Model
anagement - Pristine
odeling. It has
n all the major Indian
Summary Sheet
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Index
Assumption Sheet
Profit & Loss Statement
Balance Sheet
Cash Flow Statement
Revenue Built-Up Sheet
Deferred Revenue
Cost Built-Up
Asset Schedule
Equity Schedule
Valuation Sheet
Altman Z Score
DuPont Analysis
Ratio Analysis
Ratio Analysis Chart
700,000
EBITDA
Earning Before Ta
EBIT
Profit After Tax (P
600,000
500,000
400,000
300,000
200,000
100,000
FY 09
(100,000)
FY 10
(200,000)
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
(1,000,000)
Balance
Total Current As
Total Stockholde
Total Assets
Total Liabilities
Summary
1800
P & L Summary
Revenue Built
1600
EBITDA
Earning Before Taxes
EBIT
Profit After Tax (PAT)
Million Users
1400
1200
1000
800
600
400
200
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
FY 16
FY 17
FY 18
3,500,000
Revenue Recognized
Total Booking
Deferred Amount as % of Total B
$ Thousands
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
FY 08
FY 10
1.00
0.90
0.70
0.60
0.50
0.40
0.30
0.80
0.20
0.10
0.00
Revenue Recognized
Total Booking
Deferred Amount as % of Total Booking in the Year
70%
60%
50%
40%
30%
20%
10%
FY 12
FY 14
FY 16
0%
FY 18
Assumptions Sheet
Thousand 1,000
Million 1,000,000
All numbers are in $ 000's except per share data
Income Tax Rate
Balance Sheet Assumptions
Accounts Receivables No. of Days
Account Payable No. of Days
Interest Income as % of Cash and Cash Equivalent
FY 07
FY 08
30%
30%
NA
NA
NA
NA
NA
NA
31-Mar-09
30-Jun-09
NA
NA
NA
NA
NA
NA
NA
NA
3,183
6,603
4,687
1,636
1,284
7,360
9,141
6,324
3,654
1,583
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
30%
30%
30%
30%
30%
30%
30%
22
65
0.14%
49
20
0.65%
35
43
0.39%
42
31
0.52%
39
37
0.46%
40
34
0.49%
39
36
0.47%
30-Sep-09
31-Dec-09
31-Mar-10
30-Jun-10
30-Sep-10
31-Dec-10
31-Mar-11
99
24
63
8%
207
58
110
8%
236
67
124
8%
234
60
119
8%
203
49
110
8%
195
48
111
8%
236
62
146
8%
13,338
14,302
10,987
6,952
2,853
22,454
20,983
20,268
12,001
4,652
26,365
27,851
17,398
16,452
6,546
33,132
30,386
29,530
15,130
8,504
38,610
39,782
28,957
17,757
11,292
38,464
51,500
38,280
(17,090)
13,139
49,815
71,760
40,156
27,110
17,847
FY 16
FY 17
FY 18
30%
30%
30%
40
35
0.48%
40
35
0.48%
40
35
0.48%
30-Jun-11
30-Sep-11
31-Dec-11
31-Mar-12
30-Jun-12
30-Sep-12
31-Dec-12
8%
8%
8%
8%
8%
8%
8%
31-Mar-13
30-Jun-13
30-Sep-13
31-Dec-13
31-Mar-14
30-Jun-14
30-Sep-14
8%
8%
8%
8%
8%
8%
8%
31-Dec-14
31-Mar-15
30-Jun-15
30-Sep-15
31-Dec-15
31-Mar-16
30-Jun-16
8%
8%
8%
8%
8%
8%
8%
30-Sep-16
31-Dec-16
31-Mar-17
30-Jun-17
30-Sep-17
31-Dec-17
31-Mar-18
8%
8%
8%
8%
8%
8%
8%
30-Jun-18
30-Sep-18
31-Dec-18
8%
8%
8%
FY 09
FY 10
Revenue
Online Revenue Game
Advertising Revenue
Total Revenue
85,748
35,719
121,467
574,632
22,827
597,459
Expenses
Cost Of Revenue
Research and development
Sales & Marketing
General and Administrative
Total Expenses
46,335
51,029
42,266
24,243
163,873
136,571
149,519
114,165
32,251
432,506
EBITDA
Depreciation and Amortization
(42,406)
10,372
164,953
39,481
EBIT
Interest Income
Other Income ( Expense), net
(52,778)
177
(209)
125,472
1,222
365
(52,810)
(12)
127,059
(36,464)
(52,822)
-
90,595
4,590
58,110
(52,822)
27,895
(.31)
(.12)
Weighted-average common shares used to compute net income (loss) per share attributable to common stockholder:
Basic
171,751
223,881
Diluted
FY 11
FY 12
FY 13
FY 14
FY 15
FY 16
FY 17
740,270
896,049
1,015,675
1,206,028
1,418,814
1,666,177
1,959,697
158,612
205,998
133,791
51,115
549,516
192,207
242,974
164,314
48,640
648,135
217,703
275,079
186,386
53,440
732,609
258,459
326,612
221,333
63,139
869,543
304,049
384,245
260,385
74,223
1,022,902
357,057
451,239
305,782
87,157
1,201,234
419,957
530,732
359,650
102,511
1,412,849
190,754
52,922
247,915
62,994
283,066
71,334
336,485
84,696
395,912
99,640
464,943
117,012
546,849
137,625
137,832
3,789
365
184,921
7,835
365
211,731
9,649
365
251,788
13,909
365
296,272
17,568
365
347,931
22,687
365
409,223
28,215
365
141,986
(42,596)
193,121
(57,936)
221,745
(66,524)
266,063
(79,819)
314,204
(94,261)
370,982
(111,295)
437,804
(131,341)
99,390
135,184
155,222
186,244
219,943
259,688
306,463
99,390
135,184
155,222
186,244
219,943
259,688
306,463
e to common stockholder:
FY 18
2,303,818
493,701
623,928
422,804
120,511
1,660,944
642,875
161,792
481,082
35,053
365
516,500
(154,950)
361,550
361,550
Balance Sheet
FY 09
FY 10
43,691
8,864
34,827
114,471
39,512
74,959
4,837
3,792
1,045
59,159
15,158
44,001
836
36,708
14,301
12,880
60,217
206,358
127,336
72,622
7,157
11,290
653
3,082
222,140
187,831
550,259
79,974
36,577
24,399
2,821
24,353
906,214
Total Assets
258,848
1,112,572
Liabilities
Current Liabilities
Accounts Payable
Other current Liabilities
Deferred Revenue
Total Current Liabilities
21,503
35,024
178,109
234,636
33,431
78,749
408,470
520,650
45,690
-
56,766
14,123
38,818
280,326
630,357
47,672
2
6,610
21
(75,783)
(21,478)
394,026
2
79,335
(1,484)
114
10,222
482,215
Intangible Assets
Gross Block
Less: Accumulated Amortization
Net Block
Restricted cash
Other Long-term assets
Goodwill
Total Fixed Assets
Current Assets & Loans and Advances
Cash and Cash Equivalents
Marketable Securities
Accounts receivable
Income tax assets
Deferred tax assets
Restricted cash
Other current assests
Total Current Assets
Deferred Revenue
Deferred Tax Liabilities
Other non-current liabilities
Total Liabilities
Net Worth
Stockholders Equity
Convertible Preferred Stock
Common Stock
Additional Paid-In Capital
Treasury Stock
Other Comprehensive Income
Retained earnings (deficit)
Total Stockholders Equity
258,848
TRUE
1,112,572
TRUE
FY 11
FY 12
FY 13
FY 14
FY 15
FY 16
FY 17
204,052
81,787
122,265
209,336
128,089
81,247
258,625
182,891
75,734
294,424
246,581
47,843
353,824
322,326
31,498
411,135
410,800
336
486,136
515,141
(29,005)
51,389
25,805
25,585
75,464
42,496
32,968
78,023
59,029
18,994
97,108
80,036
17,072
111,617
103,930
7,687
132,618
132,468
149
155,074
165,753
(10,679)
14,301
12,880
175,030
14,301
12,880
141,395
14,301
12,880
121,909
14,301
12,880
92,097
14,301
12,880
66,365
14,301
12,880
27,666
14,301
12,880
(12,503)
959,688
550,259
71,354
36,577
24,399
2,821
24,353
1,669,451
1,498,946
550,259
103,156
36,577
24,399
2,821
24,353
2,240,511
2,103,358
550,259
107,414
36,577
24,399
2,821
24,353
2,849,181
2,834,494
550,259
133,193
36,577
24,399
2,821
24,353
3,606,096
3,700,575
550,259
153,371
36,577
24,399
2,821
24,353
4,492,354
4,699,743
550,259
182,061
36,577
24,399
2,821
24,353
5,520,213
5,893,865
550,259
212,986
36,577
24,399
2,821
24,353
6,745,260
1,844,481
2,381,906
2,971,090
3,698,193
4,558,720
5,547,878
6,732,758
86,235
78,749
673,858
838,843
77,260
78,749
1,042,989
1,198,998
102,946
78,749
1,376,384
1,558,079
113,114
78,749
1,837,041
2,028,904
138,439
78,749
2,354,323
2,571,511
159,423
78,749
2,960,824
3,198,996
189,362
78,749
3,680,129
3,948,240
131,312
14,123
38,818
173,397
14,123
38,818
248,278
14,123
38,818
318,312
14,123
38,818
416,288
14,123
38,818
518,274
14,123
38,818
647,447
14,123
38,818
1,023,095
1,425,336
1,859,298
2,400,157
3,040,740
3,770,211
4,648,628
887,608
2
86,881
(262,754)
37
109,612
821,386
887,608
2
86,881
(262,754)
37
244,796
956,570
887,608
2
86,881
(262,754)
37
400,018
1,111,792
887,608
2
86,881
(262,754)
37
586,262
1,298,036
887,608
2
86,881
(262,754)
37
806,205
1,517,979
887,608
2
86,881
(262,754)
37
1,065,893
1,777,667
887,608
2
86,881
(262,754)
37
1,372,356
2,084,130
1,844,481
2,381,906
2,971,090
3,698,193
4,558,720
5,547,878
6,732,758
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
TRUE
FY 18
569,988
637,639
(67,651)
182,837
205,047
(22,209)
14,301
12,880
(62,679)
7,291,722
550,259
251,061
36,577
24,399
2,821
24,353
8,181,191
8,118,512
221,524
78,749
4,525,459
4,825,732
794,160
14,123
38,818
5,672,833
887,608
2
86,881
(262,754)
37
1,733,906
2,445,680
8,118,512
TRUE
Cash Flow
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
(52,822)
90,595
30,648
11,366
(477,637)
(72,817)
(25,287)
(24,399)
(2,168)
(21,271)
11,928
43,725
230,361
(4,590)
(209,546)
99,390
42,275
10,647
8,620
52,804
265,388
479,124
135,184
46,302
16,692
(31,802)
(8,975)
369,130
526,532
155,222
54,802
16,533
(4,258)
25,686
333,395
581,379
186,244
63,690
21,006
(25,779)
10,168
460,657
715,986
219,943
75,745
23,894
(20,177)
25,325
517,282
842,013
(70,780)
(54,322)
(14,301)
(12,044)
(60,217)
11,076
14,123
38,818
(147,647)
(89,581)
7,770
60,217
74,546
52,952
(5,284)
(24,075)
42,085
12,726
(49,289)
(2,559)
74,881
23,034
(35,799)
(19,085)
70,034
15,150
(59,400)
(14,509)
97,976
24,067
346,354
72,725
(1,484)
93
417,688
493,582
7,546
(261,270)
(77)
239,781
60,495
771,857
539,258
604,413
731,136
866,080
127,336
60,495
187,831
187,831
771,857
959,688
959,688
539,258
1,498,946
1,498,946
604,413
2,103,358
2,103,358
731,136
2,834,494
2,834,494
866,080
3,700,575
127,336
FY 16
FY 17
FY 18
259,688
88,473
28,538
(28,690)
20,984
606,501
975,494
306,463
104,341
33,284
(30,925)
29,938
719,305
1,162,406
361,550
122,498
39,294
(38,075)
32,162
845,330
1,362,760
(57,311)
(21,001)
101,986
23,674
(75,001)
(22,456)
129,173
31,716
(83,852)
(27,764)
146,712
35,097
999,168
1,194,123
1,397,857
3,700,575
999,168
4,699,743
4,699,743
1,194,123
5,893,865
5,893,865
1,397,857
7,291,722
Revenue Built-Up
31-Mar-09
FY 2009
30-Jun-09
FY 2009
15,531
18,904
FY 2009
FY 2010
121,467
597,459
millions
millions
%
millions
millions
%
millions
millions
%
Thousands
Annualized Schedule
Revenue
30-Sep-09
FY 2009
31-Dec-09
FY 2009
31-Mar-10
FY 2010
30-Jun-10
FY 2010
30-Sep-10
FY 2010
31-Dec-10
FY 2010
31-Mar-11
FY 2011
99
297
207
621
109%
236
708
14%
234
702
-1%
203
609
-13%
195
585
-4%
236
708
21%
24
2,160
58
5,220
142%
67
6,030
16%
60
5,400
-10%
49
4,410
-18%
48
4,320
-2%
62
5,580
29%
63
189
110
330
75%
124
372
13%
119
357
-4%
110
330
-8%
111
333
1%
146
438
32%
8%
8%
8%
8%
8%
8%
8%
1.32
1.12
1.78
2.32
3.50
4.18
4.16
31,311
55,721
100,927
130,099
170,674
195,759
235,421
0.11
0.09
0.14
0.19
0.28
0.33
0.33
0.01
0.01
0.02
0.02
0.04
0.05
0.04
0.17
0.17
0.27
0.36
0.52
0.59
0.54
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
740,270
896,049
1,015,675
1,206,028
1,418,814
1,666,177
1,959,697
30-Jun-11
FY 2011
30-Sep-11
FY 2011
31-Dec-11
FY 2011
31-Mar-12
FY 2012
30-Jun-12
FY 2012
30-Sep-12
FY 2012
31-Dec-12
FY 2012
244
732
3%
247
741
1%
251
754
2%
263
789
5%
280
840
6%
290
870
3%
300
900
4%
64
5,735
3%
64
5,748
0%
65
5,883
2%
70
6,265
6%
75
6,779
8%
78
7,051
4%
82
7,351
4%
151
453
3%
153
459
1%
155
466
2%
163
488
5%
173
520
6%
179
538
3%
186
557
4%
8%
8%
8%
8%
8%
8%
8%
2.63
2.81
3.05
3.24
3.37
3.35
3.23
153,780
166,828
184,242
204,367
226,314
232,882
232,486
0.21
0.23
0.24
0.26
0.27
0.27
0.26
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.34
0.36
0.39
0.42
0.44
0.43
0.42
FY 2018
2,303,818
31-Mar-13
FY 2013
30-Jun-13
FY 2013
30-Sep-13
FY 2013
31-Dec-13
FY 2013
31-Mar-14
FY 2014
30-Jun-14
FY 2014
30-Sep-14
FY 2014
312
936
4%
326
977
4%
340
1,020
4%
353
1,060
4%
368
1,103
4%
383
1,149
4%
399
1,197
4%
86
7,724
5%
91
8,157
6%
96
8,599
5%
100
9,019
5%
105
9,474
5%
111
9,967
5%
117
10,488
5%
193
579
4%
202
605
4%
210
631
4%
219
656
4%
227
682
4%
237
711
4%
247
740
4%
8%
8%
8%
8%
8%
8%
8%
3.10
3.16
3.21
3.24
3.24
3.22
3.20
231,785
247,280
262,159
274,451
285,553
295,679
306,272
0.25
0.25
0.26
0.26
0.26
0.26
0.26
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.40
0.41
0.42
0.42
0.42
0.42
0.41
31-Dec-14
FY 2014
31-Mar-15
FY 2015
30-Jun-15
FY 2015
30-Sep-15
FY 2015
31-Dec-15
FY 2015
31-Mar-16
FY 2016
30-Jun-16
FY 2016
415
1,246
4%
432
1,297
4%
450
1,351
4%
469
1,407
4%
488
1,465
4%
509
1,526
4%
529
1,588
4%
123
11,029
5%
129
11,592
5%
135
12,189
5%
142
12,819
5%
150
13,480
5%
157
14,174
5%
166
14,904
5%
257
771
4%
268
803
4%
279
836
4%
290
870
4%
302
906
4%
315
944
4%
328
983
4%
8%
8%
8%
8%
8%
8%
8%
3.19
3.21
3.21
3.22
3.21
3.21
3.21
318,524
333,025
347,453
361,859
376,477
391,595
407,587
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.41
0.41
0.42
0.42
0.42
0.41
0.41
30-Sep-16
FY 2016
31-Dec-16
FY 2016
31-Mar-17
FY 2017
30-Jun-17
FY 2017
30-Sep-17
FY 2017
31-Dec-17
FY 2017
31-Mar-18
FY 2018
551
1,654
4%
574
1,722
4%
598
1,793
4%
623
1,868
4%
648
1,945
4%
675
2,025
4%
703
2,109
4%
174
15,672
5%
183
16,480
5%
193
17,329
5%
202
18,222
5%
213
19,160
5%
224
20,148
5%
235
21,186
5%
341
1,023
4%
355
1,066
4%
370
1,110
4%
385
1,155
4%
401
1,203
4%
418
1,253
4%
435
1,304
4%
8%
8%
8%
8%
8%
8%
8%
3.21
3.21
3.21
3.21
3.21
3.21
3.21
424,586
442,409
460,726
479,665
499,368
519,938
541,430
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.03
0.03
0.03
0.03
0.03
0.03
0.03
0.41
0.42
0.42
0.42
0.42
0.42
0.42
30-Jun-18
FY 2018
30-Sep-18
FY 2018
31-Dec-18
FY 2018
732
2,196
4%
762
2,286
4%
794
2,381
4%
248
22,278
5%
260
23,426
5%
274
24,633
5%
453
1,358
4%
471
1,414
4%
491
1,473
4%
8%
8%
8%
3.21
3.21
3.21
563,843
587,158
611,388
0.26
0.26
0.26
0.03
0.03
0.02
0.42
0.42
0.42
Deferred Revenue
FY 07
FY 08
Revenue Recognized
19,410
Opening Balance
Addition
Closing Balance
658
16,538
17,196
658
35,948
46%
3,500,000
3,000,000
2,500,000
$ Thousands
Total Booking
2,000,000
1,500,000
1,000,000
500,000
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
121,467
597,459
740,270
896,049
1,015,675
1,206,028
1,418,814
17,196
206,603
223,799
223,799
241,437
465,236
465,236
339,934
805,170
805,170
411,215
1,216,385
1,216,385
408,276
1,624,662
1,624,662
530,692
2,155,353
2,155,353
615,258
2,770,611
178,109
45,690
408,470
56,766
673,858
131,312
1,042,989
173,397
1,376,384
248,278
1,837,041
318,312
2,354,323
416,288
80%
88%
84%
86%
85%
85%
85%
328,070
838,896
1,080,205
1,307,264
1,423,952
1,736,719
2,034,072
63%
29%
46%
46%
40%
44%
43%
3,500,000
70%
3,000,000
60%
2,500,000
50%
2,000,000
40%
1,500,000
30%
1,000,000
20%
500,000
10%
FY 08
FY 10
FY 12
FY 14
FY 16
0%
FY 18
Revenue Recognized
Total Booking
Deferred Amount as % of
Total Booking in the Year
FY 16
FY 17
FY 18
1,666,177
1,959,697
2,303,818
2,770,611
708,487
3,479,098
3,479,098
848,479
4,327,577
4,327,577
992,042
5,319,619
2,960,824
518,274
3,680,129
647,447
4,525,459
794,160
85%
85%
85%
2,374,664
2,808,176
3,295,860
43%
43%
43%
nue Recognized
rred Amount as % of
Booking in the Year
1 1800
Average Monthly Active Users (MAU)
Average Daily Active Users (DAU)
1600
Average Monthly Unique Users (MUU)
Million Users
1200
1000
800
600
400
200
30-Sep-09
99
24
63
31-Dec-09
207
58
110
31-Mar-10
236
67
124
30-Jun-10
234
60
119
30-Sep-10
203
49
110
48
111
62
146
64
151
64
153
31-Dec-11
251
65
155
31-Mar-12
263
70
163
30-Jun-12
280
75
173
1.00
31-Dec-12 31-Mar-13
300
312
82
86
0.90
186
193
30-Jun-13 30-Sep-13
Revenue
per User
326
340
91
96
202
210
Average Users
0.80
0.70
0.60
0.50
0.40
30-Sep-12
290
78
179
Average Monthly
Unique Users (MUU)
Average Daily Active
Users (DAU)
0.30
Average Monthly
Active Users (MAU)
0.20
Revenue per MUU
0.10
Revenue per DAU
0.00
Revenue per MAU
31-Dec-13
353
100
219
31-Mar-14
368
105
227
30-Jun-14
383
111
237
30-Sep-14
399
117
247
31-Dec-14
415
123
257
31-Mar-15
432
129
268
30-Jun-15
450
135
279
30-Sep-15
469
142
290
31-Dec-15
488
150
302
31-Mar-16
509
157
315
30-Jun-16
529
166
328
30-Sep-16
551
174
341
31-Dec-16
574
183
355
31-Mar-17
598
193
370
30-Jun-17
623
202
385
30-Sep-17
648
213
401
31-Dec-17
675
224
418
31-Mar-18
703
235
435
30-Jun-18
732
248
453
30-Sep-18
762
260
471
31-Dec-18
794
274
491
Cost Built-Up
FY 2009
31-Mar-09
FY 2009
30-Jun-09
15,531
18,904
3,183
20%
7,360
39%
6,603
43%
9,141
48%
4,687
30%
6,324
33%
1,636
11%
3,654
19%
1,284
8%
1,583
8%
17,393
28,062
FY 2009
46,335
51,029
42,266
24,243
10,372
FY 2010
136,571
149,519
114,165
32,249
39,481
Annualized Schedule
Cost of Revenue
Research and Development
Sales and Marketing
General and Administrative
Depreciation and Amortization
FY 2009
30-Sep-09
FY 2009
31-Dec-09
FY 2010
31-Mar-10
FY 2010
30-Jun-10
FY 2010
30-Sep-10
FY 2010
31-Dec-10
FY 2011
31-Mar-11
31,311
55,721
100,927
130,099
170,674
195,759
235,421
13,338
43%
22,454
40%
26,365
26%
33,132
25%
38,610
23%
38,464
20%
49,815
21%
14,302
46%
20,983
38%
27,851
28%
30,386
23%
39,782
23%
51,500
26%
71,760
30%
10,987
35%
20,268
36%
17,398
17%
29,530
23%
28,957
17%
38,280
20%
40,156
17%
6,952
22%
12,001
22%
16,452
16%
15,130
12%
17,757
10%
(17,090)
-9%
27,110
12%
2,853
9%
4,652
8%
6,546
6%
8,504
7%
11,292
7%
13,139
7%
17,847
8%
48,432
80,358
94,612
116,682
136,398
124,293
206,688
FY 2011
158,612
205,998
133,791
51,115
52,922
FY 2012
192,207
242,974
164,314
48,640
62,994
FY 2013
217,703
275,079
186,386
53,440
71,334
FY 2014
258,459
326,612
221,333
63,139
84,696
FY 2015
304,049
384,245
260,385
74,223
99,640
FY 2016
357,057
451,239
305,782
87,157
117,012
FY 2017
419,957
530,732
359,650
102,511
137,625
FY 2011
30-Jun-11
FY 2011
30-Sep-11
FY 2011
31-Dec-11
FY 2012
31-Mar-12
FY 2012
30-Jun-12
FY 2012
30-Sep-12
FY 2012
31-Dec-12
153,780
166,828
184,242
204,367
226,314
232,882
232,486
34,177
22%
35,724
21%
38,896
21%
43,893
21%
48,786
22%
49,813
21%
49,715
21%
39,773
26%
44,193
26%
50,272
27%
56,263
28%
60,635
27%
62,936
27%
63,140
27%
29,324
19%
30,299
18%
34,012
18%
37,168
18%
41,799
18%
42,664
18%
42,683
18%
9,542
6%
8,089
5%
6,374
3%
13,298
7%
11,893
5%
11,685
5%
11,763
5%
10,551
7%
11,582
7%
12,941
7%
14,515
7%
15,803
7%
16,332
7%
16,345
7%
123,367
129,887
142,496
165,137
178,916
183,430
183,646
FY 2018
493,701
623,928
422,804
120,511
161,792
FY 2013
31-Mar-13
FY 2013
30-Jun-13
FY 2013
30-Sep-13
FY 2013
31-Dec-13
FY 2014
31-Mar-14
FY 2014
30-Jun-14
FY 2014
30-Sep-14
231,785
247,280
262,159
274,451
285,553
295,679
306,272
49,723
21%
53,031
21%
56,149
21%
58,801
21%
61,209
21%
63,367
21%
65,625
21%
62,875
27%
66,829
27%
71,003
27%
74,372
27%
77,338
27%
80,049
27%
82,953
27%
42,495
18%
45,427
18%
48,096
18%
50,369
18%
52,401
18%
54,272
18%
56,204
18%
12,655
5%
12,854
5%
13,590
5%
14,341
5%
15,040
5%
15,430
5%
15,999
5%
16,299
7%
17,345
7%
18,410
7%
19,280
7%
20,056
7%
20,761
7%
21,510
7%
184,047
195,486
207,247
217,163
226,043
233,878
242,290
FY 2014
31-Dec-14
FY 2015
31-Mar-15
FY 2015
30-Jun-15
FY 2015
30-Sep-15
FY 2015
31-Dec-15
FY 2016
31-Mar-16
FY 2016
30-Jun-16
318,524
333,025
347,453
361,859
376,477
391,595
407,587
68,258
21%
71,370
21%
74,458
21%
77,544
21%
80,678
21%
83,918
21%
87,344
21%
86,272
27%
90,188
27%
94,094
27%
98,002
27%
101,960
27%
106,052
27%
110,384
27%
58,456
18%
61,118
18%
63,767
18%
66,409
18%
69,092
18%
71,867
18%
74,802
18%
16,670
5%
17,436
5%
18,164
5%
18,926
5%
19,697
5%
20,486
5%
21,318
5%
22,370
7%
23,387
7%
24,400
7%
25,413
7%
26,439
7%
27,501
7%
28,624
7%
252,028
263,499
274,883
286,294
297,866
309,823
322,472
FY 2016
30-Sep-16
FY 2016
31-Dec-16
FY 2017
31-Mar-17
FY 2017
30-Jun-17
FY 2017
30-Sep-17
FY 2017
31-Dec-17
FY 2018
31-Mar-18
424,586
442,409
460,726
479,665
499,368
519,938
541,430
90,987
21%
94,807
21%
98,732
21%
102,791
21%
107,013
21%
111,421
21%
116,027
21%
114,989
27%
119,815
27%
124,775
27%
129,905
27%
135,241
27%
140,811
27%
146,632
27%
77,921
18%
81,192
18%
84,554
18%
88,030
18%
91,645
18%
95,421
18%
99,365
18%
22,210
5%
23,143
5%
24,100
5%
25,091
5%
26,122
5%
27,198
5%
28,322
5%
29,818
7%
31,069
7%
32,356
7%
33,686
7%
35,070
7%
36,514
7%
38,023
7%
335,925
350,026
364,518
379,501
395,090
411,365
428,369
FY 2018
30-Jun-18
FY 2018
30-Sep-18
FY 2018
31-Dec-18
563,843
587,158
611,388
120,830
21%
125,826
21%
131,018
21%
152,702
27%
159,016
27%
165,578
27%
103,478
18%
107,757
18%
112,204
18%
29,494
5%
30,714
5%
31,981
5%
39,597
7%
41,235
7%
42,936
7%
446,101
464,548
483,718
Asset Schedule
Intangible Assets
Developed Technology
Trademarks & Domain Names
Gross Intangible Assets
Intangible Assets as % of Revenue
Developed Technology as % of Revenue
Trademarks & Domain Names as % of Revenue
Accumulated Amortization
Developed Technology
Opening Balance
Amortization during the Year
Closing Balance
Trademarks & Domain Names
Opening Balance
Amortization during the Year
Closing Balance
Accumulated Amortization
FY 07
FY 08
19,410
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
121,467
597,459
740,270
896,049
1,015,675
1,206,028
1,418,814
38,223
3,473
773
1,222
43,691
84,269
10,118
2,446
17,638
114,471
168,679
16,851
3,871
14,651
204,052
165,280
17,786
4,177
22,093
209,336
209,389
21,640
5,023
22,572
258,625
235,544
24,818
5,793
28,269
294,424
284,801
29,713
6,916
32,394
353,824
31%
3%
1%
1%
14%
2%
0%
3%
23%
2%
1%
2%
18%
2%
0%
2%
21%
2%
0%
2%
20%
2%
0%
2%
20%
2%
0%
2%
8,864
81,787
46,302
128,089
128,089
54,802
182,891
182,891
63,690
246,581
246,581
75,745
322,326
8,864
39,512
39,512
42,275
81,787
4,724
113
4,837
52,384
6,775
59,159
46,848
4,542
51,389
67,635
7,829
75,464
70,471
7,553
78,023
87,355
9,753
97,108
100,605
11,012
111,617
4%
0%
9%
1%
6%
1%
8%
1%
7%
1%
7%
1%
7%
1%
14,907
14,907
9,706
24,613
24,613
14,960
39,573
39,573
14,932
54,505
54,505
18,897
73,402
73,402
21,537
94,939
17
251
251
941
1,192
1,192
1,732
2,924
2,924
1,600
4,524
4,524
2,110
6,634
6,634
2,357
8,991
3,792
15,158
25,805
42,496
59,029
80,036
103,930
3,775
FY 16
FY 17
FY 18
1,666,177
1,959,697
2,303,818
329,934
34,590
8,062
38,549
411,135
390,715
40,862
9,517
45,041
486,136
457,762
47,932
11,168
53,126
569,988
20%
2%
0%
2%
20%
2%
0%
2%
20%
2%
0%
2%
322,326
88,473
410,800
410,800
104,341
515,141
515,141
122,498
637,639
119,415
13,203
132,618
139,704
15,369
155,074
164,675
18,162
182,837
7%
1%
7%
1%
7%
1%
94,939
25,697
120,636
120,636
29,985
150,621
150,621
35,391
186,012
8,991
2,841
11,832
11,832
3,299
15,131
15,131
3,903
19,034
132,468
165,753
205,047
Equity Schedule
FY 07
FY 08
5,357
1
33,506
2
2,443
5
(22,961)
12,995
5,358
No. of Shares
Convertible Preferred Stock
Opening Balance
96,019
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
3,382
Exercise of stock options for cash
Exercise of stock options for full recourse note
Repurchase of Preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
40,207
Issuance of Series B convertible preferred stock, net of issuance costs
59,391
Issuance of common stock warrants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Closing Balance
198,999
198,999
3,200
202,199
Common Stock
Opening Balance
149,197
Issuance of restriced stock in connection with purchased technology
13,440
Issuance of Series A converable preferred stock, net of issuance costs
Exercise of stock options for cash
95,822
Exercise of stock options for full recourse note
25,583
Repurchase of preferred and common stock
(7,997)
Issuance of Series A-1 convertible preferred stock, net of issuance costs
Issuance of Series B convertible preferred stock, net of issuance costs
Issuance of common stock warraants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Issuance of restricted stock in connection with business acquisition
Repurchase of unvested early exercised stock options
Closing Balance
276,045
276,045
6,319
2,526
(7,192)
277,698
Amount
Convertible Preferred Stock
Opening Balance
5,357
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
173
Exercise of stock options for cash
Exercise of stock options for full recourse note
Repurchase of Preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
5,007
Issuance of Series B convertible preferred stock, net of issuance costs
24,367
Issuance of common stock warraants in connection with Series B financing (1,398)
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Closing Balance
33,506
33,506
14,166
47,672
Common Stock
Opening Balance
1
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
Exercise of stock options for cash
1
Exercise of stock options for full recourse note
Repurchase of preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
Issuance of Series B convertible preferred stock, net of issuance costs
Issuance of common stock warraants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Issuance of restricted stock in connection with business acquisition
Repurchase of unvested early exercised stock options
Closing Balance
2
2
2
244
18
13
1,398
81
689
2,443
3
253
144
3,737
Closing Balance
30
6,610
(64)
64
-
5
5
5
(1)
17
21
(846)
(846)
(846)
(22,115)
(22,961)
35,110
31,344
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
47,672
2
6,610
21
(75,783)
(21,478)
394,026
2
79,335
(1,484)
114
10,222
482,215
887,608
2
86,881
(262,754)
37
109,612
821,386
887,608
2
86,881
(262,754)
37
244,796
956,570
887,608
2
86,881
(262,754)
37
400,018
1,111,792
887,608
2
86,881
(262,754)
37
586,262
1,298,036
887,608
2
86,881
(262,754)
37
806,205
1,517,979
202,199
48,163
26,340
276,702
276,702
(8,764)
113
34,927
302,978
302,978
302,978
302,978
302,978
302,978
302,978
302,978
302,978
302,978
302,978
277,698
18,313
(287)
(4,200)
291,524
291,524
3,445
(14,964)
280,005
280,005
280,005
280,005
280,005
280,005
280,005
280,005
280,005
280,005
280,005
47,672
5,854
305,231
35,269
394,026
394,026
8,268
485,314
887,608
887,608
887,608
887,608
887,608
887,608
887,608
887,608
887,608
887,608
887,608
2
2
2
2
2
2
2
2
2
2
2
2
2
2
6,610
3,358
1,912
605
17,928
79,335
1,205
964
103
5,274
86,881
-
86,881
-
86,881
-
86,881
-
86,881
-
4,590
39,742
4,590
79,335
86,881
86,881
86,881
86,881
86,881
86,881
(1,484)
(1,484)
(1,484)
(261,270)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
21
114
(21)
114
114
(74)
(3)
37
37
37
37
37
37
37
37
37
37
37
(22,961)
(52,822)
(75,783)
(75,783)
90,595
(4,590)
10,222
10,222
99,390
109,612
109,612
135,184
244,796
244,796
155,222
400,018
400,018
186,244
586,262
586,262
219,943
806,205
396,210
721,996
821,386
956,570
1,111,792
1,298,036
1,517,979
FY 16
FY 17
FY 18
887,608
2
86,881
(262,754)
37
1,065,893
1,777,667
887,608
2
86,881
(262,754)
37
1,372,356
2,084,130
887,608
2
86,881
(262,754)
37
1,733,906
2,445,680
302,978
302,978
302,978
302,978
302,978
302,978
280,005
280,005
280,005
280,005
280,005
280,005
887,608
887,608
887,608
887,608
887,608
887,608
2
2
2
2
2
- all figures assumed to be 0
2
86,881
-
86,881
-
86,881
- all figures assumed to be 0
-
86,881
86,881
86,881
(262,754)
(262,754)
(262,754)
(262,754)
(262,754)
- all figures assumed to be 0
(262,754)
37
37
37
37
37
- all figures assumed to be 0
37
806,205
259,688
1,065,893
1,065,893
306,463
1,372,356
1,372,356
361,550 all figures assumed to be 0
1,733,906
1,777,667
2,084,130
2,445,680
Altman Z Score
FY 07
FY 08
Altman Z-Score
Earnings before Interest and Tax (EBIT)
Total Liabilities
Book Value of Equity
Working Capital
Retained Earnings
Total Assets
Ratio of:
Working Capital/Total Assets (WC/TA)
Retained Earnings/Total Assets (RE/TA)
EBIT/Total Assets (EBIT/TA)
Book Value of Equity/Total Liabilities (BV/TL)
Altman Z-Score
Altman Z-Score Analysis of Bankruptcy Risk
5.00
4.00
3.00
2.00
1.00
0.00
FY 09
-1.00
-2.00
-3.00
-4.00
FY 10
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
(52,810)
280,326
(21,478)
(12,496)
(75,783)
258,848
127,059
630,357
482,215
385,564
10,222
1,112,572
141,986
1,023,095
821,386
830,609
109,612
1,844,481
193,121
1,425,336
956,570
1,041,513
244,796
2,381,906
221,745
1,859,298
1,111,792
1,291,103
400,018
2,971,090
266,063
2,400,157
1,298,036
1,577,193
586,262
3,698,193
314,204
3,040,740
1,517,979
1,920,843
806,205
4,558,720
-0.05
-0.29
-0.20
-0.08
-2.72
0.35
0.01
0.11
0.76
3.87
0.45
0.06
0.08
0.80
4.51
0.44
0.10
0.08
0.67
4.45
0.43
0.13
0.07
0.60
4.42
0.43
0.16
0.07
0.54
4.37
0.42
0.18
0.07
0.50
4.33
Distress
Safe Zone
Safe Zone
Safe Zone
Safe Zone
Safe Zone
Safe Zone
Altman Z-Score
FY 11
FY 12
FY 13
FY 14
FY 15
FY 16
FY 16
FY 16
FY 17
FY 18
370,982
3,770,211
1,777,667
2,321,216
1,065,893
5,547,878
437,804
4,648,628
2,084,130
2,797,021
1,372,356
6,732,758
516,500
5,672,833
2,445,680
3,355,460
1,733,906
8,118,512
0.42
0.19
0.07
0.47
4.32
0.42
0.20
0.07
0.45
4.30
0.41
0.21
0.06
0.43
4.29
Safe Zone
Safe Zone
Safe Zone
FY 17
FY 18
Du Pont Analysis
Total Revenue
Cost of Sales
Operating Expense
Others
Tax Expenses
Current Assets
Net Fixed Assets
Current Liabilities
Long Term Liabilities
Earnings Available
Common Stock Equity
Total Asset
DuPont Analysis
Net Profit Margin
Total Asset Turnover
Return on Total Asset (ROA)
Financial Leverage
Return on Common Equity
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
121,467
46,335
127,910
32
12
222,140
36,708
234,636
45,690
(52,790)
(21,478)
258,012
597,459
136,571
335,416
(1,587)
36,464
906,214
206,358
520,650
109,707
89,008
482,215
1,025,174
740,270
158,612
443,826
(4,154)
42,596
1,669,451
175,030
838,843
184,253
95,236
821,386
1,817,300
896,049
192,207
518,922
(8,200)
57,936
2,240,511
141,395
1,198,998
226,338
126,985
956,570
2,354,725
1,015,675
217,703
586,240
(10,014)
66,524
2,849,181
121,909
1,558,079
301,219
145,208
1,111,792
2,943,909
1,206,028
258,459
695,780
(14,274)
79,819
3,606,096
92,097
2,028,904
371,253
171,970
1,298,036
3,671,012
1,418,814
304,049
818,493
(17,933)
94,261
4,492,354
66,365
2,571,511
469,229
202,010
1,517,979
4,531,539
-43%
0.47
-20%
(12.1)
247%
15%
0.58
9%
2.3
20%
13%
0.41
5%
2.2
12%
14%
0.38
5%
2.5
13%
14%
0.35
5%
2.7
13%
14%
0.33
5%
2.8
13%
14%
0.31
4%
3.0
13%
FY 16
FY 17
FY 18
1,666,177
357,057
961,190
(23,052)
111,295
5,520,213
27,666
3,198,996
571,215
236,636
1,777,667
5,520,697
1,959,697
419,957
1,130,517
(28,580)
131,341
6,745,260
(12,503)
3,948,240
700,388
277,882
2,084,130
6,705,577
2,303,818
493,701
1,329,035
(35,418)
154,950
8,181,191
(62,679)
4,825,732
847,101
326,132
2,445,680
8,091,331
14%
0.30
4%
3.1
13%
14%
0.29
4%
3.2
13%
14%
0.28
4%
3.3
13%
Income Statement
Sales
740,270
Cost of Sales
158,612
Operating Expense
443,826
Interest Expense
Tax Expense
42,596
-
FY11
Earnings Available
99,390
divided by
Sales
740,270
Others
multiplied by
(4,154)
Sales
740,270
Balance Sheet
Current Assets
1,669,451
+
Net Fixed Assets
(PPE)
175,030
divided by
Total Assets
1,844,481
Total Liabilities
1,023,095
Current Liabilities
838,843
+
Long Term Liabilities
184,253
Stockholder Equity
(SE)
divided by
821,386
Common stock equity
821,386
Return on Total
Assets (ROA)
5.4%
multiplied by
Return on Common
Equity (ROE)
12.1%
Financial
Leverage
multiplier
2.25
Valuation Sheet
Risk Free Rate
Market Risk Premium
Beta
Cost of Equity
Tax Rate
Terminal Growth Rate
No of Shares Outstanding
%
%
%
%
%
Million
4.67%
5%
1.368
12%
30%
3%
787
FY 07
(22,115)
2,905
131
FY 08
$ millions
$
7,550
9.60
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
(52,822)
10,372
(146)
90,595
39,481
256
99,390
52,922
256
135,184
62,994
256
155,222
71,334
256
186,244
84,696
256
219,943
99,640
256
(477,637)
(72,817)
(25,287)
(24,399)
(2,168)
(21,271)
11,928
43,725
230,361
(337,565)
8,620
52,804
265,388
326,813
(31,802)
(8,975)
369,130
328,354
(4,258)
25,686
333,395
354,823
(25,779)
10,168
460,657
445,046
(20,177)
25,325
517,282
522,430
(125,102)
(81,811)
(29,359)
(51,848)
(54,884)
(73,909)
(332,336)
397,569
497,429
529,787
661,357
768,360
(256)
(332,080)
(256)
397,824
(256)
497,684
(256)
530,042
(256)
661,613
(256)
768,615
(332,080)
397,824
497,684
530,042
661,613
768,615
FY 16
FY 17
FY 18
259,688
117,012
256
306,463
137,625
256
361,550
161,792
256
(28,690)
20,984
606,501
598,795
(30,925)
29,938
719,305
718,318
(38,075)
32,162
845,330
839,418
(78,312)
(97,457)
(111,616)
897,438
1,065,205
1,251,400
(256)
897,693
(256)
1,065,460
(256)
1,251,655
8,898,266
897,693
1,065,460
10,149,921
Ratio Analysis
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
FY 14
FY 15
-34.9%
27.6%
25.8%
27.7%
27.9%
27.9%
27.9%
-43.5%
21.0%
18.6%
20.6%
20.8%
20.9%
20.9%
-43.5%
21.3%
19.2%
21.6%
21.8%
22.1%
22.1%
-43.5%
15.2%
13.4%
15.1%
15.3%
15.4%
15.5%
-20.4%
8.1%
5.4%
5.7%
5.2%
5.0%
4.8%
-218.1%
21.5%
14.1%
16.3%
15.7%
15.9%
15.8%
245.9%
18.8%
12.1%
14.1%
14.0%
14.3%
14.5%
47%
54%
40%
38%
34%
33%
31%
333
1,637
2,028
2,455
2,783
3,304
3,887
22
49
35
42
39
40
39
-9.72
1.55
0.89
0.86
0.79
0.76
0.74
0.95
1.74
1.99
1.87
1.83
1.78
1.75
0.88
1.57
1.89
1.80
1.77
1.73
1.71
FY 16
FY 17
FY 18
27.9%
27.9%
27.9%
20.9%
20.9%
20.9%
22.3%
22.3%
22.4%
15.6%
15.6%
15.7%
4.7%
4.6%
4.5%
15.8%
15.7%
15.7%
14.6%
14.7%
14.8%
30%
29%
28%
4,565
5,369
6,312
40
40
40
0.72
0.70
0.69
1.73
1.71
1.70
1.70
1.69
1.68
Ratio Analysis
30%
All numbers are in $ 000's except per share data
Profitability Ratios
EBITDA Margins
EBIT Margins
EBT
25%Margins
Net Profit Margin
Return on Investment Ratios
FY 09
FY 10
-35%
-43%
-43%
-43%
Ratio Analysis
FY 11
FY 12
28%
21%
21%
15%
26%
19%
19%
13%
28%
21%
22%
15%
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20%
Activity
Ratios
10%
5%
0%
FY 10
FY 11
FY 12
FY 13
o Analysis
FY 13
FY 14
FY 15
FY 16
FY 17
FY 18
28%
21%
22%
15%
28%
21%
22%
15%
28%
21%
22%
16%
28%
21%
22%
16%
28%
21%
22%
16%
28%
21%
22%
16%
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0%
0.00
0.00
0.00
0%
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
0.00
0.00
FY 14
FY 15
FY 16
FY 17
FY 18
1.00
1
1
1
Return on Investment Ratios
1
Profitability Ratios
0.90
Activity Ratios
0.80
Solvency Ratios
0.70
0.60
EBITDA Margins
0.50
EBT Margins
0.40
EBIT Margins
0.30
Net Profit Margin
0.20
0.10
0.00
FY 18