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DCF Valuation

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					THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------------------------------------2000 1999 % CHANGE 2000 1999 % CHANGE ----------- ----------- ----------- ----------- ----------- ----------(IN THOUSANDS, EXCEPT (IN THOUSANDS, EXCEPT GROSS MARGIN) GROSS MARGIN) <S> <C> <C> <C> <C> <C> <C> Net sales ........................ $ 637,858 $ 355,777 79% $ 1,789,623 $ 963,797 86% Gross profit ..................... 167,279 70,477 137% 431,477 202,799 113% Gross margin ..................... 26.2% 19.8% 32% 24.1% 21.0% 15% Marketing, sales and fulfillment ................... 138,342 86,842 59% 408,266 233,725 75% Technology and content ........... 71,159 44,451 60% 199,535 102,002 96% General and administrative ....... 26,217 18,382 43% 80,730 44,094 83% Stock-based compensation ......... 4,091 11,789 (65)% 25,909 16,569 56% Amortization of goodwill and other intangibles ............. 79,194 74,343 7% 242,562 132,393 83% Acquisition-related and other .... 11,791 1,779 563% 16,259 5,987 172% Loss from operations ............. (163,515) (167,109) (2)% (541,784) (331,971) 63% Interest income .................. 9,402 12,699 (26)% 29,842 36,479 (18)% Interest expense ................. (33,809) (21,470) 57% (94,827) (66,424) 43% Other income (expense), net ...... 3,353 2,159 55% (4,693) 2,037 -Non-cash investment gains and losses, net .................... 12,366 --12,366 --Equity in losses of equity-method Investees ........ (68,321) (23,359) 192% (267,037) (36,876) 624%

YEAR ENDED DECEMBER 31, 1999 ----------------------------------------------FOURTH THIRD SECOND FIRST QUARTER QUARTER QUARTER QUARTER --------- --------- --------- -------(IN THOUSANDS, EXCEPT PER SHARE DATA) <S> <C> <C> <C> <C> Net sales.................................... $ 676,042 $ 355,777 $ 314,377 $293,643 Gross profit................................. 87,846 70,477 67,531 64,791 Net loss..................................... (323,213) (197,080) (138,008) (61,667) Basic and diluted loss per share (1)......... $ (0.96) $ (0.59) $ (0.43) $ (0.20) Shares used in computation of basic and diluted loss per share..................... 338,389 332,488 322,340 313,794

Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month data) I. Income Statement Current EBIT = $ (864.00) Current Interest Expense = $ 125.33 Current Capital Spending $ 275.00 Current Depreciation and Amortization =105.00 $ Current Revenues = $ 2,465.00 II. Balance Sheet This period Last period Current Non-cash Working Capital =$ (418.63) $ (110.08) Book Value of Debt = $ 2,083.00 1480.66 Book Value of Equity = $ (487.00) 266.28 130.51% Cash & Marketable Securities = $ 1,099.00 Non-operating Assets $ 164.00 III. Tax Information NOL carried forward = $ 1,289.00 Marginal tax rate = 35.00%
Adjustments to Current Financial Information Do you have any operating leases? Does your firm have R&D expenses? Are there any other operating expenses to be capitalized? Discount Rate Inputs Current Beta = Current Cost of Borrowing = Current Market Value of Debt = Yes No No

2.18 9.85% $ 1,779.17

Expectations for the future Do you want to enter the growth rate in revenues each year? If no, Compounded Annual Growth Rate in Revenues for next 10 years:

Yes 42.60%

Do you want me to use current working capital as percent of revenues for the future?No If not, enter non-cash working capital as a percent of revenues in future periods 3.00% How would you like capital expenditures to be estimated? 3 If you would chose 3, enter the sales to capital ratio that you would like maintained 3.02
Stable Growth Inputs Expected Growth Rate in perpetutity = Expected Operating Margin = Expected Debt to Capital(MV) Ratio for the firm = Expected Beta = Expected Cost of Debt = Return on Capital for the firm =

5% Speed of convergence 9.32% 1.4 15.00% 1.10 7.00% 16.94%

Per Share Inputs Number of Shares outstanding = 351.77 Current Stock Price = $ 14.25 Does your firm have equity options outstanding? Yes If yes, enter the number of options outstanding = 80.34 and the average exercise price of the options outstanding = 27.755 and the average maturity of the options outstanding = 9 and the standard deviation in the firm's stock price = 85% General Information Current long term government bond rate = Estimated Market Risk Premium =

5.10% 4.00%

Relative Valuation If you want to do a relative valuation of your firm, enter these inputs: Year on which multiple is to be applied = 10 Value to Sales multiple in that year = 1.15

ng 12-month data)

Relative Valuation Output
Year in which multiple is used = Value to Sales Ratio for Specialty retailers= Revenue in chosen year = $ Value in chosen year = $ Cost of capital in chosen year Value today = $ + Cash & Securities = $ - Debt outstanding = $ -Equity options outstanding= $ Value of Equity in stock = $ Value per share = $ 23,726 27,285 2.9448 9,266 1,263 1,890 748 7,891 22.43 10 1.15 Year 1 2 3 4 5 6 7 8 9 10 Revenues $ 4,314 $ 6,471 $ 9,059 $ 11,777 $ 14,132 $ 16,534 $ 18,849 $ 20,922 $ 22,596 $ 23,726

Cumulated Cost of Capital 112.74% 127.10% 143.28% 161.54% 182.11% 203.63% 225.22% 247.66% 270.77% 294.48%

Base Revenue Growth Rate Revenues Operating Margin EBIT Taxes EBIT(1-t) + Depreciation - Capital Expenditures - Chg WC FCFF NOL Terminal Value $2,465 -34.61% -$853 $0 -$853 $105 $275 -$309 -$715 $1,289

1 75.00% $4,314 -16.30% -$703 $0 -$703 $137 $693 $55 -$1,315 $1,992

2 50.00% $6,471 -5.63% -$364 $0 -$364 $164 $813 $65 -$1,078 $2,356

3 40.00% $9,059 0.60% $54 $0 $54 $192 $971 $78 -$803 $2,302

4 30.00% $11,777 4.23% $499 $0 $499 $218 $1,037 $82 -$401 $1,803

5 20.00% $14,132 6.35% $898 $0 $898 $243 $952 $71 $118 $906

6 17.00% $16,534 7.59% $1,255 $122 $1,133 $262 $985 $72 $337 $0

7 14.00% $18,849 8.31% $1,566 $548 $1,018 $275 $972 $69 $252 $0

8 11.00% $20,922 8.73% $1,827 $639 $1,187 $289 $913 $62 $501 $0

9 8.00% $22,596 8.98% $2,028 $710 $1,318 $303 $807 $50 $764 $0

10 Terminal Year 5.00% 5% $23,726 $24,912 9.12% 9.32% $2,164 $2,322 $757 $813 $1,406 $1,509 $318 $334 $659 $744 $34 $36 $1,032 $1,064 $0 $0 $28,310

Cost of Capital Calculations Tax Rate 0.00% Debt Ratio 27.38% Beta 2.18 Cost of Equity 13.83% Cost of Debt 9.85% After-tax cost of debt 9.85% Cost of Capital 12.74%

0.00% 27.38% 2.18 13.83% 9.85% 9.85% 12.74%

0.00% 27.38% 2.18 13.83% 9.85% 9.85% 12.74%

0.00% 27.38% 2.18 13.83% 9.85% 9.85% 12.74%

0.00% 27.38% 2.18 13.83% 9.85% 9.85% 12.74%

0.00% 27.38% 2.18 13.83% 9.85% 9.85% 12.74%

9.74% 24.91% 1.97 12.96% 9.28% 8.38% 11.82%

35.00% 24.29% 1.75 12.10% 9.14% 5.94% 10.60%

35.00% 23.25% 1.53 11.23% 8.90% 5.79% 9.96%

35.00% 21.19% 1.32 10.37% 8.43% 5.48% 9.33%

35.00% 15.00% 1.10 9.50% 7.00% 4.55% 8.76%

35.00% 15.00% 1.10 9.50% 7.00% 4.55% 8.76%

Computed Variables (These are measures of how efficiently your firm is investing over time) Total Capital Invested $ 1,596.00 $ 2,208 $ 2,922 $ 3,779 $ 4,679 $ 5,459 $ 6,255 $ 7,021 $ 7,708 $ 8,262 $ 8,636 $ 9,082 Reinvestment Rate NMF NMF NMF 1575.10% 180.49% 86.87% 75.40% 72.53% 67.75% 58.19% 29.52% 29.52% Increase in Revenue/Increase in Capital 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 2.66 Return on Capital -44.07% -16.49% 1.86% 13.19% 19.19% 20.75% 16.28% 16.91% 17.11% 17.02% 16.94% Present Value Calculations Cumulative WACC Present Value of FCFF Present Value of Terminal Value

1.12737112 1.270965646 1.43284997 1.615353672 1.821103081 2.036336262 2.25219512 2.476604131 2.707650055 2.944772508 $ (1,167) $ (848) $ (560) $ (248) $ 65 $ 166 $ 112 $ 202 $ 282 $ 351 $ 9,614

The Valuation PV of FCFF during high growth phase = PV of Terminal Value = Value of Operating Assets of the firm = Value of Cash & Non-operating assets= Value of Firm = - Value of Outstanding Debt = Value of Equity = - Value of Equity Options = Value of Equity in Common Stock = Value of Equity per share =

$ (1,647) $ 9,614 $ 7,967 $ 1,263.00 $ 9,230 $ 1,890 $ 7,340 $ 748 $ 6,592 $ 18.74

Treasury Stock Approach $ 22.15

Summary Output
Revenues EBIT EBIT(1-t) - Reinvestment FCFF $4,314 -$703 -$703 $612 -$1,315 $6,471 -$364 -$364 $714 -$1,078 $9,059 $54 $54 $857 -$803 $11,777 $499 $499 $900 -$401 $14,132 $898 $898 $780 $118 $16,534 $1,255 $1,133 $796 $337 $18,849 $1,566 $1,018 $766 $252 $20,922 $1,827 $1,187 $687 $501 $22,596 $2,028 $1,318 $554 $764 $23,726 $2,164 $1,406 $374 $1,032 $24,912 $2,322 $1,509 $445 $1,064

Company Market Value Percent Owned Della.com 0.00% drugstore.com 0.00% Gear.com 0% HomeGrocer.com 0% Kozmo.com 0.00% Naxon Corporation 0% Pets.com 0.00% 0%

Operating Lease Converter
Inputs Operating lease expense in current year = $ Operating Lease Commitments (From footnote to financials) Year Commitment ! Year 1 is next year, …. 1 $ 68.30 2 $ 39.40 3 $ 20.50 4 $ 1.00 5 $ 6 and beyond $ 43.00

Output
Pre-tax Cost of Debt = 9.85% ! If you do not have a cost of debt, use the ratings estimator From the current financial statements, enter the following Reported Operating Income (EBIT) = $ (864.00) ! This is the EBIT reported in the current income statement Reported Debt = $ 2,083.00 ! This is the interest-bearing debt reported on the balance sheet Number of years embedded in yr 6 estimate = 0 ! I use the average lease expense over the first five years to estimate the number of years of expenses in yr 6

Converting Operating Leases into debt Year Commitment Present Value 1 $ 68.30 $ 62.18 2 $ 39.40 $ 32.65 3 $ 20.50 $ 15.47 4 $ 1.00 $ 0.69 5 $ $ 6 and beyond $ $ ! Commitment beyond year 6 converted into an annuity for ten years Debt Value of leases = $ 110.98 Restated Financials Depreciation on Operating Lease Asset = Adjustment to Operating Earnings = Adjustment to Total Debt outstanding =

$ $

22.20 ! I use straight line depreciation $10.93 ! PV of operating leases * Pre-tax cost of debt 110.98

come statement on the balance sheet

line depreciation ing leases * Pre-tax cost of debt

R & D Converter

This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net income, the book value of assets and the book value of equity. Inputs Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below Enter the current year's R&D expense = $ 1,594.00 The maximum allowed is ten years Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year -1 -2 -3 -4 -5 0 0 0 0 0 Output Year Current -1 -2 -3 -4 -5 0 0 0 0 0 R& D Expenses 1026.00 ! Year -1 is the year prior to the current year 698.00 ! Year -2 is the two years prior to the current year 399.00 211.00 89.00

R&D Expense 1594.00 1026.00 698.00 399.00 211.00 89.00 0.00 0.00 0.00 0.00 0.00

Unamortized portion 1.00 1594.00 0.80 820.80 0.60 418.80 0.40 159.60 0.20 42.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Amortization this year $ $ $ $ $ $ $ $ $ $ 205.20 139.60 79.80 42.20 17.80 -

Value of Research Asset = Amortization of asset for current year = Adjustment to Operating Income =
Tax Effect of R&D Expensing Look Up Table for Amortization Periods

$3,035.40 $ $484.60

484.60

$1,109.40 ! A positive number indicates an increase in operating income (add to reported EB $388

Industry NameAmortization Period Advertising 2 Aerospace/Defense 10 Air Transport 10 Aluminum 5 Apparel 3 Auto & Truck 10 Auto Parts (OEM) 5 Auto Parts (Replacement) 5 Bank 2 Bank (Canadian) 2

Non-technological Service Retail, Tech Service Light Manufacturing Heavy Manufacturing Research, with Patenting Long Gestation Period

2 years 3 years 5 years 10 years 10 years 10 years

Bank (Foreign) 2 Bank (Midwest) 2 Beverage (Alcoholic) 3 Beverage (Soft Drink) 3 Building Materials 5 Cable TV 10 Canadian Energy 10 Cement & Aggregates 10 Chemical (Basic) 10 Chemical (Diversified) 10 Chemical (Specialty) 10 Coal/Alternate Energy 5 Computer & Peripherals 5 Computer Software & Svcs 3 Copper 5 Diversified Co. 5 Drug 10 Drugstore 3 Educational Services 3 Electric Util. (Central) 10 Electric Utility (East) 10 Electric Utility (West) 10 Electrical Equipment 10 Electronics 5 Entertainment 3 Environmental 5 Financial Services 2 Food Processing 3 Food Wholesalers 3 Foreign Electron/Entertn 5 Foreign Telecom. 10 Furn./Home Furnishings 3 Gold/Silver Mining 5 Grocery 2 Healthcare Info Systems 3 Home Appliance 5 Homebuilding 5 Hotel/Gaming 3 Household Products 3 Industrial Services 3 Insurance (Diversified) 3 Insurance (Life) 3 Insurance (Prop/Casualty) 3 Internet 3 Investment Co. (Domestic)3 Investment Co. (Foreign) 3 Investment Co. (Income) 3 Machinery 10 Manuf. Housing/Rec Veh 5 Maritime 10 Medical Services 3 Medical Supplies 5 Metal Fabricating 10 Metals & Mining (Div.) 5

Natural Gas (Distrib.) 10 Natural Gas (Diversified)10 Newspaper 3 Office Equip & Supplies 5 Oilfield Services/Equip. 5 Packaging & Container 5 Paper & Forest Products 10 Petroleum (Integrated) 5 Petroleum (Producing) 5 Precision Instrument 5 Publishing 3 R.E.I.T. 3 Railroad 5 Recreation 5 Restaurant 2 Retail (Special Lines) 2 Retail Building Supply 2 Retail Store 2 Securities Brokerage 2 Semiconductor 5 Semiconductor Cap Equip 5 Shoe 3 Steel (General) 5 Steel (Integrated) 5 Telecom. Equipment 10 Telecom. Services 5 Textile 5 Thrift 2 Tire & Rubber 5 Tobacco 5 Toiletries/Cosmetics 3 Trucking/Transp. Leasing 5 Utility (Foreign) 10 Water Utility 10

e adjustments to operating income, net

se the lookup table below allowed is ten years ed by the amortization period

n operating income (add to reported EBIT)

Other Expenses to Capitalize
This spreadsheet converts any expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net income, the book value of assets and the book value of equity. Inputs Over how many years do you want to amortize these expenses 3 Enter the current year's operating expense = $ 1,594.00 The maximum allowed is ten years Enter operating expenses for past years: the number of years that you will need to enter will be determined by the amortization period Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year -1 -2 -3 0 0 0 0 0 0 0 Output Year Current -1 -2 -3 0 0 0 0 0 0 0 Operating Expenses 1026.00 ! Year -1 is the year prior to the current year 698.00 ! Year -2 is the two years prior to the current year 399.00

R&D Expense 1594.00 1026.00 698.00 399.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Unamortized portion 1.00 1594.00 0.67 684.00 0.33 232.67 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 0.00

Amortization this year $ $ $ $ $ $ $ $ $ $ 342.00 232.67 133.00 -

Value of Expensing Asset = Amortization of asset for current year = Adjustment to Operating Income =
Tax Effect of Expensing

$2,510.67 $ $707.67

707.67

$886.33 ! A positive number indicates an increase in operating income (add to reported E $310

justments to operating income, net

allowed is ten years ned by the amortization period

n operating income (add to reported EBIT)

Enter the expected growth rate in revenues each year for the next 10 years Year Expected Growth Rate 1 75.00% 2 50.00% 3 40.00% 4 30.00% 5 20.00% 6 17.00% 7 14.00% 8 11.00% 9 8.00% 10 5.00% Compounded Average 25.41%

Valuing Options or Warrants
Enter the current stock price = $ 18.74 Enter the strike price on the option = 27.755 Enter the expiration of the option = 9 Enter the standard deviation in stock prices = 84.90% (volatility) Enter the annualized dividend yield on stock = 0.00% Enter the treasury bond rate = 5.10% Enter the number of warrants (options) outstanding 80.34 = Enter the number of shares outstanding = 351.77 Do not input any numbers below this line VALUING WARRANTS WHEN THERE IS DILUTION Stock Price= 18.7386184 # Warrants issued= Strike Price= 27.755 # Shares outstanding= Adjusted S (DO NOT ENTER)= 17.9174042 T.Bond rate= Adjusted K (DO NOT ENTER)= 27.755 Variance= Expiration (in years) = 9 Annualized dividend yield= Div. Adj. interest rate= d1 = N (d1) = d2 = N (d2) = 1.28188498 0.9000585 -1.26511502 0.10291505

80.34 352 5.10% 0.7208 0.00% 5.10%

Value per option =

$

14.32
$1,151

Value of all options outstanding =

Industry Number of firmsLevered Beta Unlevered Beta Market D/E Advertising 30 1.28 1.13 27.53% Aerospace/Defense 77 0.80 0.61 47.44% Air Transport 43 1.55 1.19 57.28% Apparel 60 0.94 0.90 15.22% Auto & Truck 24 1.25 0.56 190.17% Auto Parts 67 1.04 0.82 54.91% Bank 507 0.64 0.47 81.49% Bank (Canadian) 7 0.87 0.82 16.72% Bank (Foreign) 5 1.31 0.74 161.41% Bank (Midwest) 43 0.75 0.61 63.77% Beverage (Alcoholic) 25 0.55 0.49 21.85% Beverage (Soft Drink) 19 0.59 0.54 14.93% Biotechnology 95 1.61 1.69 3.93% Building Materials 52 0.85 0.74 47.21% Cable TV 25 1.77 1.09 75.40% Canadian Energy 11 0.71 0.59 32.54% Cement & Aggregates 14 0.76 0.65 30.25% Chemical (Basic) 21 0.87 0.71 35.14% Chemical (Diversified) 35 0.80 0.69 26.01% Chemical (Specialty) 97 0.81 0.64 37.55% Coal 8 1.12 0.77 48.91% Computer Software/Svcs 426 2.15 2.39 3.36% Computers/Peripherals 163 2.22 2.37 7.99% Diversified Co. 111 0.79 0.62 53.87% Drug 279 1.74 1.76 7.33% E-Commerce 42 3.31 4.47 7.13% Educational Services 34 1.36 1.43 1.27% Electric Util. (Central) 27 0.74 0.38 138.52% Electric Utility (East) 29 0.69 0.40 104.47% Electric Utility (West) 15 0.74 0.39 145.18% Electrical Equipment 92 1.59 1.53 7.28% Electronics 190 1.69 1.66 23.33% Entertainment 91 1.47 1.29 26.38% Entertainment Tech 33 2.30 2.50 9.75% Environmental 87 0.77 0.58 68.16% Financial Svcs. (Div.) 244 0.92 0.51 117.52% Food Processing 112 0.66 0.54 37.24% Food Wholesalers 23 0.71 0.61 29.62% Foreign Electronics 13 1.13 1.13 36.27% Foreign Telecom. 19 1.72 1.51 38.99% Furn/Home Furnishings 36 0.94 0.89 16.01% Grocery 27 0.70 0.46 81.04% Healthcare Information 34 1.30 1.38 15.34% Home Appliance 17 0.93 0.80 36.57% Homebuilding 45 0.83 0.59 66.91% Hotel/Gaming 80 0.88 0.55 77.81% Household Products 33 0.77 0.71 15.24% Human Resources 29 1.12 1.13 12.63% Industrial Services 201 0.92 0.80 31.46% Information Services 30 1.17 1.09 12.94% Insurance (Life) 45 0.88 0.91 18.91% Insurance (Prop/Cas.) 64 0.83 0.86 13.28% Internet 314 2.73 3.07 7.47% Investment Co. 22 0.66 0.42 72.28% Investment Co.(Foreign) 16 1.20 1.19 3.90% Machinery 148 0.80 0.61 49.76% Manuf. Housing/RV 19 1.02 0.95 21.90%

Market Debt/Capital ROE 21.59% 7.70% 32.18% 12.16% 36.42% -6.39% 13.21% 15.90% 65.54% 12.72% 35.45% 13.55% 44.90% 12.62% 14.32% 11.83% 61.75% 16.09% 38.94% 16.70% 17.93% 30.29% 12.99% 26.70% 3.78% 0.88% 32.07% -2.18% 42.99% -5.41% 24.55% 15.57% 23.22% 10.66% 26.00% 11.04% 20.64% 15.10% 27.30% 12.09% 32.85% 4.96% 3.25% 13.57% 7.39% 9.45% 35.01% 12.19% 6.83% 21.02% 6.65% -41.05% 1.26% 3.96% 58.07% 9.52% 51.09% 13.04% 59.21% 4.04% 6.79% 18.50% 18.91% -0.25% 20.88% 0.93% 8.88% 2.16% 40.53% 13.16% 54.03% 16.09% 27.14% 19.36% 22.85% 16.93% 26.61% 3.10% 28.05% -4.77% 13.80% 11.30% 44.76% 12.58% 13.30% 0.76% 26.78% 25.01% 40.09% 18.59% 43.76% 8.13% 13.23% 38.06% 11.22% 4.52% 23.93% 9.04% 11.46% 13.95% 15.91% 7.61% 11.72% 7.93% 6.95% -30.23% 41.95% 9.19% 3.76% 2.06% 33.23% 7.52% 17.97% 5.39%

Maritime Medical Services Medical Supplies Metal Fabricating Metals & Mining (Div.) Natural Gas (Distrib.) Natural Gas (Div.) Newspaper Office Equip/Supplies Oilfield Svcs/Equip. Packaging & Container Paper/Forest Products Petroleum (Integrated) Petroleum (Producing) Pharmacy Services Power Precious Metals Precision Instrument Publishing R.E.I.T. Railroad Recreation Restaurant Retail (Special Lines) Retail Building Supply Retail Store Securities Brokerage Semiconductor Semiconductor Equip Shoe Steel (General) Steel (Integrated) Telecom. Equipment Telecom. Services Textile Thrift Tire & Rubber Tobacco Toiletries/Cosmetics Trucking Utility (Foreign) Water Utility Wireless Networking Market

23 214 244 43 58 32 39 20 32 89 35 42 34 136 14 20 48 111 43 149 16 83 88 200 8 52 27 113 14 25 29 15 130 157 19 254 13 12 25 38 6 17 70 7323

0.81 0.85 1.05 0.85 1.05 0.61 0.86 0.90 1.10 1.01 0.84 0.84 0.83 0.76 0.93 2.37 0.41 1.71 0.96 0.68 0.83 1.07 0.78 1.02 0.94 0.95 1.32 3.05 2.92 0.94 0.77 0.92 2.88 1.80 0.80 0.61 1.16 0.69 0.80 0.88 0.94 0.56 2.66 1.15

0.51 0.82 1.03 0.81 0.83 0.38 0.50 0.82 0.89 0.91 0.57 0.61 0.74 0.61 0.88 0.78 0.40 1.76 0.82 0.42 0.57 0.98 0.69 1.01 0.94 0.83 0.78 3.23 3.16 0.95 0.59 0.64 3.19 1.13 0.46 0.58 0.74 0.59 0.75 0.68 0.57 0.37 1.89 0.98

124.70% 26.35% 7.37% 18.25% 34.37% 90.01% 102.65% 19.17% 47.89% 19.38% 86.10% 80.43% 20.63% 34.00% 11.51% 254.87% 10.94% 11.35% 26.87% 69.72% 70.49% 21.08% 22.72% 15.35% 4.81% 23.63% 192.56% 6.97% 9.02% 10.96% 48.73% 76.15% 12.83% 77.63% 106.88% 25.79% 92.86% 31.66% 15.25% 50.25% 102.27% 73.55% 65.25% 42.70%

55.50% 20.85% 6.86% 15.44% 25.58% 47.37% 50.65% 16.08% 32.38% 16.23% 46.27% 44.58% 17.10% 25.38% 10.32% 71.82% 9.86% 10.20% 21.18% 41.08% 41.35% 17.41% 18.51% 13.30% 4.59% 19.12% 65.82% 6.52% 8.28% 9.88% 32.76% 43.23% 11.37% 43.70% 51.66% 20.50% 48.15% 24.05% 13.23% 33.44% 50.56% 42.38% 39.49% 29.92%

3.44% 11.21% 21.59% 8.39% 6.17% 12.94% 1.21% 6.15% 18.44% 9.77% 4.27% 4.77% 11.57% 11.95% 16.28% 6.05% 4.96% 1.36% 9.20% 10.74% 9.88% 12.65% 16.34% 11.82% 17.87% 13.83% 12.09% 3.24% -2.48% 14.39% 6.11% 5.20% -36.16% 5.96% -1.36% 15.62% 8.17% 39.37% 44.12% 9.60% 14.44% 8.33% -49.67% 9.71%

ROC Effective Tax Rate 9.65% 15.53% 11.42% 17.78% 10.74% 21.71% 15.45% 22.89% 10.66% 19.75% 16.36% 31.57% NA 27.94% NA 20.84% NA 18.18% NA 31.89% 20.01% 38.18% 19.28% 20.14% 5.51% 5.18% 16.30% 39.26% 6.26% 8.71% 18.65% 36.69% 13.84% 24.56% 12.75% 16.86% 18.48% 27.29% 14.28% 22.04% 12.83% 2.95% 16.63% 14.43% 12.01% 45.12% 9.87% 19.47% 18.91% 11.04% 0.35% 42.26% 17.27% 17.66% 9.76% 24.61% 10.63% 27.32% 8.71% 27.10% 15.35% 13.95% 6.07% 15.01% 6.90% 31.57% 12.53% 26.19% 13.46% 47.46% 1.58% 22.13% 15.75% 27.19% 16.03% 23.47% 10.23% 44.30% 7.39% 36.83% 15.30% 29.49% 15.40% 29.30% 8.76% 13.35% 21.79% 24.15% 10.74% 24.55% 9.93% 15.17% 23.35% 27.40% 11.28% 23.36% 14.55% 24.06% 16.82% 23.99% NA 21.72% 0.00% 14.47% 0.52% 3.49% 7.79% 1.93% 1.01% 0.26% 10.02% 20.38% 7.62% 17.37%

Pre-tax Operating Margin After-tax Operating Margin Net Margin 15.24% 10.67% 3.54% 10.68% 7.48% 3.57% 9.44% 6.60% 1.04% 12.53% 8.77% 5.77% 13.69% 9.58% 1.66% 8.62% 6.03% 2.35% NA NA NA NA NA NA NA NA NA NA NA NA 22.78% 15.95% 3.71% 21.69% 15.18% 9.38% 21.15% 14.80% 18.43% 9.88% 6.91% 2.97% 26.68% 18.68% 1.22% 33.73% 23.61% 9.92% 19.15% 13.40% 6.08% 13.08% 9.16% 0.59% 19.02% 13.31% 4.79% 13.63% 9.54% 4.15% 13.27% 9.29% 0.82% 22.14% 15.49% 11.47% 9.73% 6.81% 5.25% 9.43% 6.60% 2.25% 26.05% 18.23% 13.29% 0.63% 0.44% 4.27% 14.98% 10.49% 4.54% 21.12% 14.78% 5.28% 27.22% 19.05% 7.09% 19.20% 13.44% 3.70% 20.37% 14.26% 12.92% 5.48% 3.84% 1.88% 22.20% 15.54% 4.31% 13.71% 9.60% 6.14% 24.27% 16.99% 6.09% 23.35% 16.34% 37.86% 15.06% 10.54% 4.04% 5.68% 3.98% 1.65% 8.63% 6.04% 0.58% 23.01% 16.10% 6.16% 11.21% 7.85% 3.48% 6.78% 4.75% 1.72% 13.83% 9.68% 6.20% 11.06% 7.74% 4.00% 13.85% 9.70% 6.93% 23.10% 16.17% 5.50% 20.56% 14.39% 5.29% 3.94% 2.76% 2.20% 10.42% 7.29% 2.86% 27.36% 19.15% 5.24% NA NA NA 13.65% 9.56% 34236.08% 0.86% 0.60% 4.32% 15.34% 10.74% 3.19% 31.25% 21.87% 43.43% 10.72% 7.51% 2.67% 3.24% 2.27% 1.57%

7.71% 16.84% 19.78% 12.35% 10.61% 11.55% 9.37% 10.67% 14.41% 14.00% 12.66% 9.51% 16.57% 16.69% 17.12% 5.55% 9.46% 7.86% 19.07% 4.00% 10.58% 11.81% 18.33% 15.90% 20.30% 13.73% 9.77% 10.99% 3.72% 16.38% 10.77% 11.43% -4.40% 14.81% 9.99% NA 15.14% 32.12% 24.24% 17.25% 16.33% 11.24% 1.85% 9.29%

46.80% 18.55% 14.28% 40.94% 8.66% 29.05% 22.46% 27.50% 26.58% 18.30% 37.91% 47.09% 24.07% 16.89% 31.25% 11.78% 7.11% 20.39% 19.86% 2.12% 30.79% 23.10% 26.35% 25.03% 37.07% 24.55% 17.66% 20.27% 5.83% 26.97% 19.90% 25.44% 7.75% 11.07% 22.26% 20.47% 16.73% 29.00% 23.66% 29.07% 16.74% 29.15% 4.60% 33.04%

17.62% 12.00% 14.47% 12.23% 17.66% 21.38% 27.33% 21.77% 11.37% 20.08% 14.25% 12.85% 12.88% 47.42% 5.24% 16.25% 28.84% 9.53% 14.02% 45.71% 28.39% 18.67% 18.66% 9.03% 11.37% 7.01% 53.97% 21.47% 8.67% 10.48% 9.34% 11.38% -5.01% 33.98% 9.35% NA 8.23% 22.33% 16.96% 12.57% 27.40% 42.88% 3.57% 15.50%

12.34% 8.40% 10.13% 8.56% 12.36% 14.97% 19.13% 15.24% 7.96% 14.06% 9.98% 9.00% 9.01% 33.19% 3.66% 11.38% 20.19% 6.67% 9.81% 31.99% 19.87% 13.07% 13.06% 6.32% 7.96% 4.91% 37.78% 15.03% 6.07% 7.34% 6.53% 7.96% -3.51% 23.79% 6.55% NA 5.76% 15.63% 11.88% 8.80% 19.18% 30.01% 2.50% 10.85%

3.94% 3.74% 7.92% 4.60% 3.98% 5.91% 6.63% 7.20% 3.88% 1.94% 2.69% 1.20% 3.98% 12.84% 1.61% 1.71% 5.13% 4.04% 4.04% 74.70% 6.96% 9.55% 6.21% 3.17% 6.28% 1.19% 7.01% 6.14% 2.18% 2.09% 1.71% 1.32% 1.12% 7.08% 1.03% NA 1.02% 7.79% 7.51% 2.36% 1.79% 10.26% 1.34% 5.62%

Cap Ex/ Depreciation 76.15% 93.26% 113.22% 101.78% 75.25% 107.73% NA NA NA NA 104.56% 117.68% 158.83% 99.49% 124.86% 207.41% 98.99% 81.91% 102.18% 91.32% 83.42% 64.90% 102.23% 106.67% 150.78% 26.19% 122.72% 146.82% 171.73% 193.37% 47.18% 63.71% 55.42% 36.28% 108.18% 118.60% 85.51% 230.01% 83.11% 39.74% 75.60% 157.37% 68.52% 105.28% 164.27% 96.65% 92.80% 72.28% 100.33% 53.61% NA 55527.78% 36.03% 20.24% 130.77% 94.51% 79.82%

Non-cash WC/ Revenues Ratio Reinvestment Sales/Capital EV/Sales Payout Rate -10.68% 20.44% NA 0.90 1.99 2.47% 29.95% NA 1.53 1.02 -10.10% NA 12.84% 1.63 1.06 17.98% 44.41% 0.53% 1.76 1.35 42.49% 29.61% NA 1.11 0.95 5.77% 25.93% 4.38% 2.71 0.52 NA 54.19% NA NA NA NA 54.21% NA NA NA NA 62.98% NA NA NA NA 41.54% NA NA NA 5.39% 33.20% 1.47% 1.25 2.54 -0.11% 38.45% 5.42% 1.27 2.80 4.69% 0.00% 30.46% 0.37 10.06 8.62% NA NA 2.36 0.69 -17.21% NA 26.39% 0.34 4.23 0.25% 24.51% 65.37% 0.79 2.30 13.52% 28.86% NA 1.03 1.33 13.49% 113.95% NA 1.39 1.46 17.17% 47.79% 1.07% 1.39 1.53 11.86% 37.82% NA 1.50 1.21 5.24% 86.18% NA 1.38 1.07 -3.08% 10.94% NA 1.07 3.46 1.00% 16.92% 1.26% 1.76 1.62 4.22% 23.23% 2.78% 1.49 0.94 7.72% 54.02% 12.57% 1.04 4.10 -18.84% NA NA 0.79 2.12 -10.42% 1.77% 10.97% 1.65 4.61 4.35% 69.64% 25.75% 0.66 1.69 3.74% 56.88% 35.52% 0.56 2.17 -6.21% 99.63% 70.80% 0.65 1.63 -3.63% 53.55% NA 1.08 3.09 15.90% NA NA 1.58 0.90 -1.09% 60.72% NA 0.44 3.10 -2.80% 1.00% NA 1.31 2.00 -0.66% 4.30% 4.27% 0.79 1.97 37.56% 29.00% 4.07% 0.10 13.98 5.53% 52.14% NA 1.49 1.32 0.70% 12.71% 46.28% 4.03 0.53 10.54% 47.99% NA 1.69 0.69 -1.59% NA NA 0.46 2.44 13.68% 23.54% NA 1.95 0.94 0.95% 14.87% 28.37% 3.24 0.37 -0.11% 78.15% NA 0.91 2.10 9.46% 22.14% 2.20% 2.81 0.65 44.64% 12.91% 10.04% 1.11 1.22 -4.19% 25.64% NA 0.61 2.25 3.14% 42.09% NA 1.62 2.45 5.96% 17.55% NA 4.09 0.48 7.45% 26.32% NA 2.00 0.87 -3.67% 22.95% NA 0.88 3.79 NA 23.34% NA NA NA -147.78% 32.64% 33043.21% 0.00 5304.71 -37.05% NA NA 0.87 4.29 13.17% 115.57% NA 0.73 1.78 -14.32% 13.92% 4.29% 0.05 15.22 21.08% 51.69% NA 1.34 1.18 7.09% 31.37% NA 3.36 0.56

194.11% 122.09% 110.88% 95.02% 113.91% 190.68% 194.78% 55.64% 58.39% 118.80% 75.31% 73.39% 132.46% 178.08% 205.45% 368.87% 74.27% 68.43% 51.70% 305.10% 147.69% 191.92% 196.45% 104.90% 324.15% 187.07% 130.36% 73.58% 71.16% 104.83% 94.73% 79.93% 49.48% 108.91% 45.92% NA 72.91% 144.28% 91.38% 252.92% 133.10% 186.78% 119.39% 104.78%

0.52% -0.37% 10.24% 13.39% 11.55% 4.31% 9.22% -0.81% 12.73% 10.08% 7.94% 9.23% 0.89% -0.91% 5.72% 4.56% 5.35% 12.78% -1.17% 51.15% -4.48% 0.46% -5.95% 7.37% 4.13% 10.10% 169.07% 8.38% 23.57% 20.10% 17.42% 14.93% 3.49% -2.88% 19.54% NA 8.89% 0.41% 7.62% 4.56% 22.85% 4.93% 1.58% 9.64%

61.02% 5.13% 28.87% 36.72% 80.36% 59.10% 362.61% 46.32% 15.54% 103.68% 41.27% 110.40% 52.57% 24.20% 10.67% 46.13% 57.73% 200.71% 84.97% 37.16% 21.48% 19.11% 10.39% 11.38% 12.19% 20.46% 23.63% 38.84% NA 17.77% 39.63% 29.14% NA 74.72% NA 33.74% 40.53% 55.43% 45.12% 11.15% 45.93% 45.09% NA 46.27%

69.61% 6.53% 2.88% NA 9.39% 41.23% 59.54% NA NA 10.79% NA NA 18.71% 44.32% 31.13% 138.10% NA NA NA 48.54% NA 38.09% 37.90% 2.33% 49.97% 35.08% 2.15% NA NA 1.37% NA NA NA 6.90% NA NA NA 4.53% NA 113.25% 19.55% 31.60% 96.87% 2.72%

0.62 2.00 1.95 1.44 0.86 0.77 0.49 0.70 1.81 1.00 1.27 1.06 1.84 0.50 4.67 0.49 0.47 1.18 1.94 0.12 0.53 0.90 1.40 2.52 2.55 2.80 0.26 0.73 0.61 2.23 1.65 1.44 1.25 0.62 1.53 NA 2.63 2.05 2.04 1.96 0.85 0.37 0.74 0.86

1.53 0.82 2.09 1.28 1.90 1.73 2.54 3.27 0.99 2.27 1.10 1.20 0.88 3.55 0.65 1.92 5.17 1.92 1.21 7.85 2.20 2.33 1.59 0.83 1.36 0.89 3.14 3.73 4.19 1.01 0.71 0.72 1.71 1.82 0.58 NA 0.43 1.05 2.33 0.78 1.27 3.68 1.97 1.90


				
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