Model'!D242)","v":242},null,{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E79&\":\"&$E79),G$6)","v":-1658.852670655901},{"$f":"INDEX(INDIRECT(\"'Target Model'!\"&$E79&\":\"&$E79),H$6)","v":728.11354458631172},2047.3029329475726,2485.5339913679049,2272.2071180085327,1967.6862259717293,1670.1839935929247,1117.3609179721107,189.45724773153529]
[]
["Financing"]
[]
[null,"Notes and Term Loan Repayment",null,null,null,null,{"$f":"'Merger Assumptions'!G7","v":7.6581047423823429E-3},{"$f":"'Merger Assumptions'!H7","v":3.0632418969529372E-2},{"$f":"'Merger Assumptions'!I7","v":2.8045907377324226E-2},{"$f":"'Merger Assumptions'!J7","v":2.5434863076744155E-2},{"$f":"'Merger Assumptions'!K7","v":2.5603745084623385E-2},{"$f":"'Merger Assumptions'!L7","v":4.9212590758293734E-2},{"$f":"'Merger Assumptions'!M7","v":0.16821409494669703},{"$f":"'Merger Assumptions'!N7","v":0.16821409494669703},{"$f":"'Merger Assumptions'!O7","v":0.16821409494669703}]
[]
[null,"New Notes"]
[null,null,"Amount Issued",null,null,{"$f":"$F$89","v":340000},{"$f":"$F$89","v":340000},{"$f":"$F$89","v":340000},340000,340000,340000,340000,340000,340000,340000]
[null,null,"Opening Balance",null,null,null,{"$f":"F89","v":340000},{"$f":"G89","v":337396.24438758998},326981.22193795,317445.61342965974,308797.75998356671,300092.48665479477,283360.20579697489,226167.4135150979,168974.62123322091]
[null,null,"Less: Repayments",null,null,null,{"$f":"G86*G83","v":2603.7556124099965},{"$f":"H86*H83","v":10415.022449639986},9535.6085082902373,8647.8534460930132,8705.2733287719511,16732.280857819871,57192.792281876995,57192.792281876995,57192.792281876995]
[null,null,"Closing Balance",null,null,{"$f":"F21","v":340000},{"$f":"G87-G88","v":337396.24438758998},{"$f":"H87-H88","v":326981.22193795},317445.61342965974,308797.75998356671,300092.48665479477,283360.20579697489,226167.4135150979,168974.62123322091,111781.82895134392]
[null,null,"Interest",null,{"$f":"'Transaction Assumptions'!D39","v":9.5000000000000001E-2},null,{"$f":"$E$90*G87*G2","v":9044},{"$f":"$E$90*H87*H2","v":32052.643216821049},31063.21608410525,30157.333275817677,29335.787198438837,28508.786232205504,26919.219550712616,21485.904283934302,16052.589017155986]
[]
[null,"New Term Loan"]
[null,null,"Amount Issued",null,null,{"$f":"$F$22","v":45900},{"$f":"$F$22","v":45900},{"$f":"$F$22","v":45900},45900,45900,45900,45900,45900,45900,45900]
[null,null,"Opening Balance",null,null,null,{"$f":"F96","v":45900},{"$f":"G96","v":45548.492992324653},44142.464961623256,42855.157813004073,41687.697597781516,40512.4856983973,38253.627782591619,30532.600824538225,22811.573866484832]
[null,null,"Less: Repayments",null,null,null,{"$f":"G93*G83","v":351.50700767534954},{"$f":"H93*H83","v":1406.0280307013982},1287.307148619182,1167.4602152225566,1175.2118993842134,2258.8579158056823,7721.0269580533941,7721.0269580533941,7721.0269580533941]
[null,null,"Closing Balance",null,null,{"$f":"F93","v":45900},{"$f":"G94-G95","v":45548.492992324653},{"$f":"H94-H95","v":44142.464961623256},42855.157813004073,41687.697597781516,40512.4856983973,38253.627782591619,30532.600824538225,22811.573866484832,15090.546908431439]
[null,null,"Interest",null,{"$f":"'Transaction Assumptions'!D43","v":8.7999999999999995E-2},null,{"$f":"$E$97*G94*G2","v":1130.9760000000001},{"$f":"$E$97*H94*H2","v":4008.267383324569},3884.5369166228465,3771.2538875443583,3668.5173886047733,3565.0987414589622,3366.319244868062,2686.8688725593638,2007.4185002506651]
[]
[null,"Cash Balance"]
[null,null,"Minimum Cash as Percent of Revenues",null,null,null,{"$f":"'Merger Assumptions'!G9","v":0.02},{"$f":"'Merger Assumptions'!H9","v":0.02},{"$f":"'Merger Assumptions'!I9","v":0.02},{"$f":"'Merger Assumptions'!J9","v":0.02},{"$f":"'Merger Assumptions'!K9","v":0.02},{"$f":"'Merger Assumptions'!L9","v":0.02},{"$f":"'Merger Assumptions'!M9","v":0.02},{"$f":"'Merger Assumptions'!N9","v":0.02},{"$f":"'Merger Assumptions'!O9","v":0.02}]
[null,null,"Minimum Cash Balance",null,null,null,{"$f":"G100*G34/G2","v":12337.903380389071},{"$f":"H100*H34/H2","v":12759.235829289159},13206.135098279816,13304.336260743594,13429.385459696676,13586.387379099384,13781.294205056818,14021.038301819397,14313.685124471274]
[]
[null,null,"Opening Balance",null,null,null,{"$f":"F106","v":10785.621999999999},{"$f":"G106","v":10785.621999999999},10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999]
[null,null,"Less Cash Reduced from Negative Cash Flow",null,null,null,{"$f":"G159","v":0},{"$f":"H159","v":0},0,0,0,0,0,0,0]
[null,null,"Add: Cash Increased from Surplus Cash",null,null,null,{"$f":"G162","v":0},{"$f":"H162","v":0},0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F10","v":10785.621999999999},{"$f":"G103-G104+G105","v":10785.621999999999},{"$f":"H103-H104+H105","v":10785.621999999999},10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999]
[null,null,"Interest Income Rate",null,null,null,{"$f":"'Merger Assumptions'!G11","v":0.03},{"$f":"'Merger Assumptions'!H11","v":0.03},{"$f":"'Merger Assumptions'!I11","v":0.03},{"$f":"'Merger Assumptions'!J11","v":0.03},{"$f":"'Merger Assumptions'!K11","v":0.03},{"$f":"'Merger Assumptions'!L11","v":0.03},{"$f":"'Merger Assumptions'!M11","v":0.03},{"$f":"'Merger Assumptions'!N11","v":0.03},{"$f":"'Merger Assumptions'!O11","v":0.03}]
[null,null,"Interest Income   ",null,null,null,{"$f":"G107*G103*G2","v":90.599224800000002},{"$f":"H107*H103*H2","v":323.56865999999997},323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997]
[]
[null,null,"Minimum Balance Test",null,null,null,{"$f":"MAX(G103-G101,0)","v":0},{"$f":"MAX(H103-H101,0)","v":0},0,0,0,0,0,0,0]
[]
[null,"Revolver/New Debt"]
[null,null,"Opening Balance",null,null,null,{"$f":"F116","v":0},{"$f":"G116","v":92171.481326494686},107778.60416551463,102480.49312075663,79875.157270734839,52656.040716906355,29770.82528581929,45226.359106401331,40337.344896972711]
[null,null,"Less: Reduction from Positive Cash Flow",null,null,null,{"$f":"G160","v":0},{"$f":"H160","v":0},5298.1110447580031,22605.33585002178,27219.11655382848,22885.215431087065,0,4889.0142094286193,18438.102880938233]
[null,null,"Add: Increase from Negative Cash Flow",null,null,null,{"$f":"G163","v":92171.481326494686},{"$f":"H163","v":15607.122839019941},0,0,0,0,15455.533820582044,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F20","v":0},{"$f":"G113-G114+G115","v":92171.481326494686},{"$f":"H113-H114+H115","v":107778.60416551463},102480.49312075663,79875.157270734839,52656.040716906355,29770.82528581929,45226.359106401331,40337.344896972711,21899.242016034477]
[null,null,"Interest Rate",null,{"$f":"'Transaction Assumptions'!D47","v":8.7999999999999995E-2},null,{"$f":"$E$117*G113*G2","v":0},{"$f":"$E$117*H113*H2","v":8111.0903567315318},9484.517166565287,9018.2833946265819,7029.0138398246654,4633.7315830877587,2619.8326251520975,3979.9196013633168,3549.6863509335985]
[null,null,"Interest Expense"]
[]
[null,"Restricted Cash Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F123","v":4501.2130000000489},{"$f":"G123","v":4501.2130000000489},4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489]
[null,null,"Less: Cash for 747's",null,null,null,{"$f":"G45","v":0},{"$f":"H45","v":0},0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F11","v":4501.2130000000489},{"$f":"G121-G122","v":4501.2130000000489},{"$f":"H121-H122","v":4501.2130000000489},4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489]
[]
[null,"Total Interest Expense",null,null,null,null,{"$f":"G117+G97+G90","v":10174.976000000001},{"$f":"H117+H97+H90","v":44172.000956877149},44432.270167293384,42946.870557988615,40033.318426868274,36707.616556752226,32905.371420732772,28152.692757856981,21609.693868340248]
[]
["Profit and Loss"]
[null,"Income Tax Rate",null,null,null,null,{"$f":"'Merger Assumptions'!G13","v":0.4},{"$f":"'Merger Assumptions'!H13","v":0.4},{"$f":"'Merger Assumptions'!I13","v":0.4},{"$f":"'Merger Assumptions'!J13","v":0.4},{"$f":"'Merger Assumptions'!K13","v":0.4},{"$f":"'Merger Assumptions'!L13","v":0.4},{"$f":"'Merger Assumptions'!M13","v":0.4},{"$f":"'Merger Assumptions'!N13","v":0.4},{"$f":"'Merger Assumptions'!O13","v":0.4}]
[]
[null,"Revenues",null,null,null,null,{"$f":"G34","v":172730.647325447},{"$f":"H34","v":637961.79146445787},660306.75491399074,665216.81303717964,671469.27298483381,679319.36895496922,689064.71025284089,701051.91509096988,715684.25622356369]
[null,"Less: Cash Operating Expense",null,null,null,null,{"$f":"G39","v":153753.90701727153},{"$f":"H39","v":520986.94580675417},516077.6750853617,507008.88289739902,508643.06234489568,510620.79331335262,510772.53808956349,511760.60914991261,513782.83196549967]
[null,null,"EBITDA",null,null,null,{"$f":"G130-G131","v":18976.740308175475},{"$f":"H130-H131","v":116974.8456577037},144229.07982862904,158207.93013978063,162826.21063993813,168698.5756416166,178292.1721632774,189291.30594105728,201901.42425806401]
[null,"Less: Depreciation Expense",null,null,null,null,{"$f":"G52","v":18285.219687794677},{"$f":"H52","v":61395.060002168597},66794.605756198769,73245.284819014647,80477.809953724427,89489.939409819621,101100.92152554663,116771.00592873384,136899.83593570086]
[null,null,"EBIT",null,null,null,{"$f":"G132-G133","v":691.52062038079748},{"$f":"H132-H133","v":55579.785655535103},77434.474072430268,84962.64532076598,82348.400686213703,79208.636231796976,77191.250637730773,72520.300012323438,65001.588322363154]
[null,"Less: Interest Expense",null,null,null,null,{"$f":"G125","v":10174.976000000001},{"$f":"H125","v":44172.000956877149},44432.270167293384,42946.870557988615,40033.318426868274,36707.616556752226,32905.371420732772,28152.692757856981,21609.693868340248]
[null,"Add: Interest Income",null,null,null,null,{"$f":"G108","v":90.599224800000002},{"$f":"H108","v":323.56865999999997},323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997]
[null,"Add: Other Income",null,null,null,null,{"$f":"G77","v":0},{"$f":"H77","v":0},0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,{"$f":"G134-G135+G136+G137","v":-9392.8561548192029},{"$f":"H134-H135+H136+H137","v":11731.353358657954},33325.772565136882,42339.343422777361,42638.650919345426,42824.588335044748,44609.447876997998,44691.175914466454,43715.463114022903]
[null,"Less: Taxes",null,null,null,null,{"$f":"MAX(G138*G128,0)","v":0},{"$f":"MAX(H138*H128,0)","v":4692.5413434631819},13330.309026054754,16935.737369110946,17055.460367738171,17129.835334017898,17843.779150799201,17876.470365786583,17486.185245609162]
[null,null,"Income before Minority Interest",null,null,null,{"$f":"G138-G139","v":-9392.8561548192029},{"$f":"H138-H139","v":7038.8120151947724},19995.463539082128,25403.606053666415,25583.190551607255,25694.753001026849,26765.668726198797,26814.705548679871,26229.277868413741]
[null,"Less: Minority Interest",null,null,null,null,{"$f":"G79","v":-1658.852670655901},{"$f":"H79","v":728.11354458631172},2047.3029329475726,2485.5339913679049,2272.2071180085327,1967.6862259717293,1670.1839935929247,1117.3609179721107,189.45724773153529]
[null,null,"Net Income to Common",null,null,null,{"$f":"G140-G141","v":-7734.0034841633023},{"$f":"H140-H141","v":6310.6984706084604},17948.160606134556,22918.07206229851,23310.983433598722,23727.066775055118,25095.484732605873,25697.344630707761,26039.820620682207]
[]
["Cash Flow"]
[null,"EBITDA",null,null,null,null,{"$f":"G132","v":18976.740308175475},{"$f":"H132","v":116974.8456577037},144229.07982862904,158207.93013978063,162826.21063993813,168698.5756416166,178292.1721632774,189291.30594105728,201901.42425806401]
[null,"Less: Taxes",null,null,null,null,{"$f":"G139","v":0},{"$f":"H139","v":4692.5413434631819},13330.309026054754,16935.737369110946,17055.460367738171,17129.835334017898,17843.779150799201,17876.470365786583,17486.185245609162]
[null,"Less: Change in Working Capital",null,null,null,null,{"$f":"G69","v":24673.068384784521},{"$f":"H69","v":6734.3934432515816},1845.6590209045826,-1310.1497472715273,-2713.4010515605041,-2973.8965350098151,-3008.1016199181322,-3357.0095421077858,-3745.801187440884]
[null,null,"Operating Cash Flow",null,null,null,{"$f":"G145-G146-G147","v":-5696.3280766090465},{"$f":"H145-H146-H147","v":105547.91087098894},129053.11178166971,142582.3425179412,148484.15132376045,154542.63684260851,163456.49463239632,174771.84511737849,188161.04019989574]
[null,"Less: Capital Expenditures",null,null,null,null,{"$f":"G47","v":73435.5138546003},{"$f":"H47","v":65485.550932790349},68823.383572708903,67538.391108615237,71674.799774907529,76282.234741143664,81416.406452315205,77139.887570162507,83522.992870686867]
[null,"Add: Reduction in Restricted Cash ",null,null,null,null,{"$f":"G122","v":0},{"$f":"H122","v":0},0,0,0,0,0,0,0]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G148-G149+G150","v":-79131.841931209347},{"$f":"H148-H149+H150","v":40062.359938198591},60229.728208960805,75043.951409325964,76809.351548852923,78260.402101464846,82040.088180081118,97631.957547215978,104638.04732920887]
[null,"Less: Interest Expense",null,null,null,null,{"$f":"G135","v":10174.976000000001},{"$f":"H135","v":44172.000956877149},44432.270167293384,42946.870557988615,40033.318426868274,36707.616556752226,32905.371420732772,28152.692757856981,21609.693868340248]
[null,"Add: Interest Income",null,null,null,null,{"$f":"G136","v":90.599224800000002},{"$f":"H136","v":323.56865999999997},323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997,323.56865999999997]
[null,"Less: Repayment of Notes",null,null,null,null,{"$f":"G88","v":2603.7556124099965},{"$f":"H88","v":10415.022449639986},9535.6085082902373,8647.8534460930132,8705.2733287719511,16732.280857819871,57192.792281876995,57192.792281876995,57192.792281876995]
[null,"Less: Repayment of Term Loan",null,null,null,null,{"$f":"G95","v":351.50700767534954},{"$f":"H95","v":1406.0280307013982},1287.307148619182,1167.4602152225566,1175.2118993842134,2258.8579158056823,7721.0269580533941,7721.0269580533941,7721.0269580533941]
[null,"Add: Other Income",null,null,null,null,{"$f":"G137","v":0},{"$f":"H137","v":0},0,0,0,0,0,0,0]
[null,"Less: Dividends"]
[null,null,"Net Cash Flow",null,null,null,{"$f":"G151-G152+G153-G154-G155+G156-G157","v":-92171.481326494686},{"$f":"H151-H152+H153-H154-H155+H156-H157","v":-15607.122839019941},5298.1110447580031,22605.33585002178,27219.11655382848,22885.215431087065,-15455.533820582044,4889.0142094286193,18438.102880938233]
[null,"Add: Reduction in Cash when Negative",null,null,null,null,{"$f":"MIN(MAX(-G158,0),G110)","v":0},{"$f":"MIN(MAX(-H158,0),H110)","v":0},0,0,0,0,0,0,0]
[null,"Less: Increase in Debt when Positive",null,null,null,null,{"$f":"MIN(G113,MAX(G158,0))","v":0},{"$f":"MIN(H113,MAX(H158,0))","v":0},5298.1110447580031,22605.33585002178,27219.11655382848,22885.215431087065,0,4889.0142094286193,18438.102880938233]
[null,null,"Cash Flow Subtotal",null,null,null,{"$f":"G158+G159-G160","v":-92171.481326494686},{"$f":"H158+H159-H160","v":-15607.122839019941},0,0,0,0,-15455.533820582044,0,0]
[null,"Surplus cash when positive",null,null,null,null,{"$f":"MAX(G161,0)","v":0},{"$f":"MAX(H161,0)","v":0},0,0,0,0,0,0,0]
[null,"Added Debt when Negative",null,null,null,null,{"$f":"MAX(-G161,0)","v":92171.481326494686},{"$f":"MAX(-H161,0)","v":15607.122839019941},0,0,0,0,15455.533820582044,0,0]
[]
["Balance Sheet"]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F170","v":184922.08000000002},{"$f":"G170","v":177188.0765158367},183498.77498644515,201446.93559257971,224365.00765487822,247675.99108847693,271403.05786353204,296498.54259613791,322195.88722684566]
[null,null,"Add: Net Income",null,null,null,{"$f":"G142","v":-7734.0034841633023},{"$f":"H142","v":6310.6984706084604},17948.160606134556,22918.07206229851,23310.983433598722,23727.066775055118,25095.484732605873,25697.344630707761,26039.820620682207]
[null,null,"Less: Dividends",null,null,null,{"$f":"G157","v":0},{"$f":"H157","v":0},0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,{"$f":"F25","v":184922.08000000002},{"$f":"G167+G168-G169","v":177188.0765158367},{"$f":"H167+H168-H169","v":183498.77498644515},201446.93559257971,224365.00765487822,247675.99108847693,271403.05786353204,296498.54259613791,322195.88722684566,348235.70784752787]
[]
[null,"Minority Balance"]
[null,null,"Opening Balance",null,null,null,{"$f":"F176","v":3572.4369999999999},{"$f":"G176","v":1913.5843293440989},2641.6978739304104,4689.0008068779825,7174.5347982458879,9446.7419162544211,11414.42814222615,13084.612135819076,14201.973053791186]
[null,null,"Add: Net Income",null,null,null,{"$f":"G141","v":-1658.852670655901},{"$f":"H141","v":728.11354458631172},2047.3029329475726,2485.5339913679049,2272.2071180085327,1967.6862259717293,1670.1839935929247,1117.3609179721107,189.45724773153529]
[null,null,"Less: Dividends"]
[null,null,"Closing Balance",null,null,{"$f":"F24","v":3572.4369999999999},{"$f":"G173+G174-G175","v":1913.5843293440989},{"$f":"H173+H174-H175","v":2641.6978739304104},4689.0008068779825,7174.5347982458879,9446.7419162544211,11414.42814222615,13084.612135819076,14201.973053791186,14391.430301522721]
[]
[null,"Assets"]
[null,null,"Cash Balance",null,null,{"$f":"F106","v":10785.621999999999},10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999,10785.621999999999]
[null,null,"Restricted Cash",null,null,{"$f":"F123","v":4501.2130000000489},4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489,4501.2130000000489]
[null,null,"Current Assets Less Cash",null,null,{"$f":"F62","v":126758.13600000001},149287.41175061709,153416.10649233102,155804.54623469498,154395.33808861897,153600.41007926682,152842.61016136999,152015.47174724349,151292.18661864326,150709.93241845659]
[null,null,"Net Plant",null,null,{"$f":"F58","v":463452.13299999997},518602.4271668056,522692.91809742741,524721.69591393752,519014.80220353807,510211.79202472122,497004.08735604532,477319.5722828139,437688.45392424252,384311.61085922853]
[null,null,"Other Assets",null,null,{"$f":"F71","v":28743.041000000001},28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001,28743.041000000001]
[null,null,"Goodwill",null,null,{"$f":"F72","v":76827.858000000007},76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007,76827.858000000007]
[null,null,null,"Total Assets",null,{"$f":"SUM(F179:F184)","v":711068.00300000003},{"$f":"SUM(G179:G184)","v":788747.57291742275},{"$f":"SUM(H179:H184)","v":796966.75858975842},801383.97614863259,794267.87429215712,784669.93610398809,770704.43151741533,750192.77803005744,709838.37454288581,655879.27727768512]
[]
[]
[null,null,"Current Liabilities Less Debt",null,null,{"$f":"F66","v":103873.295},101729.50236583255,99123.803664294901,99666.584385754279,99567.525986949797,101485.99902915815,103702.09564627113,105883.05885206276,108516.78326557032,111680.33025282454]
[null,null,"New Debt",null,null,{"$f":"F116","v":0},92171.481326494686,107778.60416551463,102480.49312075663,79875.157270734839,52656.040716906355,29770.82528581929,45226.359106401331,40337.344896972711,21899.242016034477]
[null,null,"New Notes",null,null,{"$f":"F89","v":340000},337396.24438758998,326981.22193795,317445.61342965974,308797.75998356671,300092.48665479477,283360.20579697489,226167.4135150979,168974.62123322091,111781.82895134392]
[null,null,"New Term Loan",null,null,{"$f":"F96","v":45900},45548.492992324653,44142.464961623256,42855.157813004073,41687.697597781516,40512.4856983973,38253.627782591619,30532.600824538225,22811.573866484832,15090.546908431439]
[null,null,"Deferred Tax Liability",null,null,{"$f":"F73","v":32800.190999999999},32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999,32800.190999999999]
[null,null,"Minority Interest",null,null,{"$f":"F176","v":3572.4369999999999},1913.5843293440989,2641.6978739304104,4689.0008068779825,7174.5347982458879,9446.7419162544211,11414.42814222615,13084.612135819076,14201.973053791186,14391.430301522721]
[null,null,"Common Equity",null,null,{"$f":"F170","v":184922.08000000002},177188.0765158367,183498.77498644515,201446.93559257971,224365.00765487822,247675.99108847693,271403.05786353204,296498.54259613791,322195.88722684566,348235.70784752787]
[null,null,null,"Total Liabilities and Capital",null,{"$f":"SUM(F188:F194)","v":711068.00300000003},{"$f":"SUM(G188:G194)","v":788747.57291742251},{"$f":"SUM(H188:H194)","v":796966.7585897583},801383.97614863236,794267.87429215689,784669.93610398797,770704.4315174151,750192.7780300572,709838.37454288569,655879.277277685]
[]
[null,null,"Difference",null,null,{"$f":"F185-F195","v":0},{"$f":"G185-G195","v":0},{"$f":"H185-H195","v":0},0,0,0,0,0,0,0]
[null,null,"Test",null,null,{"$f":"F197=0","v":true},{"$f":"G197=0","v":true},true,true,true,true,true,true,true,true]
[]
[null,null,"Shares",null,null,{"$f":"'Transaction Structure'!$R$71","v":6595},{"$f":"F200","v":6595},{"$f":"G200","v":6595},6595,6595,6595,6595,6595,6595,6595]
[null,null,"EPS",null,null,null,{"$f":"G142/G200","v":-1.1727071242097502},{"$f":"H142/H200","v":0.95689135263206371},2.7214800009301827,3.4750677880664913,3.5346449482333164,3.5977356747619589,3.8052289207893666,3.8964889508275604,3.9484185929768318]
[]
[null,null,null,null,null,null,{"$f":"G1","v":1997},{"$f":"H1","v":1998},1999,2000,2001,2002,2003,2004,2005]
[null,null,"Debt to Capital",null,null,{"$f":"(F189+F190)/(F189+F190+F193+F194)","v":0.64333685414564101},{"$f":"(G189+G190)/(G189+G190+G193+G194)","v":0.70574886005419002},0.70020875626729906,0.67074199958172187,0.62667705424307529,0.57839834451942074,0.52543302332987574,0.467133477843584,0.38355909312986392,0.26935091645042314]
[null,null,"Debt to EBITDA",null,null,null,{"$f":"((G189+G190+G191)/G145)/4","v":6.259191660299555},{"$f":"(H189+H190+H191)/H145","v":4.0940621752686059},{"$f":"(I189+I190+I191)/I145","v":3.2086543498252267},{"$f":"(J189+J190+J191)/J145","v":2.7202215114744801},{"$f":"(K189+K190+K191)/K145","v":2.4152193404520532},{"$f":"(L189+L190+L191)/L145","v":2.0829142008398915},{"$f":"(M189+M190+M191)/M145","v":1.6934359472020883},{"$f":"(N189+N190+N191)/N145","v":1.2262768162683528},{"$f":"(O189+O190+O191)/O145","v":0.73685274099728326}]
[null,null,"EBITDA Interest",null,null,null,{"$f":"G132/G135","v":1.8650403016356474},{"$f":"H132/H135","v":2.6481672354372225},3.2460434563795064,3.6838057833844222,4.0672673922194189,4.5957376551756841,5.4183303353002241,6.7237371419197194,9.3430950705814535]
[]
[null,null,null,null,null,null,null,{"$f":"G1","v":1997},{"$f":"H1","v":1998},{"$f":"I1","v":1999},{"$f":"J1","v":2000},{"$f":"K1","v":2001},{"$f":"L1","v":2002},{"$f":"M1","v":2003},{"$f":"N1","v":2004}]
[null,null,"Consolidated",null,null,null,null,{"$f":"H201","v":0.95689135263206371},{"$f":"I201","v":2.7214800009301827},3.4750677880664913,3.5346449482333164,3.5977356747619589,3.8052289207893666,3.8964889508275604,3.9484185929768318]
[null,null,"Standalone",null,null,null,null,1.0157535609129726,1.1319365091715921,1.2681384779532341,1.4512639450899705,1.6896970101340267,1.9941048300601911,2.3779308183610275,2.8571545903207554]
[]
[null,null,"New Debt Issued"]
[null,null,null,null,null,null,null,{"$f":"G1","v":1997},{"$f":"H1","v":1998},{"$f":"I1","v":1999},{"$f":"J1","v":2000},{"$f":"K1","v":2001},{"$f":"L1","v":2002},{"$f":"M1","v":2003},{"$f":"N1","v":2004}]
[null,null,"Accumulated New Debt",null,null,null,null,{"$f":"H189","v":107778.60416551463},{"$f":"I189","v":102480.49312075663},79875.157270734839,52656.040716906355,29770.82528581929,45226.359106401331,40337.344896972711,21899.242016034477]

{"sheet":"Acquiror Scenario","index":5,"n_rows":46,"n_cols":22,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Base for Comparison",null,null,1,{"$f":"INDEX($C$12:$C$15,F2)","v":"Base Case"},null,"Planes Added",null,null,null,null,null,null,null,null,null,null,"End Row",{"$f":"ROW(M24)","v":24}]
[null,null,"Sensitivity Case",null,null,2,{"$f":"INDEX($C$12:$C$15,F3)","v":"Low Case"},null,null,null,null,null,null,null,null,null,null,null,null,"Start Col",{"$f":"COLUMN(O11)","v":15}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"End Col",{"$f":"COLUMN(V11)","v":22}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Outputs Row",{"$f":"ROW(O11)","v":11}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Inputs Col",{"$f":"COLUMN(M12)","v":13}]
[null,null,"Scenario Num",1,null,null,null,null,null,null,null,null,null,null,{"$f":"'Acquiror Model'!C312","v":"EPS"}]
[]
[null,null,null,1,2,3,4,5,6,7,8,9,null,null,1998,{"$f":"O9+1","v":1999},{"$f":"P9+1","v":2000},2001,2002,2003,2004,2005]
[null,null,null,"Flight Hours per Existing Plane","Capital Expenditure Efficiency","Cost of New Planes","IRR on New Planes","Logistics Growth","Logistics Margin","Admin Expense Percent","Interest Expense Rate","Interest Income Rate",null,null,{"$f":"$O$7&\" \"&O9","v":"EPS 1998"},{"$f":"$O$7&\" \"&P9","v":"EPS 1999"},"EPS 2000","EPS 2001","EPS 2002","EPS 2003","EPS 2004","EPS 2005"]
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[null,null,"Base Case",1100,1,1,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02,1,{"$f":"C12","v":"Base Case"},1.1556642315305339,1.4001530912418787,1.6616462922385222,1.9655698654597906,2.3173723759182057,2.6659224849152738,3.1794755419961951,3.6464505367636297]
[null,null,"Low Case",1000,1.1000000000000001,2,0.06,-0.01,0.06,7.0000000000000007E-2,0.08,0.01,2,null,0.60343821493580252,0.41736429847580186,0.36422853621226159,0.22733024752670397,0.31932166609823542,0.40069041286484863,0.49949395614990078,0.61323036318842439]
[null,null,"High Case",1200,0.9,3,0.18,0.04,0.09,0.04,0.06,0.03,3,null,1.5712241016271915,2.0722315074695392,2.6039225590669925,3.3297827679175529,4.1722194781678308,5.1903881859393435,6.4750320993524122,8.1943667313432229]
[null,null,"Worst Case",900,0.9,1,0.05,-0.01,0.06,7.0000000000000007E-2,0.09,0.01,4,null,0.44267533040737589,0.52518555316172844,0.62097211883086778,0.7463625563613786,0.88800500705858565,1.0463802407588183,1.2181903547153869,1.400760812134122]
[null,1,{"$f":"TRANSPOSE(D10:L10)&\" \"&G3&\" vs \"&G2","v":"Flight Hours per Existing Plane Low Case vs Base Case"},{"$f":"IF(D$9=$B16,OFFSET(D$11,$F$3,0),OFFSET(D$11,$F$2,0))","v":1000},1,1,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02,5,null,0.98146298164533596,1.1414380142801357,1.4521228747761696,1.7442106554670536,2.0860558110242442,2.4845328899496675,2.9472556660442373,3.4826013758051109]
[null,2,"Capital Expenditure Efficiency Low Case vs Base Case",1100,1.1000000000000001,1,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02,6,null,1.1346884101035071,1.2853078335112742,1.5801973250816252,1.8506735485711532,2.1620901128747771,2.5191283273417544,2.9263977375176986,3.388463794659017]
[null,3,"Cost of New Planes Low Case vs Base Case",1100,1,2,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02,7,null,1.1556642315305339,0.9981541384607614,1.0150174743097142,0.9344375389269759,1.2156547174351968,1.5397457540940753,1.9219372329506796,2.366520474968731]
[null,4,"IRR on New Planes Low Case vs Base Case",1100,1,1,0.06,0.02,0.08,0.05,7.0000000000000007E-2,0.02,8,null,1.1277319993032804,1.3104819114951629,1.4917518537550412,1.6925074389497521,1.9122238735872792,2.1496308639173964,2.4016363122087192,2.6639890847495837]
[null,5,"Logistics Growth Low Case vs Base Case",1100,1,1,0.13,-0.01,0.08,0.05,7.0000000000000007E-2,0.02,9,null,1.1498591182891631,1.3918051892653984,1.6500876520376095,1.9503676167741353,2.2108502820349338,2.6889593675273682,3.0884089608943222,3.6621654696106711]
[null,6,"Logistics Margin Low Case vs Base Case",1100,1,1,0.13,0.02,0.06,0.05,7.0000000000000007E-2,0.02,10,null,1.0547145766163055,1.2877815419795655,1.5376229069533665,1.8286024659622262,2.1659418943582676,2.4604355976546768,2.9909434550056377,3.4323330044050944]
[null,7,"Admin Expense Percent Low Case vs Base Case",1100,1,1,0.13,0.02,0.08,7.0000000000000007E-2,7.0000000000000007E-2,0.02,11,null,0.94501818753471212,1.1668061015164062,1.4066831034866014,1.6877412125469029,2.0156663605411054,2.3964264248745994,2.8366671113656254,3.3432780357432881]
[null,8,"Interest Expense Rate Low Case vs Base Case",1100,1,1,0.13,0.02,0.08,0.05,0.08,0.02,12,null,1.1258373641884756,1.3629833711976058,1.6206605218792605,1.9204296662998814,2.2673857107380786,2.6671429731673451,3.0725748125356742,3.6402409651556793]
[null,9,"Interest Income Rate Low Case vs Base Case",1100,1,1,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.01,13,null,1.1554257253549536,1.3995727565017819,1.6609577238241855,1.9647555179891458,2.3164124528289327,2.6648183340836904,3.1781589367692842,3.6449407439480277]
[]
[]
[]
[]
[]
[null,null,{"$f":"INDEX(C12:C24,$D$7)","v":"Base Case"},{"$f":"INDEX(D12:D24,$D$7)","v":1100},{"$f":"INDEX(E12:E24,$D$7)","v":1},{"$f":"INDEX(F12:F24,$D$7)","v":1},0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02]
[]
[]
[null,null,"Year",{"$f":"R9","v":2001}]
[null,null,"Base",{"$f":"O9","v":1998}]
[null,null,"Cols to Move",{"$f":"D33-D34","v":3}]
[]
[null,null,null,{"$f":"\" Tornado Diagram for \" &OFFSET(O10,0,D35)","v":" Tornado Diagram for EPS 2001"}]
[null,null,{"$f":"C16","v":"Flight Hours per Existing Plane Low Case vs Base Case"},{"$f":"OFFSET(O16,0,$D$35)-OFFSET($O$11,$F$2,$D$35)","v":-0.22135920999273706}]
[null,null,{"$f":"C17","v":"Capital Expenditure Efficiency Low Case vs Base Case"},{"$f":"OFFSET(O17,0,$D$35)-OFFSET($O$11,$F$2,$D$35)","v":-0.11489631688863744}]
[null,null,"Cost of New Planes Low Case vs Base Case",-1.0311323265328147]
[null,null,"IRR on New Planes Low Case vs Base Case",-0.27306242651003854]
[null,null,"Logistics Growth Low Case vs Base Case",-1.520224868565534E-2]
[null,null,"Logistics Margin Low Case vs Base Case",-0.13696739949756442]
[null,null,"Admin Expense Percent Low Case vs Base Case",-0.27782865291288772]
[null,null,"Interest Expense Rate Low Case vs Base Case",-4.5140199159909189E-2]
[null,null,"Interest Income Rate Low Case vs Base Case",-8.1434747064479396E-4]

{"sheet":"Acquiror Assumptions","index":6,"n_rows":153,"n_cols":25,"rows_kept":153,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"nine mos","three mos"]
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[]
["Economics of Incremental Aircraft"]
[null,"Economics of Added Planes"]
[null,null,"Real Cost of New Planes"]
[null,null,null,"Base Case Planes",null,null,null,6175,null,null,{"$f":"$H$10","v":6175},6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175]
[null,null,null,"Downside Case",null,null,null,null,null,null,{"$f":"K10*0.9","v":5557.5},{"$f":"L10","v":6175},{"$f":"M10","v":6175},6175,6175,6175,6175,6175,{"$f":"R11/1.2","v":5145.8333333333339},{"$f":"S11/1.1","v":4678.030303030303},{"$f":"T11/1.15","v":4067.852437417655},{"$f":"U11","v":4067.852437417655},{"$f":"V11","v":4067.852437417655},{"$f":"W11","v":4067.852437417655},{"$f":"X11","v":4067.852437417655}]
[null,null,null,"Upside Case",null,null,null,null,null,null,{"$f":"K10*1.1","v":6792.5000000000009},{"$f":"L11","v":6175},6175,6175,6175,6175,6175,6175,{"$f":"R12*1.05","v":6483.75},6807.9375,7148.3343750000004,7505.751093750001,7881.0386484375013,8275.0905808593761,8688.8451099023459]
[null,null,null,"Cost of New Planes",null,null,null,null,null,{"$f":"'Acquiror Scenario'!F30","v":1},{"$f":"INDEX(K10:K12,$J$13)","v":6175},6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175]
[]
[null,null,"Inflation Rate for Incremental Aircraft",null,null,null,null,0.03,null,null,{"$f":"IF(NOT(K$5),$H$15)","v":false},{"$f":"IF(NOT(L5),$H$15)","v":false},false,false,false,false,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Inflation Index for Incremental Aircraft",null,null,null,null,null,null,null,{"$f":"IF(K5,1,J16*(1+K15))","v":1},1,1,1,1,1,1.03,1.0609,1.092727,1.1255088100000001,1.1592740743000001,1.1940522965290001,1.2298738654248702,1.2667700813876164,1.3047731838292449]
[null,null,"Inflated Cost of Converted Aircraft",null,null,null,null,null,null,null,{"$f":"K13*K16","v":6175},{"$f":"L13*L16","v":6175},6175,6175,6175,6175,6360.25,6551.0574999999999,6747.5892249999997,6950.0169017500011,7158.5174088025005,7373.2729310665754,7594.4711189985737,7822.3052525685307,8056.9744101455872]
[]
[null,null,"IRR on Marginal Aircraft",null,null,null,null,{"$f":"'Acquiror Scenario'!G30","v":0.13},null,null,{"$f":"$H$19","v":0.13},{"$f":"$H$19","v":0.13},0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[null,null,"Plane Life",null,null,null,null,10,null,null,{"$f":"$H$20","v":10},10,10,10,10,10,10,10,10,10,10,10,10,10,10]
[null,null,"Incremental Tax Rate for Plane Economics",null,null,null,null,0.4,null,null,{"$f":"$H$21","v":0.4},0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]
[null,null,"EBITDA per Single Plane from Function",null,null,null,null,null,null,null,{"$f":"ebitda_plane(K20,K19,K17,K15,K21)","v":1485.0103125000001},{"$f":"ebitda_plane(L20,L19,L17,L15,L21)","v":1485.0103125000001},1485.0103125000001,1485.0103125000001,1485.0103125000001,1485.0103125000001,1373.8935031249996,1415.110308218751,1457.5636174653137,1501.290525989273,1546.3292417689511,1592.7191190220185,1640.5006925926791,1689.7157133704595,1740.4071847715736]
[]
[null,null,"Capacity Factor of converted aircraft",null,null,null,null,0.17,null,null,{"$f":"$H$24","v":0.17},{"$f":"$H$24","v":0.17},0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17,0.17]
[null,null,"Hours of Operation per aircraft",null,null,null,null,8760,null,null,{"$f":"K24*$H$25","v":1489.2},{"$f":"L24*$H$25","v":1489.2},1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2,1489.2]
[null,null,"Operating Cost of New Planes/Hour",null,null,null,null,null,null,null,{"$f":"K55","v":1.1145640594336983},0.73112375533428209,1.5921153030945316,1.6868207864058486,1.6191135049661511,1.4166144121942317,1.4591128445600587,1.5028862298968606,1.5479728167937665,1.5944120012975795,1.642244361336507,1.6915116921766022,1.7422570429419004,1.7945247542301574,1.8483604968570622]
[null,null,"EBITDA per hour for marginal converted planes",null,null,null,null,null,null,null,{"$f":"K22/K25","v":0.99718661865431102},{"$f":"L22/L25","v":0.99718661865431102},0.99718661865431102,0.99718661865431102,0.99718661865431102,0.99718661865431102,0.92257151700577467,0.95024866251594886,0.9787561223914274,1.0081188060631701,1.0383623702450651,1.0695132413524164,1.1015986385929888,1.1346465977507787,1.1686859956833022]
[null,null,"Marginal price per hour including administrative",null,null,null,null,{"$f":"I100+I104","v":5.8200000000000002E-2},null,null,{"$f":"(K26+K27)*(1+$H$28)","v":2.2346545675527318},{"$f":"(L26+L27)*(1+$H$28)","v":1.8288980377547293},2.7399992935946251,2.8402166360346612,2.768568790815173,2.5542842508439279,2.5202983914089647,2.5959073431512349,2.6737845634457722,2.7539981003491452,2.83661804335962,2.9217165846604076,3.0093680822002202,3.0996491246662266,3.192638598406214]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q28/P28-1","v":-1.3305433576444869E-2},{"$f":"R28/Q28-1","v":3.0000000000000471E-2},{"$f":"S28/R28-1","v":3.0000000000000027E-2},3.0000000000000027E-2,3.0000000000000249E-2,2.9999999999999583E-2,3.0000000000000027E-2,2.9999999999999805E-2,3.0000000000000249E-2]
["Existing Aircraft"]
[null,"Existing Aircraft Analysis"]
[null,null,"Opening Balance",null,null,null,null,null,null,null,11,{"$f":"K35","v":11},10,15,22,25,26,25.185277108566751,24.248345783418518,23.170874759498048,21.931783081989508,20.506827652854685,18.868128909349643,16.983625354318843,14.816446266033422]
[null,null,"New Planes Added",null,null,null,null,null,null,null,{"$f":"IF(K5,K35-K32+K34)","v":3},3,5,7,3,1,false,false,false,false,false,false,false,false,false]
[null,null,"Planes Retired from Depreciation Analysis",null,null,null,null,null,null,null,3,4,null,null,null,null,{"$f":"$Q$32*'[1]Depreciation and Retirement'!D15","v":0.8147228914332475},{"$f":"$Q$32*'[1]Depreciation and Retirement'!E15","v":0.93693132514823452},{"$f":"$Q$32*'[1]Depreciation and Retirement'!F15","v":1.0774710239204697},{"$f":"$Q$32*'[1]Depreciation and Retirement'!G15","v":1.2390916775085401},{"$f":"$Q$32*'[1]Depreciation and Retirement'!H15","v":1.424955429134821},{"$f":"$Q$32*'[1]Depreciation and Retirement'!I15","v":1.638698743505044},{"$f":"$Q$32*'[1]Depreciation and Retirement'!J15","v":1.8845035550308005},{"$f":"$Q$32*'[1]Depreciation and Retirement'!K15","v":2.1671790882854203},{"$f":"$Q$32*'[1]Depreciation and Retirement'!L15","v":2.4922559515282328}]
[null,null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H80,K32+K33-K34+K34)","v":11},{"$f":"IF(L5,'Acquiror Model'!I80,L32+L33-L34)","v":10},{"$f":"IF(M5,'Acquiror Model'!J80,M32+M33-M34)","v":15},{"$f":"IF(N5,'Acquiror Model'!K80,N32+N33-N34)","v":22},{"$f":"IF(O5,'Acquiror Model'!L80,O32+O33-O34)","v":25},{"$f":"IF(P5,'Acquiror Model'!M80,P32+P33-P34)","v":26},{"$f":"IF(Q5,'Acquiror Model'!N80,Q32+Q33-Q34)","v":25.185277108566751},{"$f":"IF(R5,'Acquiror Model'!O80,R32+R33-R34)","v":24.248345783418518},{"$f":"IF(S5,'Acquiror Model'!P80,S32+S33-S34)","v":23.170874759498048},{"$f":"IF(T5,'Acquiror Model'!Q80,T32+T33-T34)","v":21.931783081989508},{"$f":"IF(U5,'Acquiror Model'!R80,U32+U33-U34)","v":20.506827652854685},{"$f":"IF(V5,'Acquiror Model'!S80,V32+V33-V34)","v":18.868128909349643},{"$f":"IF(W5,'Acquiror Model'!T80,W32+W33-W34)","v":16.983625354318843},{"$f":"IF(X5,'Acquiror Model'!U80,X32+X33-X34)","v":14.816446266033422},{"$f":"IF(Y5,'Acquiror Model'!V80,Y32+Y33-Y34)","v":12.32419031450519}]
[null,null,"Average Planes",null,null,null,null,null,null,null,{"$f":"AVERAGE(K35,K32)","v":11},{"$f":"AVERAGE(L35,L32)","v":10.5},12.5,18.5,23.5,25.5,25.592638554283376,24.716811445992633,23.709610271458281,22.551328920743778,21.219305367422095,19.687478281102166,{"$f":"AVERAGE(W35,W32)","v":17.925877131834241},15.900035810176131,13.570318290269306]
[]
[null,"Historic Annualized Flight Hours",null,null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H81/K3)","v":3567},{"$f":"IF(L5,'Acquiror Model'!I81/L3)","v":7030},{"$f":"IF(M5,'Acquiror Model'!J81/M3)","v":11795},{"$f":"IF(N5,'Acquiror Model'!K81/N3)","v":15183},{"$f":"IF(O5,'Acquiror Model'!L81/O3)","v":20237},{"$f":"IF(P5,'Acquiror Model'!M81/P3)","v":30433.333333333336},{"$f":"IF(Q5,'Acquiror Model'!N81/Q3)","v":false},{"$f":"IF(R5,'Acquiror Model'!O81/R3)","v":false},{"$f":"IF(S5,'Acquiror Model'!P81/S3)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q81/T3)","v":false},{"$f":"IF(U5,'Acquiror Model'!R81/U3)","v":false},{"$f":"IF(V5,'Acquiror Model'!S81/V3)","v":false},{"$f":"IF(W5,'Acquiror Model'!T81/W3)","v":false},{"$f":"IF(X5,'Acquiror Model'!U81/X3)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V81/Y3)","v":false}]
[null,"Flight Hours per Existing Plane",null,null,3,{"$f":"AVERAGEIF(5:5,TRUE,39:39)","v":802.11870465950562},{"$f":"AVERAGEIF(4:4,TRUE,39:39)","v":1193.4640522875818},{"$f":"'Acquiror Scenario'!D30","v":1100},{"$f":"CHOOSE(E39,F39,G39,H39)","v":1100},null,{"$f":"IF(K$5,K38/K36,$I39)","v":324.27272727272725},669.52380952380952,943.6,820.70270270270271,861.14893617021278,1193.4640522875818,1100,1100,1100,1100,1100,1100,1100,1100,1100]
[null,"Total Existing Planes",null,null,null,null,null,null,null,null,{"$f":"K36","v":11},10.5,12.5,18.5,23.5,25.5,25.592638554283376,24.716811445992633,23.709610271458281,22.551328920743778,21.219305367422095,19.687478281102166,17.925877131834241,15.900035810176131,13.570318290269306]
[null,"Existing Flight Hours",null,null,null,null,null,null,null,null,{"$f":"K39*K40*K3","v":3567},7030,11795,15183,20237,21912,7882.5326747192812,27188.492590591897,26080.571298604111,24806.461812818157,23341.235904164303,21656.226109212381,19718.464845017665,17490.039391193746,14927.350119296236]
[]
[null,"Freight Revenues",null,null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H50/K3)","v":6760},{"$f":"IF(L5,'Acquiror Model'!I50/L3)","v":12939},{"$f":"IF(M5,'Acquiror Model'!J50/M3)","v":28285},{"$f":"IF(N5,'Acquiror Model'!K50/N3)","v":41117},{"$f":"IF(O5,'Acquiror Model'!L50/O3)","v":52922},{"$f":"IF(P5,'Acquiror Model'!M50/P3)","v":77484.722222222219},{"$f":"IF(Q5,'Acquiror Model'!N50/Q3)","v":false},{"$f":"IF(R5,'Acquiror Model'!O50/R3)","v":false},{"$f":"IF(S5,'Acquiror Model'!P50/S3)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q50/T3)","v":false},{"$f":"IF(U5,'Acquiror Model'!R50/U3)","v":false},{"$f":"IF(V5,'Acquiror Model'!S50/V3)","v":false},{"$f":"IF(W5,'Acquiror Model'!T50/W3)","v":false},{"$f":"IF(X5,'Acquiror Model'!U50/X3)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V50/Y3)","v":false}]
[null,"Freight Revenue per Plane - Existing",null,null,null,null,null,null,null,null,{"$f":"K43/K36","v":614.5454545454545},1232.2857142857142,2262.8000000000002,2222.5405405405404,2252,3038.6165577342049,0,0,0,0,0,0,0,0,0]
[null,"Freight Revenue per Hour - Existing",null,null,null,null,null,null,null,null,{"$f":"IF(K5,K43/K38)","v":1.8951499859826184},1.8405405405405406,2.3980500211954219,2.7080945794638742,2.6151109354153284,2.5460478276743332,false,false,false,false,false,false,false,false,false]
[null,"Percent Increase in Price of Existing Aircraft",null,null,null,null,null,null,null,null,null,{"$f":"IF(L5,L45/K45-1,L28/K28-1)","v":-2.8815368623060889E-2},0.30290529785948017,0.12929027982239338,-3.4335449268892981E-2,-2.6409245896876876E-2,-1.3305433576444869E-2,3.0000000000000471E-2,3.0000000000000027E-2,3.0000000000000027E-2,3.0000000000000249E-2,2.9999999999999583E-2,3.0000000000000027E-2,2.9999999999999805E-2,3.0000000000000249E-2]
[null,"Price Applied for Existing Planes",null,null,null,null,null,null,null,null,{"$f":"IF(K5,K45,J47*(1+K46))","v":1.8951499859826184},1.8405405405405406,2.3980500211954219,2.7080945794638742,2.6151109354153284,2.5460478276743332,2.5121715574207606,2.5875367041433845,2.6651628052676863,2.745117689425717,2.8274712201084893,2.9122953567117427,2.9996642174130952,3.0896541439354874,3.1823437682535527]
[]
[null,"Revenues from Existing Aircraft",null,null,null,null,null,null,null,null,{"$f":"K47*K41","v":6760},12939,28285,41117,52922,55788.999999999993,19802.274385869569,70351.222508486986,69508.968565171643,68096.657134430658,65996.672760787522,63069.326741758829,59148.773417917546,54038.172682596669,47503.959628681303]
[]
[null,"Operating Cost"]
[null,null,"Operating Expenses for Freight",null,null,null,null,null,null,null,{"$f":"'Acquiror Model'!H53","v":4866.6500000000015},{"$f":"'Acquiror Model'!I53","v":6059.8000000000029},{"$f":"'Acquiror Model'!J53","v":19550},{"$f":"'Acquiror Model'!K53","v":28104},{"$f":"'Acquiror Model'!L53","v":38760},{"$f":"'Acquiror Model'!M53","v":38075.855000000003},{"$f":"'Acquiror Model'!N53","v":0},{"$f":"'Acquiror Model'!O53","v":0},{"$f":"'Acquiror Model'!P53","v":0},{"$f":"'Acquiror Model'!Q53","v":0},{"$f":"'Acquiror Model'!R53","v":0},{"$f":"'Acquiror Model'!S53","v":0},{"$f":"'Acquiror Model'!T53","v":0},{"$f":"'Acquiror Model'!U53","v":0},{"$f":"'Acquiror Model'!V53","v":0}]
[null,null,"Less: Depreciation Expense",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H77)","v":891},{"$f":"IF(L5,'Acquiror Model'!I77)","v":920},{"$f":"IF(M5,'Acquiror Model'!J77)","v":771},{"$f":"IF(N5,'Acquiror Model'!K77)","v":2493},{"$f":"IF(O5,'Acquiror Model'!L77)","v":5994},{"$f":"IF(P5,'Acquiror Model'!M77)","v":7035},{"$f":"IF(Q5,'Acquiror Model'!N77)","v":false},{"$f":"IF(R5,'Acquiror Model'!O77)","v":false},{"$f":"IF(S5,'Acquiror Model'!P77)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q77)","v":false},{"$f":"IF(U5,'Acquiror Model'!R77)","v":false},{"$f":"IF(V5,'Acquiror Model'!S77)","v":false},{"$f":"IF(W5,'Acquiror Model'!T77)","v":false},{"$f":"IF(X5,'Acquiror Model'!U77)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V77)","v":false}]
[null,null,"Cash Operating Expense for Freight",null,null,null,null,null,null,null,{"$f":"K52-K53","v":3975.6500000000015},{"$f":"L52-L53","v":5139.8000000000029},18779,25611,32766,31040.855000000003,0,0,0,0,0,0,0,0,0]
[null,null,"Operating Expense per Hour",null,null,null,null,{"$f":"H15","v":0.03},null,null,{"$f":"IF(K5,K54/K41,J55*(1+$H$55))","v":1.1145640594336983},0.73112375533428209,1.5921153030945316,1.6868207864058486,1.6191135049661511,1.4166144121942317,1.4591128445600587,1.5028862298968606,1.5479728167937665,1.5944120012975795,1.642244361336507,1.6915116921766022,1.7422570429419004,1.7945247542301574,1.8483604968570622]
[]
[null,null,"Operating Costs for Existing Aircraft Fleet",null,null,null,null,null,null,null,{"$f":"K55*K41","v":3975.6500000000019},5139.8000000000029,18779,25611,32766,31040.855000000003,11501.504673347259,40861.211126053386,40372.015416690869,39551.720424087383,38332.013050239053,36631.759672152948,34354.634252234297,31386.30863995773,27591.124283261717]
[]
["Incremental Aircraft Added and Retired"]
[null,"Incremental Fleet Size Assumptions"]
[null,null,"Base Case Additions",null,null,null,null,null,null,null,null,null,null,null,null,null,1,4,{"$f":"R61*1.1","v":4.4000000000000004},{"$f":"S61*1.1","v":4.8400000000000007},5.3240000000000016,5.8564000000000025,6.4420400000000031,7.0862440000000042,7.7948684000000057]
[null,null,"High Aircraft Added",null,null,null,null,null,null,null,null,null,null,null,null,null,2,6,{"$f":"R62*1.2","v":7.1999999999999993},{"$f":"S62*1.2","v":8.6399999999999988},10.367999999999999,12.441599999999998,14.929919999999996,17.915903999999994,21.499084799999991]
[null,null,"Low Aircraft Added",null,null,null,null,null,null,null,null,null,null,null,null,null,1,1,1,1,1,1,1,1,1]
[null,null,"No Aircraft Added",null,null,null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"INDEX(C61:C64,$H$65)","v":"Base Case Additions"},null,null,null,null,1,null,null,null,null,null,null,null,null,{"$f":"INDEX(Q61:Q64,$H$65)","v":1},4,4.4000000000000004,4.8400000000000007,5.3240000000000016,5.8564000000000025,6.4420400000000031,7.0862440000000042,7.7948684000000057]
[]
[null,"New Planes"]
[null,null,"Opening Balance",null,null,null,null,null,null,null,{"$f":"J73","v":0},{"$f":"K73","v":0},0,0,0,0,0,1.8147228914332474,6.7516542165814819,12.229125240501952,18.308216918010494,25.057172347145318,32.552271090650365,40.878814645681167,50.132237733966591]
[null,null,"Replacement of New Planes",null,null,null,null,null,null,null,{"$f":"K72","v":0},{"$f":"L72","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Replacement of Existing Planes",null,null,null,null,null,null,null,{"$f":"NOT(K5)*K34","v":0},0,0,0,0,0,0.8147228914332475,0.93693132514823452,1.0774710239204697,1.2390916775085401,1.424955429134821,1.638698743505044,1.8845035550308005,2.1671790882854203,2.4922559515282328]
[null,null,"New Planes Added",null,null,null,null,null,null,null,{"$f":"K65+K69+K70","v":0},0,0,0,0,0,1.8147228914332474,4.936931325148235,5.4774710239204705,6.0790916775085408,6.7489554291348224,7.4950987435050465,8.3265435550308027,9.2534230882854249,10.287124351528238]
[null,null,"Planes Retired",null,null,null,null,null,null,{"$f":"H20","v":10},{"$f":"IF(NOT(K5),OFFSET(K71,0,-$J$72))*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"K68+K71-K72","v":0},{"$f":"L68+L71-L72","v":0},0,0,0,0,1.8147228914332474,6.7516542165814819,12.229125240501952,18.308216918010494,25.057172347145318,32.552271090650365,40.878814645681167,50.132237733966591,60.419362085494825]
[]
[null,null,"Incremental Operating Aircraft",null,null,null,null,null,null,null,{"$f":"J73","v":0},{"$f":"K73","v":0},0,0,0,0,0,1.8147228914332474,6.7516542165814819,{"$f":"S73","v":12.229125240501952},18.308216918010494,25.057172347145318,32.552271090650365,40.878814645681167,50.132237733966591]
[null,null,"Existing Planes",null,null,null,null,null,null,null,{"$f":"K35","v":11},{"$f":"L35","v":10},15,22,25,26,25.185277108566751,24.248345783418518,23.170874759498048,21.931783081989508,20.506827652854685,18.868128909349643,16.983625354318843,14.816446266033422,12.32419031450519]
[null,null,"Total Planes Closing Balance",null,null,null,null,null,null,null,{"$f":"K73+K35","v":11},10,15,22,25,26,27,31,35.4,40.24,45.564000000000007,51.420400000000008,57.862440000000007,64.948684000000014,72.743552400000013]
[]
[null,null,"EBITDA for Added Aircraft",null,null,null,null,null,null,null,{"$f":"K22*K75","v":0},0,0,0,0,0,0,2568.0330702277256,9840.9655437954425,18359.46986470187,28310.531184968651,39909.037465928173,53402.023269676567,69073.575450765944,87250.50674087205]
[null,null,"Hours of Operation for Added Aircraft",null,null,null,null,null,null,null,{"$f":"K75*K25","v":0},0,0,0,0,0,0,2702.4853299223919,10054.563459333143,18211.613308155509,27264.59663430123,37315.141059368812,48476.842108196528,60876.730770348397,74656.928433423047]
[]
[null,null,"Operating cost per Hour for Incremental Aircraft",null,null,null,null,null,null,null,{"$f":"K26","v":1.1145640594336983},{"$f":"L26","v":0.73112375533428209},1.5921153030945316,1.6868207864058486,1.6191135049661511,1.4166144121942317,1.4591128445600587,1.5028862298968606,1.5479728167937665,1.5944120012975795,1.642244361336507,1.6915116921766022,1.7422570429419004,1.7945247542301574,1.8483604968570622]
[null,null,"Operating Cost of Added Aircraft",null,null,null,null,null,null,null,{"$f":"K82*K80","v":0},{"$f":"L82*L80","v":0},0,0,0,0,0,4061.5279888386372,15564.190919775603,29036.814821513857,44775.1300867955,63118.997397141553,84459.119582587882,109244.80032399492,137992.91733302394]
[]
[null,null,"Revenue per Hour for Incremental Aircraft",null,null,null,null,null,null,null,{"$f":"K28","v":2.2346545675527318},{"$f":"L28","v":1.8288980377547293},2.7399992935946251,2.8402166360346612,2.768568790815173,2.5542842508439279,2.5202983914089647,2.5959073431512349,2.6737845634457722,2.7539981003491452,2.83661804335962,2.9217165846604076,3.0093680822002202,3.0996491246662266,3.192638598406214]
[null,null,"Revenue from Incremental Aircraft",null,null,null,null,null,null,null,{"$f":"K85*K80","v":0},{"$f":"L85*L80","v":0},0,0,0,0,0,7015.4015127040248,26883.736569750883,50154.748454953486,77339.246757780827,109024.26649210039,145884.66136626626,188696.50524485196,238352.59135499678]
[]
[null,null,"Capital Expenditures Relative to New Aircraft Cost",null,null,null,null,{"$f":"'Acquiror Scenario'!E30","v":1},null,null,{"$f":"$H$88","v":1},{"$f":"$H$88","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"Market Cost of Incremental Planes",null,null,null,null,null,null,null,{"$f":"K13*K88","v":6175},{"$f":"L13*L88","v":6175},6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175,6175]
[null,null,"Capital Expenditures for New Aircraft",null,null,null,null,null,null,null,{"$f":"K88*K71","v":0},{"$f":"L88*L71","v":0},0,0,0,0,1.8147228914332474,4.936931325148235,5.4774710239204705,6.0790916775085408,6.7489554291348224,7.4950987435050465,8.3265435550308027,9.2534230882854249,10.287124351528238]
[]
[null,"Air Logistics"]
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[null,null,"Margin",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,94:94)","v":7.7741711989813833E-2},{"$f":"AVERAGEIF($4:$4,TRUE,94:94)","v":8.3705915689437249E-2},{"$f":"'Acquiror Scenario'!I30","v":0.08},{"$f":"CHOOSE(E94,F94,G94,H94)","v":0.08},null,0.05,7.0000000000000007E-2,{"$f":"IF(M5,('Acquiror Model'!J51-'Acquiror Model'!J54)/M93,$I$94)","v":7.5716174526223007E-2},{"$f":"IF(N5,('Acquiror Model'!K51-'Acquiror Model'!K54)/N93,$I$94)","v":8.2517214384995125E-2},{"$f":"IF(O5,('Acquiror Model'!L51-'Acquiror Model'!L54)/O93,$I$94)","v":0.10451096733822757},{"$f":"IF(P5,('Acquiror Model'!M51-'Acquiror Model'!M54)/P93,$I$94)","v":8.3705915689437249E-2},{"$f":"IF(Q5,('Acquiror Model'!N51-'Acquiror Model'!N54)/Q93,$I$94)","v":0.08},{"$f":"IF(R5,('Acquiror Model'!O51-'Acquiror Model'!O54)/R93,$I$94)","v":0.08},{"$f":"IF(S5,('Acquiror Model'!P51-'Acquiror Model'!P54)/S93,$I$94)","v":0.08},{"$f":"IF(T5,('Acquiror Model'!Q51-'Acquiror Model'!Q54)/T93,$I$94)","v":0.08},{"$f":"IF(U5,('Acquiror Model'!R51-'Acquiror Model'!R54)/U93,$I$94)","v":0.08},{"$f":"IF(V5,('Acquiror Model'!S51-'Acquiror Model'!S54)/V93,$I$94)","v":0.08},{"$f":"IF(W5,('Acquiror Model'!T51-'Acquiror Model'!T54)/W93,$I$94)","v":0.08},{"$f":"IF(X5,('Acquiror Model'!U51-'Acquiror Model'!U54)/X93,$I$94)","v":0.08},{"$f":"IF(Y5,('Acquiror Model'!V51-'Acquiror Model'!V54)/Y93,$I$94)","v":0.08}]
[null,null,"Operatng Cost",null,null,null,null,null,null,null,{"$f":"K93-K94*K93","v":43598.35},{"$f":"L93-L94*L93","v":49141.2},73402,57428,80140,42037.74,16742.411466666668,60990.213199999991,62210.017463999997,63454.217813279996,64723.302169545605,66017.768212936528,67338.123577195263,68684.886048739165,70058.58376971395]
[]
[null,"Admin Expenses and Profit Sharing"]
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[null,null,"Revenues",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H52)","v":52653},{"$f":"IF(L5,'Acquiror Model'!I52)","v":65779},{"$f":"IF(M5,'Acquiror Model'!J52)","v":107700},{"$f":"IF(N5,'Acquiror Model'!K52)","v":103710},{"$f":"IF(O5,'Acquiror Model'!L52)","v":142415},{"$f":"IF(P5,'Acquiror Model'!M52)","v":101667},{"$f":"IF(Q5,'Acquiror Model'!N52)","v":false},{"$f":"IF(R5,'Acquiror Model'!O52)","v":false},{"$f":"IF(S5,'Acquiror Model'!P52)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q52)","v":false},{"$f":"IF(U5,'Acquiror Model'!R52)","v":false},{"$f":"IF(V5,'Acquiror Model'!S52)","v":false},{"$f":"IF(W5,'Acquiror Model'!T52)","v":false},{"$f":"IF(X5,'Acquiror Model'!U52)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V52)","v":false}]
[null,null,"Pct of Revenues",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,100:100)","v":6.5302575117708109E-2},{"$f":"AVERAGEIF($4:$4,TRUE,100:100)","v":7.4262051599830819E-2},{"$f":"'Acquiror Scenario'!J30","v":0.05},{"$f":"CHOOSE(E100,F100,G100,H100)","v":0.05},null,{"$f":"IF(K$5,K98/K99,$I100)","v":5.5647351527928136E-2},{"$f":"IF(L$5,L98/L99,$I100)","v":6.6799434469967625E-2},5.5831012070566385E-2,7.5518272104907913E-2,6.375732893304778E-2,7.4262051599830819E-2,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[]
[null,null,"Profit Sharing",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H58)","v":0},{"$f":"IF(L5,'Acquiror Model'!I58)","v":250},{"$f":"IF(M5,'Acquiror Model'!J58)","v":732},{"$f":"IF(N5,'Acquiror Model'!K58)","v":1001},{"$f":"IF(O5,'Acquiror Model'!L58)","v":1170},{"$f":"IF(P5,'Acquiror Model'!M58)","v":1161},{"$f":"IF(Q5,'Acquiror Model'!N58)","v":false},{"$f":"IF(R5,'Acquiror Model'!O58)","v":false},{"$f":"IF(S5,'Acquiror Model'!P58)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q58)","v":false},{"$f":"IF(U5,'Acquiror Model'!R58)","v":false},{"$f":"IF(V5,'Acquiror Model'!S58)","v":false},{"$f":"IF(W5,'Acquiror Model'!T58)","v":false},{"$f":"IF(X5,'Acquiror Model'!U58)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V58)","v":false}]
[null,null,"Revenues",null,null,null,null,null,null,null,{"$f":"K99","v":52653},{"$f":"L99","v":65779},107700,103710,142415,101667,false,false,false,false,false,false,false,false,false]
[null,null,"Profit Sharing Percent",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,104:104)","v":6.6473729773962242E-3},{"$f":"AVERAGEIF($4:$4,TRUE,104:104)","v":1.1419634689722329E-2},8.2000000000000007E-3,{"$f":"CHOOSE(E104,F104,G104,H104)","v":8.2000000000000007E-3},null,{"$f":"IF(K$5,K102/K103,$I104)","v":0},3.8006050563249671E-3,6.7966573816155987E-3,9.6519139909362651E-3,8.2154267457781836E-3,1.1419634689722329E-2,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3,8.2000000000000007E-3]
[]
[null,null,"Other Income",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,106:106)","v":-335.16666666666669},{"$f":"AVERAGEIF($4:$4,TRUE,106:106)","v":579},0,{"$f":"CHOOSE(E106,F106,G106,H106)","v":0},null,{"$f":"IF(K$5,'Acquiror Model'!H64+'Acquiror Model'!H63-'Acquiror Model'!H59,$I106)","v":287},{"$f":"IF(L$5,'Acquiror Model'!I64+'Acquiror Model'!I63-'Acquiror Model'!I59,$I106)","v":918},{"$f":"IF(M$5,'Acquiror Model'!J64+'Acquiror Model'!J63-'Acquiror Model'!J59,$I106)","v":746},{"$f":"IF(N$5,'Acquiror Model'!K64+'Acquiror Model'!K63-'Acquiror Model'!K59,$I106)","v":-601},{"$f":"IF(O$5,'Acquiror Model'!L64+'Acquiror Model'!L63-'Acquiror Model'!L59,$I106)","v":-3940},{"$f":"IF(P$5,'Acquiror Model'!M64+'Acquiror Model'!M63-'Acquiror Model'!M59,$I106)","v":579},{"$f":"IF(Q$5,'Acquiror Model'!N64+'Acquiror Model'!N63-'Acquiror Model'!N59,$I106)","v":0},{"$f":"IF(R$5,'Acquiror Model'!O64+'Acquiror Model'!O63-'Acquiror Model'!O59,$I106)","v":0},{"$f":"IF(S$5,'Acquiror Model'!P64+'Acquiror Model'!P63-'Acquiror Model'!P59,$I106)","v":0},{"$f":"IF(T$5,'Acquiror Model'!Q64+'Acquiror Model'!Q63-'Acquiror Model'!Q59,$I106)","v":0},{"$f":"IF(U$5,'Acquiror Model'!R64+'Acquiror Model'!R63-'Acquiror Model'!R59,$I106)","v":0},{"$f":"IF(V$5,'Acquiror Model'!S64+'Acquiror Model'!S63-'Acquiror Model'!S59,$I106)","v":0},{"$f":"IF(W$5,'Acquiror Model'!T64+'Acquiror Model'!T63-'Acquiror Model'!T59,$I106)","v":0},{"$f":"IF(X$5,'Acquiror Model'!U64+'Acquiror Model'!U63-'Acquiror Model'!U59,$I106)","v":0},{"$f":"IF(Y$5,'Acquiror Model'!V64+'Acquiror Model'!V63-'Acquiror Model'!V59,$I106)","v":0}]
[null,null,"Deferred Taxes",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H41,'Acquiror Assumptions'!J107)","v":0},{"$f":"IF(L5,'Acquiror Model'!I41,'Acquiror Assumptions'!K107)","v":0},{"$f":"IF(M5,'Acquiror Model'!J41,'Acquiror Assumptions'!L107)","v":0},{"$f":"IF(N5,'Acquiror Model'!K41,'Acquiror Assumptions'!M107)","v":1316.365},{"$f":"IF(O5,'Acquiror Model'!L41,'Acquiror Assumptions'!N107)","v":2421.48},{"$f":"IF(P5,'Acquiror Model'!M41,'Acquiror Assumptions'!O107)","v":2544.9},{"$f":"IF(Q5,'Acquiror Model'!N41,'Acquiror Assumptions'!P107)","v":2544.9},{"$f":"IF(R5,'Acquiror Model'!O41,'Acquiror Assumptions'!Q107)","v":2544.9},{"$f":"IF(S5,'Acquiror Model'!P41,'Acquiror Assumptions'!R107)","v":2544.9},{"$f":"IF(T5,'Acquiror Model'!Q41,'Acquiror Assumptions'!S107)","v":2544.9},{"$f":"IF(U5,'Acquiror Model'!R41,'Acquiror Assumptions'!T107)","v":2544.9},{"$f":"IF(V5,'Acquiror Model'!S41,'Acquiror Assumptions'!U107)","v":2544.9},{"$f":"IF(W5,'Acquiror Model'!T41,'Acquiror Assumptions'!V107)","v":2544.9},{"$f":"IF(X5,'Acquiror Model'!U41,'Acquiror Assumptions'!W107)","v":2544.9},{"$f":"IF(Y5,'Acquiror Model'!V41,'Acquiror Assumptions'!X107)","v":2544.9}]
[]
[null,"Interest and Taxes"]
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[null,null,"Debt",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H45)","v":2367},{"$f":"IF(L5,'Acquiror Model'!I45)","v":976},{"$f":"IF(M5,'Acquiror Model'!J45)","v":9145},{"$f":"IF(N5,'Acquiror Model'!K45)","v":16981.205000000002},{"$f":"IF(O5,'Acquiror Model'!L45)","v":36911.542000000001},{"$f":"IF(P5,'Acquiror Model'!M45)","v":35146.729999999996},{"$f":"IF(Q5,'Acquiror Model'!N45)","v":false},{"$f":"IF(R5,'Acquiror Model'!O45)","v":false},{"$f":"IF(S5,'Acquiror Model'!P45)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q45)","v":false},{"$f":"IF(U5,'Acquiror Model'!R45)","v":false},{"$f":"IF(V5,'Acquiror Model'!S45)","v":false},{"$f":"IF(W5,'Acquiror Model'!T45)","v":false},{"$f":"IF(X5,'Acquiror Model'!U45)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V45)","v":false}]
[null,null,"Average Debt",null,null,null,null,null,null,null,{"$f":"IF(K5,AVERAGE(J111:K111))","v":2367},1671.5,5060.5,13063.102500000001,26946.373500000002,36029.135999999999,false,false,false,false,false,false,false,false,false]
[null,null,"Average Interest Rate",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,113:113)","v":7.3952281013390547E-2},{"$f":"AVERAGEIF($4:$4,TRUE,113:113)","v":6.9735227622444232E-2},0.08,{"$f":"CHOOSE(E113,F113,G113,H113)","v":0.08},null,{"$f":"IF(K$5,K110/K112,$I113)","v":6.632868610054922E-2},{"$f":"IF(L$5,L110/L112,$I113)","v":8.0167514208794491E-2},6.7779863649836972E-2,9.0713519242461724E-2,6.8988875256256646E-2,6.9735227622444232E-2,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[]
[null,null,"Tax Expense",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H66)","v":375},{"$f":"IF(L5,'Acquiror Model'!I66)","v":2613},{"$f":"IF(M5,'Acquiror Model'!J66)","v":3146},{"$f":"IF(N5,'Acquiror Model'!K66)","v":3143},{"$f":"IF(O5,'Acquiror Model'!L66)","v":2768},{"$f":"IF(P5,'Acquiror Model'!M66)","v":4645},{"$f":"IF(Q5,'Acquiror Model'!N66)","v":false},{"$f":"IF(R5,'Acquiror Model'!O66)","v":false},{"$f":"IF(S5,'Acquiror Model'!P66)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q66)","v":false},{"$f":"IF(U5,'Acquiror Model'!R66)","v":false},{"$f":"IF(V5,'Acquiror Model'!S66)","v":false},{"$f":"IF(W5,'Acquiror Model'!T66)","v":false},{"$f":"IF(X5,'Acquiror Model'!U66)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V66)","v":false}]
[null,null,"Pre-tax Income",null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H65)","v":1388},{"$f":"IF(L5,'Acquiror Model'!I65)","v":6718},{"$f":"IF(M5,'Acquiror Model'!J65)","v":8406},{"$f":"IF(N5,'Acquiror Model'!K65)","v":7559},{"$f":"IF(O5,'Acquiror Model'!L65)","v":7466},{"$f":"IF(P5,'Acquiror Model'!M65)","v":11612.404999999999},{"$f":"IF(Q5,'Acquiror Model'!N65)","v":false},{"$f":"IF(R5,'Acquiror Model'!O65)","v":false},{"$f":"IF(S5,'Acquiror Model'!P65)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q65)","v":false},{"$f":"IF(U5,'Acquiror Model'!R65)","v":false},{"$f":"IF(V5,'Acquiror Model'!S65)","v":false},{"$f":"IF(W5,'Acquiror Model'!T65)","v":false},{"$f":"IF(X5,'Acquiror Model'!U65)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V65)","v":false}]
[null,null,"Average Tax Rate",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,117:117)","v":0.36998847349520791},{"$f":"AVERAGEIF($4:$4,TRUE,117:117)","v":0.40000327236261574},0,{"$f":"CHOOSE(E117,F117,G117,H117)","v":0},null,{"$f":"IF(K$5,K115/K116,$I117)","v":0.27017291066282423},0.3889550461446859,0.37425648346419227,0.41579574017727211,0.37074738815965713,0.40000327236261574,0,0,0,0,0,0,0,0,0]
[]
["Depreciation"]
[null,"Existing Depreciation",null,null,null,null,null,null,null,null,{"$f":"'Acquiror Model'!H77","v":891},{"$f":"'Acquiror Model'!I77","v":920},{"$f":"'Acquiror Model'!J77","v":771},{"$f":"'Acquiror Model'!K77","v":2493},{"$f":"'Acquiror Model'!L77","v":5994},{"$f":"'Acquiror Model'!M77","v":7035},{"$f":"P120/P3*Q3","v":2735.8333333333339},{"$f":"'[1]Depreciation and Retirement'!D21","v":9363.6935833333337},{"$f":"'[1]Depreciation and Retirement'!E21","v":9070.2776021522459},{"$f":"'[1]Depreciation and Retirement'!F21","v":8732.8492237939954},{"$f":"'[1]Depreciation and Retirement'!G21","v":8344.8065886820077},{"$f":"'[1]Depreciation and Retirement'!H21","v":7898.5575583032205},{"$f":"'[1]Depreciation and Retirement'!I21","v":7385.3711733676155},{"$f":"'[1]Depreciation and Retirement'!J21","v":6795.2068306916708},{"$f":"'[1]Depreciation and Retirement'!K21","v":6116.5178366143336}]
[null,"Existing Retirements",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'[1]Depreciation and Retirement'!D18","v":3520.9917741730519},{"$f":"'[1]Depreciation and Retirement'!E18","v":4049.1405402990099},{"$f":"'[1]Depreciation and Retirement'!F18","v":4656.5116213438614},{"$f":"'[1]Depreciation and Retirement'!G18","v":5354.9883645454393},{"$f":"'[1]Depreciation and Retirement'!H18","v":6158.2366192272557},{"$f":"'[1]Depreciation and Retirement'!I18","v":7081.9721121113434},{"$f":"'[1]Depreciation and Retirement'!J18","v":8144.2679289280441},{"$f":"'[1]Depreciation and Retirement'!K18","v":9365.9081182672489},{"$f":"'[1]Depreciation and Retirement'!L18","v":10770.794336007335}]
[]
[null,"Depreciation Rate"]
[null,null,"Net Plant",null,null,null,null,null,null,null,{"$f":"'Acquiror Model'!H27","v":9874},{"$f":"'Acquiror Model'!I27","v":18598},{"$f":"'Acquiror Model'!J27","v":37911},{"$f":"'Acquiror Model'!K27","v":30237.800999999999},{"$f":"'Acquiror Model'!L27","v":56313.286},{"$f":"'Acquiror Model'!M27","v":89356.940999999992},{"$f":"'Acquiror Model'!N27","v":0},{"$f":"'Acquiror Model'!O27","v":0},{"$f":"'Acquiror Model'!P27","v":0},{"$f":"'Acquiror Model'!Q27","v":0},{"$f":"'Acquiror Model'!R27","v":0},{"$f":"'Acquiror Model'!S27","v":0},{"$f":"'Acquiror Model'!T27","v":0},{"$f":"'Acquiror Model'!U27","v":0},{"$f":"'Acquiror Model'!V27","v":0}]
[null,null,"Net Plant Rate",null,null,null,null,null,null,null,{"$f":"IF(K124,K120/K124/K3)","v":9.023698602390115E-2},4.9467684697279281E-2,2.0337105325631082E-2,8.2446471553933434E-2,0.10644024573526041,0.10934610366007644,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Gross Plant",null,null,null,null,null,null,null,{"$f":"'Acquiror Model'!H25","v":9874},{"$f":"'Acquiror Model'!I25","v":18598},{"$f":"'Acquiror Model'!J25","v":37911},{"$f":"'Acquiror Model'!K25","v":38032.133000000002},{"$f":"'Acquiror Model'!L25","v":69426.072},{"$f":"'Acquiror Model'!M25","v":112364.323},{"$f":"'Acquiror Model'!N25","v":0},{"$f":"'Acquiror Model'!O25","v":0},{"$f":"'Acquiror Model'!P25","v":0},{"$f":"'Acquiror Model'!Q25","v":0},{"$f":"'Acquiror Model'!R25","v":0},{"$f":"'Acquiror Model'!S25","v":0},{"$f":"'Acquiror Model'!T25","v":0},{"$f":"'Acquiror Model'!U25","v":0},{"$f":"'Acquiror Model'!V25","v":0}]
[null,null,"Gross Plant Rate",null,null,null,null,null,null,null,{"$f":"IF(K127,K120/K127/K3)","v":9.023698602390115E-2},4.9467684697279281E-2,2.0337105325631082E-2,6.5549833873372279E-2,8.6336441445225356E-2,8.6956723205935504E-2,false,false,false,false,false,false,false,false,false]
[null,null,"Average Life",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,129:129)","v":19.801081795923288},{"$f":"AVERAGEIF($4:$4,TRUE,129:129)","v":11.49997335607676},11.5,{"$f":"CHOOSE(E129,F129,G129,H129)","v":11.5},null,{"$f":"IF(K128,1/K128,$I129)","v":11.081930415263749},{"$f":"IF(L128,1/L128,$I129)","v":20.215217391304346},49.171206225680933,15.255568792619336,11.582594594594596,11.49997335607676,11.5,11.5,11.5,11.5,11.5,11.5,11.5,11.5,11.5]
[]
["Working Capital"]
[null,"Accounts Receivable",null,null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H9)","v":0},{"$f":"IF(L5,'Acquiror Model'!I9)","v":0},{"$f":"IF(M5,'Acquiror Model'!J9)","v":0},{"$f":"IF(N5,'Acquiror Model'!K9)","v":12967.734},{"$f":"IF(O5,'Acquiror Model'!L9)","v":14195.99},{"$f":"IF(P5,'Acquiror Model'!M9)","v":21644.726999999999},{"$f":"IF(Q5,'Acquiror Model'!N9)","v":false},{"$f":"IF(R5,'Acquiror Model'!O9)","v":false},{"$f":"IF(S5,'Acquiror Model'!P9)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q9)","v":false},{"$f":"IF(U5,'Acquiror Model'!R9)","v":false},{"$f":"IF(V5,'Acquiror Model'!S9)","v":false},{"$f":"IF(W5,'Acquiror Model'!T9)","v":false},{"$f":"IF(X5,'Acquiror Model'!U9)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V9)","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$f":"K99/K3","v":52653},65779,107700,103710,142415,141204.16666666669,0,0,0,0,0,0,0,0,0]
[null,"Percentage",null,null,3,{"$f":"AVERAGEIF($5:$5,TRUE,134:134)","v":0.13800093335777422},{"$f":"AVERAGEIF($4:$4,TRUE,134:134)","v":0.15328674437132991},0.15,{"$f":"CHOOSE(E134,F134,G134,H134)","v":0.15},null,{"$f":"IF(K132,K132/K133,$I134)","v":0.15},{"$f":"IF(L132,L132/L133,$I134)","v":0.15},0.15,0.12503841481052935,9.968044096478601E-2,0.15328674437132991,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15,0.15]
[]
[null,"Other Current Assets",null,null,null,null,null,null,null,null,{"$f":"IF(K5,SUM('Acquiror Model'!H10:H15))","v":0},{"$f":"IF(L5,SUM('Acquiror Model'!I10:I15))","v":0},{"$f":"IF(M5,SUM('Acquiror Model'!J10:J15))","v":0},{"$f":"IF(N5,SUM('Acquiror Model'!K10:K15))","v":946.62100000000009},{"$f":"IF(O5,SUM('Acquiror Model'!L10:L15))","v":3554.6979999999999},{"$f":"IF(P5,SUM('Acquiror Model'!M10:M15))","v":12395.5},{"$f":"IF(Q5,SUM('Acquiror Model'!N10:N15))","v":false},{"$f":"IF(R5,SUM('Acquiror Model'!O10:O15))","v":false},{"$f":"IF(S5,SUM('Acquiror Model'!P10:P15))","v":false},{"$f":"IF(T5,SUM('Acquiror Model'!Q10:Q15))","v":false},{"$f":"IF(U5,SUM('Acquiror Model'!R10:R15))","v":false},{"$f":"IF(V5,SUM('Acquiror Model'!S10:S15))","v":false},{"$f":"IF(W5,SUM('Acquiror Model'!T10:T15))","v":false},{"$f":"IF(X5,SUM('Acquiror Model'!U10:U15))","v":false},{"$f":"IF(Y5,SUM('Acquiror Model'!V10:V15))","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$f":"K103/K3","v":52653},65779,107700,103710,142415,141204.16666666669,0,0,0,0,0,0,0,0,0]
[null,"Percentage",null,null,3,{"$f":"AVERAGEIF($5:$5,TRUE,138:138)","v":7.5311991882677246E-2},{"$f":"AVERAGEIF($4:$4,TRUE,138:138)","v":8.778423677299417E-2},0.11,{"$f":"CHOOSE(E138,F138,G138,H138)","v":0.11},null,{"$f":"IF(K136,K136/K137,$I138)","v":0.11},0.11,0.11,9.1275768971169624E-3,2.4960137625952322E-2,8.778423677299417E-2,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11,0.11]
[]
[null,"Accounts Payable",null,null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H32)","v":4323},{"$f":"IF(L5,'Acquiror Model'!I32)","v":10333},{"$f":"IF(M5,'Acquiror Model'!J32)","v":16216},{"$f":"IF(N5,'Acquiror Model'!K32)","v":9327.1090000000004},{"$f":"IF(O5,'Acquiror Model'!L32)","v":12952.18},{"$f":"IF(P5,'Acquiror Model'!M32)","v":8522.4120000000003},{"$f":"IF(Q5,'Acquiror Model'!N32)","v":false},{"$f":"IF(R5,'Acquiror Model'!O32)","v":false},{"$f":"IF(S5,'Acquiror Model'!P32)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q32)","v":false},{"$f":"IF(U5,'Acquiror Model'!R32)","v":false},{"$f":"IF(V5,'Acquiror Model'!S32)","v":false},{"$f":"IF(W5,'Acquiror Model'!T32)","v":false},{"$f":"IF(X5,'Acquiror Model'!U32)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V32)","v":false}]
[null,"Cash Expenses",null,null,null,null,null,null,null,null,{"$f":"(K54+K95)/K3","v":47574},54281,92181,83039,112906,101498.04861111111,59794.326666666668,60990.213199999991,62210.017463999997,63454.217813279996,64723.302169545605,66017.768212936528,67338.123577195263,68684.886048739165,70058.58376971395]
[null,"Percentage",null,null,3,{"$f":"AVERAGEIF($5:$5,TRUE,142:142)","v":0.12802496506481548},{"$f":"AVERAGEIF($4:$4,TRUE,142:142)","v":8.3966264540252869E-2},0.08,{"$f":"CHOOSE(E142,F142,G142,H142)","v":0.08},null,{"$f":"IF(K140,K140/K141,$I142)","v":9.086896203808803E-2},0.19036126821539764,0.17591477636389277,0.11232202940786859,0.11471648982339291,8.3966264540252869E-2,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[]
[null,"Other Current Liabilities",null,null,null,null,null,null,null,null,{"$f":"IF(K5,SUM('Acquiror Model'!H33:H35))","v":0},{"$f":"IF(L5,SUM('Acquiror Model'!I33:I35))","v":0},{"$f":"IF(M5,SUM('Acquiror Model'!J33:J35))","v":0},{"$f":"IF(N5,SUM('Acquiror Model'!K33:K35))","v":3362.951},{"$f":"IF(O5,SUM('Acquiror Model'!L33:L35))","v":3903.9309999999996},{"$f":"IF(P5,SUM('Acquiror Model'!M33:M35))","v":19445.525999999998},{"$f":"IF(Q5,SUM('Acquiror Model'!N33:N35))","v":false},{"$f":"IF(R5,SUM('Acquiror Model'!O33:O35))","v":false},{"$f":"IF(S5,SUM('Acquiror Model'!P33:P35))","v":false},{"$f":"IF(T5,SUM('Acquiror Model'!Q33:Q35))","v":false},{"$f":"IF(U5,SUM('Acquiror Model'!R33:R35))","v":false},{"$f":"IF(V5,SUM('Acquiror Model'!S33:S35))","v":false},{"$f":"IF(W5,SUM('Acquiror Model'!T33:T35))","v":false},{"$f":"IF(X5,SUM('Acquiror Model'!U33:U35))","v":false},{"$f":"IF(Y5,SUM('Acquiror Model'!V33:V35))","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$f":"K137","v":52653},{"$f":"L137","v":65779},107700,103710,142415,141204.16666666669,0,0,0,0,0,0,0,0,0]
[null,"Percentage",null,null,3,{"$f":"AVERAGEIF($5:$5,TRUE,146:146)","v":9.7925161937965965E-2},{"$f":"AVERAGEIF($4:$4,TRUE,146:146)","v":0.13771212605860306},0.13,{"$f":"CHOOSE(E146,F146,G146,H146)","v":0.13},null,{"$f":"IF(K144,K144/K145,$I146)","v":0.13},0.13,0.13,3.2426487320412686E-2,2.741235824877997E-2,0.13771212605860306,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13,0.13]
[]
["Financing"]
[null,"Cash Balance",null,null,null,null,null,null,null,null,{"$f":"IF(K5,'Acquiror Model'!H8)","v":0},{"$f":"IF(L5,'Acquiror Model'!I8)","v":0},{"$f":"IF(M5,'Acquiror Model'!J8)","v":0},{"$f":"IF(N5,'Acquiror Model'!K8)","v":3801.3780000000002},{"$f":"IF(O5,'Acquiror Model'!L8)","v":5763.9040000000005},{"$f":"IF(P5,'Acquiror Model'!M8)","v":7503.48},{"$f":"IF(Q5,'Acquiror Model'!N8)","v":false},{"$f":"IF(R5,'Acquiror Model'!O8)","v":false},{"$f":"IF(S5,'Acquiror Model'!P8)","v":false},{"$f":"IF(T5,'Acquiror Model'!Q8)","v":false},{"$f":"IF(U5,'Acquiror Model'!R8)","v":false},{"$f":"IF(V5,'Acquiror Model'!S8)","v":false},{"$f":"IF(W5,'Acquiror Model'!T8)","v":false},{"$f":"IF(X5,'Acquiror Model'!U8)","v":false},{"$f":"IF(Y5,'Acquiror Model'!V8)","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$f":"K145","v":52653},{"$f":"L145","v":65779},107700,103710,142415,141204.16666666669,0,0,0,0,0,0,0,0,0]
[null,"Cash Revenue percent",null,null,3,{"$f":"AVERAGEIF($5:$5,TRUE,151:151)","v":3.1710955894811065E-2},{"$f":"AVERAGEIF($4:$4,TRUE,151:151)","v":5.3139225117294686E-2},0.02,{"$f":"CHOOSE(E151,F151,G151,H151)","v":0.02},null,{"$f":"I151","v":0.02},{"$f":"I151","v":0.02},{"$f":"I151","v":0.02},{"$f":"IF(N5,N149/N150,$I151)","v":3.6653919583453862E-2},4.0472590668117828E-2,5.3139225117294686E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[null,"Interest Income Rate",null,null,3,{"$f":"AVERAGEIF($5:$5,TRUE,153:153)","v":0.02},{"$f":"AVERAGEIF($4:$4,TRUE,153:153)","v":0.02},{"$f":"'Acquiror Scenario'!L30","v":0.02},{"$f":"CHOOSE(E153,F153,G153,H153)","v":0.02},null,{"$f":"I153","v":0.02},{"$f":"I153","v":0.02},{"$f":"I153","v":0.02},{"$f":"IF(N7,N151/N152,$I153)","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]

{"sheet":"Acquiror Model","index":7,"n_rows":315,"n_cols":22,"rows_kept":315,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,null,null,null,null,null,null,1992,1993,1994,1995,1996,1997,{"$f":"M2","v":1997},{"$f":"N2+1","v":1998},{"$f":"O2+1","v":1999},2000,2001,2002,2003,2004,2005]
[null,null,null,null,null,null,null,1,1,1,1,1,0.72,{"$f":"1-M3","v":0.28000000000000003},1,1,1,1,1,1,1,1]
[null,null,null,null,null,null,null,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false]
["Balance Sheet"]
[null,"ASSETS"]
[null,null,"Current assets: "]
[null,null,null,"Cash and cash equivalents ",-1,null,null,null,null,null,3801.3780000000002,5763.9040000000005,7503.48]
[null,null,null,"Trade accounts receivable, net of allowance for doubtful accounts of $05 million and $01 million, respectively ",0,1,null,null,null,null,12967.734,14195.99,21644.726999999999]
[null,null,null,"Income tax receivable",0,1,null,null,null,null,0,765.39499999999998,0]
[null,null,null,"Deferred income taxes",0,1,null,null,null,null,50.41,156.56200000000001,107.56399999999999]
[null,null,null,"Inventory and aircraft supplies ",0,1,null,null,null,null,98.385999999999996,1713.8119999999999,5587.5479999999998]
[null,null,null,"Deposits and prepaid expenses ",0,1,null,null,null,null,0,0,3875.3159999999998]
[null,null,null,"Prepaid aircraft fuel ",0,1,null,null,null,null,797.82500000000005,918.92899999999997,2825.0720000000001]
[null,null,null,"Other current assets, net ",0,1,null,null,null,null,0,0]
[null,null," ","Total current assets",0,null,null,null,null,null,17715.733,23514.592000000001,41543.707000000002]
[]
[null,null,"  Aircraft                                ",null,0,null,null,null,null,null,36179.455000000002,53695.32,93649.024000000005]
[null,null,"  Aircraft work-in-progress                               ",null,0,null,null,null,null,null,0,13476.355,8178.1610000000001]
[null,null,"  Machinery and equipment                              ",null,0,null,null,null,null,null,1425.2719999999999,1776.319,5122.3680000000004]
[null,null,"  Leasehold improvements                               ",null,0,null,null,null,null,null,0,75.313000000000002,3053.6239999999998]
[null,null,"  Building                                ",null,0,null,null,null,null,null,251.34899999999999,166.05699999999999,1770]
[null,null,"  Furniture and fixtures                              ",null,0,null,null,null,null,null,176.05699999999999,236.708,173.899]
[null,null,"  Transportation equipment                               ",null,0,null,null,null,null,null,null,null,417.24700000000001]
[null,null,null,"Total plant assets",0,null,null,9874,18598,37911,38032.133000000002,69426.072,112364.323]
[null,null,null,"Accumulated Depreciation",0,null,null,null,null,null,-7794.3320000000003,-13112.786,-23007.382000000001]
[null,null,"Property and equipment, net ",null,0,1,null,9874,18598,37911,30237.800999999999,56313.286,89356.940999999992]
[null,null,null,"Total assets ",null,null,null,9874,18598,37911,47953.534,79827.877999999997,130900.64799999999]
[]
[null,"LIABILITIES AND STOCKHOLDERS’ EQUITY"]
[null,null,"Current liabilities: "]
[null,null,"Accounts payable 0 trade ",null,null,-1,null,4323,10333,16216,9327.1090000000004,12952.18,8522.4120000000003]
[null,null,"Accrued wages and compensation related expenses ",null,null,-1,null,null,null,null,1336.6959999999999,1580.4649999999999,13226.661]
[null,null,null,"Current portion of accrued aircraft maintenance reserves",1,null,null,null,null,null,2026.2550000000001,2323.4659999999999,3326.009]
[null,null,"Taxes payable ",null,null,-1,null,null,null,null,0,0,2892.8560000000002]
[null,null,null,"Revolving Credit Facility",1,null,1,null,null,null,0,10000,0]
[null,null,"Current debt ",null,1,null,1,null,null,null,3278.5529999999999,3620.24,8373.2610000000004]
[null,null,"Total current liabilities ",null,null,null,null,4323,10333,16216,15968.613000000001,30476.351000000002,36341.199000000001]
[]
[null,null,null,"Long-term debt ",1,0,1,2367,976,9145,13702.652,23291.302,26773.468999999997]
[null,null,null," Deferred income taxes",0,-1,null,null,null,null,1316.365,2421.48,2544.9]
[null,null,null,"Total stockholders’ equity ",1,null,null,3184,7289,12550,16965.903999999999,23638.744999999999,65241.08]
[null,null,null,"Total liabilities and stockholders’ equity ",0,null,null,9874,18598,37911,47953.534,79827.877999999997,130900.64799999999]
[]
[null,null,null,"Total Debt",null,null,null,2367,976,9145,16981.205000000002,36911.542000000001,35146.729999999996]
[]
[]
["Results of Operations"]
[null,"Revenue:"]
[null,null,"Scheduled freight",null,null,null,null,6760,12939,28285,41117,52922,55789]
[null,null,"Air logistics revenues                               ",null,null,null,null,45893,52840,79415,62593,89493,45878]
[null,null,"Total revenue",null,null,null,null,52653,65779,107700,103710,142415,101667]
[null,null,"Air freight carrier Cost",null,null,null,null,4866.6500000000015,6059.8000000000029,19550,28104,38760,38075.855000000003]
[null,null,"Air logistics Cost",null,null,null,null,43598.35,49141.2,73402,57428,80140,42037.74]
[null,null,"Total cost of revenue",null,null,null,null,48465,55201,92952,85532,118900,80113.595000000001]
[null,"Gross profit (loss)",null,null,null,null,null,4188,10578,14748,18178,23515,21553.404999999999]
[null,"General and administrative expenses",null,null,null,null,null,2930,4394,6013,7832,9080,7550]
[null," Non-qualified profit sharing                               ",null,null,null,null,null,0,250,732,1001,1170,1161]
[null," Stock option grants to                              ",null,null,null,null,null,0,0,0,0,4231,0]
[null,"Operating profit (loss) from continuing operations",null,null,null,null,null,1258,5934,8003,9345,9034,12842.404999999999]
[null,"Other (income) expense:"]
[null,null,"Interest expense",null,null,null,null,-157,-134,-343,-1185,-1859,-1809]
[null,null,"Other income(3)",null,null,null,null,287,193,-432,-601,291,579]
[null,null,"Contract settlement income",null,null,null,null,0,725,1178,0,0,0]
[null,"Income (loss) from continuing operations before income taxes",null,null,null,null,null,1388,6718,8406,7559,7466,11612.404999999999]
[null,null,"Income tax expense",null,null,null,null,375,2613,3146,3143,2768,4645]
[null,"Net income (loss) allocable to common stockholders(6)",null,null,null,null,null,1013,4105,5260,4416,4698,6967.4049999999988]
[]
["Earnings (Loss) Per Share Data"]
[null,"Continuing operations(6)(7)",null,null,null,null,null,0.12,0.52,0.66,0.55000000000000004,0.52,0.67]
[null,"Weighted average common stock outstanding(7)",null,null,null,null,null,8671,7968,7968,7968,7928,7928]
[" OTHER FINANCIAL DATA:                               "]
[null," Capital expenditures                                ",null,null,null,null,null,3019,1318,13876,17929,33538,48575]
[null," Adjusted EBITDA(3)                                ",null,null,null,null,null,2149,7104,9507,12839,19840,21039]
[null," Depreciation Expense",null,null,null,null,null,0,0,1935.348,4095.1559999999999,6873.0330000000004,7617.3670000000002]
[null," Gross Profit - G&A",null,null,null,null,null,1258,6184,8736,10346,13846,14004]
[null," Implied Depreciation",null,null,null,null,null,891,920,771,2493,5994,7035]
[]
["Operating Data"]
[null,"Aircraft owned (at end of                            ",null,null,null,null,null,11,10,15,22,25,26]
[null,"Revenue block hours flown(11)",null,null,null,null,null,3567,7030,11795,15183,20237,21912]
[]
["Assumptions"]
[null,"Number of Planes"]
[null,null,"Existing Planes",null,null,null,null,{"$f":"'Acquiror Assumptions'!K40","v":11},{"$f":"'Acquiror Assumptions'!L40","v":10.5},{"$f":"'Acquiror Assumptions'!M40","v":12.5},{"$f":"'Acquiror Assumptions'!N40","v":18.5},{"$f":"'Acquiror Assumptions'!O40","v":23.5},{"$f":"'Acquiror Assumptions'!P40","v":25.5},{"$f":"'Acquiror Assumptions'!Q40","v":25.592638554283376},{"$f":"'Acquiror Assumptions'!R40","v":24.716811445992633},{"$f":"'Acquiror Assumptions'!S40","v":23.709610271458281},{"$f":"'Acquiror Assumptions'!T40","v":22.551328920743778},{"$f":"'Acquiror Assumptions'!U40","v":21.219305367422095},{"$f":"'Acquiror Assumptions'!V40","v":19.687478281102166},{"$f":"'Acquiror Assumptions'!W40","v":17.925877131834241},{"$f":"'Acquiror Assumptions'!X40","v":15.900035810176131},{"$f":"'Acquiror Assumptions'!Y40","v":13.570318290269306}]
[null,null,"New Planes",null,null,null,null,{"$f":"'Acquiror Assumptions'!K73","v":0},{"$f":"'Acquiror Assumptions'!L73","v":0},{"$f":"'Acquiror Assumptions'!M73","v":0},{"$f":"'Acquiror Assumptions'!N73","v":0},{"$f":"'Acquiror Assumptions'!O73","v":0},{"$f":"'Acquiror Assumptions'!P73","v":0},{"$f":"'Acquiror Assumptions'!Q73","v":1.8147228914332474},{"$f":"'Acquiror Assumptions'!R73","v":6.7516542165814819},{"$f":"'Acquiror Assumptions'!S73","v":12.229125240501952},{"$f":"'Acquiror Assumptions'!T73","v":18.308216918010494},{"$f":"'Acquiror Assumptions'!U73","v":25.057172347145318},{"$f":"'Acquiror Assumptions'!V73","v":32.552271090650365},{"$f":"'Acquiror Assumptions'!W73","v":40.878814645681167},{"$f":"'Acquiror Assumptions'!X73","v":50.132237733966591},{"$f":"'Acquiror Assumptions'!Y73","v":60.419362085494825}]
[null,null,null,"Total Planes",null,null,null,{"$f":"SUM(H85:H86)","v":11},10.5,12.5,18.5,23.5,25.5,27.407361445716624,31.468465662574115,35.938735511960232,40.859545838754272,46.276477714567413,52.239749371752531,58.804691777515409,66.032273544142726,73.989680375764124]
[]
[null,null,"Added Planes",null,null,null,null,{"$f":"'Acquiror Assumptions'!K71","v":0},{"$f":"'Acquiror Assumptions'!L71","v":0},{"$f":"'Acquiror Assumptions'!M71","v":0},{"$f":"'Acquiror Assumptions'!N71","v":0},{"$f":"'Acquiror Assumptions'!O71","v":0},{"$f":"'Acquiror Assumptions'!P71","v":0},{"$f":"'Acquiror Assumptions'!Q71","v":1.8147228914332474},{"$f":"'Acquiror Assumptions'!R71","v":4.936931325148235},{"$f":"'Acquiror Assumptions'!S71","v":5.4774710239204705},{"$f":"'Acquiror Assumptions'!T71","v":6.0790916775085408},{"$f":"'Acquiror Assumptions'!U71","v":6.7489554291348224},{"$f":"'Acquiror Assumptions'!V71","v":7.4950987435050465},{"$f":"'Acquiror Assumptions'!W71","v":8.3265435550308027},{"$f":"'Acquiror Assumptions'!X71","v":9.2534230882854249},{"$f":"'Acquiror Assumptions'!Y71","v":10.287124351528238}]
[null,null,"Operational Planes - Existing",null,null,null,null,{"$f":"H87","v":11},{"$f":"I87","v":10.5},12.5,18.5,23.5,25.5,27.407361445716624,31.468465662574115,35.938735511960232,40.859545838754272,46.276477714567413,52.239749371752531,58.804691777515409,66.032273544142726,73.989680375764124]
[null,null,"Operational Planes - New",null,null,null,null,{"$f":"G86","v":0},{"$f":"H86","v":0},0,0,0,0,0,1.8147228914332474,6.7516542165814819,12.229125240501952,18.308216918010494,25.057172347145318,32.552271090650365,40.878814645681167,50.132237733966591]
[]
[null,"Capital Expenditures"]
[null,null,"Capital Expenditure per Plane",null,null,null,null,{"$f":"'Acquiror Assumptions'!K89","v":6175},{"$f":"'Acquiror Assumptions'!L89","v":6175},{"$f":"'Acquiror Assumptions'!M89","v":6175},{"$f":"'Acquiror Assumptions'!N89","v":6175},{"$f":"'Acquiror Assumptions'!O89","v":6175},{"$f":"'Acquiror Assumptions'!P89","v":6175},{"$f":"'Acquiror Assumptions'!Q89","v":6175},{"$f":"'Acquiror Assumptions'!R89","v":6175},{"$f":"'Acquiror Assumptions'!S89","v":6175},{"$f":"'Acquiror Assumptions'!T89","v":6175},{"$f":"'Acquiror Assumptions'!U89","v":6175},{"$f":"'Acquiror Assumptions'!V89","v":6175},{"$f":"'Acquiror Assumptions'!W89","v":6175},{"$f":"'Acquiror Assumptions'!X89","v":6175},{"$f":"'Acquiror Assumptions'!Y89","v":6175}]
[null,null,"Capital Expenditures ",null,null,null,null,{"$f":"H94*H89","v":0},{"$f":"I94*I89","v":0},0,0,0,0,11205.913854600303,30485.550932790349,33823.383572708903,37538.391108615237,41674.799774907529,46282.234741143664,51416.406452315205,57139.8875701625,63522.992870686867]
[]
[null,"Revenues"]
[null,null,"Flight Hours/Aircraft - Existing",null,null,null,null,{"$f":"'Acquiror Assumptions'!K39","v":324.27272727272725},{"$f":"'Acquiror Assumptions'!L39","v":669.52380952380952},{"$f":"'Acquiror Assumptions'!M39","v":943.6},{"$f":"'Acquiror Assumptions'!N39","v":820.70270270270271},{"$f":"'Acquiror Assumptions'!O39","v":861.14893617021278},{"$f":"'Acquiror Assumptions'!P39","v":1193.4640522875818},{"$f":"'Acquiror Assumptions'!Q39","v":1100},{"$f":"'Acquiror Assumptions'!R39","v":1100},{"$f":"'Acquiror Assumptions'!S39","v":1100},{"$f":"'Acquiror Assumptions'!T39","v":1100},{"$f":"'Acquiror Assumptions'!U39","v":1100},{"$f":"'Acquiror Assumptions'!V39","v":1100},{"$f":"'Acquiror Assumptions'!W39","v":1100},{"$f":"'Acquiror Assumptions'!X39","v":1100},{"$f":"'Acquiror Assumptions'!Y39","v":1100}]
[null,null,"Flight Hours/Aircraft - Incremental",null,null,null,null,{"$f":"'Acquiror Assumptions'!K25","v":1489.2},{"$f":"'Acquiror Assumptions'!L25","v":1489.2},{"$f":"'Acquiror Assumptions'!M25","v":1489.2},{"$f":"'Acquiror Assumptions'!N25","v":1489.2},{"$f":"'Acquiror Assumptions'!O25","v":1489.2},{"$f":"'Acquiror Assumptions'!P25","v":1489.2},{"$f":"'Acquiror Assumptions'!Q25","v":1489.2},{"$f":"'Acquiror Assumptions'!R25","v":1489.2},{"$f":"'Acquiror Assumptions'!S25","v":1489.2},{"$f":"'Acquiror Assumptions'!T25","v":1489.2},{"$f":"'Acquiror Assumptions'!U25","v":1489.2},{"$f":"'Acquiror Assumptions'!V25","v":1489.2},{"$f":"'Acquiror Assumptions'!W25","v":1489.2},{"$f":"'Acquiror Assumptions'!X25","v":1489.2},{"$f":"'Acquiror Assumptions'!Y25","v":1489.2}]
[]
[null,null,"Price/Flight Hour - Existing",null,null,null,null,{"$f":"'Acquiror Assumptions'!K47","v":1.8951499859826184},{"$f":"'Acquiror Assumptions'!L47","v":1.8405405405405406},{"$f":"'Acquiror Assumptions'!M47","v":2.3980500211954219},{"$f":"'Acquiror Assumptions'!N47","v":2.7080945794638742},{"$f":"'Acquiror Assumptions'!O47","v":2.6151109354153284},{"$f":"'Acquiror Assumptions'!P47","v":2.5460478276743332},{"$f":"'Acquiror Assumptions'!Q47","v":2.5121715574207606},{"$f":"'Acquiror Assumptions'!R47","v":2.5875367041433845},{"$f":"'Acquiror Assumptions'!S47","v":2.6651628052676863},{"$f":"'Acquiror Assumptions'!T47","v":2.745117689425717},{"$f":"'Acquiror Assumptions'!U47","v":2.8274712201084893},{"$f":"'Acquiror Assumptions'!V47","v":2.9122953567117427},{"$f":"'Acquiror Assumptions'!W47","v":2.9996642174130952},{"$f":"'Acquiror Assumptions'!X47","v":3.0896541439354874},{"$f":"'Acquiror Assumptions'!Y47","v":3.1823437682535527}]
[null,null,"Price/Flight Hour - Incremental",null,null,null,null,{"$f":"'Acquiror Assumptions'!K85","v":2.2346545675527318},{"$f":"'Acquiror Assumptions'!L85","v":1.8288980377547293},{"$f":"'Acquiror Assumptions'!M85","v":2.7399992935946251},{"$f":"'Acquiror Assumptions'!N85","v":2.8402166360346612},{"$f":"'Acquiror Assumptions'!O85","v":2.768568790815173},{"$f":"'Acquiror Assumptions'!P85","v":2.5542842508439279},{"$f":"'Acquiror Assumptions'!Q85","v":2.5202983914089647},{"$f":"'Acquiror Assumptions'!R85","v":2.5959073431512349},{"$f":"'Acquiror Assumptions'!S85","v":2.6737845634457722},{"$f":"'Acquiror Assumptions'!T85","v":2.7539981003491452},{"$f":"'Acquiror Assumptions'!U85","v":2.83661804335962},{"$f":"'Acquiror Assumptions'!V85","v":2.9217165846604076},{"$f":"'Acquiror Assumptions'!W85","v":3.0093680822002202},{"$f":"'Acquiror Assumptions'!X85","v":3.0996491246662266},{"$f":"'Acquiror Assumptions'!Y85","v":3.192638598406214}]
[]
[null,null,"Total Revenues - Existing",null,null,null,null,{"$f":"H98*H101*H85*H3","v":6760},{"$f":"I98*I101*I85*I3","v":12939},28285.000000000004,41117.000000000007,52922,55788.999999999993,19802.274385869569,70351.222508486986,69508.968565171628,68096.657134430658,65996.672760787522,63069.326741758829,59148.773417917546,54038.172682596662,47503.95962868131]
[null,null,"Total Revenues - Incremental",null,null,null,null,{"$f":"H99*H102*H91","v":0},{"$f":"I99*I102*I91","v":0},0,0,0,0,0,7015.4015127040257,26883.736569750879,50154.748454953478,77339.246757780827,109024.26649210037,145884.66136626626,188696.50524485193,238352.59135499678]
[null,null,"Logistics Revenues",null,null,null,null,{"$f":"'Acquiror Assumptions'!K93","v":45893},{"$f":"'Acquiror Assumptions'!L93","v":52840},{"$f":"'Acquiror Assumptions'!M93","v":79415},{"$f":"'Acquiror Assumptions'!N93","v":62593},{"$f":"'Acquiror Assumptions'!O93","v":89493},{"$f":"'Acquiror Assumptions'!P93","v":45878},{"$f":"'Acquiror Assumptions'!Q93","v":18198.273333333334},{"$f":"'Acquiror Assumptions'!R93","v":66293.709999999992},{"$f":"'Acquiror Assumptions'!S93","v":67619.584199999998},{"$f":"'Acquiror Assumptions'!T93","v":68971.975883999999},{"$f":"'Acquiror Assumptions'!U93","v":70351.415401680002},{"$f":"'Acquiror Assumptions'!V93","v":71758.443709713611},{"$f":"'Acquiror Assumptions'!W93","v":73193.612583907889},{"$f":"'Acquiror Assumptions'!X93","v":74657.484835586045},{"$f":"'Acquiror Assumptions'!Y93","v":76150.634532297772}]
[null,null,null,"Total Revenues",null,null,null,{"$f":"SUM(H104:H106)","v":52653},{"$f":"SUM(I104:I106)","v":65779},107700,103710,142415,101667,38000.547719202907,143660.334021191,164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[]
[null,"Operating Costs"]
[null,null,"Freight Costs - Existing",null,null,null,null,{"$f":"'Acquiror Assumptions'!K57","v":3975.6500000000019},{"$f":"'Acquiror Assumptions'!L57","v":5139.8000000000029},{"$f":"'Acquiror Assumptions'!M57","v":18779},{"$f":"'Acquiror Assumptions'!N57","v":25611},{"$f":"'Acquiror Assumptions'!O57","v":32766},{"$f":"'Acquiror Assumptions'!P57","v":31040.855000000003},{"$f":"'Acquiror Assumptions'!Q57","v":11501.504673347259},{"$f":"'Acquiror Assumptions'!R57","v":40861.211126053386},{"$f":"'Acquiror Assumptions'!S57","v":40372.015416690869},{"$f":"'Acquiror Assumptions'!T57","v":39551.720424087383},{"$f":"'Acquiror Assumptions'!U57","v":38332.013050239053},{"$f":"'Acquiror Assumptions'!V57","v":36631.759672152948},{"$f":"'Acquiror Assumptions'!W57","v":34354.634252234297},{"$f":"'Acquiror Assumptions'!X57","v":31386.30863995773},{"$f":"'Acquiror Assumptions'!Y57","v":27591.124283261717}]
[null,null,"Freight Costs - New",null,null,null,null,{"$f":"'Acquiror Assumptions'!K83","v":0},{"$f":"'Acquiror Assumptions'!L83","v":0},{"$f":"'Acquiror Assumptions'!M83","v":0},{"$f":"'Acquiror Assumptions'!N83","v":0},{"$f":"'Acquiror Assumptions'!O83","v":0},{"$f":"'Acquiror Assumptions'!P83","v":0},{"$f":"'Acquiror Assumptions'!Q83","v":0},{"$f":"'Acquiror Assumptions'!R83","v":4061.5279888386372},{"$f":"'Acquiror Assumptions'!S83","v":15564.190919775603},{"$f":"'Acquiror Assumptions'!T83","v":29036.814821513857},{"$f":"'Acquiror Assumptions'!U83","v":44775.1300867955},{"$f":"'Acquiror Assumptions'!V83","v":63118.997397141553},{"$f":"'Acquiror Assumptions'!W83","v":84459.119582587882},{"$f":"'Acquiror Assumptions'!X83","v":109244.80032399492},{"$f":"'Acquiror Assumptions'!Y83","v":137992.91733302394}]
[null,null,"Logistics Costs",null,null,null,null,{"$f":"'Acquiror Assumptions'!K95","v":43598.35},{"$f":"'Acquiror Assumptions'!L95","v":49141.2},{"$f":"'Acquiror Assumptions'!M95","v":73402},{"$f":"'Acquiror Assumptions'!N95","v":57428},{"$f":"'Acquiror Assumptions'!O95","v":80140},{"$f":"'Acquiror Assumptions'!P95","v":42037.74},{"$f":"'Acquiror Assumptions'!Q95","v":16742.411466666668},{"$f":"'Acquiror Assumptions'!R95","v":60990.213199999991},{"$f":"'Acquiror Assumptions'!S95","v":62210.017463999997},{"$f":"'Acquiror Assumptions'!T95","v":63454.217813279996},{"$f":"'Acquiror Assumptions'!U95","v":64723.302169545605},{"$f":"'Acquiror Assumptions'!V95","v":66017.768212936528},{"$f":"'Acquiror Assumptions'!W95","v":67338.123577195263},{"$f":"'Acquiror Assumptions'!X95","v":68684.886048739165},{"$f":"'Acquiror Assumptions'!Y95","v":70058.58376971395}]
[null,null,null,"Total Cash Costs",null,null,null,{"$f":"SUM(H110:H112)","v":47574},54281,92181,83039,112906,73078.595000000001,28243.916140013927,105912.95231489201,118146.22380046647,132042.75305888124,147830.44530658016,165768.52528223104,186151.87741201743,209315.9950126918,235642.62538599962]
[]
[null,"Administrative Expenses"]
[null,null,"Administrative Expense/Revenue",null,null,null,null,{"$f":"'Acquiror Assumptions'!K100","v":5.5647351527928136E-2},{"$f":"'Acquiror Assumptions'!L100","v":6.6799434469967625E-2},{"$f":"'Acquiror Assumptions'!M100","v":5.5831012070566385E-2},{"$f":"'Acquiror Assumptions'!N100","v":7.5518272104907913E-2},{"$f":"'Acquiror Assumptions'!O100","v":6.375732893304778E-2},{"$f":"'Acquiror Assumptions'!P100","v":7.4262051599830819E-2},{"$f":"'Acquiror Assumptions'!Q100","v":0.05},{"$f":"'Acquiror Assumptions'!R100","v":0.05},{"$f":"'Acquiror Assumptions'!S100","v":0.05},{"$f":"'Acquiror Assumptions'!T100","v":0.05},{"$f":"'Acquiror Assumptions'!U100","v":0.05},{"$f":"'Acquiror Assumptions'!V100","v":0.05},{"$f":"'Acquiror Assumptions'!W100","v":0.05},{"$f":"'Acquiror Assumptions'!X100","v":0.05},{"$f":"'Acquiror Assumptions'!Y100","v":0.05}]
[null,null,"Administrative Expenses ",null,null,null,null,{"$f":"H116*H107","v":2930},4394,6013,7832,9080,7550,1900.0273859601455,7183.0167010595505,8200.6144667461249,9361.169073669209,10684.36674601242,12192.601847178641,13911.352368404587,15869.608138151732,18100.359275798794]
[]
[null,null,"Profit Sharing/Revenue",null,null,null,null,{"$f":"'Acquiror Assumptions'!K104","v":0},{"$f":"'Acquiror Assumptions'!L104","v":3.8006050563249671E-3},{"$f":"'Acquiror Assumptions'!M104","v":6.7966573816155987E-3},{"$f":"'Acquiror Assumptions'!N104","v":9.6519139909362651E-3},{"$f":"'Acquiror Assumptions'!O104","v":8.2154267457781836E-3},{"$f":"'Acquiror Assumptions'!P104","v":1.1419634689722329E-2},{"$f":"'Acquiror Assumptions'!Q104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!R104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!S104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!T104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!U104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!V104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!W104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!X104","v":8.2000000000000007E-3},{"$f":"'Acquiror Assumptions'!Y104","v":8.2000000000000007E-3}]
[null,null,"Profit Sharing ",null,null,null,null,{"$f":"H119*H107","v":0},250,732,1001.0000000000001,1170,1161,311.60449129746388,1178.0147389737663,1344.9007725463646,1535.2317280817501,1752.2361463460368,1999.5867029372971,2281.4617884183522,2602.6157346568843,2968.4589212310025]
[]
[null,null,"EBITDA",null,null,null,null,{"$f":"H107-H113-H117-H120","v":2149},{"$f":"I107-I113-I117-I120","v":6854},8774,11838,19259,19877.404999999999,7544.9997019313696,29386.350266265668,36320.550295163543,44284.227612751958,53420.286721309742,63891.323111225829,75882.355799251323,89603.943877534228,105295.74193294645]
[]
[null,"Depreciation"]
[null,null,"Existing Depreciation",null,null,null,null,{"$f":"'Acquiror Assumptions'!K120","v":891},{"$f":"'Acquiror Assumptions'!L120","v":920},{"$f":"'Acquiror Assumptions'!M120","v":771},{"$f":"'Acquiror Assumptions'!N120","v":2493},{"$f":"'Acquiror Assumptions'!O120","v":5994},{"$f":"'Acquiror Assumptions'!P120","v":7035},{"$f":"'Acquiror Assumptions'!Q120","v":2735.8333333333339},{"$f":"'Acquiror Assumptions'!R120","v":9363.6935833333337},{"$f":"'Acquiror Assumptions'!S120","v":9070.2776021522459},{"$f":"'Acquiror Assumptions'!T120","v":8732.8492237939954},{"$f":"'Acquiror Assumptions'!U120","v":8344.8065886820077},{"$f":"'Acquiror Assumptions'!V120","v":7898.5575583032205},{"$f":"'Acquiror Assumptions'!W120","v":7385.3711733676155},{"$f":"'Acquiror Assumptions'!X120","v":6795.2068306916708},{"$f":"'Acquiror Assumptions'!Y120","v":6116.5178366143336}]
[]
[null,null,"New Plant and Depreciation"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G130","v":0},{"$f":"H130","v":0},0,0,0,0,0,11205.913854600303,41691.464787390651,75514.848360099553,113053.23946871479,154728.03924362233,201010.27398476598,252426.6804370812,309566.56800724368]
[null,null,null,"Add: Capital Expenditures",null,null,null,{"$f":"H95","v":0},{"$f":"I95","v":0},0,0,0,0,11205.913854600303,30485.550932790349,33823.383572708903,37538.391108615237,41674.799774907529,46282.234741143664,51416.406452315205,57139.8875701625,63522.992870686867]
[null,null,null,"Closing Balance",null,null,null,{"$f":"SUM(H128:H129)","v":0},{"$f":"SUM(I128:I129)","v":0},0,0,0,0,11205.913854600303,41691.464787390651,75514.848360099553,113053.23946871479,154728.03924362233,201010.27398476598,252426.6804370812,309566.56800724368,373089.56087793055]
[]
[null,null,null,"New Depreciation Expense",null,null,{"$f":"1/'Acquiror Assumptions'!I129","v":8.6956521739130432E-2},{"$f":"H130*$G$132","v":0},{"$f":"I130*$G$132","v":0},0,0,0,0,974.42729170437417,3625.3447641209259,6566.5085530521346,9830.7164755404156,13454.612108141073,17479.154259544866,21950.146124963583,26918.832000629885,32442.570511124395]
[null,null,null,"Accumulated Depreciation",null,null,null,{"$f":"G133+H132","v":0},{"$f":"H133+I132","v":0},0,0,0,0,974.42729170437417,4599.7720558253004,11166.280608877434,20996.99708441785,34451.609192558921,51930.763452103783,73880.909577067359,100799.74157769725,133242.31208882164]
[]
[null,null,"Existing Plant Balance"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G138","v":0},{"$f":"H138","v":9874},18598,37911,38032.133000000002,69426.072,112364.323,108843.33122582696,104794.19068552795,100137.67906418409,94782.690699638653,88624.454080411393,81542.481968300053,73398.214039372004,64032.305921104751]
[null,null,null,"Less: Retirements",null,null,null,{"$f":"'Acquiror Assumptions'!K121","v":0},{"$f":"'Acquiror Assumptions'!L121","v":0},{"$f":"'Acquiror Assumptions'!M121","v":0},{"$f":"'Acquiror Assumptions'!N121","v":0},{"$f":"'Acquiror Assumptions'!O121","v":0},{"$f":"'Acquiror Assumptions'!P121","v":0},{"$f":"'Acquiror Assumptions'!Q121","v":3520.9917741730519},{"$f":"'Acquiror Assumptions'!R121","v":4049.1405402990099},{"$f":"'Acquiror Assumptions'!S121","v":4656.5116213438614},{"$f":"'Acquiror Assumptions'!T121","v":5354.9883645454393},{"$f":"'Acquiror Assumptions'!U121","v":6158.2366192272557},{"$f":"'Acquiror Assumptions'!V121","v":7081.9721121113434},{"$f":"'Acquiror Assumptions'!W121","v":8144.2679289280441},{"$f":"'Acquiror Assumptions'!X121","v":9365.9081182672489},{"$f":"'Acquiror Assumptions'!Y121","v":10770.794336007335}]
[null,null,null,"Closing Balance",null,null,null,{"$f":"IF(H4,H25,H136-H137)","v":9874},{"$f":"IF(I4,I25,I136-I137)","v":18598},37911,38032.133000000002,69426.072,112364.323,108843.33122582696,104794.19068552795,100137.67906418409,94782.690699638653,88624.454080411393,81542.481968300053,73398.214039372004,64032.305921104751,53261.511585097418]
[]
[null,null,"Accumulated Deprecitation"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G144","v":0},{"$f":"H144","v":0},0,0,7794.3320000000003,13112.786,23007.382000000001,22222.22355916028,27536.776602194604,31950.542583002993,35328.403442251547,37514.973411706298,38331.55885789817,37572.662102337745,35001.960814762162]
[null,null,null,"Add: Depreciation",null,null,null,{"$f":"H125","v":891},{"$f":"I125","v":920},771,2493,5994,7035,2735.8333333333339,9363.6935833333337,9070.2776021522459,8732.8492237939954,8344.8065886820077,7898.5575583032205,7385.3711733676155,6795.2068306916708,6116.5178366143336]
[null,null,null,"Less: Retirements",null,null,null,{"$f":"H137","v":0},{"$f":"I137","v":0},0,0,0,0,3520.9917741730519,4049.1405402990099,4656.5116213438614,5354.9883645454393,6158.2366192272557,7081.9721121113434,8144.2679289280441,9365.9081182672489,10770.794336007335]
[null,null,null,"Closing Balance",null,null,null,{"$f":"IF(H4,-H26,H141+H142-H143)","v":0},{"$f":"IF(I4,-I26,I141+I142-I143)","v":0},0,7794.3320000000003,13112.786,23007.382000000001,22222.22355916028,27536.776602194604,31950.542583002993,35328.403442251547,37514.973411706298,38331.55885789817,37572.662102337745,35001.960814762162,30347.684315369166]
[]
[null,null,null,"Total Depreciation",null,null,null,{"$f":"H125+H132","v":891},{"$f":"I125+I132","v":920},771,2493,5994,7035,3710.260625037708,12989.03834745426,15636.78615520438,18563.565699334409,21799.418696823079,25377.711817848089,29335.5172983312,33714.038831321559,38559.088347738725]
[]
["Working Capital"]
[null,"A/R Percent of Revenues",null,null,null,null,null,{"$f":"'Acquiror Assumptions'!K134","v":0.15},{"$f":"'Acquiror Assumptions'!L134","v":0.15},{"$f":"'Acquiror Assumptions'!M134","v":0.15},{"$f":"'Acquiror Assumptions'!N134","v":0.12503841481052935},{"$f":"'Acquiror Assumptions'!O134","v":9.968044096478601E-2},{"$f":"'Acquiror Assumptions'!P134","v":0.15328674437132991},{"$f":"'Acquiror Assumptions'!Q134","v":0.15},{"$f":"'Acquiror Assumptions'!R134","v":0.15},{"$f":"'Acquiror Assumptions'!S134","v":0.15},{"$f":"'Acquiror Assumptions'!T134","v":0.15},{"$f":"'Acquiror Assumptions'!U134","v":0.15},{"$f":"'Acquiror Assumptions'!V134","v":0.15},{"$f":"'Acquiror Assumptions'!W134","v":0.15},{"$f":"'Acquiror Assumptions'!X134","v":0.15},{"$f":"'Acquiror Assumptions'!Y134","v":0.15}]
[null,"Revenues",null,null,null,null,null,{"$f":"H107/H3","v":52653},{"$f":"I107/I3","v":65779},107700,103710,142415,141204.16666666669,135716.24185429609,143660.334021191,164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[null,"A/R Amount",null,null,null,null,null,{"$f":"IF(OR(H9,NOT(H4)),H150*H149)*1","v":0},{"$f":"IF(OR(I9,NOT(I4)),I150*I149)*1","v":0},0,12967.733999999999,14195.99,21644.726999999999,20357.436278144414,21549.050103178648,24601.843400238376,28083.507221007621,32053.100238037252,36577.805541535919,41734.057105213753,47608.824414455194,54301.077827396381]
[]
[null,"Other Current Assets Perent of Revenue",null,null,null,null,null,{"$f":"'Acquiror Assumptions'!K138","v":0.11},{"$f":"'Acquiror Assumptions'!L138","v":0.11},{"$f":"'Acquiror Assumptions'!M138","v":0.11},{"$f":"'Acquiror Assumptions'!N138","v":9.1275768971169624E-3},{"$f":"'Acquiror Assumptions'!O138","v":2.4960137625952322E-2},{"$f":"'Acquiror Assumptions'!P138","v":8.778423677299417E-2},{"$f":"'Acquiror Assumptions'!Q138","v":0.11},{"$f":"'Acquiror Assumptions'!R138","v":0.11},{"$f":"'Acquiror Assumptions'!S138","v":0.11},{"$f":"'Acquiror Assumptions'!T138","v":0.11},{"$f":"'Acquiror Assumptions'!U138","v":0.11},{"$f":"'Acquiror Assumptions'!V138","v":0.11},{"$f":"'Acquiror Assumptions'!W138","v":0.11},{"$f":"'Acquiror Assumptions'!X138","v":0.11},{"$f":"'Acquiror Assumptions'!Y138","v":0.11}]
[null,"Revenues",null,null,null,null,null,{"$f":"H150","v":52653},{"$f":"I150","v":65779},107700,103710,142415,141204.16666666669,135716.24185429609,143660.334021191,164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[null,"Other Current Assets Amount",null,null,null,null,null,{"$f":"IF(OR(H12,NOT(H4)),H153*H154)*1","v":0},{"$f":"IF(OR(I12,NOT(I4)),I153*I154)*1","v":0},0,946.62100000000021,3554.6979999999999,12395.5,14928.78660397257,15802.636742331009,18041.351826841477,20594.571962072256,23505.60684122732,26823.724063793008,30604.975210490087,34913.137903933814,39820.790406757347]
[]
[null,"A/P as Percent of Cash Op Expenses",null,null,null,null,null,{"$f":"'Acquiror Assumptions'!K142","v":9.086896203808803E-2},{"$f":"'Acquiror Assumptions'!L142","v":0.19036126821539764},{"$f":"'Acquiror Assumptions'!M142","v":0.17591477636389277},{"$f":"'Acquiror Assumptions'!N142","v":0.11232202940786859},{"$f":"'Acquiror Assumptions'!O142","v":0.11471648982339291},{"$f":"'Acquiror Assumptions'!P142","v":8.3966264540252869E-2},{"$f":"'Acquiror Assumptions'!Q142","v":0.08},{"$f":"'Acquiror Assumptions'!R142","v":0.08},{"$f":"'Acquiror Assumptions'!S142","v":0.08},{"$f":"'Acquiror Assumptions'!T142","v":0.08},{"$f":"'Acquiror Assumptions'!U142","v":0.08},{"$f":"'Acquiror Assumptions'!V142","v":0.08},{"$f":"'Acquiror Assumptions'!W142","v":0.08},{"$f":"'Acquiror Assumptions'!X142","v":0.08},{"$f":"'Acquiror Assumptions'!Y142","v":0.08}]
[null,"Cash Operating Costs",null,null,null,null,null,{"$f":"H113/H3","v":47574},{"$f":"I113/I3","v":54281},92181,83039,112906,101498.04861111111,100871.1290714783,105912.95231489201,118146.22380046647,132042.75305888124,147830.44530658016,165768.52528223104,186151.87741201743,209315.9950126918,235642.62538599962]
[null,"Accounts Payable",null,null,null,null,null,{"$f":"H157*H158","v":4323},{"$f":"I157*I158","v":10333},16216,9327.1090000000004,12952.18,8522.4120000000003,8069.6903257182639,8473.0361851913603,9451.6979040373171,10563.4202447105,11826.435624526413,13261.482022578484,14892.150192961395,16745.279601015343,18851.410030879972]
[]
[null,"Other CL as Percent of Revenue",null,null,null,null,null,{"$f":"'Acquiror Assumptions'!K146","v":0.13},{"$f":"'Acquiror Assumptions'!L146","v":0.13},{"$f":"'Acquiror Assumptions'!M146","v":0.13},{"$f":"'Acquiror Assumptions'!N146","v":3.2426487320412686E-2},{"$f":"'Acquiror Assumptions'!O146","v":2.741235824877997E-2},{"$f":"'Acquiror Assumptions'!P146","v":0.13771212605860306},{"$f":"'Acquiror Assumptions'!Q146","v":0.13},{"$f":"'Acquiror Assumptions'!R146","v":0.13},{"$f":"'Acquiror Assumptions'!S146","v":0.13},{"$f":"'Acquiror Assumptions'!T146","v":0.13},{"$f":"'Acquiror Assumptions'!U146","v":0.13},{"$f":"'Acquiror Assumptions'!V146","v":0.13},{"$f":"'Acquiror Assumptions'!W146","v":0.13},{"$f":"'Acquiror Assumptions'!X146","v":0.13},{"$f":"'Acquiror Assumptions'!Y146","v":0.13}]
[null,"Revenues",null,null,null,null,null,{"$f":"H154","v":52653},{"$f":"I154","v":65779},107700,103710,142415,141204.16666666669,135716.24185429609,143660.334021191,164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[null,"Other CL  ",null,null,null,null,null,{"$f":"IF(OR(H33,NOT(H4)),H161*H162)*1","v":0},{"$f":"IF(OR(I33,NOT(I4)),I161*I162)*1","v":0},0,3362.9509999999996,3903.9309999999996,19445.525999999998,17643.111441058492,18675.843422754831,21321.597613539925,24339.039591539942,27779.353539632288,31700.764802664467,36169.516157851926,41260.981159194504,47060.934117076868]
[]
[null,"Total Working Capital",null,null,null,null,null,{"$f":"H151+H155-H159-H163","v":-4323},{"$f":"I151+I155-I159-I163","v":-10333},-16216,1224.2949999999996,894.57699999999841,6072.2890000000007,9573.4211153402284,10202.807237563462,11869.899709502606,13775.619346829437,15952.917915105867,18439.282780085974,21277.365964890516,24515.701558179164,28209.524086196885]
[null,"Change in Working Capital",null,null,null,null,null,null,{"$f":"I165-H165","v":-6010},{"$f":"J165-I165","v":-5883},17440.294999999998,-329.71800000000121,5177.7120000000023,3501.1321153402278,629.38612222323354,1667.0924719391442,1905.7196373268307,2177.2985682764302,2486.3648649801071,2838.0831848045418,3238.3355932886479,3693.8225280177212]
[]
["Financing"]
[null,"Minimum Cash as Percent of Revnues",null,null,null,null,null,{"$f":"'Acquiror Assumptions'!K151","v":0.02},{"$f":"'Acquiror Assumptions'!L151","v":0.02},{"$f":"'Acquiror Assumptions'!M151","v":0.02},{"$f":"'Acquiror Assumptions'!N151","v":3.6653919583453862E-2},{"$f":"'Acquiror Assumptions'!O151","v":4.0472590668117828E-2},{"$f":"'Acquiror Assumptions'!P151","v":5.3139225117294686E-2},{"$f":"'Acquiror Assumptions'!Q151","v":0.02},{"$f":"'Acquiror Assumptions'!R151","v":0.02},{"$f":"'Acquiror Assumptions'!S151","v":0.02},{"$f":"'Acquiror Assumptions'!T151","v":0.02},{"$f":"'Acquiror Assumptions'!U151","v":0.02},{"$f":"'Acquiror Assumptions'!V151","v":0.02},{"$f":"'Acquiror Assumptions'!W151","v":0.02},{"$f":"'Acquiror Assumptions'!X151","v":0.02},{"$f":"'Acquiror Assumptions'!Y151","v":0.02}]
[null,"Revenues",null,null,null,null,null,{"$f":"H107/H3","v":52653},{"$f":"I107/I3","v":65779},107700,103710,142415,141204.16666666669,135716.24185429609,143660.334021191,164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[null,"Minimum Cash ",null,null,null,null,null,{"$f":"H169*H170","v":1053.06},{"$f":"I169*I170","v":1315.58},2154,3801.3780000000002,5763.9040000000005,7503.48,2714.3248370859219,2873.2066804238198,3280.24578669845,3744.4676294676833,4273.746698404967,4877.0407388714566,5564.5409473618338,6347.8432552606928,7240.1437103195176]
[]
[null,"Cash Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G177","v":0},{"$f":"H177","v":0},0,0,3801.3780000000002,5763.9040000000005,7503.48,0,0,0,0,0,0,0,0]
[null,null,"Less: Reduction if Negative Cash Flow",null,null,null,null,{"$f":"H239","v":0},{"$f":"I239","v":0},0,0,0,0,7503.48,0,0,0,0,0,0,0,0]
[null,null,"Add: Increase from Positive Cash Flow",null,null,null,null,{"$f":"H242","v":1904},{"$f":"I242","v":8668},10938,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H4,H8,H174-H175+H176)","v":0},{"$f":"IF(I4,I8,I174-I175+I176)","v":0},0,3801.3780000000002,5763.9040000000005,7503.48,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Minimum Test",null,null,null,null,{"$f":"H174","v":0},{"$f":"I174","v":0},0,0,3801.3780000000002,5763.9040000000005,7503.48,0,0,0,0,0,0,0,0]
[null,null,"Interest Income Rate",null,null,null,null,{"$f":"'Acquiror Assumptions'!K153","v":0.02},{"$f":"'Acquiror Assumptions'!L153","v":0.02},{"$f":"'Acquiror Assumptions'!M153","v":0.02},{"$f":"'Acquiror Assumptions'!N153","v":0.02},{"$f":"'Acquiror Assumptions'!O153","v":0.02},{"$f":"'Acquiror Assumptions'!P153","v":0.02},{"$f":"'Acquiror Assumptions'!Q153","v":0.02},{"$f":"'Acquiror Assumptions'!R153","v":0.02},{"$f":"'Acquiror Assumptions'!S153","v":0.02},{"$f":"'Acquiror Assumptions'!T153","v":0.02},{"$f":"'Acquiror Assumptions'!U153","v":0.02},{"$f":"'Acquiror Assumptions'!V153","v":0.02},{"$f":"'Acquiror Assumptions'!W153","v":0.02},{"$f":"'Acquiror Assumptions'!X153","v":0.02},{"$f":"'Acquiror Assumptions'!Y153","v":0.02}]
[null,null,"Interest Income   ",null,null,null,null,{"$f":"IF(H4,0,H174*H180)","v":0},{"$f":"IF(I4,0,I174*I180)","v":0},0,0,0,0,150.06960000000001,0,0,0,0,0,0,0,0]
[]
[null,"Debt Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G187","v":0},{"$f":"H187","v":2367},976,9145,16981.205000000002,36911.542000000001,35146.729999999996,41551.626553799608,54902.960566975751,66674.219855892879,81370.323623624063,92396.163781182651,104092.07911041523,116550.98056254133,129882.39044823017]
[null,null,"Less: Reduction if Positive Cash Flow",null,null,null,null,{"$f":"H240","v":0},{"$f":"I240","v":2367},976,0,11021.718000000001,8824.6929999999957,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Increase from Negative Cash Flow",null,null,null,null,{"$f":"H243","v":0},{"$f":"I243","v":0},0,10531.294999999998,0,0,6404.89655379961,13351.334013176145,11771.259288917136,14696.103767731183,11025.840157558585,11695.915329232583,12458.9014521261,13331.409885688849,14329.75284475624]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H4,H45,H184-H185+H186)","v":2367},{"$f":"IF(I4,I45,I184-I185+I186)","v":976},9145,16981.205000000002,36911.542000000001,35146.729999999996,41551.626553799608,54902.960566975751,66674.219855892879,81370.323623624063,92396.163781182651,104092.07911041523,116550.98056254133,129882.39044823017,144212.14329298641]
[]
[null,null,"Interest Expense Rate",null,null,null,null,{"$f":"'Acquiror Assumptions'!K113","v":6.632868610054922E-2},{"$f":"'Acquiror Assumptions'!L113","v":8.0167514208794491E-2},{"$f":"'Acquiror Assumptions'!M113","v":6.7779863649836972E-2},{"$f":"'Acquiror Assumptions'!N113","v":9.0713519242461724E-2},{"$f":"'Acquiror Assumptions'!O113","v":6.8988875256256646E-2},{"$f":"'Acquiror Assumptions'!P113","v":6.9735227622444232E-2},{"$f":"'Acquiror Assumptions'!Q113","v":0.08},{"$f":"'Acquiror Assumptions'!R113","v":0.08},{"$f":"'Acquiror Assumptions'!S113","v":0.08},{"$f":"'Acquiror Assumptions'!T113","v":0.08},{"$f":"'Acquiror Assumptions'!U113","v":0.08},{"$f":"'Acquiror Assumptions'!V113","v":0.08},{"$f":"'Acquiror Assumptions'!W113","v":0.08},{"$f":"'Acquiror Assumptions'!X113","v":0.08},{"$f":"'Acquiror Assumptions'!Y113","v":0.08}]
[null,null,"Interest Expense  ",null,null,null,null,{"$f":"IF(H4,-H62,H189*H184)","v":157},{"$f":"IF(I4,-I62,I189*I184)","v":134},343,1185,1859,1809,2811.7383999999997,3324.1301243039688,{"$f":"IF(P4,-P62,P189*P184)","v":4392.2368453580602},5333.9375884714309,{"$f":"IF(R4,-R62,R189*R184)","v":6509.625889889925},7391.6931024946125,8327.3663288332191,9324.0784450033061,10390.591235858414]
[]
[null,null,"Other Income",null,null,null,null,{"$f":"'Acquiror Assumptions'!K106","v":287},{"$f":"'Acquiror Assumptions'!L106","v":918},{"$f":"'Acquiror Assumptions'!M106","v":746},{"$f":"'Acquiror Assumptions'!N106","v":-601},{"$f":"'Acquiror Assumptions'!O106","v":-3940},{"$f":"'Acquiror Assumptions'!P106","v":579},{"$f":"'Acquiror Assumptions'!Q106","v":0},{"$f":"'Acquiror Assumptions'!R106","v":0},{"$f":"'Acquiror Assumptions'!S106","v":0},{"$f":"'Acquiror Assumptions'!T106","v":0},{"$f":"'Acquiror Assumptions'!U106","v":0},{"$f":"'Acquiror Assumptions'!V106","v":0},{"$f":"'Acquiror Assumptions'!W106","v":0},{"$f":"'Acquiror Assumptions'!X106","v":0},{"$f":"'Acquiror Assumptions'!Y106","v":0}]
[null,null,"Deferred Taxes",null,null,null,null,{"$f":"'Acquiror Assumptions'!K107","v":0},{"$f":"'Acquiror Assumptions'!L107","v":0},{"$f":"'Acquiror Assumptions'!M107","v":0},{"$f":"'Acquiror Assumptions'!N107","v":1316.365},{"$f":"'Acquiror Assumptions'!O107","v":2421.48},{"$f":"'Acquiror Assumptions'!P107","v":2544.9},{"$f":"'Acquiror Assumptions'!Q107","v":2544.9},{"$f":"'Acquiror Assumptions'!R107","v":2544.9},{"$f":"'Acquiror Assumptions'!S107","v":2544.9},{"$f":"'Acquiror Assumptions'!T107","v":2544.9},{"$f":"'Acquiror Assumptions'!U107","v":2544.9},{"$f":"'Acquiror Assumptions'!V107","v":2544.9},{"$f":"'Acquiror Assumptions'!W107","v":2544.9},{"$f":"'Acquiror Assumptions'!X107","v":2544.9},{"$f":"'Acquiror Assumptions'!Y107","v":2544.9}]
[]
[null,null,"Income Tax Rate",null,null,null,null,{"$f":"'Acquiror Assumptions'!K117","v":0.27017291066282423},{"$f":"'Acquiror Assumptions'!L117","v":0.3889550461446859},{"$f":"'Acquiror Assumptions'!M117","v":0.37425648346419227},{"$f":"'Acquiror Assumptions'!N117","v":0.41579574017727211},{"$f":"'Acquiror Assumptions'!O117","v":0.37074738815965713},{"$f":"'Acquiror Assumptions'!P117","v":0.40000327236261574},{"$f":"'Acquiror Assumptions'!Q117","v":0},{"$f":"'Acquiror Assumptions'!R117","v":0},{"$f":"'Acquiror Assumptions'!S117","v":0},{"$f":"'Acquiror Assumptions'!T117","v":0},{"$f":"'Acquiror Assumptions'!U117","v":0},{"$f":"'Acquiror Assumptions'!V117","v":0},{"$f":"'Acquiror Assumptions'!W117","v":0},{"$f":"'Acquiror Assumptions'!X117","v":0},{"$f":"'Acquiror Assumptions'!Y117","v":0}]
[]
["Profit and Loss"]
[null,"Revenue"]
[null,null,"Existing Freight",null,null,null,null,{"$f":"H104","v":6760},{"$f":"I104","v":12939},28285.000000000004,41117.000000000007,52922,55788.999999999993,19802.274385869569,70351.222508486986,69508.968565171628,68096.657134430658,65996.672760787522,63069.326741758829,59148.773417917546,54038.172682596662,47503.95962868131]
[null,null,"New Freight",null,null,null,null,{"$f":"H105","v":0},0,0,0,0,0,0,7015.4015127040257,26883.736569750879,50154.748454953478,77339.246757780827,109024.26649210037,145884.66136626626,188696.50524485193,238352.59135499678]
[null,null,"Logistics",null,null,null,null,{"$f":"H106","v":45893},52840,79415,62593,89493,45878,18198.273333333334,66293.709999999992,67619.584199999998,68971.975883999999,70351.415401680002,71758.443709713611,73193.612583907889,74657.484835586045,76150.634532297772]
[null,null,null,"Total",null,null,null,{"$f":"SUM(H199:H201)","v":52653},{"$f":"SUM(I199:I201)","v":65779},107700,103710,142415,101667,38000.547719202907,143660.334021191,164012.28933492251,187223.38147338416,213687.33492024837,243852.03694357281,278227.04736809171,317392.16276303463,362007.18551597587]
[null,"Operating Costs - Cash"]
[null,null,"Existing Freight",null,null,null,null,{"$f":"H110","v":3975.6500000000019},{"$f":"I110","v":5139.8000000000029},18779,25611,32766,31040.855000000003,11501.504673347259,40861.211126053386,40372.015416690869,39551.720424087383,38332.013050239053,36631.759672152948,34354.634252234297,31386.30863995773,27591.124283261717]
[null,null,"New Freight",null,null,null,null,{"$f":"H111","v":0},0,0,0,0,0,0,4061.5279888386372,15564.190919775603,29036.814821513857,44775.1300867955,63118.997397141553,84459.119582587882,109244.80032399492,137992.91733302394]
[null,null,"Logistics",null,null,null,null,{"$f":"H112","v":43598.35},49141.2,73402,57428,80140,42037.74,16742.411466666668,60990.213199999991,62210.017463999997,63454.217813279996,64723.302169545605,66017.768212936528,67338.123577195263,68684.886048739165,70058.58376971395]
[null,null,"Administrative",null,null,null,null,{"$f":"H117","v":2930},{"$f":"I117","v":4394},6013,7832,9080,7550,1900.0273859601455,7183.0167010595505,8200.6144667461249,9361.169073669209,10684.36674601242,12192.601847178641,13911.352368404587,15869.608138151732,18100.359275798794]
[null,null,"Profit Sharing",null,null,null,null,{"$f":"H120","v":0},{"$f":"I120","v":250},732,1001.0000000000001,1170,1161,311.60449129746388,1178.0147389737663,1344.9007725463646,1535.2317280817501,1752.2361463460368,1999.5867029372971,2281.4617884183522,2602.6157346568843,2968.4589212310025]
[null,null,null,"Total",null,null,null,{"$f":"SUM(H204:H208)","v":50504},{"$f":"SUM(I204:I208)","v":58925},98926,91872,123156,81789.595000000001,30455.548017271536,114273.98375492533,127691.73903975895,142939.15386063218,160267.0481989386,179960.71383234698,202344.69156884038,227788.21888550042,256711.44358302941]
[null,null,"EBITDA",null,null,null,null,{"$f":"H202-H209","v":2149},{"$f":"I202-I209","v":6854},8774,{"$f":"K202-K209","v":11838},19259,19877.404999999999,7544.9997019313705,29386.350266265668,36320.550295163557,44284.227612751973,53420.286721309763,63891.323111225822,75882.355799251323,89603.943877534213,105295.74193294646]
[null,null,null,"Less: Depreciation Expense",null,null,null,{"$f":"H146","v":891},{"$f":"I146","v":920},771,2493,5994,7035,3710.260625037708,12989.03834745426,15636.78615520438,18563.565699334409,21799.418696823079,25377.711817848089,29335.5172983312,33714.038831321559,38559.088347738725]
[null,null,"EBIT",null,null,null,null,{"$f":"H210-H211","v":1258},{"$f":"I210-I211","v":5934},8003,9345,13265,12842.404999999999,3834.7390768936625,16397.311918811407,20683.764139959178,25720.661913417563,31620.868024486685,38513.611293377733,46546.838500920123,55889.905046212654,66736.653585207736]
[null,null,null,"Less: Interest Expense",null,null,null,{"$f":"H190","v":157},{"$f":"I190","v":134},343,1185,1859,1809,2811.7383999999997,3324.1301243039688,4392.2368453580602,5333.9375884714309,6509.625889889925,7391.6931024946125,8327.3663288332191,9324.0784450033061,10390.591235858414]
[null,null,null,"Add: Interest Income",null,null,null,{"$f":"H181","v":0},{"$f":"I181","v":0},0,0,0,0,150.06960000000001,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Other Income",null,null,null,{"$f":"H192","v":287},{"$f":"I192","v":918},746,-601,-3940,579,0,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,{"$f":"H212-H213+H214+H215","v":1388},{"$f":"I212-I213+I214+I215","v":6718},8406,7559,7466,11612.404999999999,1173.0702768936628,13073.181794507438,16291.527294601117,20386.724324946132,25111.24213459676,31121.91819088312,38219.472172086906,46565.826601209352,56346.062349349319]
[null,null,null,"Less: Tax",null,null,null,{"$f":"H216*H195","v":375.00000000000006},{"$f":"I216*I195","v":2613},3146,3143,2768,4645,0,0,0,0,0,0,0,0,0]
[null,null,"Earnings",null,null,null,null,{"$f":"H216-H217","v":1013},{"$f":"I216-I217","v":4105},5260,4416,4698,6967.4049999999988,1173.0702768936628,13073.181794507438,16291.527294601117,20386.724324946132,25111.24213459676,31121.91819088312,38219.472172086906,46565.826601209352,56346.062349349319]
[]
[null,null,"Actual EBIT",null,null,null,null,{"$f":"H60+H59","v":1258},5934,8003,9345,13265,12842.404999999999]
[null,null,null,null,null,null,null,null,null,null,null,{"$f":"L220-L212","v":0}]
[null,null,"Actual NI",null,null,null,null,{"$f":"H67","v":1013},4105,5260,4416,4698,6967.4049999999988,0,0,0,0,0,0,0,0,0]
[null,null,"Difference",null,null,null,null,{"$f":"H222-H218","v":0},0,0,0,0,0,-1173.0702768936628,-13073.181794507438,-16291.527294601117,-20386.724324946132,-25111.24213459676,-31121.91819088312,-38219.472172086906,-46565.826601209352,-56346.062349349319]
[]
["Cash Flow"]
[null,null,"EBITDA",null,null,null,null,{"$f":"H210","v":2149},6854,8774,11838,19259,19877.404999999999,7544.9997019313705,29386.350266265668,36320.550295163557,44284.227612751973,53420.286721309763,63891.323111225822,75882.355799251323,89603.943877534213,105295.74193294646]
[null,null,"Less: Taxes",null,null,null,null,{"$f":"H217","v":375.00000000000006},2613,3146,3143,2768,4645,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Working Capital Change",null,null,null,null,{"$f":"H166","v":0},-6010,-5883,17440.294999999998,-329.71800000000121,5177.7120000000023,3501.1321153402278,629.38612222323354,1667.0924719391442,1905.7196373268307,2177.2985682764302,2486.3648649801071,2838.0831848045418,3238.3355932886479,3693.8225280177212]
[null,null,null,"Operating Cash Flow",null,null,null,{"$f":"H226-H227-H228","v":1774},{"$f":"I226-I227-I228","v":10251},11511,-8745.2949999999983,16820.718000000001,10054.692999999996,4043.8675865911428,28756.964144042435,34653.457823224409,42378.507975425142,51242.988153033337,61404.958246245718,73044.272614446789,86365.608284245565,101601.91940492875]
[null,null,"Less: Capital Expenditures",null,null,null,null,{"$f":"H95","v":0},0,0,0,0,0,11205.913854600303,30485.550932790349,33823.383572708903,37538.391108615237,41674.799774907529,46282.234741143664,51416.406452315205,57139.8875701625,63522.992870686867]
[null,null,null,"Cash Flow before Financing",null,null,null,{"$f":"H229-H230","v":1774},{"$f":"I229-I230","v":10251},11511,-8745.2949999999983,16820.718000000001,10054.692999999996,-7162.0462680091605,-1728.5867887479144,830.07425051550672,4840.1168668099053,9568.1883781258075,15122.723505102054,21627.866162131584,29225.720714083065,38078.92653424188]
[null,null,"Less: Interest Expense",null,null,null,null,{"$f":"H213","v":157},134,343,1185,1859,1809,2811.7383999999997,3324.1301243039688,4392.2368453580602,5333.9375884714309,6509.625889889925,7391.6931024946125,8327.3663288332191,9324.0784450033061,10390.591235858414]
[null,null,"Add: Other Income",null,null,null,null,{"$f":"H215","v":287},918,746,-601,-3940,579,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Interest Income",null,null,null,null,{"$f":"H214","v":0},0,0,0,0,0,150.06960000000001,0,0,0,0,0,0,0,0]
[null,null,"Less: Dividend",null,null,null,null,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"Net Cash Flow Before Equity",null,null,null,null,{"$f":"H231-H232+H233+H234-H235","v":1904},{"$f":"I231-I232+I233+I234-I235","v":11035},11914,-10531.294999999998,11021.718000000001,8824.6929999999957,-9823.7150680091599,{"$f":"O231-O232+O233+O234-O235","v":-5052.7169130518832},{"$f":"P231-P232+P233+P234-P235","v":-3562.1625948425535},-493.82072166152557,3058.5624882358825,7731.0304026074418,13300.499833298365,19901.642269079759,27688.335298383467]
[null,null,"Add: Equity Issuance (Share Buyback)",null,null,null,null,null,null,null,null,null,null,{"$f":"N291","v":-4084.6614857904501},{"$f":"O291","v":-8298.6171001242619},-8209.096694074582,-14202.283046069657,-14084.402645794467,-19426.945731840024,-25759.401285424465,-33233.052154768608,-42018.088143139707]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H236+H237","v":1904},{"$f":"I236+I237","v":11035},11914,-10531.294999999998,11021.718000000001,8824.6929999999957,-13908.37655379961,{"$f":"O236+O237","v":-13351.334013176145},{"$f":"P236+P237","v":-11771.259288917136},{"$f":"Q236+Q237","v":-14696.103767731183},{"$f":"R236+R237","v":-11025.840157558585},{"$f":"S236+S237","v":-11695.915329232583},-12458.9014521261,-13331.409885688849,-14329.75284475624]
[null,null,"Add: Cash Reduction if Cash is Negative",null,null,null,null,{"$f":"MAX(MIN(-H238,H179),0)","v":0},{"$f":"MAX(MIN(-I238,I179),0)","v":0},0,0,0,0,{"$f":"MAX(MIN(-N238,N179),0)","v":7503.48},{"$f":"MAX(MIN(-O238,O179),0)","v":0},{"$f":"MAX(MIN(-P238,P179),0)","v":0},0,0,0,0,0,0]
[null,null,"Less: Debt Reduction if Cash is Positive",null,null,null,null,{"$f":"MIN(MAX(H238,0),H184)","v":0},2367,976,0,11021.718000000001,8824.6929999999957,0,{"$f":"MIN(MAX(O238,0),O184)","v":0},0,0,0,0,0,0,0]
[null,null,null,"Cash Flow Subtotal",null,null,null,{"$f":"H238+H239-H240","v":1904},{"$f":"I238+I239-I240","v":8668},10938,-10531.294999999998,0,0,-6404.89655379961,-13351.334013176145,-11771.259288917136,-14696.103767731183,-11025.840157558585,-11695.915329232583,-12458.9014521261,-13331.409885688849,-14329.75284475624]
[null,null,"Add: Cash Increase from Positive Cash Flow",null,null,null,null,{"$f":"MAX(H241,0)","v":1904},{"$f":"MAX(I241,0)","v":8668},10938,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Debt Increase from Negative Cash Flow",null,null,null,null,{"$f":"MAX(-H241,0)","v":0},{"$f":"MAX(-I241,0)","v":0},0,10531.294999999998,0,0,6404.89655379961,13351.334013176145,11771.259288917136,14696.103767731183,11025.840157558585,11695.915329232583,12458.9014521261,13331.409885688849,14329.75284475624]
[null,null,null,"Net Cash Flow",null,null,null,{"$f":"H241-H242+H243","v":0},{"$f":"I241-I242+I243","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Balance Sheet"]
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[null,null,"Add: Net Income",null,null,null,null,{"$f":"H218","v":1013},4105,5260,4416,4698,6967.4049999999988,1173.0702768936628,13073.181794507438,16291.527294601117,20386.724324946132,25111.24213459676,31121.91819088312,38219.472172086906,46565.826601209352,56346.062349349319]
[null,null,"Add: New Equity Issue",null,null,null,null,null,null,null,null,null,null,{"$f":"N237","v":-4084.6614857904501},{"$f":"O237","v":-8298.6171001242619},-8209.096694074582,-14202.283046069657,-14084.402645794467,-19426.945731840024,-25759.401285424465,-33233.052154768608,-42018.088143139707]
[null,null,"Less: Dividends",null,null,null,null,{"$f":"H235","v":0},{"$f":"I235","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"IF(H4,H42,H248+H249+H250-H251)","v":3184},7289,12550,16965.903999999999,23638.744999999999,65241.08,62329.488791103213,{"$f":"IF(O4,O42,O248+O249+O250-O251)","v":67104.053485486394},{"$f":"IF(P4,P42,P248+P249+P250-P251)","v":75186.484086012919},81370.925364889394,92397.764853691682,104092.73731273478,116552.80819939722,129885.58264583797,144213.55685204759]
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[null,"Assets"]
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[null,null,"Less: Accumulated Depreciation",null,null,-1,null,{"$f":"H133+H144","v":0},0,0,7794.3320000000003,13112.786,23007.382000000001,23196.650850864655,32136.548658019907,43116.823191880423,56325.4005266694,71966.582604265219,90262.322310001953,111453.57167940511,135801.70239245941,163589.99640419081]
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[]
[null,null,null,"Total Assets",null,null,null,{"$f":"H258+H261","v":9874},{"$f":"I258+I261","v":18598},37911,47953.534,79827.877999999997,130900.648,132138.81711167959,151700.79366040835,175178.89945948307,200188.60882476391,226944.61779903309,255691.96324839303,286710.35511275195,320319.13385427801,356882.94429299084]
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[null,null,null,"Existing Assets",null,null,null,{"$f":"H28","v":9874},18598,37911,47953.534,79827.877999999997,130900.64799999999,0,0,0,0,0,0,0,0,0]
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[]
[null,"Liabilities and Capital"]
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[null,null,"Current Liabilities Less Debt","Total Current Liabilities",null,null,null,{"$f":"SUM(H269:H270)","v":4323},{"$f":"SUM(I269:I270)","v":10333},16216,12690.06,16856.111000000001,27967.937999999998,25712.801766776756,27148.87960794619,30773.295517577244,34902.45983625044,39605.789164158705,44962.246825242953,51061.666350813321,58006.260760209843,65912.344147956843]
[null,null,"Total Debt",null,1,null,null,{"$f":"H187","v":2367},976,9145,16981.205000000002,36911.542000000001,35146.729999999996,41551.626553799608,54902.960566975751,66674.219855892879,81370.323623624063,92396.163781182651,104092.07911041523,116550.98056254133,129882.39044823017,144212.14329298641]
[null,null,"Deferred Tax Liability",null,null,-1,null,{"$f":"'Acquiror Assumptions'!K107","v":0},{"$f":"'Acquiror Assumptions'!L107","v":0},{"$f":"'Acquiror Assumptions'!M107","v":0},{"$f":"'Acquiror Assumptions'!N107","v":1316.365},{"$f":"'Acquiror Assumptions'!O107","v":2421.48},{"$f":"'Acquiror Assumptions'!P107","v":2544.9},{"$f":"'Acquiror Assumptions'!Q107","v":2544.9},{"$f":"'Acquiror Assumptions'!R107","v":2544.9},{"$f":"'Acquiror Assumptions'!S107","v":2544.9},{"$f":"'Acquiror Assumptions'!T107","v":2544.9},{"$f":"'Acquiror Assumptions'!U107","v":2544.9},{"$f":"'Acquiror Assumptions'!V107","v":2544.9},{"$f":"'Acquiror Assumptions'!W107","v":2544.9},{"$f":"'Acquiror Assumptions'!X107","v":2544.9},{"$f":"'Acquiror Assumptions'!Y107","v":2544.9}]
[null,null,"Common Equity",null,1,null,null,{"$f":"H252","v":3184},{"$f":"I252","v":7289},12550,16965.903999999999,23638.744999999999,65241.08,62329.488791103213,67104.053485486394,75186.484086012919,81370.925364889394,92397.764853691682,104092.73731273478,116552.80819939722,129885.58264583797,144213.55685204759]
[null,null,null,"Total Liabilities and Capital",null,null,null,{"$f":"H271+H272+H273+H274","v":9874},{"$f":"I271+I272+I273+I274","v":18598},37911,47953.534,79827.878000000012,130900.64799999999,132138.81711167959,151700.79366040832,175178.89945948304,200188.60882476391,226944.61779903303,255691.96324839297,286710.35511275183,320319.13385427801,356882.94429299084]
[]
[null,null,null,"Difference",null,null,null,{"$f":"H275-H263","v":0},{"$f":"I275-I263","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Test",null,null,null,{"$f":"H277=0","v":true},{"$f":"I277=0","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,null,"Invested Capital - Financing",null,null,null,{"$f":"SUMPRODUCT(H255:H274,$E$255:$E$274)","v":5551},{"$f":"SUMPRODUCT(I255:I274,$E$255:$E$274)","v":8265},21695,30145.731,54786.383000000002,{"$f":"SUMPRODUCT(M255:M274,$E$255:$E$274)","v":92884.33},103881.11534490282,122007.01405246215,141860.70394190581,162741.24898851346,184793.92863487435,208184.81642315001,233103.78876193854,259767.97309406815,288425.700145034]
[null,null,null,"Invested Capital - Direct",null,null,null,{"$f":"SUMPRODUCT(H255:H274,$F$255:$F$274)","v":5551},{"$f":"SUMPRODUCT(I255:I274,$F$255:$F$274)","v":8265},21695,30145.730999999989,54786.382999999987,92884.33,103881.11534490285,122007.01405246217,141860.70394190584,162741.24898851349,184793.92863487441,208184.8164231501,233103.78876193857,259767.97309406821,288425.700145034]
[]
["Equity Capital"]
[null,null,"Computed Debt to Capital",null,null,null,null,{"$f":"H306","v":0.42640965591785263},{"$f":"I306","v":0.11808832425892317},0.42152569716524546,0.50022536528810169,0.60960143756213747,0.35010954019218066,0.39999211036424859,0.4499983955296854,0.46999780773114602,0.49999815123311064,0.49999566795153694,0.4999984191875016,0.49999607977874233,0.4999938556751824,0.49999754952651504]
[null,null,"Target Debt to Capital",null,null,null,null,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.45,0.47,0.5,0.5,0.5,0.5,0.5,0.5]
[null,null,"Open Equity",null,null,null,null,{"$f":"H248","v":0},3184,7289,12550,16965.903999999999,23638.744999999999,65241.08,62329.488791103213,67104.053485486394,75186.484086012919,81370.925364889394,92397.764853691682,104092.73731273478,116552.80819939722,129885.58264583797]
[null,null,"Open Debt",null,null,null,null,{"$f":"H184","v":0},2367,976,9145,16981.205000000002,36911.542000000001,35146.729999999996,41551.626553799608,54902.960566975751,66674.219855892879,81370.323623624063,92396.163781182651,104092.07911041523,116550.98056254133,129882.39044823017]
[null,null,"Open Cash",null,null,null,null,{"$f":"H174","v":0},0,0,0,3801.3780000000002,5763.9040000000005,7503.48,0,0,0,0,0,0,0,0]
[null,null,"Starting Cash Flow",null,null,null,null,{"$f":"H236","v":1904},{"$f":"I236","v":11035},11914,-10531.294999999998,11021.718000000001,8824.6929999999957,-9823.7150680091599,-5052.7169130518832,-3562.1625948425535,-493.82072166152557,3058.5624882358825,7731.0304026074418,13300.499833298365,19901.642269079759,27688.335298383467]
[]
[null,null,"Input New Equity"]
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[null,null,"P/E Ratio",null,null,null,null,13,13,13,13,13,13,13,13,13,13,13,13,13,13,13]
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[null,null,"Shares"]
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[null,null,null,"Closing Balance",null,null,null,{"$f":"IF(H4,H71,H297+H298)","v":8671},7968,7968,7968,7928,7928,7519.5338514209552,7152.3597906650375,6875.1302077864775,6506.7058893494377,6225.9763838090321,5902.1939549450317,5472.8706001879573,4918.9863976084807,4218.684928556152]
[null,null,null,"Average Balance"]
[]
["Ratios"]
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[null,null,"Return on Average Equity",null,null,null,null,{"$f":"H218/AVERAGE(G274:H274)/H3","v":0.3181532663316583},0.78392055762436741,0.53026866273501694,0.29922851083944441,0.23140207418121014,0.21775361031345164,6.5681869147295527E-2,0.20200608844608525,0.22898960918486683,0.26043768093058001,0.28901917949671718,0.31677783758242944,0.34643320882256778,0.37791049066257676,0.41113636804966308]
[null,null,"Return on Invested Capital",null,null,null,null,{"$f":"H212*(1-H195)/AVERAGE(G279:H279)/H3","v":0.16539767220071466},0.52489009209285376,0.33430075853378299,0.21062159821949242,0.19655782725629903,0.14494337544916919,0.13920631927201776,0.14518081992672152,0.15677373721328547,0.16888047936641418,0.18197218618687952,0.19600862274467845,0.21095871479118342,0.22679288760933713,0.24347837942339637]
[null,null,"Debt to Capital",null,null,null,null,{"$f":"H272/(H272+H274)","v":0.42640965591785263},0.11808832425892317,0.42152569716524546,0.50022536528810169,0.60960143756213747,0.35010954019218066,0.39999211036424859,0.4499983955296854,0.46999780773114602,0.49999815123311064,0.49999566795153694,0.4999984191875016,0.49999607977874233,0.4999938556751824,0.49999754952651504]
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[]
[null,null,"Code Number",null,5]
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[null,null,null,null,null,null,null,{"$f":"H2","v":1992},1993,1994,1995,1996,1997,1997,1998,1999,2000,2001,2002,2003,2004,2005]
[null,null,"Historic",null,null,null,null,{"$f":"IF(H4,H312)","v":false},0.4734171375850536,0.66014056224899598,0.55421686746987953,0.58960843373493976,0.8788351412714428,false,false,false,false,false,false,false,false,false]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"End row",{"$f":"ROW(C25)","v":25}]
[null,null,null,null,"Code Number",null,2,null,null,null,null,null,null,null,null,null,null,null,null,"start col",{"$f":"COLUMN(Q10)","v":17}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"end col",{"$f":"COLUMN(X9)","v":24}]
[null,null,null,1,{"$f":"D7+1","v":2},{"$f":"E7+1","v":3},4,5,6,7,8,9,10,11,12,null,1998,{"$f":"Q7+1","v":1999},{"$f":"R7+1","v":2000},2001,2002,2003,2004,2005]
[null,null,null,"Planes Grounded","Price Increase","Other Revenues","Flight Expense per Hour","Maint  per Hour","Fuel Expense per Hour","SG&A per Revenue","Bad Debt Expense","Cap Exp - Maintenance","A/R to Revenues","A/P to Expenses","Interest Rate",null,{"$f":"'Target Model'!$K$380 &\" \" &Q7","v":"EBITDA 1998"},{"$f":"'Target Model'!$K$380 &\" \" &R7","v":"EBITDA 1999"},{"$f":"'Target Model'!$K$380 &\" \" &S7","v":"EBITDA 2000"},{"$f":"'Target Model'!$K$380 &\" \" &T7","v":"EBITDA 2001"},{"$f":"'Target Model'!$K$380 &\" \" &U7","v":"EBITDA 2002"},{"$f":"'Target Model'!$K$380 &\" \" &V7","v":"EBITDA 2003"},{"$f":"'Target Model'!$K$380 &\" \" &W7","v":"EBITDA 2004"},{"$f":"'Target Model'!$K$380 &\" \" &X7","v":"EBITDA 2005"}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IFERROR('Target Model'!P382,FALSE)","v":87588.495391438017},{"$f":"IFERROR('Target Model'!Q382,FALSE)","v":107908.52953346551},{"$f":"IFERROR('Target Model'!R382,FALSE)","v":113923.70252702857},{"$f":"IFERROR('Target Model'!S382,FALSE)","v":109405.92391862837},{"$f":"IFERROR('Target Model'!T382,FALSE)","v":104807.2525303908},{"$f":"IFERROR('Target Model'!U382,FALSE)","v":102409.8163640261},{"$f":"IFERROR('Target Model'!V382,FALSE)","v":99687.362063523033},{"$f":"IFERROR('Target Model'!W382,FALSE)","v":96605.682325117552}]
[null,null,"Company Case",1,1,50000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,1,1.5904964654233242,2.429958828444656,3.1578330957196559,3.6089621077374345,3.9921974396584337,false,false,false]
[null,null,"Base Case",2,2,48000,2,2,2,2,5.4999999999999997E-3,2,0.16,0.11,9.5000000000000001E-2,{"$f":"P10+1","v":2},0.80319123073088605,1.1704738641265908,1.4762571828704758,1.6142477338093904,1.804644947399382,false,false,false]
[null,null,"Low Case",3,3,45000,3,3,3,3,6.0000000000000001E-3,3,0.17,0.1,0.1,{"$f":"P11+1","v":3},0.19799288450077079,0.26452651383770415,1.7722764059971752E-2,0.16614790603573698,5.0662428548443703E-2,0.39146668568701304,0.64745020695327382,0.66411750705281003]
[null,null,"Worst Case",4,3,40000,4,4,4,4,6.1999999999999998E-3,4,0.18,0.09,0.11,4,-0.1490029687288365,-0.30896676536509005,-0.4595633658299369,-0.27953618773892097,-0.32335816342899437,-0.27788506534252633,-7.3824180316650084E-2,-2.1809016007829893E-2]
[null,1,{"$f":"TRANSPOSE(D8:O8)&\" \"&$E$2&\" \"&\" vs \"&E1","v":"Planes Grounded Low Case  vs Company Case"},{"$f":"IF(D$7=$B14,OFFSET(D$10,$D$2-1,0),OFFSET(D$10,$D$1-1,0))","v":3},1,50000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,5,1.497190725336186,2.2710101686065327,2.9620349068829777,3.3918369422847072,3.7528095368994552,false,false,false]
[null,{"$f":"B14+1","v":2},"Price Increase Low Case  vs Company Case",1,3,50000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,6,1.347409026982793,1.660100214634155,1.7191855264775933,1.9619851068867096,2.0767040921995363,false,false,false]
[null,{"$f":"B15+1","v":3},"Other Revenues Low Case  vs Company Case",1,1,45000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,7,1.5139678073710487,2.3245009397898504,3.0581696666607052,3.4991899594453622,3.8705157651407007,false,false,false]
[null,4,"Flight Expense per Hour Low Case  vs Company Case",1,1,50000,3,1,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,8,1.2720644112652437,1.9322448152503076,2.6387706993091822,3.1121881811322529,3.4834243065353392,false,false,false]
[null,5,"Maint  per Hour Low Case  vs Company Case",1,1,50000,1,3,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,9,1.1128483841862045,1.8204647065067989,2.2858075503751003,2.8141238251691445,3.1781604266614818,false,false,false]
[null,6,"Fuel Expense per Hour Low Case  vs Company Case",1,1,50000,1,1,3,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,10,1.5904964654233242,2.429958828444656,3.1578330957196559,3.6089621077374345,3.9921974396584337,false,false,false]
[null,7,"SG&A per Revenue Low Case  vs Company Case",1,1,50000,1,1,1,3,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,11,1.5552892415785193,2.3505845001137189,3.0323723517216483,3.477008939101748,3.8536785299033411,false,false,false]
[null,8,"Bad Debt Expense Low Case  vs Company Case",1,1,50000,1,1,1,1,6.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2,12,1.5833364154976934,2.419966596285311,3.148891987370384,3.5995583090653955,3.9823257256778199,false,false,false]
[null,9,"Cap Exp - Maintenance Low Case  vs Company Case",1,1,50000,1,1,1,1,5.0000000000000001E-3,3,0.15,0.12,9.5000000000000001E-2,13,1.3699766746466218,2.1367042119139423,2.8776774536963097,3.4072814354685272,3.553841275274872,false,false,false]
[null,10,"A/R to Revenues Low Case  vs Company Case",1,1,50000,1,1,1,1,5.0000000000000001E-3,1,0.17,0.12,9.5000000000000001E-2,14,1.5696800497843801,2.3877621178015649,3.1578330957196559,3.6089621077374345,3.9921974396584337,false,false,false]
[null,11,"A/P to Expenses Low Case  vs Company Case",1,1,50000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.1,9.5000000000000001E-2,15,1.5904964654233242,2.429958828444656,3.1578330957196559,3.6089621077374345,3.9921974396584337,false,false,false]
[null,12,"Interest Rate Low Case  vs Company Case",1,1,50000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.12,0.1,16,1.5558930848846177,2.3788278917841836,3.1213965599998139,3.5788874235062895,3.9740510876599862,false,false,false]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,17,false,false,false,false,false,false,false,false]
[null,null,"Custom Scenario",{"$f":"D34*D31","v":3},{"$f":"E34*E31","v":2},{"$f":"F34*F31","v":39000},3,3,3,3,5.0000000000000001E-3,3,0.15,0.12,8.5000000000000006E-2,18,127994.51078836032,128358.4935852536,111567.60094326379,73417.494064429047,33447.729038388054,0,0,0]
[null,null,null,null,null,{"$f":"F34*F31","v":39000},null,null,null,null,{"$f":"K34*K31","v":5.0000000000000001E-3},null,{"$f":"M34*M31","v":0.15},{"$f":"N34*N31","v":0.12},{"$f":"O34*O31","v":8.5000000000000006E-2},19,false,false,false,false,false,false,false,false]
[null,null,{"$f":"INDEX(C10:C28,$G$5)","v":"Base Case"},{"$f":"INDEX(D10:D28,$G$5)","v":2},2,48000,2,2,3,2,5.4999999999999997E-3,2,0.16,0.11,9.5000000000000001E-2,20,false,false,false,false,false,false,false,false]
[]
[null,null,"Multiplier",1,1,1000,1,1,1,1,1E-4,1,1E-3,1E-3,1E-3]
[null,null,"Copied Case",{"$f":"D10","v":1},{"$f":"E10","v":1},50000,1,1,1,1,5.0000000000000001E-3,1,0.15,0.12,9.5000000000000001E-2]
[null,null,"Adjusted",{"$f":"D32","v":1},{"$f":"E32","v":1},{"$f":"F32/F31","v":50},{"$f":"G32","v":1},{"$f":"H32","v":1},{"$f":"I32","v":1},{"$f":"J32","v":1},{"$f":"K32/K31","v":50},2,{"$f":"M32/M31","v":150},{"$f":"N32/N31","v":120},{"$f":"O32/O31","v":95}]
[null,null,"Fixed ",3,2,39,3,3,3,3,50,3,150,120,85]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"E1&\" vs \"&E2","v":"Company Case vs Low Case"}]
[null,null,{"$f":"TRANSPOSE(D8:O8)","v":"Planes Grounded"},{"$f":"AVERAGE(Q14:X14)-AVERAGE(OFFSET($Q$9,$D$1,0,1,8))","v":-0.1809131313947292}]
[null,null,"Price Increase",{"$f":"AVERAGE(Q15:X15)-AVERAGE(OFFSET($Q$9,$D$1,0,1,8))","v":-1.2028127939605437}]
[null,null,"Other Revenues",-0.10262075971516804]
[null,null,"Flight Expense per Hour",-0.46815110469823606]
[null,null,"Maint  per Hour",-0.71360860881695531]
[null,null,"Fuel Expense per Hour",0]
[null,null,"SG&A per Revenue",-0.10210287491290604]
[null,null,"Bad Debt Expense",-9.0737806173804003E-3]
[null,null,"Cap Exp - Maintenance",-0.28679337719664666]
[null,null,"A/R to Revenues",-1.2602625256407318E-2]
[null,null,"A/P to Expenses",0]
[null,null,"Interest Rate",-3.4078377829723117E-2]

{"sheet":"Target Assumptions","index":9,"n_rows":274,"n_cols":27,"rows_kept":274,"cut":false,"hidden":false,"merged":[]}
[null,"Year",null,null,null,null,null,null,null,null,null,null,{"$f":"N1-1","v":1992},{"$f":"O1-1","v":1993},{"$f":"P1-1","v":1994},{"$f":"Q1-1","v":1995},{"$f":"R1-1","v":1996},1997,1997,{"$f":"S1+1","v":1998},{"$f":"T1+1","v":1999},2000,2001,2002,2003,2004,2005]
[null,"Fraction of Year",null,null,null,null,null,null,null,null,null,null,1,1,1,1,1,{"$f":"'Target Model'!N4","v":0.7142857142857143},{"$f":"'Target Model'!O4","v":0.2857142857142857},1,1,1,1,1,1,1,1]
[null,"Switch",null,null,null,null,null,null,null,null,null,null,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false]
[null,null,null,null,"Method","Last Value","Average","Input","Value Applied","Graph","Graph No","Index Code",true,true,true,true,true,true,false,false,false,false,false,false,false,false,false]
[null,"Capacity ",null,null,null,null,null,null,null,null,0]
[null,null,"Base Capacity",null,null,null,null,null,null,null,{"$f":"K5+J6","v":0},null,null,null,null,null,null,{"$f":"'[2]Airline Fleet'!$M$34","v":6138986.666666667},{"$f":"'[2]Airline Fleet'!$M$34","v":6138986.666666667},{"$f":"S6","v":6138986.666666667},{"$f":"T6","v":6138986.666666667},6138986.666666667,6138986.666666667,6138986.666666667,6138986.666666667,6138986.666666667,6138986.666666667]
[null,null,"Capacity per 747",null,null,null,null,null,null,null,{"$f":"K6+J7","v":0},null,null,null,null,null,null,{"$f":"S7","v":229000},{"$f":"'[2]Airline Fleet'!K9","v":229000},{"$f":"S7","v":229000},229000,229000,229000,229000,229000,229000,229000]
[null,null,"Planes Grounded",null,null,null,null,null,null,null,0]
[null,null,null,"Company Base",null,null,null,null,null,null,0,null,null,null,null,null,null,4,4,1,0,0,0,0,0,0,0]
[null,null,null,"Base Case",null,null,null,null,null,null,0,null,null,null,null,null,null,4,4,2,1,1,1,1,1,1,1]
[null,null,null,"Downside Case",null,null,null,null,null,null,0,null,null,null,null,null,null,4,4,3,2,2,2,2,2,2,2]
[null,null,null,"Worst Case",null,null,null,null,null,null,0,null,null,null,null,null,null,6,6,6,6,6,6,6,6,6,6]
[null,null,null,{"$f":"INDEX(D9:D12,$L$13)","v":"Base Case"},null,null,null,null,null,null,0,{"$f":"'Target Scenario'!D29","v":2},null,null,null,null,null,{"$f":"INDEX(R9:R12,$L$13)","v":4},4,2,1,1,1,1,1,1,1]
[null,null,null,"Capacity Not Operable",null,null,null,null,null,null,0,null,null,null,null,null,null,{"$f":"R13*R7","v":916000},916000,458000,229000,229000,229000,229000,229000,229000,229000]
[null,null,null,"Capacity Before Retirements",null,null,null,null,null,null,0,null,null,null,null,null,null,{"$f":"R6-R14","v":5222986.666666667},5222986.666666667,5680986.666666667,5909986.666666667,5909986.666666667,5909986.666666667,5909986.666666667,5909986.666666667,5909986.666666667,5909986.666666667]
[null,null,null,"Retirement Rate",null,null,null,null,null,null,0,null,null,null,null,null,null,null,null,{"$f":"[2]Depreciation!F13","v":3.3311710750748923E-2},{"$f":"[2]Depreciation!G13","v":3.6642881825823821E-2},{"$f":"[2]Depreciation!H13","v":4.030717000840621E-2},{"$f":"[2]Depreciation!I13","v":4.4337887009246832E-2},{"$f":"[2]Depreciation!J13","v":4.8771675710171519E-2},{"$f":"[2]Depreciation!K13","v":5.3648843281188678E-2},{"$f":"[2]Depreciation!L13","v":5.9013727609307551E-2},{"$f":"[2]Depreciation!M13","v":6.4915100370238316E-2}]
[null,null,null,"Retirements ",null,null,null,null,null,null,0,null,null,null,null,null,null,{"$f":"R8-R16","v":0},{"$f":"S15*S16","v":0},{"$f":"T15*T16+S17","v":189243.38461886131},{"$f":"U15*U16+T17","v":405802.32763772242},644017.16495846969,906053.48601129162,1194293.4391693957,1511357.3876433105,1860127.7309646166,2243775.1086180536]
[null,null,null,"Net Capacity",null,null,null,null,null,true,1,null,null,null,null,null,null,{"$f":"R15-R17","v":5222986.666666667},{"$f":"S15-S17","v":5222986.666666667},{"$f":"T15-T17","v":5491743.2820478054},5504184.3390289443,5265969.5017081974,5003933.1806553751,4715693.2274972713,4398629.2790233567,4049858.9357020501,3666211.5580486134]
[null,null,null,null,null,null,null,null,null,null,1]
[null,null,"Flight Hours",null,null,null,null,null,null,true,2,null,{"$f":"'Target Model'!I106","v":39404},{"$f":"'Target Model'!J106","v":55220},{"$f":"'Target Model'!K106","v":76346},{"$f":"'Target Model'!L106","v":84058},{"$f":"'Target Model'!M106","v":91690},{"$f":"'Target Model'!N106","v":70721},{"$f":"R20/R$2*S$2","v":28288.399999999998},{"$f":"(R20+S20)*T$18/S$18","v":104104.07722840263},{"$f":"T20*U18/T18","v":104339.91577551777},{"$f":"U20*V18/U18","v":99824.202904805599},94856.918747022195,89392.906173460447,83382.492342542537,76771.037128532815,69498.436393122131]
[null,null,"Planes",null,null,null,null,null,null,null,2,null,{"$f":"'Target Model'!I105","v":59},{"$f":"'Target Model'!J105","v":65},{"$f":"'Target Model'!K105","v":86},{"$f":"'Target Model'!L105","v":95},{"$f":"'Target Model'!M105","v":97},{"$f":"'Target Model'!N105","v":86},{"$f":"R21","v":86},{"$f":"S21","v":86},86,86,86,86,86,86,86]
[null,null,null,null,null,null,null,null,null,null,2]
[null,"Growth Rate",null,null,0.25,null,null,null,null,null,2]
[null,"Life",null,null,15,null,null,null,null,null,2]
[null,"Number",null,null,1,null,null,null,null,null,2]
[null,"Initial",null,null,{"$f":"find_initial(E23,E25,E24)","v":{"$error":"#NAME?"}},null,null,null,null,null,2]
[null,null,null,null,null,null,null,null,null,null,2]
[null,null,null,null,null,null,null,null,null,null,2]
[null,null,null,null,null,null,null,null,null,null,2]
[null,"Price Increase per Capacity",null,null,null,null,null,null,null,null,2]
[null,null,"Freight Revenues",null,null,null,null,null,null,true,3,null,{"$f":"'Target Model'!I61","v":95144},{"$f":"'Target Model'!J61","v":194525},{"$f":"'Target Model'!K61","v":298081},{"$f":"'Target Model'!L61","v":359404},{"$f":"'Target Model'!M61","v":388193},{"$f":"'Target Model'!N61","v":302345},{"$f":"'Target Model'!O61","v":0},{"$f":"'Target Model'!P61","v":0},{"$f":"'Target Model'!Q61","v":0},{"$f":"'Target Model'!R61","v":0},{"$f":"'Target Model'!S61","v":0},{"$f":"'Target Model'!T61","v":0},{"$f":"'Target Model'!U61","v":0},{"$f":"'Target Model'!V61","v":0},{"$f":"'Target Model'!W61","v":0}]
[null,null,"Revenues per Flight Hour",null,null,null,null,null,null,null,3,null,{"$f":"IF(M4,M31/M20)","v":2.4145772002842349},{"$f":"IF(N4,N31/N20)","v":3.5227272727272729},3.9043433840672725,4.2756668014942063,4.2337550441705751,4.2751799324104578,false,false,false,false,false,false,false,false,false]
[null,null,"Base Price",null,null,null,null,null,null,null,3,null,null,null,null,null,null,{"$f":"R31/(R18*R2)*1000","v":81.042328271946573},{"$f":"R33","v":81.042328271946573},{"$f":"S33","v":81.042328271946573},81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573]
[null,null,"Price Increase",null,null,null,null,null,null,null,3]
[null,null,null,"2.5% Increase",null,null,null,null,null,null,3,null,null,null,null,null,null,null,0.01,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2]
[null,null,null,"Flat Case",null,null,null,null,null,null,3,null,null,null,null,null,null,null,0,0,0,0,0,0,0,0,0]
[null,null,null,"10% Decline Case",null,null,null,null,null,null,3,null,null,null,null,null,null,null,0,-0.01,-0.04,-0.05,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,3]
[null,null,null,{"$f":"INDEX(D35:D37,L39)","v":"Flat Case"},null,null,null,null,null,null,3,{"$f":"'Target Scenario'!E29","v":2},{"$f":"INDEX(M35:M37,$L$39)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Index",null,null,null,null,null,null,3,null,null,null,null,null,null,1,{"$f":"R40*(1+S39)^S2","v":1},{"$f":"S40*(1+T39)^T2","v":1},1,1,1,1,1,1,1]
[null,null,null,null,null,null,null,null,null,null,3]
[null,null,null,"Price per lb Applied",null,null,null,null,null,true,4,null,null,null,null,null,null,{"$f":"R40*R33","v":81.042328271946573},{"$f":"S40*S33","v":81.042328271946573},81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573]
[null,null,null,"Revenues ",null,null,null,null,null,true,5,null,{"$f":"IF(M4,M31,M42*M18/1000*M2)","v":95144},{"$f":"IF(N4,N31,N42*N18/1000*N2)","v":194525},298081,359404,388193,302345,120938,445063.66184897552,446071.914072891,426766.42902749468,405530.39547755866,382170.75857262907,356475.15797720652,328209.99732224172,297118.32060178043]
[null,null,null,"Revenues per Flight Hour",null,null,null,null,null,true,6,null,{"$f":"M43/M20","v":2.4145772002842349},{"$f":"N43/N20","v":3.5227272727272729},3.9043433840672725,4.2756668014942063,4.2337550441705751,4.2751799324104578,4.2751799324104587,4.2751799324104587,4.2751799324104587,4.2751799324104587,4.2751799324104578,4.2751799324104578,4.2751799324104578,4.2751799324104587,4.2751799324104587]
[null,null,null,null,null,null,null,null,null,null,6]
[null,"Other Revenues",null,null,null,null,null,null,null,null,6]
[null,null,null,{"$f":"'Target Model'!D62","v":"Maintenance and other(1)                              "},null,null,null,null,null,null,6,null,{"$f":"IF(M4,'Target Model'!I62,$I$46)","v":2606},{"$f":"IF(N4,'Target Model'!J62,$I$46)","v":5584},{"$f":"IF(O4,'Target Model'!K62,$I$46)","v":7449},{"$f":"IF(P4,'Target Model'!L62,$I$46)","v":14279},{"$f":"IF(Q4,'Target Model'!M62,$I$46)","v":36348},{"$f":"IF(R4,'Target Model'!N62,$I$46)","v":23299},{"$f":"IF(S4,'Target Model'!O62,$I$46)","v":0},{"$f":"IF(T4,'Target Model'!P62,$I$46)","v":0},{"$f":"IF(U4,'Target Model'!Q62,$I$46)","v":0},{"$f":"IF(V4,'Target Model'!R62,$I$46)","v":0},{"$f":"IF(W4,'Target Model'!S62,$I$46)","v":0},{"$f":"IF(X4,'Target Model'!T62,$I$46)","v":0},{"$f":"IF(Y4,'Target Model'!U62,$I$46)","v":0},{"$f":"IF(Z4,'Target Model'!V62,$I$46)","v":0},{"$f":"IF(AA4,'Target Model'!W62,$I$46)","v":0}]
[null,null,null,"Annualized",3,{"$f":"SUMIF(3:3,TRUE,48:48)","v":32618.6},{"$f":"AVERAGEIF(4:4,TRUE,48:48)","v":16480.766666666666},{"$f":"'Target Scenario'!F29","v":48000},{"$f":"CHOOSE(E48,F48,G48,H48)","v":48000},null,6,null,{"$f":"IF(M4,M47/M2,$I$48)","v":2606},{"$f":"IF(N4,N47/N2,$I$48)","v":5584},7449,14279,36348,32618.6,48000,48000,48000,48000,48000,48000,48000,48000,48000]
[null,null,null,"Escalation",null,null,null,null,0.02,null,6,null,{"$f":"IF(M4,1,L49*((1+$I$49)^M2))","v":1},{"$f":"IF(N4,1,M49*((1+$I$49)^N2))","v":1},1,1,1,1,{"$f":"IF(S4,1,R49*((1+$I$49)^S2))","v":1.0056739296219646},1.0257874082144038,1.046303156378692,1.0672292195062658,1.0885738038963912,1.1103452799743192,1.1325521855738057,1.1552032292852819,1.1783072938709875]
[null,null,null,"Escalated Revenues",null,null,null,null,null,true,7,null,{"$f":"PRODUCT(M48:M49)*M2","v":2606},{"$f":"PRODUCT(N48:N49)*N2","v":5584},7449,14279,36348,23299,13792.099606244084,49237.795594291383,50222.551506177217,51227.002536300759,52251.542587026779,53296.573438767322,54362.504907542672,55449.755005693529,56558.750105807405]
[null,null,null,null,null,null,null,null,null,null,7]
["Operating Expense",null,null,null,null,null,null,null,null,null,7]
[null,"Flight Expense",null,null,null,null,null,null,null,null,7,null,{"$f":"'Target Model'!I65","v":37259},{"$f":"'Target Model'!J65","v":62877},{"$f":"'Target Model'!K65","v":115614},{"$f":"'Target Model'!L65","v":168775},{"$f":"'Target Model'!M65","v":150256},{"$f":"'Target Model'!N65","v":126208}]
[null,null,"Per Plane",null,null,null,null,null,null,null,7,null,{"$f":"IF(M4,M53/M21)","v":631.50847457627117},{"$f":"N53/'Target Model'!J105","v":967.3384615384615},{"$f":"O53/'Target Model'!K105","v":1344.3488372093022},{"$f":"P53/'Target Model'!L105","v":1776.578947368421},{"$f":"Q53/'Target Model'!M105","v":1549.0309278350514},{"$f":"R53/'Target Model'!N105","v":1467.5348837209303}]
[null,null,null,"Flight per Hour - Company Case",null,null,null,null,null,null,7,null,{"$f":"M53/M20","v":0.94556390214191455},1.1386635277073525,1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,{"$f":"R55","v":1.7845901500261592},1.4,1.25,1.25,1.25,1.25,1.25,1.25,1.25]
[null,null,null,"Flight per Hour - Base Case",null,null,null,null,null,null,7,null,{"$f":"M55","v":0.94556390214191455},{"$f":"N55","v":1.1386635277073525},1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,{"$f":"S55","v":1.7845901500261592},1.6,1.5,1.4,1.4,1.4,1.4,1.4,1.4]
[null,null,null,"Flight per Hour - Low Case",null,null,null,null,null,null,7,null,{"$f":"M56","v":0.94556390214191455},1.1386635277073525,1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,1.7845901500261592,1.6,1.5,1.5,1.5,1.5,1.5,1.5,1.5]
[null,null,null,"Flight per Hour - Worst Case",null,null,null,null,null,null,7,null,{"$f":"M57","v":0.94556390214191455},1.1386635277073525,1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,1.7845901500261592,{"$f":"S58","v":1.7845901500261592},{"$f":"T58","v":1.7845901500261592},1.7845901500261592,1.7845901500261592,1.7845901500261592,1.7845901500261592,1.7845901500261592,1.7845901500261592]
[null,null,null,null,null,null,null,null,null,null,7]
[null,null,null,{"$f":"INDEX(D55:D58,$L$60)","v":"Flight per Hour - Base Case"},null,null,null,null,null,true,8,{"$f":"'Target Scenario'!G29","v":2},{"$f":"INDEX(M55:M58,$L$60)","v":0.94556390214191455},{"$f":"INDEX(N55:N58,$L$60)","v":1.1386635277073525},1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,1.7845901500261592,1.6,1.5,1.4,1.4,1.4,1.4,1.4,1.4]
[null,null,null,null,null,null,null,null,null,null,8]
[null,"Maintenance Expense",null,null,null,null,null,null,null,null,8,null,{"$f":"IF(M4,'Target Model'!I66)","v":22114},{"$f":"IF(N4,'Target Model'!J66)","v":51933},{"$f":"IF(O4,'Target Model'!K66)","v":64722},{"$f":"IF(P4,'Target Model'!L66)","v":103389},{"$f":"IF(Q4,'Target Model'!M66)","v":115082},{"$f":"IF(R4,'Target Model'!N66)","v":107432},{"$f":"IF(S4,'Target Model'!O66)","v":false},{"$f":"IF(T4,'Target Model'!P66)","v":false},{"$f":"IF(U4,'Target Model'!Q66)","v":false},{"$f":"IF(V4,'Target Model'!R66)","v":false},{"$f":"IF(W4,'Target Model'!S66)","v":false},{"$f":"IF(X4,'Target Model'!T66)","v":false},{"$f":"IF(Y4,'Target Model'!U66)","v":false},{"$f":"IF(Z4,'Target Model'!V66)","v":false},{"$f":"IF(AA4,'Target Model'!W66)","v":false}]
[null,null,"Per Plane",null,null,null,null,null,null,null,8,null,{"$f":"M62/M21","v":374.81355932203388},798.96923076923076,752.58139534883719,1088.3052631578948,1186.4123711340205,1249.2093023255813]
[null,null,"Per Hour",null,null,null,null,null,null,null,8,null,{"$f":"M62/M20","v":0.5612120596893716},0.94047446577327054,0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032]
[null,null,null,"Maint per Hour  - Company",null,null,null,null,null,null,8,null,{"$f":"M64","v":0.5612120596893716},{"$f":"N64","v":0.94047446577327054},0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032,{"$f":"R65","v":1.5190961666266032},1.2,1.1000000000000001,1,1,1,1,1,1]
[null,null,null,"Maint per Hour  - Base Case",null,null,null,null,null,null,8,null,{"$f":"M65","v":0.5612120596893716},0.94047446577327054,0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032,{"$f":"R66","v":1.5190961666266032},1.25,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999]
[null,null,null,"Maint per Hour  - Low Case",null,null,null,null,null,null,8,null,{"$f":"M66","v":0.5612120596893716},0.94047446577327054,0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032,1.5190961666266032,1.5,1.4,{"$f":"U67","v":1.4},1.4,1.4,1.4,1.4,1.4]
[null,null,null,"Maint per Hour  - Worst Case",null,null,null,null,null,null,8,null,{"$f":"M67","v":0.5612120596893716},0.94047446577327054,0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032,{"$f":"R68","v":1.5190961666266032},{"$f":"S68","v":1.5190961666266032},1.5190961666266032,1.5190961666266032,1.5190961666266032,1.5190961666266032,1.5190961666266032,1.5190961666266032,1.5190961666266032]
[null,null,null,null,null,null,null,null,null,null,8]
[null,null,null,{"$f":"INDEX(D65:D68,$L$70)","v":"Maint per Hour  - Base Case"},null,null,null,null,null,true,9,{"$f":"'Target Scenario'!H29","v":2},{"$f":"INDEX(M65:M68,$L$70)","v":0.5612120596893716},{"$f":"INDEX(N65:N68,$L$70)","v":0.94047446577327054},0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032,1.5190961666266032,1.25,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999]
[null,null,null,null,null,null,null,null,null,null,{"$f":"K70+J71","v":9}]
[null,"Fuel Expense",null,null,null,null,null,null,null,null,9,null,{"$f":"'Target Model'!I67","v":16508},{"$f":"'Target Model'!J67","v":38554},{"$f":"'Target Model'!K67","v":57362},{"$f":"'Target Model'!L67","v":54538},{"$f":"'Target Model'!M67","v":82717},{"$f":"'Target Model'!N67","v":55095},{"$f":"'Target Model'!O67","v":0},{"$f":"'Target Model'!P67","v":0},{"$f":"'Target Model'!Q67","v":0},{"$f":"'Target Model'!R67","v":0},{"$f":"'Target Model'!S67","v":0},{"$f":"'Target Model'!T67","v":0},{"$f":"'Target Model'!U67","v":0},{"$f":"'Target Model'!V67","v":0},{"$f":"'Target Model'!W67","v":0}]
[null,null,"Per Plane",null,null,null,null,null,null,null,9,null,{"$f":"IF(M4,M72/M21)","v":279.79661016949154},{"$f":"IF(N4,N72/N21)","v":593.13846153846157},667,574.08421052631581,852.75257731958766,640.6395348837209,false,false,false,false,false,false,false,false,false]
[null,null,"Per Hour",null,null,null,null,null,null,null,9,null,{"$f":"IF(M4,M72/M20)","v":0.41894223936656177},{"$f":"IF(N4,N72/N20)","v":0.69818906193408181},0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,false,false,false,false,false,false,false,false,false]
[null,null,null,"Fuel per Hour - Company",null,null,null,null,null,null,9,null,{"$f":"M74","v":0.41894223936656177},{"$f":"N74","v":0.69818906193408181},0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,{"$f":"R75","v":0.7790472419790444},{"$f":"S75","v":0.7790472419790444},{"$f":"T75","v":0.7790472419790444},0.7790472419790444,0.7790472419790444,0.7790472419790444,0.7790472419790444,0.7790472419790444,0.7790472419790444]
[null,null,null,"Fuel per Hour - Base Case",null,null,null,null,null,null,9,null,{"$f":"M75","v":0.41894223936656177},0.69818906193408181,0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,0.7790472419790444,{"$f":"S76*1.02","v":0.79462818681862535},{"$f":"T76*1.02","v":0.81052075055499784},0.82673116556609783,0.84326578887741976,0.86013110465496823,0.87733372674806764,0.89488040128302904,0.91277800930868969]
[null,null,null,"Fuel per Hour - Low Case",null,null,null,null,null,null,9,null,{"$f":"M76","v":0.41894223936656177},0.69818906193408181,0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,0.7790472419790444,{"$f":"S77*1.03","v":0.80241865923841571},{"$f":"T77*1.03","v":0.82649121901556821},{"$f":"U77*1.03","v":0.85128595558603526},{"$f":"V77*1.03","v":0.87682453425361639},{"$f":"W77*1.03","v":0.90312927028122492},{"$f":"X77","v":0.90312927028122492},{"$f":"Y77","v":0.90312927028122492},{"$f":"Z77","v":0.90312927028122492}]
[null,null,null,"Fuel per Hour - Worst Case",null,null,null,null,null,null,9,null,{"$f":"M77","v":0.41894223936656177},0.69818906193408181,0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,0.7790472419790444,0.80241865923841571,0.82649121901556821,0.85128595558603526,0.87682453425361639,0.90312927028122492,0.90312927028122492,0.90312927028122492,0.90312927028122492]
[null,null,null,null,null,null,null,null,null,null,9]
[null,null,null,{"$f":"INDEX(D75:D78,$L$80)","v":"Fuel per Hour - Low Case"},null,null,null,null,null,true,10,{"$f":"'Target Scenario'!I29","v":3},{"$f":"INDEX(M75:M78,$L$80)","v":0.41894223936656177},{"$f":"INDEX(N75:N78,$L$80)","v":0.69818906193408181},0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,0.7790472419790444,0.80241865923841571,0.82649121901556821,0.85128595558603526,0.87682453425361639,0.90312927028122492,0.90312927028122492,0.90312927028122492,0.90312927028122492]
[null,null,null,null,null,null,null,null,null,null,10]
[null,"Selling and Admininstrative",null,null,null,null,null,null,null,null,10,null,{"$f":"IF(M4,'Target Model'!I69)","v":4232},{"$f":"IF(N4,'Target Model'!J69)","v":9554},{"$f":"IF(O4,'Target Model'!K69)","v":13273},{"$f":"IF(P4,'Target Model'!L69)","v":21676},{"$f":"IF(Q4,'Target Model'!M69)","v":21889},{"$f":"IF(R4,'Target Model'!N69)","v":17848},{"$f":"IF(S4,'Target Model'!O69)","v":false},{"$f":"IF(T4,'Target Model'!P69)","v":false},{"$f":"IF(U4,'Target Model'!Q69)","v":false},{"$f":"IF(V4,'Target Model'!R69)","v":false},{"$f":"IF(W4,'Target Model'!S69)","v":false},{"$f":"IF(X4,'Target Model'!T69)","v":false},{"$f":"IF(Y4,'Target Model'!U69)","v":false},{"$f":"IF(Z4,'Target Model'!V69)","v":false},{"$f":"IF(AA4,'Target Model'!W69)","v":false}]
[null,null,"Per Revenue",null,null,null,null,null,null,null,10,null,{"$f":"IF(M31,M82/M31)","v":4.447994618683259E-2},{"$f":"IF(N31,N82/N31)","v":4.9114509703122991E-2},4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,false,false,false,false,false,false,false,false,false]
[null,null,"Increase",null,null,null,null,null,null,null,10,null,null,{"$f":"IF(N4,N82/M82-1)","v":1.2575614366729679},{"$f":"IF(O4,O82/N82-1)","v":0.38926104249529003},0.63308973103292399,9.8265362613028095E-3,-0.18461327607474076,false,false,false,false,false,false,false,false,false]
[null,null,null,"SG&A per Revenue - Company",null,null,null,null,null,null,10,null,{"$f":"M83","v":4.447994618683259E-2},4.9114509703122991E-2,4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,{"$f":"R85","v":5.9031900643304831E-2},5.3999999999999999E-2,0.05,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2,4.4999999999999998E-2]
[null,null,null,"SG&A per Revenue - Base Case",null,null,null,null,null,null,10,null,{"$f":"M85","v":4.447994618683259E-2},{"$f":"N85","v":4.9114509703122991E-2},4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.3999999999999999E-2,5.1999999999999998E-2,{"$f":"U86","v":5.1999999999999998E-2},5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2]
[null,null,null,"SG&A per Revenue - Low Case",null,null,null,null,null,null,10,null,{"$f":"M85","v":4.447994618683259E-2},4.9114509703122991E-2,4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,{"$f":"R87","v":5.9031900643304831E-2},{"$f":"S87","v":5.9031900643304831E-2},{"$f":"T87","v":5.9031900643304831E-2},5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2]
[null,null,null,"SG&A per Revenue - Worst Case",null,null,null,null,null,null,10,null,4.447994618683259E-2,4.9114509703122991E-2,4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,{"$f":"R88","v":5.9031900643304831E-2},{"$f":"S88","v":5.9031900643304831E-2},5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.9031900643304831E-2]
[null,null,null,null,null,null,null,null,null,null,10]
[null,null,null,{"$f":"INDEX(D85:D88,$L$90)","v":"SG&A per Revenue - Base Case"},null,null,null,null,null,true,11,{"$f":"'Target Scenario'!J29","v":2},{"$f":"INDEX(M85:M88,$L$90)","v":4.447994618683259E-2},{"$f":"INDEX(N85:N88,$L$90)","v":4.9114509703122991E-2},4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.3999999999999999E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2]
[null,null,null,null,null,null,null,null,null,null,11]
[null,"Bad Debt Expenses",null,null,null,null,null,null,null,null,11,null,{"$f":"IF(M4,'Target Model'!I70)","v":1557},{"$f":"IF(N4,'Target Model'!J70)","v":1547},{"$f":"IF(O4,'Target Model'!K70)","v":2231},{"$f":"IF(P4,'Target Model'!L70)","v":1862},{"$f":"IF(Q4,'Target Model'!M70)","v":1011},{"$f":"IF(R4,'Target Model'!N70)","v":1633},{"$f":"IF(S4,'Target Model'!O70)","v":false},{"$f":"IF(T4,'Target Model'!P70)","v":false},{"$f":"IF(U4,'Target Model'!Q70)","v":false},{"$f":"IF(V4,'Target Model'!R70)","v":false},{"$f":"IF(W4,'Target Model'!S70)","v":false},{"$f":"IF(X4,'Target Model'!T70)","v":false},{"$f":"IF(Y4,'Target Model'!U70)","v":false},{"$f":"IF(Z4,'Target Model'!V70)","v":false},{"$f":"IF(AA4,'Target Model'!W70)","v":false}]
[null,null,"Per Revenue",null,3,{"$f":"SUMIF(3:3,TRUE,93:93)","v":5.4011146207147464E-3},{"$f":"AVERAGEIF(4:4,TRUE,93:93)","v":7.4980341607095184E-3},{"$f":"'Target Scenario'!K29","v":5.4999999999999997E-3},{"$f":"CHOOSE(E93,F93,G93,H93)","v":5.4999999999999997E-3},true,12,null,{"$f":"IF(M4,M92/M43,$I$93)","v":1.6364668292272764E-2},{"$f":"IF(N4,N92/N43,$I$93)","v":7.9527053078010546E-3},7.4845427920598763E-3,5.1807993233241702E-3,2.6043746280844837E-3,5.4011146207147464E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3]
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["Captial Expenditures",null,null,null,null,null,null,null,null,null,12]
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[null,"Aircraft Owned",null,null,null,null,null,null,null,null,12,null,{"$f":"IF(M4,'Target Model'!I104)","v":52},{"$f":"IF(N4,'Target Model'!J104)","v":57},{"$f":"IF(O4,'Target Model'!K104)","v":82},{"$f":"IF(P4,'Target Model'!L104)","v":91},{"$f":"IF(Q4,'Target Model'!M104)","v":95},{"$f":"IF(R4,'Target Model'!N104)","v":84},{"$f":"IF(S4,'Target Model'!O104)","v":false},{"$f":"IF(T4,'Target Model'!P104)","v":false},{"$f":"IF(U4,'Target Model'!Q104)","v":false},{"$f":"IF(V4,'Target Model'!R104)","v":false},{"$f":"IF(W4,'Target Model'!S104)","v":false},{"$f":"IF(X4,'Target Model'!T104)","v":false},{"$f":"IF(Y4,'Target Model'!U104)","v":false},{"$f":"IF(Z4,'Target Model'!V104)","v":false},{"$f":"IF(AA4,'Target Model'!W104)","v":false}]
[null,"Change in Aircraft",null,null,null,null,null,null,null,null,12,null,null,{"$f":"N97-M97","v":5},{"$f":"O97-N97","v":25},9,4,-11,-84,0,0,0,0,0,0,0,0]
[null,null,"Company Case Maintenance Expenditures",null,null,null,null,null,null,null,12,null,null,null,null,null,null,null,{"$f":"R96/R2*S2","v":21803.599999999995},25000,25000,25000,20000,20000,20000,20000,20000]
[null,null,"Base Case Maintenance Expenditures",null,null,null,null,null,null,null,12,null,null,null,null,null,null,null,{"$f":"S99","v":21803.599999999995},35000,35000,30000,30000,30000,30000,{"$f":"Z99","v":20000},{"$f":"AA99","v":20000}]
[null,null,"Downside Case Maintenance Expenditures",null,null,null,null,null,null,null,12,null,null,null,null,null,null,null,{"$f":"S100","v":21803.599999999995},40000,40000,40000,{"$f":"W100","v":30000},40000,{"$f":"Y100","v":30000},{"$f":"Z100","v":20000},{"$f":"AA100","v":20000}]
[null,null,"Worst Case Maintenance Expenditures",null,null,null,null,null,null,null,12,null,null,null,null,null,null,null,{"$f":"S101","v":21803.599999999995},{"$f":"T101","v":40000},{"$f":"U101","v":40000},40000,30000,40000,30000,20000,20000]
[null,null,null,null,null,null,null,null,null,null,12]
[null,null,{"$f":"INDEX(C99:C102,$L$104)","v":"Base Case Maintenance Expenditures"},null,null,null,null,null,null,true,13,{"$f":"'Target Scenario'!L29","v":2},{"$f":"INDEX(M99:M102,$L$104)","v":0},{"$f":"INDEX(N99:N102,$L$104)","v":0},0,0,0,0,21803.599999999995,35000,35000,30000,30000,30000,30000,20000,20000]
[null,null,null,null,null,null,null,null,null,null,13]
[null,null,"Capital Expenditures for New 747",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,56000]
[]
["Depreciation Expense",null,null,null,null,null,null,null,null,null,{"$f":"K105+J108","v":13}]
[null,"Historic Depreciation",null,null,null,null,null,null,null,null,13,null,{"$f":"IF(M4,'Target Model'!I68/M2)","v":8999},{"$f":"IF(N4,'Target Model'!J68/N2)","v":12422},{"$f":"IF(O4,'Target Model'!K68/O2)","v":13809},{"$f":"IF(P4,'Target Model'!L68/P2)","v":20972},{"$f":"IF(Q4,'Target Model'!M68/Q2)","v":32091},{"$f":"IF(R4,'Target Model'!N68/R2)","v":37055.199999999997},{"$f":"IF(S4,'Target Model'!O68/S2)","v":false},{"$f":"IF(T4,'Target Model'!P68/T2)","v":false},{"$f":"IF(U4,'Target Model'!Q68/U2)","v":false},{"$f":"IF(V4,'Target Model'!R68/V2)","v":false},{"$f":"IF(W4,'Target Model'!S68/W2)","v":false},{"$f":"IF(X4,'Target Model'!T68/X2)","v":false},{"$f":"IF(Y4,'Target Model'!U68/Y2)","v":false},{"$f":"IF(Z4,'Target Model'!V68/Z2)","v":false},{"$f":"IF(AA4,'Target Model'!W68/AA2)","v":false}]
[null,"Historic Net Plant",null,null,null,null,null,null,null,null,13,null,{"$f":"IF(M4,'Target Model'!I27)","v":117295},{"$f":"IF(N4,'Target Model'!J27)","v":127098},{"$f":"IF(O4,'Target Model'!K27)","v":226541},{"$f":"IF(P4,'Target Model'!L27)","v":226841.734},{"$f":"IF(Q4,'Target Model'!M27)","v":264006.68800000002},{"$f":"IF(R4,'Target Model'!N27)","v":248466.245},{"$f":"IF(S4,'Target Model'!O27)","v":false},{"$f":"IF(T4,'Target Model'!P27)","v":false},{"$f":"IF(U4,'Target Model'!Q27)","v":false},{"$f":"IF(V4,'Target Model'!R27)","v":false},{"$f":"IF(W4,'Target Model'!S27)","v":false},{"$f":"IF(X4,'Target Model'!T27)","v":false},{"$f":"IF(Y4,'Target Model'!U27)","v":false},{"$f":"IF(Z4,'Target Model'!V27)","v":false},{"$f":"IF(AA4,'Target Model'!W27)","v":false}]
[null,"Historic Gross Plant",null,null,null,null,null,null,null,null,13,null,{"$f":"IF(M4,'Target Model'!I25)","v":117295},{"$f":"IF(N4,'Target Model'!J25)","v":127098},{"$f":"IF(O4,'Target Model'!K25)","v":226541},{"$f":"IF(P4,'Target Model'!L25)","v":308088.61499999999},{"$f":"IF(Q4,'Target Model'!M25)","v":373714.2},{"$f":"IF(R4,'Target Model'!N25)","v":362349.80499999999},{"$f":"IF(S4,'Target Model'!O25)","v":false},{"$f":"IF(T4,'Target Model'!P25)","v":false},{"$f":"IF(U4,'Target Model'!Q25)","v":false},{"$f":"IF(V4,'Target Model'!R25)","v":false},{"$f":"IF(W4,'Target Model'!S25)","v":false},{"$f":"IF(X4,'Target Model'!T25)","v":false},{"$f":"IF(Y4,'Target Model'!U25)","v":false},{"$f":"IF(Z4,'Target Model'!V25)","v":false},{"$f":"IF(AA4,'Target Model'!W25)","v":false}]
[null,null,null,null,null,null,null,null,null,null,13]
[null,"Net Plant Depreciation Rate",null,null,null,null,null,null,null,null,13,null,{"$f":"IF(M110,M109/M110)","v":7.6721087855407308E-2},{"$f":"IF(N110,N109/N110)","v":9.7735605595682076E-2},6.0955853465818548E-2,9.2452123470366354E-2,0.12155373882043471,0.14913575081395863,false,false,false,false,false,false,false,false,false]
[null,"Gross Plant Depreciation Rate",null,null,1,{"$f":"AVERAGEIF(3:3,TRUE,114:114)","v":0.10226361236761256},{"$f":"AVERAGEIF(4:4,TRUE,114:114)","v":8.1936319340517497E-2},{"$f":"1/13","v":7.6923076923076927E-2},{"$f":"CHOOSE(E114,F114,G114,H114)","v":0.10226361236761256},true,14,null,{"$f":"IF(AND(M111,M4),M109/M111,$I$114)","v":7.6721087855407308E-2},9.7735605595682076E-2,6.0955853465818548E-2,6.8071324219494453E-2,8.5870432539090033E-2,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256]
[null,"Implied Life of Assets",null,null,1,null,null,null,null,null,14,null,{"$f":"IF(M114,1/M114)","v":13.034226025113901},{"$f":"IF(N114,1/N114)","v":10.231685718885847},16.405315374031428,14.690473726873925,11.645451995886697,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452,9.7786492853904452]
[null,null,null,null,null,null,null,null,null,null,14]
[null,"Retirement Rate",null,null,null,null,null,null,null,null,14,null,{"$f":"LOOKUP(M1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":{"$error":"#N/A"}},{"$f":"LOOKUP(N1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":{"$error":"#N/A"}},{"$f":"LOOKUP(O1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":{"$error":"#N/A"}},{"$f":"LOOKUP(P1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":{"$error":"#N/A"}},{"$f":"LOOKUP(Q1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":{"$error":"#N/A"}},{"$f":"LOOKUP(R1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":0},{"$f":"LOOKUP(S1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":0},{"$f":"LOOKUP(T1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":3.3311710750748923E-2},{"$f":"LOOKUP(U1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":3.6642881825823821E-2},{"$f":"LOOKUP(V1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":4.030717000840621E-2},{"$f":"LOOKUP(W1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":4.4337887009246832E-2},{"$f":"LOOKUP(X1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":4.8771675710171519E-2},{"$f":"LOOKUP(Y1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":5.3648843281188678E-2},{"$f":"LOOKUP(Z1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":5.9013727609307551E-2},{"$f":"LOOKUP(AA1,[2]Depreciation!2:2,[2]Depreciation!13:13)","v":6.4915100370238316E-2}]
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[null,"Depreciation Life on Maintenance Expenditures",null,null,null,null,null,null,null,null,14,13,{"$f":"IF(M4,L119,L119-1)","v":13},13,13,13,13,13,12,11,10,9,8,7,6,5,4]
[null,"Depreciation Rate on Maintenance Expenditures",null,null,null,null,null,null,null,null,14,null,{"$f":"1/M119","v":7.6923076923076927E-2},{"$f":"1/N119","v":7.6923076923076927E-2},7.6923076923076927E-2,7.6923076923076927E-2,7.6923076923076927E-2,7.6923076923076927E-2,8.3333333333333329E-2,9.0909090909090912E-2,0.1,0.1111111111111111,0.125,0.14285714285714285,0.16666666666666666,0.2,0.25]
[null,null,null,null,null,null,null,null,null,null,14]
["Working Capital",null,null,null,null,null,null,null,null,null,14]
[null,"Accounts Receivable",null,null,null,null,null,null,null,null,14,null,{"$f":"'Target Model'!I11+'Target Model'!I12","v":5478},{"$f":"'Target Model'!J11+'Target Model'!J12","v":35827},{"$f":"'Target Model'!K11+'Target Model'!K12","v":44920},{"$f":"'Target Model'!L11+'Target Model'!L12","v":92664.084000000003},{"$f":"'Target Model'!M11+'Target Model'!M12","v":70041.903000000006},{"$f":"'Target Model'!N11+'Target Model'!N12","v":66163.482000000004},{"$f":"'Target Model'!O11+'Target Model'!O12","v":0},{"$f":"'Target Model'!P11+'Target Model'!P12","v":0},{"$f":"'Target Model'!Q11+'Target Model'!Q12","v":0},{"$f":"'Target Model'!R11+'Target Model'!R12","v":0},{"$f":"'Target Model'!S11+'Target Model'!S12","v":0},{"$f":"'Target Model'!T11+'Target Model'!T12","v":0},{"$f":"'Target Model'!U11+'Target Model'!U12","v":0},{"$f":"'Target Model'!V11+'Target Model'!V12","v":0},{"$f":"'Target Model'!W11+'Target Model'!W12","v":0}]
[null,"Total Revenues",null,null,null,null,null,null,null,null,14,null,{"$f":"'Target Model'!I63/M2","v":97750},{"$f":"'Target Model'!J63/N2","v":200109},{"$f":"'Target Model'!K63/O2","v":305530},{"$f":"'Target Model'!L63/P2","v":373683},{"$f":"'Target Model'!M63/Q2","v":424541},{"$f":"'Target Model'!N63/R2","v":455901.6},{"$f":"'Target Model'!O63/S2","v":0},{"$f":"'Target Model'!P63/T2","v":0},{"$f":"'Target Model'!Q63/U2","v":0},{"$f":"'Target Model'!R63/V2","v":0},{"$f":"'Target Model'!S63/W2","v":0},{"$f":"'Target Model'!T63/X2","v":0},{"$f":"'Target Model'!U63/Y2","v":0},{"$f":"'Target Model'!V63/Z2","v":0},{"$f":"'Target Model'!W63/AA2","v":0}]
[null,"A/R Percent",null,null,3,{"$f":"SUMIF($3:$3,TRUE,125:125)","v":0.14512667207134172},{"$f":"AVERAGEIF($4:$4,TRUE,125:125)","v":0.15669766574706087},{"$f":"'Target Scenario'!M29","v":0.16},{"$f":"CHOOSE(E125,F125,G125,H125)","v":0.16},true,15,null,{"$f":"IF(M$4,M123/M124,$I$125)","v":5.6040920716112531E-2},0.17903742460359104,0.14702320557719373,0.24797511259543517,0.16498265891869102,0.14512667207134172,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16]
[null,null,null,null,null,null,null,null,null,null,15]
[null,"Inventories",null,null,null,null,null,null,null,null,15,null,{"$f":"'Target Model'!I13","v":0},{"$f":"'Target Model'!J13","v":0},{"$f":"'Target Model'!K13","v":0},{"$f":"'Target Model'!L13","v":12330.853999999999},{"$f":"'Target Model'!M13","v":20742.14},{"$f":"'Target Model'!N13","v":24624.353999999999},{"$f":"'Target Model'!O13","v":0},{"$f":"'Target Model'!P13","v":0},{"$f":"'Target Model'!Q13","v":0},{"$f":"'Target Model'!R13","v":0},{"$f":"'Target Model'!S13","v":0},{"$f":"'Target Model'!T13","v":0},{"$f":"'Target Model'!U13","v":0},{"$f":"'Target Model'!V13","v":0},{"$f":"'Target Model'!W13","v":0}]
[null,"Total Operating Costs",null,null,null,null,null,null,null,null,15,null,{"$f":"'Target Model'!I132/M2","v":81670},{"$f":"'Target Model'!J132/N2","v":164465},{"$f":"'Target Model'!K132/O2","v":253202},{"$f":"'Target Model'!L132/P2","v":350240},{"$f":"'Target Model'!M132/Q2","v":370955},{"$f":"'Target Model'!N132/R2","v":431502.39999999997},{"$f":"'Target Model'!O132/S2","v":431544.25650000002},{"$f":"'Target Model'!P132/T2","v":406712.96205182886},{"$f":"'Target Model'!Q132/U2","v":388385.93604560272},{"$f":"'Target Model'!R132/V2","v":364069.72903676686},{"$f":"'Target Model'!S132/W2","v":348376.01414595707},{"$f":"'Target Model'!T132/X2","v":330660.07948100561},{"$f":"'Target Model'!U132/Y2","v":308427.84652072308},{"$f":"'Target Model'!V132/Z2","v":283972.39026441221},{"$f":"'Target Model'!W132/AA2","v":257071.38838247026}]
[null,"Inventory Percent of Total Expense",null,null,1,{"$f":"SUMIF($3:$3,TRUE,129:129)","v":5.7066551657650108E-2},{"$f":"AVERAGEIF($4:$4,TRUE,129:129)","v":2.4698156098634062E-2},0.05,{"$f":"CHOOSE(E129,F129,G129,H129)","v":5.7066551657650108E-2},true,16,null,{"$f":"IF(M$4,M127/M128,$I129)","v":0},{"$f":"IF(N$4,N127/N128,$I129)","v":0},0,3.5206869575148465E-2,5.591551535900581E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2]
[null,null,null,null,null,null,null,null,null,null,16]
[null,"Pre-paid and Other",null,null,null,null,null,null,null,null,16,null,{"$f":"'Target Model'!I15+'Target Model'!I16","v":0},{"$f":"'Target Model'!J15+'Target Model'!J16","v":0},{"$f":"'Target Model'!K15+'Target Model'!K16","v":0},{"$f":"'Target Model'!L15+'Target Model'!L16","v":8994.4290000000001},{"$f":"'Target Model'!M15+'Target Model'!M16","v":13846.32},{"$f":"'Target Model'!N15+'Target Model'!N16","v":14325.573},{"$f":"'Target Model'!O15+'Target Model'!O16","v":0},{"$f":"'Target Model'!P15+'Target Model'!P16","v":0},{"$f":"'Target Model'!Q15+'Target Model'!Q16","v":0},{"$f":"'Target Model'!R15+'Target Model'!R16","v":0},{"$f":"'Target Model'!S15+'Target Model'!S16","v":0},{"$f":"'Target Model'!T15+'Target Model'!T16","v":0},{"$f":"'Target Model'!U15+'Target Model'!U16","v":0},{"$f":"'Target Model'!V15+'Target Model'!V16","v":0},{"$f":"'Target Model'!W15+'Target Model'!W16","v":0}]
[null,"Total Revenues",null,null,null,null,null,null,null,null,16,null,{"$f":"M124","v":97750},{"$f":"N124","v":200109},305530,373683,424541,455901.6,0,0,0,0,0,0,0,0,0]
[null,"Pre-Paid Pct of Revenue",null,null,1,{"$f":"SUMIF($3:$3,TRUE,133:133)","v":3.1422510910249057E-2},{"$f":"AVERAGEIF($4:$4,TRUE,133:133)","v":1.4684498011652549E-2},0.03,{"$f":"CHOOSE(E133,F133,G133,H133)","v":3.1422510910249057E-2},true,17,null,{"$f":"IF(M$4,M131/M132,$I133)","v":0},{"$f":"IF(N$4,N131/N132,$I133)","v":0},0,2.4069676704586509E-2,3.2614800455079723E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2]
[null,null,null,null,null,null,null,null,null,null,17]
[null,"Accounts Payable",null,null,null,null,null,null,null,null,{"$f":"K134+J135","v":17},null,{"$f":"'Target Model'!I38+'Target Model'!I39","v":0},{"$f":"'Target Model'!J38+'Target Model'!J39","v":0},{"$f":"'Target Model'!K38+'Target Model'!K39","v":0},{"$f":"'Target Model'!L38+'Target Model'!L39","v":66546.370999999999},{"$f":"'Target Model'!M38+'Target Model'!M39","v":46147.68},{"$f":"'Target Model'!N38+'Target Model'!N39","v":49898.925999999999},{"$f":"'Target Model'!O38+'Target Model'!O39","v":0},{"$f":"'Target Model'!P38+'Target Model'!P39","v":0},{"$f":"'Target Model'!Q38+'Target Model'!Q39","v":0},{"$f":"'Target Model'!R38+'Target Model'!R39","v":0},{"$f":"'Target Model'!S38+'Target Model'!S39","v":0},{"$f":"'Target Model'!T38+'Target Model'!T39","v":0},{"$f":"'Target Model'!U38+'Target Model'!U39","v":0},{"$f":"'Target Model'!V38+'Target Model'!V39","v":0},{"$f":"'Target Model'!W38+'Target Model'!W39","v":0}]
[null,"Total Operating Cost",null,null,null,null,null,null,null,null,17,null,{"$f":"M128","v":81670},{"$f":"N128","v":164465},253202,350240,370955,431502.39999999997,431544.25650000002,406712.96205182886,388385.93604560272,364069.72903676686,348376.01414595707,330660.07948100561,308427.84652072308,283972.39026441221,257071.38838247026]
[null,"Accounts Payable Percent of Op Cost",null,null,1,{"$f":"SUMIF($3:$3,TRUE,137:137)","v":0.11563997326550213},{"$f":"AVERAGEIF($4:$4,TRUE,137:137)","v":7.1674090246175798E-2},{"$f":"'Target Scenario'!N29","v":0.11},{"$f":"CHOOSE(E137,F137,G137,H137)","v":0.11563997326550213},true,18,null,{"$f":"IF(M$4,M135/M136,$I137)","v":0},{"$f":"IF(N$4,N135/N136,$I137)","v":0},0,0.19000220134764734,0.12440236686390532,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213]
[null,null,null,null,null,null,null,null,null,null,18]
[null,"Accrued Expenses",null,null,null,null,null,null,null,null,18,null,{"$f":"'Target Model'!I40","v":12720},{"$f":"'Target Model'!J40","v":32528},{"$f":"'Target Model'!K40","v":57957},{"$f":"'Target Model'!L40","v":20342.988000000001},{"$f":"'Target Model'!M40","v":24172.883000000002},{"$f":"'Target Model'!N40","v":22969.507000000001},{"$f":"'Target Model'!O40","v":0},{"$f":"'Target Model'!P40","v":0},{"$f":"'Target Model'!Q40","v":0},{"$f":"'Target Model'!R40","v":0},{"$f":"'Target Model'!S40","v":0},{"$f":"'Target Model'!T40","v":0},{"$f":"'Target Model'!U40","v":0},{"$f":"'Target Model'!V40","v":0},{"$f":"'Target Model'!W40","v":0}]
[null,"Total Operating Cost",null,null,null,null,null,null,null,null,18,null,{"$f":"M136","v":81670},{"$f":"N136","v":164465},253202,350240,370955,431502.39999999997,431544.25650000002,406712.96205182886,388385.93604560272,364069.72903676686,348376.01414595707,330660.07948100561,308427.84652072308,283972.39026441221,257071.38838247026]
[null,"Accrued Expenses Percent of Op Cost",null,null,1,{"$f":"SUMIF($3:$3,TRUE,141:141)","v":5.3231469859727321E-2},{"$f":"AVERAGEIF($4:$4,TRUE,141:141)","v":0.12648401853876368},0.05,{"$f":"CHOOSE(E141,F141,G141,H141)","v":5.3231469859727321E-2},true,19,null,{"$f":"IF(M$4,M139/M140,$I141)","v":0.15574874494918575},{"$f":"IF(N$4,N139/N140,$I141)","v":0.1977806828200529},0.22889629623778643,5.8082994518044773E-2,6.5163922847784772E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2]
[null,null,null,null,null,null,null,null,null,null,19]
[null,"Deferred Revenue",null,null,null,null,null,null,null,null,19,null,{"$f":"'Target Model'!I42","v":0},{"$f":"'Target Model'!J42","v":0},{"$f":"'Target Model'!K42","v":0},{"$f":"'Target Model'!L42","v":0},{"$f":"'Target Model'!M42","v":795.03},{"$f":"'Target Model'!N42","v":3036.924},{"$f":"'Target Model'!O42","v":0},{"$f":"'Target Model'!P42","v":0},{"$f":"'Target Model'!Q42","v":0},{"$f":"'Target Model'!R42","v":0},{"$f":"'Target Model'!S42","v":0},{"$f":"'Target Model'!T42","v":0},{"$f":"'Target Model'!U42","v":0},{"$f":"'Target Model'!V42","v":0},{"$f":"'Target Model'!W42","v":0}]
[null,"Total Revenues",null,null,null,null,null,null,null,null,19,null,{"$f":"M124","v":97750},{"$f":"N124","v":200109},305530,373683,424541,455901.6,0,0,0,0,0,0,0,0,0]
[null,"Deferred Revenue Percent",null,null,1,{"$f":"SUMIF($3:$3,TRUE,145:145)","v":6.6613585036771096E-3},{"$f":"AVERAGEIF($4:$4,TRUE,145:145)","v":1.4223399705052375E-3},0.01,{"$f":"CHOOSE(E145,F145,G145,H145)","v":6.6613585036771096E-3},true,20,null,{"$f":"IF(M$4,M143/M144,$I145)","v":0},{"$f":"IF(N$4,N143/N144,$I145)","v":0},0,0,1.8726813193543144E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3]
[null,null,null,null,null,null,null,null,null,null,20]
["Other Assets and Liabilities",null,null,null,null,null,null,null,null,null,20]
[null,"Aircraft Held for Sale",null,null,null,null,null,null,null,null,20,null,{"$f":"IF(M4,'Target Model'!I14,L148)","v":0},{"$f":"IF(N4,'Target Model'!J14,M148)","v":0},{"$f":"IF(O4,'Target Model'!K14,N148)","v":0},{"$f":"IF(P4,'Target Model'!L14,O148)","v":6593.0690000000004},{"$f":"IF(Q4,'Target Model'!M14,P148)","v":6117.2659999999996},{"$f":"IF(R4,'Target Model'!N14,Q148)","v":5346.4530000000004},{"$f":"IF(S4,'Target Model'!O14,R148)","v":5346.4530000000004},{"$f":"IF(T4,'Target Model'!P14,S148)","v":5346.4530000000004},{"$f":"IF(U4,'Target Model'!Q14,T148)","v":5346.4530000000004},{"$f":"IF(V4,'Target Model'!R14,U148)","v":5346.4530000000004},{"$f":"IF(W4,'Target Model'!S14,V148)","v":5346.4530000000004},{"$f":"IF(X4,'Target Model'!T14,W148)","v":5346.4530000000004},{"$f":"IF(Y4,'Target Model'!U14,X148)","v":5346.4530000000004},{"$f":"IF(Z4,'Target Model'!V14,Y148)","v":5346.4530000000004},{"$f":"IF(AA4,'Target Model'!W14,Z148)","v":5346.4530000000004}]
[null,"Notes Receivable",null,null,null,null,null,null,null,null,20,null,{"$f":"IF(M4,'Target Model'!I17+'Target Model'!I31+'Target Model'!I32,L149)","v":0},{"$f":"IF(N4,'Target Model'!J17+'Target Model'!J31+'Target Model'!J32,M149)","v":0},{"$f":"IF(O4,'Target Model'!K17+'Target Model'!K31+'Target Model'!K32,N149)","v":0},{"$f":"IF(P4,'Target Model'!L17+'Target Model'!L31+'Target Model'!L32,O149)","v":371.053},{"$f":"IF(Q4,'Target Model'!M17+'Target Model'!M31+'Target Model'!M32,P149)","v":317.89},{"$f":"IF(R4,'Target Model'!N17+'Target Model'!N31+'Target Model'!N32,Q149)","v":878.08799999999997},{"$f":"IF(S4,'Target Model'!O17+'Target Model'!O31+'Target Model'!O32,R149)","v":878.08799999999997},{"$f":"IF(T4,'Target Model'!P17+'Target Model'!P31+'Target Model'!P32,S149)","v":878.08799999999997},{"$f":"IF(U4,'Target Model'!Q17+'Target Model'!Q31+'Target Model'!Q32,T149)","v":878.08799999999997},{"$f":"IF(V4,'Target Model'!R17+'Target Model'!R31+'Target Model'!R32,U149)","v":878.08799999999997},{"$f":"IF(W4,'Target Model'!S17+'Target Model'!S31+'Target Model'!S32,V149)","v":878.08799999999997},{"$f":"IF(X4,'Target Model'!T17+'Target Model'!T31+'Target Model'!T32,W149)","v":878.08799999999997},{"$f":"IF(Y4,'Target Model'!U17+'Target Model'!U31+'Target Model'!U32,X149)","v":878.08799999999997},{"$f":"IF(Z4,'Target Model'!V17+'Target Model'!V31+'Target Model'!V32,Y149)","v":878.08799999999997},{"$f":"IF(AA4,'Target Model'!W17+'Target Model'!W31+'Target Model'!W32,Z149)","v":878.08799999999997}]
[null,null,"Total Other Assets",null,null,null,null,null,null,null,20,null,{"$f":"IF(M4,SUM(M148:M149))","v":0},{"$f":"SUM(N148:N149)","v":0},0,6964.1220000000003,6435.1559999999999,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002,6224.5410000000002]
[null,null,null,null,null,null,null,null,null,null,20]
[null,"Deferred Gain on Sale",null,null,null,null,null,null,null,null,20,null,{"$f":"IF(M4,'Target Model'!I41,L152)","v":0},{"$f":"IF(N4,'Target Model'!J41,M152)","v":0},{"$f":"IF(O4,'Target Model'!K41,N152)","v":0},{"$f":"IF(P4,'Target Model'!L41,O152)","v":0},{"$f":"IF(Q4,'Target Model'!M41,P152)","v":0},{"$f":"IF(R4,'Target Model'!N41,Q152)","v":30255.291000000001},{"$f":"IF(S4,'Target Model'!O41,R152)","v":30255.291000000001},{"$f":"IF(T4,'Target Model'!P41,S152)","v":30255.291000000001},{"$f":"IF(U4,'Target Model'!Q41,T152)","v":30255.291000000001},{"$f":"IF(V4,'Target Model'!R41,U152)","v":30255.291000000001},{"$f":"IF(W4,'Target Model'!S41,V152)","v":30255.291000000001},{"$f":"IF(X4,'Target Model'!T41,W152)","v":30255.291000000001},{"$f":"IF(Y4,'Target Model'!U41,X152)","v":30255.291000000001},{"$f":"IF(Z4,'Target Model'!V41,Y152)","v":30255.291000000001},{"$f":"IF(AA4,'Target Model'!W41,Z152)","v":30255.291000000001}]
[null,null,null,null,null,null,null,null,null,null,20]
[null,"Restricted Cash",null,null,1,{"$f":"SUMIF($3:$3,TRUE,154:154)","v":14036.924000000001},{"$f":"AVERAGEIF($4:$4,TRUE,154:154)","v":2471.9923333333336},0,{"$f":"CHOOSE(E154,F154,G154,H154)","v":14036.924000000001},true,21,null,{"$f":"IF(M4,'Target Model'!I10,$I$154)","v":0},{"$f":"IF(N4,'Target Model'!J10,$I$154)","v":0},{"$f":"IF(O4,'Target Model'!K10,$I$154)","v":0},{"$f":"IF(P4,'Target Model'!L10,$I$154)","v":0},{"$f":"IF(Q4,'Target Model'!M10,$I$154)","v":795.03},{"$f":"IF(R4,'Target Model'!N10,$I$154)","v":14036.924000000001},{"$f":"IF(S4,'Target Model'!O10,$I$154)","v":14036.924000000001},{"$f":"IF(T4,'Target Model'!P10,$I$154)","v":14036.924000000001},{"$f":"IF(U4,'Target Model'!Q10,$I$154)","v":14036.924000000001},{"$f":"IF(V4,'Target Model'!R10,$I$154)","v":14036.924000000001},{"$f":"IF(W4,'Target Model'!S10,$I$154)","v":14036.924000000001},{"$f":"IF(X4,'Target Model'!T10,$I$154)","v":14036.924000000001},{"$f":"IF(Y4,'Target Model'!U10,$I$154)","v":14036.924000000001},{"$f":"IF(Z4,'Target Model'!V10,$I$154)","v":14036.924000000001},{"$f":"IF(AA4,'Target Model'!W10,$I$154)","v":14036.924000000001}]
[null,null,null,null,null,null,null,null,null,null,21]
[null,"Other Income",null,null,3,{"$f":"SUMIF($3:$3,TRUE,156:156)","v":-103},{"$f":"AVERAGEIF($4:$4,TRUE,156:156)","v":4714},0,{"$f":"CHOOSE(E156,F156,G156,H156)","v":0},true,22,null,{"$f":"IF(M4,SUM('Target Model'!I76:I79),$I$156)","v":2900},{"$f":"IF(N4,SUM('Target Model'!J76:J79),$I$156)","v":1524},{"$f":"IF(O4,SUM('Target Model'!K76:K79),$I$156)","v":2840},{"$f":"IF(P4,SUM('Target Model'!L76:L79),$I$156)","v":19856},{"$f":"IF(Q4,SUM('Target Model'!M76:M79),$I$156)","v":1267},{"$f":"IF(R4,SUM('Target Model'!N76:N79),$I$156)","v":-103},{"$f":"IF(S4,SUM('Target Model'!O76:O79),$I$156)","v":0},{"$f":"IF(T4,SUM('Target Model'!P76:P79),$I$156)","v":0},{"$f":"IF(U4,SUM('Target Model'!Q76:Q79),$I$156)","v":0},{"$f":"IF(V4,SUM('Target Model'!R76:R79),$I$156)","v":0},{"$f":"IF(W4,SUM('Target Model'!S76:S79),$I$156)","v":0},{"$f":"IF(X4,SUM('Target Model'!T76:T79),$I$156)","v":0},{"$f":"IF(Y4,SUM('Target Model'!U76:U79),$I$156)","v":0},{"$f":"IF(Z4,SUM('Target Model'!V76:V79),$I$156)","v":0},{"$f":"IF(AA4,SUM('Target Model'!W76:W79),$I$156)","v":0}]
[null,null,null,null,null,null,null,null,null,null,22]
["Cash, Debt and Minority Interest",null,null,null,null,null,null,null,null,null,22]
[null,"Cash Balance",null,null,null,null,null,null,null,null,22,null,{"$f":"'Target Model'!I9","v":1000},{"$f":"'Target Model'!J9","v":1000},{"$f":"'Target Model'!K9","v":1000},{"$f":"'Target Model'!L9","v":1091.96},{"$f":"'Target Model'!M9","v":2324.3530000000001},{"$f":"'Target Model'!N9","v":3282.1419999999998},{"$f":"'Target Model'!O9","v":0},{"$f":"'Target Model'!P9","v":0},{"$f":"'Target Model'!Q9","v":0},{"$f":"'Target Model'!R9","v":0},{"$f":"'Target Model'!S9","v":0},{"$f":"'Target Model'!T9","v":0},{"$f":"'Target Model'!U9","v":0},{"$f":"'Target Model'!V9","v":0},{"$f":"'Target Model'!W9","v":0}]
[null,"Restricted Cash",null,null,null,null,null,null,null,null,22,null,{"$f":"'Target Model'!I10","v":0},{"$f":"'Target Model'!J10","v":0},{"$f":"'Target Model'!K10","v":0},{"$f":"'Target Model'!L10","v":0},{"$f":"'Target Model'!M10","v":795.03},{"$f":"'Target Model'!N10","v":14036.924000000001},{"$f":"'Target Model'!O10","v":0},{"$f":"'Target Model'!P10","v":0},{"$f":"'Target Model'!Q10","v":0},{"$f":"'Target Model'!R10","v":0},{"$f":"'Target Model'!S10","v":0},{"$f":"'Target Model'!T10","v":0},{"$f":"'Target Model'!U10","v":0},{"$f":"'Target Model'!V10","v":0},{"$f":"'Target Model'!W10","v":0}]
[null,"Total",null,null,null,null,null,null,null,null,22,null,{"$f":"SUM(M159:M160)","v":1000},{"$f":"SUM(N159:N160)","v":1000},1000,1091.96,3119.3829999999998,17319.065999999999,0,0,0,0,0,0,0,0,0]
[null,"Average",null,null,null,null,null,null,null,null,22,null,{"$f":"AVERAGE(L161:M161)","v":1000},{"$f":"AVERAGE(M161:N161)","v":1000},1000,1045.98,2105.6714999999999,10219.2245,8659.5329999999994,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,22]
[null,"Interest Income",null,null,null,null,null,null,null,null,22,null,{"$f":"'Target Model'!I75","v":0},{"$f":"'Target Model'!J75","v":36},{"$f":"'Target Model'!K75","v":113},{"$f":"'Target Model'!L75","v":315},{"$f":"'Target Model'!M75","v":379},{"$f":"'Target Model'!N75","v":349},{"$f":"'Target Model'!O75","v":0},{"$f":"'Target Model'!P75","v":0},{"$f":"'Target Model'!Q75","v":0},{"$f":"'Target Model'!R75","v":0},{"$f":"'Target Model'!S75","v":0},{"$f":"'Target Model'!T75","v":0},{"$f":"'Target Model'!U75","v":0},{"$f":"'Target Model'!V75","v":0},{"$f":"'Target Model'!W75","v":0}]
[null,"Interest Income Rate",null,null,3,{"$f":"SUMIF($3:$3,TRUE,165:165)","v":4.781184717098641E-2},{"$f":"AVERAGEIF($4:$4,TRUE,165:165)","v":0.11299248692669274},9.5000000000000001E-2,0.03,true,23,null,{"$f":"IF(M$4,M164/M162,$I$165)","v":0},{"$f":"IF(N$4,N164/N162,$I$165)","v":3.5999999999999997E-2},{"$f":"IF(O$4,O164/O162,$I$165)","v":0.113},{"$f":"IF(P$4,P164/P162,$I$165)","v":0.30115298571674409},{"$f":"IF(Q$4,Q164/Q162,$I$165)","v":0.17999008867242589},{"$f":"IF(R$4,R164/R162/R2,$I$165)","v":4.781184717098641E-2},{"$f":"IF(S$4,S164/S162,$I$165)","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,null,null,null,null,null,null,null,23]
[null,"Total Debt",null,null,null,null,null,null,null,null,23,null,{"$f":"'Target Model'!I56","v":80010},{"$f":"'Target Model'!J56","v":84936},{"$f":"'Target Model'!K56","v":137405},{"$f":"'Target Model'!L56","v":220471.59299999999},{"$f":"'Target Model'!M56","v":238350.842},{"$f":"'Target Model'!N56","v":255092.98099999997},{"$f":"'Target Model'!O56","v":0},{"$f":"'Target Model'!P56","v":0},{"$f":"'Target Model'!Q56","v":0},{"$f":"'Target Model'!R56","v":0},{"$f":"'Target Model'!S56","v":0},{"$f":"'Target Model'!T56","v":0},{"$f":"'Target Model'!U56","v":0},{"$f":"'Target Model'!V56","v":0},{"$f":"'Target Model'!W56","v":0}]
[null,"Average",null,null,null,null,null,null,null,null,23,null,{"$f":"AVERAGE(L167:M167)","v":80010},{"$f":"AVERAGE(M167:N167)","v":82473},111170.5,178938.2965,229411.2175,246721.91149999999,127546.49049999999,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,23]
[null,"Interest Expense",null,null,null,null,null,null,null,null,23,null,{"$f":"-'Target Model'!I74","v":4396},{"$f":"-'Target Model'!J74","v":6781},{"$f":"-'Target Model'!K74","v":8121},{"$f":"-'Target Model'!L74","v":15064},{"$f":"-'Target Model'!M74","v":22012},{"$f":"-'Target Model'!N74","v":20089},{"$f":"-'Target Model'!O74","v":0},{"$f":"-'Target Model'!P74","v":0},{"$f":"-'Target Model'!Q74","v":0},{"$f":"-'Target Model'!R74","v":0},{"$f":"-'Target Model'!S74","v":0},{"$f":"-'Target Model'!T74","v":0},{"$f":"-'Target Model'!U74","v":0},{"$f":"-'Target Model'!V74","v":0},{"$f":"-'Target Model'!W74","v":0}]
[null,"Interest Expense Rate",null,null,3,{"$f":"SUMIF($3:$3,TRUE,171:171)","v":0.11399311811833138},{"$f":"AVERAGEIF($4:$4,TRUE,171:171)","v":8.4057078309078839E-2},{"$f":"'Target Scenario'!O29","v":9.5000000000000001E-2},{"$f":"CHOOSE(E171,F171,G171,H171)","v":9.5000000000000001E-2},true,24,null,{"$f":"IF(M$4,M170/M168,$I$171)","v":5.4943132108486441E-2},{"$f":"IF(N$4,N170/N168,$I$171)","v":8.2220848035114522E-2},{"$f":"IF(O$4,O170/O168,$I$171)","v":7.304995479915985E-2},{"$f":"IF(P$4,P170/P168,$I$171)","v":8.4185444338350457E-2},{"$f":"IF(Q$4,Q170/Q168,$I$171)","v":9.5949972455030452E-2},{"$f":"IF(R$4,R170/R168/R2,$I$171)","v":0.11399311811833138},{"$f":"IF(S$4,S170/S168,$I$171)","v":9.5000000000000001E-2},9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[null,null,null,null,null,null,null,null,null,null,24]
[null,"Minority Interest Balance",null,null,null,null,null,null,null,null,24,null,{"$f":"'Target Model'!I52","v":0},{"$f":"'Target Model'!J52","v":0},{"$f":"'Target Model'!K52","v":0},{"$f":"'Target Model'!L52","v":3944.07},{"$f":"'Target Model'!M52","v":3551.7350000000001},{"$f":"'Target Model'!N52","v":3572.4369999999999},{"$f":"'Target Model'!O52","v":0},{"$f":"'Target Model'!P52","v":0},{"$f":"'Target Model'!Q52","v":0},{"$f":"'Target Model'!R52","v":0},{"$f":"'Target Model'!S52","v":0},{"$f":"'Target Model'!T52","v":0},{"$f":"'Target Model'!U52","v":0},{"$f":"'Target Model'!V52","v":0},{"$f":"'Target Model'!W52","v":0}]
[null,"Minority Interest Income",null,null,null,null,null,null,null,null,24,null,{"$f":"-'Target Model'!I82","v":424},{"$f":"-'Target Model'!J82","v":1458},{"$f":"-'Target Model'!K82","v":2758},{"$f":"-'Target Model'!L82","v":3092},{"$f":"-'Target Model'!M82","v":1146},{"$f":"-'Target Model'!N82","v":1859},{"$f":"-'Target Model'!O82","v":0},{"$f":"-'Target Model'!P82","v":0},{"$f":"-'Target Model'!Q82","v":0},{"$f":"-'Target Model'!R82","v":0},{"$f":"-'Target Model'!S82","v":0},{"$f":"-'Target Model'!T82","v":0},{"$f":"-'Target Model'!U82","v":0},{"$f":"-'Target Model'!V82","v":0},{"$f":"-'Target Model'!W82","v":0}]
[null,null,null,null,null,null,null,null,null,null,24]
[null,"Income Before Minority Interest",null,null,null,null,null,null,null,null,24,null,{"$f":"'Target Model'!I81","v":5585},{"$f":"'Target Model'!J81","v":18001},{"$f":"'Target Model'!K81","v":33351},{"$f":"'Target Model'!L81","v":7578},{"$f":"'Target Model'!M81","v":1129},{"$f":"'Target Model'!N81","v":-28883},{"$f":"'Target Model'!O81","v":0},{"$f":"'Target Model'!P81","v":0},{"$f":"'Target Model'!Q81","v":0},{"$f":"'Target Model'!R81","v":0},{"$f":"'Target Model'!S81","v":0},{"$f":"'Target Model'!T81","v":0},{"$f":"'Target Model'!U81","v":0},{"$f":"'Target Model'!V81","v":0},{"$f":"'Target Model'!W81","v":0}]
[null,"Minority Interest Rate",null,null,3,{"$f":"SUMIF($3:$3,TRUE,177:177)","v":-6.4363120174497107E-2},{"$f":"AVERAGEIF($4:$4,TRUE,177:177)","v":0.26638783097168878},7.0000000000000007E-2,{"$f":"CHOOSE(E177,F177,G177,H177)","v":7.0000000000000007E-2},true,25,null,{"$f":"IF(M4,M174/M176,$I$177)","v":7.5917636526410023E-2},8.0995500249986113E-2,8.2696171029354448E-2,0.40802322512536288,1.0150575730735163,-6.4363120174497107E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,null,null,null,null,null,null,null,25]
[null,"Cash as Percent of Revenues",null,null,3,{"$f":"SUMIF($3:$3,TRUE,179:179)","v":7.1992333433354913E-3},{"$f":"AVERAGEIF($4:$4,TRUE,179:179)","v":5.6828041124913813E-3},5.0000000000000001E-3,{"$f":"CHOOSE(E179,F179,G179,H179)","v":5.0000000000000001E-3},true,26,null,{"$f":"IF(M4,M159/M124,$I$179)","v":1.0230179028132993E-2},4.9972764843160475E-3,3.2730010146303145E-3,2.9221559450122165E-3,5.4749788595212243E-3,7.1992333433354913E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3]
[]
["Existing Debt Financing"]
[null,"Initial Debt",null,null,250000]
[null,"Repayment Years",null,null,6]
[null,"Repayment Amount",null,null,{"$f":"E182/E183","v":41666.666666666664}]
[null,"Interest Rate",null,null,{"$f":"'Target Scenario'!O29","v":9.5000000000000001E-2}]
[null,"Date of Issue",null,null,1997]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["Graph Data",null,null,null,"Number","Row"]
[null,null,null,{"$f":"INDEX(B:B,F197)&INDEX(C:C,F197)&INDEX(D:D,F197)","v":"Net Capacity"},1,{"$f":"MATCH(E197,K:K,0)","v":18},null,null,null,null,null,null,{"$f":"INDEX(M:M,$F197)","v":0},0,0,0,0,5222986.666666667,5222986.666666667,5491743.2820478054,5504184.3390289443,5265969.5017081974,5003933.1806553751,4715693.2274972713,4398629.2790233567,4049858.9357020501,3666211.5580486134]
[null,null,null,"Flight Hours",2,20,null,null,null,null,null,null,39404,55220,76346,84058,91690,70721,28288.399999999998,104104.07722840263,104339.91577551777,99824.202904805599,94856.918747022195,89392.906173460447,83382.492342542537,76771.037128532815,69498.436393122131]
[null,null,null,"Freight Revenues",3,31,null,null,null,null,null,null,95144,194525,298081,359404,388193,302345,0,0,0,0,0,0,0,0,0]
[null,null,null,"Price per lb Applied",4,42,null,null,null,null,null,null,0,0,0,0,0,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573,81.042328271946573]
[null,null,null,"Revenues ",5,43,null,null,null,null,null,null,95144,194525,298081,359404,388193,302345,120938,445063.66184897552,446071.914072891,426766.42902749468,405530.39547755866,382170.75857262907,356475.15797720652,328209.99732224172,297118.32060178043]
[null,null,null,"Revenues per Flight Hour",6,44,null,null,null,null,null,null,2.4145772002842349,3.5227272727272729,3.9043433840672725,4.2756668014942063,4.2337550441705751,4.2751799324104578,4.2751799324104587,4.2751799324104587,4.2751799324104587,4.2751799324104587,4.2751799324104578,4.2751799324104578,4.2751799324104578,4.2751799324104587,4.2751799324104587]
[null,null,null,"Escalated Revenues",7,50,null,null,null,null,null,null,2606,5584,7449,14279,36348,23299,13792.099606244084,49237.795594291383,50222.551506177217,51227.002536300759,52251.542587026779,53296.573438767322,54362.504907542672,55449.755005693529,56558.750105807405]
[null,null,null,"Flight per Hour - Base Case",8,60,null,null,null,null,null,null,0.94556390214191455,1.1386635277073525,1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,1.7845901500261592,1.6,1.5,1.4,1.4,1.4,1.4,1.4,1.4]
[null,null,null,"Maint per Hour  - Base Case",9,70,null,null,null,null,null,null,0.5612120596893716,0.94047446577327054,0.8477457889083907,1.2299721620785649,1.2551205147780564,1.5190961666266032,1.5190961666266032,1.25,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999,1.1499999999999999]
[null,null,null,"Fuel per Hour - Low Case",10,80,null,null,null,null,null,null,0.41894223936656177,0.69818906193408181,0.75134257197495613,0.64881391420209855,0.90213763769222377,0.7790472419790444,0.7790472419790444,0.80241865923841571,0.82649121901556821,0.85128595558603526,0.87682453425361639,0.90312927028122492,0.90312927028122492,0.90312927028122492,0.90312927028122492]
[null,null,null,"SG&A per Revenue - Base Case",11,90,null,null,null,null,null,null,4.447994618683259E-2,4.9114509703122991E-2,4.4528165163160348E-2,6.0310959254766226E-2,5.6386900330505703E-2,5.9031900643304831E-2,5.9031900643304831E-2,5.3999999999999999E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2,5.1999999999999998E-2]
[null,null,null,"Per Revenue",12,93,null,null,null,null,null,null,1.6364668292272764E-2,7.9527053078010546E-3,7.4845427920598763E-3,5.1807993233241702E-3,2.6043746280844837E-3,5.4011146207147464E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3,5.4999999999999997E-3]
[null,null,null,"Base Case Maintenance Expenditures",13,104,null,null,null,null,null,null,0,0,0,0,0,0,21803.599999999995,35000,35000,30000,30000,30000,30000,20000,20000]
[null,null,null,"Gross Plant Depreciation Rate",14,114,null,null,null,null,null,null,7.6721087855407308E-2,9.7735605595682076E-2,6.0955853465818548E-2,6.8071324219494453E-2,8.5870432539090033E-2,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256,0.10226361236761256]
[null,null,null,"A/R Percent",15,125,null,null,null,null,null,null,5.6040920716112531E-2,0.17903742460359104,0.14702320557719373,0.24797511259543517,0.16498265891869102,0.14512667207134172,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16,0.16]
[null,null,null,"Inventory Percent of Total Expense",16,129,null,null,null,null,null,null,0,0,0,3.5206869575148465E-2,5.591551535900581E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2,5.7066551657650108E-2]
[null,null,null,"Pre-Paid Pct of Revenue",17,133,null,null,null,null,null,null,{"$f":"INDEX(M:M,$F213)","v":0},0,0,2.4069676704586509E-2,3.2614800455079723E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2,3.1422510910249057E-2]
[null,null,null,"Accounts Payable Percent of Op Cost",18,137,null,null,null,null,null,null,0,0,0,0.19000220134764734,0.12440236686390532,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213,0.11563997326550213]
[null,null,null,"Accrued Expenses Percent of Op Cost",19,141,null,null,null,null,null,null,0.15574874494918575,0.1977806828200529,0.22889629623778643,5.8082994518044773E-2,6.5163922847784772E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2,5.3231469859727321E-2]
[null,null,null,"Deferred Revenue Percent",20,145,null,null,null,null,null,null,0,0,0,0,1.8726813193543144E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3,6.6613585036771096E-3]
[null,null,null,"Restricted Cash",21,154,null,null,null,null,null,null,0,0,0,0,795.03,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001]
[null,null,null,"Other Income",22,156,null,null,null,null,null,null,2900,1524,2840,19856,1267,-103,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest Income Rate",23,165,null,null,null,null,null,null,0,3.5999999999999997E-2,0.113,0.30115298571674409,0.17999008867242589,4.781184717098641E-2,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,null,"Interest Expense Rate",24,171,null,null,null,null,null,null,5.4943132108486441E-2,8.2220848035114522E-2,7.304995479915985E-2,8.4185444338350457E-2,9.5949972455030452E-2,0.11399311811833138,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2,9.5000000000000001E-2]
[null,null,null,"Minority Interest Rate",25,177,null,null,null,null,null,null,7.5917636526410023E-2,8.0995500249986113E-2,8.2696171029354448E-2,0.40802322512536288,1.0150575730735163,-6.4363120174497107E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,null,"Cash as Percent of Revenues",26,179,null,null,null,null,null,null,1.0230179028132993E-2,4.9972764843160475E-3,3.2730010146303145E-3,2.9221559450122165E-3,5.4749788595212243E-3,7.1992333433354913E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3,5.0000000000000001E-3]
[null,null,null,{"$error":"#N/A"},27,{"$error":"#N/A"},null,null,null,null,null,null,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,{"$error":"#N/A"},28,{"$error":"#N/A"},null,null,null,null,null,null,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,{"$error":"#N/A"},29,{"$error":"#N/A"},null,null,null,null,null,null,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,{"$error":"#N/A"},30,{"$error":"#N/A"},null,null,null,null,null,null,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[]
[]
[null,"Code Number",null,null,8]
[]
[null,null,null,{"$f":"INDEX(D197:D226,$E$229)","v":"Flight per Hour - Base Case"},null,null,null,null,null,null,null,null,{"$f":"INDEX(M197:M226,$E$229)","v":0.94556390214191455},{"$f":"INDEX(N197:N226,$E$229)","v":1.1386635277073525},1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,1.7845901500261592,1.6,1.5,1.4,1.4,1.4,1.4,1.4,1.4]
[null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"M1","v":1992},1993,1994,1995,1996,1997,1997,1998,1999,2000,2001,2002,2003,2004,2005]
[null,null,null,"History",null,null,null,null,null,null,null,null,{"$f":"IF(M4,M231)","v":0.94556390214191455},1.1386635277073525,1.5143425981714824,2.0078398248828191,1.6387392300141783,1.7845901500261592,false,false,false,false,false,false,false,false,false]
[null,null,null,"Forecast",null,null,null,null,null,null,null,null,{"$f":"IF(NOT(M4),M231)","v":false},false,false,false,false,false,1.7845901500261592,1.6,1.5,1.4,1.4,1.4,1.4,1.4,1.4]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["     The pro forma results have not been adjusted to eliminate abnormally high"]
["engine overhaul expenses associated with responding to certain Directives, costs"]
["incurred to add and maintain flight crews in anticipation of increased air"]
["freight carrier business which has not yet materialized in part due to delays in"]
["acquiring aircraft and start-up costs associated with establishing the Kalitta"]
["Companies' wide-body passenger charter business. In addition, although"]
[]
["     The Kalitta Companies' operations constitute a majority of the combined"]
["operations of the Company. For 1996 and the first nine months of 1997, the"]
["financial operating results of the Kalitta Companies have shown a significant"]
["negative trend. In 1996, the Kalitta Companies reported a small net loss. For"]
["the first nine months of 1997, the Kalitta Companies sustained an operating loss"]
["of $9 million and a net loss of $30.7 million and for the first six months of"]
["1997, the Kalitta Companies sustained a negative gross profit of $7.5 million."]
["In addition, based on preliminary unaudited financial information, during the"]
["period October 1, 1997 through November 18, 1997 (the day immediately preceeding"]
["the consummation of the Merger), the Kalitta Companies posted net losses of $9.1"]
["million. The Kalitta Companies' management believes that the recent negative"]
["financial performance can be attributed to a number of factors, including (i)"]
["the incurrence of abnormally high jet engine overhaul expenses resulting from"]
["the Kalitta Companies compliance with a series of Directives issued in early"]
["1996, (ii) beginning in January 1996, the loss of revenues resulting from the"]
["effective grounding of two Boeing 747s pursuant to a series of Directives, (iii)"]
["the incurrence principally in 1997 of start-up costs associated with"]
["establishing the Kalitta Companies' large aircraft passenger charter business,"]
["(iv) the incurrence of costs to add and maintain flight crews in anticipation of"]
["increased air carrier business which has not yet materialized in part due to"]
["delays in acquiring aircraft and (v) a decline in revenues from the U.S."]
["Military resulting from a decrease in the air freight-only charter requirements"]
["of the U.S. Military and an increase in competition for that business. See"]

{"sheet":"Target Model","index":10,"n_rows":386,"n_cols":23,"rows_kept":386,"cut":false,"hidden":false,"merged":[]}
["Timing",null,null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[null,"Year",null,null,null,null,null,null,1992,1993,1994,1995,1996,1997,{"$f":"N2","v":1997},{"$f":"O2+1","v":1998},{"$f":"P2+1","v":1999},2000,2001,2002,2003,2004,2005]
[null,"Months",null,null,null,null,null,null,12,12,12,12,12,9,3,12,12,12,12,12,12,12,12]
[null,"Annualisation Factor",null,null,null,null,null,null,1,1,1,1,1,{"$f":"1/1.4","v":0.7142857142857143},{"$f":"1-N4","v":0.2857142857142857},1,1,1,1,1,1,1,1]
[null,"Historic Switch",null,null,"Debt ","IC Cap","IC Dir","Test",true,true,true,true,true,true,false,false,false,false,false,false,false,false,false]
["Historic Financial Statements"]
[null,"Balance Sheet"]
[null,null," CURRENT ASSETS:                                "]
[null,null,null,"  Cash                                ",null,null,null,null,1000,1000,1000,1091.96,2324.3530000000001,3282.1419999999998]
[null,null,null,"  Restricted cash                               ",null,null,null,null,null,null,null,0,795.03,14036.924000000001]
[null,null,null,"  Accounts receivable, net (Notes 1 and 3)                          ",null,null,null,null,5478,35827,44920,88273.823000000004,67081.125,64908.684000000001]
[null,null,null,"  Accounts receivable 0 related parties                            ",null,null,null,null,null,null,null,4390.2610000000004,2960.7779999999998,1254.798]
[null,null,null,"  Expendable parts and supplies                             ",null,null,null,null,null,null,null,12330.853999999999,20742.14,24624.353999999999]
[null,null,null,"  Aircraft held for resale (Note 4)                           ",null,null,null,null,null,null,null,6593.0690000000004,6117.2659999999996,5346.4530000000004]
[null,null,null,"  Deposits, prepaid expenses and other assets                           ",null,null,null,null,null,null,null,4914.0559999999996,8018.2730000000001,7326.0079999999998]
[null,null,null,"  Prepaid fuel                               ",null,null,null,null,null,null,null,4080.373,5828.0469999999996,6999.5649999999996]
[null,null,null,"  Notes receivable, current                              ",null,null,null,null,null,null,null,186.08500000000001,186.08500000000001,100.804]
[null,null,null,"  Total current assets                              ",null,null,null,null,null,null,null,121860.48100000003,114053.09700000002,127879.732]
[null,null,null," PROPERTY AND EQUIPMENT:                               ",null,null,null,null,null,null,null,0,0,0]
[null,null,null,"  Land and improvements                              ",null,null,null,null,null,null,null,228.678,228.678,228.678]
[null,null,null,"  Building and leasehold improvements (Note 4)                           ",null,null,null,null,null,null,null,9347.8250000000007,12752.356,14363.227999999999]
[null,null,null,"  Rotable parts (Note 3)                             ",null,null,null,null,null,null,null,14560.287,16779.385999999999,17661.392]
[null,null,null,"  Equipment (Note 3)                              ",null,null,null,null,null,null,null,19685.441999999999,23677.64,26317.511999999999]
[null,null,null,"  Aircraft (Note 3)                              ",null,null,null,null,null,null,null,264266.38299999997,320276.14,303778.995]
[null,null,null,"  Total                                ",null,null,null,null,117295,127098,226541,308088.61499999999,373714.2,362349.80499999999]
[null,null,null,"  Less accumulated depreciation                              ",null,null,null,null,null,null,null,81246.880999999994,109707.512,113883.56]
[null,null,null,"  Net                                ",null,null,null,null,117295,127098,226541,226841.734,264006.68800000002,248466.245]
[null,null,null,"  Aircraft in modification (Note 3)                            ",null,null,null,null,null,null,null,25557.078000000001,988.54100000000005,21925.585999999999]
[null,null,null,"  Construction in progress                              ",null,null,null,null,null,null,null,3152.56,923.15,1427.3610000000001]
[null,null,null,"  Total property and equipment, net                            ",null,null,null,null,null,null,null,255551.372,265918.37900000007,271819.19199999998]
[null,null,null," NOTES RECEIVABLE, LESS CURRENT PORTION                             ",null,null,null,null,null,null,null,184.96799999999999,131.80500000000001,0]
[null,null,null," RECEIVABLE FROM AFFILIATED COMPANY                              ",null,null,null,null,null,null,null,0,0,777.28399999999999]
[null,null,null," TOTAL ASSETS (Notes 3 and 4)                            ",null,null,null,null,123773,163925,272461,377596.821,380103.28100000008,400476.20799999998]
[null,null,null,"                                  "]
[null,"LIABILITIES AND STOCKHOLDER'S EQUITY                             ",null,null,null,null,null,null,null,null,null,6779.1540000000005,6303.3509999999997,6224.5410000000002]
[null,null," CURRENT LIABILITIES:                                "]
[null,null,null,"  Accounts payable:                               "]
[null,null,null,"  Trade (Note 1)                              ",null,null,null,null,null,null,null,62125.228000000003,46070.23,49898.805]
[null,null,null,"  Related parties                               ",null,null,null,null,null,null,null,4421.143,77.45,0.121]
[null,null,null,"  Accrued liabilities                               ",null,null,null,null,12720,32528,57957,20342.988000000001,24172.883000000002,22969.507000000001]
[null,null,null,"  Deferred gain on sale of aircraft (Note 12)                         ",null,null,null,null,null,null,null,0,0,30255.291000000001]
[null,null,null,"  Deferred revenue                               ",null,null,null,null,null,null,null,0,795.03,3036.924]
[null,null,null,"  Notes payable to bank, reclassified as current (Note 3)                        ",1,null,null,null,null,null,null,0,47105.413,55434.351000000002]
[null,null,null,"  Long term debt, reclassified as current (Note 4)                         ",1,null,null,null,null,null,null,0,155910.954,104623.81200000001]
[null,null,null,"  Notes payable to bank (Note 3)                           ",1,null,null,null,null,null,null,12226.495999999999,1024.0350000000001,2994.8490000000002]
[null,null,null,"  Current maturities of long-term debt (Note 4)                          ",1,null,null,null,null,null,null,42444.612000000001,34310.44,91739.506999999998]
[null,null,null,"  Total current liabilities                              ",0,null,null,null,null,null,null,141560.467,309466.435,360953.16700000002]
[null,null,null," NOTES PAYABLE, NONCURRENT (Note 3)                             ",1,null,null,null,null,null,null,34983,0,0]
[null,null,null," LONG-TERM DEBT, LESS CURRENT PORTION (Note 4)                           ",1,null,null,null,80010,84936,137405,130717.485,0,0]
[null,null,null," NOTE PAYABLE TO STOCKHOLDER (Note 8)                            ",1,null,null,null,null,null,null,100,0,300.46199999999999]
[null,null,null,"  Total liabilities                               ",null,null,null,null,null,null,null,307360.95199999999,309466.435,361253.62900000002]
[null,null,null," MINORITY INTEREST IN AMERICAN INTERNATIONAL CARGO                            ",null,null,null,null,null,null,null,3944.07,3551.7350000000001,3572.4369999999999]
[null,null,null,"  Total stockholder's equity                              ",null,null,null,null,31043,46461,77099,66291.798999999999,67085.111000000004,35650.142]
[null,null,null," TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY                             ",null,null,null,null,123773,163925,272461,377596.821,380103.28100000002,400476.20799999998]
[]
[null,null,null,"Total Debt",null,null,null,null,{"$f":"SUMPRODUCT(I37:I50,$E$37:$E$50)","v":80010},84936,137405,220471.59299999999,238350.842,255092.98099999997]
[null,null,null,"Historic Test",null,null,null,null,true,true,true,true,true,true]
[]
[null,"Income Statement"]
[null,null,"Revenue"]
[null,null,null,"Air freight carrier services                             ",null,null,null,null,95144,194525,298081,359404,388193,302345]
[null,null,null,"Maintenance and other(1)                              ",null,null,null,null,2606,5584,7449,14279,36348,23299]
[null,null,null," Total revenues                                ",null,null,null,null,97750,200109,305530,373683,424541,325644]
[null,null,"Operating Costs"]
[null,null,null,"  Flight                                ",null,null,null,null,37259,62877,115614,168775,150256,126208]
[null,null,null,"  Maintenance                                ",null,null,null,null,22114,51933,64722,103389,115082,107432]
[null,null,null,"  Fuel                                ",null,null,null,null,16508,38554,57362,54538,82717,55095]
[null,null,null,"  Depreciation                                ",null,null,null,null,8999,12422,13809,20972,32091,26468]
[null,null,null,"  Selling, general and administrative                             ",null,null,null,null,4232,9554,13273,21676,21889,17848]
[null,null,null,"  Provision for doubtful accounts                             ",null,null,null,null,1557,1547,2231,1862,1011,1633]
[null,null,null,"  Total operating costs and expenses                            ",null,null,null,null,90669,176887,267011,371212,403046,334684]
[null,null,null,"  Income (loss) from operations                             ",null,null,null,null,7081,23222,38519,2471,21495,-9040]
[null,null,"Other Income (Expense)"]
[null,null,null,"  Interest expense                               ",null,null,null,null,-4396,-6781,-8121,-15064,-22012,-20089]
[null,null,null,"  Interest income                               ",null,null,null,null,0,36,113,315,379,349]
[null,null,null,"  Gain on disposition of aircraft held for resale                         ",null,null,null,null,3018,1945,3390,11708,131,624]
[null,null,null,"  Gain on contract termination                             ",null,null,null,null,0,0,0,0,1123,0]
[null,null,null,"  Gain on insurance settlement(3)                             ",null,null,null,null,0,0,0,8148,0,542]
[null,null,null,"  Miscellaneous                                ",null,null,null,null,-118,-421,-550,0,13,-1269]
[null,null,null," Total other income (expense)                              ",null,null,null,null,-1496,-5221,-5168,5107,-20365,-19843]
[null,null,null," Income (loss) before minority interest                             ",null,null,null,null,5585,18001,33351,7578,1129,-28883]
[null,null,null," Minority interest(4)                                ",null,null,null,null,-424,-1458,-2758,-3092,-1146,-1859]
[null,null,null," Net income (loss)(5)                               ",null,null,null,null,5161,16543,30593,4486,-17,-30742]
[]
[null,null,null," Unaudited pro forma net income (loss)(6)                            ",null,null,null,null,3200,10257,18968,2781,-17,-30742]
[null,null,null," OTHER FINANCIAL DATA:                               "]
[null,null,null," Capital expenditures                                ",null,null,null,null,55863,20468,77832,153719,53413,54509]
[null,null,null," Adjusted EBITDA(7)                                ",null,null,null,null,16080,35645,52328,23443,53586,16159]
[null,null,null," Ratio of adjusted EBITDA to total interest                           "]
[null,null,null,"  epense(8)                                ",null,null,null,null,3.7,5.3,6.4,1.6,2.4]
[null,null,null," Ratio of earnings to fied charges(9)                            ",null,null,null,null,2,2.4,3.3,1.2,1]
[null,"Other Data"]
[null,null,null," Working capital (deficit)(10)                               ",null,null,null,null,-6242,4299,-12037,-19700,-195413,-233073]
[null,null,null,"Current Liabilities",null,null,null,null,12720,32528,57957,20342.988000000001,24172.883000000002,22969.507000000001]
[null,null,null,"Current Assets",null,null,null,null,6478,36827,45920,642.98800000000119,-171240.117,-210103.49299999999]
[null,null,null,"Cash Assumed",null,null,null,null,1000,1000,1000,1091.96,2324.3530000000001,3282.1419999999998]
[null,null,null,"Remaining Current Assets",null,null,null,null,5478,35827,44920]
[null,null,null," Total assets                                ",null,null,null,null,123773,163925,272461,377597,380103,400476]
[null,null,null," Total debt                                ",null,null,null,null,80010,84936,137405,220471,238350,255093]
[null,null,null," Stockholder's equity                                ",null,null,null,null,31043,46461,77099,66292,67085,35650]
[]
[null,null," OPERATING DATA:                                "]
[null,null,null," Aircraft under operating leases                              ",null,null,null,null,7,8,4,4,2,2]
[null,null,null," Aircraft owned                                ",null,null,null,null,52,57,82,91,95,84]
[null,null,null," Total aircraft                                ",null,null,null,null,59,65,86,95,97,86]
[null,null,null,"Flight hours(11)                                ",null,null,null,null,39404,55220,76346,84058,91690,70721]
[null,null,null,"                                  "]
["Operating Analysis"]
[null,"Airfreight"]
[null,null,"Capacity of Planes",null,null,null,null,null,null,null,null,null,null,{"$f":"'Target Assumptions'!R15*N4","v":3730704.7619047621},{"$f":"'Target Assumptions'!S18*'Target Model'!O4","v":1492281.9047619049},{"$f":"'Target Assumptions'!T18*'Target Model'!P4","v":5491743.2820478054},{"$f":"'Target Assumptions'!U18*'Target Model'!Q4","v":5504184.3390289443},{"$f":"'Target Assumptions'!V18*'Target Model'!R4","v":5265969.5017081974},{"$f":"'Target Assumptions'!W18*'Target Model'!S4","v":5003933.1806553751},{"$f":"'Target Assumptions'!X18*'Target Model'!T4","v":4715693.2274972713},{"$f":"'Target Assumptions'!Y18*'Target Model'!U4","v":4398629.2790233567},{"$f":"'Target Assumptions'!Z18*'Target Model'!V4","v":4049858.9357020501},{"$f":"'Target Assumptions'!AA18*'Target Model'!W4","v":3666211.5580486134}]
[null,null,"Flight Hours",null,null,null,null,null,{"$f":"'Target Assumptions'!M20","v":39404},{"$f":"'Target Assumptions'!N20","v":55220},{"$f":"'Target Assumptions'!O20","v":76346},{"$f":"'Target Assumptions'!P20","v":84058},{"$f":"'Target Assumptions'!Q20","v":91690},{"$f":"'Target Assumptions'!R20","v":70721},{"$f":"'Target Assumptions'!S20","v":28288.399999999998},{"$f":"'Target Assumptions'!T20","v":104104.07722840263},{"$f":"'Target Assumptions'!U20","v":104339.91577551777},{"$f":"'Target Assumptions'!V20","v":99824.202904805599},{"$f":"'Target Assumptions'!W20","v":94856.918747022195},{"$f":"'Target Assumptions'!X20","v":89392.906173460447},{"$f":"'Target Assumptions'!Y20","v":83382.492342542537},{"$f":"'Target Assumptions'!Z20","v":76771.037128532815},{"$f":"'Target Assumptions'!AA20","v":69498.436393122131}]
[]
[null,"Price per Pound",null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Target Assumptions'!R42","v":81.042328271946573},{"$f":"'Target Assumptions'!S42","v":81.042328271946573},{"$f":"'Target Assumptions'!T42","v":81.042328271946573},{"$f":"'Target Assumptions'!U42","v":81.042328271946573},{"$f":"'Target Assumptions'!V42","v":81.042328271946573},{"$f":"'Target Assumptions'!W42","v":81.042328271946573},{"$f":"'Target Assumptions'!X42","v":81.042328271946573},{"$f":"'Target Assumptions'!Y42","v":81.042328271946573},{"$f":"'Target Assumptions'!Z42","v":81.042328271946573},{"$f":"'Target Assumptions'!AA42","v":81.042328271946573}]
[]
[null,"Air Transport Revenues",null,null,null,null,null,null,{"$f":"IF(I5,I61,I110*I113/1000)","v":95144},194525,298081,359404,388193,302345,120938,445063.66184897552,446071.914072891,426766.42902749468,405530.39547755866,382170.75857262907,356475.15797720652,328209.99732224172,297118.32060178043]
[null,"Maintenance Revenues",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M50","v":2606},{"$f":"'Target Assumptions'!N50","v":5584},{"$f":"'Target Assumptions'!O50","v":7449},{"$f":"'Target Assumptions'!P50","v":14279},{"$f":"'Target Assumptions'!Q50","v":36348},{"$f":"'Target Assumptions'!R50","v":23299},{"$f":"'Target Assumptions'!S50","v":13792.099606244084},{"$f":"'Target Assumptions'!T50","v":49237.795594291383},{"$f":"'Target Assumptions'!U50","v":50222.551506177217},{"$f":"'Target Assumptions'!V50","v":51227.002536300759},{"$f":"'Target Assumptions'!W50","v":52251.542587026779},{"$f":"'Target Assumptions'!X50","v":53296.573438767322},{"$f":"'Target Assumptions'!Y50","v":54362.504907542672},{"$f":"'Target Assumptions'!Z50","v":55449.755005693529},{"$f":"'Target Assumptions'!AA50","v":56558.750105807405}]
[null,null,"Total Revenues",null,null,null,null,null,{"$f":"SUM(I115:I116)","v":97750},{"$f":"SUM(J115:J116)","v":200109},305530,373683,424541,325644,134730.0996062441,494301.45744326687,496294.46557906823,477993.43156379543,457781.93806458544,435467.33201139641,410837.66288474918,383659.75232793525,353677.07070758782]
[]
[null,"Operating Expense"]
[null,null,"Flight Hours",null,null,null,null,null,{"$f":"'Target Assumptions'!M20","v":39404},{"$f":"'Target Assumptions'!N20","v":55220},{"$f":"'Target Assumptions'!O20","v":76346},{"$f":"'Target Assumptions'!P20","v":84058},{"$f":"'Target Assumptions'!Q20","v":91690},{"$f":"'Target Assumptions'!R20","v":70721},{"$f":"'Target Assumptions'!S20","v":28288.399999999998},{"$f":"'Target Assumptions'!T20","v":104104.07722840263},{"$f":"'Target Assumptions'!U20","v":104339.91577551777},{"$f":"'Target Assumptions'!V20","v":99824.202904805599},{"$f":"'Target Assumptions'!W20","v":94856.918747022195},{"$f":"'Target Assumptions'!X20","v":89392.906173460447},{"$f":"'Target Assumptions'!Y20","v":83382.492342542537},{"$f":"'Target Assumptions'!Z20","v":76771.037128532815},{"$f":"'Target Assumptions'!AA20","v":69498.436393122131}]
[null,null,"Flight Expense per Hour",null,null,null,null,null,{"$f":"'Target Assumptions'!M60","v":0.94556390214191455},{"$f":"'Target Assumptions'!N60","v":1.1386635277073525},{"$f":"'Target Assumptions'!O60","v":1.5143425981714824},{"$f":"'Target Assumptions'!P60","v":2.0078398248828191},{"$f":"'Target Assumptions'!Q60","v":1.6387392300141783},{"$f":"'Target Assumptions'!R60","v":1.7845901500261592},{"$f":"'Target Assumptions'!S60","v":1.7845901500261592},{"$f":"'Target Assumptions'!T60","v":1.6},{"$f":"'Target Assumptions'!U60","v":1.5},{"$f":"'Target Assumptions'!V60","v":1.4},{"$f":"'Target Assumptions'!W60","v":1.4},{"$f":"'Target Assumptions'!X60","v":1.4},{"$f":"'Target Assumptions'!Y60","v":1.4},{"$f":"'Target Assumptions'!Z60","v":1.4},{"$f":"'Target Assumptions'!AA60","v":1.4}]
[null,null,"Maintenance Expense per Hour",null,null,null,null,null,{"$f":"'Target Assumptions'!M70","v":0.5612120596893716},{"$f":"'Target Assumptions'!N70","v":0.94047446577327054},{"$f":"'Target Assumptions'!O70","v":0.8477457889083907},{"$f":"'Target Assumptions'!P70","v":1.2299721620785649},{"$f":"'Target Assumptions'!Q70","v":1.2551205147780564},{"$f":"'Target Assumptions'!R70","v":1.5190961666266032},{"$f":"'Target Assumptions'!S70","v":1.5190961666266032},{"$f":"'Target Assumptions'!T70","v":1.25},{"$f":"'Target Assumptions'!U70","v":1.1499999999999999},{"$f":"'Target Assumptions'!V70","v":1.1499999999999999},{"$f":"'Target Assumptions'!W70","v":1.1499999999999999},{"$f":"'Target Assumptions'!X70","v":1.1499999999999999},{"$f":"'Target Assumptions'!Y70","v":1.1499999999999999},{"$f":"'Target Assumptions'!Z70","v":1.1499999999999999},{"$f":"'Target Assumptions'!AA70","v":1.1499999999999999}]
[null,null,"Fuel Expense per Hour",null,null,null,null,null,{"$f":"'Target Assumptions'!M80","v":0.41894223936656177},{"$f":"'Target Assumptions'!N80","v":0.69818906193408181},{"$f":"'Target Assumptions'!O80","v":0.75134257197495613},{"$f":"'Target Assumptions'!P80","v":0.64881391420209855},{"$f":"'Target Assumptions'!Q80","v":0.90213763769222377},{"$f":"'Target Assumptions'!R80","v":0.7790472419790444},{"$f":"'Target Assumptions'!S80","v":0.7790472419790444},{"$f":"'Target Assumptions'!T80","v":0.80241865923841571},{"$f":"'Target Assumptions'!U80","v":0.82649121901556821},{"$f":"'Target Assumptions'!V80","v":0.85128595558603526},{"$f":"'Target Assumptions'!W80","v":0.87682453425361639},{"$f":"'Target Assumptions'!X80","v":0.90312927028122492},{"$f":"'Target Assumptions'!Y80","v":0.90312927028122492},{"$f":"'Target Assumptions'!Z80","v":0.90312927028122492},{"$f":"'Target Assumptions'!AA80","v":0.90312927028122492}]
[null,null,"SG&A Expense per Revenue",null,null,null,null,null,{"$f":"'Target Assumptions'!M90","v":4.447994618683259E-2},{"$f":"'Target Assumptions'!N90","v":4.9114509703122991E-2},{"$f":"'Target Assumptions'!O90","v":4.4528165163160348E-2},{"$f":"'Target Assumptions'!P90","v":6.0310959254766226E-2},{"$f":"'Target Assumptions'!Q90","v":5.6386900330505703E-2},{"$f":"'Target Assumptions'!R90","v":5.9031900643304831E-2},{"$f":"'Target Assumptions'!S90","v":5.9031900643304831E-2},{"$f":"'Target Assumptions'!T90","v":5.3999999999999999E-2},{"$f":"'Target Assumptions'!U90","v":5.1999999999999998E-2},{"$f":"'Target Assumptions'!V90","v":5.1999999999999998E-2},{"$f":"'Target Assumptions'!W90","v":5.1999999999999998E-2},{"$f":"'Target Assumptions'!X90","v":5.1999999999999998E-2},{"$f":"'Target Assumptions'!Y90","v":5.1999999999999998E-2},{"$f":"'Target Assumptions'!Z90","v":5.1999999999999998E-2},{"$f":"'Target Assumptions'!AA90","v":5.1999999999999998E-2}]
[null,null,"Bad Debt Expense per Revenue",null,null,null,null,null,{"$f":"'Target Assumptions'!M93","v":1.6364668292272764E-2},{"$f":"'Target Assumptions'!N93","v":7.9527053078010546E-3},{"$f":"'Target Assumptions'!O93","v":7.4845427920598763E-3},{"$f":"'Target Assumptions'!P93","v":5.1807993233241702E-3},{"$f":"'Target Assumptions'!Q93","v":2.6043746280844837E-3},{"$f":"'Target Assumptions'!R93","v":5.4011146207147464E-3},{"$f":"'Target Assumptions'!S93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!T93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!U93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!V93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!W93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!X93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!Y93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!Z93","v":5.4999999999999997E-3},{"$f":"'Target Assumptions'!AA93","v":5.4999999999999997E-3}]
[]
[null,null,"Flight Expense",null,null,null,null,null,{"$f":"I121*I120","v":37259},{"$f":"J121*J120","v":62877},115614,168775,150256,126208,50483.199999999997,166566.52356544422,156509.87366327667,139753.88406672783,132799.68624583108,125150.06864284462,116735.48927955954,107479.45197994594,97297.810950370971]
[null,null,"Maintenance Expense",null,null,null,null,null,{"$f":"I120*I122","v":22114},{"$f":"J120*J122","v":51933},64721.999999999993,103389,115082,107432,42972.799999999996,130130.09653550328,119990.90314184543,114797.83334052643,109085.45655907552,102801.8420994795,95889.86619392391,88286.69269781273,79923.201852090438]
[null,null,"Fuel Expense",null,null,null,null,null,{"$f":"I123*I120","v":16508},{"$f":"J123*J120","v":38554},57362,54538,82717,55095,22037.999999999996,83535.054070867322,86236.024181289395,84978.941960431708,83172.873601090876,80733.350120755335,75305.169463550264,69334.170740624671,62766.072145406513]
[null,null,"SG&A Expense",null,null,null,null,null,{"$f":"I124*I115","v":4232},{"$f":"J124*J115","v":9554},13273,21676,21889,17848,7139.2,24033.437739844678,23195.739531790332,22191.854309429724,21087.58056483305,19872.879445776711,18536.708214814738,17066.919860756567,15450.152671292582]
[null,null,"Bad Debt Expense",null,null,null,null,null,{"$f":"I125*I115","v":1556.9999999999998},{"$f":"J125*J115","v":1547.0000000000002},2231,1862,1011,1633,665.15899999999999,2447.8501401693652,2453.3955274009004,2347.2153596512208,2230.4171751265726,2101.9391721494599,1960.6133688746356,1805.1549852723294,1634.1507633097922]
[null,null,null,"Total Operating Expense",null,null,null,null,{"$f":"SUM(I127:I131)","v":81670},164465,253202,350240,370955,308216,123298.359,406712.96205182886,388385.93604560272,364069.72903676686,348376.01414595707,330660.07948100561,308427.84652072308,283972.39026441221,257071.38838247026]
[]
[null,null,"Historic EBITDA",null,null,null,null,null,{"$f":"I117-I132","v":16080},{"$f":"J117-J132","v":35644},52328,23443,53586,17428,11431.7406062441,87588.495391438017,107908.52953346551,113923.70252702857,109405.92391862837,104807.2525303908,102409.8163640261,99687.362063523033,96605.682325117552]
[null,null,"Computed EBITDA",null,null,null,null,null,{"$f":"I72+I68","v":16080},{"$f":"J72+J68","v":35644},52328,23443,53586,17428,0,0,0,0,0,0,0,0,0]
[null,null,"Difference",null,null,null,null,null,{"$f":"I134-I135","v":0},{"$f":"J134-J135","v":0},0,0,0,0,11431.7406062441,87588.495391438017,107908.52953346551,113923.70252702857,109405.92391862837,104807.2525303908,102409.8163640261,99687.362063523033,96605.682325117552]
[null,null,"Check",null,null,null,null,{"$f":"AND(I137:W137)","v":true},{"$f":"IF(I5,I136=0,TRUE)","v":true},{"$f":"IF(J5,J136=0,TRUE)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,"Total Capital Expenditures",null,null,null,null,null,{"$f":"'Target Assumptions'!M104*I4+'Target Assumptions'!M106","v":0},{"$f":"'Target Assumptions'!N104*J4+'Target Assumptions'!N106","v":0},{"$f":"'Target Assumptions'!O104*K4+'Target Assumptions'!O106","v":0},{"$f":"'Target Assumptions'!P104*L4+'Target Assumptions'!P106","v":0},{"$f":"'Target Assumptions'!Q104*M4+'Target Assumptions'!Q106","v":0},{"$f":"'Target Assumptions'!R104*N4+'Target Assumptions'!R106","v":0},{"$f":"'Target Assumptions'!S104*O4+'Target Assumptions'!S106","v":62229.599999999999},{"$f":"'Target Assumptions'!T104*P4+'Target Assumptions'!T106","v":35000},{"$f":"'Target Assumptions'!U104*Q4+'Target Assumptions'!U106","v":35000},{"$f":"'Target Assumptions'!V104*R4+'Target Assumptions'!V106","v":30000},{"$f":"'Target Assumptions'!W104*S4+'Target Assumptions'!W106","v":30000},{"$f":"'Target Assumptions'!X104*T4+'Target Assumptions'!X106","v":30000},{"$f":"'Target Assumptions'!Y104*U4+'Target Assumptions'!Y106","v":30000},{"$f":"'Target Assumptions'!Z104*V4+'Target Assumptions'!Z106","v":20000},{"$f":"'Target Assumptions'!AA104*W4+'Target Assumptions'!AA106","v":20000}]
[]
["Depreciation"]
[null,"Depreciation Rate",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M114","v":7.6721087855407308E-2},{"$f":"'Target Assumptions'!N114","v":9.7735605595682076E-2},{"$f":"'Target Assumptions'!O114","v":6.0955853465818548E-2},{"$f":"'Target Assumptions'!P114","v":6.8071324219494453E-2},{"$f":"'Target Assumptions'!Q114","v":8.5870432539090033E-2},{"$f":"'Target Assumptions'!R114","v":0.10226361236761256},{"$f":"'Target Assumptions'!S114","v":0.10226361236761256},{"$f":"'Target Assumptions'!T114","v":0.10226361236761256},{"$f":"'Target Assumptions'!U114","v":0.10226361236761256},{"$f":"'Target Assumptions'!V114","v":0.10226361236761256},{"$f":"'Target Assumptions'!W114","v":0.10226361236761256},{"$f":"'Target Assumptions'!X114","v":0.10226361236761256},{"$f":"'Target Assumptions'!Y114","v":0.10226361236761256},{"$f":"'Target Assumptions'!Z114","v":0.10226361236761256},{"$f":"'Target Assumptions'!AA114","v":0.10226361236761256}]
[null,"Retirement Rate",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M117","v":{"$error":"#N/A"}},{"$f":"'Target Assumptions'!N117","v":{"$error":"#N/A"}},{"$f":"'Target Assumptions'!O117","v":{"$error":"#N/A"}},{"$f":"'Target Assumptions'!P117","v":{"$error":"#N/A"}},{"$f":"'Target Assumptions'!Q117","v":{"$error":"#N/A"}},{"$f":"'Target Assumptions'!R117","v":0},{"$f":"'Target Assumptions'!S117","v":0},{"$f":"'Target Assumptions'!T117","v":3.3311710750748923E-2},{"$f":"'Target Assumptions'!U117","v":3.6642881825823821E-2},{"$f":"'Target Assumptions'!V117","v":4.030717000840621E-2},{"$f":"'Target Assumptions'!W117","v":4.4337887009246832E-2},{"$f":"'Target Assumptions'!X117","v":4.8771675710171519E-2},{"$f":"'Target Assumptions'!Y117","v":5.3648843281188678E-2},{"$f":"'Target Assumptions'!Z117","v":5.9013727609307551E-2},{"$f":"'Target Assumptions'!AA117","v":6.4915100370238316E-2}]
[null,"Plant Balance",null,null,null,null,null,null,{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998},{"$f":"[2]Depreciation!$E$8","v":385702.75199999998}]
[]
[null,"Existing Plant"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H149","v":0},{"$f":"I149","v":117295},127098,226541,336798.25299999997,375625.89100000006,385702.75199999998,385702.75199999998,372854.33348960814,358721.07312817709,343174.48673060292,326073.24169327138,307261.87215220666,286569.36565703549,263807.60851234721]
[null,null,"Less: Retirements",null,null,null,null,null,{"$f":"IFERROR(I144*I143,0)","v":0},{"$f":"IFERROR(J144*J143,0)","v":0},0,0,0,0,0,12848.418510391844,14133.260361431032,15546.586397574138,17101.245037331551,18811.369541064709,20692.506495171183,22761.757144688301,25037.932859157136]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I5,I25+I28+I29,I147-I148)","v":117295},{"$f":"IF(J5,J25+J28+J29,J147-J148)","v":127098},226541,336798.25299999997,375625.89100000006,385702.75199999998,385702.75199999998,372854.33348960814,358721.07312817709,343174.48673060292,326073.24169327138,307261.87215220666,286569.36565703549,263807.60851234721,238769.67565319009]
[null,null,"Depreciation",null,null,null,null,null,{"$f":"IF(I5,I68,I147*I142*I4)","v":8999},{"$f":"IF(J5,J68,J147*J142*J4)","v":12422},13809,20972,32091,26468,11269.530491328398,39443.356719649397,38129.431029565829,36684.112770473897,35094.262685472779,33345.427591971544,31421.70898912019,29305.6185259837,26977.91901653356]
[]
[null,"Accumulated Depreciation"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H156","v":0},{"$f":"I156","v":0},0,0,81246.880999999994,109707.512,113883.56,125153.09049132839,151748.02870058594,175744.19936872076,196881.72574162052,214874.74338976177,229408.80144066858,240138.00393461762,246681.86531591302]
[null,null,"Add: Depreciation",null,null,null,null,null,{"$f":"I150","v":8999},{"$f":"J150","v":12422},13809,20972,32091,26468,11269.530491328398,39443.356719649397,38129.431029565829,36684.112770473897,35094.262685472779,33345.427591971544,31421.70898912019,29305.6185259837,26977.91901653356]
[null,null,"Less: Retirements",null,null,null,null,null,{"$f":"I148","v":0},{"$f":"J148","v":0},0,0,0,0,0,12848.418510391844,14133.260361431032,15546.586397574138,17101.245037331551,18811.369541064709,20692.506495171183,22761.757144688301,25037.932859157136]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I5,I26,I153+I154-I155)","v":0},{"$f":"IF(J5,J26,J153+J154-J155)","v":0},0,81246.880999999994,109707.512,113883.56,125153.09049132839,151748.02870058594,175744.19936872076,196881.72574162052,214874.74338976177,229408.80144066858,240138.00393461762,246681.86531591302,248621.85147328945]
[]
[null,"New Plant for Maintenance Cap Exp"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H161","v":0},{"$f":"I161","v":0},0,0,0,0,0,62229.599999999999,97229.6,132229.6,162229.6,192229.6,222229.6,252229.6,272229.59999999998]
[null,null,"Add: New Expenditures",null,null,null,null,null,{"$f":"I139","v":0},{"$f":"J139","v":0},0,0,0,0,62229.599999999999,35000,35000,30000,30000,30000,30000,20000,20000]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"SUM(I159:I160)","v":0},{"$f":"SUM(J159:J160)","v":0},0,0,0,0,62229.599999999999,97229.6,132229.6,162229.6,192229.6,222229.6,252229.6,272229.59999999998,292229.59999999998]
[null,null,"Depreciation Rate",null,null,null,null,null,{"$f":"'Target Assumptions'!M120","v":7.6923076923076927E-2},{"$f":"'Target Assumptions'!N120","v":7.6923076923076927E-2},{"$f":"'Target Assumptions'!O120","v":7.6923076923076927E-2},{"$f":"'Target Assumptions'!P120","v":7.6923076923076927E-2},{"$f":"'Target Assumptions'!Q120","v":7.6923076923076927E-2},{"$f":"'Target Assumptions'!R120","v":7.6923076923076927E-2},{"$f":"'Target Assumptions'!S120","v":8.3333333333333329E-2},{"$f":"'Target Assumptions'!T120","v":9.0909090909090912E-2},{"$f":"'Target Assumptions'!U120","v":0.1},{"$f":"'Target Assumptions'!V120","v":0.1111111111111111},{"$f":"'Target Assumptions'!W120","v":0.125},{"$f":"'Target Assumptions'!X120","v":0.14285714285714285},{"$f":"'Target Assumptions'!Y120","v":0.16666666666666666},{"$f":"'Target Assumptions'!Z120","v":0.2},{"$f":"'Target Assumptions'!AA120","v":0.25}]
[null,null,"Depreciation Expense",null,null,null,null,null,{"$f":"I162*I159","v":0},{"$f":"J162*J159","v":0},0,0,0,0,0,5657.2363636363634,9722.9600000000009,14692.177777777777,20278.7,27461.371428571427,37038.266666666663,50445.920000000006,68057.399999999994]
[null,null,"Accumulated Deprecaiton",null,null,null,null,null,{"$f":"H164+I163","v":0},{"$f":"I164+J163","v":0},0,0,0,0,0,5657.2363636363634,15380.196363636365,30072.37414141414,50351.074141414138,77812.445569985561,114850.71223665222,165296.63223665222,233354.03223665222]
[]
[null,"Total Depreciation Expenditure",null,null,null,null,null,null,{"$f":"I163+I150","v":8999},{"$f":"J163+J150","v":12422},13809,20972,32091,26468,11269.530491328398,45100.593083285763,47852.391029565828,51376.290548251673,55372.962685472783,60806.799020542967,68459.975655786853,79751.538525983706,95035.319016533555]
[]
["Working Capital"]
[null,"A/R as Pct of Revenue",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M125","v":5.6040920716112531E-2},{"$f":"'Target Assumptions'!N125","v":0.17903742460359104},{"$f":"'Target Assumptions'!O125","v":0.14702320557719373},{"$f":"'Target Assumptions'!P125","v":0.24797511259543517},{"$f":"'Target Assumptions'!Q125","v":0.16498265891869102},{"$f":"'Target Assumptions'!R125","v":0.14512667207134172},{"$f":"'Target Assumptions'!S125","v":0.16},{"$f":"'Target Assumptions'!T125","v":0.16},{"$f":"'Target Assumptions'!U125","v":0.16},{"$f":"'Target Assumptions'!V125","v":0.16},{"$f":"'Target Assumptions'!W125","v":0.16},{"$f":"'Target Assumptions'!X125","v":0.16},{"$f":"'Target Assumptions'!Y125","v":0.16},{"$f":"'Target Assumptions'!Z125","v":0.16},{"$f":"'Target Assumptions'!AA125","v":0.16}]
[null,"A/R Amount",null,null,null,null,null,null,{"$f":"I169*I117/I4","v":5478},{"$f":"J169*J117/J4","v":35827},44920,92664.084000000003,70041.903000000006,66163.482000000004,75448.855779496706,79088.233190922707,79407.114492650915,76478.949050207273,73245.110090333677,69674.773121823426,65734.026061559867,61385.560372469641,56588.331313214054]
[]
[null,"Inventory Percent of Total Expense",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M129","v":0},{"$f":"'Target Assumptions'!N129","v":0},{"$f":"'Target Assumptions'!O129","v":0},{"$f":"'Target Assumptions'!P129","v":3.5206869575148465E-2},{"$f":"'Target Assumptions'!Q129","v":5.591551535900581E-2},{"$f":"'Target Assumptions'!R129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!S129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!T129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!U129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!V129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!W129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!X129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!Y129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!Z129","v":5.7066551657650108E-2},{"$f":"'Target Assumptions'!AA129","v":5.7066551657650108E-2}]
[null,"Total Inventory",null,null,null,null,null,null,{"$f":"I172*I132/I4","v":0},{"$f":"J172*J132/J4","v":0},0,12330.853999999999,20742.14,24624.353999999999,24626.742606119456,23209.706258766579,22163.846082451179,20776.203999063335,19880.617807546503,18869.630506825499,17600.913636132624,16205.325078370457,14670.177664832074]
[]
[null,"Pre-Paid Pct of Revenue",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M133","v":0},{"$f":"'Target Assumptions'!N133","v":0},{"$f":"'Target Assumptions'!O133","v":0},{"$f":"'Target Assumptions'!P133","v":2.4069676704586509E-2},{"$f":"'Target Assumptions'!Q133","v":3.2614800455079723E-2},{"$f":"'Target Assumptions'!R133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!S133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!T133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!U133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!V133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!W133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!X133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!Y133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!Z133","v":3.1422510910249057E-2},{"$f":"'Target Assumptions'!AA133","v":3.1422510910249057E-2}]
[null,"Total Prepaid",null,null,null,null,null,null,{"$f":"I175*I117/I4","v":0},{"$f":"J175*J117/J4","v":0},0,8994.4290000000001,13846.320000000002,14325.573000000002,14817.453086856518,15532.192939463064,15594.818259354497,15019.753818340749,14384.657943349393,13683.476991185153,12909.550944337256,12055.552753347996,11113.421613014105]
[]
[null,"Accounts Payable Percent of Op Cost",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M137","v":0},{"$f":"'Target Assumptions'!N137","v":0},{"$f":"'Target Assumptions'!O137","v":0},{"$f":"'Target Assumptions'!P137","v":0.19000220134764734},{"$f":"'Target Assumptions'!Q137","v":0.12440236686390532},{"$f":"'Target Assumptions'!R137","v":0.11563997326550213},{"$f":"'Target Assumptions'!S137","v":0.11563997326550213},{"$f":"'Target Assumptions'!T137","v":0.11563997326550213},{"$f":"'Target Assumptions'!U137","v":0.11563997326550213},{"$f":"'Target Assumptions'!V137","v":0.11563997326550213},{"$f":"'Target Assumptions'!W137","v":0.11563997326550213},{"$f":"'Target Assumptions'!X137","v":0.11563997326550213},{"$f":"'Target Assumptions'!Y137","v":0.11563997326550213},{"$f":"'Target Assumptions'!Z137","v":0.11563997326550213},{"$f":"'Target Assumptions'!AA137","v":0.11563997326550213}]
[null,"Accounts Payable ",null,null,null,null,null,null,{"$f":"I178*I132/I4","v":0},{"$f":"J178*J132/J4","v":0},0,66546.370999999999,46147.68,49898.926000000007,49903.766284540994,47032.276058406671,44912.939261010521,42101.013732590327,40286.19296218067,38237.522751152297,35666.587925992812,32838.559618317362,29727.728479874375]
[]
[null,"Accrued Expenses Percent of Op Cost",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M141","v":0.15574874494918575},{"$f":"'Target Assumptions'!N141","v":0.1977806828200529},{"$f":"'Target Assumptions'!O141","v":0.22889629623778643},{"$f":"'Target Assumptions'!P141","v":5.8082994518044773E-2},{"$f":"'Target Assumptions'!Q141","v":6.5163922847784772E-2},{"$f":"'Target Assumptions'!R141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!S141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!T141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!U141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!V141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!W141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!X141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!Y141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!Z141","v":5.3231469859727321E-2},{"$f":"'Target Assumptions'!AA141","v":5.3231469859727321E-2}]
[null,"Accrued Expenses",null,null,null,null,null,null,{"$f":"I181*I132/I4","v":12720},{"$f":"J181*J132/J4","v":32528},57957,20342.988000000001,24172.883000000002,22969.507000000001,22971.735083018186,21649.92878102235,20674.354248553485,19379.966808059748,18544.567296862453,17601.522054708192,16418.067615968474,15116.267733354784,13684.287862479721]
[]
[null,"Deferred Revenue Percent",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M145","v":0},{"$f":"'Target Assumptions'!N145","v":0},{"$f":"'Target Assumptions'!O145","v":0},{"$f":"'Target Assumptions'!P145","v":0},{"$f":"'Target Assumptions'!Q145","v":1.8726813193543144E-3},{"$f":"'Target Assumptions'!R145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!S145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!T145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!U145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!V145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!W145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!X145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!Y145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!Z145","v":6.6613585036771096E-3},{"$f":"'Target Assumptions'!AA145","v":6.6613585036771096E-3}]
[null,"Deferred Revenues ",null,null,null,null,null,null,{"$f":"I184*I117/I4","v":0},{"$f":"J184*J117/J4","v":0},0,0,795.03,3036.924,3141.1992314966133,3292.7192169196946,3305.9953586130127,3184.0856100492911,3049.4496059563139,2900.8040151676987,2736.7369592881537,2555.6951536883453,2355.9697625136005]
[]
[null,"Total Working Capital",null,null,null,null,null,null,{"$f":"I170+I173+I176-I179-I182-I185","v":-7242},{"$f":"J170+J173+J176-J179-J182-J185","v":3299},-13037,27100.007999999998,33514.770000000011,29208.052000000007,38876.350873416894,45855.208332803653,48272.48996627958,47609.840716911996,45630.17597623013,43488.031798805889,41423.098140780312,39135.915698827601,36603.944486192522]
[null,null,"Change in Working Capital",null,null,null,null,null,{"$f":"I187-H187","v":-7242},{"$f":"J187-I187","v":10541},-16336,40137.008000000002,6414.7620000000134,-4306.7180000000044,9668.2988734168866,6978.8574593867597,2417.2816334759264,-662.64924936758325,-1979.6647406818665,-2142.1441774242412,-2064.9336580255767,-2287.1824419527111,-2531.9712126350787]
[]
["Other Assets and Liabilities"]
[null,"Total Other Assets",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M150","v":0},{"$f":"'Target Assumptions'!N150","v":0},{"$f":"'Target Assumptions'!O150","v":0},{"$f":"'Target Assumptions'!P150","v":6964.1220000000003},{"$f":"'Target Assumptions'!Q150","v":6435.1559999999999},{"$f":"'Target Assumptions'!R150","v":6224.5410000000002},{"$f":"'Target Assumptions'!S150","v":6224.5410000000002},{"$f":"'Target Assumptions'!T150","v":6224.5410000000002},{"$f":"'Target Assumptions'!U150","v":6224.5410000000002},{"$f":"'Target Assumptions'!V150","v":6224.5410000000002},{"$f":"'Target Assumptions'!W150","v":6224.5410000000002},{"$f":"'Target Assumptions'!X150","v":6224.5410000000002},{"$f":"'Target Assumptions'!Y150","v":6224.5410000000002},{"$f":"'Target Assumptions'!Z150","v":6224.5410000000002},{"$f":"'Target Assumptions'!AA150","v":6224.5410000000002}]
[null,"Total Other Liabilities",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M152","v":0},{"$f":"'Target Assumptions'!N152","v":0},{"$f":"'Target Assumptions'!O152","v":0},{"$f":"'Target Assumptions'!P152","v":0},{"$f":"'Target Assumptions'!Q152","v":0},{"$f":"'Target Assumptions'!R152","v":30255.291000000001},{"$f":"'Target Assumptions'!S152","v":30255.291000000001},{"$f":"'Target Assumptions'!T152","v":30255.291000000001},{"$f":"'Target Assumptions'!U152","v":30255.291000000001},{"$f":"'Target Assumptions'!V152","v":30255.291000000001},{"$f":"'Target Assumptions'!W152","v":30255.291000000001},{"$f":"'Target Assumptions'!X152","v":30255.291000000001},{"$f":"'Target Assumptions'!Y152","v":30255.291000000001},{"$f":"'Target Assumptions'!Z152","v":30255.291000000001},{"$f":"'Target Assumptions'!AA152","v":30255.291000000001}]
[null,"Restricted Cash",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M154","v":0},{"$f":"'Target Assumptions'!N154","v":0},{"$f":"'Target Assumptions'!O154","v":0},{"$f":"'Target Assumptions'!P154","v":0},{"$f":"'Target Assumptions'!Q154","v":795.03},{"$f":"'Target Assumptions'!R154","v":14036.924000000001},{"$f":"'Target Assumptions'!S154","v":14036.924000000001},{"$f":"'Target Assumptions'!T154","v":14036.924000000001},{"$f":"'Target Assumptions'!U154","v":14036.924000000001},{"$f":"'Target Assumptions'!V154","v":14036.924000000001},{"$f":"'Target Assumptions'!W154","v":14036.924000000001},{"$f":"'Target Assumptions'!X154","v":14036.924000000001},{"$f":"'Target Assumptions'!Y154","v":14036.924000000001},{"$f":"'Target Assumptions'!Z154","v":14036.924000000001},{"$f":"'Target Assumptions'!AA154","v":14036.924000000001}]
[]
[null,"Other Income",null,null,null,null,null,null,{"$f":"'Target Assumptions'!M156","v":2900},{"$f":"'Target Assumptions'!N156","v":1524},{"$f":"'Target Assumptions'!O156","v":2840},{"$f":"'Target Assumptions'!P156","v":19856},{"$f":"'Target Assumptions'!Q156","v":1267},{"$f":"'Target Assumptions'!R156","v":-103},{"$f":"'Target Assumptions'!S156","v":0},{"$f":"'Target Assumptions'!T156","v":0},{"$f":"'Target Assumptions'!U156","v":0},{"$f":"'Target Assumptions'!V156","v":0},{"$f":"'Target Assumptions'!W156","v":0},{"$f":"'Target Assumptions'!X156","v":0},{"$f":"'Target Assumptions'!Y156","v":0},{"$f":"'Target Assumptions'!Z156","v":0},{"$f":"'Target Assumptions'!AA156","v":0}]
[]
["Financing"]
[null,"Cash Balance"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H202","v":0},{"$f":"I202","v":1000},1000,1000,1091.96,2324.3530000000001,3282.1419999999998,2357.776743109272,2471.5072872163346,2481.4723278953411,2481.4723278953411,2481.4723278953411,2481.4723278953411,2481.4723278953411,37872.293395550216]
[null,null,"Add: Cash increase from Positive Cash Flow",null,null,null,null,null,{"$f":"I263","v":20826},{"$f":"J263","v":0},0,0,0,0,0,0,0,0,0,0,0,35390.821067654877,80273.822339619132]
[null,null,"Less: Cash reduction with Negative Cash Flow",null,null,null,null,null,{"$f":"I260","v":-1000.0000000000001},{"$f":"J260","v":0},0,-91.960000000000036,-1232.393,-957.78899999999976,924.36525689072778,-113.73054410706254,-9.9650406790065063,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I5,I9,I199+I200-I201)","v":1000},{"$f":"IF(J5,J9,J199+J200-J201)","v":1000},1000,1091.96,2324.3530000000001,3282.1419999999998,2357.776743109272,2471.5072872163346,2481.4723278953411,2481.4723278953411,2481.4723278953411,2481.4723278953411,2481.4723278953411,37872.293395550216,118146.11573516935]
[]
[null,null,"Interest Income Rate",null,null,null,null,null,{"$f":"'Target Assumptions'!M165*'Target Model'!I4","v":0},{"$f":"'Target Assumptions'!N165*'Target Model'!J4","v":3.5999999999999997E-2},{"$f":"'Target Assumptions'!O165*'Target Model'!K4","v":0.113},{"$f":"'Target Assumptions'!P165*'Target Model'!L4","v":0.30115298571674409},{"$f":"'Target Assumptions'!Q165*'Target Model'!M4","v":0.17999008867242589},{"$f":"'Target Assumptions'!R165*'Target Model'!N4","v":3.4151319407847436E-2},{"$f":"'Target Assumptions'!S165*'Target Model'!O4","v":8.5714285714285701E-3},{"$f":"'Target Assumptions'!T165*'Target Model'!P4","v":0.03},{"$f":"'Target Assumptions'!U165*'Target Model'!Q4","v":0.03},{"$f":"'Target Assumptions'!V165*'Target Model'!R4","v":0.03},{"$f":"'Target Assumptions'!W165*'Target Model'!S4","v":0.03},{"$f":"'Target Assumptions'!X165*'Target Model'!T4","v":0.03},{"$f":"'Target Assumptions'!Y165*'Target Model'!U4","v":0.03},{"$f":"'Target Assumptions'!Z165*'Target Model'!V4","v":0.03},{"$f":"'Target Assumptions'!AA165*'Target Model'!W4","v":0.03}]
[null,null,"Interest Income  ",null,null,null,null,null,{"$f":"IF(I5,I75,I204*I199)","v":0},{"$f":"IF(J5,J75,J204*J199)","v":36},113,315,379,349,28.132645714285708,70.733302293278157,74.145218616490041,74.444169836860226,74.444169836860226,74.444169836860226,74.444169836860226,74.444169836860226,1136.1688018665063]
[]
[null,null,"Minimum Cash Balance as Pct of Revenue",null,null,null,null,null,{"$f":"'Target Assumptions'!M179","v":1.0230179028132993E-2},{"$f":"'Target Assumptions'!N179","v":4.9972764843160475E-3},{"$f":"'Target Assumptions'!O179","v":3.2730010146303145E-3},{"$f":"'Target Assumptions'!P179","v":2.9221559450122165E-3},{"$f":"'Target Assumptions'!Q179","v":5.4749788595212243E-3},{"$f":"'Target Assumptions'!R179","v":7.1992333433354913E-3},{"$f":"'Target Assumptions'!S179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!T179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!U179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!V179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!W179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!X179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!Y179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!Z179","v":5.0000000000000001E-3},{"$f":"'Target Assumptions'!AA179","v":5.0000000000000001E-3}]
[null,null,"Minimum Cash Balance  ",null,null,null,null,null,{"$f":"I207*I117","v":1000.0000000000001},{"$f":"J207*J117/J4","v":1000},1000,1091.96,2324.3530000000001,3282.1419999999998,2357.776743109272,2471.5072872163346,2481.4723278953411,2389.9671578189773,2288.9096903229274,2177.3366600569821,2054.1883144237459,1918.2987616396763,1768.3853535379392]
[]
[null,null,"Test for Cash Balance",null,null,null,null,null,{"$f":"I199-I208","v":-1000.0000000000001},{"$f":"J199-J208","v":0},0,-91.960000000000036,-1232.393,-957.78899999999976,924.36525689072778,-113.73054410706254,-9.9650406790065063,91.505170076363811,192.56263757241368,304.13566783835904,427.28401347159524,563.17356625566481,36103.908042012277]
[]
[null,"Existing Debt Balance"]
[null,null,"Base Amount",null,null,null,null,null,{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000},{"$f":"'Target Assumptions'!$E$182","v":250000}]
[]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H218","v":0},{"$f":"I218","v":0},0,0,0,0,250000,208333.33333333334,166666.66666666669,125000.00000000003,83333.333333333372,41666.666666666708,0,0,0]
[null,null,"Add: New Debt Issued",null,null,null,null,null,{"$f":"(I2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(J2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(K2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(L2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(M2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(N2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":250000},null,{"$f":"(P2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(Q2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(R2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(S2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(T2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(U2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(V2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0},{"$f":"(W2='Target Assumptions'!$E$186)*'Target Assumptions'!$E$182","v":0}]
[null,null,"Less: Scheduled Debt Repaid",null,null,null,null,null,{"$f":"NOT(I5)*'Target Assumptions'!$E$184","v":0},{"$f":"NOT(J5)*'Target Assumptions'!$E$184","v":0},{"$f":"NOT(K5)*'Target Assumptions'!$E$184","v":0},{"$f":"NOT(L5)*'Target Assumptions'!$E$184","v":0},{"$f":"NOT(M5)*'Target Assumptions'!$E$184","v":0},{"$f":"NOT(N5)*'Target Assumptions'!$E$184","v":0},{"$f":"MIN(NOT(O5)*'Target Assumptions'!$E$184,O215)","v":41666.666666666664},{"$f":"MIN(NOT(P5)*'Target Assumptions'!$E$184,P215)","v":41666.666666666664},{"$f":"MIN(NOT(Q5)*'Target Assumptions'!$E$184,Q215)","v":41666.666666666664},{"$f":"MIN(NOT(R5)*'Target Assumptions'!$E$184,R215)","v":41666.666666666664},{"$f":"MIN(NOT(S5)*'Target Assumptions'!$E$184,S215)","v":41666.666666666664},{"$f":"MIN(NOT(T5)*'Target Assumptions'!$E$184,T215)","v":41666.666666666664},{"$f":"MIN(NOT(U5)*'Target Assumptions'!$E$184,U215)","v":0},{"$f":"MIN(NOT(V5)*'Target Assumptions'!$E$184,V215)","v":0},{"$f":"MIN(NOT(W5)*'Target Assumptions'!$E$184,W215)","v":0}]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I215+I216-I217","v":0},{"$f":"J215+J216-J217","v":0},0,0,0,250000,208333.33333333334,166666.66666666669,125000.00000000003,83333.333333333372,41666.666666666708,0,0,0,0]
[null,null,"Interest Expense",null,null,null,null,null,{"$f":"'Target Assumptions'!$E$185*I215","v":0},{"$f":"'Target Assumptions'!$E$185*J215","v":0},{"$f":"'Target Assumptions'!$E$185*K215","v":0},{"$f":"'Target Assumptions'!$E$185*L215","v":0},{"$f":"'Target Assumptions'!$E$185*M215","v":0},{"$f":"'Target Assumptions'!$E$185*N215","v":0},{"$f":"'Target Assumptions'!$E$185*O215","v":23750},{"$f":"'Target Assumptions'!$E$185*P215","v":19791.666666666668},{"$f":"'Target Assumptions'!$E$185*Q215","v":15833.333333333336},{"$f":"'Target Assumptions'!$E$185*R215","v":11875.000000000004},{"$f":"'Target Assumptions'!$E$185*S215","v":7916.6666666666706},{"$f":"'Target Assumptions'!$E$185*T215","v":3958.3333333333371},{"$f":"'Target Assumptions'!$E$185*U215","v":0},{"$f":"'Target Assumptions'!$E$185*V215","v":0},{"$f":"'Target Assumptions'!$E$185*W215","v":0}]
[]
[null,"Remaining Debt Balance"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H225","v":0},{"$f":"I225","v":80010},84936,137405,220471.59299999999,238350.842,5092.9809999999707,130161.5460869487,158418.58560830468,160412.92316316656,144533.02158410102,126386.95913877686,106994.87937930875,42610.198728454547,0]
[null,null,"Less: Reduction in Debt from Positive Cash",null,null,null,null,null,{"$f":"I261","v":0},{"$f":"J261","v":19882},63496,0,26805.237999999983,1891.7180000000044,0,0,0,15879.901579065525,18146.062445324162,19392.079759468099,64384.680650854207,42610.198728454547,0]
[null,null,"Add: New Debt from Negative Cash Flow",null,null,null,null,null,{"$f":"I264","v":0},{"$f":"J264","v":0},0,11678.968000000001,1232.393,957.78899999999976,125068.56508694873,28257.039521355982,1994.3375548618828,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I5,I56-I218,I222-I223+I224)","v":80010},{"$f":"IF(J5,J56-J218,J222-J223+J224)","v":84936},137405,220471.59299999999,238350.842,5092.9809999999707,130161.5460869487,158418.58560830468,160412.92316316656,144533.02158410102,126386.95913877686,106994.87937930875,42610.198728454547,0,0]
[]
[null,null,"Interest Expense Rate",null,null,null,null,null,{"$f":"'Target Assumptions'!M171*I4","v":5.4943132108486441E-2},{"$f":"'Target Assumptions'!N171*J4","v":8.2220848035114522E-2},{"$f":"'Target Assumptions'!O171*K4","v":7.304995479915985E-2},{"$f":"'Target Assumptions'!P171*L4","v":8.4185444338350457E-2},{"$f":"'Target Assumptions'!Q171*M4","v":9.5949972455030452E-2},{"$f":"'Target Assumptions'!R171*N4","v":8.1423655798808128E-2},{"$f":"'Target Assumptions'!S171*O4","v":2.7142857142857142E-2},{"$f":"'Target Assumptions'!T171*P4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!U171*Q4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!V171*R4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!W171*S4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!X171*T4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!Y171*U4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!Z171*V4","v":9.5000000000000001E-2},{"$f":"'Target Assumptions'!AA171*W4","v":9.5000000000000001E-2}]
[null,null,"Total Interest Expense  ",null,null,null,null,null,{"$f":"IF(I5,-I74,I227*I222)+I219","v":4396},{"$f":"IF(J5,-J74,J227*J222)+J219","v":6781},8121,15064,22012,20089,23888.238055714286,32157.013544926795,30883.098966122281,27114.227700500829,21647.303717156268,15965.09445151714,10164.513541034332,4047.968879203182,0]
[]
[null,null,"Minority Interest Percent of Income",null,null,null,null,null,{"$f":"'Target Assumptions'!M177","v":7.5917636526410023E-2},{"$f":"'Target Assumptions'!N177","v":8.0995500249986113E-2},{"$f":"'Target Assumptions'!O177","v":8.2696171029354448E-2},{"$f":"'Target Assumptions'!P177","v":0.40802322512536288},{"$f":"'Target Assumptions'!Q177","v":1.0150575730735163},{"$f":"'Target Assumptions'!R177","v":-6.4363120174497107E-2},{"$f":"'Target Assumptions'!S177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!T177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!U177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!V177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!W177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!X177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!Y177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!Z177","v":7.0000000000000007E-2},{"$f":"'Target Assumptions'!AA177","v":7.0000000000000007E-2}]
[]
["Profit and Loss"]
[null,null,"Revenues",null,null,null,null,null,{"$f":"I117","v":97750},200109,305530,373683,424541,325644,134730.0996062441,494301.45744326687,496294.46557906823,477993.43156379543,457781.93806458544,435467.33201139641,410837.66288474918,383659.75232793525,353677.07070758782]
[null,null,"Less: Cash Operating Cost",null,null,null,null,null,{"$f":"I132","v":81670},164465,253202,350240,370955,308216,123298.359,406712.96205182886,388385.93604560272,364069.72903676686,348376.01414595707,330660.07948100561,308427.84652072308,283972.39026441221,257071.38838247026]
[null,null,null,"EBITDA",null,null,null,null,{"$f":"I233-I234","v":16080},{"$f":"J233-J234","v":35644},52328,23443,53586,17428,11431.7406062441,87588.495391438017,107908.52953346551,113923.70252702857,109405.92391862837,104807.2525303908,102409.8163640261,99687.362063523033,96605.682325117552]
[null,null,"Less: Depreciation",null,null,null,null,null,{"$f":"I166","v":8999},12422,13809,20972,32091,26468,11269.530491328398,45100.593083285763,47852.391029565828,51376.290548251673,55372.962685472783,60806.799020542967,68459.975655786853,79751.538525983706,95035.319016533555]
[null,null,null,"EBIT ",null,null,null,null,{"$f":"I235-I236","v":7081},{"$f":"J235-J236","v":23222},38519,2471,21495,-9040,162.21011491570243,42487.902308152254,60056.138503899681,62547.411978776894,54032.961233155584,44000.453509847837,33949.840708239251,19935.823537539327,1570.3633085839974]
[null,null,"Less: Interest Expense",null,null,null,null,null,{"$f":"I228","v":4396},{"$f":"J228","v":6781},8121,15064,22012,20089,23888.238055714286,32157.013544926795,30883.098966122281,27114.227700500829,21647.303717156268,15965.09445151714,10164.513541034332,4047.968879203182,0]
[null,null,"Add: Interest Income",null,null,null,null,null,{"$f":"I205","v":0},36,113,315,379,349,28.132645714285708,70.733302293278157,74.145218616490041,74.444169836860226,74.444169836860226,74.444169836860226,74.444169836860226,74.444169836860226,1136.1688018665063]
[null,null,"Add: Other Income",null,null,null,null,null,{"$f":"I195","v":2900},1524,2840,19856,1267,-103,0,0,0,0,0,0,0,0,0]
[null,null,null,"Earnings before Minority Interest",null,null,null,null,{"$f":"I237-I238+I239+I240","v":5585},{"$f":"J237-J238+J239+J240","v":18001},33351,7578,1129,-28883,-23697.895295084298,10401.622065518737,29247.18475639389,35507.628448112926,32460.101685836176,28109.803228167559,23859.77133704178,15962.298828173007,2706.5321104505038]
[null,null,"Less: Minority Interest",null,null,null,null,null,{"$f":"I230*I241","v":424},{"$f":"J230*J241","v":1458},2758,3092,1146,1859,-1658.852670655901,728.11354458631172,2047.3029329475726,2485.5339913679049,2272.2071180085327,1967.6862259717293,1670.1839935929247,1117.3609179721107,189.45724773153529]
[null,null,null,"Net Income after Minority Interest",null,null,null,null,{"$f":"I241-I242","v":5161},{"$f":"J241-J242","v":16543},30593,4486,-17,-30742,-22039.042624428395,9673.5085209324261,27199.881823446318,33022.094456745021,30187.894567827643,26142.117002195828,22189.587343448857,14844.937910200897,2517.0748627189687]
[]
[null,null,null,"Actual Net Income",null,null,null,null,{"$f":"I83","v":5161},16543,30593,4486,-17,-30742,0,0,0,0,0,0,0,0,0]
[null,null,null,"Test",null,null,null,{"$f":"SUMIF(5:5,TRUE,246:246)=0","v":true},{"$f":"I245-I243","v":0},{"$f":"J245-J243","v":0},0,0,0,0,22039.042624428395,-9673.5085209324261,-27199.881823446318,-33022.094456745021,-30187.894567827643,-26142.117002195828,-22189.587343448857,-14844.937910200897,-2517.0748627189687]
[]
["Cash Flow"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I235","v":16080},{"$f":"J235","v":35644},52328,23443,53586,17428,11431.7406062441,87588.495391438017,107908.52953346551,113923.70252702857,109405.92391862837,104807.2525303908,102409.8163640261,99687.362063523033,96605.682325117552]
[null,null,"Less: Working Capital Change",null,null,null,null,null,{"$f":"I188","v":-7242},10541,-16336,40137.008000000002,6414.7620000000134,-4306.7180000000044,9668.2988734168866,6978.8574593867597,2417.2816334759264,-662.64924936758325,-1979.6647406818665,-2142.1441774242412,-2064.9336580255767,-2287.1824419527111,-2531.9712126350787]
[null,null,null,"Net Operating Cash Flow",null,null,null,null,{"$f":"I249-I250","v":23322},{"$f":"J249-J250","v":25103},68664,-16694.008000000002,47171.237999999983,21734.718000000004,1763.4417328272139,80609.637932051264,105491.24789998958,114586.35177639616,111385.58865931023,106949.39670781505,104474.75002205168,101974.54450547574,99137.653537752631]
[null,null,"Less: Capital Expenditures",null,null,null,null,null,{"$f":"I139","v":0},0,0,0,0,0,62229.599999999999,35000,35000,30000,30000,30000,30000,20000,20000]
[null,null,null,"Cash Flow Before Financing",null,null,null,null,{"$f":"I251-I252","v":23322},{"$f":"J251-J252","v":25103},68664,-16694.008000000002,47171.237999999983,21734.718000000004,-60466.158267172781,45609.637932051264,70491.247899989583,84586.351776396157,81385.588659310233,76949.396707815045,74474.750022051681,81974.544505475744,79137.653537752631]
[null,null,"Less: Interest Expense",null,null,null,null,null,{"$f":"I238","v":4396},{"$f":"J238","v":6781},8121,15064,22012,20089,23888.238055714286,32157.013544926795,30883.098966122281,27114.227700500829,21647.303717156268,15965.09445151714,10164.513541034332,4047.968879203182,0]
[null,null,"Add: Interest Income",null,null,null,null,null,{"$f":"I239","v":0},36,113,315,379,349,28.132645714285708,70.733302293278157,74.145218616490041,74.444169836860226,74.444169836860226,74.444169836860226,74.444169836860226,74.444169836860226,1136.1688018665063]
[null,null,"Add: Other Income",null,null,null,null,null,{"$f":"I240","v":2900},1524,2840,19856,1267,-103,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Dividends"]
[null,null,"Less: Repayments of Existing Debt",null,null,null,null,null,{"$f":"I217","v":0},{"$f":"J217","v":0},0,0,0,0,41666.666666666664,41666.666666666664,41666.666666666664,41666.666666666664,41666.666666666664,41666.666666666664,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,null,{"$f":"I253-I254+I255+I256-I257-I258","v":21826},{"$f":"J253-J254+J255+J256-J257-J258","v":19882},63496,-11587.008000000002,26805.237999999983,1891.7180000000044,-125992.93034383946,-28143.308977248918,-1984.3725141828763,15879.901579065525,18146.062445324162,19392.079759468099,64384.680650854207,78001.019796109424,80273.822339619132]
[null,null,"Add: Reduction in Cash ",null,null,null,null,null,{"$f":"MIN(MAX(-I259,0),I199,I210)","v":-1000.0000000000001},0,0,-91.960000000000036,-1232.393,-957.78899999999976,924.36525689072778,-113.73054410706254,-9.9650406790065063,0,0,0,0,0,0]
[null,null,"Less: Reduction in Debt",null,null,null,null,null,{"$f":"MIN(I222,MAX(I259,0))","v":0},{"$f":"MIN(J222,MAX(J259,0))","v":19882},63496,0,26805.237999999983,1891.7180000000044,0,0,0,15879.901579065525,18146.062445324162,19392.079759468099,64384.680650854207,42610.198728454547,0]
[null,null,null,"Remaining Cash Flow",null,null,null,null,{"$f":"I259+I260-I261","v":20826},{"$f":"J259+J260-J261","v":0},0,-11678.968000000001,-1232.393,-957.78899999999976,-125068.56508694873,-28257.039521355982,-1994.3375548618828,0,0,0,0,35390.821067654877,80273.822339619132]
[null,null,"Add: Increase in Cash",null,null,null,null,null,{"$f":"MAX(I262,0)","v":20826},{"$f":"MAX(J262,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,35390.821067654877,80273.822339619132]
[null,null,"Less: Increase in Debt",null,null,null,null,null,{"$f":"MAX(-I262,0)","v":0},{"$f":"MAX(-J262,0)","v":0},0,11678.968000000001,1232.393,957.78899999999976,125068.56508694873,28257.039521355982,1994.3375548618828,0,0,0,0,0,0]
[]
["Balance Sheet"]
[null,"Common Equity"]
[null,null,"Open Balance",null,null,null,null,null,{"$f":"H271","v":0},{"$f":"I271","v":31043},46461,77099,66291.798999999999,67085.111000000004,35650.142,13611.099375571604,23284.607896504029,50484.489719950347,83506.584176695367,113694.47874452302,139836.59574671884,162026.1830901677,176871.12100036861]
[null,null,"Add: Net Income",null,null,null,null,null,{"$f":"I243","v":5161},{"$f":"J243","v":16543},30593,4486,-17,-30742,-22039.042624428395,9673.5085209324261,27199.881823446318,33022.094456745021,30187.894567827643,26142.117002195828,22189.587343448857,14844.937910200897,2517.0748627189687]
[null,null,"Less: Dividends"]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I5,I53,I268+I269-I270)","v":31043},46461,77099,66291.798999999999,67085.111000000004,35650.142,13611.099375571604,23284.607896504029,50484.489719950347,83506.584176695367,113694.47874452302,139836.59574671884,162026.1830901677,176871.12100036861,179388.19586308757]
[]
[null,"Minority Interest"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H277","v":0},{"$f":"I277","v":0},0,0,3944.07,3551.7350000000001,3572.4369999999999,1913.5843293440989,2641.6978739304104,4689.0008068779825,7174.5347982458879,9446.7419162544211,11414.42814222615,13084.612135819076,14201.973053791186]
[null,null,"Add: Minority Income",null,null,null,null,null,{"$f":"I242","v":424},{"$f":"J242","v":1458},2758,3092,1146,1859,-1658.852670655901,728.11354458631172,2047.3029329475726,2485.5339913679049,2272.2071180085327,1967.6862259717293,1670.1839935929247,1117.3609179721107,189.45724773153529]
[null,null,"Less: Minority Dividends"]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"IF(I5,I52,I274+I275-I276)","v":0},0,0,3944.07,3551.7350000000001,3572.4369999999999,1913.5843293440989,2641.6978739304104,4689.0008068779825,7174.5347982458879,9446.7419162544211,11414.42814222615,13084.612135819076,14201.973053791186,14391.430301522721]
[]
[null,"Assets"]
[null,null,"Cash Balance",null,null,-1,null,null,{"$f":"I202","v":1000},1000,1000,1091.96,2324.3530000000001,3282.1419999999998,2357.776743109272,2471.5072872163346,2481.4723278953411,2481.4723278953411,2481.4723278953411,2481.4723278953411,2481.4723278953411,37872.293395550216,118146.11573516935]
[null,null,"Restricted Cash",null,null,-1,null,null,{"$f":"I193","v":0},0,0,0,795.03,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001,14036.924000000001]
[null,null,null,null,null,null,1,null,{"$f":"I170","v":5478},35827,44920,92664.084000000003,70041.903000000006,66163.482000000004,75448.855779496706,79088.233190922707,79407.114492650915,76478.949050207273,73245.110090333677,69674.773121823426,65734.026061559867,61385.560372469641,56588.331313214054]
[null,null,null,null,null,null,1,null,{"$f":"I173","v":0},0,0,12330.853999999999,20742.14,24624.353999999999,24626.742606119456,23209.706258766579,22163.846082451179,20776.203999063335,19880.617807546503,18869.630506825499,17600.913636132624,16205.325078370457,14670.177664832074]
[null,null,null,null,null,null,1,null,{"$f":"I176","v":0},0,0,8994.4290000000001,13846.320000000002,14325.573000000002,14817.453086856518,15532.192939463064,15594.818259354497,15019.753818340749,14384.657943349393,13683.476991185153,12909.550944337256,12055.552753347996,11113.421613014105]
[null,null,"Current Assets Less Cash",null,null,null,null,null,{"$f":"SUM(I280:I284)-I280","v":5478},{"$f":"SUM(J280:J284)-J280","v":35827},44920,113989.36700000001,105425.39300000001,119150.33300000001,128929.97547247268,131867.05638915236,131202.70283445661,126311.83086761135,121547.30984122957,116264.80461983407,110281.41464202975,103683.36220418807,96408.854591060226]
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[null,null,null,"EBITDA less Maintenance Cap Exp Debt Service Coverage",15,346,null,null,3.6578707916287536,5.2564518507594746,6.4435414357837706,1.5562267657992566,2.4343994184990008,1.2145552292299269,-0.33892975624385396,0.71235266571253097,1.0049450731859348,1.2201600938630639,1.2541611817621379,1.2980212833854881,7.1237857150473873,10,0]
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[null,null,null,"Balance of New Debt",19,353,null,null,80010,84936,137405,220471.59299999999,238350.842,5092.9809999999707,130161.5460869487,158418.58560830468,160412.92316316656,144533.02158410102,126386.95913877686,106994.87937930875,42610.198728454547,0,0]
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[]
[null,null,null,null,null,null,null,null,{"$f":"I2","v":1992},{"$f":"J2","v":1993},1994,1995,1996,1997,1997,1998,1999,2000,2001,2002,2003,2004,2005]
[null,null,null,"History",null,null,null,null,{"$f":"IF(I5,I382)","v":16080},{"$f":"IF(J5,J382)","v":35644},52328,23443,53586,24399.200000000001,false,false,false,false,false,false,false,false,false]
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{"sheet":"Airline Fleet (2)","index":11,"n_rows":34,"n_cols":14,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
[" NUMBER NUMBER OPERATED"]
[" OWNED BY LEASED BY IN"]
[" MANUFACTURER THE THE REVENUE MAXIMUM NUMBER STAGE III"]
[" AND MODEL SERIES(1) COMPANY COMPANY SERVICE CONFIGURATION PAYLOAD(2) COMPLIANT(3)"]
[]
[null,null,"Company",null,null,"In Revenue","Out of",null,null,null,null,null,"Noise","Not "]
[null,"Model","Owned","Leased","Total","Service","Service",null,"Min","Max","Average",null,"Complaint","Compliant"]
[]
["Boeing 747............",200,6,0,{"$f":"C9+D9","v":6},2,{"$f":"C9+D9-F9","v":4},"Freight",213000,245000,{"$f":"AVERAGE(I9:J9)","v":229000},null,6,{"$f":"C9+D9-M9","v":0}]
["Boeing 747............",100,3,0,{"$f":"C10+D10","v":3},2,{"$f":"C10+D10-F10","v":1},"Freight",218000,218000,{"$f":"AVERAGE(I10:J10)","v":218000},null,3,{"$f":"C10+D10-M10","v":0}]
["Boeing 747............",100,2,0,2,2,0,"Passenger",476,476,476,null,2,0]
["Lockheed L-1011.......",200,6,0,6,6,0,"Freight",125000,125000,125000,null,6,0]
["Lockheed L-1011.......",200,2,0,2,2,0,"Passenger",354,354,354,null,2,0]
["Douglas DC-8..........",60,11,0,11,11,0,"Freight",80000,112000,null,null,6,5]
["Douglas DC-8..........",50,9,0,9,8,1,"Freight",58500,97300,77900,null,0,9]
["Boeing 727............",200,24,4,28,28,0,"Freight",44000,63000,53500,null,10,18]
["Boeing 727............",200,4,0,4,0,4,"Passenger",160,160,160,null,1,3]
["Boeing 727............",100,1,1,2,2,0,"Freight",40000,54500,47250,null,0,2]
["Douglas DC-9..........",15,5,0,5,5,0,"Freight",22000,24000,23000,null,3,2]
[null,0,0,0,0,0,0]
[" Total.........",null,{"$f":"SUM(C9:C20)","v":73},{"$f":"SUM(D9:D20)","v":5},{"$f":"SUM(E9:E20)","v":78},{"$f":"SUM(F9:F20)","v":68},{"$f":"SUM(G9:G20)","v":10},null,null,null,null,null,{"$f":"SUM(M9:M20)","v":39},{"$f":"SUM(N9:N20)","v":39}]
[]
[null,null,null,null,null,null,null,"Concentration of Fleet After Merger measured in Capacity"]
["Total 747",null,null,null,{"$f":"SUM(E9:E11)","v":11}]
[null,null,null,null,6,null,null,null,747,727,"L-1011","DC","Total"]
[null,null,null,null,{"$f":"E24*E25","v":66},null,null,"Average Capacity",{"$f":"SUMPRODUCT(K9:K10*E9:E10)/SUM(E9:E10)","v":225333.33333333334},{"$f":"K16","v":53500},{"$f":"K12","v":125000},{"$f":"SUMPRODUCT(K14:K15,E14:E15)/SUM(E14:E15)","v":35055},{"$f":"SUM(I26:L26)","v":438888.33333333337}]
[null,null,null,null,null,null,null,"Total Planes",{"$f":"SUM(E9:E11)","v":11},{"$f":"SUM(E16:E18)","v":34},{"$f":"SUM(E12:E13)","v":8},{"$f":"F19+F14+F15","v":24},{"$f":"SUM(I27:L27)","v":77}]
["Total 727",null,null,null,{"$f":"SUM(E16:E18)","v":34},null,null,"Before Merger",null,9,null,5,{"$f":"SUM(I28:L28)","v":14}]
[null,null,null,null,null,null,null,"Kalitta",{"$f":"I27-I28","v":11},{"$f":"J27-J28","v":25},{"$f":"K27-K28","v":8},{"$f":"L27-L28","v":19},{"$f":"M27-M28","v":63}]
[]
[null,null,null,null,null,null,null,null,{"$f":"I25","v":747},{"$f":"J25","v":727},{"$f":"K25","v":"L-1011"},{"$f":"L25","v":"DC"},"Total"]
[null,null,null,null,null,null,null,"After Merger",{"$f":"I26*I27","v":2478666.666666667},{"$f":"J26*J27","v":1819000},{"$f":"K26*K27","v":1000000},{"$f":"L26*L27","v":841320},{"$f":"SUM(I32:L32)","v":6138986.666666667}]
[null,null,null,null,null,null,null,"Before Merger",null,425250,0,65000,{"$f":"SUM(I33:L33)","v":490250}]
[null,null,null,null,null,null,null,"Kalitta",{"$f":"I32","v":2478666.666666667},{"$f":"J32","v":1819000},{"$f":"K32","v":1000000},{"$f":"L32","v":841320},{"$f":"SUM(I34:L34)","v":6138986.666666667}]

{"sheet":"Debt 1998","index":12,"n_rows":128,"n_cols":10,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
[]
["Debt Assumptions","Amount","Rate","Perent","Repayment"]
[null,null,null,null,1998,{"$f":"E3+1","v":1999},{"$f":"F3+1","v":2000},{"$f":"G3+1","v":2001},{"$f":"H3+1","v":2002},"After"]
["Notes",{"$f":"C53","v":340000000},9.9500000000000005E-2,{"$f":"B4/$B$8","v":0.84024587966898068},{"$f":"$D4*E$8","v":10415022.449639987},9535608.5082902368,8647853.4460930116,8705273.3287719507,16732280.857819868,285963961.40938497]
["Term Loan",{"$f":"C54","v":45900000},8.7999999999999995E-2,{"$f":"B5/$B$8","v":0.1134331937553124},{"$f":"$D5*E$8","v":1406028.0307013984},1287307.1486191819,1167460.2152225566,1175211.8993842136,2258857.9158056825,38605134.790266968]
["Revolving Credit",{"$f":"C55","v":10000000},{"$f":"C5","v":8.7999999999999995E-2},{"$f":"B6/$B$8","v":2.4713114107911195E-2},306324.18969529372,280459.07377324224,254348.63076744153,256037.45084623384,492125.90758293733,8410704.747334851]
["Other",{"$f":"C66","v":8743460},{"$f":"C6","v":8.7999999999999995E-2},{"$f":"B7/$B$8","v":2.1607812467795723E-2},267833.32996332127,245218.26931733926,222388.70791698943,223865.3209976012,430288.31879151094,7353866.0530132381]
["Total",{"$f":"SUM(B4:B7)","v":404643460},{"$f":"SUMPRODUCT(C4:C7,D4:D7)","v":9.7662827616193271E-2},null,{"$f":"TRANSPOSE(F51:F56)","v":12395208},11348593,10292051,10360388,19913553,340333667]
["                                  "]
[]
[null,1997,{"$f":"B11+1","v":1998},{"$f":"C11+1","v":1999},{"$f":"D11+1","v":2000},{"$f":"E11+1","v":2001},{"$f":"F11+1","v":2002}]
["Opening Balance",null,{"$f":"B14","v":404643460},{"$f":"C14","v":392248252},{"$f":"D14","v":380899659},{"$f":"E14","v":370607608},{"$f":"F14","v":360247220}]
["Repayment",null,{"$f":"E8","v":12395208},{"$f":"F8","v":11348593},{"$f":"G8","v":10292051},{"$f":"H8","v":10360388},{"$f":"I8","v":19913553}]
["Closing Balance",{"$f":"B8","v":404643460},{"$f":"C12-C13","v":392248252},{"$f":"D12-D13","v":380899659},{"$f":"E12-E13","v":370607608},{"$f":"F12-F13","v":360247220},{"$f":"G12-G13","v":340333667}]
["Interest",{"$f":"C8","v":9.7662827616193271E-2},{"$f":"AVERAGE(C14,C12)*$B$15","v":38913348.948914565},{"$f":"AVERAGE(D14,D12)*$B$15","v":37753905.576906465},{"$f":"AVERAGE(E14,E12)*$B$15","v":36697162.334668763},{"$f":"AVERAGE(F14,F12)*$B$15","v":35688674.539713293},{"$f":"AVERAGE(G14,G12)*$B$15","v":34210355.199140392}]
[]
["Debt Service",null,{"$f":"C13+C15","v":51308556.948914565},{"$f":"D13+D15","v":49102498.576906465},{"$f":"E13+E15","v":46989213.334668763},{"$f":"F13+F15","v":46049062.539713293},{"$f":"G13+G15","v":54123908.199140392}]
[]
[]
["Growth",0]
["EBITDA",{"$f":"'Transaction Assumptions'!D101*1000000","v":104917923.18161601},{"$f":"B21*(1+$B$20)","v":104917923.18161601},{"$f":"C21*(1+$B$20)","v":104917923.18161601},{"$f":"D21*(1+$B$20)","v":104917923.18161601},{"$f":"E21*(1+$B$20)","v":104917923.18161601},{"$f":"F21*(1+$B$20)","v":104917923.18161601}]
["Capital Expenditures",null,{"$f":"F108*1000","v":160000000},{"$f":"G108*1000","v":115000000},{"$f":"H108*1000","v":65000000},{"$f":"I108*1000","v":65000000},{"$f":"J108*1000","v":65000000}]
["Net Cash Flow",null,{"$f":"C21-C22","v":-55082076.818383992},{"$f":"D21-D22","v":-10082076.818383992},{"$f":"E21-E22","v":39917923.181616008},{"$f":"F21-F22","v":39917923.181616008},{"$f":"G21-G22","v":39917923.181616008}]
["Debt Service",null,{"$f":"C17","v":51308556.948914565},{"$f":"D17","v":49102498.576906465},{"$f":"E17","v":46989213.334668763},{"$f":"F17","v":46049062.539713293},{"$f":"G17","v":54123908.199140392}]
["Net After Debt Service",null,{"$f":"C23-C24","v":-106390633.76729855},{"$f":"D23-D24","v":-59184575.395290457},{"$f":"E23-E24","v":-7071290.1530527547},{"$f":"F23-F24","v":-6131139.358097285},{"$f":"G23-G24","v":-14205985.017524384}]
[]
[]
["Debt",null,{"$f":"B14","v":404643460},{"$f":"C28","v":404643460}]
[]
["EBITDA",null,100000000,{"$f":"C30/2","v":50000000}]
["Interest",null,{"$f":"C15","v":38913348.948914565},{"$f":"D15","v":37753905.576906465}]
["Net",null,{"$f":"C30-C31","v":61086651.051085435},{"$f":"D30-D31","v":12246094.423093535}]
[]
["Debt to EBITDA - Interest",null,{"$f":"C28/C32","v":6.6240897649079749},{"$f":"D28/D32","v":33.042653928662212}]
[]
["EBITDA",{"$f":"B21","v":104917923.18161601}]
["Debt Service",{"$f":"C13+C15","v":51308556.948914565}]
["DSCR",{"$f":"B36/B37","v":2.0448426036631218}]
[]
["Break-even Capital Expenditures",{"$f":"B36-B37","v":53609366.232701443}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["                                  "]
["  DECEMBER 31, DECEMBER 31,                             ",null,null,null," 1998........................................................                                 ",12395208,{"$f":"F51/$F$57","v":3.0632418969529372E-2}]
["                                  ",1996,1997,null," 1999........................................................                                 ",11348593,{"$f":"F52/$F$57","v":2.8045907377324226E-2}]
[" 9.95 Senior Secured Notes...............................                              ",0,340000000,null," 2000........................................................                                 ",10292051,{"$f":"F53/$F$57","v":2.5434863076744155E-2}]
[" Term Loan................................................                                ",0,45900000,null," 2001........................................................                                 ",10360388,{"$f":"F54/$F$57","v":2.5603745084623385E-2}]
[" Revolving Credit Facility................................                               ",1500000,10000000,null," 2002........................................................                                 ",19913553,{"$f":"F55/$F$57","v":4.9212590758293734E-2}]
[" Note payable, bearing interest at an adjusted Eurodollar                          ",null,null,null," Thereafter..................................................                                 ",340333667]
["  rate plus  to  based upon a fixed charge                       ",1.5,2,null,"                                  ",404643460]
["  coverage ratio of the Company. Note was paid in full in                      "]
["  November 1997..........................................                               ",10605923,0]
[" Note payable, bearing interest at an adjusted Eurodollar                          "]
["  rate plus  to  based upon a fixed charge                       ",1.5,2]
["  coverage ratio of the Company. Note was paid in full in                      "]
["  November 1997..........................................                               ",11682000,0]
[" Other notes payable due in monthly installments with                          "]
["  interest rates ranging from  to  with maturity                        ",7.5,10.5]
["  dates ranging from 1998 through 2009...................                           ",980417,8743460]
["                                  ",24768340,404643460]
[" Less current portion.....................................                               ",3687888,12395208]
["                                  ",21080452,392248252]
["                                  "]
["                                  "]
["                                  "]
["  Applicable                                "]
["  Funded Debt Applicable Base Rate Margin                           "]
["  to Base Rate during Loan Pricing                           "]
["  Adjusted EBITDA Ratio Margin Increase Period                           "]
[" Greater than 4.25 to  4.0",null,1,1.2500000000000001E-2,1.7500000000000002E-2]
["  but equal to or less than 4.25 to 3.5",null,1,0.01,1.7500000000000002E-2]
["  but equal to or less than 4 to 3.0",null,1,7.4999999999999997E-3,1.7500000000000002E-2]
["  but equal to or less than 3.5 to  2.5",null,1,5.0000000000000001E-3,1.7500000000000002E-2]
["  but equal to or less than 3 to   2",null,1,2.5000000000000001E-3,1.7500000000000002E-2]
[" Equal to or less than 2 to                           ",null,1,0,1.7500000000000002E-2]
["                                  "]
["                                  "]
["                                  "]
["                  \"'Applicable Base Rate Margin' means, for the period"]
["         commencing with the Closing Date and thereafter, the rate per annum"]
["         set forth in the table below under the heading 'Applicable Base Rate"]
["         Margin' that corresponds to the ratio of Funded Debt to Adjusted"]
["         EBITDA for the four fiscal quarters of Kitty Hawk and its Subsidiaries"]
["         on a consolidated basis then most recently ended, provided, however,"]
["         that the Applicable Base Rate Margin during the Loan Pricing Increase"]
["         Period shall be 1.75% per annum as set forth in the table below under"]
["         the heading 'Applicable Base Rate Margin during Loan Pricing Increase"]
["         Period':"]
[]
[]
["\"'Applicable Eurodollar Margin' means, for the period commencing with the Closing Date and thereafter, the rate per annum set forth in the table below under the heading 'Applicable Eurodollar Margin' that corresponds to the ratio of Funded Debt to Adjusted EBITDA for the four fiscal quarters of Kitty Hawk and its Subsidiaries on a consolidated basis then most recently ended, provided, however, that the Applicable Eurodollar Margin during the Loan Pricing Increase Period shall be 3.25% per annum as set forth under the heading 'Applicable Eurodollar Margin during Loan Pricing Increase Period':"]
["Applicable Funded Debt Applicable Eurodollar Margin to Eurodollar during Loan Pricing Adjusted EBITDA Ratio Margin Increase Period --------------------- ------ --------------- Greater than 4.25 to 1.00 2.75% 3.25% Greater than 4.00 to 1.00, but equal to or less than 4.25 to 1.00 2.50% 3.25% Greater than 3.50 to 1.00, but equal to or less than 4.00 to 1.00 2.25% 3.25% Greater than 3.00 to 1.00, but equal to or less than 3.50 to 1.00 2.00% 3.25% Greater than 2.50 to 1.00, but equal to or less than 3.00 to 1.00 1.75% 3.25% Greater than 2.00 to 1.00, but equal to or less than 2.50 to 1.00 1.50% 3.25% Equal to or less than 2.00 to 1.00 1.25% 3.25% "]
[]
["For purposes hereof and notwithstanding the preceding sentence, the Applicable Eurodollar Margin for the period from the Closing Date to May 19, 1998 shall be deemed to be 2.75% for Revolving Credit Loans and 3.00% for Term Loans and shall thereafter be calculated on each Calculation Date based upon the preceding table and the financial statements delivered by Kitty Hawk pursuant to Section 8.1(b) and the certificate delivered by Kitty Hawk pursuant to Section 8.1(c); provided, that (a) if Kitty Hawk fails to deliver to Agent such financial statements or certificate at least five Business Days before the relevant Calculation Date, the Applicable Eurodollar Margin shall be deemed to be 2.75% for Revolving Credit Loans and 3.00% for Term Loans until five Business Days after such statements and certificate are delivered by Kitty Hawk to Agent, after which the Applicable Eurodollar Margin shall be determined as otherwise provided herein, and (b) the Applicable Eurodollar Margin during the Loan Pricing Increase Period shall be as set forth in the preceding sentence.\" THIRD AMENDMENT AGREEMENT - Page 11 12 \"'Borrowing Base' means, as of any date of determination in accordance with this Agreement, the sum of (a) the product of the Advance Rate for Eligible Receivables multiplied by the amount of Eligible Receivables, plus (b) the lesser of the product of the Advance Rate for Eligible Parts multiplied by the amount of Eligible Parts or $25,000,000, plus (c) (i) at any time prior to the Increase Termination Date, the lesser of 50% of the Appraised Value of the Sixty Series Aircraft or $30,000,000 and (ii) at any time on or after the Increase Termination Date, zero.\""]
[]
[]
["   Section 2.28 Capital Expenditures. Section 10.4 of the Credit Agreement is"]
["hereby amended and restated to read in its entirety as follows:"]
[]
["      \"Section 10.4 Capital Expenditures. Kitty Hawk and its Subsidiaries will",null,null,null,null,1998,1999,2000,2000,2000]
["   not permit the aggregate of Capital Expenditures (a) during fiscal year 1998",null,null,"Max Cap Exp",null,160000,115000,65000,65000,65000]
["   to exceed $160,000,000, (b) during fiscal year 1999 to exceed $115,000,000,"]
["   and (c) during fiscal year 2000 and each fiscal year thereafter to exceed"]
["   $65,000,000; provided, however, that, for purposes of clause (a) preceding,"]
["   Capital Expenditures shall exclude the cost of the acquisition of two model"]
["   747 aircraft from Middle Eastern Airlines during January or February 1998.\""]
[]
[]
[]
["     The New Notes will bear interest from the date of issuance of the Old Notes"]
["at a rate per annum of 9.95%. Interest on the New Notes will be payable in cash,"]
["semiannually on each May 15 and November 15, commencing May 15, 1998. No"]
["interest will be paid on Old Notes which are exchanged for New Notes, and"]
["holders of Old Notes which are exchanged for New Notes will be deemed to have"]
["waived the right to receive interest accrued thereon to the date of exchange."]
[]
[]
["Interest expense on the Notes is based upon an interest rate of 9.95%. Interest"]
["expense on the Term Loan is calculated assuming an interest rate of 8.8%."]
["Interest on the Term Loan accrues initially at LIBOR plus 3% or the Base Rate"]
["plus 1.5%, subject to reduction. See \"Description of Other Indebtedness.\""]

{"sheet":"Pro Forma BS","index":13,"n_rows":49,"n_cols":13,"rows_kept":49,"cut":false,"hidden":false,"merged":[]}
["  HISTORICAL                                "]
["  KITTY KALITTA                               ",null,null,null,null,"EV Capital"]
["  HAWK COMPANIES ADJUSTMENTS COMBINED                             ","KittyHawk","Kalitta","Adjustment","Adjusted"]
[" Current Assets                                "]
["  Cash and cash equivalents..................                             ",2403,3282,5965,11650,-1,null,null,"Asset Increase - PP&E",null,null,{"$f":"D13","v":46276}]
["  Restricted cash............................                               ",0,14037,56000,70037,-1,null,null,"Asset Increase - Other",null,null,{"$f":"D14","v":10123}]
["  Trade accounts receivable..................                              ",21645,64909,0,86554,null,null,null,"Asset Increase - Current",null,null,{"$f":"D12-D6-D5","v":-101}]
["  Accounts receivable 0 related parties.....                            ",0,1255,0,1255]
["  Inventory and aircraft supplies............                             ",5588,24624,0,30212]
["  Prepaid expenses and other current                            "]
["  assets..................................                                ",6808,19773,-101,26480,null,null,null,"Total Debt"]
["  Total current assets...............                              ",36444,127880,61864,226188,null,null,null,"Existing KH Debt Current",null,null,{"$f":"B23","v":8373}]
[" Property and equipment, net..................    3d                          ",140357,271819,46276,458452,null,null,null,"Existing Kalitta Current",null,null,{"$f":"SUM(C20:C23)","v":254793}]
[" Other assets.................................                                ",0,777,10123,10900,null,null,null,"Existing KH LT",null,null,{"$f":"SUM(B26:B28)","v":72674},45900]
["  Total assets.......................                               ",176801,400476,118263,695540,null,null,null,"Existing Kalitta LT",null,null,{"$f":"SUM(C26:C28)","v":0}]
[" Current Liabilities                                ",null,null,null,null,null,null,null,"Total Debt",null,null,{"$f":"SUM(L12:L15)","v":335840}]
["  Accounts payable and accrued expenses......       3f                     ",27968,75906,15683,119557]
["  Deferred gain on sale of aircraft..........                           ",0,30255,-30255,0,null,null,null,"New Debt Notes",null,null,{"$f":"D27","v":340000}]
["  Notes payable to bank, classified as                           ",null,null,null,null,null,null,null,"New Debt Term Loan",null,null,{"$f":"D28","v":45900}]
["  current.................................                                ",0,55434,-55434,0,1,null,null,"Total",null,null,{"$f":"SUM(L18:L19)","v":385900}]
["  Long-term debt, classified as current......                            ",0,196364,-196364,0,1]
["  Note payable and bank line of credit.......                          ",0,2995,-2995,0,1,null,null,"Retired Debt",null,null,{"$f":"SUM(D20:D23,D25:D26)","v":-325840}]
["  Current maturities of long-term debt.......                            ",8373,0,-4573,3800,1,1,1]
["  Total current liabilities..........                              ",36341,360954,-273938,123357,null,null,null,"Net Existing Debt",null,null,{"$f":"L16+L22","v":10000}]
[" Note payable.................................                                ",0,300,0,300,1,1,1]
[" Existing long-term debt......................                               ",72674,0,-66474,6200,1,1,1,"KH Debt",null,null,{"$f":"L12+L14","v":81047},{"$f":"M14","v":45900}]
[" Notes........................................                                 ",0,0,340000,340000,1,1,1]
[" Term Loan....................................                                ",0,0,45900,45900,1,1,1,"Adjusted Retired Debt",null,null,{"$f":"L22+M26","v":-279940}]
[" Deferred income taxes........................                               ",2545,0,8955,11500,null,0]
[" Minority interest............................                                ",0,3572,0,3572,1,1,0]
[" Stockholders' equity, net....................                               ",65241,35650,63820,164711,null,1,0,{"$f":"E31-B31","v":99470}]
["  Total liabilities and stockholders'                             "]
["  equity...........................                                ",176801,400476,118263,695540]
["                                  "]
["                                  "]
["                                  ",null,null,null,"Capital",null,{"$f":"SUM(G23:G31,E23:E31)","v":699347}]
["                                  ",null,null,null,"Debt",null,{"$f":"SUMPRODUCT(E23:E31,H23:H31)","v":396200}]
["                                  ",null,null,null,"Debt to Cap",null,{"$f":"G37/G36","v":0.56652849014866724},null,{"$f":"1-G38","v":0.43347150985133276}]
[]
[null,null,null,null,"EBITDA",null,126462]
[null,null,null,null,"Debt to EBITA",null,{"$f":"G37/G40","v":3.1329569356802836}]
[]
[null,null,null,null,null,null,40326]
[]
[null,null,null,null,null,null,{"$f":"G40/G43","v":3.1359916679065614}]
[]
[]
[null,null,null,null,"Cap After",null,{"$f":"'Airline Fleet'!L31","v":841320},{"$f":"E13","v":458452},{"$f":"H48/G48","v":0.54491988779536915}]
[null,null,null,null,"Cap Before",null,{"$f":"'Airline Fleet'!L32","v":0},{"$f":"B13","v":140357},{"$f":"H49/G49","v":{"$error":"#DIV/0!"}}]

{"sheet":"Airline Fleet","index":14,"n_rows":33,"n_cols":14,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[" NUMBER NUMBER OPERATED"]
[" OWNED BY LEASED BY IN"]
[" MANUFACTURER THE THE REVENUE MAXIMUM NUMBER STAGE III"]
[" AND MODEL SERIES(1) COMPANY COMPANY SERVICE CONFIGURATION PAYLOAD(2) COMPLIANT(3)"]
[]
[null,null,"Company",null,null,"In Revenue","Out of",null,null,null,null,null,"Noise","Not "]
[null,"Model","Owned","Leased","Total","Service","Service",null,"Min","Max","Average",null,"Complaint","Compliant"]
[]
["Boeing 747............",200,6,0,{"$f":"C9+D9","v":6},2,{"$f":"C9+D9-F9","v":4},"Freight",213000,245000,{"$f":"AVERAGE(I9:J9)","v":229000},null,6,{"$f":"C9+D9-M9","v":0}]
["Boeing 747............",100,3,0,{"$f":"C10+D10","v":3},2,{"$f":"C10+D10-F10","v":1},"Freight",218000,218000,{"$f":"AVERAGE(I10:J10)","v":218000},null,3,{"$f":"C10+D10-M10","v":0}]
["Boeing 747............",100,2,0,2,2,0,"Passenger",476,476,476,null,2,0]
["Lockheed L-1011.......",200,6,0,6,6,0,"Freight",125000,125000,125000,null,6,0]
["Lockheed L-1011.......",200,2,0,2,2,0,"Passenger",354,354,354,null,2,0]
["Douglas DC-8..........",60,11,0,11,11,0,"Freight",80000,112000,null,null,6,5]
["Douglas DC-8..........",50,9,0,9,8,1,"Freight",58500,97300,77900,null,0,9]
["Boeing 727............",200,24,4,28,28,0,"Freight",44000,63000,53500,null,10,18]
["Boeing 727............",200,4,0,4,0,4,"Passenger",160,160,160,null,1,3]
["Boeing 727............",100,1,1,2,2,0,"Freight",40000,54500,47250,null,0,2]
["Douglas DC-9..........",15,5,0,5,5,0,"Freight",22000,24000,23000,null,3,2]
[null,0,0,0,0,0,0]
[" Total.........",null,{"$f":"SUM(C9:C20)","v":73},{"$f":"SUM(D9:D20)","v":5},{"$f":"SUM(E9:E20)","v":78},{"$f":"SUM(F9:F20)","v":68},{"$f":"SUM(G9:G20)","v":10},null,null,null,null,null,{"$f":"SUM(M9:M20)","v":39},{"$f":"SUM(N9:N20)","v":39}]
[]
[null,null,null,null,null,null,null,"Concentration of Fleet After Merger measured in Capacity"]
["Total 747",null,null,null,{"$f":"SUM(E9:E11)","v":11}]
[null,null,null,null,6,null,null,null,747,727,"L-1011","DC","Total"]
[null,null,null,null,{"$f":"E24*E25","v":66},null,null,"Average Capacity",{"$f":"SUMPRODUCT(K9:K10*E9:E10)/SUM(E9:E10)","v":225333.33333333334},{"$f":"K16","v":53500},{"$f":"K12","v":125000},{"$f":"SUMPRODUCT(K14:K15,E14:E15)/SUM(E14:E15)","v":35055},{"$f":"SUM(I26:L26)","v":438888.33333333337}]
[null,null,null,null,null,null,null,"Total Planes",{"$f":"SUM(E9:E11)","v":11},{"$f":"SUM(E16:E18)","v":34},{"$f":"SUM(E12:E13)","v":8},{"$f":"F19+F14+F15","v":24},{"$f":"SUM(I27:L27)","v":77}]
["Total 727",null,null,null,{"$f":"SUM(E16:E18)","v":34},null,null,"Before Merger",null,{"$f":"'Fleet Before Merger'!J25","v":9},null,{"$f":"'Fleet Before Merger'!J26","v":5},{"$f":"SUM(I28:L28)","v":14}]
[]
[null,null,null,null,null,null,null,null,{"$f":"I25","v":747},{"$f":"J25","v":727},{"$f":"K25","v":"L-1011"},{"$f":"L25","v":"DC"}]
[null,null,null,null,null,null,null,"After Merger",{"$f":"I26*I27","v":2478666.666666667},{"$f":"J26*J27","v":1819000},{"$f":"K26*K27","v":1000000},{"$f":"L26*L27","v":841320}]
[null,null,null,null,null,null,null,"Before Merger",null,{"$f":"'Fleet Before Merger'!M25","v":425250},0,{"$f":"'Fleet Before Merger'!M26","v":0}]
[null,null,null,null,null,null,null,"Kalitta"]

{"sheet":"Fleet Before Merger","index":15,"n_rows":29,"n_cols":15,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
["         Revenue Fleet"]
[]
["         The Company owns and operates 23 aircraft in revenue service. In",null,null,null,null,null,null,null,null,23,"Planes"]
["addition, the Company owns one additional aircraft that it expects to place into"]
["revenue service prior to January 1997.  These aircraft do not include (i) two",null,null,null,null,null,null,null,null,2,727,"Avaitaion Partners"]
["Boeing 727-200 aircraft the Company recently entered into an agreement to",null,null,null,null,null,null,null,null,1,727,"International Areo"]
["purchase from Intrepid Aviation Partners, LLC, (ii) one Boeing 727-200 aircraft",null,null,null,null,null,null,null,null,1,727,"International Technical Consultants"]
["the Company recently entered into an agreement to purchase from International"]
["Aero Components, Inc., (iii) one Boeing 727-200F aircraft the Company recently"]
["entered into an agreement to purchase from International Technical Consultants,"]
["Inc., and (iv) the Company's undivided one-third interest in four Falcon 20 jet"]
["aircraft leased to a third-party operator.  See \"Item 1.  Business --"]
["Acquisition Program\" and \"Item 11. Executive Compensation -- Compensation"]
["Committee Interlocks and Insider Participation.\""]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Pounds"]
["         As of November 22, 1996, Kitty Hawk was operating eight Boeing",null,null,null,null,null,null,null,null,8,727,{"$f":"'Airline Fleet'!K18","v":47250}]
["727-200Fs, seven Convairs and three Douglas DC-9-15Fs under ACMI contracts",null,null,null,null,null,null,null,null,7,"Convairs"]
["with Burlington Air Express, Inc., Ting Hong Oceanic Enterprises Co., Ltd.,",null,null,null,null,null,null,null,null,3,"DC9's",{"$f":"'Airline Fleet'!K19","v":23000}]
["Pacific East Asia Cargo Airlines, Inc., DHL Airways, Inc., Emery Worldwide",null,null,null,null,null,null,null,null,{"$f":"SUM(J17:J19)","v":18}]
["Airlines, Inc., and Pan Air Lineas, S.A."]
[null,null,null,null,null,null,null,null,null,{"$f":"J3-J20","v":5},"Difference"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Addition"]
["The Company's revenue fleet is comprised of nine Boeing 727-200F ",null,null,null,null,null,null,null,null,9,727,{"$f":"L17","v":47250},{"$f":"J25*L25","v":425250},null,{"$f":"L25*4","v":189000}]
["aircraft manufactured between 1969 and 1978, five Douglas DC-9-15F aircraft",null,null,null,null,null,null,null,null,5,"DC9",{"$f":"L18","v":0},{"$f":"J26*L26","v":0}]
["manufactured during 1967 and 1968, and nine turbo-prop Convairs manufactured",null,null,null,null,null,null,null,null,9,"Convairs",{"$f":"L19","v":23000},{"$f":"J27*L27","v":207000}]
["between 1948 and 1957.  Manufacturer's Service Bulletins (\"Service Bulletins\")"]
[null,null,null,null,null,null,null,null,"Total",{"$f":"SUM(J25:J28)","v":23},null,null,{"$f":"SUM(M25:M28)","v":632250},null,{"$f":"O25/(M29-O25)","v":0.42639593908629442}]

{"sheet":"Aircraft Purchase","index":16,"n_rows":138,"n_cols":13,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
[]
["IPO"]
["     In October 1996, Kitty Hawk sold in an initial public offering 2,700,000",null,null,null,null,null,null,2700000,29300000,{"$f":"I3/H3","v":10.851851851851851}]
["shares of Common Stock, raising net proceeds of approximately $29.3 million"]
[null,null,null,null,null,null,null,null,null,"Cost/Plane"]
[" (iv) one Boeing 727-200 aircraft for $3.5 million",null,null,null,null,null,null,3500,2500,{"$f":"H6+I6","v":6000},4,{"$f":"J6+J14+J19+J21","v":24700},{"$f":"L6/K6","v":6175}]
["which was placed into revenue service as a leased passenger aircraft and which"]
["was modified to be in compliance with the Stage III noise control standards for"]
["an additional $2.5 million"]
[]
[]
[]
[]
["one Boeing 727-200 aircraft for $3.5 million",null,null,null,null,null,null,3500,5200,{"$f":"H14+I14","v":8700}]
["which was modified to cargo configuration for an additional cost of"]
["approximately $5.2 million (including noise abatement equipment for"]
["approximately $2.5 million)"]
[]
[" one Boeing",null,null,null,null,null,null,4400,null,{"$f":"H19","v":4400}]
["727-200 freighter aircraft for $4.4 million, (ii) one Boeing 727-200 aircraft"]
["for $2.3 million which was modified to cargo configuration for an additional",null,null,null,null,null,null,2300,3300,{"$f":"H21+I21","v":5600}]
["cost of approximately $3.3 million (including approximately $2.2 million for"]
["noise abatement equipment),"]
[]
[]
["In 1998, Kitty Hawk anticipates an aggregate capital expenditure"]
["ranging from $27 million to $32 million for noise abatement modifications to"]
["aircraft currently owned."]
[]
["Kalitta 747"]
["In February 1998, the Company purchased two"]
["Boeing 747s for approximately $39.6 million and expects to modify these aircraft",null,null,null,null,null,null,39600,25400,{"$f":"(H32+I32)/2","v":32500}]
["to freighter configuration for approximately $25.4 million."]
[]
[]
["In September 1997, the Kalitta Companies"]
["acquired one Boeing 747, its associated engines and one spare engine for",null,null,null,null,null,null,21000,8000,{"$f":"H37+I37","v":29000}]
["approximately $21 million. The Company is currently converting this Boeing 747"]
["to freighter configuration at its Oscoda, Michigan facility for an estimated"]
["additional $8 million."]
[]
["In February 1998, the Company acquired for approximately",null,null,null,null,null,null,39600,25400,{"$f":"(H42+I42)/2","v":32500}]
["$39.6 million (i) two additional used Boeing 747s and associated engines, (ii)"]
["two additional spare engines and (iii) certain other related spare parts and"]
["support equipment. The Company is currently negotiating with a third party to"]
["have these two recently acquired Boeing 747s converted from passenger to"]
["freighter configuration in 1998 at a cost of up to $25.4 million."]
[]
["Aircraft Leases. In October 2002, we entered into four new operating leases for Boeing 727-200 cargo aircraft with affiliates of Pegasus Aviation with monthly lease rates ranging from $65,000 to $85,000. Each of these leases expires in May 2004. "]
[]
[null,null,null,null,null,null,null,null,75000,{"$f":"I51*12","v":900000},{"$f":"J51/0.2","v":4500000}]
[]
[]
["We purchased one aircraft in October 2002 for $382,474 and executed a promissory note for that amount. \n This promissory note bears interest at a fixed rate of 8.0% per annum and provides for monthly principal and interest payments of approximately $65,000. This promissory note matures on April 1, 2003 and is secured by a first priority aircraft chattel mortgage and security agreement.  During 2002, we paid $0.2 million in principal and interest on this note.  In 2002, we also paid an affiliate of Pegasus Aviation $326,205 for operation of this aircraft from May 2002 through September 2002, which amounts were credited toward the purchase price of the aircraft in October 2002.  In 2002, we also paid an affiliate of Pegasus Aviation $159,912 under a prior operating lease for this aircraft."]
[]
[]
["         In September 1996, the Company entered into an agreement to purchase"]
["from Intrepid Aviation Partners, LLC for an aggregate purchase price of $7.0"]
["million two Boeing 727-200 aircraft, which aircraft represent two of the five"]
["Boeing 727-200 aircraft the Company intends to purchase with the net proceeds"]
["of the Offering.  Both aircraft are currently utilized in passenger service"]
["and the Company intends to commence noise suppression and cargo conversion"]
["modifications"]
[]
[]
["         In November 1996, the Company entered into an agreement to purchase"]
["from International Technical Consultants, Inc., for an aggregate purchase price"]
["of $4.7 million, one Boeing 727-200F aircraft, which also represents one of the"]
["five Boeing 727-200 aircraft the Company intends to purchase with the net"]
["proceeds of the Offering.  Subject to fulfillment of customary final"]
["inspections and closing conditions, this aircraft is to be delivered by the end"]
["of November 1996."]
[]
[]
[]
["         On September 17, 1997, Kitty Hawk, Inc. (the \"Company\"), through its"]
["wholly owned subsidiary Kitty Hawk Aircargo, Inc., acquired sixteen Boeing 727"]
["aircraft (fifteen of which are in freighter configuration) (the \"Aircraft\") and"]
["certain related contracts (the \"Acquisition of the AIA 727 Fleet\") from"]
["American International Airways, Inc. (\"AIA\") for $51 million cash.  The Company"]
["funded $45.9 million of the purchase price through a loan with Wells Fargo Bank"]
["(Texas), National Association and Bank One, Texas, N.A.  This loan is due June"]
["30, 2001 and bears interest at variable rates.  As of September 17, 1997, the"]
["interest rate on this loan was 7.2%.  The terms of the Acquisition of the AIA"]
["727 Fleet, including the purchase price, were derived through arm's length"]
["negotiations between the parties.  Under certain circumstances, AIA can"]
["repurchase all but three of the Aircraft prior to March 31, 1998, and the"]
["Company can require AIA to repurchase all but three of the Aircraft prior to"]
["December 31, 1997.  In either case, the repurchase price for each of the"]
["Aircraft would be equal to the Comapny's purchase price for such aircraft, plus"]
["the cost of improvements to such aircraft."]
[]
[]
[null,"Planes",16]
[null,"Cash",51000000]
[null,"Cost/Plane",{"$f":"C95/C94","v":3187500}]
[]
[null,"Loan",45900000]
[null,"Loan Date","1997-09-17"]
[null,"Due Date","2001-06-30"]
[]
[]
["         The contracts acquired by the Company require the Company to fly seven"]
["Boeing 727s on designated routes for various customers and to lease one Boeing"]
["727 in passenger configuration to a third party.  In addition, in connection"]
["with the Acquisition of the AIA 727 Fleet, the Company entered into contracts"]
["to fly seven Boeing 727s for AIA and its affiliates.  The Company intends to"]
["use the remaining Boeing 727 in on-demand charter service.  AIA used the Boeing"]
["727 aircraft in substantially the same manner as the Company intends to use"]
["them."]
[null,null,null,null,null,null,null,null,null,null,"Leases in 2002"]
[]
[null,null,null,null,null,null,null,null,null,null,null,"PV"]
[null,null,null,null,null,null,null,null,null,null,65000,{"$f":"PV($M$118,$L$117,-K114)","v":3968417.9877622821}]
[null,null,null,null,null,null,null,null,null,null,85000,{"$f":"PV($M$118,$L$117,-K115)","v":5189469.676304522}]
[]
[null,null,null,null,null,null,null,null,null,null,"Months",{"$f":"M117*12","v":84},7]
[null,null,null,null,null,null,null,null,null,null,"Rate",0.1,{"$f":"(1+L118)^(1/12)-1","v":7.9741404289037643E-3}]
[]
[null,null,null,null,null,null,null,null,null,null,"PV"]
[]
[]
[]
["We purchased the other aircraft in December 2002 for $256,673 and executed a promissory note for that amount.  The promissory note bears interest at a fixed rate of 8.0% per annum and provides for monthly principal and interest payments of approximately $65,000. The promissory note matures on April 1, 2003 and is secured by a first priority aircraft chattel mortgage and security agreement.  During 2002, we did not make any principal or interest payments on this note.  In 2002, we also paid an affiliate of Pegasus Aviation $521,928 for operation of this aircraft from May 2002 through December 2002, which amounts were credited toward the purchase price of the aircraft in December 2002.  In 2002, we also paid an affiliate of Pegasus Aviation $167,148 under a prior operating lease for this aircraft."]
[]
["In August 2003, we purchased this aircraft from the lessor for $1.3 million as part of a settlement of the lease return conditions. "]
[]
["In November 2003, we purchased two Boeing 727-200 cargo airframes together with five aircraft engines from Transamerica Aviation LLC for $600,000. "]
[]
["  Owned Boeing 727-200 Cargo Aircraft. Upon emerging from bankruptcy on September 30, 2002, we determined that in light of declining fair market values for Boeing 727-200 cargo aircraft and the general availability of replacement cargo aircraft we would plan to permanently retire some of our owned Boeing 727-200 airframes and aircraft engines at their next scheduled heavy maintenance event rather than performing the scheduled heavy maintenance event. As a result, we were not required to, and did not,"]
[]
["AirLease: (1) six Boeing 727-200 airframes, or the Airframes; (2) eleven JT8D aircraft engines, or the Engines; and (3) certain Boeing 727-200 aircraft parts, or the Parts. The aggregate sales price for the Airframes, Engines and Parts was $3.5 million."]
[]
[null,null,6,3500,{"$f":"D134/C134","v":583.33333333333337}]
[]
[]
[]
["establish maintenance reserves for those airframes and aircraft engines at September 30, 2002 and have not subsequently established maintenance reserves for those airframes and aircraft engines."]

{"sheet":"Pro Forma IS","index":17,"n_rows":73,"n_cols":7,"rows_kept":73,"cut":false,"hidden":false,"merged":[]}
["  HISTORICAL                                "]
["  KALITTA                                ",null,null,null,0]
["  KITTY HAWK COMPANIES ADJUSTMENTS COMBINED                            ","KittyHawk","Kalitta"]
[" REVENUES:                                 "]
[" Air freight carrier..........................                               ",55504,388193,-5432,438265]
[" Air logistics................................                                ",77168,0,0,77168]
[" Maintenance and other........................                               ",0,36348,0,36348]
["  Total revenues.....................                               ",132672,424541,-5432,551781]
[" COSTS OF REVENUES:                               "]
[" Air freight carrier..........................                               ",40860,357830,-3996,394694]
[" Air logistics................................                                ",67938,0,0,67938]
[" Maintenance and other........................                               ",0,22316,0,22316]
["  Total costs of revenues............                             ",108798,380146,-3996,484948]
[" Gross profit (loss)..........................                               ",23874,44395,-1436,66833]
[" General and administrative expenses..........                              ",8943,22900,0,31843]
[" Non-qualified employee profit sharing........                              ",1243,0,0,1243]
[" Stock option grants to executives............                             ",4231,0,0,4231]
["  Total operating expenses...........                              ",14417,22900,0,37317]
[" Operating income (loss)......................                               ",9457,21495,-1436,29516]
[" OTHER INCOME (EXPENSE):                               "]
[" Interest expense, net........................                               ",-2062,-21632,-16632,-40326]
[" Other, net...................................                                ",291,1266,0,1557]
[" Income (loss) before income taxes and                            "]
["  minority interest..........................                               ",7686,1129,-18068,-9253]
[" Minority interest............................                                ",0,-1146,0,-1146]
[" Income (loss) before income taxes............                             ",7686,-17,-18068,-10399]
[" Income taxes (benefit).......................                               ",3038,0,-3038,0]
["  Net income (loss)..................                              ",4648,-17,-15030,-10399]
[" Net income (loss) per share..................                             ",null,null,0.55000000000000004,-0.7]
[" Weighted average common and common equivalent                            "]
["  shares outstanding.........................                               ",8477,6299,null,14776,null,{"$f":"E31-B31","v":6299}]
["                                  "]
["                                  ",{"$f":"B14-B15","v":14931},{"$f":"C14-C15","v":21495},{"$f":"D14-D15","v":-1436},{"$f":"E14-E15","v":34990}]
["                                  "]
["EBITDA",null,75463.323181615851]
[]
["  NINE MONTHS                               "]
["  YEAR ENDED ENDED                              "]
["  DECEMBER 31, SEPTEMBER 30,                             "]
["                                  ",1996,1997]
[" a. Revenues:                                "]
["  - Elimination of intercompany revenue..................                            ",-4914,-4639]
["   Elimination of revenue on aircraft to be purchased by                       ",null,0]
["  Mr. Kalitta..........................................                               ",-518,-303]
["                                  ",-5432,-4942]
[" b. Costs of revenues:                              "]
["  - Elimination of intercompany revenue..................                            ",-4914,-4639]
["   Elimination of the cost of revenues associated with                        ",null,0]
["  the aircraft to be purchased by Mr. Kalitta..........                         ",-466,-273]
["   Conforming the Kalitta Companies' aircraft                           ",null,0]
["  maintenance accounting policy to that of Kitty Hawk..                         ",-2323,-14534]
["  - Decreasing insurance costs for the combined fleet....                         ",-1500,-1125]
["   Increase in depreciation expense from the step-up in                        ",null,0]
["  fair value of acquired property and equipment,                          "]
["  principally aircraft, and adjusting the useful lives                          "]
["  of the acquired aircraft.............................                             ",5207,3850]
["                                  ",-3996,-16721]
[" c. Interest expense:                               "]
["   Repaying existing Kalitta Companies' credit                           ",null,0]
["  facilities...........................................                                ",20912,19200]
["  - Repaying existing Kitty Hawk credit facilities.......                          ",1882,1674]
["  - The Notes............................................                              ",-33830,-25373]
["  - Term Loan............................................                              ",-4039,-3029]
["  - Amortizing deferred financing costs..................                            ",-1557,-1168]
["                                  ",-16632,-8696]
[" d. Adjustments to reduce income tax expense by the amount                        "]
["  incurred by Kitty Hawk.................................                             ",-3038,-4645]
["                                  ",-15030,7728]
["                                  "]
["                                  "]
["                                  "]
["                                  "]
["                                  "]

{"sheet":"Plant Balance","index":18,"n_rows":20,"n_cols":28,"rows_kept":20,"cut":false,"hidden":false,"merged":[]}
["                                  "]
[" <CAPTION>                                 ",null,null,null,null,null,"Ratio",{"$f":"S15","v":0.36886345870284531}]
["  DECEMBER 31, DECEMBER 31,                             "]
["                                  ",1997,1998,null,null,null,"Growth",0.2]
["  (IN THOUSANDS)                               ",null,null,null,null,null,"Life",10,{"$f":"1/$H$5","v":0.1}]
[" Aircraft and engines........................................                               ",498517,720981,{"$f":"C6-B6","v":222464}]
[" Aircraft work in process....................................                              ",31576,27639,null,null,null,"Year",0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[" Machinery and equipment.....................................                               ",20619,23664,null,null,null,"Stable Period",null,{"$f":"I7>=$H$5","v":false},{"$f":"J7>=$H$5","v":false},false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true]
[" Buildings and leasehold improvements........................                              ",17417,17701,null,null,null,"Plant Balance",null,{"$f":"H12","v":100},{"$f":"I12","v":220},364,536.79999999999995,744.16,992.99199999999996,1291.5904,1649.9084800000001,2079.8901759999999,2595.8682111999997,3115.0418534399996,3738.0502241279992,4485.6602689535994,5382.7923227443189,6459.3507872931832,7751.2209447518189,9301.4651337021824,11161.75816044262,13394.109792531142,16072.931751037371]
[" Rotable aircraft parts......................................                               ",7773,10058,null,null,null,"Add: Cap Exp",100,{"$f":"H10*(1+$H$4)","v":120},{"$f":"I10*(1+$H$4)","v":144},172.79999999999998,207.35999999999999,248.83199999999997,298.59839999999997,358.31807999999995,429.98169599999994,515.97803519999991,619.17364223999982,743.00837068799979,891.61004482559974,1069.9320537907197,1283.9184645488635,1540.7021574586363,1848.8425889503635,2218.6111067404363,2662.3333280885236,3194.7999937062282,3833.7599924474735]
[" Construction in progress....................................                               ",1986,147,null,null,null,"Less: Retirements",null,{"$f":"IF(I8,OFFSET(I10,0,-$H$5))","v":false},{"$f":"IF(J8,OFFSET(J10,0,-$H$5))","v":false},false,false,false,false,false,false,false,100,120,144,172.79999999999998,207.35999999999999,248.83199999999997,298.59839999999997,358.31807999999995,429.98169599999994,515.97803519999991,619.17364223999982]
[" Other.......................................................                                 ",758,1809,null,null,null,"Closing Balance",{"$f":"H9+H10-H11","v":100},{"$f":"I9+I10-I11","v":220},{"$f":"J9+J10-J11","v":364},536.79999999999995,744.16,992.99199999999996,1291.5904,1649.9084800000001,2079.8901759999999,2595.8682111999997,3115.0418534399996,3738.0502241279992,4485.6602689535994,5382.7923227443189,6459.3507872931832,7751.2209447518189,9301.4651337021824,11161.75816044262,13394.109792531142,16072.931751037371,19287.518101244845]
["                                  ",578646,801999,{"$f":"C13-B13","v":223353},null,null,"Depreciation",null,{"$f":"I9*$I$5","v":10},{"$f":"J9*$I$5","v":22},36.4,53.68,74.415999999999997,99.299199999999999,129.15904,164.99084800000003,207.98901760000001,259.58682111999997,311.50418534400001,373.80502241279993,448.56602689535998,538.27923227443193,645.93507872931832,775.12209447518194,930.14651337021826,1116.1758160442621,1339.4109792531144,1607.2931751037372]
[" Less accumulated depreciation...............................                               ",-30109,-81191,null,null,null,"Accumulated Depreciation",null,{"$f":"H14+I13-I11","v":10},{"$f":"I14+J13-J11","v":32},68.400000000000006,122.08000000000001,196.49600000000001,295.79520000000002,424.95424000000003,589.94508800000006,797.93410560000007,957.52092672000003,1149.025112064,1378.8301344767999,1654.5961613721599,1985.515393646592,2382.6184723759102,2859.142166851092,3430.9706002213102,4117.1647202655722,4940.5976643186868,5928.7171971824237]
["  Net property and equipment........................                             ",548537,720808,null,null,null,"Accum Dep/Balance",null,{"$f":"I14/I9","v":0.1},{"$f":"J14/J9","v":0.14545454545454545},0.18791208791208794,0.22742175856929961,0.26405074177596216,0.29788276239889144,0.32901625778575005,0.35756231036523917,0.3836424224737528,0.36886345870284531,0.36886345870284531,0.36886345870284531,0.36886345870284531,0.36886345870284531,0.36886345870284526,0.36886345870284531,0.36886345870284526,0.36886345870284526,0.36886345870284531,0.36886345870284526]
["                                  "]
["                                  ",{"$f":"B13-'Purchase Price Allocation'!F20","v":532370}]
["                                  "]
["                                  ",0.4]
["                                  ",10]

{"sheet":"Purchase Price Allocation","index":19,"n_rows":26,"n_cols":8,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[" PURCHASE PRICE DETERMINATION:                               "]
["  Cash......................................................                                ",20000]
["   shares of Kitty Hawk common stock at an assumed                       ",4099150]
["  value of 15 per share.................................                            ",61487]
["  Related expenses..........................................                               ",2178]
["  Plus fair value of liabilities assumed:                           "]
["  Accounts payable and accrued expenses (including                           "]
["   maintenance accrual to conform to Kitty Hawk                         ",14933]
["  accounting method and record the Kalitta Tax                          "]
["  Distribution).........................................                                ",91589]
["  Notes payable, reclassified as current.................                            ",58429]
["  Long-term debt, reclassified as current, including                           "]
["  approximately 3000 in early payment penalties.......                           ",199364,{"$f":"B13+B11","v":257793}]
["  Note payable...........................................                               ",300]
["  Deferred income taxes..................................                              ",8955]
["  Minority interest......................................                               ",3572]
["  Total purchase price to allocate..................                            ",445874]
[" PURCHASE PRICE ALLOCATION:                               "]
["  Current assets............................................                               ",127779]
["  Property and equipment, principally aircraft..............                            ",318095,null,"Book Value",{"$f":"'Pro Forma BS'!C13","v":271819},{"$f":"B20-E20","v":46276},null,{"$f":"B20/'Pro Forma BS'!C13","v":1.1702456414010793}]
["Total",445874]
["                                  ",null,null,"Kitty Hawk",null,{"$f":"'Pro Forma BS'!B13","v":140357}]
["                                  "]
["                                  ",null,null,null,null,{"$f":"F20/F22","v":0.32970211674515698}]
["                                  "]
["                                  "]

{"sheet":"Sources and Uses","index":20,"n_rows":123,"n_cols":9,"rows_kept":123,"cut":false,"hidden":false,"merged":[]}
["Merger Date",null,null,null,null,"1997-11-19"]
[]
[]
["Shares"]
[null,null,null,"Pre-Merger",null,null,8477]
[null,null,null,"Added",null,null,{"$f":"'Pro Forma IS'!C31","v":6299}]
[null,null,null,"Total",null,null,{"$f":"SUM(G5:G6)","v":14776}]
[]
[null,null,null,"Chistropher",null,null,5948,{"$f":"G9/G7","v":0.40254466702761232}]
[null,null,null,"Kalitta",null,null,4099,{"$f":"G10/G7","v":0.27740931239848404}]
[null,null,null,"Total",null,null,{"$f":"SUM(G9:G10)","v":10047}]
[]
[null,null,null,"Net New Public Shares",null,null,{"$f":"G6-G10","v":2200}]
[]
[]
["     As of the date hereof, M. Tom Christopher, the Company's Chairman and Chief"]
["Executive Officer, beneficially owns 5,948,436 shares, or approximately 35.5% of"]
["the outstanding Common Stock, and Conrad A. Kalitta, the Company's Vice"]
["Chairman, beneficially owns 4,099,150 shares, or approximately 24.5% of the"]
[]
["     In September 1997, prior to the Merger, the Kalitta Companies sold to Kitty"]
["Hawk for $51 million 16 Boeing 727 aircraft, comprising 15 aircraft in freighter"]
["configuration and one aircraft in passenger configuration. As part of the"]
[]
[]
[]
["In November 2003, we purchased two Boeing 727-200 cargo airframes together with five aircraft engines from Transamerica Aviation LLC for $600,000. "]
[]
[null,null,null,null,"Date",null,"Cost","Planes","Cost/Plane"]
[]
[null,null,null,null,"Sept 1997",null,51000000,16,{"$f":"G31/H31","v":3187500}]
[null,null,null,null,"Nov 2003",null,600000,2,{"$f":"G32/H32","v":300000}]
[]
[]
[]
["Appraisals of Aircraft; Realizable Values. Appraisals in respect of the"]
["Aircraft have been prepared by Pro-Tech Advisors Inc. and GRA Aviation"]
["Specialists, Inc. According to the appraisals of these firms, the Aircraft had"]
["an initial aggregate value of approximately $441 million in October 1997."]
[]
[]
[null,null,null," SOURCES:                                 "]
[null,null,null," Note Offering, net of underwriting discounts and expenses...                          ",null,null,null,329.1]
[null,null,null," Common Stock Offering, net of underwriting discounts and                          "]
[null,null,null,"  expenses..................................................                                ",null,null,null,38]
[null,null,null," Term Loan...................................................                                ",null,null,null,45.9]
[null,null,null,"  Total.............................................                                ",null,null,null,413]
[null,null,null," USES:                                 "]
[null,null,null," Refinancings(1).............................................                                 ",null,null,null,328.8]
[null,null,null," Acquisition of two Boeing 747s..............................                             ",null,null,null,39.6]
[null,null,null," Cash paid pursuant to the Merger Agreement..................                           ",null,null,null,20]
[null,null,null," Escrow for conversion to freighter configuration of two                          "]
[null,null,null,"  Boeing 747s(2)............................................                               ",null,null,null,16.399999999999999]
[null,null,null," Working capital.............................................                                ",null,null,null,6]
[null,null,null," Estimated expenses(3).......................................                                ",null,null,null,2.2000000000000002]
[null,null,null,"  Total.............................................                                ",null,null,null,413]
[null,null,null,"                                  "]
[null,null,null,"                                  "]
[]
[null,null,null," Current maturities of long-term debt(1).....................                             ",null,null,8373,3800]
[null,null,null," Long-term debt:                                "]
[null,null,null,"  New Credit Facility(2)....................................                              ",null,null,0,0]
[null,null,null,"  Term Loan.................................................                               ",null,null,0,45900]
[null,null,null,"  New Notes.................................................                               ",null,null,0,340000]
[null,null,null,"  Other long-term debt(1)...................................                              ",null,null,72674,6200]
[null,null,null,"                                  ",null,null,72674,392100]
[null,null,null,"                                  "]
[null,null,null,"                                  "]
[null,null,null,"  AS OF SEPTEMBER 30,                             ",1997,"Sources","Uses","Sources","Uses"]
[null,null,null," a. Cash:                                "]
[null,null,null,"  - Issuing  shares of common stock at a price                       ",2200000,null,null,{"$f":"E71*F71","v":0},{"$f":"G71*E71","v":0}]
[null,null,null,"  of 19 per share.......................................                             ",41800,1,null,41800,0]
[null,null,null,"  - Cash payment to Mr. Kalitta..........................                           ",-20000,null,1,0,-20000]
[null,null,null,"  - Proceeds of the Notes................................                            ",340000,1,null,340000,0]
[null,null,null,"   Repaying existing credit facilities including early                          ",0,null,null,0,0]
[null,null,null,"  payment penalties of approximately 3,000..............                            ",-328840,null,1,0,-328840]
[null,null,null,"  - Restricted cash......................................                              ",-56000,null,1,0,-56000]
[null,null,null,"  - Expenses of the Transactions and the Refinancings....                         ",-16895,null,1,0,-16895]
[null,null,null,"  - Proceeds from the Term Loan..........................                           ",45900,1,null,45900,0]
[null,null,null,"Net Cash",5965,0,-1,0,-5965]
[]
[null,null,null,null,{"$f":"SUMPRODUCT($E$71:$E$80,$F$71:$F$80)","v":427700},{"$f":"SUMPRODUCT($E$71:$E$80,F71:F80)","v":427700},{"$f":"SUMPRODUCT($E$71:$E$80,G71:G80)","v":-427700},{"$f":"SUM(H71:H80)","v":427700},{"$f":"SUM(I71:I80)","v":-427700}]
[]
[]
["Sources and Uses"]
[null,"Uses of Funds"]
[null,null,"Purchase of Planes"]
[null,null,"Cash Payment to Kalitta",null,{"$f":"-E73","v":20000}]
[null,null,"Repayment of Existing Debt",null,{"$f":"-E76-E90","v":325840}]
[null,null,"Penalties on Repayment",null,3000]
[null,null,"Restricted Cash",null,{"$f":"-E77","v":56000}]
[null,null,"Expenses on Transaction",null,{"$f":"-E78","v":16895}]
[null,null,"Increase in Cash",null,{"$f":"E100-F94","v":5965}]
[null,null,null,"Total",{"$f":"SUM(E88:E93)","v":427700},{"$f":"SUM(E88:E92)","v":421735}]
[]
[null,"Sources of Funds"]
[null,null,"Proceeds from Note Issuance",null,{"$f":"E74","v":340000}]
[null,null,"Proceeds from Term Loan",null,{"$f":"E79","v":45900}]
[null,null,"New Stock Issuance",null,{"$f":"E72","v":41800}]
[null,null,null,"Total",{"$f":"SUM(E97:E99)","v":427700}]
[]
[]
[]
[null,null,null," b. Restricted Cash resulting from the proceeds from the                         "]
[null,null,null,"  Note Offering used to fund the acquisition of two                        "]
[null,null,null,"  Boeing 747s and certain modifications thereto..........                           ",56000]
[null,null,null," c. Other current assets...................................                              ",-101]
[null,null,null," d. Property and equipment.................................                              ",46276]
[null,null,null," e. Other assets, principally deferred debt costs..........                           ",10123]
[null,null,null," f. Adjusting accrued maintenance to conform the Kalitta                          "]
[null,null,null,"  Companies' accounting policy to that of Kitty Hawk and                        "]
[null,null,null,"  recording the Kalitta Tax Distribution.................                            ",15683]
[null,null,null," g. Deferred gain on sale of aircraft......................                           ",-30255]
[null,null,null," h. Adjusting debt outstanding for the following:                           "]
[null,null,null,"  - The Notes............................................                              ",340000]
[null,null,null,"  - Repayment of existing credit facilities..............                           ",-325840]
[null,null,null,"  - Term Loan............................................                              ",45900]
[null,null,null,"                                  ",60060]
[null,null,null," i. Recording deferred income taxes related to the book and                        "]
[null,null,null,"  tax basis differences of the assets acquired and                         "]
[null,null,null,"  liabilities assumed in the Merger......................                            ",8955]
[null,null,null,"                                  "]
[null,null,null,"                                  "]