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{"sheet":"Contents","index":0,"n_rows":13,"n_cols":5,"rows_kept":13,"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,"Sheet2"]
[null,2,"Points"]
[null,3,"Scenario Analysis"]
[null,4,"Financial Ratio Output"]
[null,5,"Assumptions"]
[null,6,"Financial Model"]
[null,7,"Project Analysis"]
[null,8,"Depreciation and Retirement"]
[null,9,"Tornado Diagram"]
[null,10,"Marginal Price Function"]

{"sheet":"Points","index":1,"n_rows":9,"n_cols":3,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,"Separate New and Existing Asses"]
[null,null,"Use Dynamic Goal Seek to Find EBITDA on New Assets"]
[null,null,"Compute Retirements with Goal Seek"]
[null,null,"Use Flexible Assumption Techniques"]
[null,null,"Assumptions in Different Sheet"]
[null,null,"Review Historic Switch"]

{"sheet":"Scenario Analysis","index":2,"n_rows":46,"n_cols":22,"rows_kept":46,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Start Row",{"$f":"ROW(M12)","v":12}]
[null,null,"Base for Comparison",null,null,1,{"$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",{"$f":"COLUMN(M12)","v":13}]
[null,null,"Scenario Num",7,null,null,null,null,null,null,null,null,null,null,{"$f":"'Financial 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$7&\" \"&P9","v":"EPS 1999"},"EPS 2000","EPS 2001","EPS 2002","EPS 2003","EPS 2004","EPS 2005"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"C30","v":"Cost of New Planes Low Case vs Base Case"},{"$f":"'Financial Model'!O315","v":1.7386866779030765},{"$f":"'Financial Model'!P315","v":1.5270097747684594},{"$f":"'Financial Model'!Q315","v":1.6692670672000749},{"$f":"'Financial Model'!R315","v":1.6137116388449133},{"$f":"'Financial Model'!S315","v":2.3862563274825201},{"$f":"'Financial Model'!T315","v":3.3641073998951501},{"$f":"'Financial Model'!U315","v":4.6089616266559164},{"$f":"'Financial Model'!V315","v":6.1879281504697392}]
[null,null,"Base Case",1100,1,1,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02,1,{"$f":"C12","v":"Base Case"},1.7386866779030765,2.2779416713899781,2.9654868212867176,3.8595417322690624,4.9990434370411361,6.4759001970341279,8.5091027566262927,11.455735453772089]
[null,null,"Low Case",1000,1.1000000000000001,2,0.06,-0.01,0.06,7.0000000000000007E-2,0.08,0.01,2,null,0.77181681500098598,0.37227363321205831,0.20889220069656839,-7.4353169847941769E-2,7.8169280977007496E-2,0.23912447161356942,0.41718801020528778,0.62086111475848282]
[null,null,"High Case",1200,0.9,3,0.18,0.04,0.09,0.04,0.06,0.03,3,null,2.5199282246450574,3.8185466774466463,5.5639788133622732,8.0390941854047426,11.769777823293513,17.99656076584095,30.295885292326975,65.364965659784545]
[null,null,"Worst Case",900,0.9,1,0.05,-0.01,0.06,7.0000000000000007E-2,0.09,0.01,4,null,3.8772140451460229,4.2377513773386832,4.6336012402966151,5.0823362436738719,5.6153843989223517,6.2575643474543288,7.0394628319924806,8.0036125482319971]
[null,1,{"$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$2,0))","v":1000},{"$f":"IF(E$9=$B16,OFFSET(E$11,$F$3,0),OFFSET(E$11,$F$2,0))","v":1},1,0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02,5,null,1.4277104366338838,1.9405843193835128,2.5980357417762021,3.458661585424164,4.5604710044709842,5.9681072516843647,7.8823875362551243,10.619651671477028]
[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,1.670312367172599,2.1258475258285392,2.70913913898152,3.4722877263897947,4.4480873347446686,5.6455499793260318,7.3739666197851834,9.7130922438136835]
[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,1.7386866779030765,1.5270097747684594,1.6692670672000749,1.6137116388449133,2.3862563274825201,3.3641073998951501,4.6089616266559164,6.1879281504697392]
[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,1.6713282094240069,1.8555587564392353,2.0836569415848176,2.3788609340490274,2.7507158533811156,3.2189813211277292,3.805483143992471,4.5369606990616482]
[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,1.7292203566843218,2.2633206997438813,2.945116669164666,3.832722392474456,4.9650115479186185,6.4311571152754867,8.4484848640761268,11.368967899180801]
[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,1.5565595061765265,2.0740905016497879,2.7353709251213476,3.5979094941626166,4.6991657676257521,6.1079014898667374,8.0302349032018849,10.783626115731426]
[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,1.3590958878518664,1.8511387920800095,2.4812685710813831,3.3065245477551222,4.3627761956655755,5.7119204463857809,7.5217278702341313,10.082734436407593]
[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,1.7386866779030765,2.2779416713899781,2.9654868212867176,3.8595417322690624,4.9990434370411361,6.4759001970341279,8.5091027566262927,11.455735453772089]
[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,1.7369460464975186,2.2756619570616028,2.9625194194267732,3.8556801455305547,4.9940422355588305,6.4690669952177124,8.499403392182467,11.441242666054142]
[]
[]
[]
[]
[]
[null,null,{"$f":"INDEX(C12:C24,$D$7)","v":"Cost of New Planes Low Case vs Base Case"},{"$f":"INDEX(D12:D24,$D$7)","v":1100},{"$f":"INDEX(E12:E24,$D$7)","v":1},{"$f":"INDEX(F12:F24,$D$7)","v":2},0.13,0.02,0.08,0.05,7.0000000000000007E-2,0.02]
[]
[]
[null,null,"Year",{"$f":"Q9","v":2000}]
[null,null,"Base",{"$f":"O9","v":1998}]
[null,null,"Cols to Move",{"$f":"D33-D34","v":2}]
[]
[null,null,null,{"$f":"\" Tornado Diagram for \" &OFFSET(O10,0,D35)","v":" Tornado Diagram for EPS 2000"}]
[null,null,{"$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$35)","v":-0.36745107951051548}]
[null,null,{"$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":-0.25634768230519756}]
[null,null,"Cost of New Planes Low Case vs Base Case",-1.2962197540866427]
[null,null,"IRR on New Planes Low Case vs Base Case",-0.88182987970189997]
[null,null,"Logistics Growth Low Case vs Base Case",-2.0370152122051621E-2]
[null,null,"Logistics Margin Low Case vs Base Case",-0.23011589616536998]
[null,null,"Admin Expense Percent Low Case vs Base Case",-0.48421825020533449]
[null,null,"Interest Expense Rate Low Case vs Base Case",0]
[null,null,"Interest Income Rate Low Case vs Base Case",-2.9674018599443741E-3]

{"sheet":"Assumptions","index":3,"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"]
[null,null,null,null,null,null,null,null,null,null,1992,1993,1994,1995,1996,1997,{"$f":"P2","v":1997},{"$f":"Q2+1","v":1998},{"$f":"R2+1","v":1999},2000,2001,2002,2003,2004,2005]
[null,null,null,null,null,null,null,null,null,null,1,1,1,1,1,0.72,{"$f":"1-P3","v":0.28000000000000003},1,1,1,1,1,1,1,1]
["Last Historic Period",null,null,null,null,null,null,null,null,null,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false]
["History",null,null,null,"Driver","Average","Last","Input","Applied","Code",true,true,true,true,true,true,false,false,false,false,false,false,false,false,false]
[]
["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,{"$f":"'Scenario Analysis'!F30","v":2},{"$f":"INDEX(K10:K12,$J$13)","v":5557.5},6175,6175,6175,6175,6175,6175,6175,5145.8333333333339,4678.030303030303,4067.852437417655,4067.852437417655,4067.852437417655,4067.852437417655,4067.852437417655]
[]
[null,null,"Inflation Rate for Incremental Aircraft",null,null,null,null,0.03,null,null,{"$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,{"$f":"K13*K16","v":5557.5},{"$f":"L13*L16","v":6175},6175,6175,6175,6175,6360.25,6551.0574999999999,5622.991020833334,5265.1643195075767,4715.7558687763512,4857.2285448396415,5002.9454011848311,5153.0337632203764,5307.624776116988]
[]
[null,null,"IRR on Marginal Aircraft",null,null,null,null,{"$f":"'Scenario Analysis'!G30","v":0.13},null,null,{"$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":1336.4987295313388},1484.9985883681536,1484.9985883681536,1484.9985883681536,1484.9985883681536,1484.9985883681536,1373.9241341991331,1415.1418582251081,1214.6634283098849,1137.3666646901668,1018.684925765974,1049.2454735389517,1080.7228377451227,1113.1445228774764,1146.5388585638011]
[]
[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,{"$f":"K22/K25","v":0.89746087129421082},{"$f":"L22/L25","v":0.99717874588245603},0.99717874588245603,0.99717874588245603,0.99717874588245603,0.99717874588245603,0.92259208581730656,0.95026984839182649,0.81564828653631805,0.76374339557491722,0.68404843255840309,0.70456988553515421,0.72570698210121043,0.74747819156424689,0.76990253731117453]
[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$28)","v":2.1291247816962735},{"$f":"(L26+L27)*(1+$H$28)","v":1.8288897067875522},2.7399909626274481,2.8402083050674838,2.7685604598479965,2.5542759198767513,2.5203201573253282,2.5959297620450887,2.5011838515438956,2.495400040970476,2.4616830344995941,2.5355335255345808,2.6115995313006199,2.6899475172396388,2.7706459427568282]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"Q28/P28-1","v":-1.3293694031716652E-2},{"$f":"R28/Q28-1","v":3.0000000000000249E-2},{"$f":"S28/R28-1","v":-3.6497871354790323E-2},-2.3124292002163482E-3,-1.3511663828365217E-2,2.9999999999999583E-2,3.0000000000000693E-2,3.0000000000000027E-2,3.0000000000000027E-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$32*'Depreciation and Retirement'!D15","v":0.8147228914332475},{"$f":"$Q$32*'Depreciation and Retirement'!E15","v":0.93693132514823452},{"$f":"$Q$32*'Depreciation and Retirement'!F15","v":1.0774710239204697},{"$f":"$Q$32*'Depreciation and Retirement'!G15","v":1.2390916775085401},{"$f":"$Q$32*'Depreciation and Retirement'!H15","v":1.424955429134821},{"$f":"$Q$32*'Depreciation and Retirement'!I15","v":1.638698743505044},{"$f":"$Q$32*'Depreciation and Retirement'!J15","v":1.8845035550308005},{"$f":"$Q$32*'Depreciation and Retirement'!K15","v":2.1671790882854203},{"$f":"$Q$32*'Depreciation and Retirement'!L15","v":2.4922559515282328}]
[null,null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"IF(K5,'Financial Model'!H80,K32+K33-K34+K34)","v":11},{"$f":"IF(L5,'Financial Model'!I80,L32+L33-L34)","v":10},{"$f":"IF(M5,'Financial Model'!J80,M32+M33-M34)","v":15},{"$f":"IF(N5,'Financial Model'!K80,N32+N33-N34)","v":22},{"$f":"IF(O5,'Financial Model'!L80,O32+O33-O34)","v":25},{"$f":"IF(P5,'Financial Model'!M80,P32+P33-P34)","v":26},{"$f":"IF(Q5,'Financial Model'!N80,Q32+Q33-Q34)","v":25.185277108566751},{"$f":"IF(R5,'Financial Model'!O80,R32+R33-R34)","v":24.248345783418518},{"$f":"IF(S5,'Financial Model'!P80,S32+S33-S34)","v":23.170874759498048},{"$f":"IF(T5,'Financial Model'!Q80,T32+T33-T34)","v":21.931783081989508},{"$f":"IF(U5,'Financial Model'!R80,U32+U33-U34)","v":20.506827652854685},{"$f":"IF(V5,'Financial Model'!S80,V32+V33-V34)","v":18.868128909349643},{"$f":"IF(W5,'Financial Model'!T80,W32+W33-W34)","v":16.983625354318843},{"$f":"IF(X5,'Financial Model'!U80,X32+X33-X34)","v":14.816446266033422},{"$f":"IF(Y5,'Financial 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,'Financial Model'!H81/K3)","v":3567},{"$f":"IF(L5,'Financial Model'!I81/L3)","v":7030},{"$f":"IF(M5,'Financial Model'!J81/M3)","v":11795},{"$f":"IF(N5,'Financial Model'!K81/N3)","v":15183},{"$f":"IF(O5,'Financial Model'!L81/O3)","v":20237},{"$f":"IF(P5,'Financial Model'!M81/P3)","v":30433.333333333336},{"$f":"IF(Q5,'Financial Model'!N81/Q3)","v":false},{"$f":"IF(R5,'Financial Model'!O81/R3)","v":false},{"$f":"IF(S5,'Financial Model'!P81/S3)","v":false},{"$f":"IF(T5,'Financial Model'!Q81/T3)","v":false},{"$f":"IF(U5,'Financial Model'!R81/U3)","v":false},{"$f":"IF(V5,'Financial Model'!S81/V3)","v":false},{"$f":"IF(W5,'Financial Model'!T81/W3)","v":false},{"$f":"IF(X5,'Financial Model'!U81/X3)","v":false},{"$f":"IF(Y5,'Financial 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},{"$f":"'Scenario Analysis'!D30","v":1100},{"$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,{"$f":"IF(K5,'Financial Model'!H50/K3)","v":6760},{"$f":"IF(L5,'Financial Model'!I50/L3)","v":12939},{"$f":"IF(M5,'Financial Model'!J50/M3)","v":28285},{"$f":"IF(N5,'Financial Model'!K50/N3)","v":41117},{"$f":"IF(O5,'Financial Model'!L50/O3)","v":52922},{"$f":"IF(P5,'Financial Model'!M50/P3)","v":77484.722222222219},{"$f":"IF(Q5,'Financial Model'!N50/Q3)","v":false},{"$f":"IF(R5,'Financial Model'!O50/R3)","v":false},{"$f":"IF(S5,'Financial Model'!P50/S3)","v":false},{"$f":"IF(T5,'Financial Model'!Q50/T3)","v":false},{"$f":"IF(U5,'Financial Model'!R50/U3)","v":false},{"$f":"IF(V5,'Financial Model'!S50/V3)","v":false},{"$f":"IF(W5,'Financial Model'!T50/W3)","v":false},{"$f":"IF(X5,'Financial Model'!U50/X3)","v":false},{"$f":"IF(Y5,'Financial Model'!V50/Y3)","v":false}]
[null,"Freight Revenue per Plane - Existing",null,null,null,null,null,null,null,null,{"$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,-1.3293694031716652E-2,3.0000000000000249E-2,-3.6497871354790323E-2,-2.3124292002163482E-3,-1.3511663828365217E-2,2.9999999999999583E-2,3.0000000000000693E-2,3.0000000000000027E-2,3.0000000000000027E-2]
[null,"Price Applied for Existing Planes",null,null,null,null,null,null,null,null,{"$f":"IF(K5,K45,J47*(1+K46))","v":1.8951499859826184},1.8405405405405406,2.3980500211954219,2.7080945794638742,2.6151109354153284,2.5460478276743332,2.5122014468631138,2.587567490269008,2.4931267848873322,2.4873616057101171,2.4537532118741794,2.5273658082304036,2.6031867824773176,2.6812823859516373,2.7617208575301864]
[]
[null,"Revenues from Existing Aircraft",null,null,null,null,null,null,null,null,{"$f":"K47*K41","v":6760},12939,28285,41117,52922,55788.999999999993,19802.509990375547,70352.059536835397,65022.1708697137,61702.640686718078,57273.632568956076,54733.205403729917,51330.847055293634,46895.734549208086,41225.174172116131]
[]
[null,"Operating Cost"]
[null,null,"Operating Expenses for Freight",null,null,null,null,null,null,null,{"$f":"'Financial Model'!H53","v":4866.6500000000015},{"$f":"'Financial Model'!I53","v":6059.8000000000029},{"$f":"'Financial Model'!J53","v":19550},{"$f":"'Financial Model'!K53","v":28104},{"$f":"'Financial Model'!L53","v":38760},{"$f":"'Financial Model'!M53","v":38075.855000000003},{"$f":"'Financial Model'!N53","v":0},{"$f":"'Financial Model'!O53","v":0},{"$f":"'Financial Model'!P53","v":0},{"$f":"'Financial Model'!Q53","v":0},{"$f":"'Financial Model'!R53","v":0},{"$f":"'Financial Model'!S53","v":0},{"$f":"'Financial Model'!T53","v":0},{"$f":"'Financial Model'!U53","v":0},{"$f":"'Financial Model'!V53","v":0}]
[null,null,"Less: Depreciation Expense",null,null,null,null,null,null,null,{"$f":"IF(K5,'Financial Model'!H77)","v":891},{"$f":"IF(L5,'Financial Model'!I77)","v":920},{"$f":"IF(M5,'Financial Model'!J77)","v":771},{"$f":"IF(N5,'Financial Model'!K77)","v":2493},{"$f":"IF(O5,'Financial Model'!L77)","v":5994},{"$f":"IF(P5,'Financial Model'!M77)","v":7035},{"$f":"IF(Q5,'Financial Model'!N77)","v":false},{"$f":"IF(R5,'Financial Model'!O77)","v":false},{"$f":"IF(S5,'Financial Model'!P77)","v":false},{"$f":"IF(T5,'Financial Model'!Q77)","v":false},{"$f":"IF(U5,'Financial Model'!R77)","v":false},{"$f":"IF(V5,'Financial Model'!S77)","v":false},{"$f":"IF(W5,'Financial Model'!T77)","v":false},{"$f":"IF(X5,'Financial Model'!U77)","v":false},{"$f":"IF(Y5,'Financial 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},0,0,0,0,0,0,2568.0903247464867,8200.9874574757523,13908.999386868039,18650.304592030869,26291.124664927615,35179.982788136178,45504.028624563558,57478.558628751176]
[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":2.1291247816962735},{"$f":"L28","v":1.8288897067875522},2.7399909626274481,2.8402083050674838,2.7685604598479965,2.5542759198767513,2.5203201573253282,2.5959297620450887,2.5011838515438956,2.495400040970476,2.4616830344995941,2.5355335255345808,2.6115995313006199,2.6899475172396388,2.7706459427568282]
[null,null,"Revenue from Incremental Aircraft",null,null,null,null,null,null,null,{"$f":"K85*K80","v":0},{"$f":"L85*L80","v":0},0,0,0,0,0,7015.4620994357783,25148.311758807387,45445.260595309723,67116.794977134079,94613.791166081603,126602.09812870021,163755.21079336459,206847.91586275044]
[]
[null,null,"Capital Expenditures Relative to New Aircraft Cost",null,null,null,null,{"$f":"'Scenario Analysis'!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":5557.5},{"$f":"L13*L88","v":6175},6175,6175,6175,6175,6175,6175,5145.8333333333339,4678.030303030303,4067.852437417655,4067.852437417655,4067.852437417655,4067.852437417655,4067.852437417655]
[null,null,"Capital Expenditures for New Aircraft",null,null,null,null,null,null,null,{"$f":"K88*K71","v":0},{"$f":"L88*L71","v":0},0,0,0,0,1.8147228914332474,4.936931325148235,5.4774710239204705,6.0790916775085408,6.7489554291348224,7.4950987435050465,8.3265435550308027,9.2534230882854249,10.287124351528238]
[]
[null,"Air Logistics"]
[null,null,"Revenues/Growth",null,null,null,null,{"$f":"'Scenario Analysis'!H30","v":0.02},null,null,{"$f":"IF(K5,'Financial Model'!H51,J93*(1+$H$93))","v":45893},{"$f":"IF(L5,'Financial Model'!I51,K93*(1+$H$93))","v":52840},{"$f":"IF(M5,'Financial Model'!J51,L93*(1+$H$93))","v":79415},{"$f":"IF(N5,'Financial Model'!K51,M93*(1+$H$93))","v":62593},{"$f":"IF(O5,'Financial Model'!L51,N93*(1+$H$93))","v":89493},{"$f":"IF(P5,'Financial Model'!M51,O93*(1+$H$93))","v":45878},{"$f":"IF(Q5,'Financial Model'!N51,P93/P3*Q3*(1+$H$93))","v":18198.273333333334},{"$f":"IF(R5,'Financial Model'!O51,Q93/Q3*R3*(1+$H$93))","v":66293.709999999992},{"$f":"IF(S5,'Financial Model'!P51,R93/R3*S3*(1+$H$93))","v":67619.584199999998},{"$f":"IF(T5,'Financial Model'!Q51,S93/S3*T3*(1+$H$93))","v":68971.975883999999},{"$f":"IF(U5,'Financial Model'!R51,T93/T3*U3*(1+$H$93))","v":70351.415401680002},{"$f":"IF(V5,'Financial Model'!S51,U93/U3*V3*(1+$H$93))","v":71758.443709713611},{"$f":"IF(W5,'Financial Model'!T51,V93/V3*W3*(1+$H$93))","v":73193.612583907889},{"$f":"IF(X5,'Financial Model'!U51,W93/W3*X3*(1+$H$93))","v":74657.484835586045},{"$f":"IF(Y5,'Financial Model'!V51,X93/X3*Y3*(1+$H$93))","v":76150.634532297772}]
[null,null,"Margin",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,94:94)","v":7.7741711989813833E-2},{"$f":"AVERAGEIF($4:$4,TRUE,94:94)","v":8.3705915689437249E-2},{"$f":"'Scenario Analysis'!I30","v":0.08},{"$f":"CHOOSE(E94,F94,G94,H94)","v":0.08},null,0.05,7.0000000000000007E-2,{"$f":"IF(M5,('Financial Model'!J51-'Financial Model'!J54)/M93,$I$94)","v":7.5716174526223007E-2},{"$f":"IF(N5,('Financial Model'!K51-'Financial Model'!K54)/N93,$I$94)","v":8.2517214384995125E-2},{"$f":"IF(O5,('Financial Model'!L51-'Financial Model'!L54)/O93,$I$94)","v":0.10451096733822757},{"$f":"IF(P5,('Financial Model'!M51-'Financial Model'!M54)/P93,$I$94)","v":8.3705915689437249E-2},{"$f":"IF(Q5,('Financial Model'!N51-'Financial Model'!N54)/Q93,$I$94)","v":0.08},{"$f":"IF(R5,('Financial Model'!O51-'Financial Model'!O54)/R93,$I$94)","v":0.08},{"$f":"IF(S5,('Financial Model'!P51-'Financial Model'!P54)/S93,$I$94)","v":0.08},{"$f":"IF(T5,('Financial Model'!Q51-'Financial Model'!Q54)/T93,$I$94)","v":0.08},{"$f":"IF(U5,('Financial Model'!R51-'Financial Model'!R54)/U93,$I$94)","v":0.08},{"$f":"IF(V5,('Financial Model'!S51-'Financial Model'!S54)/V93,$I$94)","v":0.08},{"$f":"IF(W5,('Financial Model'!T51-'Financial Model'!T54)/W93,$I$94)","v":0.08},{"$f":"IF(X5,('Financial Model'!U51-'Financial Model'!U54)/X93,$I$94)","v":0.08},{"$f":"IF(Y5,('Financial Model'!V51-'Financial Model'!V54)/Y93,$I$94)","v":0.08}]
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[]
[null,"Admin Expenses and Profit Sharing"]
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[null,null,"Pct of Revenues",null,3,{"$f":"AVERAGEIF($5:$5,TRUE,100:100)","v":6.5302575117708109E-2},{"$f":"AVERAGEIF($4:$4,TRUE,100:100)","v":7.4262051599830819E-2},{"$f":"'Scenario Analysis'!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,{"$f":"IF(K5,'Financial Model'!H58)","v":0},{"$f":"IF(L5,'Financial Model'!I58)","v":250},{"$f":"IF(M5,'Financial Model'!J58)","v":732},{"$f":"IF(N5,'Financial Model'!K58)","v":1001},{"$f":"IF(O5,'Financial Model'!L58)","v":1170},{"$f":"IF(P5,'Financial Model'!M58)","v":1161},{"$f":"IF(Q5,'Financial Model'!N58)","v":false},{"$f":"IF(R5,'Financial Model'!O58)","v":false},{"$f":"IF(S5,'Financial Model'!P58)","v":false},{"$f":"IF(T5,'Financial Model'!Q58)","v":false},{"$f":"IF(U5,'Financial Model'!R58)","v":false},{"$f":"IF(V5,'Financial Model'!S58)","v":false},{"$f":"IF(W5,'Financial Model'!T58)","v":false},{"$f":"IF(X5,'Financial Model'!U58)","v":false},{"$f":"IF(Y5,'Financial Model'!V58)","v":false}]
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[null,null,"Profit Sharing Percent",null,3,{"$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$5,'Financial Model'!H64+'Financial Model'!H63-'Financial Model'!H59,$I106)","v":287},{"$f":"IF(L$5,'Financial Model'!I64+'Financial Model'!I63-'Financial Model'!I59,$I106)","v":918},{"$f":"IF(M$5,'Financial Model'!J64+'Financial Model'!J63-'Financial Model'!J59,$I106)","v":746},{"$f":"IF(N$5,'Financial Model'!K64+'Financial Model'!K63-'Financial Model'!K59,$I106)","v":-601},{"$f":"IF(O$5,'Financial Model'!L64+'Financial Model'!L63-'Financial Model'!L59,$I106)","v":-3940},{"$f":"IF(P$5,'Financial Model'!M64+'Financial Model'!M63-'Financial Model'!M59,$I106)","v":579},{"$f":"IF(Q$5,'Financial Model'!N64+'Financial Model'!N63-'Financial Model'!N59,$I106)","v":0},{"$f":"IF(R$5,'Financial Model'!O64+'Financial Model'!O63-'Financial Model'!O59,$I106)","v":0},{"$f":"IF(S$5,'Financial Model'!P64+'Financial Model'!P63-'Financial Model'!P59,$I106)","v":0},{"$f":"IF(T$5,'Financial Model'!Q64+'Financial Model'!Q63-'Financial Model'!Q59,$I106)","v":0},{"$f":"IF(U$5,'Financial Model'!R64+'Financial Model'!R63-'Financial Model'!R59,$I106)","v":0},{"$f":"IF(V$5,'Financial Model'!S64+'Financial Model'!S63-'Financial Model'!S59,$I106)","v":0},{"$f":"IF(W$5,'Financial Model'!T64+'Financial Model'!T63-'Financial Model'!T59,$I106)","v":0},{"$f":"IF(X$5,'Financial Model'!U64+'Financial Model'!U63-'Financial Model'!U59,$I106)","v":0},{"$f":"IF(Y$5,'Financial Model'!V64+'Financial Model'!V63-'Financial Model'!V59,$I106)","v":0}]
[null,null,"Deferred Taxes",null,null,null,null,null,null,null,{"$f":"IF(K5,'Financial Model'!H41,Assumptions!J107)","v":0},{"$f":"IF(L5,'Financial Model'!I41,Assumptions!K107)","v":0},{"$f":"IF(M5,'Financial Model'!J41,Assumptions!L107)","v":0},{"$f":"IF(N5,'Financial Model'!K41,Assumptions!M107)","v":1316.365},{"$f":"IF(O5,'Financial Model'!L41,Assumptions!N107)","v":2421.48},{"$f":"IF(P5,'Financial Model'!M41,Assumptions!O107)","v":2544.9},{"$f":"IF(Q5,'Financial Model'!N41,Assumptions!P107)","v":2544.9},{"$f":"IF(R5,'Financial Model'!O41,Assumptions!Q107)","v":2544.9},{"$f":"IF(S5,'Financial Model'!P41,Assumptions!R107)","v":2544.9},{"$f":"IF(T5,'Financial Model'!Q41,Assumptions!S107)","v":2544.9},{"$f":"IF(U5,'Financial Model'!R41,Assumptions!T107)","v":2544.9},{"$f":"IF(V5,'Financial Model'!S41,Assumptions!U107)","v":2544.9},{"$f":"IF(W5,'Financial Model'!T41,Assumptions!V107)","v":2544.9},{"$f":"IF(X5,'Financial Model'!U41,Assumptions!W107)","v":2544.9},{"$f":"IF(Y5,'Financial Model'!V41,Assumptions!X107)","v":2544.9}]
[]
[null,"Interest and Taxes"]
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[null,null,"Debt",null,null,null,null,null,null,null,{"$f":"IF(K5,'Financial Model'!H45)","v":2367},{"$f":"IF(L5,'Financial Model'!I45)","v":976},{"$f":"IF(M5,'Financial Model'!J45)","v":9145},{"$f":"IF(N5,'Financial Model'!K45)","v":16981.205000000002},{"$f":"IF(O5,'Financial Model'!L45)","v":36911.542000000001},{"$f":"IF(P5,'Financial Model'!M45)","v":35146.729999999996},{"$f":"IF(Q5,'Financial Model'!N45)","v":false},{"$f":"IF(R5,'Financial Model'!O45)","v":false},{"$f":"IF(S5,'Financial Model'!P45)","v":false},{"$f":"IF(T5,'Financial Model'!Q45)","v":false},{"$f":"IF(U5,'Financial Model'!R45)","v":false},{"$f":"IF(V5,'Financial Model'!S45)","v":false},{"$f":"IF(W5,'Financial Model'!T45)","v":false},{"$f":"IF(X5,'Financial Model'!U45)","v":false},{"$f":"IF(Y5,'Financial 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,{"$f":"IF(K5,'Financial Model'!H66)","v":375},{"$f":"IF(L5,'Financial Model'!I66)","v":2613},{"$f":"IF(M5,'Financial Model'!J66)","v":3146},{"$f":"IF(N5,'Financial Model'!K66)","v":3143},{"$f":"IF(O5,'Financial Model'!L66)","v":2768},{"$f":"IF(P5,'Financial Model'!M66)","v":4645},{"$f":"IF(Q5,'Financial Model'!N66)","v":false},{"$f":"IF(R5,'Financial Model'!O66)","v":false},{"$f":"IF(S5,'Financial Model'!P66)","v":false},{"$f":"IF(T5,'Financial Model'!Q66)","v":false},{"$f":"IF(U5,'Financial Model'!R66)","v":false},{"$f":"IF(V5,'Financial Model'!S66)","v":false},{"$f":"IF(W5,'Financial Model'!T66)","v":false},{"$f":"IF(X5,'Financial Model'!U66)","v":false},{"$f":"IF(Y5,'Financial Model'!V66)","v":false}]
[null,null,"Pre-tax Income",null,null,null,null,null,null,null,{"$f":"IF(K5,'Financial Model'!H65)","v":1388},{"$f":"IF(L5,'Financial Model'!I65)","v":6718},{"$f":"IF(M5,'Financial Model'!J65)","v":8406},{"$f":"IF(N5,'Financial Model'!K65)","v":7559},{"$f":"IF(O5,'Financial Model'!L65)","v":7466},{"$f":"IF(P5,'Financial Model'!M65)","v":11612.404999999999},{"$f":"IF(Q5,'Financial Model'!N65)","v":false},{"$f":"IF(R5,'Financial Model'!O65)","v":false},{"$f":"IF(S5,'Financial Model'!P65)","v":false},{"$f":"IF(T5,'Financial Model'!Q65)","v":false},{"$f":"IF(U5,'Financial Model'!R65)","v":false},{"$f":"IF(V5,'Financial Model'!S65)","v":false},{"$f":"IF(W5,'Financial Model'!T65)","v":false},{"$f":"IF(X5,'Financial Model'!U65)","v":false},{"$f":"IF(Y5,'Financial 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"]
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[null,"Existing Retirements",null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"'Depreciation and Retirement'!D18","v":3520.9917741730519},{"$f":"'Depreciation and Retirement'!E18","v":4049.1405402990099},{"$f":"'Depreciation and Retirement'!F18","v":4656.5116213438614},{"$f":"'Depreciation and Retirement'!G18","v":5354.9883645454393},{"$f":"'Depreciation and Retirement'!H18","v":6158.2366192272557},{"$f":"'Depreciation and Retirement'!I18","v":7081.9721121113434},{"$f":"'Depreciation and Retirement'!J18","v":8144.2679289280441},{"$f":"'Depreciation and Retirement'!K18","v":9365.9081182672489},{"$f":"'Depreciation and Retirement'!L18","v":10770.794336007335}]
[]
[null,"Depreciation Rate"]
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[null,null,"Net Plant Rate",null,null,null,null,null,null,null,{"$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,{"$f":"'Financial Model'!H25","v":9874},{"$f":"'Financial Model'!I25","v":18598},{"$f":"'Financial Model'!J25","v":37911},{"$f":"'Financial Model'!K25","v":38032.133000000002},{"$f":"'Financial Model'!L25","v":69426.072},{"$f":"'Financial Model'!M25","v":112364.323},{"$f":"'Financial Model'!N25","v":0},{"$f":"'Financial Model'!O25","v":0},{"$f":"'Financial Model'!P25","v":0},{"$f":"'Financial Model'!Q25","v":0},{"$f":"'Financial Model'!R25","v":0},{"$f":"'Financial Model'!S25","v":0},{"$f":"'Financial Model'!T25","v":0},{"$f":"'Financial Model'!U25","v":0},{"$f":"'Financial Model'!V25","v":0}]
[null,null,"Gross Plant Rate",null,null,null,null,null,null,null,{"$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,{"$f":"IF(K5,'Financial Model'!H9)","v":0},{"$f":"IF(L5,'Financial Model'!I9)","v":0},{"$f":"IF(M5,'Financial Model'!J9)","v":0},{"$f":"IF(N5,'Financial Model'!K9)","v":12967.734},{"$f":"IF(O5,'Financial Model'!L9)","v":14195.99},{"$f":"IF(P5,'Financial Model'!M9)","v":21644.726999999999},{"$f":"IF(Q5,'Financial Model'!N9)","v":false},{"$f":"IF(R5,'Financial Model'!O9)","v":false},{"$f":"IF(S5,'Financial Model'!P9)","v":false},{"$f":"IF(T5,'Financial Model'!Q9)","v":false},{"$f":"IF(U5,'Financial Model'!R9)","v":false},{"$f":"IF(V5,'Financial Model'!S9)","v":false},{"$f":"IF(W5,'Financial Model'!T9)","v":false},{"$f":"IF(X5,'Financial Model'!U9)","v":false},{"$f":"IF(Y5,'Financial Model'!V9)","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$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,{"$f":"IF(K5,SUM('Financial Model'!H10:H15))","v":0},{"$f":"IF(L5,SUM('Financial Model'!I10:I15))","v":0},{"$f":"IF(M5,SUM('Financial Model'!J10:J15))","v":0},{"$f":"IF(N5,SUM('Financial Model'!K10:K15))","v":946.62100000000009},{"$f":"IF(O5,SUM('Financial Model'!L10:L15))","v":3554.6979999999999},{"$f":"IF(P5,SUM('Financial Model'!M10:M15))","v":12395.5},{"$f":"IF(Q5,SUM('Financial Model'!N10:N15))","v":false},{"$f":"IF(R5,SUM('Financial Model'!O10:O15))","v":false},{"$f":"IF(S5,SUM('Financial Model'!P10:P15))","v":false},{"$f":"IF(T5,SUM('Financial Model'!Q10:Q15))","v":false},{"$f":"IF(U5,SUM('Financial Model'!R10:R15))","v":false},{"$f":"IF(V5,SUM('Financial Model'!S10:S15))","v":false},{"$f":"IF(W5,SUM('Financial Model'!T10:T15))","v":false},{"$f":"IF(X5,SUM('Financial Model'!U10:U15))","v":false},{"$f":"IF(Y5,SUM('Financial Model'!V10:V15))","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$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,{"$f":"IF(K5,'Financial Model'!H32)","v":4323},{"$f":"IF(L5,'Financial Model'!I32)","v":10333},{"$f":"IF(M5,'Financial Model'!J32)","v":16216},{"$f":"IF(N5,'Financial Model'!K32)","v":9327.1090000000004},{"$f":"IF(O5,'Financial Model'!L32)","v":12952.18},{"$f":"IF(P5,'Financial Model'!M32)","v":8522.4120000000003},{"$f":"IF(Q5,'Financial Model'!N32)","v":false},{"$f":"IF(R5,'Financial Model'!O32)","v":false},{"$f":"IF(S5,'Financial Model'!P32)","v":false},{"$f":"IF(T5,'Financial Model'!Q32)","v":false},{"$f":"IF(U5,'Financial Model'!R32)","v":false},{"$f":"IF(V5,'Financial Model'!S32)","v":false},{"$f":"IF(W5,'Financial Model'!T32)","v":false},{"$f":"IF(X5,'Financial Model'!U32)","v":false},{"$f":"IF(Y5,'Financial Model'!V32)","v":false}]
[null,"Cash Expenses",null,null,null,null,null,null,null,null,{"$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,{"$f":"IF(K5,SUM('Financial Model'!H33:H35))","v":0},{"$f":"IF(L5,SUM('Financial Model'!I33:I35))","v":0},{"$f":"IF(M5,SUM('Financial Model'!J33:J35))","v":0},{"$f":"IF(N5,SUM('Financial Model'!K33:K35))","v":3362.951},{"$f":"IF(O5,SUM('Financial Model'!L33:L35))","v":3903.9309999999996},{"$f":"IF(P5,SUM('Financial Model'!M33:M35))","v":19445.525999999998},{"$f":"IF(Q5,SUM('Financial Model'!N33:N35))","v":false},{"$f":"IF(R5,SUM('Financial Model'!O33:O35))","v":false},{"$f":"IF(S5,SUM('Financial Model'!P33:P35))","v":false},{"$f":"IF(T5,SUM('Financial Model'!Q33:Q35))","v":false},{"$f":"IF(U5,SUM('Financial Model'!R33:R35))","v":false},{"$f":"IF(V5,SUM('Financial Model'!S33:S35))","v":false},{"$f":"IF(W5,SUM('Financial Model'!T33:T35))","v":false},{"$f":"IF(X5,SUM('Financial Model'!U33:U35))","v":false},{"$f":"IF(Y5,SUM('Financial Model'!V33:V35))","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$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,{"$f":"IF(K5,'Financial Model'!H8)","v":0},{"$f":"IF(L5,'Financial Model'!I8)","v":0},{"$f":"IF(M5,'Financial Model'!J8)","v":0},{"$f":"IF(N5,'Financial Model'!K8)","v":3801.3780000000002},{"$f":"IF(O5,'Financial Model'!L8)","v":5763.9040000000005},{"$f":"IF(P5,'Financial Model'!M8)","v":7503.48},{"$f":"IF(Q5,'Financial Model'!N8)","v":false},{"$f":"IF(R5,'Financial Model'!O8)","v":false},{"$f":"IF(S5,'Financial Model'!P8)","v":false},{"$f":"IF(T5,'Financial Model'!Q8)","v":false},{"$f":"IF(U5,'Financial Model'!R8)","v":false},{"$f":"IF(V5,'Financial Model'!S8)","v":false},{"$f":"IF(W5,'Financial Model'!T8)","v":false},{"$f":"IF(X5,'Financial Model'!U8)","v":false},{"$f":"IF(Y5,'Financial Model'!V8)","v":false}]
[null,"Revenues",null,null,null,null,null,null,null,null,{"$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":"'Scenario Analysis'!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":"Financial Model","index":4,"n_rows":315,"n_cols":22,"rows_kept":315,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,null,"nine mos"]
[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":"Assumptions!K40","v":11},{"$f":"Assumptions!L40","v":10.5},{"$f":"Assumptions!M40","v":12.5},{"$f":"Assumptions!N40","v":18.5},{"$f":"Assumptions!O40","v":23.5},{"$f":"Assumptions!P40","v":25.5},{"$f":"Assumptions!Q40","v":25.592638554283376},{"$f":"Assumptions!R40","v":24.716811445992633},{"$f":"Assumptions!S40","v":23.709610271458281},{"$f":"Assumptions!T40","v":22.551328920743778},{"$f":"Assumptions!U40","v":21.219305367422095},{"$f":"Assumptions!V40","v":19.687478281102166},{"$f":"Assumptions!W40","v":17.925877131834241},{"$f":"Assumptions!X40","v":15.900035810176131},{"$f":"Assumptions!Y40","v":13.570318290269306}]
[null,null,"New Planes",null,null,null,null,{"$f":"Assumptions!K73","v":0},{"$f":"Assumptions!L73","v":0},{"$f":"Assumptions!M73","v":0},{"$f":"Assumptions!N73","v":0},{"$f":"Assumptions!O73","v":0},{"$f":"Assumptions!P73","v":0},{"$f":"Assumptions!Q73","v":1.8147228914332474},{"$f":"Assumptions!R73","v":6.7516542165814819},{"$f":"Assumptions!S73","v":12.229125240501952},{"$f":"Assumptions!T73","v":18.308216918010494},{"$f":"Assumptions!U73","v":25.057172347145318},{"$f":"Assumptions!V73","v":32.552271090650365},{"$f":"Assumptions!W73","v":40.878814645681167},{"$f":"Assumptions!X73","v":50.132237733966591},{"$f":"Assumptions!Y73","v":60.419362085494825}]
[null,null,null,"Total Planes",null,null,null,{"$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,{"$f":"Assumptions!K71","v":0},{"$f":"Assumptions!L71","v":0},{"$f":"Assumptions!M71","v":0},{"$f":"Assumptions!N71","v":0},{"$f":"Assumptions!O71","v":0},{"$f":"Assumptions!P71","v":0},{"$f":"Assumptions!Q71","v":1.8147228914332474},{"$f":"Assumptions!R71","v":4.936931325148235},{"$f":"Assumptions!S71","v":5.4774710239204705},{"$f":"Assumptions!T71","v":6.0790916775085408},{"$f":"Assumptions!U71","v":6.7489554291348224},{"$f":"Assumptions!V71","v":7.4950987435050465},{"$f":"Assumptions!W71","v":8.3265435550308027},{"$f":"Assumptions!X71","v":9.2534230882854249},{"$f":"Assumptions!Y71","v":10.287124351528238}]
[null,null,"Operational Planes - Existing",null,null,null,null,{"$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":"Assumptions!K89","v":5557.5},{"$f":"Assumptions!L89","v":6175},{"$f":"Assumptions!M89","v":6175},{"$f":"Assumptions!N89","v":6175},{"$f":"Assumptions!O89","v":6175},{"$f":"Assumptions!P89","v":6175},{"$f":"Assumptions!Q89","v":6175},{"$f":"Assumptions!R89","v":6175},{"$f":"Assumptions!S89","v":5145.8333333333339},{"$f":"Assumptions!T89","v":4678.030303030303},{"$f":"Assumptions!U89","v":4067.852437417655},{"$f":"Assumptions!V89","v":4067.852437417655},{"$f":"Assumptions!W89","v":4067.852437417655},{"$f":"Assumptions!X89","v":4067.852437417655},{"$f":"Assumptions!Y89","v":4067.852437417655}]
[null,null,"Capital Expenditures ",null,null,null,null,{"$f":"H94*H89","v":0},{"$f":"I94*I89","v":0},0,0,0,0,11205.913854600303,30485.550932790349,28186.152977257425,28438.175082284273,27453.754792429201,30488.955692453008,33871.150495596317,37641.559664138673,41846.503867382657]
[]
[null,"Revenues"]
[null,null,"Flight Hours/Aircraft - Existing",null,null,null,null,{"$f":"Assumptions!K39","v":324.27272727272725},{"$f":"Assumptions!L39","v":669.52380952380952},{"$f":"Assumptions!M39","v":943.6},{"$f":"Assumptions!N39","v":820.70270270270271},{"$f":"Assumptions!O39","v":861.14893617021278},{"$f":"Assumptions!P39","v":1193.4640522875818},{"$f":"Assumptions!Q39","v":1100},{"$f":"Assumptions!R39","v":1100},{"$f":"Assumptions!S39","v":1100},{"$f":"Assumptions!T39","v":1100},{"$f":"Assumptions!U39","v":1100},{"$f":"Assumptions!V39","v":1100},{"$f":"Assumptions!W39","v":1100},{"$f":"Assumptions!X39","v":1100},{"$f":"Assumptions!Y39","v":1100}]
[null,null,"Flight Hours/Aircraft - Incremental",null,null,null,null,{"$f":"Assumptions!K25","v":1489.2},{"$f":"Assumptions!L25","v":1489.2},{"$f":"Assumptions!M25","v":1489.2},{"$f":"Assumptions!N25","v":1489.2},{"$f":"Assumptions!O25","v":1489.2},{"$f":"Assumptions!P25","v":1489.2},{"$f":"Assumptions!Q25","v":1489.2},{"$f":"Assumptions!R25","v":1489.2},{"$f":"Assumptions!S25","v":1489.2},{"$f":"Assumptions!T25","v":1489.2},{"$f":"Assumptions!U25","v":1489.2},{"$f":"Assumptions!V25","v":1489.2},{"$f":"Assumptions!W25","v":1489.2},{"$f":"Assumptions!X25","v":1489.2},{"$f":"Assumptions!Y25","v":1489.2}]
[]
[null,null,"Price/Flight Hour - Existing",null,null,null,null,{"$f":"Assumptions!K47","v":1.8951499859826184},{"$f":"Assumptions!L47","v":1.8405405405405406},{"$f":"Assumptions!M47","v":2.3980500211954219},{"$f":"Assumptions!N47","v":2.7080945794638742},{"$f":"Assumptions!O47","v":2.6151109354153284},{"$f":"Assumptions!P47","v":2.5460478276743332},{"$f":"Assumptions!Q47","v":2.5122014468631138},{"$f":"Assumptions!R47","v":2.587567490269008},{"$f":"Assumptions!S47","v":2.4931267848873322},{"$f":"Assumptions!T47","v":2.4873616057101171},{"$f":"Assumptions!U47","v":2.4537532118741794},{"$f":"Assumptions!V47","v":2.5273658082304036},{"$f":"Assumptions!W47","v":2.6031867824773176},{"$f":"Assumptions!X47","v":2.6812823859516373},{"$f":"Assumptions!Y47","v":2.7617208575301864}]
[null,null,"Price/Flight Hour - Incremental",null,null,null,null,{"$f":"Assumptions!K85","v":2.1291247816962735},{"$f":"Assumptions!L85","v":1.8288897067875522},{"$f":"Assumptions!M85","v":2.7399909626274481},{"$f":"Assumptions!N85","v":2.8402083050674838},{"$f":"Assumptions!O85","v":2.7685604598479965},{"$f":"Assumptions!P85","v":2.5542759198767513},{"$f":"Assumptions!Q85","v":2.5203201573253282},{"$f":"Assumptions!R85","v":2.5959297620450887},{"$f":"Assumptions!S85","v":2.5011838515438956},{"$f":"Assumptions!T85","v":2.495400040970476},{"$f":"Assumptions!U85","v":2.4616830344995941},{"$f":"Assumptions!V85","v":2.5355335255345808},{"$f":"Assumptions!W85","v":2.6115995313006199},{"$f":"Assumptions!X85","v":2.6899475172396388},{"$f":"Assumptions!Y85","v":2.7706459427568282}]
[]
[null,null,"Total Revenues - Existing",null,null,null,null,{"$f":"H98*H101*H85*H3","v":6760},{"$f":"I98*I101*I85*I3","v":12939},28285.000000000004,41117.000000000007,52922,55788.999999999993,19802.509990375547,70352.059536835382,65022.170869713693,61702.64068671807,57273.632568956076,54733.205403729917,51330.847055293634,46895.734549208086,41225.174172116131]
[null,null,"Total Revenues - Incremental",null,null,null,null,{"$f":"H99*H102*H91","v":0},{"$f":"I99*I102*I91","v":0},0,0,0,0,0,7015.4620994357783,25148.311758807384,45445.260595309723,67116.794977134065,94613.791166081588,126602.09812870019,163755.21079336459,206847.91586275047]
[null,null,"Logistics Revenues",null,null,null,null,{"$f":"Assumptions!K93","v":45893},{"$f":"Assumptions!L93","v":52840},{"$f":"Assumptions!M93","v":79415},{"$f":"Assumptions!N93","v":62593},{"$f":"Assumptions!O93","v":89493},{"$f":"Assumptions!P93","v":45878},{"$f":"Assumptions!Q93","v":18198.273333333334},{"$f":"Assumptions!R93","v":66293.709999999992},{"$f":"Assumptions!S93","v":67619.584199999998},{"$f":"Assumptions!T93","v":68971.975883999999},{"$f":"Assumptions!U93","v":70351.415401680002},{"$f":"Assumptions!V93","v":71758.443709713611},{"$f":"Assumptions!W93","v":73193.612583907889},{"$f":"Assumptions!X93","v":74657.484835586045},{"$f":"Assumptions!Y93","v":76150.634532297772}]
[null,null,null,"Total Revenues",null,null,null,{"$f":"SUM(H104:H106)","v":52653},{"$f":"SUM(I104:I106)","v":65779},107700,103710,142415,101667,38000.783323708878,143661.23163627117,157790.06682852108,176119.87716602779,194741.84294777014,221105.44027952512,251126.55776790174,285308.43017815868,324223.72456716438]
[]
[null,"Operating Costs"]
[null,null,"Freight Costs - Existing",null,null,null,null,{"$f":"Assumptions!K57","v":3975.6500000000019},{"$f":"Assumptions!L57","v":5139.8000000000029},{"$f":"Assumptions!M57","v":18779},{"$f":"Assumptions!N57","v":25611},{"$f":"Assumptions!O57","v":32766},{"$f":"Assumptions!P57","v":31040.855000000003},{"$f":"Assumptions!Q57","v":11501.504673347259},{"$f":"Assumptions!R57","v":40861.211126053386},{"$f":"Assumptions!S57","v":40372.015416690869},{"$f":"Assumptions!T57","v":39551.720424087383},{"$f":"Assumptions!U57","v":38332.013050239053},{"$f":"Assumptions!V57","v":36631.759672152948},{"$f":"Assumptions!W57","v":34354.634252234297},{"$f":"Assumptions!X57","v":31386.30863995773},{"$f":"Assumptions!Y57","v":27591.124283261717}]
[null,null,"Freight Costs - New",null,null,null,null,{"$f":"Assumptions!K83","v":0},{"$f":"Assumptions!L83","v":0},{"$f":"Assumptions!M83","v":0},{"$f":"Assumptions!N83","v":0},{"$f":"Assumptions!O83","v":0},{"$f":"Assumptions!P83","v":0},{"$f":"Assumptions!Q83","v":0},{"$f":"Assumptions!R83","v":4061.5279888386372},{"$f":"Assumptions!S83","v":15564.190919775603},{"$f":"Assumptions!T83","v":29036.814821513857},{"$f":"Assumptions!U83","v":44775.1300867955},{"$f":"Assumptions!V83","v":63118.997397141553},{"$f":"Assumptions!W83","v":84459.119582587882},{"$f":"Assumptions!X83","v":109244.80032399492},{"$f":"Assumptions!Y83","v":137992.91733302394}]
[null,null,"Logistics Costs",null,null,null,null,{"$f":"Assumptions!K95","v":43598.35},{"$f":"Assumptions!L95","v":49141.2},{"$f":"Assumptions!M95","v":73402},{"$f":"Assumptions!N95","v":57428},{"$f":"Assumptions!O95","v":80140},{"$f":"Assumptions!P95","v":42037.74},{"$f":"Assumptions!Q95","v":16742.411466666668},{"$f":"Assumptions!R95","v":60990.213199999991},{"$f":"Assumptions!S95","v":62210.017463999997},{"$f":"Assumptions!T95","v":63454.217813279996},{"$f":"Assumptions!U95","v":64723.302169545605},{"$f":"Assumptions!V95","v":66017.768212936528},{"$f":"Assumptions!W95","v":67338.123577195263},{"$f":"Assumptions!X95","v":68684.886048739165},{"$f":"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":"Assumptions!K100","v":5.5647351527928136E-2},{"$f":"Assumptions!L100","v":6.6799434469967625E-2},{"$f":"Assumptions!M100","v":5.5831012070566385E-2},{"$f":"Assumptions!N100","v":7.5518272104907913E-2},{"$f":"Assumptions!O100","v":6.375732893304778E-2},{"$f":"Assumptions!P100","v":7.4262051599830819E-2},{"$f":"Assumptions!Q100","v":0.05},{"$f":"Assumptions!R100","v":0.05},{"$f":"Assumptions!S100","v":0.05},{"$f":"Assumptions!T100","v":0.05},{"$f":"Assumptions!U100","v":0.05},{"$f":"Assumptions!V100","v":0.05},{"$f":"Assumptions!W100","v":0.05},{"$f":"Assumptions!X100","v":0.05},{"$f":"Assumptions!Y100","v":0.05}]
[null,null,"Administrative Expenses ",null,null,null,null,{"$f":"H116*H107","v":2930},4394,6013,7832,9080,7550,1900.0391661854439,7183.0615818135593,7889.5033414260542,8805.99385830139,9737.0921473885082,11055.272013976257,12556.327888395088,14265.421508907935,16211.18622835822]
[]
[null,null,"Profit Sharing/Revenue",null,null,null,null,{"$f":"Assumptions!K104","v":0},{"$f":"Assumptions!L104","v":3.8006050563249671E-3},{"$f":"Assumptions!M104","v":6.7966573816155987E-3},{"$f":"Assumptions!N104","v":9.6519139909362651E-3},{"$f":"Assumptions!O104","v":8.2154267457781836E-3},{"$f":"Assumptions!P104","v":1.1419634689722329E-2},{"$f":"Assumptions!Q104","v":8.2000000000000007E-3},{"$f":"Assumptions!R104","v":8.2000000000000007E-3},{"$f":"Assumptions!S104","v":8.2000000000000007E-3},{"$f":"Assumptions!T104","v":8.2000000000000007E-3},{"$f":"Assumptions!U104","v":8.2000000000000007E-3},{"$f":"Assumptions!V104","v":8.2000000000000007E-3},{"$f":"Assumptions!W104","v":8.2000000000000007E-3},{"$f":"Assumptions!X104","v":8.2000000000000007E-3},{"$f":"Assumptions!Y104","v":8.2000000000000007E-3}]
[null,null,"Profit Sharing ",null,null,null,null,{"$f":"H119*H107","v":0},250,732,1001.0000000000001,1170,1161,311.60642325441285,1178.0220994174238,1293.8785479938731,1444.1829927614281,1596.8831121717153,1813.0646102921062,2059.2377736967946,2339.5291274609012,2658.6345414507482]
[]
[null,null,"EBITDA",null,null,null,null,{"$f":"H107-H113-H117-H120","v":2149},{"$f":"I107-I113-I117-I120","v":6854},8774,11838,19259,19877.404999999999,7545.2215942550938,29387.195640148177,30460.461138634688,33826.947256083731,35577.422381629753,42468.578373025717,50359.114693792428,59387.484529098045,69711.278411355786]
[]
[null,"Depreciation"]
[null,null,"Existing Depreciation",null,null,null,null,{"$f":"Assumptions!K120","v":891},{"$f":"Assumptions!L120","v":920},{"$f":"Assumptions!M120","v":771},{"$f":"Assumptions!N120","v":2493},{"$f":"Assumptions!O120","v":5994},{"$f":"Assumptions!P120","v":7035},{"$f":"Assumptions!Q120","v":2735.8333333333339},{"$f":"Assumptions!R120","v":9363.6935833333337},{"$f":"Assumptions!S120","v":9070.2776021522459},{"$f":"Assumptions!T120","v":8732.8492237939954},{"$f":"Assumptions!U120","v":8344.8065886820077},{"$f":"Assumptions!V120","v":7898.5575583032205},{"$f":"Assumptions!W120","v":7385.3711733676155},{"$f":"Assumptions!X120","v":6795.2068306916708},{"$f":"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},0,0,0,0,0,11205.913854600303,41691.464787390651,69877.617764648079,98315.792846932352,125769.54763936155,156258.50333181457,190129.65382741089,227771.21349154957]
[null,null,null,"Add: Capital Expenditures",null,null,null,{"$f":"H95","v":0},{"$f":"I95","v":0},0,0,0,0,11205.913854600303,30485.550932790349,28186.152977257425,28438.175082284273,27453.754792429201,30488.955692453008,33871.150495596317,37641.559664138673,41846.503867382657]
[null,null,null,"Closing Balance",null,null,null,{"$f":"SUM(H128:H129)","v":0},{"$f":"SUM(I128:I129)","v":0},0,0,0,0,11205.913854600303,41691.464787390651,69877.617764648079,98315.792846932352,125769.54763936155,156258.50333181457,190129.65382741089,227771.21349154957,269617.71735893225]
[]
[null,null,null,"New Depreciation Expense",null,null,{"$f":"1/Assumptions!I129","v":8.6956521739130432E-2},{"$f":"H130*$G$132","v":0},{"$f":"I130*$G$132","v":0},0,0,0,0,974.42729170437417,3625.3447641209259,6076.3145882302679,8549.1993779941167,10936.482403422744,13587.695941896918,16533.0133762966,19806.192477526049,23445.018900776715]
[null,null,null,"Accumulated Depreciation",null,null,null,{"$f":"G133+H132","v":0},{"$f":"H133+I132","v":0},0,0,0,0,974.42729170437417,4599.7720558253004,10676.086644055569,19225.286022049688,30161.76842547243,43749.46436736935,60282.47774366595,80088.670221192006,103533.68912196872]
[]
[null,null,"Existing Plant Balance"]
[null,null,null,"Opening Balance",null,null,null,{"$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":"Assumptions!K121","v":0},{"$f":"Assumptions!L121","v":0},{"$f":"Assumptions!M121","v":0},{"$f":"Assumptions!N121","v":0},{"$f":"Assumptions!O121","v":0},{"$f":"Assumptions!P121","v":0},{"$f":"Assumptions!Q121","v":3520.9917741730519},{"$f":"Assumptions!R121","v":4049.1405402990099},{"$f":"Assumptions!S121","v":4656.5116213438614},{"$f":"Assumptions!T121","v":5354.9883645454393},{"$f":"Assumptions!U121","v":6158.2366192272557},{"$f":"Assumptions!V121","v":7081.9721121113434},{"$f":"Assumptions!W121","v":8144.2679289280441},{"$f":"Assumptions!X121","v":9365.9081182672489},{"$f":"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},771,2493,5994,7035,3710.260625037708,12989.03834745426,15146.592190382515,17282.048601788112,19281.288992104754,21486.253500200139,23918.384549664217,26601.399308217718,29561.536737391049]
[]
["Working Capital"]
[null,"A/R Percent of Revenues",null,null,null,null,null,{"$f":"Assumptions!K134","v":0.15},{"$f":"Assumptions!L134","v":0.15},{"$f":"Assumptions!M134","v":0.15},{"$f":"Assumptions!N134","v":0.12503841481052935},{"$f":"Assumptions!O134","v":9.968044096478601E-2},{"$f":"Assumptions!P134","v":0.15328674437132991},{"$f":"Assumptions!Q134","v":0.15},{"$f":"Assumptions!R134","v":0.15},{"$f":"Assumptions!S134","v":0.15},{"$f":"Assumptions!T134","v":0.15},{"$f":"Assumptions!U134","v":0.15},{"$f":"Assumptions!V134","v":0.15},{"$f":"Assumptions!W134","v":0.15},{"$f":"Assumptions!X134","v":0.15},{"$f":"Assumptions!Y134","v":0.15}]
[null,"Revenues",null,null,null,null,null,{"$f":"H107/H3","v":52653},{"$f":"I107/I3","v":65779},107700,103710,142415,141204.16666666669,135717.08329896026,143661.23163627117,157790.06682852108,176119.87716602779,194741.84294777014,221105.44027952512,251126.55776790174,285308.43017815868,324223.72456716438]
[null,"A/R Amount",null,null,null,null,null,{"$f":"IF(OR(H9,NOT(H4)),H150*H149)*1","v":0},{"$f":"IF(OR(I9,NOT(I4)),I150*I149)*1","v":0},0,12967.733999999999,14195.99,21644.726999999999,20357.562494844038,21549.184745440674,23668.510024278163,26417.981574904166,29211.276442165519,33165.816041928767,37668.98366518526,42796.264526723804,48633.558685074655]
[]
[null,"Other Current Assets Perent of Revenue",null,null,null,null,null,{"$f":"Assumptions!K138","v":0.11},{"$f":"Assumptions!L138","v":0.11},{"$f":"Assumptions!M138","v":0.11},{"$f":"Assumptions!N138","v":9.1275768971169624E-3},{"$f":"Assumptions!O138","v":2.4960137625952322E-2},{"$f":"Assumptions!P138","v":8.778423677299417E-2},{"$f":"Assumptions!Q138","v":0.11},{"$f":"Assumptions!R138","v":0.11},{"$f":"Assumptions!S138","v":0.11},{"$f":"Assumptions!T138","v":0.11},{"$f":"Assumptions!U138","v":0.11},{"$f":"Assumptions!V138","v":0.11},{"$f":"Assumptions!W138","v":0.11},{"$f":"Assumptions!X138","v":0.11},{"$f":"Assumptions!Y138","v":0.11}]
[null,"Revenues",null,null,null,null,null,{"$f":"H150","v":52653},{"$f":"I150","v":65779},107700,103710,142415,141204.16666666669,135717.08329896026,143661.23163627117,157790.06682852108,176119.87716602779,194741.84294777014,221105.44027952512,251126.55776790174,285308.43017815868,324223.72456716438]
[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},0,946.62100000000021,3554.6979999999999,12395.5,14928.879162885629,15802.735479989829,17356.907351137321,19373.186488263058,21421.602724254717,24321.598430747763,27623.921354469192,31383.927319597457,35664.609702388079]
[]
[null,"A/P as Percent of Cash Op Expenses",null,null,null,null,null,{"$f":"Assumptions!K142","v":9.086896203808803E-2},{"$f":"Assumptions!L142","v":0.19036126821539764},{"$f":"Assumptions!M142","v":0.17591477636389277},{"$f":"Assumptions!N142","v":0.11232202940786859},{"$f":"Assumptions!O142","v":0.11471648982339291},{"$f":"Assumptions!P142","v":8.3966264540252869E-2},{"$f":"Assumptions!Q142","v":0.08},{"$f":"Assumptions!R142","v":0.08},{"$f":"Assumptions!S142","v":0.08},{"$f":"Assumptions!T142","v":0.08},{"$f":"Assumptions!U142","v":0.08},{"$f":"Assumptions!V142","v":0.08},{"$f":"Assumptions!W142","v":0.08},{"$f":"Assumptions!X142","v":0.08},{"$f":"Assumptions!Y142","v":0.08}]
[null,"Cash Operating Costs",null,null,null,null,null,{"$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":"Assumptions!K146","v":0.13},{"$f":"Assumptions!L146","v":0.13},{"$f":"Assumptions!M146","v":0.13},{"$f":"Assumptions!N146","v":3.2426487320412686E-2},{"$f":"Assumptions!O146","v":2.741235824877997E-2},{"$f":"Assumptions!P146","v":0.13771212605860306},{"$f":"Assumptions!Q146","v":0.13},{"$f":"Assumptions!R146","v":0.13},{"$f":"Assumptions!S146","v":0.13},{"$f":"Assumptions!T146","v":0.13},{"$f":"Assumptions!U146","v":0.13},{"$f":"Assumptions!V146","v":0.13},{"$f":"Assumptions!W146","v":0.13},{"$f":"Assumptions!X146","v":0.13},{"$f":"Assumptions!Y146","v":0.13}]
[null,"Revenues",null,null,null,null,null,{"$f":"H154","v":52653},{"$f":"I154","v":65779},107700,103710,142415,141204.16666666669,135717.08329896026,143661.23163627117,157790.06682852108,176119.87716602779,194741.84294777014,221105.44027952512,251126.55776790174,285308.43017815868,324223.72456716438]
[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},0,3362.9509999999996,3903.9309999999996,19445.525999999998,17643.220828864836,18675.960112715253,20512.708687707742,22895.584031583614,25316.439583210118,28743.707236338269,32646.452509827228,37090.095923160632,42149.084193731367]
[]
[null,"Total Working Capital",null,null,null,null,null,{"$f":"H151+H155-H159-H163","v":-4323},{"$f":"I151+I155-I159-I163","v":-10333},-16216,1224.2949999999996,894.57699999999841,6072.2890000000007,9573.530503146565,10202.923927523891,11061.010783670423,12332.163786873109,13490.003958683705,15482.225213759775,17754.302316865833,20344.816322145292,23297.674162851399]
[null,"Change in Working Capital",null,null,null,null,null,null,{"$f":"I165-H165","v":-6010},{"$f":"J165-I165","v":-5883},17440.294999999998,-329.71800000000121,5177.7120000000023,3501.2415031465644,629.39342437732557,858.08685614653223,1271.1530032026858,1157.8401718105961,1992.2212550760705,2272.0771031060576,2590.5140052794595,2952.8578407061068]
[]
["Financing"]
[null,"Minimum Cash as Percent of Revnues",null,null,null,null,null,{"$f":"Assumptions!K151","v":0.02},{"$f":"Assumptions!L151","v":0.02},{"$f":"Assumptions!M151","v":0.02},{"$f":"Assumptions!N151","v":3.6653919583453862E-2},{"$f":"Assumptions!O151","v":4.0472590668117828E-2},{"$f":"Assumptions!P151","v":5.3139225117294686E-2},{"$f":"Assumptions!Q151","v":0.02},{"$f":"Assumptions!R151","v":0.02},{"$f":"Assumptions!S151","v":0.02},{"$f":"Assumptions!T151","v":0.02},{"$f":"Assumptions!U151","v":0.02},{"$f":"Assumptions!V151","v":0.02},{"$f":"Assumptions!W151","v":0.02},{"$f":"Assumptions!X151","v":0.02},{"$f":"Assumptions!Y151","v":0.02}]
[null,"Revenues",null,null,null,null,null,{"$f":"H107/H3","v":52653},{"$f":"I107/I3","v":65779},107700,103710,142415,141204.16666666669,135717.08329896026,143661.23163627117,157790.06682852108,176119.87716602779,194741.84294777014,221105.44027952512,251126.55776790174,285308.43017815868,324223.72456716438]
[null,"Minimum Cash ",null,null,null,null,null,{"$f":"H169*H170","v":1053.06},{"$f":"I169*I170","v":1315.58},2154,3801.3780000000002,5763.9040000000005,7503.48,2714.3416659792051,2873.2246327254234,3155.8013365704219,3522.397543320556,3894.8368589554029,4422.1088055905029,5022.531155358035,5706.1686035631737,6484.4744913432878]
[]
[null,"Cash Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$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":"Assumptions!K153","v":0.02},{"$f":"Assumptions!L153","v":0.02},{"$f":"Assumptions!M153","v":0.02},{"$f":"Assumptions!N153","v":0.02},{"$f":"Assumptions!O153","v":0.02},{"$f":"Assumptions!P153","v":0.02},{"$f":"Assumptions!Q153","v":0.02},{"$f":"Assumptions!R153","v":0.02},{"$f":"Assumptions!S153","v":0.02},{"$f":"Assumptions!T153","v":0.02},{"$f":"Assumptions!U153","v":0.02},{"$f":"Assumptions!V153","v":0.02},{"$f":"Assumptions!W153","v":0.02},{"$f":"Assumptions!X153","v":0.02},{"$f":"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},976,9145,16981.205000000002,36911.542000000001,35146.729999999996,41552.336078158412,54902.897520077866,63874.687012938099,74165.51830738617,78831.143674786872,84327.684865157949,90440.546095589685,97256.32225262573]
[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},0,10531.294999999998,0,0,6405.6060781584147,13350.56144191945,8971.7894928602327,10290.831294448071,4665.6253674007039,5496.5411903710783,6112.8612304317412,6815.7761570360435,7618.0278462437491]
[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},9145,16981.205000000002,36911.542000000001,35146.729999999996,41552.336078158412,54902.897520077866,63874.687012938099,74165.51830738617,78831.143674786872,84327.684865157949,90440.546095589685,97256.32225262573,104874.35009886947]
[]
[null,null,"Interest Expense Rate",null,null,null,null,{"$f":"Assumptions!K113","v":6.632868610054922E-2},{"$f":"Assumptions!L113","v":8.0167514208794491E-2},{"$f":"Assumptions!M113","v":6.7779863649836972E-2},{"$f":"Assumptions!N113","v":9.0713519242461724E-2},{"$f":"Assumptions!O113","v":6.8988875256256646E-2},{"$f":"Assumptions!P113","v":6.9735227622444232E-2},{"$f":"Assumptions!Q113","v":0.08},{"$f":"Assumptions!R113","v":0.08},{"$f":"Assumptions!S113","v":0.08},{"$f":"Assumptions!T113","v":0.08},{"$f":"Assumptions!U113","v":0.08},{"$f":"Assumptions!V113","v":0.08},{"$f":"Assumptions!W113","v":0.08},{"$f":"Assumptions!X113","v":0.08},{"$f":"Assumptions!Y113","v":0.08}]
[null,null,"Interest Expense  ",null,null,null,null,{"$f":"IF(H4,-H62,H189*H184)","v":157},{"$f":"IF(I4,-I62,I189*I184)","v":134},343,1185,1859,1809,2811.7383999999997,3324.186886252673,{"$f":"IF(P4,-P62,P189*P184)","v":4392.2318016062291},5109.9749610350482,{"$f":"IF(R4,-R62,R189*R184)","v":5933.2414645908939},6306.4914939829496,6746.2147892126359,7235.2436876471747,7780.5057802100582]
[]
[null,null,"Other Income",null,null,null,null,{"$f":"Assumptions!K106","v":287},{"$f":"Assumptions!L106","v":918},{"$f":"Assumptions!M106","v":746},{"$f":"Assumptions!N106","v":-601},{"$f":"Assumptions!O106","v":-3940},{"$f":"Assumptions!P106","v":579},{"$f":"Assumptions!Q106","v":0},{"$f":"Assumptions!R106","v":0},{"$f":"Assumptions!S106","v":0},{"$f":"Assumptions!T106","v":0},{"$f":"Assumptions!U106","v":0},{"$f":"Assumptions!V106","v":0},{"$f":"Assumptions!W106","v":0},{"$f":"Assumptions!X106","v":0},{"$f":"Assumptions!Y106","v":0}]
[null,null,"Deferred Taxes",null,null,null,null,{"$f":"Assumptions!K107","v":0},{"$f":"Assumptions!L107","v":0},{"$f":"Assumptions!M107","v":0},{"$f":"Assumptions!N107","v":1316.365},{"$f":"Assumptions!O107","v":2421.48},{"$f":"Assumptions!P107","v":2544.9},{"$f":"Assumptions!Q107","v":2544.9},{"$f":"Assumptions!R107","v":2544.9},{"$f":"Assumptions!S107","v":2544.9},{"$f":"Assumptions!T107","v":2544.9},{"$f":"Assumptions!U107","v":2544.9},{"$f":"Assumptions!V107","v":2544.9},{"$f":"Assumptions!W107","v":2544.9},{"$f":"Assumptions!X107","v":2544.9},{"$f":"Assumptions!Y107","v":2544.9}]
[]
[null,null,"Income Tax Rate",null,null,null,null,{"$f":"Assumptions!K117","v":0.27017291066282423},{"$f":"Assumptions!L117","v":0.3889550461446859},{"$f":"Assumptions!M117","v":0.37425648346419227},{"$f":"Assumptions!N117","v":0.41579574017727211},{"$f":"Assumptions!O117","v":0.37074738815965713},{"$f":"Assumptions!P117","v":0.40000327236261574},{"$f":"Assumptions!Q117","v":0},{"$f":"Assumptions!R117","v":0},{"$f":"Assumptions!S117","v":0},{"$f":"Assumptions!T117","v":0},{"$f":"Assumptions!U117","v":0},{"$f":"Assumptions!V117","v":0},{"$f":"Assumptions!W117","v":0},{"$f":"Assumptions!X117","v":0},{"$f":"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},28285.000000000004,41117.000000000007,52922,55788.999999999993,19802.509990375547,70352.059536835382,65022.170869713693,61702.64068671807,57273.632568956076,54733.205403729917,51330.847055293634,46895.734549208086,41225.174172116131]
[null,null,"New Freight",null,null,null,null,{"$f":"H105","v":0},{"$f":"I105","v":0},0,0,0,0,0,7015.4620994357783,25148.311758807384,45445.260595309723,67116.794977134065,94613.791166081588,126602.09812870019,163755.21079336459,206847.91586275047]
[null,null,"Logistics",null,null,null,null,{"$f":"H106","v":45893},{"$f":"I106","v":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},107700,103710,142415,101667,38000.783323708878,143661.23163627117,157790.06682852108,176119.87716602779,194741.84294777014,221105.44027952512,251126.55776790174,285308.43017815868,324223.72456716438]
[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,{"$f":"H111","v":0},{"$f":"I111","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,"Logistics",null,null,null,null,{"$f":"H112","v":43598.35},{"$f":"I112","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,null,"Administrative",null,null,null,null,{"$f":"H117","v":2930},{"$f":"I117","v":4394},6013,7832,9080,7550,1900.0391661854439,7183.0615818135593,7889.5033414260542,8805.99385830139,9737.0921473885082,11055.272013976257,12556.327888395088,14265.421508907935,16211.18622835822]
[null,null,"Profit Sharing",null,null,null,null,{"$f":"H120","v":0},{"$f":"I120","v":250},732,1001.0000000000001,1170,1161,311.60642325441285,1178.0220994174238,1293.8785479938731,1444.1829927614281,1596.8831121717153,1813.0646102921062,2059.2377736967946,2339.5291274609012,2658.6345414507482]
[null,null,null,"Total",null,null,null,{"$f":"SUM(H204:H208)","v":50504},{"$f":"SUM(I204:I208)","v":58925},98926,91872,123156,81789.595000000001,30455.561729453784,114274.035996123,127329.60568988639,142292.92990994407,159164.42056614038,178636.86190649943,200767.44307410932,225920.94564906062,254512.44615580857]
[null,null,"EBITDA",null,null,null,null,{"$f":"H202-H209","v":2149},{"$f":"I202-I209","v":6854},8774,{"$f":"K202-K209","v":11838},19259,19877.404999999999,7545.2215942550938,29387.195640148173,30460.461138634695,33826.947256083717,35577.42238162976,42468.578373025695,50359.11469379242,59387.484529098059,69711.278411355801]
[null,null,null,"Less: Depreciation Expense",null,null,null,{"$f":"H146","v":891},{"$f":"I146","v":920},771,2493,5994,7035,3710.260625037708,12989.03834745426,15146.592190382515,17282.048601788112,19281.288992104754,21486.253500200139,23918.384549664217,26601.399308217718,29561.536737391049]
[null,null,"EBIT",null,null,null,null,{"$f":"H210-H211","v":1258},{"$f":"I210-I211","v":5934},8003,9345,13265,12842.404999999999,3834.9609692173858,16398.157292693912,15313.86894825218,16544.898654295605,16296.133389525006,20982.324872825557,26440.730144128203,32786.085220880341,40149.741673964752]
[null,null,null,"Less: Interest Expense",null,null,null,{"$f":"H190","v":157},{"$f":"I190","v":134},343,1185,1859,1809,2811.7383999999997,3324.186886252673,4392.2318016062291,5109.9749610350482,5933.2414645908939,6306.4914939829496,6746.2147892126359,7235.2436876471747,7780.5057802100582]
[null,null,null,"Add: Interest Income",null,null,null,{"$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},{"$f":"I212-I213+I214+I215","v":6718},8406,7559,7466,11612.404999999999,1173.2921692173861,13073.970406441238,10921.637146645951,11434.923693260556,10362.891924934112,14675.833378842606,19694.515354915566,25550.841533233164,32369.235893754696]
[null,null,null,"Less: Tax",null,null,null,{"$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},{"$f":"I216-I217","v":4105},5260,4416,4698,6967.4049999999988,1173.2921692173861,13073.970406441238,10921.637146645951,11434.923693260556,10362.891924934112,14675.833378842606,19694.515354915566,25550.841533233164,32369.235893754696]
[]
[null,null,"Actual EBIT",null,null,null,null,{"$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,{"$f":"H222-H218","v":0},0,0,0,0,0,-1173.2921692173861,-13073.970406441238,-10921.637146645951,-11434.923693260556,-10362.891924934112,-14675.833378842606,-19694.515354915566,-25550.841533233164,-32369.235893754696]
[]
["Cash Flow"]
[null,null,"EBITDA",null,null,null,null,{"$f":"H210","v":2149},6854,8774,11838,19259,19877.404999999999,7545.2215942550938,29387.195640148173,30460.461138634695,33826.947256083717,35577.42238162976,42468.578373025695,50359.11469379242,59387.484529098059,69711.278411355801]
[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,-329.71800000000121,5177.7120000000023,3501.2415031465644,629.39342437732557,858.08685614653223,1271.1530032026858,1157.8401718105961,1992.2212550760705,2272.0771031060576,2590.5140052794595,2952.8578407061068]
[null,null,null,"Operating Cash Flow",null,null,null,{"$f":"H226-H227-H228","v":1774},{"$f":"I226-I227-I228","v":10251},11511,-8745.2949999999983,16820.718000000001,10054.692999999996,4043.9800911085295,28757.802215770847,29602.374282488163,32555.794252881031,34419.582209819164,40476.357117949621,48087.037590686363,56796.9705238186,66758.420570649701]
[null,null,"Less: Capital Expenditures",null,null,null,null,{"$f":"H95","v":0},0,0,0,0,0,11205.913854600303,30485.550932790349,28186.152977257425,28438.175082284273,27453.754792429201,30488.955692453008,33871.150495596317,37641.559664138673,41846.503867382657]
[null,null,null,"Cash Flow before Financing",null,null,null,{"$f":"H229-H230","v":1774},{"$f":"I229-I230","v":10251},11511,-8745.2949999999983,16820.718000000001,10054.692999999996,-7161.9337634917738,-1727.7487170195018,1416.2213052307379,4117.6191705967576,6965.8274173899626,9987.4014254966132,14215.887095090045,19155.410859679927,24911.916703267045]
[null,null,"Less: Interest Expense",null,null,null,null,{"$f":"H213","v":157},134,343,1185,1859,1809,2811.7383999999997,3324.186886252673,4392.2318016062291,5109.9749610350482,5933.2414645908939,6306.4914939829496,6746.2147892126359,7235.2436876471747,7780.5057802100582]
[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,-9823.6025634917733,{"$f":"O231-O232+O233+O234-O235","v":-5051.9356032721753},{"$f":"P231-P232+P233+P234-P235","v":-2976.0104963754911},-992.35579043829057,1032.5859527990688,3680.9099315136637,7469.6723058774096,11920.167172032752,17131.410923056988]
[null,null,"Add: Equity Issuance (Share Buyback)",null,null,null,null,null,null,null,null,null,null,{"$f":"N291","v":-4085.4835146666405},{"$f":"O291","v":-8298.6258386472746},-5995.7789964847407,-9298.4755040097807,-5698.2113201997727,-9177.451121884742,-13582.533536309151,-18735.943329068796,-24749.438769300737]
[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,-13909.086078158414,{"$f":"O236+O237","v":-13350.56144191945},{"$f":"P236+P237","v":-8971.7894928602327},{"$f":"Q236+Q237","v":-10290.831294448071},{"$f":"R236+R237","v":-4665.6253674007039},{"$f":"S236+S237","v":-5496.5411903710783},-6112.8612304317412,-6815.7761570360435,-7618.0278462437491]
[null,null,"Add: Cash Reduction if Cash is Negative",null,null,null,null,{"$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,-6405.6060781584147,-13350.56144191945,-8971.7894928602327,-10290.831294448071,-4665.6253674007039,-5496.5411903710783,-6112.8612304317412,-6815.7761570360435,-7618.0278462437491]
[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},0,10531.294999999998,0,0,6405.6060781584147,13350.56144191945,8971.7894928602327,10290.831294448071,4665.6253674007039,5496.5411903710783,6112.8612304317412,6815.7761570360435,7618.0278462437491]
[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"]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G252","v":0},{"$f":"H252","v":3184},7289,12550,16965.903999999999,23638.744999999999,65241.08,{"$f":"N252","v":62328.888654550748},{"$f":"O252","v":67104.233222344716},72030.091372505922,74166.539561756697,78831.220166491039,84329.602423448901,90441.584242055309,97256.482446219685]
[null,null,"Add: Net Income",null,null,null,null,{"$f":"H218","v":1013},4105,5260,4416,4698,6967.4049999999988,1173.2921692173861,13073.970406441238,10921.637146645951,11434.923693260556,10362.891924934112,14675.833378842606,19694.515354915566,25550.841533233164,32369.235893754696]
[null,null,"Add: New Equity Issue",null,null,null,null,null,null,null,null,null,null,{"$f":"N237","v":-4085.4835146666405},{"$f":"O237","v":-8298.6258386472746},-5995.7789964847407,-9298.4755040097807,-5698.2113201997727,-9177.451121884742,-13582.533536309151,-18735.943329068796,-24749.438769300737]
[null,null,"Less: Dividends",null,null,null,null,{"$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},7289,12550,16965.903999999999,23638.744999999999,65241.08,62328.888654550748,{"$f":"IF(O4,O42,O248+O249+O250-O251)","v":67104.233222344716},{"$f":"IF(P4,P42,P248+P249+P250-P251)","v":72030.091372505922},74166.539561756697,78831.220166491039,84329.602423448901,90441.584242055309,97256.482446219685,104876.27957067365]
[]
[null,"Assets"]
[null,null,"Cash Balance",null,-1,null,null,{"$f":"H177","v":0},{"$f":"I177","v":0},0,3801.3780000000002,5763.9040000000005,7503.48,0,0,0,0,0,0,0,0,0]
[null,null,"Accounts Receivable",null,null,1,null,{"$f":"H151","v":0},0,0,12967.733999999999,14195.99,21644.726999999999,20357.562494844038,21549.184745440674,23668.510024278163,26417.981574904166,29211.276442165519,33165.816041928767,37668.98366518526,42796.264526723804,48633.558685074655]
[null,null,"Other Current Assets",null,null,1,null,{"$f":"H155","v":0},0,0,946.62100000000021,3554.6979999999999,12395.5,14928.879162885629,15802.735479989829,17356.907351137321,19373.186488263058,21421.602724254717,24321.598430747763,27623.921354469192,31383.927319597457,35664.609702388079]
[null,null,null,"Total Current Assets",null,null,null,{"$f":"SUM(H255:H257)","v":0},{"$f":"SUM(I255:I257)","v":0},0,17715.732999999997,23514.592000000001,{"$f":"SUM(M255:M257)","v":41543.706999999995},35286.441657729665,37351.920225430506,41025.417375415484,45791.168063167221,50632.879166420236,57487.41447267653,65292.905019654456,74180.191846321264,84298.168387462734]
[null,null,"Gross Plant",null,null,1,null,{"$f":"H130+H138","v":9874},18598,37911,38032.133000000002,69426.072,112364.323,120049.24508042727,146485.65547291859,170015.29682883219,193098.48354657099,214394.00171977293,237800.98530011461,263527.86786678288,291803.51941265434,322879.22894402966]
[null,null,"Less: Accumulated Depreciation",null,null,-1,null,{"$f":"H133+H144","v":0},0,0,7794.3320000000003,13112.786,23007.382000000001,23196.650850864655,32136.548658019907,42626.629227058562,54553.689464301235,67676.741837178735,82081.02322526752,97855.139846003702,115090.63103595417,133881.3734373379]
[null,null,null,"Net Plant",null,null,null,{"$f":"H259-H260","v":9874},{"$f":"I259-I260","v":18598},37911,30237.800999999999,56313.286,89356.941000000006,96852.594229562616,114349.10681489868,127388.66760177363,138544.79408226977,146717.2598825942,155719.96207484708,165672.72802077918,176712.88837670017,188997.85550669176]
[]
[null,null,null,"Total Assets",null,null,null,{"$f":"H258+H261","v":9874},{"$f":"I258+I261","v":18598},37911,47953.534,79827.877999999997,130900.648,132139.0358872923,151701.02704032918,168414.08497718911,184335.96214543699,197350.13904901443,213207.3765475236,230965.63304043363,250893.08022302145,273296.02389415447]
[]
[null,null,null,"Existing Assets",null,null,null,{"$f":"H28","v":9874},18598,37911,47953.534,79827.877999999997,130900.64799999999,0,0,0,0,0,0,0,0,0]
[null,null,null,"Difference",null,null,null,{"$f":"H263-H265","v":0},{"$f":"I263-I265","v":0},0,0,0,0,132139.0358872923,151701.02704032918,168414.08497718911,184335.96214543699,197350.13904901443,213207.3765475236,230965.63304043363,250893.08022302145,273296.02389415447]
[]
[null,"Liabilities and Capital"]
[null,null,"Accounts Payable",null,null,-1,null,{"$f":"H159","v":4323},10333,16216,9327.1090000000004,12952.18,8522.4120000000003,8069.6903257182639,8473.0361851913603,9451.6979040373171,10563.4202447105,11826.435624526413,13261.482022578484,14892.150192961395,16745.279601015343,18851.410030879972]
[null,null,"Other Current Liabilities",null,null,-1,null,{"$f":"H163","v":0},0,0,3362.9509999999996,3903.9309999999996,19445.525999999998,17643.220828864836,18675.960112715253,20512.708687707742,22895.584031583614,25316.439583210118,28743.707236338269,32646.452509827228,37090.095923160632,42149.084193731367]
[null,null,null,"Total Current Liabilities",null,null,null,{"$f":"SUM(H269:H270)","v":4323},{"$f":"SUM(I269:I270)","v":10333},16216,12690.06,16856.111000000001,27967.937999999998,25712.9111545831,27148.996297906611,29964.406591745057,33459.004276294116,37142.875207736535,42005.189258916755,47538.602702788623,53835.375524175979,61000.494224611335]
[null,null,"Total Debt",null,1,null,null,{"$f":"H187","v":2367},976,9145,16981.205000000002,36911.542000000001,35146.729999999996,41552.336078158412,54902.897520077866,63874.687012938099,74165.51830738617,78831.143674786872,84327.684865157949,90440.546095589685,97256.32225262573,104874.35009886947]
[null,null,"Deferred Taxes",null,null,-1,null,{"$f":"Assumptions!K107","v":0},{"$f":"Assumptions!L107","v":0},{"$f":"Assumptions!M107","v":0},{"$f":"Assumptions!N107","v":1316.365},{"$f":"Assumptions!O107","v":2421.48},{"$f":"Assumptions!P107","v":2544.9},{"$f":"Assumptions!Q107","v":2544.9},{"$f":"Assumptions!R107","v":2544.9},{"$f":"Assumptions!S107","v":2544.9},{"$f":"Assumptions!T107","v":2544.9},{"$f":"Assumptions!U107","v":2544.9},{"$f":"Assumptions!V107","v":2544.9},{"$f":"Assumptions!W107","v":2544.9},{"$f":"Assumptions!X107","v":2544.9},{"$f":"Assumptions!Y107","v":2544.9}]
[null,null,"Common Equity",null,1,null,null,{"$f":"H252","v":3184},{"$f":"I252","v":7289},12550,16965.903999999999,23638.744999999999,65241.08,62328.888654550748,67104.233222344716,72030.091372505922,74166.539561756697,78831.220166491039,84329.602423448901,90441.584242055309,97256.482446219685,104876.27957067365]
[null,null,null,"Total Liabilities and Capital",null,null,null,{"$f":"H271+H272+H273+H274","v":9874},{"$f":"I271+I272+I273+I274","v":18598},37911,47953.534,79827.878000000012,130900.64799999999,132139.03588729227,151701.02704032918,168414.08497718908,184335.96214543696,197350.13904901443,213207.3765475236,230965.6330404336,250893.08022302139,273296.02389415447]
[]
[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$274)","v":92884.33},103881.22473270916,122007.13074242258,135904.77838544402,148332.05786914285,157662.3638412779,168657.28728860687,180882.13033764501,194512.80469884543,209750.62966954312]
[null,null,null,"Invested Capital - Direct",null,null,null,{"$f":"SUMPRODUCT(H255:H274,$F$255:$F$274)","v":5551},{"$f":"SUMPRODUCT(I255:I274,$F$255:$F$274)","v":8265},21695,30145.730999999989,54786.382999999987,92884.33,103881.2247327092,122007.13074242257,135904.77838544405,148332.05786914285,157662.36384127793,168657.28728860687,180882.13033764504,194512.80469884546,209750.62966954312]
[]
["Equity Capital"]
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[null,null,"Open Equity",null,null,null,null,{"$f":"H248","v":0},3184,7289,12550,16965.903999999999,23638.744999999999,65241.08,62328.888654550748,67104.233222344716,72030.091372505922,74166.539561756697,78831.220166491039,84329.602423448901,90441.584242055309,97256.482446219685]
[null,null,"Open Debt",null,null,null,null,{"$f":"H184","v":0},2367,976,9145,16981.205000000002,36911.542000000001,35146.729999999996,41552.336078158412,54902.897520077866,63874.687012938099,74165.51830738617,78831.143674786872,84327.684865157949,90440.546095589685,97256.32225262573]
[null,null,"Open Cash",null,null,null,null,{"$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,-9823.6025634917733,-5051.9356032721753,-2976.0104963754911,-992.35579043829057,1032.5859527990688,3680.9099315136637,7469.6723058774096,11920.167172032752,17131.410923056988]
[]
[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,"Implied Stock Price",null,"Min/Max",10,60,{"$f":"MIN($G$294,MAX(H292*H293,$F$294))","v":10},{"$f":"MIN($G$294,MAX(I292*I293,$F$294))","v":10},10,10,10,11.424856836528756,10,22.602926812739994,19.851127071989971,21.700471873600975,20.978251304983871,31.021332257272761,43.733396198636953,59.916501146526912,60]
[]
[null,null,"Shares"]
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[null,null,null,"Average Balance"]
[]
["Ratios"]
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[null,null,"Return on Average Equity",null,null,null,null,{"$f":"H218/AVERAGE(G274:H274)/H3","v":0.3181532663316583},0.78392055762436741,0.53026866273501694,0.29922851083944441,0.23140207418121014,0.21775361031345164,6.5694602263695057E-2,0.20201893019123748,0.15699414473673537,0.15643210955254194,0.13546462305514173,0.17989408420336661,0.22537485418130204,0.272254711879025,0.32027698598458199]
[null,null,"Return on Invested Capital",null,null,null,null,{"$f":"H212*(1-H195)/AVERAGE(G279:H279)/H3","v":0.16539767220071466},0.52489009209285376,0.33430075853378299,0.21062159821949242,0.19655782725629903,0.14494337544916919,0.13921429687611464,0.14518815950651515,0.1187527090163171,0.11641628771491515,0.10651261744207173,0.12859982413056686,0.15128897521023044,0.17467516026924207,0.19863157664355047]
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[]
[null,null,"Code Number",null,5]
[]
[null,null,{"$f":"INDEX(C303:C308,$E$310)","v":"EPS"},null,null,null,null,{"$f":"INDEX(H303:H308,$E$310)","v":false},{"$f":"INDEX(I303:I308,$E$310)","v":0.4734171375850536},0.66014056224899598,0.55421686746987953,0.58960843373493976,0.8788351412714428,0.14799346231299018,1.7386866779030765,1.5270097747684594,1.6692670672000749,1.6137116388449133,2.3862563274825201,3.3641073998951501,4.6089616266559164,6.1879281504697392]
[null,null,null,null,null,null,null,{"$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,{"$f":"IF(H4,H312)","v":false},0.4734171375850536,0.66014056224899598,0.55421686746987953,0.58960843373493976,0.8788351412714428,false,false,false,false,false,false,false,false,false]
[null,null,"Projected",null,null,null,null,{"$f":"IF(NOT(H4),H312)","v":false},false,false,false,false,false,0.14799346231299018,1.7386866779030765,1.5270097747684594,1.6692670672000749,1.6137116388449133,2.3862563274825201,3.3641073998951501,4.6089616266559164,6.1879281504697392]

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[null,"Inflation",0.02]
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[null,"Year",0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
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[null,"Expenditure",7000]
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[null,"Pre-tax IRR",{"$f":"IRR(12:12)","v":0.19874091557079643}]
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[null,"Function",{"$f":"ebitda_plane(C4,C3,C10,C2,C5)","v":1506.1594202898552}]
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[]
[null,"Depreciation",null,{"$f":"$C$10/$C$4*D8","v":636.36363636363637},{"$f":"$C$10/$C$4*E8","v":636.36363636363637},636.36363636363637,636.36363636363637,636.36363636363637,636.36363636363637,636.36363636363637,636.36363636363637,636.36363636363637,636.36363636363637,636.36363636363637,0,0,0,0,0,0,0,0,0]
[null,"EBIT",null,{"$f":"D11-D19","v":869.79578392621886},{"$f":"E11-E19","v":899.9189723320161},930.64462450592907,961.98478972332043,993.95175824505952,1026.5580661372333,1059.8165001872508,1093.7401029182688,1128.3421777039066,1163.6362939852575,1199.6362925922353,0,0,0,0,0,0,0,0,0]
[null,"Taxes",null,{"$f":"D20*$C$5","v":347.91831357048756},{"$f":"E20*$C$5","v":359.96758893280645},372.25784980237165,384.79391588932822,397.58070329802382,410.62322645489331,423.92660007490031,437.49604116730757,451.33687108156266,465.45451759410298,479.85451703689415,0,0,0,0,0,0,0,0,0]
[null,"Cash Flow",null,{"$f":"D11-D21","v":1158.2411067193677},{"$f":"E11-E21","v":1176.3150197628461},1194.7504110671939,1213.5545101976286,1232.7346913106721,1252.2984760459765,1272.2535364759869,1292.6076981145975,1313.3689429859805,1334.545412754791,1356.1454119189777,0,0,0,0,0,0,0,0,0]
[null,"Net Cash Flow",{"$f":"C22-C10","v":-7000},{"$f":"D22-D10","v":1158.2411067193677},1176.3150197628461,1194.7504110671939,1213.5545101976286,1232.7346913106721,1252.2984760459765,1272.2535364759869,1292.6076981145975,1313.3689429859805,1334.545412754791,1356.1454119189777,0,0,0,0,0,0,0,0,0]
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[null,"After Tax IRR",{"$f":"IRR(23:23)","v":0.13000052960971709}]
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[null,"Investment",{"$f":"C10","v":7000},{"$f":"C27-D19","v":6363.636363636364},{"$f":"D27-E19","v":5727.2727272727279},5090.9090909090919,4454.5454545454559,3818.1818181818194,3181.8181818181829,2545.4545454545464,1909.0909090909099,1272.7272727272734,636.36363636363706,0,0,0,0,0,0,0,0,0,0]
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[null,"ROIC",null,{"$f":"IF(D27,D20*(1-C5)/C27)","v":7.4553924336533031E-2},{"$f":"IF(E27,E20*(1-D5)/D27)","v":0.1414158385093168},0.16249350586611458,0.18896129798136649,0.22313202736113574,0.26886044589308483,0.33308518577313584,0.42968361186074827,0.5910363787972841,0.91428565955984464,false,false,false,false,false,false,false,false,false,false]

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[null,"Life",12,null,"Final",{"$f":"C29","v":9.276845958083868E-11}]
[null,"Base Value",3.1335495824355672E-2]
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[null,"Plant in Service",{"$f":"'Financial Model'!M25","v":112364.323}]
[null,"Accum Depreciation",{"$f":"-'Financial Model'!M26","v":23007.382000000001}]
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[null,"Find Initial"]
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[null,null,null,1,{"$f":"D11+1","v":2},{"$f":"E11+1","v":3},4,5,6,7,8,9,10,11,12,13,14,15,16,17]
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[null,"Final Year",null,{"$f":"D11=$C$2","v":false},{"$f":"E11=$C$2","v":false},false,false,false,false,false,false,false,false,false,true,false,false,false,false,false]
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[null,"Retirement Rate",null,{"$f":"C3","v":3.1335495824355672E-2},{"$f":"D15*(1+$C$4)*E12","v":3.6035820198009022E-2},{"$f":"E15*(1+$C$4)*F12","v":4.1441193227710373E-2},4.7657372211866923E-2,5.4805978043646959E-2,6.3026874750194001E-2,7.2480905962723094E-2,8.3353041857131549E-2,9.5855998135701267E-2,0.11023439785605645,0.12676955753446489,0.14578499116463461,0,0,0,0,0]
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[null,"Opening Balance",null,{"$f":"C19","v":112364.323},{"$f":"D19","v":108843.33122582696},104794.19068552795,100137.67906418409,94782.690699638653,88624.454080411393,81542.481968300053,73398.214039372004,64032.305921104751,53261.511585097418,40875.098098688984,26630.722589319288,10249.690753544137,10249.690753544137,10249.690753544137,10249.690753544137,10249.690753544137]
[null,"Less: Retirement",null,{"$f":"D15*$C$6","v":3520.9917741730519},{"$f":"E15*$C$6","v":4049.1405402990099},4656.5116213438614,5354.9883645454393,6158.2366192272557,7081.9721121113434,8144.2679289280441,9365.9081182672489,10770.794336007335,12386.413486408434,14244.375509369698,16381.031835775151,0,0,0,0,0]
[null,"Closing Balance",{"$f":"C6","v":112364.323},{"$f":"D17-D18","v":108843.33122582696},{"$f":"E17-E18","v":104794.19068552795},100137.67906418409,94782.690699638653,88624.454080411393,81542.481968300053,73398.214039372004,64032.305921104751,53261.511585097418,40875.098098688984,26630.722589319288,10249.690753544137,10249.690753544137,10249.690753544137,10249.690753544137,10249.690753544137,10249.690753544137]
[]
[null,"Depreciation",{"$f":"1/C2","v":8.3333333333333329E-2},{"$f":"$C$21*D17*D12","v":9363.6935833333337},{"$f":"$C$21*E17*E12","v":9070.2776021522459},8732.8492237939954,8344.8065886820077,7898.5575583032205,7385.3711733676155,6795.2068306916708,6116.5178366143336,5336.0254934253953,4438.4592987581182,3406.2581748907487,2219.226882443274,0,0,0,0,0]
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[null,"Accumulated Depreciation"]
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[null,"Add: Depreciation",null,{"$f":"D21","v":9363.6935833333337},{"$f":"E21","v":9070.2776021522459},8732.8492237939954,8344.8065886820077,7898.5575583032205,7385.3711733676155,6795.2068306916708,6116.5178366143336,5336.0254934253953,4438.4592987581182,3406.2581748907487,2219.226882443274,0,0,0,0,0]
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[null,"Closing Balance",{"$f":"C7","v":23007.382000000001},{"$f":"D24+D25-D26","v":28850.083809160282},{"$f":"E24+E25-E26","v":33871.220871013516},37947.55847346365,40937.376697600223,42677.697636676188,42981.096697932458,41632.035599696086,38382.645318043171,32947.876475461235,24999.922287810921,14161.80495333197,9.276845958083868E-11,9.276845958083868E-11,9.276845958083868E-11,9.276845958083868E-11,9.276845958083868E-11,9.276845958083868E-11]
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[null,"End Value",{"$f":"SUM(D29:T29)","v":9.276845958083868E-11},{"$f":"D27*D13","v":0},{"$f":"E27*E13","v":0},0,0,0,0,0,0,0,0,0,9.276845958083868E-11,0,0,0,0,0]
[]
[]
[null,"Net Plant",null,{"$f":"D17-D24","v":89356.941000000006},{"$f":"E17-E24","v":79993.24741666668},70922.969814514436,62190.120590720442,53845.314002038431,45946.756443735205,38561.385270367595,31766.178439675918,25649.66060306158,20313.635109636183,15875.175810878063,12468.917635987318,10249.690753544044,10249.690753544044,10249.690753544044,10249.690753544044,10249.690753544044]
[null,"Net Plant Depreciation Rate",null,{"$f":"D21/D32","v":0.10478977322347385},{"$f":"E21/E32","v":0.11338804080433473},0.1231314656821775,0.13418219018419397,0.14668978544733166,0.1607375959696194,0.17621791289519445,0.19254811680383974,0.20803493566649689,0.21849655538277565,0.21456506784363902,0.1779807155063905,0,0,0,0,0]

{"sheet":"Marginal Price Function","index":10,"n_rows":57,"n_cols":2,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Function ebitda_plane(life, target_irr, investment, inflation_rate, tax_rate)"]
[]
[null,"Dim cash_flow(100)"]
[null,"Dim ebitda_inf(100)"]
[]
[null,"Start = 0"]
[null,"finish = investment"]
[null,"increment = (finish - Start) / 20"]
[null,"Count = 1"]
[]
[null,"restart:"]
[]
[null,"For ebitda = Start To finish Step increment"]
[null,"    For i = 1 To life + 1"]
[null,"        If i = 1 Then cash_flow(i) = -investment"]
[null,"        "]
[null,"        If i = 2 Then"]
[null,"            ebitda_inf(i) = ebitda"]
[null,"        End If"]
[null,"        "]
[null,"        If i > 2 Then"]
[null,"            ebitda_inf(i) = ebitda_inf(i - 1) * (1 + inflation_rate)"]
[null,"        End If"]
[null,"        "]
[null,"        If i >= 2 Then"]
[null,"            If life <> 0 Then depr_inv = investment / life"]
[null,"            ebt = ebitda_inf(i) - depr_inv"]
[null,"            taxes = ebt * tax_rate"]
[null,"            cash_flow(i) = ebitda_inf(i) - taxes"]
[null,"        End If"]
[null,"    Next i"]
[null,"    "]
[null,"    On Error GoTo resume1:"]
[null,"    computed_irr = WorksheetFunction.IRR(cash_flow, 0.01)"]
[null,"    "]
[null,"    If computed_irr > target_irr Then"]
[null,"        Start = ebitda - increment"]
[null,"        finish = ebitda"]
[null,"        increment = (finish - Start) / 20"]
[null,"    "]
[null,"        Count = Count + 1"]
[null,"        If Count > 10 Then Exit Function"]
[null,"        "]
[null,"        If Abs(target_irr - computed_irr) < 0.00001 Then"]
[null,"            ebitda_plane = ebitda"]
[null,"            Exit Function"]
[null,"        Else"]
[null,"            GoTo restart"]
[null,"        End If"]
[null,"    "]
[null,"    End If"]
[null,"        "]
[null,"resume1:"]
[null,"Next ebitda"]
[]
[null,"End Function"]