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This spreadsheet is for illustrative purposes in the context of Wharton's "Introduction to Corp

In excel, you should turn on iterations and manual calculation.


Copyright Michael R Roberts

arton's "Introduction to Corporate Finance" course. Please do not distribute or post.

Scenario
Project Assumptions
1 Cost of Capital
Capital Expenditures & PP&E Information
2 Initial Investment (Fixed Cost, $mil)
3 Future Investment (% of initial Investment)
4 Future Investment (Annual Growth)
5 PP&E Liquidation Value
6 PP&E life for depreciation (Years)
Revenue Forecasts
Market Forecasts
7 Initial Market Size (Units, million)
8 Market Growth Rate
9 Market Size (Units, million)
(Actual Market Size, Units Mil)
Market Share
10 Initial Market Share
11 Market Share Annual Growth Rate
12 Market Share
Pricing Strategy
13 Initial Unit Price ($/unit)
14 Bi-Annual Price Increases ($/unit)
15 Unit Price ($/unit)
Taxes
16 Tax Rate (2008 Total Taxes / Pre-Tax Inc)
Operating Expenses
COGS
17
COGS / Sales (% Sales)
SG&A
18
1% of 2008 Company SG&A ($mil)
19
SG&A Expense Growth Rate
R&D
20
R&D Upfront ($mil)
21
R&D for Versioning ($mil)
Working Capital Assumptions
Cash Requirements
22
% of SG&A
23
% R&D Expenditures

24
25
26
27

Inventory
Inventory Days (365 x Inventory / COGS)
Excess Inventory liquidation value (% of Inventory Cost)
Accounts Receivable
Days Receivable (365 x Accounts Receivable / Sales)
Accounts Payable
Days Payable (365 x Accounts Payable / COGS)

Incremental Earnings Forecasts


28 Sales
29 COGS
30 Gross Profit = (28) - (29)
31 SG&A
32 R&D
33 EBITDA = (30) - (31) - (32)
34 Depreciation
35 EBIT = (33) - (34)
36 Taxes
37 NOPAT (35) - (36) (a.k.a. EBIAT, Unlevered Net Income)

Free Cash Flow Forecasts


38 NOPAT (Unlevered Net Income, EBIAT)
39 Depreciation
40 Capital Expenditures
41 Changes in NWC
42 Free Cash Flows = (38) +(39) - (40) - (41)
43 Free Cash Flows*

Net Present Value


43 Free Cash Flow
44 Discount Factor (Discount Rate = 12.01%)
45 PV of Free Cash Flow
46 NPV

Alternative Decision Criteria


47 Free Cash Flows
48 Cumulative Free Cash Flows
49 Payback Period
50 Discounted Free Cash Flows
51 Cumulative Discounted Free Cash Flows
52 Discounted Payback Period
53 IRR

Capital Expenditure Forecasts


54 Project CapEx
55 Accumulated CapEx
56 Depreciation
57 Book Value of CapEx
58 Liquidation Value (LV)
59 After tax proceeds from asset sale
60 Net Project CapEx

Working Capital Forecasts


61 Cash Requirements - SG&A Funding
62 Cash Requirements - R&D Funding
63 Cash
64 Inventory
65 Accounts Receivable
66 Acounts Payable
67 Net Working Capital
68 Recovered NWC at end of Project
69 Change in NWC

Margins
Gross Margin
Operating Margin
Net Margin

1 Base
0 (F2008)
12.01%

Year
2

5.0%
50.0%
5

1.0%
50.0%
5

1.0%
50.0%
5

1.0%
50.0%
5

2500.00%
26.0
60.0

128.0%
59.3
116.3

9.4%
64.9
195.4

3.5%
67.1
229.0

5.00%
26.3%

5%
27.6%

5%
28.9%

5%
30.4%

200.00

200.00

49.99
249.99

249.99

49.99
299.98

25.45%

25.45%

25.45%

25.45%

25.45%

25.45%

80.66%

80.66%

80.66%

80.66%

80.66%

80.66%

25.00%

25.00%

25.00%

25.00%

25.00

25.00

25.00

25.00

25.00

50%
100%

50%
100%

50%
100%

50%
100%

50%
100%

227.70
10.0%
50.00%
5.00

50.0%
5

1.00
1.0
1.0
25.00%
25.0%
200.00

69.59

200.00

50.00%
100.00%

7.58

7.58

7.58

7.58

7.58

7.58
25.00%

38.49

38.49

38.49

38.49

38.49

38.49

61.54

61.54

61.54

61.54

61.54

61.54

1
50.0
40.3
9.7
69.6
25.0
-84.9
45.5
-130.5
-33.2
-97.3

Year
2
1,365.0
1,101.0
264.0
87.0
25.0
152.0
50.1
101.9
25.9
76.0

3
4,084.6
3,294.6
790.0
108.7
25.0
656.2
54.9
601.4
153.0
448.3

4
4,692.0
3,784.6
907.4
135.9
25.0
746.5
59.7
686.8
174.8
512.0

5
6,116.9
4,933.9
1,183.0
169.9
25.0
988.1
64.6
923.5
235.0
688.5

1
-97.3
45.5
22.8
59.1
-133.6
(133.59)

Year
2
76.0
50.1
23.9
-9.4
111.6
111.60

3
448.3
54.9
24.1
-26.6
505.7
505.67

4
512.0
59.7
24.4
5.2
542.1
542.11

5
688.5
64.6
-21.0
48.6
725.5
725.47

1
-133.6
89%
-119.3

Year
2
111.6
80%
88.9

3
505.7
71%
359.8

4
542.1
64%
344.4

5
725.5
57%
411.4

0.0
200.0
-200.0
-200.0
-50.9
-149.1

0
-149.1
227.7
-376.8
(376.80)

0
-376.8
100%
-376.8
708.4

0
-376.8
-376.8
3
-376.8
-376.8
4.0
43.7%

1
-133.6
-510.4

Year
2
111.6
-398.8

3
505.7
106.9

4
542.1
649.0

5
725.5
1,374.5

-119.3
-496.1

88.9
-407.1

359.8
-47.3

344.4
297.0

411.4
708.4

3
24.1
298.5
54.9

4
24.4
322.9
59.7

5
24.6
347.5
64.6
274.8
72.8 Accumulated CapEx - Acc
36.4 Book Value of CapEx * Liq
45.6 LV - (LV - Book) * Tax Rat
-21.0

0
227.7
227.7

1
22.8
250.5
45.5

Year
2
23.9
274.4
50.1

227.7

22.8

23.9

24.1

24.4

1
34.8
25.0
59.8
0.8
5.3
6.8
59.1

Year
2
43.5
25.0
68.5
22.9
143.9
185.6
49.7

3
54.4
25.0
79.4
68.4
430.7
555.5
23.0

4
68.0
25.0
93.0
78.6
494.8
638.1
28.2

59.1

-9.4

-26.6

5.2

3
19.3%
16.1%
11.0%

4
19.3%
15.9%
10.9%

1
19.3%
-169.8%
-194.5%

Year
2
19.3%
11.1%
5.6%

5
84.9
25.0
109.9
102.5 365 x Inventory / COGS
645.0 365 x Accounts Receivabl
831.9 365 x Accounts Payable /
25.6
51.3 25% inventory liquidation
48.6

5 Avg
19.3%
19.3%
16.2%
-22.1%
11.3%
-31.2%

Cost of Capital, NPV, and IRR


D/(D+E)
9.82%
E/(D+E)
90.18%
Cost of Debt
2.12%
Cost of Equity
13.15%
Tax Rate
25.45%
WACC
12.01%
NPV
708.42
IRR
43.7%

Sensitivity, Break-Even, and Scenario Analysis


Cost of Capital
Initial Investment ($mil)
PP&E Liquidation Value
PP&E Life for Depreciation
Initial Market Size (Units Mil)
Market Growth Rate
Initial Market Share
Market Share Growth Rate
Initial Unit Price ($/unit)
Bi-Annual Price Increases ($/unit)
Tax Rate
COGS / Sales (% Sales)
SG&A First-Year ($mil)
SG&A Expense Growth Rate
R&D Upfront ($mil)
R&D Versioning ($mil)
Cash (% of SG&A)
Cash (% R&D)

Inventory Days
Excess Inventory Liquidation
Days Receivable
Days Payable

Scenario Analysis

Notes:
Use goal seek to get breakeven points first. Use goal
Use data tables to do sensitivity analysis. Highlight th
Do scenario's last. Enter the input cells and then the

Value Drivers
Cost of Capital
Initial Investment ($mil)
PP&E Liquidation Value
PP&E Life for Depreciation
Initial Market Size (Units Mil)
Market Growth Rate
Initial Market Share
Market Share Growth Rate
Initial Unit Price ($/unit)
Bi-Annual Price Increases ($/unit)

Tax Rate
COGS / Sales (% Sales)
SG&A First-Year ($mil)
SG&A Expense Growth Rate
R&D Upfront ($mil)
R&D Versioning ($mil)
Cash (% of SG&A)
Cash (% R&D)

umulated CapEx - Accumulated Depreciation


ok Value of CapEx * Liquidation %
- (LV - Book) * Tax Rate

Inventory Days
Excess Inventory Liquidation
Days Receivable
Days Payable

x Inventory / COGS
x Accounts Receivable / Sales
x Accounts Payable / COGS

% inventory liquidation rate

Notes:
1) Start with the base case parameter. Compute 1%
2) Set up a data table with the NPv cell in the bottom
3) Compute the elasticity as the % Percentage chang

enario Analysis

708.42

Worst
15.01%
Err:504
284.0

Base
12.01%
Err:504
227.7

30%

Best

BE
9.61%
Err:504
185.0

43.72%
Err:504
904.24

50%

75%

-2253%

3.00

5.00

7.00

0.32

0.50

1.00

2.00

0.52

1000%

2500%

5000%

1571%

15.00%

25.00%

35.00%

13%

1.00%

5.00%

8.00%

-18%

175.00

200.00

250.00

77.36

24.99

49.99

99.99

(59.44)

35%

25.45%

12.50%

88%

84.30%

80.66%

74.25%

90%

85.00

69.59

45.00

229.81

30%

25%

15%

98%

250.00

200.00

150.00

1,150.26

30.00

25.00

15.00

260.19

60%

50%

35%

2288%

100%

100%

85%

8801%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.4
708.4
708.4
708.4
708.4

708.4
15.00

7.58

6.00

103.15

15%

25%

35%

-1194%

45.00

38.49

30.00

381.96

50.00

61.54

75.00

(364.28)

Worst
(813.97)

Base
708.42

Best
33,293.68

708.4
708.4
708.4
708.4

points first. Use goal seek, enter the NPV cell (AJ3), then "0" for the value we want the NPV to be, then the paramete
analysis. Highlight the 2 x 5 matrix of cells with the NPV cell in the lower left and Break Even parameter value in the u
t cells and then the values for each scenario. Then "show" the scenario. Simply show "Base" Scenario to return all pa

1.0%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

Base x (1-0.01)
11.89%
Err:504
225.4
Err:504
50%
Err:504
4.95
Err:504
0.99
Err:504
2475%
Err:504
24.75%
Err:504
4.95%
Err:504
198.00
Err:504
49.49

Base
12.01%
Err:504
227.7
50%
5.00
1.00
2500%
25.00%
5.00%
200.00
49.99

Base x (1+0.01)
12.13%
Err:504
230.0
Err:504
51%
Err:504
5.05
Err:504
1.01
Err:504
2525%
Err:504
25.25%
Err:504
5.05%
Err:504
202.00
Err:504
50.49

Elasticity
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504

708.42
708.42
708.42
708.4
708.4
708.4
708.4
708.4
708.4
708.4
708.4
708.4
708.4

Err:504
25%
Err:504
79.85%
Err:504
68.89
Err:504
25%
Err:504
198.00
Err:504
24.75
Err:504
50%
Err:504
99%
Err:504
7.50
Err:504
25%
Err:504
38.11
Err:504
60.92
Err:504

25.45%
80.66%
69.59
25%
200.00
25.00
50%
100%
7.58
25%
38.49
61.54

Err:504
25.70%
Err:504
81.47%
Err:504
70.29
Err:504
25%
Err:504
202.00
Err:504
25.25
Err:504
51%
Err:504
101%
Err:504
7.66
Err:504
25%
Err:504
38.87
Err:504
62.16
Err:504

Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504
Err:504

meter. Compute 1% down from base and 1% up from base.


Pv cell in the bottom left corner and base*(1+0.01) in the upper right. Select row cell and enter the cell from the foreca
% Percentage change in the NPV

Quantity (Initial Market Share)


708
20.92%
21.62%
250
240
230
220
210
200
190
180
170
160
150

Price

22.38%

Notes:
1) Start with the price vector - list it out in column form
2) Find the intial market share corresponding to each price that recovers
Use data table. Highlight the entire matrix 12 x 12. Enter the initial mark
parameter are in a row, the initial price cell in the column box since valu

Market Size

Market Profiles
Base

Market Growth Rate


708
1390.55%
1522.34%
2.25
2.00
1.75
1.50
1.25
1.00
0.75
0.50
0.25
0.10
0.05

1682.86%

Initial Market Si

1.00

Market Size (Uni


Time

2500.00%
26.0
2
60.0

1.0
1
1.0

128.0%
59.3
3
116.3

9.4%
64.9
4
195.4

250.0
200.0

Forecast (NPV 708)

Actual

150.0
Market Size (Mil Units)
100.0

50.0
be, then the parameter cell you want to find the breakeven point for. The parameter cell will be the base case parame
0.0 on the parameter input in the forecast driver section (Bas
rameter value in the upper right. Choose row-cell and click
1
2
3
4
cenario to return all parameters to base values
Year

Bad Scenario
Initial Market Si

0.10

Market Size (Uni


Time

1522.34%
1.6
2
60.0

0.1
1
1.0
250.0

79.1%
2.9
3
116.3

7.0%
3.1
4
195.4

Forecast (NPV -697)

200.0

Actual

150.0
Market Size (Mil Units)
100.0
50.0
0.0

Year

he cell from the forecast driver section

1400.00

Cost of CapiNPV
1%
2%
3%
4%
5%
6%
7%
8%
9%

1302.35
1233.90
1168.91
1107.15
1048.43
992.58
939.42
888.81
840.59

1200.00
1000.00
800.00
NPV

600.00
400.00
200.00
0.00
0%
-200.00

NPV

600.00
400.00

10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
21%
22%
23%
24%
25%
26%
27%
28%
29%
30%
31%
32%
33%
34%
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
45%
46%
47%
48%
49%
50%

794.63
750.80
708.99
669.07
630.96
594.54
559.74
526.46
494.63
464.16
434.99
407.05
380.28
354.63
330.02
306.42
283.78
262.04
241.16
221.10
201.83
183.31
165.49
148.36
131.87
116.00
100.72
86.01
71.83
58.17
45.00
32.30
20.06
8.24
-3.16
-14.17
-24.80
-35.06
-44.97
-54.56
-63.82

200.00
0.00
0%
-200.00

R=1

23.19%

24.06%

25.00%

26.02%

27.12%

28.32%

each price that recovers the base NPV. You need to enter the price into the parameter set and the find the initial mark
2. Enter the initial market penetration cell in the "row" box since values for this
column box since values for this parameter are in a column.

1883.75%

2144.35%

2500.00%

Forecast = Actual

3024.12%

3905.32%

5879.44%

Initial Market Si
3.5%
67.1
5
229.0

2.00

Market Size (Uni

2.0
1
1.0
250.0

tual

200.0

3024.12%
62.5
2
60.0

154.2%
158.8
3
116.3

Forecast (NPV 3,173)


Actual

150.0
Market Size (Mil Units)
100.0

50.0
e the base case parameter cell between AL6 and BG6. The base case values are hard coded in AL2 through BG2
0.0 automatically when you change one of the da
cast driver section (Base Case). It will fill in the NPV values and update
4
5
1
2
3
4
Year

3.3%
3.2
5
229.0

1400.00
1200.00
1000.00
800.00
600.00
400.00

IRR = 43.72%

200.00
0.00
0%
-200.00

10%

20%

30%

40%

50%

60

600.00
400.00

IRR = 43.72%

200.00
0.00
0%
-200.00

10%

R = 12.01%

20%

30%
Cost of Capital

40%

50%

60

708.42
708.41845
708.42
Simulation Analysis
29.63%
31.07%
Scenario #
1
2
3
4
5
6
7
8
9
10
11
12
13
14
the find the initial market share that recovers the base NPV using g
15
16
17
18
19
20
9680.69%
13770.16%
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

10.7%
175.8
4
195.4

3.5%
182.1
5
229.0

V 3,173)

n AL2 through BG2


u change one of the data table parameter values
3
4
5
Year

36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75

76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117

50%

60%

50%

60%

118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162

163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207

208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252

253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297

298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342

343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387

388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432

433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477

478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
Data Table
Scenario #
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63

64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108

109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153

154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198

199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243

244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288

289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333

334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378

379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423

424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468

469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
Min
Max
Upper Limits
-300
-250
-200
-150
-100
-50
0
50
100

150
200
250
300
350
400
450
500
550
600
650
700
750
800
850
900
950
1000
1050
1100
1150
1200
1250
1300
1350
1400

Data Table
Scenario #
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70

71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115

116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
Min
Max
Upper Limits
-49
-24
1
26
51
76
101
126
151
176
201
226
251
276

301
326
351
376
401
426
451
476
501
526
551
576
601
626
651
676
701
726
751
776
801

Base
Max
Min
Name
Base

12.01%
227.70
15.00%
283.85
9.62%
185.13
Cost of Capital
Initial Investment ($mil)
12.01%
227.70
11%
198.32
12%
188.04
12%
187.94
15%
196.43
11%
215.18
11%
238.27
13%
191.68
13%
263.65
12%
241.85
14%
218.79
10%
265.13
10%
211.95
13%
208.39
14%
214.11
11%
237.10
10%
249.49
13%
267.02
14%
194.09
10%
235.14
14%
263.78
11%
261.31
14%
270.92
13%
207.65
10%
237.34
14%
268.01
14%
283.10
11%
267.08
14%
251.29
12%
282.18
10%
188.12
15%
195.34
13%
185.44
12%
267.15
15%
258.45

11%
13%
14%
14%
12%
14%
12%
14%
13%
11%
11%
10%
13%
14%
12%
15%
10%
15%
13%
15%
11%
10%
12%
14%
12%
10%
13%
14%
13%
13%
10%
13%
14%
11%
11%
14%
13%
10%
15%
13%

204.18
246.94
213.96
207.78
214.44
222.18
258.80
196.03
261.80
259.83
265.77
238.93
217.34
199.91
251.76
215.74
224.31
245.10
212.94
261.31
229.96
210.05
210.17
192.11
207.41
206.67
265.07
265.10
228.82
188.33
276.79
247.76
280.73
241.90
248.77
265.10
283.85
205.85
268.07
227.31

11%
11%
14%
12%
13%
15%
10%
12%
12%
13%
11%
12%
11%
12%
11%
12%
12%
15%
10%
15%
11%
12%
10%
15%
11%
11%
12%
11%
14%
14%
11%
12%
13%
14%
10%
11%
12%
11%
15%
14%
12%
12%

216.15
275.11
223.84
239.63
185.53
219.89
198.86
234.22
205.64
210.57
266.94
186.98
247.67
269.92
278.12
259.73
222.05
222.05
191.60
248.27
186.76
251.05
278.57
253.16
265.11
197.56
202.09
249.81
223.24
280.84
273.86
191.39
200.05
243.99
280.66
206.01
255.10
217.25
226.64
209.62
251.26
227.82

13%
10%
14%
10%
12%
10%
13%
14%
13%
12%
14%
14%
12%
13%
13%
10%
13%
10%
13%
12%
10%
10%
10%
10%
13%
14%
12%
12%
14%
10%
14%
10%
11%
11%
12%
14%
14%
11%
12%
14%
11%
13%
13%
10%
10%

268.44
277.54
276.03
222.29
237.41
279.92
280.90
212.94
226.31
249.32
241.95
275.78
231.61
194.45
201.64
281.35
279.64
281.30
193.72
249.53
222.94
230.27
203.94
274.13
239.74
243.57
278.26
254.61
279.42
253.64
207.72
191.48
247.32
228.69
264.58
260.76
255.67
213.28
282.00
248.82
248.63
202.36
203.73
190.10
213.92

11%
10%
10%
12%
11%
12%
11%
15%
14%
12%
11%
13%
12%
13%
10%
14%
14%
10%
13%
15%
11%
12%
10%
14%
11%
13%
12%
11%
14%
13%
14%
12%
10%
11%
15%
12%
13%
13%
13%
13%
11%
11%
13%
14%
10%

267.57
214.33
199.25
225.14
233.86
219.41
227.33
195.07
283.77
278.82
250.75
202.18
260.74
261.85
221.39
211.02
242.87
220.94
281.43
228.25
208.79
195.39
269.92
204.12
276.86
214.16
277.76
243.27
272.89
260.49
204.46
227.31
244.63
202.32
243.44
189.22
233.51
218.24
233.36
255.82
281.85
266.84
230.22
283.81
256.45

11%
14%
12%
12%
14%
12%
12%
14%
13%
14%
15%
11%
11%
12%
15%
11%
11%
12%
11%
10%
13%
12%
14%
15%
13%
12%
11%
12%
15%
14%
15%
13%
13%
12%
12%
15%
12%
13%
10%
11%
14%
14%
14%
14%
15%

212.22
271.42
202.62
213.86
276.50
212.69
250.22
242.28
210.53
186.73
190.88
247.91
254.54
205.31
267.52
271.55
281.61
187.56
197.53
189.25
242.32
250.05
185.48
219.39
273.94
227.84
217.85
258.55
234.08
212.61
192.84
227.89
188.84
283.50
268.75
196.65
198.92
259.77
218.05
238.73
242.37
273.84
258.29
254.46
236.17

10%
14%
13%
11%
12%
11%
13%
13%
11%
11%
11%
11%
13%
15%
13%
14%
13%
13%
10%
13%
13%
11%
11%
13%
11%
15%
12%
14%
12%
14%
11%
13%
14%
10%
10%
13%
11%
11%
14%
12%
15%
11%
14%
14%
11%

219.82
255.45
197.43
187.85
254.23
209.28
261.71
274.62
229.97
240.22
233.18
282.60
281.22
266.31
222.05
248.08
198.61
205.80
206.49
194.43
219.92
203.14
242.93
241.53
238.97
252.47
249.35
254.19
202.05
260.73
201.30
229.39
270.14
237.38
267.41
265.14
211.88
266.84
191.55
283.67
223.61
199.20
228.95
214.92
264.20

13%
11%
13%
13%
11%
11%
13%
11%
11%
10%
13%
14%
14%
10%
14%
10%
11%
10%
15%
13%
10%
11%
12%
11%
11%
10%
14%
14%
11%
11%
14%
12%
13%
13%
13%
12%
14%
12%
13%
15%
10%
15%
14%
10%
10%

191.11
282.51
239.30
252.14
252.81
274.37
221.95
233.36
263.25
188.74
187.26
191.38
219.71
222.54
215.69
198.09
205.03
255.33
222.70
236.05
198.48
199.94
267.00
243.89
250.04
226.36
235.69
186.90
196.40
254.43
220.02
260.97
266.60
283.15
253.61
255.49
202.78
269.55
196.15
248.45
216.10
194.09
245.01
188.45
234.31

10%
12%
12%
10%
14%
10%
12%
13%
13%
14%
14%
10%
15%
14%
13%
10%
14%
10%
11%
14%
10%
10%
13%
12%
10%
13%
11%
10%
11%
11%
15%
15%
11%
13%
13%
15%
13%
14%
14%
14%
12%
14%
13%
13%
14%

272.37
209.19
189.44
255.95
199.53
228.62
252.87
259.32
231.97
239.27
256.73
230.93
212.39
228.14
195.96
216.27
248.71
211.09
214.54
282.71
216.19
198.39
205.24
251.26
268.24
206.58
262.25
220.40
256.42
245.79
246.39
233.25
267.22
253.94
244.11
198.33
216.69
270.55
205.46
207.68
218.75
219.26
254.71
200.12
283.57

13%
13%
12%
11%
13%
11%
10%
11%
13%
11%
11%
14%
10%
14%
14%
14%
15%
14%
13%
12%
10%
11%
14%
15%
11%
12%
14%
12%
10%
10%
14%
10%
12%
15%
14%
12%
13%
13%
13%
14%
10%
14%
14%
14%
10%

196.99
219.69
274.82
253.28
259.97
277.76
207.99
254.54
219.53
204.90
188.71
240.25
212.28
232.05
276.96
205.95
272.93
233.75
202.73
251.91
186.81
235.95
283.36
199.37
198.15
241.31
274.71
272.78
226.28
262.08
250.49
283.84
270.01
209.49
215.45
265.34
243.07
228.70
212.91
264.13
263.92
239.58
268.72
230.00
277.20

14%
11%
13%
14%
13%
12%
13%
11%
11%
15%
11%
12%
14%
11%
10%
10%
14%
11%
11%
10%
13%
12%
11%
14%
13%
10%
10%
13%
15%
11%
15%
14%
12%
10%
13%
13%
13%
10%
15%
11%
10%
12%
13%
12%
14%

218.06
274.41
239.44
185.99
253.30
267.67
190.65
228.78
191.69
254.09
255.01
215.58
274.63
278.58
195.75
254.97
202.78
258.05
195.12
185.13
230.44
198.16
210.99
189.13
223.31
191.26
263.01
188.34
188.37
216.32
236.33
270.15
222.98
196.99
274.38
188.30
263.39
258.95
214.77
199.94
191.47
204.93
274.87
272.35
204.65

12%
11%
15%
14%
10%
13%
10%
11%
14%
15%
14%
13%
12%
13%
14%
10%
12%
14%
10%
10%
10%
10%
13%

Description
Base
Base

NPV

226.52
197.96
230.61
279.10
277.74
222.67
212.48
253.17
266.02
261.29
201.15
267.29
227.61
265.39
190.37
268.27
278.30
227.29
239.50
260.91
215.83
258.27
198.85

IRR
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

43.7%
43.7%
114.8%
153.2%
119.1%
78.9%
91.0%
94.8%
45.0%
88.3%
115.3%
20.9%
24.7%
18.6%
169.1%
126.8%
11.2%
88.8%
26.7%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

21.3%
45.8%
31.4%
136.0%
51.2%
61.2%
5.6%
31.6%
10.2%
68.1%
13.4%
71.1%
30.3%
51.1%
122.6%
55.3%
32.6%
97.5%
160.5%
125.5%
98.5%
80.9%
114.6%
84.3%
103.9%
61.1%
82.8%
114.0%
59.6%
14.8%
153.8%
25.6%
120.4%
74.2%
158.1%
132.6%
30.8%
-2.0%
86.4%
144.3%
91.6%
60.3%
109.3%
41.0%
13.8%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

105.7%
47.9%
33.1%
7.9%
128.9%
22.2%
98.0%
148.6%
71.2%
32.7%
89.6%
98.0%
96.2%
87.8%
74.5%
122.9%
69.7%
23.8%
76.3%
61.2%
129.2%
106.8%
132.4%
13.3%
72.2%
138.5%
67.7%
8.5%
50.6%
-27.6%
25.4%
96.9%
63.0%
28.2%
103.0%
82.3%
4.0%
120.2%
142.0%
30.2%
45.3%
72.2%
16.9%
22.7%
26.5%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

82.0%
29.1%
39.7%
23.6%
62.0%
31.7%
17.7%
68.6%
42.0%
67.6%
-6.9%
39.2%
105.7%
-10.3%
103.7%
120.5%
11.0%
17.4%
5.5%
122.6%
39.9%
78.4%
132.0%
126.0%
154.9%
26.6%
59.9%
20.3%
1.4%
12.0%
-1.8%
55.7%
129.4%
88.1%
26.0%
17.1%
112.7%
90.2%
-11.8%
134.9%
107.5%
118.6%
58.6%
89.0%
82.5%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

108.8%
110.3%
71.0%
87.2%
157.4%
140.2%
85.1%
70.1%
111.4%
28.0%
90.9%
6.0%
133.5%
76.8%
9.5%
6.5%
64.9%
85.5%
-9.3%
86.9%
153.0%
25.9%
69.2%
95.2%
35.6%
32.8%
152.3%
171.0%
123.6%
166.8%
105.2%
43.6%
105.5%
106.3%
134.4%
-18.1%
156.2%
117.9%
102.3%
77.9%
133.2%
133.3%
109.5%
91.9%
137.7%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

12.5%
93.4%
17.5%
83.5%
106.6%
121.0%
95.9%
40.8%
101.7%
65.0%
131.8%
101.5%
53.9%
82.9%
54.9%
24.2%
162.8%
92.9%
62.4%
160.8%
182.1%
5.9%
103.3%
77.0%
20.5%
58.5%
149.7%
13.6%
68.1%
41.0%
66.1%
51.4%
45.9%
37.9%
56.7%
88.8%
98.4%
128.9%
66.2%
37.6%
77.9%
35.2%
72.2%
91.7%
83.8%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

76.2%
63.0%
-16.8%
57.6%
154.3%
36.5%
79.2%
68.7%
119.7%
114.3%
160.2%
108.6%
52.4%
59.9%
52.5%
54.4%
126.2%
22.1%
81.4%
51.2%
32.0%
143.8%
88.7%
81.9%
169.2%
123.7%
-0.2%
49.5%
0.6%
119.6%
76.9%
50.0%
47.6%
57.2%
3.9%
26.2%
139.0%
157.1%
89.5%
80.4%
36.2%
-29.4%
147.0%
37.4%
100.4%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

129.4%
3.3%
2.9%
29.1%
82.7%
33.2%
34.8%
43.9%
141.9%
101.2%
43.3%
164.3%
127.4%
63.1%
-24.4%
44.6%
47.5%
15.3%
8.0%
52.8%
67.2%
66.5%
127.4%
135.7%
48.7%
31.4%
72.9%
65.1%
79.3%
30.8%
59.3%
157.9%
150.9%
65.7%
76.1%
19.8%
18.2%
16.0%
135.9%
136.9%
33.7%
97.2%
7.9%
95.4%
11.6%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

75.6%
84.5%
38.1%
105.8%
135.8%
109.0%
125.0%
203.1%
156.8%
72.5%
66.7%
67.7%
171.5%
106.6%
52.4%
1.6%
40.1%
42.2%
45.2%
4.9%
151.9%
89.8%
10.9%
32.2%
32.3%
171.5%
32.0%
-38.6%
67.9%
47.7%
31.2%
14.8%
113.1%
146.8%
123.2%
80.8%
213.1%
54.9%
28.1%
70.5%
16.1%
107.4%
59.9%
96.2%
87.0%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

32.7%
50.6%
120.9%
174.3%
10.6%
28.2%
67.7%
79.7%
88.9%
-24.2%
81.4%
62.5%
52.1%
87.3%
143.2%
123.5%
62.9%
141.7%
77.1%
112.8%
136.4%
47.7%
156.7%
110.9%
16.2%
22.4%
1.2%
7.7%
30.1%
92.6%
147.8%
72.0%
82.1%
105.4%
88.6%
41.7%
121.3%
79.0%
56.1%
101.1%
-26.4%
2.1%
-6.4%
28.0%
58.2%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42

56.6%
11.2%
25.7%
-27.0%
92.7%
-21.1%
-16.0%
66.5%
104.2%
89.8%
61.5%
107.2%
45.6%
60.4%
-35.5%
112.7%
55.0%
92.8%
-24.2%
121.7%
102.9%
0.9%
164.5%
176.6%
51.5%
100.9%
11.0%
73.1%
-8.5%
85.5%
-25.7%
14.5%
89.8%
53.1%
91.9%
12.4%
25.6%
130.7%
-9.7%
114.1%
92.8%
118.2%
-18.8%
45.3%
22.3%

708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
708.42
Frequency

111.8%
87.4%
82.0%
51.6%
20.9%
35.5%
40.3%
94.0%
70.3%
69.5%
35.8%
99.0%
64.6%
157.1%
212.1%
0.8%
164.9%
53.2%
143.6%
108.6%
16.8%
67.7%
34.8%
43.4%
94.7%
142.5%
85.2%
105.6%
91.2%
94.3%
24.9%
87.9%
(0.39)
2.13

%
0
0
0
0
0
0
0
0
0

0.00%
0.00%
0.00%
0.00%
0.00%
0.00% This varies with different draws.
0.00%
0.00%
0.00%
100.00%
0.00%

0
0
0
0
0
0
0
0
0
0
0
0
500
0
0
0
0
0
0
0
0
0
0
0
0
0
500

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Description

NPV
$0.00

Base
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

IRR
0.00
108.90
87.28
112.59
104.40
110.14
109.08
108.59
90.03
104.78
114.08
86.36
109.36
111.12
108.00
111.41
109.39
111.07
107.49
107.76
111.06
108.83
97.86
81.14
120.25

0.0%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
30.9%
31.0%
31.2%
30.8%
31.2%
31.0%
31.2%
30.8%
30.8%
31.2%
30.9%
28.3%
24.8%
33.9%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

56.56
98.81
105.19
68.11
87.37
59.57
64.86
183.54
185.33
57.35
194.51
43.04
170.70
43.32
122.49
87.83
186.51
109.48
107.22
111.14
107.35
108.61
108.05
109.66
109.03
110.28
108.35
69.21
121.93
146.20
80.91
143.95
173.37
157.33
154.29
46.28
59.29
46.60
105.19
148.63
79.05
163.69
64.10
39.97
73.36

20.2%
28.5%
30.0%
22.3%
26.0%
20.7%
21.7%
43.4%
43.7%
22.1%
45.2%
19.6%
41.3%
19.7%
33.2%
27.4%
43.9%
31.0%
30.7%
31.3%
30.7%
30.9%
30.8%
31.0%
30.9%
31.1%
30.8%
24.2%
33.1%
37.2%
26.2%
36.8%
41.7%
39.0%
38.5%
20.2%
22.4%
20.2%
30.3%
37.6%
25.9%
40.1%
23.3%
19.1%
24.9%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

125.68
89.15
109.86
110.72
109.79
111.58
113.73
106.14
107.42
105.40
110.89
108.02
317.87
367.18
477.76
(95.57)
627.41
675.60
511.46
529.15
510.18
255.78
(47.35)
63.83
114.73
76.54
110.46
164.07
45.14
22.37
83.02
37.61
116.94
97.16
104.52
110.13
108.70
119.55
108.11
110.43
112.00
106.48
103.21
98.76
101.74

33.8%
27.6%
31.1%
31.2%
31.1%
31.3%
31.6%
30.5%
30.7%
30.4%
31.2%
30.8%
59.2%
65.2%
77.9%
-12.9%
94.1%
99.1%
81.6%
83.6%
81.5%
51.5%
2.1%
23.6%
31.8%
25.7%
31.2%
39.4%
20.3%
16.2%
26.8%
19.0%
32.2%
29.1%
30.2%
31.1%
30.9%
32.6%
30.8%
31.2%
31.4%
30.5%
29.4%
28.3%
29.1%

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Frequency

104.79
111.06
112.19
90.00
114.25
113.09
102.91
82.97
128.36
82.78
152.37
129.88
148.05
95.08
86.04
121.84
135.96
95.49
99.59
97.16
132.38
140.85
123.21
125.36
118.40
100.81
106.73
(95.57)
675.60
%

1
1
0
1
7
10
24
68
9
7
4
0
0
1

0.20%
0.20%
0.00%
0.20%
1.40%
2.00%
4.80%
13.60%
1.80%
1.40%
0.80%
0.00%
0.00%
0.20%

29.8%
31.5%
31.8%
26.2%
32.4%
32.1%
29.4%
24.7%
36.6%
24.7%
44.7%
37.0%
43.1%
27.4%
25.4%
34.6%
39.0%
26.5%
27.7%
27.0%
41.6%
46.4%
36.9%
38.0%
34.7%
28.1%
30.1%
-12.9%
99.1%

0
1
0
1
0
0
0
0
1
2
1
0
0
0
1
1
0
0
0
0
0
141

0.00%
0.20%
0.00%
0.20%
0.00%
0.00%
0.00%
0.00%
0.20%
0.40%
0.20%
0.00%
0.00%
0.00%
0.20%
0.20%
0.00%
0.00%
0.00%
0.00%
0.00%

50%
74.99%
30.02%
PP&E Liquidation Value
PPE Life for Depreciation (Years)
50%
51%
59%
69%
71%
51%
48%
36%
69%
61%
69%
54%
66%
43%
37%
31%
45%
39%
57%
62%
43%
73%
36%
32%
37%
74%
34%
39%
54%
43%
54%
52%
42%
56%
37%

5.00
6.98
3.00
5.00
5.2
3.4
3.7
3.7
3.6
4.2
6.8
5.7
5.9
6.6
6.7
6.5
4.2
6.8
4.5
6.4
5.8
4.2
4.2
4.0
6.2
4.9
6.9
4.1
6.0
3.8
6.0
3.5
6.0
6.3
5.2
6.7
5.8
4.0

48%
44%
64%
34%
57%
72%
69%
61%
52%
50%
30%
31%
39%
52%
61%
38%
57%
40%
32%
64%
60%
70%
73%
65%
52%
39%
44%
57%
57%
68%
49%
59%
47%
38%
66%
63%
62%
56%
58%
42%

6.9
6.9
3.9
5.6
5.2
6.3
5.8
6.8
3.8
4.8
3.6
4.0
5.0
4.8
3.2
4.2
3.9
6.6
3.6
5.8
6.1
7.0
5.5
5.1
7.0
4.3
3.6
3.3
6.4
5.0
6.5
5.1
3.3
5.7
4.3
5.3
3.4
4.7
4.2
4.3

52%
45%
70%
65%
67%
47%
51%
43%
50%
33%
54%
54%
37%
67%
66%
66%
47%
35%
31%
38%
49%
50%
72%
61%
72%
51%
34%
54%
47%
59%
45%
53%
32%
39%
74%
51%
38%
40%
41%
62%
46%
64%

3.0
6.9
4.4
5.1
6.1
4.7
5.9
4.4
5.8
3.4
5.6
4.4
3.6
6.2
3.2
6.3
4.4
6.6
3.2
3.1
5.7
5.5
5.3
5.0
5.5
5.4
6.2
5.8
4.9
6.0
4.1
6.7
5.5
6.2
4.5
7.0
6.7
6.9
3.8
6.5
6.2
4.3

31%
54%
34%
62%
58%
48%
54%
56%
56%
58%
55%
37%
51%
42%
57%
42%
66%
60%
47%
51%
33%
39%
48%
45%
34%
51%
69%
39%
33%
57%
60%
63%
36%
55%
38%
64%
59%
58%
65%
35%
51%
61%
50%
75%
72%

3.2
6.2
3.4
3.7
4.7
4.9
3.4
4.8
6.6
3.8
5.2
6.4
6.0
3.4
3.6
4.3
7.0
4.2
3.7
5.1
5.2
6.2
6.5
3.3
3.0
3.5
4.0
6.6
6.7
6.7
4.8
4.9
5.7
6.4
3.1
3.7
4.8
6.1
7.0
6.1
6.6
5.2
4.1
4.1
6.4

33%
50%
38%
35%
57%
42%
44%
63%
57%
54%
44%
56%
52%
54%
40%
41%
61%
55%
34%
40%
32%
72%
55%
34%
54%
53%
68%
59%
46%
57%
38%
51%
67%
38%
34%
68%
55%
40%
68%
55%
65%
49%
59%
38%
66%

5.3
5.3
5.4
3.7
3.2
4.0
4.5
6.4
3.5
4.0
5.3
3.4
4.8
4.6
6.1
5.4
5.7
5.2
5.7
4.7
5.1
6.8
5.2
6.6
6.0
7.0
4.9
3.9
5.8
6.0
6.5
6.6
6.6
4.9
3.6
4.0
6.4
5.4
4.1
6.6
5.1
3.0
5.6
6.6
7.0

73%
47%
31%
72%
51%
66%
65%
66%
55%
59%
70%
34%
47%
47%
37%
33%
54%
66%
40%
63%
61%
66%
51%
60%
60%
73%
37%
67%
37%
33%
54%
40%
32%
62%
62%
37%
50%
54%
59%
64%
71%
62%
71%
74%
30%

4.0
6.5
4.4
6.4
4.1
6.8
3.6
6.0
4.8
6.0
6.2
4.1
7.0
4.6
6.4
5.5
5.7
5.2
3.4
5.5
3.1
3.1
3.9
6.7
3.8
3.5
6.0
6.8
6.9
5.9
4.8
6.1
6.1
5.6
4.5
5.7
3.4
6.6
5.2
4.0
6.4
5.0
7.0
3.4
6.2

33%
67%
32%
64%
49%
56%
46%
56%
72%
43%
41%
43%
35%
54%
53%
38%
52%
43%
42%
64%
68%
57%
40%
42%
43%
51%
36%
61%
74%
51%
38%
69%
48%
59%
30%
36%
41%
71%
47%
33%
43%
70%
47%
56%
61%

6.4
3.4
4.3
3.6
4.3
5.5
6.8
3.5
3.8
3.5
3.5
5.0
6.0
3.8
5.1
3.5
4.0
6.8
4.3
4.8
4.2
3.2
5.6
4.4
6.3
6.0
5.6
4.6
6.3
4.2
3.5
5.9
4.0
6.4
6.6
3.4
4.8
4.6
3.6
4.5
6.3
6.1
5.1
6.4
3.7

39%
42%
34%
46%
57%
58%
70%
65%
72%
52%
44%
61%
47%
68%
49%
70%
70%
34%
62%
65%
34%
55%
31%
59%
72%
53%
50%
55%
37%
51%
71%
63%
33%
37%
45%
48%
69%
58%
58%
63%
40%
59%
71%
71%
35%

6.6
6.7
3.7
5.0
4.7
3.3
5.2
6.1
4.7
5.2
5.9
6.7
6.8
6.2
6.2
7.0
3.7
3.4
4.4
6.8
5.4
4.1
6.7
6.2
5.7
6.1
6.2
6.9
3.5
3.6
6.8
5.5
6.4
6.8
4.1
5.8
3.4
6.1
6.9
4.9
3.4
4.0
3.4
5.6
4.3

75%
36%
66%
38%
54%
65%
34%
48%
70%
54%
72%
40%
69%
41%
66%
45%
36%
52%
40%
48%
52%
32%
42%
61%
65%
43%
47%
33%
57%
73%
59%
34%
71%
45%
52%
38%
74%
41%
60%
50%
46%
52%
65%
44%
66%

6.0
4.4
5.1
3.3
3.6
4.6
6.2
5.1
3.3
3.1
4.1
6.0
3.0
5.1
6.2
6.7
6.6
6.1
6.8
5.2
5.3
5.9
5.0
5.6
6.1
6.9
5.1
3.6
4.3
5.0
4.4
5.8
5.7
4.1
4.4
6.1
6.4
3.5
6.2
6.6
3.2
6.4
3.9
5.7
4.5

71%
31%
64%
58%
47%
44%
70%
62%
74%
31%
68%
45%
51%
40%
75%
74%
64%
72%
50%
50%
66%
67%
44%
44%
57%
39%
47%
33%
47%
33%
61%
33%
37%
71%
36%
37%
67%
59%
43%
49%
51%
53%
52%
35%
53%

4.0
6.1
5.1
6.3
6.2
5.6
7.0
6.0
6.6
6.5
4.9
4.1
6.3
3.8
3.9
7.0
4.4
7.0
5.4
5.5
5.0
3.1
5.9
6.4
3.1
5.3
4.8
4.6
4.5
3.3
6.5
5.9
6.7
4.1
3.3
3.0
4.4
5.8
4.0
5.7
5.7
4.7
5.0
6.2
3.8

54%
73%
34%
51%
75%
61%
44%
67%
54%
49%
53%
40%
53%
70%
39%
71%
60%
39%
50%
41%
72%
75%
38%
67%
74%
44%
74%
64%
52%
72%
31%
72%
67%
41%
67%
61%
64%
47%
46%
58%
58%
65%
31%
54%
32%

3.2
4.9
4.9
4.6
6.5
5.1
6.6
5.4
6.2
3.1
5.3
5.5
4.6
4.7
5.1
5.5
5.5
6.2
6.4
4.8
5.6
5.8
5.1
4.9
4.9
3.1
6.2
3.2
5.6
5.0
5.8
6.1
6.7
3.1
3.7
6.0
3.1
5.9
5.4
3.2
4.9
4.2
4.8
5.0
3.3

31%
66%
65%
45%
63%
34%
31%
35%
39%
35%
41%
59%
60%
39%
74%
61%
71%
47%
61%
56%
64%
50%
66%

Gross Margin

5.3
3.2
5.1
5.2
6.1
5.6
4.6
5.5
6.9
5.9
5.7
4.5
6.0
6.5
5.6
5.5
5.6
6.1
3.4
3.5
5.5
4.9
5.9

Operating Margin
19.3%
19.3%
20.6%
25.3%
22.3%
20.4%
16.0%
25.4%
21.8%
20.8%
23.2%
23.1%
16.2%
25.2%
19.5%
23.6%
21.8%
19.2%
24.7%

-22.1%
-22.1%
-16.7%
-0.9%
-6.5%
-21.0%
-12.2%
-9.4%
-5.0%
-6.0%
2.3%
-65.4%
-32.8%
-10.0%
4.2%
-14.6%
-20.6%
-2.7%
-6.7%

22.6%
23.7%
21.4%
17.1%
24.3%
17.7%
23.7%
19.7%
18.8%
19.0%
17.9%
18.5%
23.1%
18.2%
24.8%
17.1%
20.3%
24.0%
25.2%
19.9%
25.1%
20.8%
19.2%
18.1%
24.9%
19.2%
19.7%
21.6%
17.6%
18.0%
22.3%
21.6%
24.6%
21.3%
19.7%
17.8%
23.2%
15.9%
19.4%
19.5%
23.8%
23.7%
16.8%
24.8%
18.1%

-90.5%
-2.2%
-9.8%
0.9%
6.0%
-14.8%
-24.1%
-31.9%
-23.8%
6.2%
-9.2%
-1.1%
-76.4%
-2.2%
-4.5%
-1.9%
-11.2%
-29.5%
4.8%
5.3%
-10.5%
-5.5%
-10.4%
-8.0%
-19.1%
-35.9%
-11.5%
6.6%
-42.6%
-40.0%
6.1%
-15.4%
-14.6%
-5.7%
7.1%
1.7%
-42.9%
-38.2%
-2.7%
6.0%
-20.7%
2.3%
-13.6%
-18.4%
-12.9%

23.6%
16.0%
24.7%
22.6%
17.4%
22.2%
19.5%
22.4%
25.6%
18.6%
22.9%
19.1%
16.4%
15.7%
21.8%
20.8%
22.6%
18.6%
15.8%
17.5%
17.7%
16.8%
21.1%
23.4%
23.9%
20.7%
19.4%
15.8%
18.9%
20.2%
17.9%
20.1%
21.5%
22.5%
24.7%
20.6%
22.7%
21.9%
24.0%
22.5%
20.8%
23.6%
23.9%
18.9%
18.0%

-7.9%
-53.4%
-3.9%
-11.6%
-5.6%
-40.1%
-24.6%
-7.5%
-14.7%
-45.3%
-42.2%
-10.9%
-5.8%
-3.8%
-10.3%
-2.1%
3.8%
-51.4%
-31.0%
-3.3%
-7.6%
-9.6%
-6.8%
-67.1%
-6.5%
-7.7%
-7.5%
-18.1%
-47.0%
-50.2%
-10.2%
-37.8%
-12.0%
-34.8%
-5.7%
-5.2%
-46.7%
4.4%
-1.4%
-69.4%
-54.3%
6.2%
-28.9%
-23.5%
-16.0%

16.2%
23.4%
24.2%
21.4%
18.1%
22.4%
22.9%
24.6%
21.7%
17.2%
15.9%
25.4%
22.1%
17.7%
23.3%
20.8%
19.7%
15.7%
16.8%
23.8%
23.3%
25.2%
20.0%
16.4%
23.5%
20.7%
18.3%
21.3%
23.0%
18.5%
16.4%
23.1%
18.4%
25.6%
25.4%
23.1%
18.0%
21.6%
16.4%
23.6%
19.7%
22.3%
23.4%
21.8%
25.7%

-16.3%
-11.5%
-21.9%
-39.1%
-33.3%
-37.5%
-14.5%
2.6%
-6.4%
3.0%
-50.6%
-9.0%
3.2%
-26.9%
-8.3%
-8.2%
-61.7%
-17.5%
-63.0%
-5.9%
5.6%
-4.2%
-1.8%
-2.4%
4.8%
-21.1%
-31.2%
-63.3%
-30.4%
-8.6%
-18.8%
-63.0%
-20.4%
-9.9%
-16.0%
-27.4%
-13.8%
-12.3%
-22.6%
-2.0%
-1.2%
-13.1%
5.6%
-24.4%
-35.9%

23.9%
21.4%
19.2%
19.1%
23.6%
23.2%
25.3%
16.9%
20.7%
18.4%
24.6%
18.1%
24.5%
23.2%
18.4%
19.0%
21.2%
20.0%
22.7%
16.6%
20.3%
15.9%
17.2%
23.6%
17.2%
19.7%
19.2%
23.3%
25.7%
19.1%
22.9%
18.0%
17.5%
20.7%
17.1%
19.8%
20.1%
25.3%
24.3%
21.6%
24.7%
25.1%
25.1%
25.5%
23.1%

4.8%
-3.3%
-18.1%
-31.2%
5.7%
-5.2%
-1.6%
-17.2%
0.8%
-3.7%
-25.8%
-34.0%
3.3%
0.0%
-18.9%
-61.2%
-27.1%
0.0%
-42.6%
-22.5%
3.2%
-29.4%
-29.8%
-9.3%
0.3%
-57.6%
6.1%
-1.8%
6.6%
-0.7%
-7.8%
-7.8%
-11.0%
-17.2%
-2.9%
-57.2%
6.0%
-17.2%
-11.4%
-22.7%
1.5%
5.6%
-1.4%
10.1%
-1.8%

15.7%
25.1%
18.3%
24.8%
19.9%
25.5%
23.4%
21.9%
21.4%
17.9%
23.0%
20.0%
18.0%
16.3%
23.5%
19.6%
25.5%
22.9%
19.9%
24.7%
19.0%
17.8%
23.8%
18.2%
23.3%
21.5%
18.1%
24.2%
20.3%
22.7%
20.4%
16.4%
21.1%
17.2%
23.3%
20.3%
17.7%
24.4%
23.7%
16.1%
17.9%
22.5%
24.3%
17.1%
21.1%

-9.7%
-8.9%
-5.1%
8.3%
-14.0%
1.3%
-4.2%
-32.0%
-4.0%
-13.2%
4.0%
-3.6%
-7.9%
-2.6%
-12.6%
-74.6%
2.8%
-9.3%
-12.6%
6.5%
6.1%
-25.7%
1.6%
-9.4%
-24.3%
-14.0%
1.7%
-26.8%
-12.8%
-14.2%
-51.1%
-41.9%
-1.9%
-15.6%
-9.6%
-27.4%
4.4%
9.2%
-2.3%
-12.3%
-12.8%
1.7%
-72.7%
-4.6%
1.0%

24.8%
24.3%
15.7%
22.5%
25.1%
16.8%
16.1%
22.8%
24.5%
21.8%
24.4%
21.1%
23.6%
25.2%
17.3%
23.7%
21.4%
23.4%
17.2%
17.0%
20.5%
23.2%
17.5%
17.6%
23.7%
24.5%
17.2%
20.4%
16.1%
19.4%
22.5%
24.0%
18.3%
23.7%
25.2%
24.2%
20.3%
25.1%
24.5%
19.3%
17.7%
16.7%
21.3%
19.7%
23.3%

4.1%
-36.6%
-33.1%
-43.4%
7.5%
-29.4%
-1.2%
-8.9%
-20.3%
-7.9%
2.5%
-1.3%
4.3%
-8.1%
-33.6%
-35.2%
8.6%
-5.8%
-19.6%
-10.4%
2.1%
5.2%
-16.2%
-18.1%
8.9%
-0.5%
-14.3%
-17.0%
-18.2%
0.7%
-11.1%
3.2%
-14.4%
-43.0%
-25.0%
-1.7%
-2.5%
6.2%
-1.8%
-18.9%
-20.1%
-39.5%
0.1%
-22.7%
9.4%

22.4%
19.5%
19.7%
24.3%
18.8%
15.8%
21.0%
21.7%
22.0%
16.5%
21.4%
17.7%
22.2%
19.3%
17.1%
19.0%
17.6%
19.9%
25.4%
24.6%
16.1%
23.7%
17.1%
24.8%
17.2%
17.0%
16.0%
18.7%
23.0%
20.5%
17.6%
23.4%
20.8%
25.7%
19.8%
16.2%
23.0%
16.8%
24.4%
19.7%
25.5%
15.8%
23.3%
23.3%
18.3%

1.0%
-31.4%
-26.5%
-34.1%
-11.7%
-26.8%
-25.2%
-4.6%
4.3%
-11.2%
-42.3%
1.6%
-13.7%
-53.1%
-67.3%
-21.1%
-1.8%
-31.8%
-13.4%
-66.0%
-20.2%
-8.1%
0.1%
5.1%
-47.5%
-22.8%
-37.3%
-20.2%
-0.6%
-12.4%
-12.3%
4.1%
-5.5%
-6.9%
0.0%
-34.2%
-17.5%
-5.8%
8.5%
3.8%
-45.0%
-2.7%
-35.6%
-2.1%
-23.3%

19.4%
18.1%
20.3%
24.4%
22.9%
22.9%
21.8%
25.4%
24.9%
22.3%
16.2%
21.1%
23.5%
23.2%
24.2%
18.6%
16.9%
21.1%
25.0%
16.5%
21.1%
19.3%
20.9%
19.6%
23.2%
18.5%
19.2%
18.6%
18.9%
23.7%
20.9%
17.1%
18.5%
22.0%
24.5%
23.2%
21.0%
19.3%
23.2%
20.2%
18.6%
16.9%
18.9%
20.0%
22.4%

0.5%
-1.2%
-34.8%
-12.9%
13.8%
-5.8%
2.8%
8.9%
13.3%
-3.9%
-27.9%
-34.2%
9.0%
-10.0%
-20.0%
-21.5%
-0.8%
-53.6%
5.8%
-23.6%
5.9%
-23.8%
-9.4%
-29.4%
-30.2%
-2.0%
-23.9%
-82.5%
-26.5%
-12.5%
-4.6%
-99.1%
0.5%
1.2%
-9.3%
-14.1%
9.4%
-19.8%
-4.7%
-21.0%
-15.1%
-5.6%
-20.9%
-1.9%
-15.0%

16.4%
20.4%
21.2%
25.7%
17.9%
20.6%
16.7%
15.9%
25.2%
16.8%
16.4%
24.2%
23.5%
18.3%
25.3%
23.0%
18.7%
24.5%
24.8%
25.7%
25.6%
16.1%
20.3%
21.4%
15.9%
16.8%
16.0%
18.1%
16.6%
21.4%
19.4%
24.7%
19.6%
24.9%
19.2%
17.5%
20.7%
22.1%
19.3%
16.2%
19.1%
15.9%
18.0%
19.0%
22.6%

1.8%
-2.0%
-5.5%
1.1%
-6.9%
-34.7%
-21.1%
1.2%
-0.2%
-26.7%
-15.0%
3.0%
-9.8%
-7.9%
7.6%
-1.4%
-17.6%
7.5%
-25.2%
-11.9%
8.3%
-27.4%
5.8%
0.2%
-29.2%
-41.1%
-14.2%
-76.6%
-36.6%
3.6%
3.8%
-25.5%
2.0%
-2.0%
-3.8%
-11.9%
-7.2%
-12.2%
-2.1%
-7.2%
-59.5%
-28.4%
-31.1%
-84.5%
4.8%

25.7%
16.9%
23.4%
16.6%
16.2%
16.6%
19.8%
24.5%
22.4%
24.9%
24.8%
17.1%
19.2%
25.3%
16.0%
25.3%
25.0%
20.2%
21.2%
24.8%
19.7%
21.4%
21.1%
21.6%
16.2%
25.4%
16.6%
18.5%
15.7%
16.2%
17.2%
25.2%
20.7%
23.8%
21.1%
17.3%
16.6%
15.8%
25.5%
17.9%
19.9%
19.6%
24.5%
24.6%
19.4%

-76.1%
-63.5%
-21.5%
-79.6%
-2.6%
-30.4%
-40.0%
-25.7%
-2.3%
-12.8%
-8.0%
-19.9%
-14.4%
10.9%
-46.3%
3.1%
-3.3%
3.7%
-58.1%
-9.8%
-8.4%
-41.8%
1.7%
6.3%
-8.6%
-18.4%
-12.9%
-26.8%
-50.3%
-4.7%
-41.5%
-8.4%
-7.3%
-29.9%
-36.2%
-23.1%
-53.1%
-13.2%
-75.5%
-4.0%
-16.6%
-14.0%
-49.0%
-13.1%
-41.4%

24.9%
15.9%
19.8%
25.0%
17.3%
21.4%
16.6%
18.2%
16.8%
25.4%
23.6%
18.4%
19.5%
24.8%
20.0%
17.1%
23.3%
19.7%
16.1%
20.7%
24.7%
20.1%
24.8%
21.1%
22.7%
18.0%
25.1%
18.6%
24.4%
24.3%
18.4%
22.7%
0.16
0.26

120.00%
22.22%
100.00%
80.00%

ent draws.

60.00%
Percentage
40.00%
20.00%

5.2%
-18.2%
-33.6%
-32.0%
-112.1%
-5.8%
-14.1%
-13.0%
-20.5%
6.1%
-18.0%
-16.8%
-14.6%
5.2%
8.2%
-26.6%
7.8%
-10.4%
-3.7%
-11.4%
-38.4%
-25.3%
-25.3%
-51.5%
0.3%
-4.1%
-31.2%
-28.6%
-20.0%
-0.4%
-35.0%
-26.1%
(1.12)
0.14

77.78%

60.00%
Percentage
40.00%
20.00%
0.00%

NPV

Gross Margin

Operating Margin
0.0%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%

0.0%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%

19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%

5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%

19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
22.8%
23.7%
25.6%
15.6%
28.2%
29.0%
26.2%
26.5%
26.2%
21.7%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.1%
19.1%
19.1%

5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
9.3%
10.1%
12.1%
2.1%
14.7%
15.5%
12.7%
13.0%
12.6%
8.2%
3.0%
4.9%
5.7%
5.1%
5.7%
6.6%
4.5%
4.2%
5.2%
4.4%
5.8%
5.4%
5.6%
5.7%
5.6%
5.8%
5.6%
5.7%
5.7%
5.6%
5.6%
5.6%
5.6%

19.1%
19.2%
19.2%
19.0%
19.2%
19.2%
19.1%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%
19.2%

5.6%
5.7%
5.7%
5.5%
5.7%
5.7%
5.6%
5.4%
5.8%
5.4%
6.0%
5.8%
6.0%
5.5%
5.4%
5.7%
5.9%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%
5.6%

1.00
2.00
0.50
Iniital Market Size (Units Mil)
1.00
0.52
1.77
1.36
1.77
1.27
1.62
1.74
1.56
0.89
1.37
0.86
1.69
0.58
1.47
1.99
0.68
1.82
1.94
1.61
1.45
1.26
1.25
1.49
0.89
1.38
1.05
1.37
0.68
1.97
1.55
0.63
1.19
1.74
1.14

2500%
4996%
1002%

25%
34.98%
15.01%
Market Growth Rate
Initial Market Share
2500%
25%
4025%
26%
3073%
22%
4080%
26%
1363%
20%
3158%
27%
4111%
18%
1804%
23%
1651%
32%
2006%
24%
1557%
17%
1112%
28%
4927%
25%
3870%
28%
2329%
30%
3773%
26%
1786%
16%
2035%
34%
2776%
26%
3178%
23%
2336%
17%
4770%
22%
4519%
20%
3222%
16%
4578%
32%
2525%
16%
4899%
29%
3632%
28%
3168%
22%
3382%
31%
3648%
23%
2442%
33%
4093%
25%
1571%
30%
3070%
26%

0.99
1.80
1.84
1.94
1.67
1.42
1.37
1.23
1.13
1.18
1.33
0.88
1.29
1.05
0.95
0.99
1.85
1.31
1.69
0.57
0.85
1.93
0.71
1.17
1.22
1.72
1.23
1.92
1.86
1.54
1.26
1.74
0.78
0.80
0.73
1.25
0.89
1.76
1.44
1.42

4994%
3404%
3879%
4037%
3363%
2859%
1980%
2422%
1622%
3565%
1170%
4760%
2083%
3717%
2720%
4063%
3103%
1992%
2036%
2781%
2567%
3268%
3237%
4036%
3292%
2168%
4460%
2039%
2304%
3353%
4729%
4650%
1717%
2820%
4226%
3918%
1019%
2670%
3242%
4310%

23%
19%
25%
33%
33%
20%
28%
25%
32%
16%
32%
33%
34%
20%
17%
18%
27%
24%
31%
17%
18%
32%
18%
24%
27%
17%
16%
15%
20%
33%
19%
31%
28%
22%
33%
17%
34%
22%
18%
27%

1.18
0.90
1.10
1.80
1.79
0.64
1.68
1.01
0.81
0.56
1.20
1.81
0.87
0.69
0.61
1.98
1.58
1.86
1.05
1.63
0.55
1.64
1.78
0.71
0.64
1.44
1.87
1.17
1.76
0.62
1.23
1.47
1.05
1.21
1.12
1.66
1.69
1.17
0.68
1.55
1.04
1.90

3164%
2787%
3836%
3571%
2764%
3731%
3355%
2815%
3178%
2851%
1634%
4449%
1121%
3439%
3806%
2842%
4291%
2548%
4864%
1002%
1087%
4594%
4345%
2398%
1345%
3154%
4476%
1717%
4479%
2453%
4750%
4455%
1311%
4729%
3308%
4408%
4692%
2447%
2941%
3211%
4671%
3098%

23%
20%
23%
16%
33%
23%
32%
27%
28%
32%
16%
28%
17%
15%
29%
19%
28%
18%
20%
30%
22%
31%
26%
22%
34%
17%
27%
30%
32%
22%
15%
31%
34%
33%
18%
28%
29%
20%
24%
28%
26%
26%

1.22
0.71
0.81
0.70
1.46
1.06
1.31
1.60
0.62
1.64
1.01
1.64
1.60
1.79
0.55
1.32
1.77
0.83
0.84
0.54
0.97
0.83
1.92
1.52
1.61
1.97
0.83
0.57
0.81
0.58
1.81
1.73
1.29
0.74
1.40
1.71
1.54
1.34
0.87
0.97
0.66
0.91
0.82
1.63
0.65

3731%
4155%
1034%
4264%
3420%
1836%
2899%
2271%
1013%
2143%
3612%
2124%
1969%
3431%
2608%
3920%
4006%
1560%
3102%
3674%
1589%
2001%
3440%
2772%
1484%
2593%
3780%
2378%
4419%
1485%
1072%
4033%
2149%
1109%
1094%
2400%
1272%
4057%
2726%
3070%
4405%
1791%
4481%
1956%
2249%

30%
32%
19%
28%
16%
35%
18%
17%
33%
22%
29%
35%
25%
25%
34%
26%
24%
16%
15%
26%
23%
18%
34%
23%
20%
33%
30%
21%
19%
26%
35%
21%
16%
17%
27%
28%
29%
31%
18%
20%
16%
19%
28%
33%
32%

1.45
0.91
2.00
1.86
1.31
1.17
1.75
0.75
1.60
1.45
0.85
1.63
1.30
0.90
1.51
0.58
0.67
1.03
0.87
0.92
1.90
1.33
1.31
1.02
1.29
1.47
1.47
1.72
0.82
1.48
1.89
1.20
1.06
0.67
0.99
0.77
1.43
0.58
1.36
1.00
0.90
1.48
0.58
0.82
1.12

4535%
1168%
2021%
4886%
4414%
1089%
4931%
1749%
2945%
1379%
2171%
4686%
1084%
2789%
3559%
1447%
1256%
3325%
3089%
2070%
3425%
2115%
4507%
1637%
2564%
3136%
1874%
3955%
3851%
1058%
3357%
4692%
2543%
1454%
4357%
3525%
4694%
3496%
3436%
2193%
4915%
4948%
1454%
2398%
2605%

16%
22%
28%
29%
27%
32%
17%
19%
25%
23%
34%
33%
17%
29%
22%
26%
30%
24%
22%
33%
21%
21%
33%
30%
17%
26%
15%
21%
29%
20%
22%
21%
20%
19%
30%
34%
26%
20%
17%
31%
30%
16%
22%
24%
26%

1.18
1.76
0.56
0.99
1.66
0.56
0.91
1.18
0.86
1.73
1.59
0.75
0.66
1.28
1.61
1.20
1.76
1.09
0.93
1.35
0.81
0.70
1.32
1.32
1.85
1.73
1.43
1.53
0.61
1.43
0.70
1.62
1.86
1.05
0.59
1.12
1.08
1.35
0.96
0.60
1.26
1.96
1.54
1.11
1.46

1467%
4124%
1377%
3458%
2832%
1392%
4996%
4690%
1561%
4838%
1396%
3575%
4952%
2200%
1323%
4036%
4959%
2235%
2435%
2941%
2377%
2227%
1506%
1393%
4901%
1908%
4391%
4964%
4293%
1089%
3003%
2805%
2739%
4388%
2500%
1440%
1729%
1708%
4516%
3547%
3071%
4957%
1784%
3253%
4049%

17%
25%
22%
17%
20%
32%
22%
16%
34%
15%
26%
22%
24%
21%
21%
33%
17%
34%
31%
26%
33%
31%
31%
26%
34%
16%
21%
24%
32%
22%
20%
16%
18%
31%
24%
26%
19%
16%
28%
24%
31%
28%
28%
15%
19%

1.10
1.44
1.36
1.75
1.88
1.80
1.70
1.31
1.02
0.68
1.53
1.44
1.41
1.35
0.97
1.98
1.86
1.44
1.86
1.07
0.78
1.77
1.00
0.76
0.54
0.83
1.54
0.57
1.92
0.52
1.57
1.94
1.73
0.86
1.79
0.87
1.70
1.31
0.51
0.74
1.82
1.51
0.77
1.51
1.09

3789%
4546%
1996%
4202%
2481%
1844%
2460%
2594%
4613%
2159%
4643%
1245%
3832%
1840%
1470%
4682%
1563%
3822%
4755%
4726%
1792%
1318%
4560%
1252%
3698%
3737%
3087%
1220%
2081%
1009%
4170%
2841%
2112%
1549%
3958%
2182%
1861%
1135%
3420%
1601%
3476%
2857%
2024%
4961%
2686%

27%
30%
18%
32%
25%
16%
16%
18%
28%
15%
33%
34%
18%
19%
24%
22%
30%
34%
27%
34%
27%
29%
30%
18%
34%
29%
32%
15%
23%
34%
17%
29%
24%
30%
29%
28%
17%
32%
31%
33%
23%
34%
18%
26%
26%

1.38
1.23
1.16
1.29
1.56
1.90
0.98
0.80
1.29
1.45
0.82
1.74
1.03
0.88
1.41
0.80
0.80
0.95
1.40
1.33
0.79
1.11
1.41
0.81
1.47
1.32
0.91
1.41
1.63
1.94
1.39
0.58
1.20
1.62
1.24
1.95
1.77
0.80
1.73
1.31
1.96
0.97
1.51
1.45
1.31

1111%
1461%
1911%
2268%
4031%
3687%
4340%
4277%
2357%
1829%
3732%
4889%
2580%
1240%
2972%
2798%
1183%
1570%
1609%
4654%
4012%
4963%
3095%
2285%
4498%
3421%
2845%
4097%
1522%
1379%
3489%
3245%
3039%
3269%
4225%
4865%
1930%
4354%
1257%
2431%
3304%
2273%
1595%
2466%
4111%

24%
24%
31%
18%
19%
29%
21%
16%
26%
18%
19%
17%
32%
17%
18%
25%
32%
22%
32%
26%
35%
19%
15%
17%
27%
22%
19%
23%
32%
33%
34%
33%
24%
26%
18%
28%
34%
17%
29%
35%
28%
15%
25%
15%
29%

1.22
0.63
1.00
0.79
1.62
0.60
1.19
1.38
1.32
1.89
0.60
0.97
1.72
0.82
1.15
1.15
1.41
0.69
1.30
2.00
1.10
0.83
1.72
1.25
1.80
1.18
0.58
1.88
1.70
1.88
1.50
1.94
0.92
1.18
0.56
1.76
0.58
0.62
1.54
0.60
1.28
0.89
0.94
0.96
0.58

2594%
1237%
4096%
3367%
3936%
4201%
3084%
1410%
3161%
3494%
1292%
1490%
4811%
2778%
1291%
3931%
4835%
1054%
4161%
4119%
2634%
3152%
4259%
2177%
3054%
2890%
1365%
1022%
2558%
4216%
4963%
1843%
2703%
2275%
4626%
2168%
2791%
2695%
2409%
4097%
2010%
4153%
4251%
3615%
4125%

29%
23%
30%
34%
22%
28%
16%
20%
30%
25%
20%
16%
30%
31%
20%
24%
19%
22%
20%
16%
23%
22%
20%
17%
30%
16%
19%
23%
25%
20%
35%
33%
33%
19%
16%
20%
30%
32%
31%
23%
28%
27%
23%
25%
27%

1.47
0.82
1.14
1.32
1.95
0.91
1.22
0.87
1.39
0.99
1.39
1.50
1.82
0.59
1.02
0.96
1.60
1.60
0.59
1.90
1.30
1.33
0.78
1.02
0.83
1.96
0.91
0.95
1.64
0.76
1.62
1.80
1.04
0.83
0.78
0.62
0.84
1.45
0.78
1.87
0.82
1.45
1.09
1.03
0.81

2658%
2950%
3860%
2112%
2432%
3374%
3077%
2963%
4245%
1020%
3918%
4463%
1234%
1669%
4068%
2292%
2059%
3956%
3440%
4444%
2429%
3272%
4330%
2398%
3131%
2297%
1839%
4592%
1240%
3402%
3951%
2383%
3137%
1718%
1879%
3091%
3866%
1624%
3414%
1326%
1104%
2410%
3844%
1995%
2956%

21%
18%
27%
34%
28%
17%
22%
24%
31%
26%
33%
17%
30%
18%
30%
23%
22%
35%
29%
16%
33%
31%
28%
26%
24%
21%
33%
32%
17%
28%
24%
17%
26%
24%
19%
35%
27%
27%
28%
33%
28%
23%
18%
30%
27%

0.61
1.75
1.16
1.06
0.85
1.30
1.85
0.96
1.36
0.88
1.68
1.22
1.69
1.68
1.40
1.37
0.50
1.56
1.21
1.04
1.15
1.77
1.29
0.93
1.91
1.01
1.10
1.95
1.86
1.05
0.94
1.94
1.76
0.86
1.67
0.52
0.79
1.87
1.96
0.71
1.70
1.41
0.95
1.59
0.88

2203%
4295%
3964%
2162%
3715%
3617%
2593%
3994%
3444%
4987%
1452%
2496%
1386%
2643%
3655%
4780%
2157%
1903%
4819%
1053%
2042%
1529%
2467%
3572%
2073%
2597%
4921%
4106%
2174%
4499%
2214%
2779%
1670%
1366%
2107%
3877%
2575%
1423%
2711%
2629%
1600%
2649%
2374%
3174%
1186%

24%
29%
24%
30%
28%
33%
28%
24%
16%
35%
27%
22%
21%
31%
20%
22%
21%
30%
31%
23%
34%
27%
30%
16%
24%
34%
29%
16%
18%
21%
26%
22%
19%
29%
31%
30%
21%
17%
34%
29%
27%
24%
34%
17%
15%

1.37
1.39
0.82
0.71
0.84
1.14
1.34
0.55
0.60
1.33
1.62
0.50
1.10
1.58
0.55
1.99
1.82
1.19
0.90
0.96
1.41
1.23
1.95

3033%
4189%
1864%
4174%
1325%
1941%
3881%
3609%
1248%
3142%
4505%
2557%
2907%
2157%
3737%
3530%
3727%
2614%
4286%
2099%
3050%
3052%
1755%

25%
20%
16%
28%
35%
20%
21%
16%
33%
28%
30%
24%
25%
21%
27%
34%
22%
17%
28%
31%
26%
18%
30%

5%
8.00%
1.00%
Market Share Growth Rate
Initial Unit Price
5%
6%
6%
6%
4%
1%
6%
4%
3%
1%
2%
7%
3%
2%
4%
4%
7%
3%
6%
4%
6%
2%
5%
8%
4%
8%
4%
3%
7%
8%
4%
4%
5%
8%
2%

200.00
249.83
175.03

49.99
99.99
25.28
Price Increase

200.00
177.05
228.85
183.43
214.50
248.20
230.42
249.64
243.28
191.91
214.47
180.07
179.75
188.98
241.14
216.94
194.72
238.40
201.39
234.21
204.98
232.22
225.76
219.62
175.54
183.85
208.16
227.81
176.92
179.04
238.60
222.11
183.03
232.72
200.29

49.99
65.72
74.76
71.74
38.60
37.92
75.91
97.26
34.34
48.07
86.82
97.99
50.02
78.08
48.57
86.69
26.50
64.90
29.71
74.32
42.86
37.24
91.37
46.39
78.59
58.93
66.33
73.13
43.35
74.31
76.61
87.50
57.05
36.05
62.44

4%
5%
5%
5%
6%
2%
2%
4%
6%
4%
2%
3%
5%
6%
3%
5%
4%
7%
2%
7%
7%
5%
6%
7%
4%
3%
7%
2%
7%
1%
4%
3%
7%
7%
5%
5%
7%
8%
6%
8%

201.36
229.60
177.13
199.02
208.19
200.10
238.50
239.68
185.07
175.40
213.57
181.59
231.27
211.05
204.46
199.77
219.35
215.89
223.67
178.33
207.58
231.70
215.25
214.94
182.69
215.42
181.01
221.85
226.76
222.42
237.76
175.74
181.86
179.25
206.89
181.71
231.56
225.87
190.88
188.27

41.88
61.18
88.43
50.10
55.07
88.59
57.35
69.27
55.34
75.63
91.45
27.85
78.59
78.16
91.75
80.24
55.25
84.83
70.86
36.09
58.89
70.40
80.95
87.74
96.32
38.22
35.33
80.01
32.34
28.27
36.06
40.59
97.72
56.63
84.74
45.08
64.57
47.65
32.41
62.79

8%
6%
8%
2%
7%
7%
4%
4%
1%
6%
2%
2%
7%
1%
5%
6%
6%
2%
5%
5%
1%
4%
7%
2%
2%
1%
2%
6%
5%
4%
3%
5%
5%
3%
2%
5%
6%
4%
5%
2%
4%
7%

213.61
238.47
175.12
187.96
185.05
233.42
177.24
176.02
182.44
183.26
208.10
219.97
183.54
217.17
244.31
227.18
181.56
239.16
183.04
229.07
211.34
182.03
222.59
233.57
185.85
207.03
221.85
208.72
214.13
203.16
212.19
232.98
224.20
221.17
234.02
233.24
220.28
197.41
193.72
197.40
231.08
188.44

43.08
71.29
26.07
64.88
38.27
36.82
29.34
32.34
86.52
61.81
81.29
45.34
94.12
73.76
76.21
72.98
82.02
99.47
46.14
56.11
52.55
44.89
73.10
78.41
32.93
31.13
31.34
69.34
93.72
77.46
26.93
30.79
37.61
84.69
28.38
85.61
68.36
49.23
87.00
26.79
90.63
52.58

5%
7%
6%
6%
3%
4%
7%
4%
1%
4%
7%
2%
2%
5%
2%
2%
5%
5%
7%
5%
6%
7%
8%
3%
1%
2%
1%
2%
7%
3%
3%
6%
2%
5%
4%
8%
3%
6%
4%
4%
6%
5%
3%
4%
8%

248.98
208.46
226.20
189.39
194.59
206.51
199.99
193.41
210.96
207.79
249.76
198.92
231.88
201.90
206.12
220.76
221.68
208.71
230.54
207.60
233.22
235.65
209.67
201.73
229.54
234.11
217.64
189.08
201.90
227.83
241.83
219.15
217.05
236.81
214.76
241.21
195.79
200.82
232.12
193.18
204.85
249.29
205.61
189.73
232.53

56.66
44.73
86.82
91.97
49.90
39.36
71.39
29.07
96.59
59.26
59.63
99.75
29.73
43.84
58.22
92.42
79.09
41.62
46.33
35.41
72.85
26.79
55.69
48.88
66.06
44.52
49.04
37.01
68.22
49.33
82.97
97.98
69.69
99.79
60.02
83.98
36.96
55.39
63.13
63.89
30.42
75.90
30.85
37.04
92.93

8%
7%
2%
5%
2%
7%
5%
6%
8%
7%
7%
5%
3%
6%
5%
7%
7%
2%
2%
5%
7%
4%
4%
5%
5%
5%
4%
4%
1%
2%
7%
6%
7%
2%
8%
4%
1%
4%
5%
4%
2%
2%
7%
4%
6%

226.53
233.57
214.50
183.16
218.75
221.66
183.07
227.93
246.38
248.45
207.49
235.64
212.09
235.70
187.02
217.28
219.46
207.45
185.04
221.41
179.92
238.07
225.48
223.48
234.35
207.26
193.11
220.87
176.91
183.27
232.80
202.99
180.85
212.52
206.12
205.45
235.51
205.59
193.16
238.54
246.08
196.42
244.75
197.55
215.06

34.10
93.88
54.54
79.05
96.75
58.59
82.57
81.92
79.73
40.68
57.94
47.25
57.18
40.93
65.59
66.05
67.25
70.68
85.34
35.88
59.02
72.56
59.25
39.54
81.35
39.99
37.74
60.87
90.68
96.93
90.84
80.53
60.95
33.60
55.10
53.54
61.45
37.04
63.32
67.01
77.79
69.86
98.74
62.73
79.98

5%
4%
6%
4%
7%
7%
7%
8%
2%
5%
5%
5%
7%
7%
2%
7%
6%
6%
3%
3%
3%
2%
7%
6%
3%
6%
2%
7%
7%
8%
4%
4%
2%
5%
6%
1%
1%
8%
5%
1%
6%
7%
2%
6%
2%

214.93
247.66
225.81
223.32
184.15
205.31
245.39
180.75
185.68
242.53
213.45
185.49
244.51
204.48
229.73
213.61
191.34
204.18
247.38
213.33
241.60
216.07
235.23
218.67
177.43
232.36
195.26
219.03
175.23
225.20
189.25
236.80
212.10
178.05
195.88
182.99
227.80
232.08
232.44
242.62
249.83
202.54
213.97
218.33
201.39

86.48
99.99
59.58
62.91
63.31
58.64
80.60
63.22
39.40
65.55
30.57
65.34
78.28
87.37
44.45
31.75
75.56
65.57
59.28
43.44
96.93
89.68
59.20
59.79
51.78
72.45
81.64
88.34
98.29
93.35
28.93
56.58
45.15
67.23
53.55
67.59
57.16
52.45
84.44
48.71
62.09
63.62
95.46
30.84
54.73

5%
6%
5%
6%
5%
2%
1%
5%
5%
4%
6%
4%
6%
4%
5%
5%
6%
6%
3%
5%
2%
2%
6%
6%
6%
6%
1%
7%
5%
6%
7%
6%
3%
6%
1%
2%
2%
2%
8%
6%
6%
5%
7%
2%
2%

186.95
222.32
238.32
223.79
245.72
235.18
219.50
236.95
245.04
245.39
175.74
201.07
221.75
217.99
207.86
203.50
235.10
189.58
249.29
198.18
220.27
201.78
208.25
216.05
198.40
193.91
221.04
210.03
236.79
175.89
230.55
216.17
206.41
213.68
225.46
228.59
195.58
211.63
189.32
242.92
197.25
208.29
208.24
208.97
230.79

97.35
28.46
74.15
68.47
63.92
49.77
44.51
53.73
35.94
41.47
92.10
77.46
96.46
25.64
83.71
54.27
63.07
53.15
80.15
85.81
39.45
31.84
79.01
33.44
57.43
62.99
33.65
71.95
27.91
36.16
73.74
56.03
80.73
33.10
49.04
69.74
81.36
84.26
93.95
88.25
49.27
75.97
43.63
59.25
25.28

5%
1%
6%
1%
1%
6%
2%
7%
2%
6%
2%
5%
6%
7%
6%
2%
7%
3%
3%
5%
7%
3%
3%
5%
3%
5%
6%
2%
6%
7%
3%
5%
5%
7%
8%
6%
3%
3%
2%
2%
6%
4%
5%
2%
1%

196.50
231.78
187.37
181.10
202.61
218.42
214.02
243.15
249.28
240.64
229.65
246.05
226.09
220.86
179.83
229.22
240.35
210.77
226.17
228.57
190.84
243.21
218.34
186.57
239.58
214.08
233.40
244.07
227.47
182.68
177.13
234.12
194.17
228.74
184.44
218.93
236.35
192.25
204.08
244.67
222.98
183.72
182.43
231.53
220.29

48.27
64.41
56.57
56.57
94.46
87.19
64.62
92.98
60.34
66.01
91.41
31.40
71.26
87.41
99.91
71.58
73.66
61.32
42.91
74.25
72.25
62.45
51.15
38.08
65.49
99.48
64.05
73.28
25.68
98.57
74.75
48.18
62.88
43.30
54.63
66.06
64.02
34.39
63.04
34.08
79.96
44.09
95.21
79.55
69.36

3%
4%
4%
4%
7%
4%
6%
7%
2%
2%
2%
8%
6%
4%
4%
6%
6%
5%
7%
1%
7%
3%
5%
7%
5%
5%
4%
3%
7%
5%
1%
8%
7%
2%
3%
5%
7%
6%
5%
6%
5%
5%
1%
2%
5%

204.96
199.68
196.42
225.33
185.61
236.00
229.51
216.51
248.79
223.65
226.67
246.64
238.24
198.19
177.67
182.63
248.00
210.14
210.29
236.57
213.68
218.62
182.45
235.44
214.20
207.43
246.43
224.61
182.87
187.63
226.32
220.63
238.48
186.25
178.55
204.23
214.48
230.30
179.06
237.35
234.45
192.62
213.03
202.24
206.33

28.82
33.36
87.13
76.68
69.43
66.51
68.23
67.45
72.16
28.95
44.29
87.73
86.20
50.05
70.47
70.18
77.09
87.86
97.48
60.63
56.93
71.67
89.07
74.41
74.33
31.41
37.73
67.01
67.01
62.89
28.04
28.13
45.69
87.82
49.33
31.19
50.20
91.80
46.24
86.84
47.61
99.90
67.23
40.22
64.41

7%
6%
7%
7%
3%
2%
7%
6%
3%
3%
2%
7%
3%
3%
1%
5%
1%
3%
5%
7%
7%
7%
2%
6%
2%
3%
4%
3%
7%
1%
7%
6%
3%
2%
4%
7%
8%
3%
2%
7%
2%
6%
8%
2%
3%

223.60
242.61
246.24
242.47
227.66
243.60
218.31
229.30
226.30
243.83
219.69
200.03
185.66
209.69
238.55
242.33
194.11
247.91
232.09
243.77
200.09
219.84
188.51
196.32
182.98
214.66
201.45
248.57
175.67
208.56
184.18
211.55
246.56
244.80
241.91
207.84
206.24
183.78
216.48
242.00
236.10
206.96
246.20
185.05
237.01

99.75
94.60
63.22
83.24
74.15
48.19
85.81
48.62
63.65
73.54
96.10
96.23
81.58
53.32
57.72
80.32
84.04
52.78
42.78
99.32
44.51
94.46
83.37
75.62
93.08
33.47
40.36
30.62
52.19
25.75
74.59
82.67
56.89
25.59
61.88
89.31
81.06
28.67
55.97
58.24
99.85
57.45
30.84
71.22
27.61

3%
3%
4%
7%
8%
2%
7%
1%
2%
1%
3%
8%
6%
7%
6%
8%
8%
6%
8%
4%
8%
8%
5%
4%
3%
8%
6%
1%
4%
7%
8%
7%
6%
3%
5%
6%
5%
2%
4%
6%
5%
4%
7%
7%
8%

184.88
227.26
229.27
225.86
243.40
234.01
236.44
213.11
175.94
245.35
244.40
186.00
209.34
175.92
178.81
202.24
216.62
186.57
236.66
240.71
239.84
241.65
181.04
231.90
204.85
226.06
214.99
194.40
230.48
206.40
244.14
207.24
235.43
248.32
197.74
189.27
215.20
215.01
196.87
177.01
186.51
225.68
175.88
188.83
218.68

57.31
26.03
31.82
69.11
82.82
43.87
99.33
76.35
60.76
28.48
52.14
65.34
94.12
77.41
53.59
92.53
90.54
76.22
53.51
73.20
39.95
39.13
47.79
62.55
95.42
99.53
62.66
86.60
47.80
77.31
40.28
78.28
37.39
72.66
69.84
68.39
65.74
93.36
83.19
69.94
28.17
81.53
55.20
39.58
62.06

7%
8%
7%
1%
5%
7%
7%
1%
7%
3%
3%
4%
6%
3%
5%
8%
7%
4%
6%
2%
3%
1%
8%

178.53
183.07
176.59
200.77
178.49
221.95
227.62
203.90
242.53
197.56
178.64
201.22
236.96
205.80
175.07
241.21
176.92
243.70
175.03
242.86
229.08
185.42
202.88

48.67
45.03
39.78
89.31
47.20
60.49
54.38
55.13
26.82
26.97
95.04
67.25
75.31
82.25
63.43
47.62
99.91
74.35
87.94
45.49
26.34
60.92
71.82

25%
34.86%
12.50%
Taxes

81%
69.59
25%
84.27%
84.72
29.97%
74.26%
45.17
15.00%
COGS/Sales
SG&A Initial ($mil) SG&A Growth Rat
25%
81%
69.59
25%
25%
78%
60.04
26%
32%
76%
76.93
20%
26%
84%
76.11
25%
23%
80%
63.48
27%
15%
78%
46.26
27%
21%
81%
64.30
23%
17%
78%
62.69
23%
28%
77%
81.06
26%
19%
78%
58.05
26%
17%
80%
54.01
17%
17%
80%
57.02
29%
24%
80%
55.72
19%
23%
79%
81.87
23%
24%
81%
84.50
21%
27%
79%
49.37
21%
22%
83%
52.74
20%
33%
80%
66.46
30%
13%
81%
54.72
28%
14%
75%
63.92
19%
16%
82%
65.58
25%
15%
82%
47.24
17%
30%
81%
74.89
18%
15%
75%
70.71
22%
29%
82%
65.68
19%
27%
80%
73.27
16%
28%
75%
62.65
16%
19%
75%
81.96
23%
17%
75%
78.57
22%
28%
81%
50.14
28%
15%
77%
62.16
22%
13%
79%
84.64
29%
13%
77%
80.13
27%
32%
82%
45.76
15%
22%
81%
69.73
16%

27%
29%
26%
25%
17%
14%
13%
33%
14%
23%
23%
28%
32%
35%
19%
25%
35%
33%
34%
25%
29%
34%
33%
34%
13%
33%
30%
35%
20%
22%
18%
20%
25%
22%
23%
33%
28%
30%
20%
14%

84%
74%
76%
83%
82%
75%
79%
82%
80%
83%
79%
80%
82%
76%
83%
79%
81%
83%
75%
82%
77%
80%
78%
74%
80%
75%
78%
82%
78%
76%
80%
77%
84%
77%
82%
79%
81%
77%
79%
81%

59.57
70.47
84.56
81.34
67.36
71.02
47.21
73.11
50.22
63.40
59.05
57.40
76.41
71.00
84.13
53.92
46.49
64.16
60.25
50.35
81.67
63.81
84.45
67.78
84.04
78.33
52.28
55.05
76.14
60.54
73.54
70.68
82.97
80.83
79.23
63.22
49.32
47.57
74.12
61.35

29%
28%
17%
29%
20%
27%
28%
24%
29%
26%
19%
18%
27%
16%
25%
28%
30%
27%
18%
25%
29%
27%
17%
16%
17%
25%
28%
19%
22%
22%
21%
26%
26%
21%
23%
18%
17%
22%
18%
16%

28%
33%
21%
33%
25%
26%
17%
21%
20%
22%
24%
18%
17%
14%
21%
23%
20%
27%
24%
23%
27%
13%
23%
23%
34%
14%
16%
26%
15%
15%
17%
16%
16%
21%
19%
15%
15%
30%
20%
13%
29%
22%

78%
75%
84%
76%
80%
75%
78%
77%
83%
81%
79%
77%
77%
79%
78%
83%
79%
77%
77%
76%
79%
83%
80%
82%
84%
82%
76%
79%
79%
75%
78%
77%
80%
77%
80%
82%
75%
75%
77%
76%
79%
83%

48.94
55.01
73.25
81.52
63.49
48.05
51.67
63.37
45.26
46.28
78.12
58.64
50.97
73.50
73.89
52.08
67.09
84.41
63.20
66.77
47.14
73.51
59.85
83.24
50.69
55.47
57.44
50.55
83.43
51.99
45.17
65.64
81.16
61.47
79.31
70.76
47.75
58.25
64.62
82.01
67.39
75.80

20%
28%
21%
26%
18%
16%
25%
18%
19%
27%
24%
20%
22%
26%
25%
22%
26%
29%
22%
20%
20%
26%
21%
18%
22%
22%
22%
24%
27%
22%
28%
29%
21%
24%
28%
21%
21%
20%
28%
28%
29%
20%

30%
34%
13%
15%
16%
16%
20%
34%
28%
35%
30%
15%
17%
24%
16%
13%
14%
21%
14%
15%
21%
25%
32%
28%
26%
22%
22%
30%
27%
30%
16%
27%
35%
15%
34%
27%
25%
33%
21%
28%
30%
28%
13%
32%
19%

75%
75%
77%
80%
80%
78%
74%
82%
82%
82%
78%
81%
79%
76%
83%
74%
80%
82%
81%
79%
83%
81%
77%
83%
76%
77%
74%
82%
77%
79%
76%
79%
80%
78%
83%
81%
75%
79%
82%
76%
83%
79%
84%
80%
81%

61.36
47.51
75.34
66.35
52.21
71.62
61.51
48.54
62.35
62.18
47.91
61.63
63.01
80.70
56.42
75.67
58.48
54.74
61.75
66.24
70.41
81.44
47.57
60.24
57.16
78.16
63.38
52.20
49.23
56.27
55.37
52.57
55.02
61.45
80.66
50.91
83.29
75.11
71.81
78.59
75.56
62.19
61.80
60.33
75.90

19%
30%
19%
16%
20%
29%
25%
26%
28%
18%
18%
25%
24%
15%
28%
19%
15%
17%
27%
21%
27%
24%
15%
16%
28%
15%
16%
17%
25%
21%
27%
29%
17%
20%
22%
26%
19%
21%
18%
26%
21%
29%
21%
22%
15%

32%
33%
33%
26%
28%
32%
22%
26%
33%
32%
22%
15%
26%
20%
16%
21%
33%
34%
23%
30%
29%
25%
26%
22%
26%
18%
16%
27%
13%
23%
32%
32%
16%
30%
21%
35%
33%
20%
14%
16%
23%
16%
32%
17%
25%

77%
80%
76%
83%
81%
75%
82%
75%
76%
76%
76%
84%
80%
76%
78%
84%
75%
81%
82%
78%
84%
83%
80%
78%
82%
78%
78%
83%
75%
75%
84%
83%
78%
79%
83%
78%
81%
83%
84%
76%
82%
77%
77%
75%
80%

76.97
79.69
63.52
60.50
61.57
68.26
47.21
56.92
45.92
77.06
49.01
45.26
73.67
80.02
80.16
53.61
82.56
59.84
69.16
75.10
64.96
45.79
69.20
74.69
67.14
51.39
49.83
59.02
70.83
79.53
51.60
71.10
63.48
55.03
78.54
80.75
59.30
84.59
80.32
61.77
62.63
60.70
79.66
83.77
69.50

25%
18%
24%
25%
25%
29%
17%
24%
19%
23%
17%
18%
27%
27%
20%
21%
19%
28%
22%
21%
24%
20%
17%
18%
29%
23%
19%
23%
28%
26%
19%
29%
24%
28%
22%
16%
19%
20%
26%
15%
30%
20%
22%
24%
29%

16%
29%
26%
27%
31%
30%
30%
17%
32%
21%
29%
28%
15%
25%
32%
13%
34%
28%
32%
23%
22%
31%
15%
22%
27%
17%
24%
27%
14%
28%
15%
30%
27%
25%
17%
33%
20%
22%
26%
26%
20%
17%
35%
16%
13%

76%
83%
80%
79%
82%
80%
82%
79%
81%
78%
82%
82%
82%
75%
80%
78%
79%
80%
79%
82%
84%
83%
76%
77%
81%
82%
74%
76%
75%
78%
80%
76%
83%
78%
77%
76%
81%
76%
75%
80%
80%
76%
76%
76%
84%

67.17
54.50
64.16
62.60
55.70
49.81
70.90
58.15
58.30
80.47
78.54
80.07
45.77
58.09
52.44
64.97
84.13
71.05
77.48
78.16
71.03
82.02
45.40
76.07
80.43
75.87
83.92
65.41
72.70
54.15
53.95
83.76
56.88
81.37
55.75
84.72
51.10
60.48
83.81
62.38
62.13
49.22
84.14
55.00
69.81

26%
18%
17%
26%
30%
19%
16%
20%
20%
17%
27%
21%
26%
21%
28%
21%
23%
30%
16%
29%
15%
18%
23%
16%
27%
26%
17%
16%
18%
22%
26%
24%
26%
22%
22%
22%
26%
22%
29%
19%
23%
16%
18%
27%
17%

31%
22%
15%
22%
29%
30%
15%
30%
27%
33%
22%
23%
18%
23%
19%
29%
21%
17%
32%
20%
26%
26%
23%
31%
35%
23%
29%
28%
16%
20%
30%
18%
25%
23%
15%
19%
18%
28%
14%
33%
13%
17%
21%
33%
31%

76%
81%
77%
82%
79%
84%
76%
84%
78%
75%
79%
82%
75%
82%
82%
82%
77%
84%
79%
76%
77%
82%
83%
81%
77%
81%
81%
83%
83%
81%
77%
77%
82%
81%
83%
81%
78%
76%
77%
82%
78%
79%
77%
80%
79%

55.58
59.26
82.55
51.55
81.86
48.40
83.51
53.08
83.59
75.59
70.15
56.54
45.98
65.61
54.29
68.70
48.94
63.21
68.39
75.12
68.72
51.38
46.83
57.97
54.18
48.32
71.13
68.68
45.86
66.29
80.47
72.37
48.99
63.13
55.60
78.31
74.83
50.57
74.08
67.53
55.30
77.33
47.89
53.05
49.51

15%
27%
22%
27%
25%
28%
25%
27%
27%
22%
17%
24%
23%
21%
21%
28%
17%
22%
20%
16%
22%
23%
28%
16%
27%
20%
18%
24%
24%
23%
16%
18%
18%
16%
21%
26%
27%
29%
26%
22%
22%
22%
24%
21%
21%

24%
31%
28%
18%
17%
26%
16%
17%
23%
13%
17%
17%
25%
30%
15%
15%
24%
22%
16%
24%
14%
34%
14%
31%
29%
33%
33%
17%
21%
25%
18%
31%
27%
24%
28%
28%
15%
29%
20%
19%
20%
18%
18%
26%
16%

84%
75%
83%
80%
82%
79%
83%
76%
75%
83%
80%
76%
79%
81%
79%
77%
75%
83%
80%
84%
77%
78%
80%
78%
83%
77%
76%
76%
84%
77%
80%
81%
82%
84%
79%
82%
81%
82%
82%
80%
81%
77%
77%
84%
78%

45.53
64.40
54.84
47.88
49.45
77.20
63.77
56.54
75.24
75.44
49.35
72.23
50.63
70.40
69.30
81.10
80.31
49.36
73.44
52.23
45.83
47.39
84.30
45.54
47.34
45.73
72.71
80.88
74.08
65.75
58.09
52.64
58.83
81.16
73.41
76.69
65.85
46.29
52.66
75.21
50.00
64.77
81.21
57.84
72.07

16%
29%
16%
27%
17%
19%
22%
18%
21%
22%
20%
28%
29%
21%
27%
16%
24%
28%
25%
19%
23%
17%
15%
22%
29%
21%
17%
25%
30%
20%
18%
28%
20%
27%
26%
18%
18%
23%
28%
18%
27%
25%
27%
26%
29%

14%
17%
25%
34%
24%
21%
20%
21%
21%
34%
18%
34%
17%
15%
22%
15%
22%
28%
19%
26%
31%
28%
17%
17%
15%
34%
17%
24%
25%
20%
16%
16%
27%
24%
16%
13%
15%
14%
19%
18%
18%
27%
16%
26%
28%

75%
76%
83%
77%
83%
80%
84%
84%
80%
78%
80%
76%
75%
82%
81%
75%
76%
79%
84%
81%
79%
76%
82%
81%
80%
82%
80%
83%
80%
78%
80%
80%
81%
82%
79%
82%
78%
75%
84%
80%
76%
81%
81%
75%
75%

82.62
77.88
67.13
78.95
73.28
84.03
53.27
69.64
65.96
55.86
50.00
55.01
79.83
84.71
69.45
64.37
75.92
57.57
53.46
83.19
76.44
58.71
84.14
74.55
69.67
83.50
76.30
69.26
48.98
82.40
52.22
83.91
52.88
63.81
69.61
77.62
78.06
47.19
74.66
81.83
53.69
69.52
62.45
72.85
61.31

19%
27%
23%
20%
24%
16%
29%
28%
24%
19%
29%
15%
20%
18%
17%
17%
28%
28%
25%
29%
20%
22%
21%
17%
29%
22%
18%
19%
24%
23%
23%
15%
24%
23%
22%
24%
30%
21%
23%
23%
16%
21%
26%
27%
17%

25%
35%
34%
13%
18%
24%
19%
33%
28%
17%
33%
15%
30%
32%
33%
22%
24%
31%
23%
31%
22%
26%
14%
22%
16%
23%
15%
14%
28%
14%
28%
13%
30%
27%
13%
14%
23%
28%
24%
25%
31%
15%
19%
18%
30%

84%
78%
79%
83%
75%
83%
77%
76%
82%
75%
79%
81%
82%
75%
78%
79%
84%
83%
75%
80%
80%
83%
80%
81%
84%
76%
81%
75%
79%
82%
79%
84%
82%
77%
82%
80%
81%
77%
80%
83%
79%
83%
74%
76%
83%

48.46
72.67
47.91
81.18
62.81
79.49
79.18
76.92
68.13
55.49
45.19
47.63
70.03
70.75
67.55
55.37
82.84
83.42
70.65
64.15
71.26
63.45
69.83
67.21
67.99
65.61
75.08
56.35
45.34
52.41
69.09
68.80
55.94
70.34
61.62
78.40
67.03
72.74
82.88
53.16
50.36
68.33
58.79
76.79
54.24

24%
15%
17%
15%
17%
25%
27%
24%
23%
25%
21%
17%
17%
26%
18%
17%
19%
24%
23%
21%
18%
27%
29%
15%
22%
22%
19%
30%
28%
26%
25%
24%
15%
23%
24%
20%
17%
21%
29%
25%
25%
28%
29%
25%
22%

30%
30%
21%
27%
29%
17%
17%
29%
22%
13%
19%
25%
28%
17%
32%
15%
25%
29%
20%
27%
28%
19%
15%
22%
30%
21%
26%
29%
24%
34%
19%
24%
29%
23%
23%
23%
35%
28%
17%
20%
27%
27%
13%
30%
32%

81%
81%
82%
74%
83%
80%
79%
78%
80%
78%
76%
77%
82%
75%
84%
80%
75%
82%
84%
75%
80%
76%
82%
79%
77%
82%
76%
82%
78%
84%
78%
77%
78%
77%
84%
84%
81%
76%
79%
79%
77%
78%
83%
80%
77%

75.03
78.98
82.92
57.91
48.92
51.40
46.30
78.35
82.26
75.18
47.58
80.29
45.55
53.79
46.63
76.79
54.17
51.43
74.42
84.65
75.09
79.30
64.72
60.77
57.17
83.81
62.37
78.46
77.27
62.12
71.72
65.70
80.74
65.72
71.83
76.42
72.83
72.66
49.87
55.29
52.15
76.42
56.20
78.73
61.22

27%
21%
19%
30%
15%
18%
24%
15%
25%
15%
23%
16%
19%
25%
29%
25%
26%
26%
23%
27%
19%
22%
15%
15%
18%
29%
21%
22%
27%
27%
17%
27%
24%
19%
27%
27%
24%
16%
15%
27%
19%
25%
17%
26%
23%

19%
35%
22%
21%
21%
16%
18%
28%
17%
29%
31%
32%
27%
29%
34%
16%
20%
32%
20%
30%
18%
15%
22%

81%
78%
81%
84%
76%
84%
77%
80%
82%
80%
81%
78%
83%
77%
76%
83%
78%
81%
78%
83%
84%
81%
76%

81.76
69.19
51.05
67.66
52.84
66.50
72.27
81.82
61.58
63.57
57.26
58.87
74.08
59.90
66.69
67.87
79.63
76.55
49.63
59.50
83.27
83.93
54.36

21%
21%
28%
21%
24%
25%
24%
19%
20%
19%
28%
16%
23%
28%
27%
29%
19%
17%
22%
19%
15%
29%
28%

200.00
25.00
50%
249.90
30.00
59.94%
150.01
15.13
35.18%
R&D Initial ($mil)
R&D Versioning ($mil)
Cash % of SG&A
200.00
25.00
50%
219.63
17.29
50%
217.30
21.06
36%
163.96
21.59
41%
235.05
16.36
38%
164.07
15.53
40%
247.85
29.36
43%
241.69
20.28
54%
184.33
28.26
54%
184.28
27.39
40%
187.20
25.60
50%
234.40
17.95
46%
221.57
21.73
38%
159.31
17.49
45%
243.44
27.10
45%
176.96
27.39
57%
236.62
26.88
46%
205.09
17.84
49%
202.71
17.81
40%
247.26
20.89
46%
191.37
23.74
39%
218.08
21.20
35%
151.60
18.88
43%
203.65
23.30
44%
201.07
15.40
50%
198.68
16.60
43%
174.18
29.14
60%
196.90
17.36
41%
237.53
29.20
59%
247.87
15.85
48%
211.81
16.78
51%
151.86
28.39
42%
169.51
20.32
54%
184.63
27.16
58%
161.23
18.40
52%

169.82
218.01
180.20
217.80
201.67
186.74
160.55
248.19
162.27
204.29
213.77
162.78
212.42
194.02
189.79
240.90
186.29
192.69
221.66
204.09
206.03
247.08
211.95
189.09
163.22
173.34
182.76
209.23
240.75
213.04
150.86
167.89
246.21
165.74
180.63
186.71
202.40
173.45
156.42
233.40

22.99
28.06
29.91
20.94
28.10
23.09
26.10
20.00
15.55
18.27
26.98
16.77
18.23
25.70
28.91
24.66
23.90
28.63
20.12
20.53
19.39
23.43
20.74
25.01
29.69
20.96
28.39
24.17
18.39
28.19
29.18
23.71
28.45
24.96
20.88
29.42
23.49
18.07
25.14
26.34

58%
48%
55%
45%
56%
60%
36%
54%
48%
36%
60%
45%
52%
39%
41%
57%
35%
58%
46%
46%
41%
44%
49%
52%
47%
40%
59%
43%
42%
43%
50%
43%
58%
36%
48%
37%
45%
46%
57%
54%

172.42
197.17
190.03
157.30
186.16
188.10
236.13
164.73
226.47
241.27
181.65
161.84
248.41
191.40
236.83
247.06
171.24
211.99
234.71
193.64
216.28
220.53
231.94
154.65
210.72
236.30
192.91
245.30
170.12
168.52
172.64
156.93
183.04
217.23
167.46
193.39
177.15
247.54
153.20
207.96
167.40
194.14

17.80
18.37
25.09
25.43
21.29
17.11
26.20
18.54
28.01
18.88
22.67
23.99
18.94
20.32
27.98
20.47
21.35
17.54
19.67
15.70
23.57
15.92
28.04
18.84
18.76
27.41
25.99
26.57
23.67
17.66
18.88
25.05
21.16
20.81
26.50
28.37
27.35
18.05
24.99
15.32
20.00
18.53

53%
45%
36%
51%
43%
46%
51%
51%
43%
55%
43%
38%
56%
54%
56%
40%
51%
37%
44%
45%
60%
52%
56%
37%
45%
44%
56%
43%
38%
59%
59%
36%
44%
60%
37%
47%
41%
42%
43%
57%
44%
53%

180.81
194.87
221.51
182.53
184.58
172.19
194.53
200.91
249.22
184.22
150.01
171.05
159.74
186.80
215.94
176.97
152.75
225.19
191.34
167.22
160.91
209.64
195.26
151.18
244.62
218.86
158.61
203.30
171.54
173.89
230.37
153.06
207.98
248.44
247.26
206.86
197.93
184.77
160.03
241.18
184.04
239.85
179.00
226.94
170.54

29.60
27.26
21.71
17.61
28.82
21.51
23.05
28.97
17.92
28.32
17.97
29.70
21.73
18.08
25.26
27.24
28.57
21.99
22.51
21.89
24.27
17.02
22.19
20.12
29.33
21.87
16.20
25.19
27.67
26.53
26.87
16.39
19.12
24.95
23.00
27.74
27.02
20.22
19.62
28.26
26.92
29.29
16.72
22.08
21.08

53%
53%
41%
54%
43%
49%
53%
53%
53%
45%
53%
52%
36%
48%
53%
35%
59%
51%
50%
36%
59%
44%
52%
53%
50%
59%
46%
55%
52%
43%
41%
49%
58%
60%
49%
53%
41%
52%
55%
49%
55%
53%
54%
39%
60%

226.76
208.21
191.05
154.24
249.90
217.21
187.80
163.83
234.05
165.07
206.52
171.27
159.78
183.17
170.85
196.79
185.49
238.07
191.04
188.96
198.15
206.22
192.36
208.17
162.89
247.00
205.96
237.49
173.00
162.52
226.96
191.81
231.05
217.62
208.50
223.02
188.42
199.91
182.75
173.28
217.93
212.19
153.39
151.75
203.31

24.55
26.09
18.91
20.83
19.33
29.27
19.03
23.85
23.31
15.13
18.41
18.23
29.43
21.23
18.65
16.79
22.75
22.74
19.82
23.89
25.42
23.81
20.56
29.66
28.70
19.44
16.03
21.61
17.53
19.07
21.23
20.04
18.47
19.42
28.13
21.89
29.20
29.94
16.03
27.49
28.78
25.96
16.84
24.43
21.83

38%
43%
51%
59%
38%
40%
56%
46%
39%
44%
54%
50%
58%
49%
54%
46%
52%
41%
59%
49%
45%
49%
43%
54%
36%
43%
46%
51%
38%
50%
40%
36%
54%
54%
49%
57%
51%
45%
50%
50%
59%
54%
53%
53%
45%

233.82
214.38
221.72
163.70
238.32
197.69
202.26
213.13
230.73
154.16
210.30
195.49
241.73
178.57
224.93
152.58
249.46
201.79
246.14
213.53
206.20
246.20
191.87
207.93
238.95
183.76
233.90
225.26
216.95
201.74
183.26
161.31
239.19
244.89
210.29
230.05
239.81
169.01
168.86
205.50
239.90
236.56
199.22
198.03
168.84

22.08
15.52
24.62
24.45
19.26
15.63
27.73
23.77
20.05
28.79
27.51
26.42
22.42
26.52
28.98
23.68
23.65
21.81
20.30
28.35
29.60
25.27
19.95
29.49
25.57
16.98
16.83
20.49
21.09
21.63
19.17
29.14
28.73
17.95
25.82
17.53
25.67
20.00
24.02
16.08
20.67
22.77
15.39
29.63
28.66

49%
51%
49%
55%
46%
52%
43%
41%
46%
48%
57%
38%
56%
48%
42%
52%
57%
44%
51%
56%
50%
40%
37%
57%
56%
51%
43%
40%
37%
45%
53%
39%
38%
54%
42%
48%
42%
44%
59%
40%
52%
53%
53%
35%
41%

158.67
190.48
194.84
178.66
234.79
229.39
154.96
175.25
174.72
150.70
185.64
161.50
196.58
240.86
246.95
182.25
237.37
205.88
214.83
204.23
208.93
203.99
164.30
181.30
201.70
248.16
224.38
240.15
227.29
150.49
174.16
181.59
151.97
212.74
213.96
156.35
195.14
165.34
224.26
183.97
229.00
229.57
181.26
209.60
233.28

27.92
24.65
22.61
15.22
23.96
17.44
28.12
18.20
17.40
16.75
17.67
27.75
22.22
17.51
18.61
17.13
27.30
19.46
29.78
17.79
23.82
20.44
26.66
24.48
28.47
19.15
23.97
29.66
23.10
16.76
27.65
25.77
28.13
18.39
21.26
29.09
17.18
17.29
25.85
19.81
24.58
29.91
26.70
22.01
16.08

39%
59%
56%
51%
58%
48%
49%
55%
49%
41%
46%
36%
36%
45%
44%
36%
37%
49%
38%
37%
45%
36%
48%
45%
58%
35%
50%
53%
57%
38%
53%
44%
43%
47%
37%
39%
46%
48%
47%
47%
49%
55%
39%
40%
39%

228.48
215.35
174.80
221.16
247.95
244.17
219.65
220.92
211.43
150.07
155.43
219.73
197.09
219.83
214.30
224.12
150.36
240.06
220.28
162.70
198.22
248.12
185.06
185.88
151.85
247.00
181.69
222.90
151.14
185.10
247.05
155.54
211.15
202.56
177.45
237.86
185.09
247.39
184.26
183.87
204.06
188.72
226.47
236.64
223.17

21.55
23.11
29.96
24.49
17.99
28.06
20.86
29.53
18.96
19.55
28.64
22.75
18.78
17.13
18.26
25.18
18.75
17.12
18.80
19.60
22.83
19.34
21.00
19.13
18.52
23.34
25.57
23.01
21.01
20.87
18.36
16.46
22.87
15.48
16.28
26.35
22.03
20.33
21.43
28.43
26.00
19.95
22.38
17.01
29.15

51%
40%
46%
38%
47%
39%
55%
48%
49%
51%
54%
51%
52%
56%
57%
45%
52%
59%
55%
39%
37%
60%
59%
47%
42%
49%
47%
57%
54%
44%
43%
45%
51%
38%
57%
50%
48%
52%
37%
49%
38%
47%
49%
41%
40%

154.00
221.12
227.92
164.08
162.51
198.84
186.86
153.02
173.00
236.84
153.75
240.76
151.85
235.54
203.88
218.55
213.03
200.52
180.43
179.62
209.52
179.68
236.11
215.89
161.94
234.06
164.32
176.35
223.70
206.12
209.25
242.09
200.04
214.07
188.23
177.79
212.49
249.23
180.95
204.44
158.45
203.03
208.45
223.29
168.06

20.78
20.11
22.66
24.82
29.29
21.88
17.90
20.71
20.10
25.61
22.73
18.70
24.00
17.99
20.85
21.80
21.02
23.83
15.56
22.45
22.10
15.38
29.77
15.49
25.29
21.66
25.93
29.37
23.39
23.05
28.11
28.94
16.67
29.80
29.06
28.51
25.80
21.22
28.60
29.27
21.52
28.30
19.33
21.45
16.04

50%
36%
56%
44%
48%
44%
54%
39%
46%
51%
51%
35%
42%
40%
51%
47%
39%
55%
50%
48%
49%
40%
46%
37%
35%
39%
54%
43%
38%
35%
41%
54%
53%
40%
38%
36%
48%
38%
55%
58%
47%
44%
54%
50%
43%

223.16
158.50
165.92
161.00
183.72
172.55
156.41
241.40
220.50
206.54
248.58
238.58
187.44
197.93
155.74
182.16
233.53
207.15
239.90
222.05
232.40
196.88
237.57
200.46
231.35
213.89
238.84
165.62
202.16
155.58
214.69
208.47
203.42
196.00
203.74
175.44
249.49
169.40
177.08
235.37
198.42
167.00
221.11
174.03
243.51

17.90
17.39
27.44
23.85
18.97
24.22
27.66
17.09
18.25
24.80
22.41
29.33
16.50
26.00
27.94
18.79
21.59
29.36
25.50
20.06
17.21
18.30
20.78
22.31
21.82
24.83
21.32
22.81
27.45
27.75
22.31
16.18
26.86
25.74
15.15
17.79
20.84
18.80
24.13
16.47
23.88
24.05
17.23
27.77
21.70

53%
55%
44%
54%
46%
54%
56%
56%
48%
47%
40%
59%
52%
42%
46%
58%
36%
43%
41%
49%
53%
55%
56%
55%
54%
57%
47%
40%
48%
36%
51%
43%
58%
43%
56%
46%
43%
45%
46%
52%
46%
57%
52%
56%
42%

225.39
174.26
208.55
175.59
193.87
232.60
164.61
229.17
158.50
165.09
228.35
226.38
171.96
197.29
181.47
207.44
151.31
234.94
187.09
225.90
171.50
217.41
228.58
210.73
226.89
171.99
229.28
205.68
187.77
227.94
183.24
163.67
154.23
235.87
200.29
179.77
213.13
235.58
216.59
206.15
245.20
188.13
226.34
208.91
210.71

15.39
26.40
28.95
28.43
25.50
21.25
15.42
17.38
16.55
25.43
24.19
19.24
15.84
29.19
23.97
22.96
20.43
22.12
21.42
21.09
22.98
22.32
20.82
23.32
28.62
28.85
21.89
17.52
18.66
28.36
18.58
25.00
25.74
29.43
26.38
15.24
26.22
17.44
26.78
26.88
27.60
18.62
28.60
20.06
19.64

55%
52%
40%
45%
39%
38%
41%
46%
49%
41%
59%
44%
47%
48%
53%
48%
42%
56%
37%
38%
44%
55%
44%
53%
58%
36%
57%
58%
48%
46%
45%
53%
56%
46%
52%
43%
37%
46%
35%
50%
35%
35%
46%
41%
49%

154.93
199.74
201.33
230.95
158.58
170.71
200.39
234.55
171.10
173.93
192.46
236.43
178.85
209.55
211.50
214.42
241.06
164.91
154.81
181.78
225.29
152.19
161.84

27.42
27.08
16.99
15.81
30.00
17.93
25.75
21.68
18.43
19.13
23.37
19.98
18.18
24.12
20.20
22.07
26.78
29.77
24.83
22.80
21.94
26.57
17.14

40%
53%
37%
40%
39%
57%
51%
40%
37%
49%
54%
40%
44%
41%
53%
59%
36%
53%
46%
39%
56%
41%
47%

100%
100.00%
85.02%
Cash % of R&D

7.58
14.99
6.04
Inventory Days

100%
89%
87%
99%
91%
91%
92%
90%
98%
97%
96%
89%
92%
86%
96%
99%
86%
92%
98%
93%
88%
91%
99%
88%
92%
97%
96%
100%
90%
92%
96%
96%
88%
89%
93%

7.58
13.30
14.40
12.60
12.73
12.54
9.12
7.95
13.98
13.62
7.03
14.06
11.34
14.95
10.49
13.61
10.48
14.88
9.02
6.67
6.32
7.18
13.28
8.40
12.63
9.86
11.84
10.01
6.64
14.65
7.70
6.69
12.84
12.21
9.01

25%
34.93%
15.00%
Inventory Liquidation %
25%
33%
29%
27%
26%
25%
26%
22%
16%
23%
19%
20%
34%
27%
26%
20%
15%
19%
32%
32%
15%
27%
26%
23%
32%
17%
24%
19%
31%
35%
30%
16%
28%
22%
25%

96%
99%
93%
94%
95%
99%
99%
89%
96%
89%
85%
86%
89%
95%
93%
97%
99%
94%
93%
94%
99%
99%
96%
95%
98%
94%
99%
93%
93%
87%
98%
96%
95%
90%
96%
95%
93%
88%
96%
89%

10.37
14.55
10.78
12.75
9.30
11.50
6.56
12.72
13.64
13.58
9.44
14.51
9.17
9.18
12.77
9.94
11.57
9.78
13.09
10.57
9.35
8.06
7.63
7.32
7.83
14.93
7.44
12.88
9.35
7.99
9.72
10.44
11.25
13.17
14.07
9.74
12.30
8.58
7.14
9.39

28%
17%
34%
19%
23%
19%
27%
16%
17%
31%
16%
17%
31%
27%
16%
34%
24%
33%
34%
30%
18%
16%
24%
32%
27%
30%
17%
30%
30%
21%
18%
27%
18%
32%
16%
17%
27%
21%
20%
24%

91%
85%
98%
88%
91%
100%
97%
100%
88%
87%
95%
91%
98%
89%
86%
87%
87%
94%
95%
86%
87%
99%
99%
93%
98%
93%
97%
92%
98%
94%
88%
99%
91%
95%
99%
99%
97%
88%
98%
90%
93%
99%

7.34
8.54
9.69
14.99
13.84
9.20
6.60
13.81
14.34
10.19
14.27
12.20
7.70
6.10
12.20
8.12
9.25
9.47
10.05
6.26
8.73
7.97
11.86
9.46
7.53
12.71
10.20
6.93
10.37
7.80
11.58
14.76
8.94
9.56
9.62
9.85
12.49
14.38
13.44
9.67
12.97
8.51

26%
20%
32%
33%
24%
22%
24%
19%
17%
33%
30%
24%
22%
16%
20%
30%
34%
22%
22%
18%
32%
35%
23%
20%
19%
29%
16%
34%
22%
21%
29%
15%
19%
32%
30%
20%
29%
32%
28%
34%
33%
21%

88%
89%
98%
98%
87%
96%
100%
93%
98%
92%
98%
96%
98%
97%
89%
92%
88%
93%
86%
91%
98%
85%
90%
99%
98%
100%
94%
98%
89%
92%
91%
92%
88%
92%
94%
96%
93%
96%
100%
87%
91%
86%
90%
93%
99%

10.99
7.28
13.87
10.85
6.84
9.70
13.41
11.72
12.84
14.63
10.74
12.96
6.76
12.43
11.79
6.18
6.88
14.09
9.15
12.11
10.30
9.00
13.16
13.75
7.02
8.48
7.10
7.45
10.46
8.29
10.83
12.01
6.79
12.78
12.09
6.05
6.63
14.38
9.38
7.44
7.20
14.38
6.17
10.60
14.94

27%
34%
24%
22%
17%
26%
28%
28%
30%
21%
17%
23%
19%
30%
28%
25%
16%
20%
32%
25%
34%
33%
17%
34%
26%
34%
30%
22%
22%
35%
21%
19%
24%
16%
33%
21%
33%
29%
18%
21%
28%
23%
25%
27%
23%

91%
96%
91%
95%
97%
86%
92%
96%
92%
96%
91%
96%
98%
95%
88%
95%
85%
100%
93%
98%
90%
89%
93%
97%
87%
94%
91%
94%
97%
96%
87%
100%
97%
86%
100%
90%
93%
86%
87%
89%
86%
91%
94%
98%
97%

8.78
6.97
13.31
13.57
7.15
14.07
10.21
6.04
6.67
6.04
14.84
11.94
12.82
12.35
9.64
11.65
9.55
6.61
7.36
9.52
9.75
8.35
11.51
7.11
12.33
10.50
6.43
6.19
10.53
10.17
7.50
14.85
9.16
9.90
10.92
13.43
10.06
8.72
13.45
6.15
14.65
7.51
7.35
10.15
6.07

34%
20%
29%
24%
18%
18%
31%
17%
20%
31%
16%
34%
33%
18%
16%
35%
28%
25%
21%
20%
19%
27%
31%
34%
28%
35%
27%
33%
26%
21%
31%
28%
22%
30%
20%
34%
29%
22%
18%
33%
25%
27%
19%
22%
28%

92%
90%
97%
88%
97%
100%
100%
86%
96%
90%
87%
100%
96%
92%
96%
97%
92%
95%
94%
85%
87%
91%
91%
97%
98%
87%
87%
96%
99%
99%
85%
87%
89%
93%
88%
93%
89%
90%
94%
98%
99%
100%
87%
99%
87%

8.80
13.28
12.68
9.76
13.34
12.13
9.73
9.50
9.61
11.25
9.81
6.49
9.26
7.95
11.16
13.30
13.29
10.96
9.79
7.68
7.59
7.41
13.82
6.47
8.20
12.10
7.48
8.74
7.90
11.13
10.24
9.98
11.75
6.45
14.22
12.70
7.52
7.50
10.64
12.36
9.53
8.11
13.63
13.34
13.37

29%
23%
18%
27%
21%
21%
33%
21%
27%
22%
32%
26%
30%
31%
25%
30%
33%
24%
23%
20%
19%
19%
29%
20%
28%
20%
22%
27%
27%
23%
31%
26%
21%
34%
19%
17%
19%
22%
31%
29%
24%
32%
24%
34%
23%

88%
98%
88%
86%
89%
94%
90%
87%
92%
85%
89%
87%
86%
89%
90%
96%
99%
88%
89%
86%
96%
96%
96%
91%
99%
90%
98%
88%
85%
89%
100%
94%
98%
92%
95%
92%
87%
86%
89%
99%
85%
99%
96%
93%
95%

14.53
14.13
8.38
6.20
12.91
9.83
8.22
13.28
10.75
9.14
14.16
7.14
14.85
13.05
13.98
12.40
13.67
10.46
13.88
8.37
6.12
13.00
10.95
6.47
10.48
9.26
14.48
6.74
10.66
7.55
9.60
12.80
6.69
12.14
14.33
14.94
7.10
11.16
6.73
6.87
11.30
12.10
13.26
6.70
8.62

34%
27%
28%
32%
35%
23%
25%
19%
34%
34%
17%
25%
33%
31%
29%
32%
23%
33%
27%
25%
29%
15%
21%
20%
30%
32%
20%
23%
33%
33%
25%
30%
30%
34%
18%
29%
22%
25%
32%
22%
34%
30%
21%
32%
29%

91%
87%
93%
94%
90%
99%
88%
96%
95%
95%
96%
86%
94%
98%
97%
97%
95%
94%
93%
87%
96%
92%
98%
97%
91%
90%
92%
89%
92%
94%
85%
86%
92%
93%
96%
98%
99%
87%
97%
94%
92%
99%
92%
96%
91%

7.91
9.26
12.94
9.62
11.10
13.93
12.18
12.00
11.96
7.79
8.40
8.87
10.38
8.55
11.17
9.51
8.54
12.56
12.33
14.29
10.62
12.13
6.52
13.39
9.29
13.11
12.67
14.24
7.95
13.11
13.45
12.15
12.58
13.40
13.18
9.85
11.05
12.94
7.53
14.77
6.98
12.75
11.94
12.72
10.33

23%
28%
19%
20%
18%
20%
32%
19%
15%
26%
20%
26%
21%
24%
18%
31%
20%
16%
24%
23%
27%
28%
34%
22%
33%
30%
17%
20%
17%
26%
24%
18%
23%
21%
21%
27%
33%
21%
30%
18%
30%
16%
20%
25%
28%

86%
92%
97%
90%
95%
95%
96%
95%
95%
99%
87%
98%
90%
94%
93%
95%
94%
91%
94%
99%
98%
98%
92%
96%
94%
90%
96%
97%
92%
87%
91%
99%
90%
89%
98%
87%
89%
96%
98%
91%
95%
96%
92%
92%
89%

7.65
11.60
6.94
9.66
9.86
12.21
13.80
10.26
14.41
7.29
11.11
11.42
12.39
12.47
10.24
6.69
14.74
9.69
10.03
11.34
12.35
10.85
14.69
7.01
10.34
11.89
8.77
12.99
13.19
10.67
12.16
12.28
6.94
10.59
10.91
12.63
13.97
6.17
14.25
7.72
8.85
6.99
14.59
7.27
10.66

31%
33%
31%
23%
15%
27%
18%
20%
24%
28%
22%
29%
30%
22%
30%
28%
19%
26%
21%
26%
28%
25%
17%
18%
31%
21%
27%
16%
20%
31%
20%
27%
29%
22%
29%
21%
24%
16%
32%
24%
19%
20%
28%
24%
26%

99%
86%
96%
86%
85%
98%
96%
88%
93%
97%
87%
91%
89%
98%
91%
88%
99%
85%
86%
96%
89%
98%
89%
89%
90%
91%
99%
91%
98%
92%
91%
90%
94%
94%
89%
93%
87%
87%
100%
91%
100%
87%
88%
98%
97%

6.78
13.01
7.63
12.79
7.38
12.93
11.26
12.15
9.08
9.98
6.63
6.68
9.74
12.23
10.45
14.26
8.00
11.27
7.19
10.13
6.63
9.30
9.55
12.85
12.89
14.55
11.06
12.15
12.44
12.65
7.16
7.76
12.46
12.91
10.56
12.95
8.99
9.38
9.35
13.52
12.54
12.63
6.68
6.40
10.38

22%
28%
27%
22%
35%
29%
34%
20%
32%
28%
22%
19%
17%
29%
21%
27%
31%
30%
22%
35%
33%
31%
32%
16%
30%
34%
22%
23%
16%
26%
29%
19%
20%
32%
21%
24%
18%
18%
20%
23%
22%
18%
29%
34%
30%

93%
90%
98%
92%
90%
100%
100%
88%
98%
93%
95%
94%
96%
87%
91%
86%
86%
87%
87%
97%
86%
89%
91%
86%
98%
93%
88%
92%
97%
89%
91%
95%
87%
92%
85%
92%
96%
89%
89%
92%
93%
99%
97%
99%
95%

13.57
10.06
14.05
12.58
6.04
8.22
10.60
13.14
14.06
7.78
6.75
9.85
8.44
11.10
7.12
13.49
6.79
14.21
12.50
11.02
9.01
8.68
8.52
14.62
11.98
6.72
10.81
8.45
13.65
11.10
12.04
12.05
10.37
14.75
13.14
13.25
7.52
9.16
13.76
6.44
9.90
6.77
14.67
6.38
13.32

32%
16%
32%
20%
21%
20%
22%
25%
23%
23%
19%
23%
18%
26%
22%
20%
25%
30%
22%
18%
32%
17%
32%
27%
23%
30%
26%
27%
21%
18%
35%
24%
23%
33%
34%
30%
34%
20%
31%
17%
29%
17%
16%
26%
25%

91%
88%
91%
92%
87%
93%
100%
94%
86%
94%
96%
95%
99%
93%
97%
100%
96%
95%
85%
91%
85%
86%
91%

10.20
7.13
9.97
7.49
8.16
6.40
8.54
12.51
14.76
10.35
9.74
6.69
8.31
13.12
14.76
7.24
9.61
6.33
14.00
14.29
6.12
6.81
9.66

24%
25%
29%
35%
21%
30%
22%
23%
32%
33%
32%
31%
16%
30%
17%
27%
26%
20%
19%
25%
21%
23%
17%

38.49
61.54
44.99
74.99
30.00
50.05
Accounts Receivable DaAccounts Payable Days
38.49
61.54
38.96
71.35
32.47
70.33
44.23
64.01
39.30
68.91
38.83
51.27
30.49
71.44
34.53
54.41
33.24
51.68
34.66
72.41
43.11
63.35
31.55
50.90
43.58
55.44
38.15
69.07
43.96
73.54
33.90
63.21
36.17
55.93
35.82
73.76
35.47
55.17
31.22
50.62
33.65
70.72
44.67
57.32
34.04
53.74
33.32
53.08
30.03
64.45
32.05
50.05
37.25
63.11
32.84
70.24
36.46
63.84
40.19
70.03
43.51
63.56
32.79
73.35
30.00
65.42
41.01
69.21
30.53
58.03

32.29
42.32
33.22
36.16
30.16
34.96
32.01
38.47
37.64
34.06
34.48
42.27
38.47
32.23
30.02
41.87
30.63
32.59
43.99
34.19
32.02
38.44
33.18
44.42
36.33
38.94
36.05
31.81
41.40
41.87
32.22
30.91
37.88
39.29
37.33
44.56
41.50
42.00
32.64
38.26

56.65
68.67
70.21
51.50
69.76
52.26
59.72
70.65
73.31
63.98
51.97
56.13
70.26
66.07
54.56
56.01
72.33
56.41
51.85
68.98
50.44
72.72
70.36
69.60
55.34
60.50
61.98
63.79
51.83
66.70
66.67
70.94
61.23
69.97
68.26
53.04
55.96
50.19
65.40
55.64

44.47
42.99
39.64
30.25
36.78
42.40
31.61
42.84
35.01
38.00
44.58
38.67
42.03
40.92
36.13
44.05
30.55
36.77
39.20
31.47
44.42
31.47
32.14
43.42
42.67
34.99
31.74
39.19
32.72
40.13
42.35
41.04
34.27
31.55
44.94
40.99
41.94
34.00
40.13
38.21
34.42
39.25

68.20
74.22
61.74
74.38
72.68
65.76
69.84
52.11
67.46
74.96
62.00
53.68
60.28
71.77
72.30
53.60
53.42
61.72
58.80
65.18
61.34
59.27
74.80
52.21
59.32
60.16
73.83
52.29
64.75
73.31
55.00
66.55
68.56
54.71
54.98
73.78
54.95
69.39
67.53
74.40
67.26
56.42

43.15
42.24
41.77
33.93
33.73
40.72
31.51
40.74
41.34
43.73
37.13
40.70
39.81
44.91
40.37
34.23
38.06
43.40
36.45
44.03
35.00
34.27
33.84
40.83
38.00
35.86
43.91
31.03
40.29
44.50
40.00
33.55
34.91
34.09
32.84
35.15
42.03
42.50
33.13
43.09
43.45
38.82
32.22
35.24
31.44

66.96
58.56
57.71
54.31
70.51
57.30
70.72
73.33
58.91
50.07
54.27
51.76
73.82
55.80
62.57
64.00
70.19
56.45
68.37
51.55
51.66
52.16
55.24
67.64
59.09
50.29
64.21
50.77
73.52
66.34
65.94
71.93
54.82
71.41
71.66
72.39
53.58
54.68
69.69
51.66
61.94
50.12
67.03
58.02
56.00

41.94
42.16
44.01
40.41
37.90
43.40
43.65
42.27
30.90
40.11
37.78
32.09
37.66
41.73
40.82
38.21
39.18
41.60
32.99
40.98
39.64
31.01
34.76
43.97
37.31
44.20
33.47
34.59
42.36
33.00
44.18
37.08
34.55
41.48
38.45
44.63
41.99
40.48
35.81
34.41
39.58
30.87
40.06
32.63
32.17

66.77
51.74
57.54
65.01
67.09
72.36
71.64
60.18
59.01
55.24
66.55
65.32
69.59
69.13
62.04
67.60
71.53
59.17
63.42
70.96
74.76
69.66
65.08
55.90
73.78
60.07
63.92
63.72
51.38
67.83
63.45
53.97
61.05
64.42
64.16
74.18
64.56
60.01
54.36
68.71
74.58
63.96
74.84
68.03
51.10

33.32
31.76
33.17
32.61
31.11
32.74
40.85
44.08
40.05
31.15
43.43
31.84
33.15
37.90
38.63
35.83
40.05
33.91
44.60
40.83
43.11
38.13
39.21
40.95
42.11
40.91
31.47
35.59
40.01
39.24
35.28
31.09
42.05
42.80
34.57
30.55
33.23
39.30
44.16
36.73
36.13
41.80
35.06
30.35
32.69

54.75
59.11
72.80
61.10
56.51
50.93
74.72
67.71
66.98
72.59
54.82
74.99
56.07
51.08
60.96
68.54
50.90
57.43
69.00
72.89
61.80
69.72
53.89
56.07
73.14
73.10
59.34
50.28
63.22
67.71
64.03
62.48
64.55
56.45
71.36
60.19
73.01
52.97
69.39
70.10
64.87
64.74
59.60
58.32
56.16

36.73
44.25
41.62
41.43
37.14
33.37
42.79
40.90
36.43
33.60
41.99
38.71
42.04
38.65
30.36
30.44
33.98
42.58
44.80
31.11
31.86
32.54
44.86
39.12
42.82
30.17
44.94
42.87
43.60
39.05
43.11
31.32
31.14
37.12
41.32
36.08
36.30
34.83
38.58
43.42
34.35
31.54
39.96
40.98
39.54

62.65
61.47
73.38
72.47
59.40
60.59
52.48
50.59
51.73
51.96
53.53
73.70
68.63
72.07
53.61
53.43
74.49
50.73
56.80
54.80
70.27
60.41
68.82
50.11
59.55
68.30
50.76
58.68
56.04
59.75
70.89
70.07
67.85
54.10
60.14
55.08
61.77
69.72
71.84
63.11
59.04
58.10
65.68
51.81
74.36

35.71
36.81
44.36
39.15
34.77
34.19
40.25
44.03
43.75
44.68
42.34
36.81
34.02
33.25
38.42
37.17
32.55
38.77
36.26
41.39
31.42
34.23
42.45
38.32
35.97
40.34
43.16
39.82
33.91
35.78
33.31
32.60
42.43
30.34
39.13
42.71
39.36
44.96
41.89
33.11
30.97
32.33
33.03
36.56
41.13

54.77
56.25
59.48
72.95
58.27
57.99
71.35
60.93
63.92
69.06
63.92
58.88
73.38
71.64
65.90
63.18
58.70
67.19
74.96
55.83
65.24
64.62
65.26
72.45
68.52
55.20
74.75
53.59
71.20
62.57
73.57
73.37
64.00
60.89
55.82
60.32
52.98
60.64
53.88
59.57
50.41
57.68
74.35
62.83
61.70

39.00
30.52
43.78
31.42
41.06
43.40
37.60
44.74
41.54
34.27
33.61
44.22
33.48
31.01
44.99
40.93
41.29
40.72
32.13
33.83
37.85
40.48
33.64
33.17
41.39
33.99
31.62
30.72
36.16
30.04
34.97
41.44
31.23
38.06
39.56
41.63
36.83
40.24
32.13
41.54
42.02
32.70
32.94
32.13
44.86

54.91
71.92
66.61
66.14
59.12
54.86
50.45
71.19
72.38
73.41
74.41
68.29
59.49
54.13
65.41
68.97
67.47
53.76
64.24
72.89
71.14
72.88
61.13
50.16
57.18
70.37
59.31
51.28
50.77
64.25
52.97
59.17
54.54
54.19
53.98
70.30
61.47
57.08
61.00
69.27
71.73
60.82
56.75
68.85
66.90

44.68
37.97
42.59
39.01
32.38
40.79
41.49
40.36
31.97
31.83
39.68
33.73
30.49
43.45
44.27
31.29
34.06
38.36
31.93
30.19
31.57
35.85
32.92
32.42
44.79
40.60
36.74
43.80
38.76
30.06
36.49
34.54
34.93
37.35
36.09
36.11
32.35
38.86
42.84
43.57
42.24
33.01
32.85
38.11
44.42

62.65
63.84
65.78
62.96
71.88
59.89
53.32
54.10
64.32
52.16
71.64
54.64
59.14
64.52
51.19
63.54
72.36
63.20
66.92
65.64
59.49
56.79
71.65
56.42
66.82
64.11
56.06
70.15
66.64
68.69
61.53
67.52
54.91
64.59
73.18
50.58
68.14
51.71
68.80
72.60
50.55
53.31
65.45
64.81
65.85

31.85
34.19
35.72
36.06
32.34
32.15
44.36
37.46
30.35
30.22
32.40
41.85
31.26
38.60
34.52
42.90
44.00
32.93
42.17
44.81
35.65
37.77
32.95
43.76
43.24
38.87
40.13
44.28
40.92
34.62
34.84
38.00
39.43
33.64
37.27
34.88
41.42
43.75
31.31
42.49
38.77
32.46
40.46
32.47
34.44

73.03
68.62
63.89
50.64
67.97
61.13
61.01
64.15
54.39
68.92
54.48
63.54
58.23
62.64
52.74
71.72
57.54
54.92
56.56
66.44
51.52
62.72
56.58
70.45
59.69
59.09
54.93
57.68
58.53
66.51
65.66
73.64
60.69
63.89
50.34
72.26
61.24
57.09
64.85
68.48
59.37
58.66
58.25
57.98
66.16

33.54
38.35
44.56
41.44
42.58
30.75
39.25
31.26
39.30
35.76
35.80
43.18
35.47
41.56
30.14
33.87
30.71
44.52
41.12
41.32
32.95
36.46
43.90

57.41
53.14
55.45
59.60
61.92
65.02
68.61
70.65
69.21
61.93
58.46
69.08
71.12
69.25
60.35
58.69
61.74
59.40
54.82
58.98
69.68
74.97
58.23