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
's "Introduction to Corporate Finance" course. Please do not distribute or post.
 Scenario 1 Base
Year
Project Assumptions 0 (F2008) 1
1 Cost of Capital 12.01%
Capital Expenditures & PP&E Information
2 Initial Investment (Fixed Cost, $mil) 227.70
3 Future Investment (% of initial Investment) 10.0%
4 Future Investment (Annual Growth)
5 PP&E Liquidation Value 50.00% 50.0%
6 PP&E life for depreciation (Years) 5.00 5
Revenue Forecasts
Market Forecasts
7 Initial Market Size (Units, million) 1.00
8 Market Growth Rate
9 Market Size (Units, million) 1.0
(Actual Market Size, Units Mil) 1.0
Market Share
10 Initial Market Share 25.00%
11 Market Share Annual Growth Rate
12 Market Share 25.0%
Pricing Strategy
13 Initial Unit Price ($/unit) 200.00
14 Bi-Annual Price Increases ($/unit)
15 Unit Price ($/unit) 200.00
Taxes
16 Tax Rate (2008 Total Taxes / Pre-Tax Inc) 25.45% 25.45%
Operating Expenses
COGS
17 COGS / Sales (% Sales) 80.66% 80.66%
SG&A
18 1% of 2008 Company SG&A ($mil) 69.59
19 SG&A Expense Growth Rate
R&D
20 R&D Upfront ($mil) 200.00
21 R&D for Versioning ($mil) 25.00
Working Capital Assumptions
Cash Requirements
22 % of SG&A 50.00% 50%
23 % R&D Expenditures 100.00% 100%
 Inventory
24 Inventory Days (365 x Inventory / COGS) 7.58 7.58
25 Excess Inventory liquidation value (% of Inventory Cost)
Accounts Receivable
26 Days Receivable (365 x Accounts Receivable / Sales 38.49 38.49
Accounts Payable
27 Days Payable (365 x Accounts Payable / COGS) 61.54 61.54

Year
Incremental Earnings Forecasts 0 1
28 Sales 50.0
29 COGS 40.3
30 Gross Profit = (28) - (29) 0.0 9.7
31 SG&A 69.6
32 R&D 200.0 25.0
33 EBITDA = (30) - (31) - (32) -200.0 -84.9
34 Depreciation 45.5
35 EBIT = (33) - (34) -200.0 -130.5
36 Taxes -50.9 -33.2
37 NOPAT (35) - (36) (a.k.a. EBIAT, Unlevered Net Income) -149.1 -97.3

Year
Free Cash Flow Forecasts 0 1
38 NOPAT (Unlevered Net Income, EBIAT) -149.1 -97.3
39 Depreciation 45.5
40 Capital Expenditures 227.7 22.8
41 Changes in NWC 59.1
42 Free Cash Flows = (38) +(39) - (40) - (41) -376.8 -133.6
43 Free Cash Flows* (376.80) (133.59)

Year
Net Present Value 0 1
43 Free Cash Flow -376.8 -133.6
44 Discount Factor (Discount Rate = 12.01%) 100% 89%
45 PV of Free Cash Flow -376.8 -119.3
46 NPV 708.4
 Year
Alternative Decision Criteria 0 1
47 Free Cash Flows -376.8 -133.6
48 Cumulative Free Cash Flows -376.8 -510.4
49 Payback Period 3
50 Discounted Free Cash Flows -376.8 -119.3
51 Cumulative Discounted Free Cash Flows -376.8 -496.1
52 Discounted Payback Period 4.0
53 IRR 43.7%

Year
Capital Expenditure Forecasts 0 1
54 Project CapEx 227.7 22.8
55 Accumulated CapEx 227.7 250.5
56 Depreciation 45.5
57 Book Value of CapEx
58 Liquidation Value (LV)
59 After tax proceeds from asset sale
60 Net Project CapEx 227.7 22.8

Year
Working Capital Forecasts 0 1
61 Cash Requirements - SG&A Funding 34.8
62 Cash Requirements - R&D Funding 25.0
63 Cash 59.8
64 Inventory 0.8
65 Accounts Receivable 5.3
66 Acounts Payable 6.8
67 Net Working Capital 0 59.1
68 Recovered NWC at end of Project
69 Change in NWC 59.1

Year
Margins 0 1
Gross Margin 19.3%
Operating Margin -169.8%
Net Margin -194.5%
 Year
2 3 4 5 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%
5.0% 1.0% 1.0% 1.0% Tax Rate 25.45%
50.0% 50.0% 50.0% 50.0% WACC 12.01%
5 5 5 5 NPV 708.42
IRR 43.7%

2500.00% 128.0% 9.4% 3.5%

26.0 59.3 64.9 67.1
60.0 116.3 195.4 229.0

5.00% 5% 5% 5%
26.3% 27.6% 28.9% 30.4%

- 49.99 - 49.99
200.00 249.99 249.99 299.98

25.45% 25.45% 25.45% 25.45%

80.66% 80.66% 80.66% 80.66%

25.00% 25.00% 25.00% 25.00%

25.00 25.00 25.00 25.00

50% 50% 50% 50%

100% 100% 100% 100%
 7.58 7.58 7.58 7.58
25.00%

38.49 38.49 38.49 38.49

61.54 61.54 61.54 61.54

Year
2 3 4 5
1,365.0 4,084.6 4,692.0 6,116.9
1,101.0 3,294.6 3,784.6 4,933.9
264.0 790.0 907.4 1,183.0
87.0 108.7 135.9 169.9
25.0 25.0 25.0 25.0
152.0 656.2 746.5 988.1
50.1 54.9 59.7 64.6
101.9 601.4 686.8 923.5
25.9 153.0 174.8 235.0
76.0 448.3 512.0 688.5

Year
2 3 4 5
76.0 448.3 512.0 688.5
50.1 54.9 59.7 64.6
23.9 24.1 24.4 -21.0
-9.4 -26.6 5.2 48.6
111.6 505.7 542.1 725.5
111.60 505.67 542.11 725.47

Year
2 3 4 5
111.6 505.7 542.1 725.5
80% 71% 64% 57%
88.9 359.8 344.4 411.4
 Year
2 3 4 5
111.6 505.7 542.1 725.5
-398.8 106.9 649.0 1,374.5

88.9 359.8 344.4 411.4

-407.1 -47.3 297.0 708.4

Year
2 3 4 5
23.9 24.1 24.4 24.6
274.4 298.5 322.9 347.5
50.1 54.9 59.7 64.6 274.8
72.8 Accumulated CapEx - Accumulated Depreciation
36.4 Book Value of CapEx * Liquidation %
45.6 LV - (LV - Book) * Tax Rate
23.9 24.1 24.4 -21.0

Year
2 3 4 5
43.5 54.4 68.0 84.9
25.0 25.0 25.0 25.0
68.5 79.4 93.0 109.9
22.9 68.4 78.6 102.5 365 x Inventory / COGS
143.9 430.7 494.8 645.0 365 x Accounts Receivable / Sales
185.6 555.5 638.1 831.9 365 x Accounts Payable / COGS
49.7 23.0 28.2 25.6
51.3 25% inventory liquidation rate
-9.4 -26.6 5.2 48.6

Year
2 3 4 5 Avg
19.3% 19.3% 19.3% 19.3% 19.3%
11.1% 16.1% 15.9% 16.2% -22.1%
5.6% 11.0% 10.9% 11.3% -31.2%
Sensitivity, Break-Even, and Scenario Analysis
Worst Base Best
Cost of Capital 15.01% 12.01% 9.61%
708.42
Initial Investment ($mil) 284.0 227.7 185.0
708.42
PP&E Liquidation Value 30% 50% 75%
708.42
PP&E Life for Depreciation 3.00 5.00 7.00
708.42
Initial Market Size (Units Mil) 0.50 1.00 2.00
708.42
Market Growth Rate 1000% 2500% 5000%
708.42
Initial Market Share 15.00% 25.00% 35.00%
708.42
Market Share Growth Rate 1.00% 5.00% 8.00%
708.42
Initial Unit Price ($/unit) 175.00 200.00 250.00
708.42
Bi-Annual Price Increases ($/unit) 24.99 49.99 99.99
708.42
Tax Rate 35% 25.45% 12.50%
708.42
COGS / Sales (% Sales) 84.30% 80.66% 74.25%
708.42
SG&A First-Year ($mil) 85.00 69.59 45.00
708.4
SG&A Expense Growth Rate 30% 25% 15%
708.4
R&D Upfront ($mil) 250.00 200.00 150.00
708.4
R&D Versioning ($mil) 30.00 25.00 15.00
708.4
Cash (% of SG&A) 60% 50% 35%
708.4
Cash (% R&D) 100% 100% 85%
 708.4
Inventory Days 15.00 7.58 6.00
708.4
Excess Inventory Liquidation 15% 25% 35%
708.4
Days Receivable 45.00 38.49 30.00
708.4
Days Payable 50.00 61.54 75.00
708.4

Scenario Analysis Worst Base Best

(813.97) 708.42 33,293.68

Notes:
Use goal seek to get breakeven points first. Use goal seek, enter the NPV cell (AJ3), then "0" for the value
Use data tables to do sensitivity analysis. Highlight the 2 x 5 matrix of cells with the NPV cell in the lower le
Do scenario's last. Enter the input cells and then the values for each scenario. Then "show" the scenario. S

Value Drivers 1.0%

Base x (1-0.01) Base Base x (1+0.01)
Cost of Capital 11.89% 12.01% 12.13%
708.42
Initial Investment ($mil) 225.4 227.7 230.0
708.42
PP&E Liquidation Value 50% 50% 51%
708.42
PP&E Life for Depreciation 4.95 5.00 5.05
708.42
Initial Market Size (Units Mil) 0.99 1.00 1.01
708.42
Market Growth Rate 2475% 2500% 2525%
708.42
Initial Market Share 24.75% 25.00% 25.25%
708.42
Market Share Growth Rate 4.95% 5.00% 5.05%
708.42
Initial Unit Price ($/unit) 198.00 200.00 202.00
708.42
Bi-Annual Price Increases ($/unit) 49.49 49.99 50.49
 708.42
Tax Rate 25% 25.45% 25.70%
708.42
COGS / Sales (% Sales) 79.85% 80.66% 81.47%
708.42
SG&A First-Year ($mil) 68.89 69.59 70.29
708.4
SG&A Expense Growth Rate 25% 25% 25%
708.4
R&D Upfront ($mil) 198.00 200.00 202.00
708.4
R&D Versioning ($mil) 24.75 25.00 25.25
708.4
Cash (% of SG&A) 50% 50% 51%
708.4
Cash (% R&D) 99% 100% 101%
708.4
Inventory Days 7.50 7.58 7.66
708.4
Excess Inventory Liquidation 25% 25% 25%
708.4
Days Receivable 38.11 38.49 38.87
708.4
Days Payable 60.92 61.54 62.16
708.4

Notes:
1) Start with the base case parameter. Compute 1% down from base and 1% up from base.
2) Set up a data table with the NPv cell in the bottom left corner and base*(1+0.01) in the upper right. Sele
3) Compute the elasticity as the % Percentage change in the NPV
 Quantity (Initial Market Share)
BE 708 20.92% 21.62% 22.38%
43.72% Price 250
240
904.24 230
220
-2253% 210
200
0.32 190
180
0.52 170
160
1571% 150

13% Notes:
1) Start with the price vector - list it out in column form
-18% 2) Find the intial market share corresponding to each price that
Use data table. Highlight the entire matrix 12 x 12. Enter the init
77.36 parameter are in a row, the initial price cell in the column box sin

(59.44)
Market Growth Rate
88% 708 1390.55% 1522.34% 1682.86%
Market Size 2.25
90% 2.00
1.75
229.81 1.50
1.25
98% 1.00
0.75
1,150.26 0.50
0.25
260.19 0.10
0.05
2288%
Market Profiles
8801% Base
 Initial Market 1.00
103.15 2500.00% 128.0% 9.4%
Market Size 1.0 26.0 59.3 64.9
-1194% Time 1 2 3 4
1.0 60.0 116.3 195.4
381.96
250.0
Forecast (NPV 708)
(364.28)

Market Size (Mil Units)

200.0
Actual
150.0

100.0

50.0
, then "0" for the value we want the NPV to be, then the parameter cell you want to find the breakeven point for. The
NPV cell in the lower left and Break Even parameter value in 0.0
the upper right. Choose row-cell and click on the param
1 2 3 4 5
"show" the scenario. Simply show "Base" Scenario to return all parameters to base values
Year

Bad Scenario
Elasticity Initial Market 0.10
1522.34% 79.1% 7.0%
-0.69 Market Size 0.1 1.6 2.9 3.1
Time 1 2 3 4
-0.34 1.0 60.0 116.3 195.4

250.0
0.02 Forecast (NPV -697)
Market Size (Mil Units)

200.0
Actual
0.07
150.0
2.09
100.0

3.09 50.0

2.09 0.0
1 2 3 4 5
Year
0.28

1.63
 0.46

-0.41

-8.84

-0.43

-0.19

-0.21

-0.11

-0.02

-0.01

-0.08

0.02

-0.11

0.14

n the upper right. Select row cell and enter the cell from the forecast driver section

1400.00
Cost of CNPV
1% 1302.35 1200.00
2% 1233.90
1000.00
3% 1168.91
4% 1107.15 800.00
5% 1048.43
NPV

6% 992.58 600.00
7% 939.42
8% 888.81 400.00
9% 840.59
200.00

0.00
0% 10%
-200.00
 600.00

N
400.00

200.00
10% 794.63
11% 750.80 0.00
12% 708.99 0% 10%
13% 669.07 -200.00
14% 630.96 R
15% 594.54
16% 559.74
17% 526.46
18% 494.63
19% 464.16
20% 434.99
21% 407.05
22% 380.28
23% 354.63
24% 330.02
25% 306.42
26% 283.78
27% 262.04
28% 241.16
29% 221.10
30% 201.83
31% 183.31
32% 165.49
33% 148.36
34% 131.87
35% 116.00
36% 100.72
37% 86.01
38% 71.83
39% 58.17
40% 45.00
41% 32.30
42% 20.06
43% 8.24
44% -3.16
45% -14.17
46% -24.80
47% -35.06
48% -44.97
49% -54.56
50% -63.82
 23.19% 24.06% 25.00% 26.02% 27.12% 28.32% 29.63%

ut in column form
sponding to each price that recovers the base NPV. You need to enter the price into the parameter set and the find th
matrix 12 x 12. Enter the initial market penetration cell in the "row" box since values for this
ce cell in the column box since values for this parameter are in a column.

1883.75% 2144.35% 2500.00% 3024.12% 3905.32% 5879.44% 9680.69%

Forecast = Actual
 Initial Market 2.00
3.5% 3024.12% 154.2% 10.7%
67.1 Market Size 2.0 62.5 158.8 175.8
5 1 2 3 4
229.0 1.0 60.0 116.3 195.4

250.0
08) Forecast (NPV 3,173)

Market Size (Mil Units)

200.0 Actual

150.0

100.0

50.0
e breakeven point for. The parameter cell will be the base case parameter cell between AL6 and BG6. The base cas
0.0 section (Base Case). It will fill in the NPV values and upda
-cell and click on the parameter input in the forecast driver
4 5 1 2 3 4 5
Year

3.3%
3.2
5
229.0

97)

4 5
 1400.00

1200.00

1000.00

800.00
NPV

600.00

400.00 IRR = 43.72%

200.00

0.00
0% 10% 20% 30% 40% 50% 60%
-200.00
N 600.00

400.00 IRR = 43.72%

200.00

0.00
0% 10% 20% 30% 40% 50% 60%
-200.00
R = 12.01% Cost of Capital
 708.42 Base 12.01%
708.418 708.42 Max 14.99%
Simulation AnalysisMin 9.61%
31.07% Scenario # Name Cost of Capital
1 Base 12.01%
2 13%
3 14%
4 12%
5 12%
6 11%
7 14%
8 13%
9 11%
10 10%
11 14%
12 10%
13 12%
14 10%
parameter set and the find the initial mar 15 14%
16 12%
17 14%
18 12%
19 14%
20 10%
13770.16% 21 14%
22 13%
23 10%
24 10%
25 14%
26 13%
27 12%
28 10%
29 13%
30 12%
31 14%
32 13%
33 13%
34 12%
35 13%
 36 10%
3.5% 37 13%
182.1 38 14%
5 39 14%
229.0 40 11%
41 11%
42 10%
43 14%
44 11%
45 13%
46 13%
47 14%
48 12%
49 14%
n AL6 and BG6. The base case values are 50 14%
ll in the NPV values and update automat 51 14%
4 5
52 11%
53 13%
54 14%
55 15%
56 11%
57 11%
58 11%
59 12%
60 12%
61 11%
62 10%
63 14%
64 13%
65 10%
66 13%
67 11%
68 13%
69 11%
70 14%
71 10%
72 14%
73 10%
74 10%
75 15%
 76 11%
77 12%
78 10%
79 13%
80 14%
81 15%
82 11%
83 12%
84 13%
85 12%
86 15%
87 11%
88 11%
89 14%
90 11%
91 10%
92 14%
93 13%
94 11%
95 14%
96 15%
97 10%
98 12%
99 14%
100 10%
101 13%
102 13%
103 10%
104 12%
105 14%
106 15%
107 11%
108 15%
109 14%
110 13%
111 12%
112 11%
113 10%
114 13%
115 13%
116 11%
117 12%

60%
 118 13%
119 12%
60% 120 11%
121 11%
122 14%
123 13%
124 14%
125 14%
126 12%
127 14%
128 10%
129 15%
130 13%
131 12%
132 12%
133 10%
134 12%
135 12%
136 15%
137 11%
138 12%
139 14%
140 11%
141 11%
142 15%
143 12%
144 10%
145 15%
146 10%
147 12%
148 15%
149 11%
150 12%
151 12%
152 11%
153 12%
154 15%
155 14%
156 12%
157 14%
158 13%
159 13%
160 12%
161 13%
162 14%
163 14%
164 11%
165 12%
166 13%
167 14%
168 10%
169 11%
170 15%
171 13%
172 12%
173 10%
174 12%
175 11%
176 10%
177 11%
178 11%
179 12%
180 14%
181 13%
182 14%
183 13%
184 14%
185 10%
186 12%
187 11%
188 14%
189 13%
190 13%
191 14%
192 15%
193 14%
194 14%
195 15%
196 10%
197 11%
198 12%
199 15%
200 11%
201 10%
202 14%
203 10%
204 11%
205 13%
206 10%
207 15%
208 15%
209 15%
210 13%
211 14%
212 13%
213 12%
214 14%
215 10%
216 13%
217 10%
218 14%
219 14%
220 14%
221 13%
222 10%
223 14%
224 15%
225 10%
226 14%
227 12%
228 10%
229 10%
230 10%
231 10%
232 12%
233 14%
234 15%
235 10%
236 12%
237 10%
238 11%
239 13%
240 15%
241 14%
242 11%
243 11%
244 14%
245 15%
246 10%
247 14%
248 12%
249 14%
250 10%
251 13%
252 15%
253 15%
254 10%
255 12%
256 13%
257 12%
258 10%
259 13%
260 12%
261 14%
262 15%
263 15%
264 14%
265 14%
266 12%
267 11%
268 13%
269 13%
270 12%
271 13%
272 15%
273 12%
274 14%
275 12%
276 13%
277 10%
278 10%
279 14%
280 12%
281 12%
282 12%
283 11%
284 14%
285 14%
286 14%
287 15%
288 12%
289 12%
290 15%
291 13%
292 10%
293 14%
294 10%
295 13%
296 12%
297 14%
298 12%
299 10%
300 14%
301 13%
302 12%
303 12%
304 12%
305 14%
306 12%
307 11%
308 13%
309 15%
310 14%
311 11%
312 13%
313 13%
314 11%
315 12%
316 14%
317 12%
318 13%
319 13%
320 13%
321 11%
322 14%
323 11%
324 10%
325 10%
326 10%
327 10%
328 12%
329 13%
330 11%
331 11%
332 10%
333 12%
334 11%
335 14%
336 14%
337 10%
338 15%
339 15%
340 11%
341 13%
342 14%
343 12%
344 14%
345 15%
346 14%
347 15%
348 13%
349 11%
350 11%
351 14%
352 10%
353 14%
354 12%
355 11%
356 12%
357 15%
358 11%
359 12%
360 15%
361 14%
362 13%
363 11%
364 15%
365 13%
366 15%
367 14%
368 10%
369 10%
370 10%
371 13%
372 12%
373 11%
374 15%
375 15%
376 10%
377 11%
378 14%
379 11%
380 11%
381 15%
382 12%
383 12%
384 15%
385 10%
386 15%
387 15%
388 11%
389 11%
390 13%
391 12%
392 13%
393 13%
394 13%
395 10%
396 13%
397 12%
398 14%
399 11%
400 11%
401 10%
402 14%
403 13%
404 13%
405 10%
406 13%
407 11%
408 10%
409 10%
410 13%
411 14%
412 14%
413 11%
414 11%
415 14%
416 15%
417 12%
418 10%
419 10%
420 14%
421 14%
422 12%
423 10%
424 12%
425 12%
426 11%
427 13%
428 10%
429 14%
430 14%
431 15%
432 11%
433 13%
434 11%
435 10%
436 14%
437 12%
438 14%
439 14%
440 14%
441 11%
442 10%
443 14%
444 10%
445 10%
446 12%
447 10%
448 10%
449 13%
450 13%
451 15%
452 10%
453 14%
454 10%
455 13%
456 10%
457 14%
458 10%
459 13%
460 10%
461 12%
462 12%
463 10%
464 11%
465 13%
466 14%
467 11%
468 12%
469 11%
470 12%
471 13%
472 14%
473 12%
474 10%
475 13%
476 11%
477 10%
 478 14%
479 10%
480 13%
481 11%
482 12%
483 12%
484 11%
485 15%
486 10%
487 15%
488 10%
489 13%
490 11%
491 13%
492 15%
493 13%
494 11%
495 14%
496 11%
497 13%
498 12%
499 13%
500 11%

Data Table
Description NPV
Scenario # Base 708.42
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
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172
173
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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
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295
296
297
298
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300
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302
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312
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326
327
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330
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333
334
335
336
337
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343
344
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352
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354
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364
365
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374
375
376
377
378
379
380
381
382
383
384
385
386
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389
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391
392
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394
395
396
397
398
399
400
401
402
403
404
405
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409
410
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413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
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430
431
432
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434
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436
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440
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445
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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 (534.37)
Max 14,708.64

Upper Limits Frequency %

-300 #VALUE! 7.39%
-250 #VALUE! 1.30%
-200 #VALUE! 2.61%
-150 #VALUE! 2.61%
-100 #VALUE! 4.35%
-50 #VALUE! 3.04%
0 #VALUE! 3.48%
50 #VALUE! 3.91%
100 #VALUE! 3.48%
 150 #VALUE! 2.61%
200 #VALUE! 3.04%
250 #VALUE! 5.22%
300 #VALUE! 3.04%
350 #VALUE! 4.78%
400 #VALUE! 2.17%
450 #VALUE! 2.61%
500 #VALUE! 1.74%
550 #VALUE! 5.65%
600 #VALUE! 2.61%
650 #VALUE! 1.74%
700 #VALUE! 1.30%
750 #VALUE! 3.91%
800 #VALUE! 1.74%
850 #VALUE! 3.04%
900 #VALUE! 1.30%
950 #VALUE! 0.87%
1000 #VALUE! 1.74%
1050 #VALUE! 2.61%
1100 #VALUE! 3.48%
1150 #VALUE! 1.74%
1200 #VALUE! 1.30%
1250 #VALUE! 1.30%
1300 #VALUE! 2.17%
1350 #VALUE! 3.04%
1400 #VALUE! 3.04%
230
Data Table
Description NPV
Scenario # $0.00 0.00
2 Base 108.90
3 0 87.28
4 0 112.59
5 0 104.40
6 0 110.14
7 0 109.08
8 0 108.59
9 0 90.03
10 0 104.78
11 0 114.08
12 0 86.36
13 0 109.36
14 0 111.12
15 0 108.00
16 0 111.41
17 0 109.39
18 0 111.07
19 0 107.49
20 0 107.76
21 0 111.06
22 0 108.83
23 0 97.86
24 0 81.14
25 0 120.25
26 0 56.56
27 0 98.81
28 0 105.19
29 0 68.11
30 0 87.37
31 0 59.57
32 0 64.86
33 0 183.54
34 0 185.33
35 0 57.35
36 0 194.51
37 0 43.04
38 0 170.70
39 0 43.32
40 0 122.49
41 0 87.83
42 0 186.51
43 0 109.48
44 0 107.22
45 0 111.14
46 0 107.35
47 0 108.61
48 0 108.05
49 0 109.66
50 0 109.03
51 0 110.28
52 0 108.35
53 0 69.21
54 0 121.93
55 0 146.20
56 0 80.91
57 0 143.95
58 0 173.37
59 0 157.33
60 0 154.29
61 0 46.28
62 0 59.29
63 0 46.60
64 0 105.19
65 0 148.63
66 0 79.05
67 0 163.69
68 0 64.10
69 0 39.97
70 0 73.36
 71 0 125.68
72 0 89.15
73 0 109.86
74 0 110.72
75 0 109.79
76 0 111.58
77 0 113.73
78 0 106.14
79 0 107.42
80 0 105.40
81 0 110.89
82 0 108.02
83 0 317.87
84 0 367.18
85 0 477.76
86 0 (95.57)
87 0 627.41
88 0 675.60
89 0 511.46
90 0 529.15
91 0 510.18
92 0 255.78
93 0 (47.35)
94 0 63.83
95 0 114.73
96 0 76.54
97 0 110.46
98 0 164.07
99 0 45.14
100 0 22.37
101 0 83.02
102 0 37.61
103 0 116.94
104 0 97.16
105 0 104.52
106 0 110.13
107 0 108.70
108 0 119.55
109 0 108.11
110 0 110.43
111 0 112.00
112 0 106.48
113 0 103.21
114 0 98.76
115 0 101.74
 116 0 104.79
117 0 111.06
118 0 112.19
119 0 90.00
120 0 114.25
121 0 113.09
122 0 102.91
123 0 82.97
124 0 128.36
125 0 82.78
126 0 152.37
127 0 129.88
128 0 148.05
129 0 95.08
130 0 86.04
131 0 121.84
132 0 135.96
133 0 95.49
134 0 99.59
135 0 97.16
136 0 132.38
137 0 140.85
138 0 123.21
139 0 125.36
140 0 118.40
141 0 100.81
142 0 106.73
Min (95.57)
Max 675.60

Upper Limits Frequency %

-49 1 0.43%
-24 1 0.43%
1 0 0.00%
26 1 0.43%
51 7 3.04%
76 10 4.35%
101 24 10.43%
126 68 29.57%
151 9 3.91%
176 7 3.04%
201 4 1.74%
226 0 0.00%
251 0 0.00%
276 1 0.43%
301 0 0.00%
326 1 0.43%
351 0 0.00%
376 1 0.43%
401 0 0.00%
426 0 0.00%
451 0 0.00%
476 0 0.00%
501 1 0.43%
526 2 0.87%
551 1 0.43%
576 0 0.00%
601 0 0.00%
626 0 0.00%
651 1 0.43%
676 1 0.43%
701 0 0.00%
726 0 0.00%
751 0 0.00%
776 0 0.00%
801 0 0.00%
141
 227.70 50% 5.00
283.84 74.94% 6.99
185.02 30.07% 3.01
Initial Investment ($mil)PP&E Liquidation Valu PPE Life for Depreciation (Years)
227.70 50% 5.00
219.03 72% 3.6
208.16 68% 5.0
201.58 56% 6.8
252.64 35% 6.2
200.38 64% 4.5
266.83 49% 3.4
259.53 34% 5.1
252.47 43% 3.4
276.40 75% 5.5
236.02 73% 6.3
200.22 51% 6.7
202.31 52% 6.0
209.68 73% 4.0
208.39 44% 6.6
253.95 48% 5.3
265.57 62% 3.8
208.54 50% 5.5
277.62 41% 6.0
225.28 38% 6.5
217.37 47% 4.5
222.69 73% 4.5
220.21 39% 4.9
277.56 69% 6.5
256.53 41% 5.6
231.74 68% 6.2
272.92 75% 4.3
204.16 54% 5.9
202.30 63% 6.5
241.96 39% 4.2
195.27 38% 4.8
247.52 37% 6.3
206.32 45% 5.8
185.49 52% 5.7
260.60 34% 6.6
247.53 46% 4.6
218.62 70% 3.2
257.89 69% 3.0
275.10 67% 6.0
248.27 30% 6.2
216.52 68% 4.2
238.91 72% 5.7
264.94 59% 3.2
240.70 73% 4.4
188.80 71% 6.1
198.59 74% 4.7
223.00 51% 5.5
276.72 63% 4.8
237.57 37% 4.0
260.62 68% 5.4
229.04 71% 3.1
253.62 53% 3.7
191.58 73% 6.2
277.32 73% 4.4
273.33 46% 4.4
196.81 72% 3.0
281.30 58% 6.6
204.53 34% 5.2
261.62 46% 6.0
251.79 68% 3.8
235.82 37% 3.6
280.74 64% 4.6
188.02 48% 3.3
252.49 58% 5.6
230.14 43% 4.6
269.05 64% 3.5
249.95 32% 5.4
199.02 74% 4.2
234.04 71% 6.5
229.15 33% 4.7
222.71 57% 5.8
214.40 63% 6.1
252.49 74% 4.8
193.19 66% 5.6
196.96 54% 3.3
246.45 56% 4.6
266.86 31% 4.6
269.48 42% 4.8
251.45 43% 3.7
277.13 47% 3.5
208.53 73% 5.4
280.29 37% 3.7
245.34 73% 5.7
238.76 38% 5.7
262.72 40% 6.5
229.32 67% 6.6
202.16 45% 5.5
185.57 45% 3.1
188.54 40% 3.9
275.53 74% 6.2
279.48 54% 3.9
282.58 69% 5.3
245.81 31% 3.4
227.16 54% 6.9
274.12 68% 6.8
269.15 42% 5.3
269.28 47% 5.8
234.12 41% 6.8
196.86 72% 4.4
273.47 42% 4.1
227.08 41% 5.3
202.79 43% 4.9
279.55 72% 4.1
248.12 62% 6.3
219.34 68% 3.6
204.38 42% 4.8
220.93 44% 3.1
274.46 40% 5.3
210.02 48% 5.2
193.37 65% 3.3
185.44 43% 4.6
190.21 31% 5.4
230.66 73% 4.8
186.45 70% 5.3
216.75 45% 6.6
251.59 38% 3.5
195.37 45% 3.0
223.39 67% 7.0
246.75 49% 4.6
219.38 31% 4.3
250.96 69% 5.6
275.00 62% 5.5
250.21 57% 3.3
246.61 65% 4.4
231.22 48% 4.9
199.79 47% 4.5
187.84 37% 5.6
252.75 54% 6.7
195.49 62% 4.6
279.05 48% 4.6
201.48 34% 4.3
234.70 43% 6.8
263.11 59% 3.9
251.08 37% 3.4
202.87 38% 6.0
240.29 53% 6.6
188.67 32% 5.9
278.83 67% 6.2
190.64 60% 4.8
246.71 48% 5.6
228.60 63% 3.0
209.76 60% 3.8
216.22 42% 3.2
240.68 45% 3.5
278.46 59% 5.3
212.18 45% 3.5
229.64 60% 5.6
235.83 31% 3.4
213.65 52% 6.9
226.20 62% 5.8
201.27 68% 4.5
247.88 61% 6.6
210.42 68% 6.9
224.28 59% 4.2
228.82 71% 5.1
254.61 35% 3.7
264.40 39% 3.4
280.59 63% 4.9
226.41 37% 4.0
211.65 75% 6.7
226.03 36% 6.8
187.14 53% 5.7
252.34 70% 6.8
233.28 69% 4.6
186.55 43% 4.1
271.68 67% 3.2
243.72 36% 5.3
241.79 64% 3.9
258.27 70% 3.2
266.00 33% 6.7
278.56 34% 4.9
205.02 32% 5.9
240.42 54% 7.0
277.01 74% 6.1
196.81 33% 4.1
265.13 41% 5.0
221.67 58% 6.3
227.28 46% 6.3
266.82 66% 4.9
281.38 52% 6.1
195.92 63% 6.4
250.02 56% 4.4
187.40 48% 3.9
186.90 32% 3.2
211.80 45% 4.0
273.65 61% 3.3
233.27 64% 4.3
221.16 69% 3.7
196.83 67% 3.4
251.10 40% 6.0
185.12 66% 5.0
242.84 41% 5.5
244.29 46% 5.0
255.80 38% 3.8
277.06 43% 6.5
197.16 37% 6.1
273.86 35% 6.5
244.13 61% 6.6
253.33 36% 5.4
221.18 51% 3.5
211.82 60% 4.9
266.21 69% 5.9
272.58 45% 5.0
209.81 59% 5.7
192.20 42% 5.5
223.43 47% 3.2
204.61 72% 3.1
227.50 70% 5.6
256.94 33% 5.2
232.61 74% 4.7
245.44 61% 5.4
273.71 66% 5.4
247.47 75% 4.5
235.42 49% 3.9
196.32 63% 5.8
252.26 64% 5.8
211.26 69% 4.9
242.65 36% 5.4
246.05 48% 5.6
245.41 74% 5.8
260.96 39% 3.2
223.48 34% 6.3
209.77 72% 6.8
270.65 70% 6.1
195.64 45% 5.7
225.95 43% 4.7
258.60 64% 5.5
190.43 75% 6.6
192.24 65% 5.1
228.30 37% 6.7
277.03 38% 6.2
244.88 74% 5.7
216.51 41% 3.5
201.08 40% 4.5
188.10 73% 3.4
224.32 31% 6.0
256.07 61% 6.4
272.67 72% 3.5
276.08 34% 5.2
196.96 39% 5.0
278.43 42% 4.0
190.88 74% 6.2
201.07 48% 5.3
283.81 74% 5.1
273.74 49% 5.9
209.63 65% 4.5
250.75 41% 6.7
218.95 30% 3.3
236.54 40% 6.0
233.03 65% 6.3
256.07 39% 3.7
281.06 30% 6.2
277.17 63% 4.8
196.80 68% 5.3
247.84 63% 4.7
215.90 70% 4.6
262.64 58% 4.1
254.09 58% 6.6
191.85 71% 4.3
240.30 44% 3.6
220.50 61% 6.9
199.78 47% 3.8
220.55 35% 5.3
190.83 57% 5.3
243.31 39% 5.0
192.16 52% 3.3
271.38 41% 3.3
254.28 73% 4.1
218.70 44% 3.0
249.92 39% 3.4
205.14 33% 6.3
270.31 70% 5.8
236.52 66% 4.9
226.74 64% 5.2
265.66 49% 4.4
278.27 61% 3.1
210.37 49% 3.5
242.70 64% 4.0
251.83 62% 4.2
217.12 64% 3.0
218.75 52% 3.2
224.92 44% 5.1
253.66 65% 4.7
240.96 33% 6.5
209.55 67% 6.6
272.04 55% 6.9
196.90 72% 6.4
271.72 33% 6.6
215.31 70% 3.3
265.18 36% 3.0
263.59 30% 5.0
265.09 42% 5.2
242.72 50% 5.6
237.63 42% 6.3
278.09 46% 5.2
209.67 64% 4.2
212.52 33% 4.9
205.74 57% 6.6
282.03 75% 4.6
188.81 61% 4.7
250.57 41% 5.4
255.60 47% 4.8
255.29 70% 6.2
272.67 72% 5.4
207.36 45% 5.9
208.85 75% 6.0
283.10 36% 4.6
231.85 64% 3.0
249.68 36% 5.6
198.32 48% 6.3
186.28 51% 5.3
205.72 74% 3.7
186.11 53% 3.6
260.91 33% 6.3
257.43 65% 3.8
198.27 75% 3.5
237.25 75% 4.3
242.88 50% 4.9
244.44 54% 5.4
232.61 51% 3.4
228.67 40% 3.0
218.46 31% 4.3
203.25 42% 6.4
223.07 61% 5.6
225.31 65% 5.0
193.07 47% 6.0
259.17 47% 3.7
269.91 45% 5.0
257.66 38% 3.5
260.68 59% 6.0
194.89 56% 6.8
260.48 52% 5.1
267.94 47% 6.6
246.49 57% 4.7
214.83 47% 4.2
256.61 51% 6.9
278.73 31% 6.6
199.19 41% 5.0
277.90 52% 4.7
249.51 37% 4.7
237.66 37% 3.0
273.80 31% 5.5
272.12 42% 4.3
210.50 68% 3.2
242.23 50% 3.3
261.53 52% 4.2
281.79 53% 4.1
238.68 36% 6.9
279.79 45% 6.0
247.08 54% 5.0
254.80 34% 4.2
252.65 55% 6.4
242.92 53% 4.4
225.12 68% 6.7
239.25 66% 3.3
265.63 41% 6.8
190.44 52% 4.7
269.83 44% 5.8
251.71 70% 6.0
226.15 72% 6.9
191.36 31% 4.4
188.37 31% 3.9
193.39 32% 3.4
265.37 71% 4.8
230.36 74% 6.6
223.50 31% 7.0
192.44 39% 4.1
241.14 63% 6.8
251.00 70% 6.9
211.92 60% 5.6
186.43 38% 6.8
204.75 58% 3.9
207.77 74% 3.2
252.99 37% 3.4
227.78 40% 4.7
246.78 68% 4.6
209.79 40% 6.0
215.90 67% 5.6
213.60 44% 3.8
216.76 45% 4.7
261.18 43% 6.1
193.12 68% 4.8
224.72 65% 5.9
268.11 43% 4.4
222.31 70% 4.1
248.59 56% 5.4
241.59 74% 3.4
236.38 59% 6.0
280.74 49% 3.7
199.61 33% 4.2
269.80 39% 7.0
209.75 41% 6.2
190.00 74% 5.0
282.67 70% 6.4
266.63 55% 3.0
222.67 74% 5.1
267.79 45% 3.6
217.54 54% 4.9
283.84 39% 3.5
224.75 32% 3.7
264.83 61% 5.5
236.70 69% 5.0
228.65 65% 5.3
237.80 32% 6.4
262.50 73% 6.7
189.80 38% 3.5
247.47 70% 6.5
259.27 33% 3.7
263.63 48% 6.3
253.78 48% 4.3
220.08 51% 4.8
245.81 43% 5.5
266.96 70% 5.3
231.46 58% 6.2
245.06 46% 3.1
220.59 55% 3.8
263.18 43% 3.7
226.75 55% 4.1
253.41 57% 6.0
240.80 37% 4.5
269.14 36% 3.2
206.43 60% 4.2
273.28 50% 4.4
198.47 66% 5.0
221.06 68% 6.7
231.80 37% 3.2
255.70 35% 5.6
188.25 62% 6.3
241.08 31% 4.6
240.25 32% 5.7
264.80 69% 3.6
217.96 43% 6.1
226.31 66% 6.4
189.28 58% 6.3
193.50 52% 5.3
272.01 36% 5.9
255.03 66% 3.1
194.50 34% 3.1
277.70 65% 6.8
217.35 67% 5.2
261.40 57% 6.6
244.56 67% 3.3
185.02 40% 4.4
233.21 62% 6.9
252.40 30% 5.6
197.19 45% 3.1
193.16 73% 6.1
266.92 68% 6.4
261.02 46% 5.7
222.64 71% 3.8
233.64 37% 4.7
217.17 61% 5.9
228.23 59% 4.4
223.70 54% 3.8
195.89 65% 5.6
193.70 47% 3.1
265.67 51% 6.9
227.85 50% 6.1
269.63 67% 5.7
233.58 30% 5.8
275.83 71% 4.3
277.56 62% 6.9
212.06 71% 4.3
280.21 70% 6.4
185.97 61% 5.5
243.44 58% 5.2
242.29 32% 4.6
190.85 73% 5.3
221.03 37% 3.2
254.41 57% 5.9
253.24 31% 4.5
246.28 36% 6.8
231.29 61% 4.5
249.82 74% 5.8
270.49 49% 4.0
236.09 66% 4.7
231.31 33% 4.0
 192.45 50% 6.2
215.94 32% 3.8
248.69 60% 6.9
262.83 48% 5.7
215.52 57% 3.4
203.29 50% 3.1
262.32 50% 6.5
259.44 46% 3.7
200.96 71% 6.3
222.34 38% 7.0
219.45 73% 5.5
271.74 64% 6.7
210.56 37% 6.5
254.92 50% 3.2
214.98 63% 6.8
273.74 36% 5.4
192.77 34% 4.8
224.32 53% 6.3
207.86 74% 3.1
219.15 44% 5.1
276.28 73% 3.7
205.68 49% 5.3
224.27 72% 6.6

IRR Gross Margin Operating Margin

43.7% 19.3% -22.1%
43.7% 19.3% -22.1%
114.8% 20.6% -16.7%
153.2% 25.3% -0.9%
119.1% 22.3% -6.5%
78.9% 20.4% -21.0%
91.0% 16.0% -12.2%
94.8% 25.4% -9.4%
45.0% 21.8% -5.0%
88.3% 20.8% -6.0%
115.3% 23.2% 2.3%
20.9% 23.1% -65.4%
24.7% 16.2% -32.8%
18.6% 25.2% -10.0%
169.1% 19.5% 4.2%
126.8% 23.6% -14.6%
11.2% 21.8% -20.6%
88.8% 19.2% -2.7%
26.7% 24.7% -6.7%
 21.3% 22.6% -90.5%
45.8% 23.7% -2.2%
31.4% 21.4% -9.8%
136.0% 17.1% 0.9%
51.2% 24.3% 6.0%
61.2% 17.7% -14.8%
5.6% 23.7% -24.1%
31.6% 19.7% -31.9%
10.2% 18.8% -23.8%
68.1% 19.0% 6.2%
13.4% 17.9% -9.2%
71.1% 18.5% -1.1%
30.3% 23.1% -76.4%
51.1% 18.2% -2.2%
122.6% 24.8% -4.5%
55.3% 17.1% -1.9%
32.6% 20.3% -11.2%
97.5% 24.0% -29.5%
160.5% 25.2% 4.8%
125.5% 19.9% 5.3%
98.5% 25.1% -10.5%
80.9% 20.8% -5.5%
114.6% 19.2% -10.4%
84.3% 18.1% -8.0%
103.9% 24.9% -19.1%
61.1% 19.2% -35.9%
82.8% 19.7% -11.5%
114.0% 21.6% 6.6%
59.6% 17.6% -42.6%
14.8% 18.0% -40.0%
153.8% 22.3% 6.1%
25.6% 21.6% -15.4%
120.4% 24.6% -14.6%
74.2% 21.3% -5.7%
158.1% 19.7% 7.1%
132.6% 17.8% 1.7%
30.8% 23.2% -42.9%
-2.0% 15.9% -38.2%
86.4% 19.4% -2.7%
144.3% 19.5% 6.0%
91.6% 23.8% -20.7%
60.3% 23.7% 2.3%
109.3% 16.8% -13.6%
41.0% 24.8% -18.4%
13.8% 18.1% -12.9%
105.7% 23.6% -7.9%
47.9% 16.0% -53.4%
33.1% 24.7% -3.9%
7.9% 22.6% -11.6%
128.9% 17.4% -5.6%
22.2% 22.2% -40.1%
98.0% 19.5% -24.6%
148.6% 22.4% -7.5%
71.2% 25.6% -14.7%
32.7% 18.6% -45.3%
89.6% 22.9% -42.2%
98.0% 19.1% -10.9%
96.2% 16.4% -5.8%
87.8% 15.7% -3.8%
74.5% 21.8% -10.3%
122.9% 20.8% -2.1%
69.7% 22.6% 3.8%
23.8% 18.6% -51.4%
76.3% 15.8% -31.0%
61.2% 17.5% -3.3%
129.2% 17.7% -7.6%
106.8% 16.8% -9.6%
132.4% 21.1% -6.8%
13.3% 23.4% -67.1%
72.2% 23.9% -6.5%
138.5% 20.7% -7.7%
67.7% 19.4% -7.5%
8.5% 15.8% -18.1%
50.6% 18.9% -47.0%
-27.6% 20.2% -50.2%
25.4% 17.9% -10.2%
96.9% 20.1% -37.8%
63.0% 21.5% -12.0%
28.2% 22.5% -34.8%
103.0% 24.7% -5.7%
82.3% 20.6% -5.2%
4.0% 22.7% -46.7%
120.2% 21.9% 4.4%
142.0% 24.0% -1.4%
30.2% 22.5% -69.4%
45.3% 20.8% -54.3%
72.2% 23.6% 6.2%
16.9% 23.9% -28.9%
22.7% 18.9% -23.5%
26.5% 18.0% -16.0%
 82.0% 16.2% -16.3%
29.1% 23.4% -11.5%
39.7% 24.2% -21.9%
23.6% 21.4% -39.1%
62.0% 18.1% -33.3%
31.7% 22.4% -37.5%
17.7% 22.9% -14.5%
68.6% 24.6% 2.6%
42.0% 21.7% -6.4%
67.6% 17.2% 3.0%
-6.9% 15.9% -50.6%
39.2% 25.4% -9.0%
105.7% 22.1% 3.2%
-10.3% 17.7% -26.9%
103.7% 23.3% -8.3%
120.5% 20.8% -8.2%
11.0% 19.7% -61.7%
17.4% 15.7% -17.5%
5.5% 16.8% -63.0%
122.6% 23.8% -5.9%
39.9% 23.3% 5.6%
78.4% 25.2% -4.2%
132.0% 20.0% -1.8%
126.0% 16.4% -2.4%
154.9% 23.5% 4.8%
26.6% 20.7% -21.1%
59.9% 18.3% -31.2%
20.3% 21.3% -63.3%
1.4% 23.0% -30.4%
12.0% 18.5% -8.6%
-1.8% 16.4% -18.8%
55.7% 23.1% -63.0%
129.4% 18.4% -20.4%
88.1% 25.6% -9.9%
26.0% 25.4% -16.0%
17.1% 23.1% -27.4%
112.7% 18.0% -13.8%
90.2% 21.6% -12.3%
-11.8% 16.4% -22.6%
134.9% 23.6% -2.0%
107.5% 19.7% -1.2%
118.6% 22.3% -13.1%
58.6% 23.4% 5.6%
89.0% 21.8% -24.4%
82.5% 25.7% -35.9%
108.8% 23.9% 4.8%
110.3% 21.4% -3.3%
71.0% 19.2% -18.1%
87.2% 19.1% -31.2%
157.4% 23.6% 5.7%
140.2% 23.2% -5.2%
85.1% 25.3% -1.6%
70.1% 16.9% -17.2%
111.4% 20.7% 0.8%
28.0% 18.4% -3.7%
90.9% 24.6% -25.8%
6.0% 18.1% -34.0%
133.5% 24.5% 3.3%
76.8% 23.2% 0.0%
9.5% 18.4% -18.9%
6.5% 19.0% -61.2%
64.9% 21.2% -27.1%
85.5% 20.0% 0.0%
-9.3% 22.7% -42.6%
86.9% 16.6% -22.5%
153.0% 20.3% 3.2%
25.9% 15.9% -29.4%
69.2% 17.2% -29.8%
95.2% 23.6% -9.3%
35.6% 17.2% 0.3%
32.8% 19.7% -57.6%
152.3% 19.2% 6.1%
171.0% 23.3% -1.8%
123.6% 25.7% 6.6%
166.8% 19.1% -0.7%
105.2% 22.9% -7.8%
43.6% 18.0% -7.8%
105.5% 17.5% -11.0%
106.3% 20.7% -17.2%
134.4% 17.1% -2.9%
-18.1% 19.8% -57.2%
156.2% 20.1% 6.0%
117.9% 25.3% -17.2%
102.3% 24.3% -11.4%
77.9% 21.6% -22.7%
133.2% 24.7% 1.5%
133.3% 25.1% 5.6%
109.5% 25.1% -1.4%
91.9% 25.5% 10.1%
137.7% 23.1% -1.8%
 12.5% 15.7% -9.7%
93.4% 25.1% -8.9%
17.5% 18.3% -5.1%
83.5% 24.8% 8.3%
106.6% 19.9% -14.0%
121.0% 25.5% 1.3%
95.9% 23.4% -4.2%
40.8% 21.9% -32.0%
101.7% 21.4% -4.0%
65.0% 17.9% -13.2%
131.8% 23.0% 4.0%
101.5% 20.0% -3.6%
53.9% 18.0% -7.9%
82.9% 16.3% -2.6%
54.9% 23.5% -12.6%
24.2% 19.6% -74.6%
162.8% 25.5% 2.8%
92.9% 22.9% -9.3%
62.4% 19.9% -12.6%
160.8% 24.7% 6.5%
182.1% 19.0% 6.1%
5.9% 17.8% -25.7%
103.3% 23.8% 1.6%
77.0% 18.2% -9.4%
20.5% 23.3% -24.3%
58.5% 21.5% -14.0%
149.7% 18.1% 1.7%
13.6% 24.2% -26.8%
68.1% 20.3% -12.8%
41.0% 22.7% -14.2%
66.1% 20.4% -51.1%
51.4% 16.4% -41.9%
45.9% 21.1% -1.9%
37.9% 17.2% -15.6%
56.7% 23.3% -9.6%
88.8% 20.3% -27.4%
98.4% 17.7% 4.4%
128.9% 24.4% 9.2%
66.2% 23.7% -2.3%
37.6% 16.1% -12.3%
77.9% 17.9% -12.8%
35.2% 22.5% 1.7%
72.2% 24.3% -72.7%
91.7% 17.1% -4.6%
83.8% 21.1% 1.0%
 76.2% 24.8% 4.1%
63.0% 24.3% -36.6%
-16.8% 15.7% -33.1%
57.6% 22.5% -43.4%
154.3% 25.1% 7.5%
36.5% 16.8% -29.4%
79.2% 16.1% -1.2%
68.7% 22.8% -8.9%
119.7% 24.5% -20.3%
114.3% 21.8% -7.9%
160.2% 24.4% 2.5%
108.6% 21.1% -1.3%
52.4% 23.6% 4.3%
59.9% 25.2% -8.1%
52.5% 17.3% -33.6%
54.4% 23.7% -35.2%
126.2% 21.4% 8.6%
22.1% 23.4% -5.8%
81.4% 17.2% -19.6%
51.2% 17.0% -10.4%
32.0% 20.5% 2.1%
143.8% 23.2% 5.2%
88.7% 17.5% -16.2%
81.9% 17.6% -18.1%
169.2% 23.7% 8.9%
123.7% 24.5% -0.5%
-0.2% 17.2% -14.3%
49.5% 20.4% -17.0%
0.6% 16.1% -18.2%
119.6% 19.4% 0.7%
76.9% 22.5% -11.1%
50.0% 24.0% 3.2%
47.6% 18.3% -14.4%
57.2% 23.7% -43.0%
3.9% 25.2% -25.0%
26.2% 24.2% -1.7%
139.0% 20.3% -2.5%
157.1% 25.1% 6.2%
89.5% 24.5% -1.8%
80.4% 19.3% -18.9%
36.2% 17.7% -20.1%
-29.4% 16.7% -39.5%
147.0% 21.3% 0.1%
37.4% 19.7% -22.7%
100.4% 23.3% 9.4%
129.4% 22.4% 1.0%
3.3% 19.5% -31.4%
2.9% 19.7% -26.5%
29.1% 24.3% -34.1%
82.7% 18.8% -11.7%
33.2% 15.8% -26.8%
34.8% 21.0% -25.2%
43.9% 21.7% -4.6%
141.9% 22.0% 4.3%
101.2% 16.5% -11.2%
43.3% 21.4% -42.3%
164.3% 17.7% 1.6%
127.4% 22.2% -13.7%
63.1% 19.3% -53.1%
-24.4% 17.1% -67.3%
44.6% 19.0% -21.1%
47.5% 17.6% -1.8%
15.3% 19.9% -31.8%
8.0% 25.4% -13.4%
52.8% 24.6% -66.0%
67.2% 16.1% -20.2%
66.5% 23.7% -8.1%
127.4% 17.1% 0.1%
135.7% 24.8% 5.1%
48.7% 17.2% -47.5%
31.4% 17.0% -22.8%
72.9% 16.0% -37.3%
65.1% 18.7% -20.2%
79.3% 23.0% -0.6%
30.8% 20.5% -12.4%
59.3% 17.6% -12.3%
157.9% 23.4% 4.1%
150.9% 20.8% -5.5%
65.7% 25.7% -6.9%
76.1% 19.8% 0.0%
19.8% 16.2% -34.2%
18.2% 23.0% -17.5%
16.0% 16.8% -5.8%
135.9% 24.4% 8.5%
136.9% 19.7% 3.8%
33.7% 25.5% -45.0%
97.2% 15.8% -2.7%
7.9% 23.3% -35.6%
95.4% 23.3% -2.1%
11.6% 18.3% -23.3%
 75.6% 19.4% 0.5%
84.5% 18.1% -1.2%
38.1% 20.3% -34.8%
105.8% 24.4% -12.9%
135.8% 22.9% 13.8%
109.0% 22.9% -5.8%
125.0% 21.8% 2.8%
203.1% 25.4% 8.9%
156.8% 24.9% 13.3%
72.5% 22.3% -3.9%
66.7% 16.2% -27.9%
67.7% 21.1% -34.2%
171.5% 23.5% 9.0%
106.6% 23.2% -10.0%
52.4% 24.2% -20.0%
1.6% 18.6% -21.5%
40.1% 16.9% -0.8%
42.2% 21.1% -53.6%
45.2% 25.0% 5.8%
4.9% 16.5% -23.6%
151.9% 21.1% 5.9%
89.8% 19.3% -23.8%
10.9% 20.9% -9.4%
32.2% 19.6% -29.4%
32.3% 23.2% -30.2%
171.5% 18.5% -2.0%
32.0% 19.2% -23.9%
-38.6% 18.6% -82.5%
67.9% 18.9% -26.5%
47.7% 23.7% -12.5%
31.2% 20.9% -4.6%
14.8% 17.1% -99.1%
113.1% 18.5% 0.5%
146.8% 22.0% 1.2%
123.2% 24.5% -9.3%
80.8% 23.2% -14.1%
213.1% 21.0% 9.4%
54.9% 19.3% -19.8%
28.1% 23.2% -4.7%
70.5% 20.2% -21.0%
16.1% 18.6% -15.1%
107.4% 16.9% -5.6%
59.9% 18.9% -20.9%
96.2% 20.0% -1.9%
87.0% 22.4% -15.0%
 32.7% 16.4% 1.8%
50.6% 20.4% -2.0%
120.9% 21.2% -5.5%
174.3% 25.7% 1.1%
10.6% 17.9% -6.9%
28.2% 20.6% -34.7%
67.7% 16.7% -21.1%
79.7% 15.9% 1.2%
88.9% 25.2% -0.2%
-24.2% 16.8% -26.7%
81.4% 16.4% -15.0%
62.5% 24.2% 3.0%
52.1% 23.5% -9.8%
87.3% 18.3% -7.9%
143.2% 25.3% 7.6%
123.5% 23.0% -1.4%
62.9% 18.7% -17.6%
141.7% 24.5% 7.5%
77.1% 24.8% -25.2%
112.8% 25.7% -11.9%
136.4% 25.6% 8.3%
47.7% 16.1% -27.4%
156.7% 20.3% 5.8%
110.9% 21.4% 0.2%
16.2% 15.9% -29.2%
22.4% 16.8% -41.1%
1.2% 16.0% -14.2%
7.7% 18.1% -76.6%
30.1% 16.6% -36.6%
92.6% 21.4% 3.6%
147.8% 19.4% 3.8%
72.0% 24.7% -25.5%
82.1% 19.6% 2.0%
105.4% 24.9% -2.0%
88.6% 19.2% -3.8%
41.7% 17.5% -11.9%
121.3% 20.7% -7.2%
79.0% 22.1% -12.2%
56.1% 19.3% -2.1%
101.1% 16.2% -7.2%
-26.4% 19.1% -59.5%
2.1% 15.9% -28.4%
-6.4% 18.0% -31.1%
28.0% 19.0% -84.5%
58.2% 22.6% 4.8%
 56.6% 25.7% -76.1%
11.2% 16.9% -63.5%
25.7% 23.4% -21.5%
-27.0% 16.6% -79.6%
92.7% 16.2% -2.6%
-21.1% 16.6% -30.4%
-16.0% 19.8% -40.0%
66.5% 24.5% -25.7%
104.2% 22.4% -2.3%
89.8% 24.9% -12.8%
61.5% 24.8% -8.0%
107.2% 17.1% -19.9%
45.6% 19.2% -14.4%
60.4% 25.3% 10.9%
-35.5% 16.0% -46.3%
112.7% 25.3% 3.1%
55.0% 25.0% -3.3%
92.8% 20.2% 3.7%
-24.2% 21.2% -58.1%
121.7% 24.8% -9.8%
102.9% 19.7% -8.4%
0.9% 21.4% -41.8%
164.5% 21.1% 1.7%
176.6% 21.6% 6.3%
51.5% 16.2% -8.6%
100.9% 25.4% -18.4%
11.0% 16.6% -12.9%
73.1% 18.5% -26.8%
-8.5% 15.7% -50.3%
85.5% 16.2% -4.7%
-25.7% 17.2% -41.5%
14.5% 25.2% -8.4%
89.8% 20.7% -7.3%
53.1% 23.8% -29.9%
91.9% 21.1% -36.2%
12.4% 17.3% -23.1%
25.6% 16.6% -53.1%
130.7% 15.8% -13.2%
-9.7% 25.5% -75.5%
114.1% 17.9% -4.0%
92.8% 19.9% -16.6%
118.2% 19.6% -14.0%
-18.8% 24.5% -49.0%
45.3% 24.6% -13.1%
22.3% 19.4% -41.4%
 111.8% 24.9% 5.2%
87.4% 15.9% -18.2%
82.0% 19.8% -33.6%
51.6% 25.0% -32.0%
20.9% 17.3% -112.1%
35.5% 21.4% -5.8%
40.3% 16.6% -14.1%
94.0% 18.2% -13.0%
70.3% 16.8% -20.5%
69.5% 25.4% 6.1%
35.8% 23.6% -18.0%
99.0% 18.4% -16.8%
64.6% 19.5% -14.6%
157.1% 24.8% 5.2%
212.1% 20.0% 8.2%
0.8% 17.1% -26.6%
164.9% 23.3% 7.8%
53.2% 19.7% -10.4%
143.6% 16.1% -3.7%
108.6% 20.7% -11.4%
16.8% 24.7% -38.4%
67.7% 20.1% -25.3%
34.8% 24.8% -25.3%
43.4% 21.1% -51.5%
94.7% 22.7% 0.3%
142.5% 18.0% -4.1%
85.2% 25.1% -31.2%
105.6% 18.6% -28.6%
91.2% 24.4% -20.0%
94.3% 24.3% -0.4%
24.9% 18.4% -35.0%
87.9% 22.7% -26.1%
(0.39) 0.16 (1.12)
2.13 0.26 0.14

8.00%
22.22% 77.78%
7.00%

6.00%

This varies with different draws. 5.00%

24.78%
Percentage

4.00%
75.22%
3.00%

2.00%

1.00%
 5.00%

Percentage
4.00%

3.00%

2.00%

1.00%

0.00%
0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 00 00 00
-3
0
-2 -1
0 10 20 30 40 50 60 70 80 90 10 11 12 13

NPV
IRR Gross Margin Operating Margin
0.0% 0.0% 0.0%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
30.9% 19.2% 5.6%
31.0% 19.2% 5.6%
31.2% 19.2% 5.6%
30.8% 19.2% 5.6%
31.2% 19.2% 5.6%
31.0% 19.2% 5.6%
31.2% 19.2% 5.6%
30.8% 19.2% 5.6%
30.8% 19.2% 5.6%
31.2% 19.2% 5.6%
30.9% 19.2% 5.6%
28.3% 19.2% 5.6%
24.8% 19.2% 5.6%
33.9% 19.2% 5.6%
20.2% 19.2% 5.6%
28.5% 19.2% 5.6%
30.0% 19.2% 5.6%
22.3% 19.2% 5.6%
26.0% 19.2% 5.6%
20.7% 19.2% 5.6%
21.7% 19.2% 5.6%
43.4% 19.2% 5.6%
43.7% 19.2% 5.6%
22.1% 19.2% 5.6%
45.2% 19.2% 5.6%
19.6% 19.2% 5.6%
41.3% 19.2% 5.6%
19.7% 19.2% 5.6%
33.2% 19.2% 5.6%
27.4% 19.2% 5.6%
43.9% 19.2% 5.6%
31.0% 19.2% 5.6%
30.7% 19.2% 5.6%
31.3% 19.2% 5.6%
30.7% 19.2% 5.6%
30.9% 19.2% 5.6%
30.8% 19.2% 5.6%
31.0% 19.2% 5.6%
30.9% 19.2% 5.6%
31.1% 19.2% 5.6%
30.8% 19.2% 5.6%
24.2% 19.2% 5.6%
33.1% 19.2% 5.6%
37.2% 19.2% 5.6%
26.2% 19.2% 5.6%
36.8% 19.2% 5.6%
41.7% 19.2% 5.6%
39.0% 19.2% 5.6%
38.5% 19.2% 5.6%
20.2% 19.2% 5.6%
22.4% 19.2% 5.6%
20.2% 19.2% 5.6%
30.3% 19.2% 5.6%
37.6% 19.2% 5.6%
25.9% 19.2% 5.6%
40.1% 19.2% 5.6%
23.3% 19.2% 5.6%
19.1% 19.2% 5.6%
24.9% 19.2% 5.6%
 33.8% 19.2% 5.6%
27.6% 19.2% 5.6%
31.1% 19.2% 5.6%
31.2% 19.2% 5.6%
31.1% 19.2% 5.6%
31.3% 19.2% 5.6%
31.6% 19.2% 5.6%
30.5% 19.2% 5.6%
30.7% 19.2% 5.6%
30.4% 19.2% 5.6%
31.2% 19.2% 5.6%
30.8% 19.2% 5.6%
59.2% 22.8% 9.3%
65.2% 23.7% 10.1%
77.9% 25.6% 12.1%
-12.9% 15.6% 2.1%
94.1% 28.2% 14.7%
99.1% 29.0% 15.5%
81.6% 26.2% 12.7%
83.6% 26.5% 13.0%
81.5% 26.2% 12.6%
51.5% 21.7% 8.2%
2.1% 19.2% 3.0%
23.6% 19.2% 4.9%
31.8% 19.2% 5.7%
25.7% 19.2% 5.1%
31.2% 19.2% 5.7%
39.4% 19.2% 6.6%
20.3% 19.2% 4.5%
16.2% 19.2% 4.2%
26.8% 19.2% 5.2%
19.0% 19.2% 4.4%
32.2% 19.2% 5.8%
29.1% 19.2% 5.4%
30.2% 19.2% 5.6%
31.1% 19.2% 5.7%
30.9% 19.2% 5.6%
32.6% 19.2% 5.8%
30.8% 19.2% 5.6%
31.2% 19.2% 5.7%
31.4% 19.2% 5.7%
30.5% 19.2% 5.6%
29.4% 19.1% 5.6%
28.3% 19.1% 5.6%
29.1% 19.1% 5.6%
 29.8% 19.1% 5.6%
31.5% 19.2% 5.7%
31.8% 19.2% 5.7%
26.2% 19.0% 5.5%
32.4% 19.2% 5.7%
32.1% 19.2% 5.7%
29.4% 19.1% 5.6%
24.7% 19.2% 5.4%
36.6% 19.2% 5.8%
24.7% 19.2% 5.4%
44.7% 19.2% 6.0%
37.0% 19.2% 5.8%
43.1% 19.2% 6.0%
27.4% 19.2% 5.5%
25.4% 19.2% 5.4%
34.6% 19.2% 5.7%
39.0% 19.2% 5.9%
26.5% 19.2% 5.6%
27.7% 19.2% 5.6%
27.0% 19.2% 5.6%
41.6% 19.2% 5.6%
46.4% 19.2% 5.6%
36.9% 19.2% 5.6%
38.0% 19.2% 5.6%
34.7% 19.2% 5.6%
28.1% 19.2% 5.6%
30.1% 19.2% 5.6%
-12.9%
99.1%
 1.00 2500% 25%
2.00 4987% 34.89%
0.50 1001% 15.01%
Iniital Market Size (Units MiMarket Growth Rate Initial Market Share
1.00 2500% 25%
1.72 3350% 27%
1.14 4037% 21%
0.97 1362% 27%
1.81 2391% 16%
0.62 1653% 22%
1.62 1590% 19%
1.08 2425% 29%
0.76 3922% 16%
1.60 4564% 15%
0.83 1473% 31%
1.68 1595% 24%
0.53 4573% 34%
0.89 3770% 22%
1.38 1166% 20%
1.33 1143% 34%
1.99 3136% 35%
1.62 1241% 22%
1.74 3438% 17%
1.70 1863% 24%
2.00 3013% 18%
1.71 1783% 32%
0.72 3865% 18%
1.11 1406% 27%
1.53 3367% 23%
1.26 1710% 25%
0.72 1842% 25%
1.61 3101% 27%
0.70 1743% 21%
0.82 4108% 33%
1.36 3828% 20%
0.67 2447% 29%
0.60 2289% 29%
0.53 3893% 18%
1.98 1411% 22%
1.16 4150% 28%
1.24 1519% 22%
1.64 3039% 21%
1.79 2863% 30%
1.74 3563% 16%
0.50 4020% 32%
1.33 1260% 33%
1.84 1511% 23%
1.90 1831% 21%
1.83 3746% 24%
0.55 1355% 34%
1.05 1730% 25%
0.61 3718% 27%
0.87 3627% 25%
1.74 2831% 34%
1.13 2370% 22%
0.61 3499% 24%
0.86 2669% 18%
1.38 1603% 29%
1.45 2518% 20%
0.83 3510% 24%
1.32 3661% 23%
1.26 2977% 24%
0.53 4111% 25%
1.34 3487% 34%
1.76 4633% 29%
1.84 2708% 28%
1.21 4086% 18%
1.74 4417% 24%
0.60 2991% 25%
1.17 2015% 17%
1.48 4512% 20%
1.01 3257% 21%
1.73 1149% 17%
1.61 1325% 26%
0.83 3832% 20%
1.69 3002% 31%
0.80 3375% 28%
1.50 1210% 35%
0.91 2511% 30%
0.96 3968% 23%
1.78 1064% 31%
1.47 1956% 20%
1.88 1759% 34%
1.47 3243% 34%
0.69 3112% 32%
1.66 4809% 26%
1.51 3816% 23%
1.82 2196% 18%
0.51 4280% 25%
1.61 2937% 26%
1.41 1529% 27%
1.50 1443% 35%
0.66 2004% 28%
1.85 1365% 18%
1.33 4860% 18%
0.65 3913% 28%
1.38 4076% 30%
1.62 3857% 28%
0.96 4063% 18%
1.33 4472% 33%
0.56 1268% 27%
0.85 2822% 15%
0.63 3920% 20%
1.61 1551% 29%
0.71 3320% 35%
0.88 1681% 16%
0.94 4987% 29%
0.80 3234% 31%
1.47 2329% 28%
1.89 3724% 29%
1.34 3432% 26%
1.49 2025% 33%
1.89 4032% 22%
1.27 3307% 21%
1.02 3502% 33%
1.88 1572% 28%
1.81 2829% 25%
1.29 3895% 28%
0.99 1256% 18%
0.62 3453% 24%
1.80 3029% 32%
0.68 3058% 18%
1.45 4852% 21%
0.94 2124% 21%
1.67 1329% 20%
0.81 2113% 22%
0.79 4488% 15%
1.83 1777% 31%
1.07 3581% 20%
1.36 2204% 30%
0.80 4146% 18%
1.54 2104% 23%
0.76 1880% 28%
1.89 4926% 19%
0.95 1131% 18%
1.12 2692% 22%
1.95 4334% 24%
1.70 3649% 17%
0.81 4551% 29%
1.70 3774% 34%
0.70 1628% 16%
0.57 1192% 33%
0.93 4307% 17%
0.80 2319% 33%
1.51 2021% 29%
1.42 2533% 23%
0.96 3423% 24%
1.71 4253% 35%
1.61 1792% 31%
0.88 3098% 23%
1.55 1786% 23%
0.81 1172% 21%
0.80 2542% 28%
1.37 4773% 24%
1.49 1608% 21%
1.16 2395% 22%
1.37 4128% 21%
1.42 4483% 35%
1.82 3445% 33%
0.76 1993% 34%
1.01 3995% 16%
1.05 1844% 26%
1.32 2723% 26%
0.76 3811% 26%
1.30 3746% 35%
1.93 3746% 27%
0.72 1817% 20%
1.92 3128% 22%
0.55 4389% 15%
1.85 3250% 32%
2.00 1634% 16%
1.10 2908% 17%
0.84 2350% 26%
1.85 2366% 32%
1.80 3883% 16%
1.53 3415% 30%
1.74 1705% 21%
1.10 4908% 16%
0.58 3930% 19%
0.89 2494% 19%
1.45 1331% 34%
1.88 1931% 30%
0.92 3308% 32%
0.79 2477% 34%
1.62 3410% 22%
0.50 2819% 32%
1.83 1929% 23%
0.51 1812% 28%
1.33 2270% 29%
1.74 3058% 30%
1.67 2037% 27%
1.41 3604% 30%
1.32 3926% 29%
0.63 3054% 25%
1.90 4246% 24%
1.07 2349% 21%
1.70 4669% 33%
1.90 2499% 34%
1.56 3686% 27%
0.62 4282% 27%
0.89 4794% 24%
1.58 2523% 23%
0.62 1001% 34%
1.70 1057% 20%
1.67 4827% 17%
1.65 2611% 15%
1.18 4299% 29%
1.91 4103% 33%
0.81 3164% 16%
1.24 3491% 17%
0.79 2887% 25%
0.74 2300% 22%
1.18 2528% 31%
0.58 3517% 32%
0.99 2830% 28%
1.31 1819% 34%
0.88 4619% 23%
0.52 2290% 16%
0.68 3813% 19%
1.91 4789% 32%
0.96 4614% 19%
1.86 1887% 31%
1.41 4899% 33%
1.39 2087% 25%
1.42 2868% 21%
0.55 3649% 28%
0.50 3767% 19%
1.09 4898% 32%
0.90 1537% 34%
1.15 1978% 16%
1.45 3351% 23%
1.93 1244% 28%
0.65 2562% 31%
1.96 3716% 21%
1.27 2017% 16%
1.97 1918% 26%
0.67 1623% 21%
1.18 2084% 29%
1.71 4832% 33%
1.24 1070% 30%
0.78 2089% 31%
1.08 1475% 27%
1.31 3044% 23%
1.64 1900% 32%
0.92 3704% 25%
1.13 2640% 20%
0.89 2120% 18%
0.86 2763% 28%
1.77 4947% 34%
1.18 4143% 28%
1.58 2727% 35%
0.95 2601% 19%
0.87 2104% 21%
1.53 2589% 26%
1.41 2113% 15%
1.94 2380% 19%
1.01 1595% 22%
1.42 4598% 16%
0.70 3354% 35%
1.20 4226% 29%
1.19 4530% 22%
1.78 3749% 22%
1.95 1195% 32%
1.87 3733% 21%
1.51 3101% 19%
0.67 1635% 18%
1.77 2110% 26%
0.84 1824% 17%
0.58 2331% 18%
0.88 2183% 32%
1.34 2208% 26%
0.96 2533% 23%
0.53 1119% 27%
1.06 1302% 23%
1.00 2910% 21%
1.80 1598% 26%
1.00 3639% 35%
1.46 3075% 19%
1.08 2880% 25%
1.75 1677% 31%
1.89 2668% 29%
1.94 1877% 22%
1.41 2946% 27%
1.04 2485% 19%
0.58 2946% 18%
0.61 3409% 29%
0.88 3148% 19%
1.71 4242% 17%
1.20 3325% 34%
1.59 4604% 28%
1.21 3077% 31%
1.53 4878% 34%
1.47 1012% 35%
0.62 3860% 34%
1.78 2088% 20%
1.22 4366% 20%
0.59 3734% 34%
0.76 2229% 33%
0.87 3686% 27%
1.39 4048% 30%
1.42 2717% 34%
1.94 1796% 26%
1.69 1942% 34%
0.75 4496% 32%
1.83 2670% 34%
1.17 3640% 24%
1.05 4407% 23%
0.54 2472% 35%
1.31 4040% 35%
0.62 2516% 34%
0.78 3515% 23%
1.39 4789% 20%
1.51 3529% 34%
1.05 3758% 31%
1.99 4073% 26%
0.81 3906% 22%
1.99 1273% 29%
1.40 2134% 17%
0.78 4320% 26%
1.95 1063% 29%
1.97 1372% 23%
1.89 2579% 19%
0.84 3763% 21%
1.38 1102% 18%
0.64 1044% 29%
1.79 2057% 25%
0.76 1089% 33%
1.66 2395% 25%
1.48 2226% 22%
0.66 2945% 21%
0.70 4951% 32%
1.97 2430% 29%
0.88 2971% 23%
0.73 1450% 27%
1.38 4421% 16%
1.08 1203% 26%
1.91 3067% 34%
1.34 1991% 25%
1.66 2250% 21%
1.24 3837% 24%
1.77 3826% 22%
0.50 2650% 28%
1.81 2133% 26%
1.75 2791% 34%
1.83 3403% 22%
1.83 2622% 22%
0.62 1144% 16%
1.83 2453% 24%
1.09 1750% 31%
0.58 4850% 28%
1.00 4903% 20%
1.24 3963% 17%
0.84 4204% 28%
1.78 1083% 34%
0.57 3627% 29%
1.44 1997% 20%
0.78 4633% 20%
0.85 2881% 23%
1.20 3290% 26%
0.74 3315% 20%
1.42 4917% 18%
1.04 2200% 26%
1.95 2922% 26%
1.01 3495% 19%
1.85 1981% 20%
1.71 2597% 19%
1.63 2293% 34%
1.54 1047% 16%
1.64 1809% 21%
1.33 4363% 30%
1.13 4832% 35%
0.63 3772% 17%
1.53 3359% 15%
0.59 1349% 17%
1.22 2542% 16%
1.56 2352% 23%
1.16 1821% 35%
1.63 2738% 17%
1.32 3145% 16%
0.69 2008% 20%
1.32 4382% 32%
1.26 3942% 30%
0.97 1506% 29%
0.55 3981% 22%
1.95 3586% 33%
0.58 3257% 20%
1.61 4674% 25%
1.67 1611% 19%
1.58 2757% 25%
0.96 1901% 27%
1.39 2101% 34%
1.02 3510% 29%
1.37 3325% 19%
0.90 2167% 32%
1.44 2603% 33%
1.51 2674% 34%
0.96 2385% 31%
1.38 3957% 29%
0.70 3082% 26%
1.34 2080% 22%
1.75 2885% 17%
1.50 3019% 26%
0.87 3068% 22%
1.54 1659% 20%
1.36 2165% 17%
1.55 3652% 32%
0.99 2326% 27%
1.12 1763% 34%
0.84 4308% 24%
1.20 4984% 16%
0.60 2445% 17%
0.74 3696% 18%
0.53 1365% 30%
0.61 1311% 25%
1.41 3814% 29%
1.36 3020% 25%
1.48 2457% 24%
1.29 2121% 19%
0.51 1846% 31%
1.05 4674% 35%
1.72 3901% 27%
1.51 1104% 18%
0.74 4183% 34%
1.68 1490% 24%
0.71 2455% 35%
1.68 3826% 24%
0.75 1545% 21%
1.10 3272% 25%
1.96 4108% 24%
0.89 2067% 29%
0.55 3588% 24%
1.60 1664% 28%
1.50 4416% 15%
0.58 3107% 26%
1.91 4220% 26%
1.33 3679% 19%
0.67 4611% 24%
1.79 1794% 18%
1.49 3742% 19%
1.86 4071% 35%
1.04 2964% 35%
0.97 2499% 28%
1.70 2906% 28%
1.26 4436% 28%
1.45 1473% 21%
1.80 1058% 15%
1.99 4005% 29%
0.70 4717% 28%
1.39 2315% 34%
1.17 4538% 35%
0.70 4226% 30%
1.97 1760% 21%
0.59 4456% 25%
1.49 2701% 18%
1.52 2704% 32%
0.50 4681% 29%
1.13 2824% 25%
1.07 3573% 24%
0.94 2425% 24%
0.96 1991% 29%
1.87 3203% 15%
1.35 3854% 19%
1.91 2459% 22%
1.77 2990% 26%
0.93 4013% 31%
0.86 1389% 22%
1.53 4337% 20%
1.53 2871% 35%
1.07 3216% 17%
1.56 3142% 19%
0.97 3881% 21%
1.04 1166% 32%
1.84 1174% 20%
0.66 3892% 21%
1.31 3164% 20%
0.92 1362% 30%
1.68 2171% 30%
1.82 4252% 18%
0.70 1711% 21%
1.74 2508% 21%
1.11 4537% 24%
0.74 1972% 28%
1.47 2634% 27%
0.54 4097% 32%
1.16 4087% 21%
0.69 1725% 18%
0.90 1035% 28%
0.69 3235% 16%
0.61 4290% 29%
1.77 1596% 23%
1.90 3475% 27%
0.68 2443% 26%
1.99 3061% 22%
1.70 1977% 17%
0.86 3532% 17%
1.71 2208% 33%
0.67 4896% 31%
1.09 2009% 24%
0.95 3105% 27%
1.87 4838% 28%
0.74 2784% 26%
0.82 3630% 17%
1.13 3117% 30%
0.66 4881% 25%
77.78%
60
0
70
0
80
0
90
0 00 00 00 00 00
10 11 12 13 14
 5% 200.00 49.99
7.94% 249.82 99.62
1.00% 175.39 25.06
Market Share Growth Rat Initial Unit Price Price Increase
5% 200.00 49.99
5% 218.44 28.32
7% 190.91 39.43
3% 186.40 55.45
2% 234.22 75.52
3% 178.16 59.03
8% 206.11 55.01
8% 249.55 43.09
7% 208.38 89.55
2% 177.85 98.90
3% 232.74 52.61
3% 239.42 62.99
2% 216.51 46.40
7% 249.49 64.77
4% 248.30 88.67
4% 206.76 64.64
2% 225.70 98.42
7% 221.29 32.37
2% 237.01 35.87
8% 181.44 32.87
4% 238.03 86.50
3% 187.01 65.35
2% 212.48 53.59
2% 194.67 73.53
5% 185.64 61.74
6% 212.91 72.02
6% 221.02 75.57
5% 247.95 85.08
1% 203.86 47.55
2% 232.24 54.74
3% 189.48 84.35
4% 195.30 80.56
3% 200.12 33.09
4% 198.03 40.61
6% 245.14 80.01
1% 244.78 28.64
4% 226.34 98.32
5% 239.30 55.52
2% 197.03 76.24
2% 249.19 50.60
3% 248.83 64.17
4% 182.77 66.16
8% 191.48 45.36
2% 238.91 80.48
2% 201.93 45.64
2% 213.47 85.58
3% 203.45 70.18
5% 223.48 94.60
8% 248.46 72.94
6% 181.25 32.75
4% 211.73 99.59
5% 235.37 75.14
7% 230.41 82.03
7% 222.13 67.72
3% 229.29 62.72
2% 241.05 58.62
5% 232.74 48.23
7% 238.38 54.12
5% 235.36 54.35
4% 198.03 81.55
2% 229.78 63.79
3% 225.16 81.47
6% 205.05 97.92
2% 184.74 39.36
4% 183.86 53.58
5% 230.12 58.78
6% 180.29 80.22
2% 180.01 42.60
2% 228.31 44.02
3% 233.79 70.52
7% 197.79 46.10
5% 198.12 33.51
8% 237.48 68.85
3% 227.33 58.32
7% 237.97 95.28
2% 199.82 54.26
1% 184.21 45.13
7% 220.11 96.68
6% 233.66 67.29
7% 186.82 84.11
5% 205.55 72.83
2% 214.01 46.70
5% 235.92 64.39
7% 245.61 79.50
7% 227.16 25.21
4% 214.35 40.50
5% 200.71 70.94
2% 214.72 98.82
5% 197.03 33.18
7% 177.44 51.23
6% 219.14 40.42
4% 211.83 86.46
6% 206.36 39.40
2% 198.00 91.65
1% 196.30 71.93
7% 195.36 70.64
2% 179.99 53.92
6% 244.76 53.84
4% 242.00 82.66
1% 229.84 82.81
6% 228.54 81.17
2% 234.16 69.90
5% 215.24 54.29
6% 222.25 46.38
5% 187.00 63.14
7% 178.63 39.43
6% 189.29 52.58
5% 190.62 30.46
6% 206.53 55.91
7% 220.45 81.14
3% 189.58 56.17
5% 236.16 38.84
7% 244.07 35.89
5% 246.56 46.16
5% 214.99 69.19
6% 190.31 71.88
3% 198.48 99.25
7% 240.59 79.79
8% 177.69 76.76
6% 215.91 44.44
6% 211.58 46.88
3% 239.92 60.51
3% 242.27 37.85
6% 210.61 44.80
5% 214.21 30.77
4% 211.25 98.23
6% 220.88 25.54
1% 189.51 34.08
6% 200.96 77.25
2% 190.87 53.33
7% 227.24 42.47
3% 179.73 39.48
1% 220.94 74.99
1% 218.54 85.22
2% 215.29 89.39
2% 203.12 85.64
5% 220.20 61.20
6% 198.04 36.18
2% 232.85 51.63
6% 195.84 74.02
7% 220.09 46.19
7% 186.40 54.11
6% 181.69 98.86
8% 248.67 69.46
6% 242.01 87.66
4% 223.03 90.18
4% 201.18 97.82
7% 210.58 84.15
2% 239.06 29.13
3% 229.87 87.15
5% 239.56 60.45
7% 178.37 98.30
1% 239.17 61.26
4% 195.94 76.14
8% 243.07 28.69
6% 220.90 94.92
8% 177.93 83.45
1% 201.97 70.71
2% 214.40 77.40
2% 189.85 29.44
5% 242.19 89.29
4% 232.09 58.56
3% 233.17 86.99
4% 232.45 33.71
1% 206.04 85.21
6% 237.84 81.88
6% 243.42 87.90
4% 226.09 88.64
7% 193.08 47.89
4% 182.66 26.87
5% 235.82 82.08
7% 200.02 34.66
6% 229.87 76.61
5% 186.42 63.06
8% 216.78 69.50
4% 215.86 99.62
5% 246.10 55.39
5% 195.28 92.74
6% 178.34 40.63
2% 229.30 40.83
4% 216.40 71.01
4% 213.85 39.68
5% 230.43 50.26
5% 206.36 79.14
6% 190.04 82.10
4% 244.94 53.36
8% 246.72 84.96
5% 179.03 38.69
6% 208.47 41.97
8% 246.72 47.83
6% 182.31 49.94
7% 227.13 32.04
6% 213.51 73.44
2% 188.22 94.89
5% 198.51 72.48
1% 219.54 82.95
2% 185.40 71.10
3% 179.35 56.56
7% 209.79 62.82
7% 232.85 89.86
6% 219.01 34.96
7% 236.60 57.09
7% 185.28 48.59
2% 181.21 59.72
6% 242.52 69.34
7% 186.70 81.98
3% 204.98 64.74
1% 232.32 86.51
2% 246.81 83.52
3% 179.02 33.90
5% 249.16 40.66
2% 203.91 56.72
7% 179.81 40.98
6% 248.73 90.00
2% 224.61 96.77
2% 235.02 62.25
5% 220.39 39.59
1% 183.81 75.49
7% 185.06 38.31
1% 220.04 43.51
6% 230.13 82.96
2% 193.44 99.44
7% 190.86 44.44
5% 183.92 26.18
2% 190.17 26.21
7% 241.03 68.37
4% 205.79 76.64
4% 191.59 45.71
3% 186.17 83.54
4% 176.57 88.52
4% 193.06 36.18
7% 176.96 28.67
4% 212.96 45.23
3% 245.59 53.31
6% 233.23 62.78
8% 215.87 98.34
7% 183.03 59.96
7% 175.46 37.04
8% 207.21 64.09
2% 191.39 46.46
7% 232.58 75.05
5% 210.06 50.69
2% 175.47 67.36
6% 175.39 49.59
1% 229.29 50.13
5% 181.54 68.36
2% 239.06 40.15
2% 193.02 90.50
4% 181.95 57.06
5% 197.90 93.84
7% 177.45 93.75
5% 232.11 36.38
4% 203.54 46.12
7% 233.22 32.79
3% 219.92 28.50
3% 178.58 52.36
5% 214.34 57.39
6% 200.44 78.01
5% 184.05 45.70
1% 242.64 28.15
8% 214.04 62.61
7% 216.13 86.31
2% 201.81 93.93
6% 178.76 89.62
6% 240.26 53.53
5% 240.40 87.15
1% 188.06 79.02
4% 248.48 90.76
4% 243.84 74.24
4% 177.15 73.54
4% 249.16 74.00
3% 231.55 37.45
4% 205.56 74.29
6% 249.54 65.69
2% 213.02 60.06
6% 226.17 39.00
2% 206.13 68.00
8% 218.38 58.64
3% 205.08 86.13
7% 217.36 34.73
4% 220.03 74.31
3% 241.51 61.13
1% 219.68 61.28
2% 220.31 80.94
4% 206.45 27.76
2% 201.89 48.37
6% 220.99 55.32
7% 192.45 25.58
6% 244.41 30.55
3% 180.34 91.79
8% 217.36 91.30
3% 199.76 81.34
7% 246.11 59.34
7% 209.90 89.24
4% 224.69 69.63
3% 204.06 31.25
6% 243.14 50.51
2% 179.52 84.51
6% 204.01 30.60
5% 206.81 81.56
5% 215.90 88.28
4% 195.15 79.72
2% 211.78 75.12
6% 180.82 25.20
4% 198.21 26.55
8% 180.29 98.40
8% 216.30 41.77
6% 231.75 31.88
4% 230.43 90.82
7% 217.11 69.96
4% 212.17 51.78
3% 180.17 81.25
6% 189.81 50.38
3% 229.40 75.56
7% 195.67 73.72
7% 200.23 57.86
7% 226.53 55.30
5% 204.70 94.84
6% 242.31 48.36
5% 198.94 88.98
8% 204.30 39.09
7% 231.77 59.30
7% 204.78 65.88
5% 196.58 75.04
4% 227.59 50.41
5% 197.69 84.85
3% 196.66 80.58
3% 188.52 59.49
6% 180.14 27.95
3% 185.34 60.63
2% 236.27 55.38
4% 232.97 48.60
1% 238.08 45.82
4% 232.84 86.45
4% 236.87 46.26
6% 227.81 67.92
7% 208.68 25.06
1% 207.35 75.05
2% 204.91 27.94
6% 181.22 32.96
6% 180.94 30.94
8% 233.90 93.62
5% 231.51 36.55
6% 193.40 71.94
7% 180.32 42.29
7% 249.82 98.75
7% 181.81 71.93
4% 200.33 87.88
2% 240.81 47.30
7% 235.88 58.86
7% 228.26 51.51
2% 229.76 59.76
1% 203.07 75.50
6% 192.89 69.67
5% 216.35 82.09
6% 244.78 61.66
3% 244.51 97.85
5% 175.94 50.60
7% 202.91 42.82
6% 215.87 77.96
6% 245.49 45.24
2% 236.31 26.20
6% 234.67 96.99
4% 232.99 27.93
2% 190.49 44.28
5% 224.94 47.42
6% 202.35 26.48
1% 223.82 50.36
5% 220.03 73.02
7% 204.28 61.76
1% 223.93 35.21
4% 217.48 44.74
4% 230.52 34.42
2% 206.22 25.14
5% 184.86 57.71
6% 210.27 94.11
2% 224.67 43.64
7% 202.67 58.41
7% 186.98 78.13
3% 217.23 54.55
7% 205.06 74.39
2% 201.96 97.12
4% 227.63 36.11
3% 221.81 31.97
2% 188.14 77.30
7% 185.37 96.87
8% 225.21 59.01
4% 184.28 90.84
3% 187.28 28.10
3% 226.43 90.60
6% 193.20 63.05
1% 201.07 84.72
3% 231.33 56.02
6% 205.36 36.99
8% 216.00 45.16
2% 203.12 25.26
7% 216.15 56.34
2% 217.57 58.16
2% 214.95 81.37
7% 194.20 90.83
6% 187.66 92.89
8% 225.35 53.66
6% 203.68 73.48
8% 209.89 56.93
8% 188.52 93.81
4% 205.46 41.90
5% 238.12 82.16
3% 196.88 47.53
4% 245.94 73.38
2% 222.46 62.28
7% 189.05 59.58
4% 239.19 61.82
1% 241.95 59.58
4% 184.11 28.62
8% 197.73 78.25
4% 209.03 34.44
6% 189.89 88.51
6% 199.20 88.60
5% 187.30 63.34
4% 234.25 97.72
7% 248.81 28.88
6% 205.10 77.97
8% 206.23 68.33
8% 193.29 25.99
6% 232.46 83.76
5% 187.54 33.74
3% 241.93 99.57
8% 181.18 95.12
5% 183.45 96.68
5% 197.77 45.47
5% 196.86 25.39
7% 198.79 83.51
2% 186.03 70.89
8% 243.17 80.70
4% 247.24 87.01
5% 226.24 29.34
7% 189.23 70.29
3% 181.71 60.38
1% 210.03 91.68
3% 231.01 30.52
3% 194.65 41.28
7% 203.66 41.29
6% 240.87 54.65
3% 197.15 60.80
8% 193.28 64.06
3% 219.46 96.38
5% 221.81 69.32
3% 182.15 88.50
4% 201.85 51.48
2% 179.52 73.28
8% 233.78 66.83
6% 190.74 63.40
8% 242.97 50.59
6% 241.33 32.77
3% 178.69 72.62
3% 214.80 71.41
5% 209.75 82.38
3% 204.15 57.93
3% 216.93 67.29
6% 178.87 82.18
4% 187.80 31.83
2% 212.42 93.83
2% 177.97 49.83
2% 246.53 88.80
5% 186.11 72.27
6% 224.65 90.63
4% 201.28 36.47
5% 188.63 42.58
8% 235.50 91.54
2% 201.41 58.79
6% 217.02 69.30
3% 232.63 74.39
3% 212.44 99.27
5% 235.04 82.23
5% 189.50 48.28
4% 191.84 57.05
7% 177.22 41.08
4% 193.55 39.93
3% 247.01 85.67
5% 215.84 69.68
3% 225.49 92.22
2% 180.11 95.52
4% 175.82 47.28
3% 184.29 32.76
6% 186.25 96.31
3% 211.06 55.47
2% 237.70 82.03
7% 222.50 67.61
7% 243.74 32.53
3% 229.55 41.48
5% 190.77 96.69
2% 193.43 67.97
6% 216.18 93.25
6% 233.41 58.21
2% 175.64 57.31
3% 241.24 38.43
1% 217.56 26.87
3% 211.11 62.11
8% 247.64 38.01
1% 235.49 99.57
 25% 81% 69.59 25% 200.00
34.99% 84.30% 84.92 29.99% 249.94
12.60% 74.27% 45.01 15.03% 150.00
Taxes COGS/Sales SG&A Initial ($miSG&A GrowthR&D Initial ($mil)
25% 81% 69.59 25% 200.00
16% 82% 69.80 21% 230.22
35% 76% 68.62 21% 241.10
17% 82% 81.87 19% 214.68
13% 79% 76.71 28% 225.91
16% 82% 47.08 20% 181.10
16% 79% 51.22 22% 169.67
21% 76% 61.50 24% 202.58
16% 77% 50.84 28% 200.43
23% 74% 64.09 16% 157.51
29% 79% 60.03 20% 159.37
25% 83% 81.34 27% 212.63
33% 80% 59.79 18% 154.59
30% 82% 57.06 21% 166.39
34% 81% 75.18 29% 234.92
30% 83% 82.21 16% 243.53
24% 75% 52.34 24% 166.86
28% 78% 75.19 20% 197.28
18% 80% 70.02 22% 199.92
25% 75% 76.36 21% 231.02
23% 84% 79.36 30% 234.21
30% 77% 73.08 16% 231.80
34% 78% 48.36 18% 168.28
13% 82% 65.29 16% 228.46
28% 83% 60.34 16% 234.56
26% 75% 84.40 18% 190.81
31% 77% 51.53 25% 217.64
22% 82% 46.06 23% 202.39
30% 78% 60.65 22% 150.64
24% 81% 82.60 22% 247.44
27% 79% 69.49 21% 181.71
26% 84% 52.53 28% 216.95
18% 79% 83.12 22% 229.87
32% 78% 78.72 26% 187.52
30% 80% 55.51 19% 241.53
14% 82% 82.10 28% 225.87
17% 81% 71.48 15% 167.62
32% 74% 78.18 27% 162.53
19% 82% 68.28 28% 186.63
25% 82% 83.38 24% 222.98
31% 79% 59.93 21% 168.06
20% 77% 78.84 22% 150.29
32% 80% 45.06 29% 222.84
23% 82% 77.92 18% 211.23
21% 78% 54.13 22% 227.33
25% 80% 72.93 19% 216.67
15% 82% 53.76 20% 150.55
28% 84% 66.25 19% 224.96
33% 76% 48.46 22% 185.86
31% 79% 52.72 20% 168.77
29% 80% 64.33 25% 248.74
23% 81% 58.69 20% 222.08
20% 78% 78.88 24% 207.12
15% 81% 46.80 20% 165.90
32% 75% 54.31 26% 198.06
25% 80% 62.61 20% 211.45
14% 80% 46.19 18% 198.83
16% 75% 77.20 23% 158.19
28% 78% 72.08 26% 208.65
26% 75% 66.94 23% 160.03
27% 82% 47.65 25% 186.83
35% 75% 68.22 17% 214.19
19% 84% 51.85 15% 175.27
32% 76% 69.62 17% 160.66
23% 81% 63.47 29% 212.34
27% 81% 68.03 15% 248.03
34% 75% 54.71 19% 203.77
25% 77% 50.75 19% 246.15
32% 83% 56.22 21% 195.89
17% 78% 55.97 19% 245.28
20% 81% 66.70 23% 191.71
34% 83% 71.95 26% 225.31
17% 79% 63.12 17% 159.64
19% 82% 50.75 24% 173.11
32% 84% 83.70 25% 214.00
14% 83% 74.31 23% 179.09
19% 84% 59.89 27% 223.65
15% 84% 63.21 27% 171.53
22% 80% 56.00 17% 213.61
13% 82% 74.12 27% 153.94
34% 75% 54.48 24% 205.87
15% 78% 81.13 27% 237.87
30% 79% 65.81 29% 180.71
18% 75% 64.78 19% 182.27
14% 76% 45.86 18% 205.36
26% 80% 62.41 29% 221.59
29% 78% 79.01 16% 222.03
20% 79% 58.61 27% 222.75
16% 78% 75.51 19% 185.91
20% 82% 71.95 24% 217.43
22% 77% 50.70 18% 246.59
20% 75% 79.28 18% 192.93
31% 82% 77.56 25% 209.62
26% 74% 83.63 18% 156.87
33% 75% 69.65 15% 246.94
20% 81% 76.26 22% 236.39
16% 77% 56.33 26% 151.38
30% 76% 64.63 25% 195.27
29% 82% 84.71 17% 218.13
14% 79% 80.04 22% 220.34
19% 83% 49.03 25% 222.37
28% 76% 73.13 27% 205.91
32% 83% 46.61 16% 221.88
18% 81% 65.86 24% 174.82
18% 78% 50.00 23% 183.44
18% 81% 63.28 23% 209.88
34% 83% 63.27 18% 205.33
15% 75% 70.23 24% 236.09
27% 84% 60.22 19% 170.11
28% 81% 61.77 28% 219.70
28% 79% 46.50 23% 192.36
21% 80% 82.85 21% 202.22
28% 81% 84.12 16% 163.84
26% 80% 80.15 23% 229.16
29% 74% 46.91 21% 229.15
15% 78% 50.53 28% 232.54
15% 77% 70.33 25% 167.97
21% 83% 67.61 20% 192.37
16% 76% 64.23 30% 180.94
13% 76% 45.56 29% 233.04
28% 80% 59.71 18% 185.07
28% 82% 73.67 19% 222.19
34% 81% 46.77 26% 154.40
33% 78% 58.93 20% 203.60
13% 82% 81.27 17% 228.02
28% 81% 47.17 22% 201.92
26% 84% 72.95 24% 197.44
19% 83% 80.10 16% 223.15
25% 80% 46.95 21% 214.71
24% 80% 70.63 21% 244.07
28% 75% 62.34 20% 230.68
19% 80% 69.97 23% 174.86
33% 82% 60.59 18% 209.71
22% 83% 61.17 15% 177.41
16% 80% 70.13 19% 242.32
22% 78% 82.02 27% 224.81
33% 76% 80.88 29% 220.92
25% 75% 48.21 18% 201.01
25% 82% 46.82 20% 175.84
23% 82% 65.57 19% 237.42
23% 79% 68.20 28% 193.65
20% 82% 49.22 25% 244.92
19% 74% 69.70 19% 173.21
18% 79% 75.52 18% 206.59
18% 82% 77.16 29% 219.47
14% 83% 61.63 18% 184.78
28% 79% 69.24 29% 236.33
15% 82% 58.31 19% 173.00
13% 83% 78.81 17% 187.36
21% 75% 55.20 18% 182.49
24% 80% 60.36 23% 206.42
13% 80% 63.62 27% 235.38
15% 82% 49.33 20% 214.60
18% 82% 79.63 22% 223.47
25% 81% 81.20 21% 175.61
24% 84% 62.71 24% 199.91
26% 78% 49.30 22% 188.00
14% 80% 57.18 20% 196.43
14% 75% 75.27 29% 196.75
19% 76% 52.03 22% 174.45
28% 82% 60.68 19% 153.31
17% 78% 49.63 18% 181.50
20% 82% 62.79 20% 191.46
30% 81% 69.85 19% 225.16
18% 79% 50.15 22% 215.56
21% 83% 62.15 23% 179.36
33% 75% 84.71 28% 212.32
35% 82% 54.44 25% 215.27
15% 79% 50.34 18% 227.43
23% 77% 48.67 29% 151.58
28% 77% 55.32 29% 158.50
27% 81% 48.52 19% 170.35
14% 81% 80.91 18% 206.36
24% 82% 81.40 17% 197.73
16% 78% 59.86 29% 215.01
23% 76% 67.35 23% 182.48
20% 84% 45.43 16% 171.28
26% 77% 53.40 22% 231.43
14% 84% 48.58 17% 188.03
21% 82% 65.49 29% 171.20
21% 80% 51.84 20% 166.79
17% 76% 72.36 21% 155.73
24% 77% 70.08 29% 198.22
30% 76% 81.59 19% 187.78
19% 79% 78.85 19% 156.26
23% 80% 52.96 30% 233.39
18% 76% 57.60 19% 215.35
14% 83% 45.06 25% 208.74
32% 80% 55.71 29% 170.91
25% 74% 78.46 23% 207.05
15% 83% 59.79 25% 245.13
23% 76% 55.40 21% 231.13
18% 78% 81.08 21% 213.86
30% 75% 60.78 27% 207.05
21% 81% 46.70 21% 187.46
21% 80% 71.31 17% 241.10
30% 75% 55.37 28% 161.23
14% 83% 58.91 29% 229.68
21% 80% 62.02 27% 177.21
23% 75% 77.27 20% 214.12
15% 82% 45.29 18% 190.58
14% 83% 59.54 21% 230.14
18% 77% 82.99 19% 160.35
26% 76% 45.95 20% 207.47
22% 75% 57.59 24% 207.74
30% 78% 74.48 18% 153.48
18% 84% 70.60 21% 212.33
15% 81% 49.80 18% 168.22
31% 81% 52.46 17% 202.35
34% 78% 77.37 25% 187.61
27% 82% 68.74 17% 216.39
15% 79% 69.28 15% 161.32
30% 76% 65.51 25% 221.60
23% 84% 70.96 16% 205.51
14% 78% 45.01 16% 170.27
17% 79% 59.64 15% 221.04
19% 81% 48.40 29% 181.21
33% 77% 49.83 19% 235.39
14% 84% 59.18 28% 207.62
27% 76% 78.59 29% 175.78
22% 84% 58.71 23% 231.24
19% 80% 63.57 23% 186.64
15% 75% 66.55 17% 190.08
13% 81% 70.07 16% 179.30
27% 76% 64.29 22% 202.17
21% 83% 61.43 26% 165.24
30% 80% 75.67 28% 198.06
25% 83% 81.99 21% 198.97
20% 84% 62.91 21% 153.72
30% 79% 78.77 25% 237.02
29% 80% 62.78 29% 178.45
30% 81% 81.54 24% 220.85
31% 75% 53.70 23% 245.40
33% 82% 69.26 17% 208.93
20% 83% 47.32 19% 218.12
28% 81% 51.73 23% 229.14
26% 80% 54.48 16% 247.59
16% 74% 46.64 17% 225.79
29% 81% 80.46 23% 166.58
17% 78% 52.14 20% 153.28
27% 79% 72.10 24% 197.93
17% 80% 57.92 26% 213.07
14% 83% 69.24 15% 229.20
23% 84% 48.73 29% 150.14
27% 75% 61.78 19% 202.62
28% 79% 46.40 20% 181.98
34% 78% 53.87 27% 162.07
20% 76% 55.53 21% 217.68
17% 75% 62.98 25% 244.16
32% 79% 80.26 29% 161.92
27% 81% 70.59 24% 229.55
13% 74% 60.81 29% 211.89
19% 76% 79.11 30% 175.70
21% 75% 56.47 22% 154.73
20% 82% 75.48 28% 164.06
23% 77% 45.16 17% 172.27
24% 84% 81.85 21% 182.71
31% 79% 80.61 18% 168.51
23% 77% 64.71 21% 166.39
16% 75% 46.11 22% 243.35
33% 80% 58.09 23% 173.13
18% 81% 81.29 19% 178.37
30% 77% 54.27 20% 217.94
25% 82% 70.07 16% 231.02
14% 83% 66.72 20% 236.48
20% 79% 46.34 23% 158.38
32% 80% 48.52 23% 197.36
30% 79% 84.57 21% 157.15
23% 83% 47.89 22% 225.51
18% 76% 84.92 23% 229.71
27% 78% 70.36 20% 221.27
30% 78% 47.71 18% 218.40
19% 80% 56.53 15% 171.11
14% 84% 65.28 25% 205.87
20% 83% 75.60 27% 170.19
24% 82% 72.78 29% 167.08
16% 83% 69.73 18% 246.24
32% 83% 69.32 15% 159.76
15% 83% 60.88 22% 190.53
14% 80% 48.28 20% 241.91
27% 75% 76.87 28% 213.80
13% 77% 66.27 29% 167.47
21% 75% 65.57 20% 223.25
17% 74% 82.99 21% 234.60
29% 84% 53.16 21% 220.61
16% 80% 45.16 30% 204.96
13% 81% 58.75 19% 167.69
13% 82% 61.19 22% 185.70
27% 77% 66.17 18% 223.73
23% 80% 77.40 18% 190.96
15% 75% 76.92 21% 226.45
14% 77% 82.34 24% 179.36
25% 83% 64.47 24% 217.84
27% 81% 80.36 24% 153.54
21% 75% 72.57 21% 163.17
28% 79% 59.29 18% 188.68
17% 75% 51.01 21% 210.07
27% 78% 54.17 28% 162.04
28% 83% 49.00 29% 248.81
20% 75% 60.07 16% 161.65
13% 78% 73.54 15% 171.28
16% 78% 52.01 27% 221.15
20% 84% 82.19 30% 156.35
13% 77% 61.99 17% 150.86
23% 78% 60.44 29% 151.83
30% 79% 71.69 19% 225.01
21% 74% 76.11 18% 237.54
30% 79% 47.88 15% 217.98
33% 81% 62.75 23% 153.69
18% 76% 76.91 29% 152.27
19% 78% 51.49 19% 217.55
16% 81% 62.52 27% 203.26
15% 78% 48.81 15% 249.63
26% 81% 55.72 25% 232.59
14% 81% 45.63 28% 160.94
19% 75% 59.01 23% 221.32
31% 79% 78.48 24% 180.77
31% 84% 70.48 16% 165.54
19% 80% 74.68 29% 212.86
25% 82% 75.73 20% 197.13
22% 84% 82.57 22% 225.56
22% 80% 75.23 15% 183.23
24% 83% 60.44 15% 161.21
21% 81% 73.17 29% 211.15
27% 84% 62.43 26% 242.71
14% 83% 62.27 24% 150.01
22% 75% 49.06 30% 217.27
24% 81% 54.71 26% 212.97
30% 77% 75.44 24% 193.90
31% 79% 48.62 21% 208.43
35% 81% 72.25 15% 226.47
30% 84% 55.34 25% 215.47
31% 82% 83.25 23% 156.73
29% 77% 46.49 28% 180.19
34% 84% 59.30 16% 190.25
32% 77% 83.55 19% 237.40
34% 79% 68.56 24% 172.30
18% 78% 59.08 27% 236.17
21% 78% 57.25 21% 199.99
25% 77% 45.98 15% 230.75
35% 83% 74.26 20% 221.28
15% 84% 79.95 20% 193.81
20% 77% 74.39 15% 229.59
19% 78% 61.20 24% 159.24
24% 79% 77.89 29% 164.45
17% 79% 77.62 20% 205.74
21% 80% 61.04 22% 241.40
23% 84% 56.31 29% 179.56
14% 83% 73.01 17% 230.61
24% 84% 78.47 24% 195.89
26% 83% 67.94 30% 189.24
32% 81% 69.92 15% 231.54
15% 82% 54.94 18% 209.18
20% 82% 56.99 29% 248.15
16% 83% 72.87 26% 232.63
34% 75% 49.49 25% 191.73
34% 82% 70.00 18% 179.72
14% 81% 63.75 29% 177.86
19% 77% 82.95 17% 248.69
34% 80% 77.65 29% 249.79
21% 79% 49.69 28% 219.31
28% 75% 76.37 22% 188.19
29% 80% 75.67 25% 175.77
25% 79% 62.48 16% 196.51
23% 83% 73.36 24% 180.89
19% 83% 82.14 19% 159.33
15% 83% 51.67 21% 249.04
16% 80% 71.29 29% 199.74
33% 77% 67.01 18% 212.92
15% 80% 76.57 15% 166.12
25% 80% 60.30 17% 192.71
24% 75% 46.03 26% 166.34
28% 82% 67.17 22% 198.90
14% 77% 47.38 16% 242.11
17% 75% 61.95 24% 229.52
29% 76% 46.04 22% 188.17
21% 79% 81.74 19% 245.48
15% 83% 81.16 24% 241.38
28% 80% 62.19 19% 165.69
33% 82% 49.00 29% 223.19
22% 83% 55.85 26% 170.46
30% 82% 56.92 18% 246.76
24% 76% 66.34 26% 157.26
29% 78% 76.49 21% 238.71
16% 81% 69.82 29% 187.82
33% 75% 48.08 25% 198.86
17% 83% 71.21 26% 239.98
21% 78% 64.34 17% 211.86
27% 82% 59.66 21% 246.17
15% 75% 52.37 29% 171.94
34% 83% 49.15 25% 170.14
35% 77% 68.05 19% 194.46
30% 81% 66.95 26% 158.50
17% 78% 75.96 18% 157.21
21% 82% 50.28 24% 217.20
18% 76% 52.32 19% 179.38
31% 80% 60.92 24% 222.57
23% 75% 68.97 24% 155.90
19% 75% 56.54 25% 164.79
32% 76% 53.31 25% 229.26
23% 80% 54.83 17% 164.44
22% 84% 72.39 29% 230.05
17% 77% 52.95 30% 228.07
20% 82% 64.43 23% 225.53
27% 81% 73.67 26% 186.91
18% 78% 80.39 16% 243.11
35% 84% 56.31 22% 249.69
33% 82% 58.38 15% 175.91
34% 78% 68.99 20% 172.84
15% 77% 72.06 23% 203.48
13% 76% 81.85 19% 226.08
15% 81% 60.80 20% 205.67
34% 81% 77.85 30% 211.91
14% 80% 81.46 16% 151.20
33% 76% 50.87 25% 207.71
13% 80% 66.17 30% 177.65
25% 80% 78.70 19% 213.46
21% 76% 83.79 25% 155.46
16% 77% 52.85 22% 229.38
17% 76% 71.35 19% 168.17
22% 80% 75.77 25% 215.82
28% 76% 75.24 22% 243.54
24% 76% 65.17 15% 169.92
29% 80% 73.46 30% 243.12
23% 80% 49.04 21% 192.67
23% 75% 63.82 16% 212.00
32% 79% 57.63 27% 186.86
13% 77% 81.77 18% 209.39
13% 84% 69.90 24% 161.55
28% 84% 59.67 15% 230.67
17% 81% 77.35 15% 249.94
18% 81% 52.49 28% 161.20
21% 78% 83.67 22% 156.98
24% 78% 78.60 27% 168.93
19% 76% 70.74 16% 186.08
15% 79% 50.38 21% 209.55
25% 81% 56.73 22% 242.80
14% 82% 47.33 15% 183.11
33% 83% 45.61 26% 244.48
17% 75% 81.58 16% 201.78
24% 76% 65.63 29% 186.15
32% 75% 82.09 30% 152.90
33% 81% 53.34 26% 174.43
23% 81% 59.43 23% 178.15
24% 79% 70.38 26% 187.17
28% 79% 50.49 20% 238.42
31% 83% 55.91 26% 167.77
24% 82% 59.20 25% 195.22
34% 77% 57.77 20% 241.10
20% 78% 52.42 17% 236.27
14% 81% 67.11 22% 221.79
35% 82% 53.66 15% 224.13
30% 83% 77.87 20% 240.46
22% 75% 76.16 22% 171.05
15% 81% 51.20 21% 186.07
17% 81% 69.16 21% 234.19
31% 82% 80.50 30% 156.16
14% 80% 59.70 25% 174.20
28% 82% 58.53 16% 215.29
26% 75% 79.48 29% 195.23
23% 74% 60.34 26% 189.85
13% 84% 57.34 26% 167.53
32% 82% 78.50 27% 230.77
20% 77% 63.37 16% 150.00
28% 77% 79.68 20% 230.91
20% 78% 59.69 16% 196.81
14% 76% 72.07 20% 194.36
13% 83% 50.30 24% 243.58
15% 77% 64.92 26% 230.20
25% 78% 74.18 19% 153.38
18% 84% 78.69 25% 224.81
35% 83% 60.57 22% 211.63
26% 84% 47.17 22% 173.68
18% 80% 53.32 20% 214.80
20% 79% 76.64 16% 230.50
31% 76% 80.06 26% 236.59
30% 78% 51.19 20% 195.73
22% 75% 60.96 30% 206.47
30% 79% 45.32 24% 183.53
30% 82% 65.77 24% 171.57
13% 80% 55.35 19% 235.03
35% 83% 83.12 20% 184.95
23% 84% 48.56 23% 210.55
21% 75% 76.77 24% 162.16
32% 76% 71.29 18% 231.84
20% 76% 52.89 19% 212.17
20% 81% 55.82 26% 187.56
19% 81% 74.62 22% 197.34
13% 75% 74.50 19% 165.09
13% 81% 66.48 25% 191.84
32% 82% 54.21 22% 186.58
35% 82% 60.12 23% 176.95
26% 79% 64.44 29% 203.83
25% 76% 58.55 25% 153.35
13% 76% 47.75 30% 207.02
33% 76% 54.77 16% 205.32
21% 79% 64.17 29% 163.73
15% 76% 60.94 29% 228.06
23% 75% 61.73 29% 225.04
31% 76% 57.34 17% 204.22
 25.00 50% 100% 7.58
29.95 59.98% 100.00% 14.95
15.01 35.04% 85.02% 6.00
R&D Versioning ($mil)Cash % of SG&A Cash % of R&D Inventory Days
25.00 50% 100% 7.58
15.61 57% 95% 9.76
16.38 35% 98% 6.22
28.39 43% 93% 10.08
26.86 46% 91% 12.07
21.11 51% 94% 13.97
18.35 38% 85% 8.01
15.49 49% 94% 14.24
27.40 46% 90% 11.41
21.84 48% 90% 8.00
28.51 39% 97% 10.55
21.55 60% 93% 12.09
16.85 52% 100% 14.17
28.75 42% 97% 12.41
15.71 38% 88% 8.73
25.93 48% 98% 9.52
22.90 56% 99% 13.85
18.50 38% 100% 10.01
19.73 40% 98% 8.80
16.86 60% 98% 13.16
23.23 53% 85% 9.15
25.01 50% 88% 14.94
29.78 59% 94% 12.89
16.14 46% 94% 12.07
27.29 49% 98% 12.86
24.26 57% 87% 8.16
27.28 42% 87% 8.89
16.53 56% 94% 12.82
22.73 58% 92% 8.96
17.61 47% 92% 7.37
17.44 43% 87% 11.09
18.72 39% 92% 13.59
23.82 50% 96% 13.01
15.88 42% 88% 13.97
19.33 49% 92% 13.03
28.30 47% 96% 14.36
21.88 49% 94% 7.45
27.69 50% 96% 7.79
20.76 47% 93% 12.30
21.08 60% 92% 9.93
18.30 48% 87% 10.77
18.58 47% 91% 9.50
20.69 54% 97% 12.27
22.76 48% 98% 7.40
17.35 59% 88% 6.60
20.58 60% 90% 13.14
27.34 53% 93% 9.66
27.61 39% 94% 8.01
16.13 59% 91% 12.32
19.37 41% 96% 7.55
21.00 37% 96% 8.65
19.62 41% 85% 11.47
18.57 47% 100% 7.07
22.52 59% 97% 8.78
20.71 52% 98% 14.09
21.70 48% 87% 14.78
16.74 35% 98% 14.76
28.45 53% 87% 9.98
29.12 45% 95% 6.04
27.99 44% 90% 8.96
27.58 53% 90% 6.74
26.16 52% 92% 12.05
20.66 52% 94% 8.11
23.65 35% 87% 14.42
15.29 39% 88% 7.85
16.36 54% 94% 9.51
18.89 55% 87% 10.99
19.46 56% 87% 13.14
28.23 42% 95% 13.52
21.71 43% 88% 9.92
25.84 54% 97% 11.02
21.44 37% 100% 10.65
19.43 37% 90% 10.14
28.31 53% 92% 9.78
23.38 53% 89% 12.14
18.97 40% 100% 14.77
20.54 38% 88% 7.03
23.12 48% 89% 10.27
28.79 39% 94% 7.14
24.24 45% 99% 9.78
26.51 43% 93% 14.95
25.40 50% 91% 13.08
16.20 37% 90% 6.58
26.13 36% 89% 14.39
29.62 56% 88% 14.10
22.72 46% 88% 14.00
28.15 59% 97% 12.05
26.74 60% 89% 7.45
17.71 40% 99% 10.59
26.36 45% 92% 13.60
15.65 43% 88% 12.48
27.79 44% 89% 13.06
19.40 44% 89% 6.58
19.48 40% 93% 12.93
20.56 46% 86% 9.47
20.72 54% 85% 11.27
28.45 39% 94% 10.63
17.28 38% 87% 14.12
22.80 53% 97% 10.34
15.23 39% 100% 13.40
21.83 45% 92% 8.11
19.64 35% 90% 6.65
29.38 47% 93% 8.69
28.27 44% 86% 13.52
20.94 51% 93% 13.00
23.56 51% 95% 8.06
18.34 48% 99% 12.21
25.47 38% 87% 13.07
20.52 49% 97% 6.59
21.59 44% 97% 6.39
28.98 49% 92% 14.16
19.62 37% 85% 9.65
22.38 38% 95% 8.68
27.97 57% 92% 8.65
24.02 56% 100% 13.84
27.55 58% 97% 13.26
24.44 57% 96% 8.76
29.12 47% 100% 14.34
18.81 44% 91% 14.36
20.98 54% 92% 10.04
27.91 40% 96% 14.35
27.51 42% 90% 9.36
18.99 44% 89% 8.19
28.50 51% 86% 12.88
19.90 46% 92% 12.85
21.27 51% 99% 13.13
18.26 52% 92% 13.99
25.31 45% 96% 11.39
18.90 47% 92% 12.86
20.81 37% 99% 12.85
16.15 42% 98% 14.15
17.35 42% 100% 12.69
24.51 45% 98% 7.55
21.60 35% 99% 14.91
26.37 43% 97% 6.34
29.54 45% 88% 9.69
17.74 52% 90% 11.44
23.72 41% 96% 12.72
17.77 40% 95% 8.35
26.33 44% 89% 6.57
17.18 56% 88% 11.66
26.30 52% 90% 7.04
16.59 36% 89% 8.10
26.92 52% 86% 6.84
18.03 37% 100% 12.70
22.28 43% 97% 14.73
16.51 45% 95% 6.68
15.42 47% 99% 7.18
23.22 59% 91% 14.74
26.06 47% 87% 7.74
25.61 37% 85% 7.73
19.37 54% 87% 9.22
21.06 59% 94% 13.53
16.13 38% 92% 12.06
24.81 44% 97% 8.15
19.92 60% 90% 13.92
24.34 58% 90% 8.11
15.27 45% 91% 14.11
22.08 42% 97% 11.49
22.30 43% 88% 7.76
29.13 55% 98% 12.04
20.92 54% 89% 13.57
19.57 45% 88% 6.02
25.31 54% 94% 6.49
20.12 44% 89% 12.56
24.80 39% 85% 14.16
25.29 36% 95% 9.66
28.47 49% 94% 6.30
25.88 55% 97% 10.53
16.10 58% 93% 11.62
21.53 59% 90% 10.69
15.40 42% 97% 6.39
17.62 45% 98% 12.61
25.38 46% 95% 14.51
18.87 40% 98% 7.46
21.80 43% 95% 12.07
19.86 41% 96% 11.82
17.27 40% 88% 11.11
18.34 57% 93% 13.44
23.56 50% 91% 9.30
27.55 57% 100% 6.30
25.90 44% 98% 7.16
26.23 48% 86% 7.91
29.10 39% 93% 8.78
25.02 57% 93% 12.87
19.36 49% 98% 9.60
18.07 45% 88% 8.88
23.25 38% 95% 6.02
17.63 45% 90% 10.88
23.60 50% 95% 8.33
25.49 38% 89% 8.25
15.39 55% 86% 8.01
19.59 59% 95% 8.42
25.64 44% 95% 12.15
27.49 54% 100% 7.99
20.55 51% 89% 14.04
25.24 43% 92% 8.59
29.12 47% 96% 7.90
21.73 54% 88% 9.60
23.90 45% 99% 8.97
25.55 55% 91% 10.05
16.62 37% 93% 7.73
23.73 35% 100% 7.79
17.38 59% 99% 8.40
20.26 36% 88% 12.36
17.85 43% 91% 14.62
16.30 38% 93% 11.86
22.69 36% 91% 11.98
29.64 48% 100% 12.94
19.77 56% 88% 14.26
29.42 46% 91% 9.46
27.28 56% 89% 13.00
21.50 48% 89% 12.73
29.55 44% 88% 8.87
23.96 44% 92% 10.90
26.35 59% 94% 9.58
27.68 58% 90% 13.14
16.66 39% 90% 9.29
15.55 40% 94% 10.03
17.62 46% 97% 14.91
17.82 48% 91% 12.83
20.02 43% 86% 12.13
25.59 38% 99% 9.19
20.91 38% 87% 11.03
23.83 51% 99% 13.19
29.56 43% 88% 6.52
27.46 38% 96% 10.26
27.07 60% 95% 10.10
16.33 58% 99% 14.15
16.68 38% 99% 10.30
16.24 52% 97% 13.71
28.88 46% 91% 13.47
29.70 57% 97% 13.58
20.81 39% 88% 6.89
19.08 51% 91% 14.00
18.47 57% 91% 7.12
26.23 44% 95% 8.78
21.88 51% 100% 7.21
15.36 59% 96% 6.88
22.87 45% 91% 9.54
29.18 37% 85% 14.69
21.44 36% 94% 13.85
27.81 57% 96% 11.14
22.80 41% 95% 9.08
19.68 37% 89% 6.91
21.26 45% 90% 10.50
29.52 41% 98% 8.52
22.27 38% 100% 7.28
19.22 36% 96% 10.36
18.00 43% 87% 11.22
15.25 46% 86% 7.12
28.08 48% 88% 12.14
28.37 57% 93% 13.91
28.24 39% 86% 9.16
22.58 48% 96% 8.22
18.33 60% 89% 11.46
19.94 45% 90% 11.01
16.98 50% 91% 14.20
22.96 41% 99% 8.79
15.15 53% 95% 7.75
29.46 45% 90% 6.98
22.47 39% 90% 14.09
17.16 57% 94% 8.58
28.24 36% 96% 6.05
20.99 45% 96% 9.10
20.66 51% 100% 12.31
29.40 46% 93% 13.79
23.12 48% 91% 11.31
18.83 45% 95% 6.00
26.70 40% 96% 14.22
19.44 59% 93% 6.70
15.80 37% 85% 9.56
16.30 53% 91% 13.53
20.54 37% 86% 10.80
23.45 44% 99% 8.59
16.21 45% 90% 7.07
25.74 42% 85% 13.00
27.01 48% 88% 14.83
26.20 55% 98% 9.09
22.97 37% 100% 12.80
26.47 53% 88% 6.49
21.90 41% 100% 10.77
26.45 38% 96% 7.48
21.36 40% 94% 10.04
26.39 58% 94% 14.91
28.14 41% 97% 11.35
24.00 52% 88% 13.46
27.85 59% 95% 6.97
24.04 45% 96% 11.12
29.37 45% 99% 14.54
16.05 47% 87% 11.83
28.82 44% 93% 9.90
26.62 46% 89% 10.00
23.28 35% 87% 10.39
29.81 52% 100% 8.61
25.02 53% 86% 14.72
24.11 47% 99% 13.49
17.64 42% 86% 11.34
18.36 49% 90% 9.44
21.11 42% 98% 14.56
25.67 43% 86% 6.22
15.09 58% 94% 6.27
20.36 47% 97% 13.42
15.96 49% 98% 7.53
18.85 43% 85% 9.99
21.97 59% 98% 14.37
15.01 49% 95% 9.77
28.08 52% 92% 6.94
29.71 59% 94% 10.79
17.39 39% 89% 7.55
27.77 45% 89% 10.17
29.69 52% 85% 7.67
29.61 36% 97% 9.61
27.36 39% 89% 7.63
18.05 42% 93% 12.83
20.48 44% 94% 10.05
20.63 50% 97% 9.90
20.50 48% 96% 7.34
17.43 44% 87% 14.25
22.69 57% 100% 12.44
24.26 45% 91% 14.69
15.89 56% 93% 13.12
17.49 42% 85% 12.03
24.76 38% 86% 9.94
16.12 47% 91% 8.29
28.90 41% 85% 8.69
26.73 55% 86% 7.08
25.36 55% 98% 9.13
22.04 36% 95% 7.26
18.76 53% 87% 6.40
21.19 47% 87% 11.93
24.96 36% 92% 12.57
22.91 52% 100% 9.94
17.18 38% 98% 8.83
17.81 52% 87% 7.86
27.31 55% 88% 12.61
17.90 53% 97% 9.34
15.66 59% 94% 9.50
19.51 48% 91% 10.46
21.76 38% 94% 12.29
26.32 59% 92% 13.59
29.95 49% 98% 14.10
25.57 52% 85% 7.45
17.24 43% 95% 10.03
25.40 36% 85% 13.06
22.45 42% 98% 12.74
28.22 43% 98% 11.62
21.40 59% 94% 6.84
23.45 42% 93% 12.92
17.75 44% 89% 14.38
16.15 39% 97% 7.82
23.16 52% 92% 13.04
15.31 39% 94% 14.47
23.43 47% 90% 9.21
22.59 39% 89% 12.32
27.99 54% 85% 13.53
28.36 41% 89% 13.76
24.41 40% 96% 14.31
16.27 51% 94% 13.76
19.66 56% 90% 6.02
28.83 42% 98% 12.36
24.41 48% 90% 10.23
18.74 49% 88% 7.32
16.64 36% 93% 12.27
22.91 55% 95% 9.68
16.12 42% 97% 11.90
28.56 57% 93% 9.05
16.71 44% 94% 13.22
25.24 42% 99% 12.54
25.90 42% 98% 9.13
29.59 38% 92% 6.93
23.22 55% 95% 10.50
28.46 49% 100% 14.90
17.31 57% 99% 8.35
21.69 51% 85% 13.07
15.05 41% 88% 6.17
23.67 40% 90% 14.07
21.25 51% 91% 7.39
19.97 39% 96% 8.23
23.51 51% 91% 7.44
18.81 59% 100% 12.56
15.17 45% 99% 11.87
21.90 60% 89% 12.84
23.04 41% 90% 8.26
15.58 41% 89% 11.71
20.19 55% 86% 7.82
20.76 45% 98% 10.17
17.19 44% 88% 13.33
26.89 48% 88% 9.05
19.69 53% 99% 10.91
16.05 59% 89% 11.40
19.36 60% 99% 12.94
19.69 44% 88% 6.66
27.55 57% 88% 12.25
19.20 60% 88% 12.12
21.83 44% 95% 12.19
18.66 43% 92% 13.74
26.15 40% 90% 9.55
28.31 56% 89% 8.83
15.20 56% 86% 6.98
25.33 56% 96% 12.20
24.35 59% 85% 6.61
25.13 52% 97% 7.97
17.97 56% 91% 7.15
21.65 41% 91% 11.01
27.62 46% 90% 6.23
24.48 56% 90% 14.67
17.03 44% 99% 14.13
24.27 36% 86% 12.39
19.22 54% 96% 13.80
15.81 43% 98% 11.96
29.00 52% 89% 11.20
16.91 49% 97% 6.18
25.56 44% 97% 13.14
23.42 51% 87% 14.57
24.78 48% 99% 7.67
28.65 49% 97% 7.88
16.62 58% 85% 6.20
23.02 60% 86% 9.96
26.76 53% 92% 6.03
17.25 44% 89% 14.74
16.60 51% 90% 7.19
17.62 59% 91% 9.15
27.36 57% 98% 6.98
24.99 49% 93% 7.33
23.49 37% 87% 9.99
27.28 52% 98% 6.66
15.47 48% 92% 9.59
17.44 44% 99% 14.56
19.29 53% 87% 13.43
29.41 49% 97% 8.01
20.66 46% 89% 7.87
29.46 38% 85% 12.88
26.73 57% 94% 6.88
24.40 58% 86% 13.04
26.61 49% 94% 14.07
15.09 60% 93% 6.95
17.80 44% 86% 12.23
26.22 40% 90% 9.37
21.91 55% 86% 8.25
19.62 44% 99% 14.74
16.00 38% 92% 14.53
21.51 44% 97% 8.15
28.98 40% 99% 12.75
28.21 59% 92% 9.67
21.27 46% 88% 12.34
26.39 36% 99% 12.89
25.48 37% 100% 13.86
26.74 55% 99% 14.28
17.94 37% 88% 12.37
22.69 42% 98% 7.48
26.97 36% 88% 7.95
18.82 43% 89% 12.92
18.84 47% 93% 9.86
15.03 55% 89% 12.80
18.20 56% 97% 12.09
23.56 56% 93% 6.67
24.83 49% 95% 10.77
17.02 54% 92% 11.59
22.92 50% 99% 9.04
27.29 43% 86% 8.92
17.75 54% 88% 9.02
29.61 54% 93% 7.24
15.28 59% 87% 14.05
29.37 55% 88% 11.99
27.60 37% 91% 14.01
26.58 48% 100% 11.54
29.50 37% 97% 12.31
15.06 51% 88% 9.71
24.86 40% 99% 10.27
16.59 53% 98% 9.94
19.22 51% 88% 8.26
28.19 55% 92% 11.68
23.45 44% 100% 14.93
27.29 44% 99% 7.88
25.75 38% 95% 13.30
26.05 53% 90% 9.04
26.64 43% 96% 8.84
23.80 46% 95% 9.83
27.79 46% 90% 8.25
21.26 43% 90% 7.66
20.00 46% 99% 14.30
16.46 35% 92% 7.23
27.58 37% 99% 6.02
29.41 60% 92% 6.74
22.34 47% 94% 8.13
29.59 38% 93% 14.09
26.30 59% 96% 11.30
18.44 42% 97% 13.92
23.74 46% 85% 8.78
24.07 59% 93% 11.99
26.87 57% 88% 9.87
28.72 48% 100% 13.76
15.20 59% 91% 10.57
17.26 44% 94% 11.63
17.30 56% 91% 13.65
26.85 47% 98% 6.73
25.18 37% 96% 9.83
15.78 57% 85% 9.70
18.80 54% 89% 6.59
 25% 38.49 61.54
34.99% 45.00 74.98
15.00% 30.02 50.02
Inventory Liquidat Accounts ReceivabAccounts Payable Days
25% 38.49 61.54
24% 33.66 71.25
34% 32.26 58.98
16% 31.21 50.03
15% 36.86 59.21
27% 33.42 64.41
26% 44.80 62.46
33% 40.99 66.75
25% 33.60 59.22
17% 44.07 50.59
16% 37.63 74.29
26% 30.30 60.64
26% 42.31 59.06
26% 37.53 64.92
26% 31.43 58.22
18% 44.04 68.08
20% 40.39 57.40
27% 42.29 61.39
20% 44.30 65.29
20% 32.26 60.38
29% 41.50 64.79
23% 43.01 65.42
26% 41.25 64.68
28% 32.85 72.00
35% 41.81 64.18
32% 37.28 52.27
19% 41.63 51.48
30% 35.52 61.14
27% 32.49 70.80
34% 44.85 67.60
26% 42.23 73.55
19% 33.20 60.60
22% 35.74 55.83
16% 37.42 74.06
32% 44.67 73.67
21% 44.50 57.77
16% 36.46 52.72
34% 39.17 65.46
34% 41.09 51.55
19% 37.71 67.83
26% 44.40 66.29
30% 42.86 64.58
29% 43.91 68.39
29% 44.07 52.58
30% 44.91 59.65
32% 35.12 65.61
18% 41.76 62.30
24% 40.84 57.78
19% 34.24 69.79
16% 39.69 68.14
18% 37.09 65.93
18% 34.76 67.32
23% 37.61 50.20
16% 36.70 68.15
20% 44.42 66.50
34% 35.84 67.02
33% 41.43 74.21
20% 42.98 54.34
26% 34.52 70.37
25% 38.13 52.15
15% 31.25 74.98
21% 33.74 71.94
26% 44.29 54.85
18% 30.70 65.09
22% 33.92 68.06
27% 42.97 70.01
34% 37.17 61.93
18% 35.74 56.19
20% 38.16 71.26
25% 41.93 60.08
20% 44.43 54.92
17% 43.19 59.74
21% 45.00 72.26
22% 35.66 53.14
21% 41.50 58.10
31% 31.74 66.85
21% 37.81 53.38
21% 33.65 51.81
20% 36.80 72.73
31% 42.53 62.90
20% 43.61 72.42
33% 34.74 59.39
17% 39.91 61.53
32% 35.11 50.02
17% 37.00 50.27
23% 33.93 56.44
33% 38.85 69.00
35% 36.56 63.59
34% 31.42 62.62
24% 31.26 67.36
20% 36.20 72.03
26% 42.75 57.86
19% 41.15 62.54
26% 39.13 68.83
16% 33.64 65.24
27% 39.99 64.82
26% 41.25 50.13
25% 32.81 68.93
23% 39.88 74.62
29% 42.15 51.11
19% 36.92 50.50
15% 34.20 63.13
20% 43.87 59.58
22% 41.57 59.20
16% 39.32 67.01
20% 32.17 64.25
21% 33.47 59.46
30% 41.77 72.84
18% 30.37 58.89
15% 35.42 61.57
16% 41.48 73.37
20% 35.97 60.71
28% 34.10 63.54
15% 44.71 72.35
34% 30.07 63.45
31% 36.29 57.50
28% 36.12 65.00
21% 30.69 74.52
15% 39.16 67.52
19% 43.01 61.96
28% 39.16 54.51
15% 32.73 73.24
33% 43.99 57.25
34% 32.30 56.22
23% 38.58 67.81
34% 39.52 61.49
24% 43.73 69.92
33% 34.04 69.24
29% 38.64 60.68
24% 33.20 66.80
19% 31.32 55.14
16% 39.40 59.66
27% 44.67 71.34
26% 44.70 61.90
25% 38.70 59.50
32% 31.40 68.29
32% 31.71 66.17
23% 37.16 64.18
18% 34.61 57.63
19% 40.28 61.74
23% 42.50 65.56
27% 41.07 66.41
26% 33.21 61.62
33% 30.28 66.68
24% 44.62 50.14
19% 41.90 53.86
21% 41.11 62.95
27% 30.19 68.99
24% 35.61 68.48
24% 33.68 63.17
18% 43.50 70.46
30% 36.63 56.42
23% 37.06 52.03
19% 44.80 61.53
19% 40.71 60.70
18% 34.02 72.60
24% 39.60 66.03
21% 34.37 64.62
25% 36.17 62.28
23% 38.40 60.91
19% 31.34 59.74
24% 35.03 70.57
18% 43.88 69.65
22% 39.36 61.75
32% 32.92 71.71
22% 38.66 59.72
32% 35.43 72.52
21% 40.70 50.74
20% 34.35 70.49
35% 30.18 58.46
34% 42.89 56.35
35% 30.34 63.49
26% 43.47 54.04
32% 40.00 59.23
24% 43.22 66.57
20% 42.37 65.07
24% 30.55 64.86
30% 40.69 73.01
26% 33.67 59.31
29% 33.36 57.05
18% 31.25 61.65
34% 32.82 72.31
15% 32.20 67.74
21% 31.33 57.48
28% 31.27 67.37
17% 32.25 68.71
17% 40.72 62.17
20% 31.41 57.63
21% 38.51 51.44
19% 36.39 67.95
23% 39.91 56.11
16% 33.83 55.22
29% 35.95 60.94
18% 37.41 59.07
16% 40.82 68.69
33% 31.05 63.58
17% 33.62 55.66
28% 36.28 69.32
19% 39.80 53.24
29% 30.34 53.77
26% 37.60 58.14
19% 43.23 73.85
22% 38.54 70.77
30% 44.01 66.39
34% 38.77 57.70
19% 33.81 65.08
29% 43.61 65.75
28% 35.98 64.23
23% 44.68 52.73
24% 43.68 55.43
27% 33.65 56.77
23% 38.05 63.71
28% 31.05 63.92
27% 32.49 69.36
24% 44.50 70.06
32% 43.62 73.71
24% 43.00 64.10
20% 31.03 55.96
33% 41.31 66.92
15% 39.54 63.37
27% 42.31 62.30
30% 43.21 66.16
26% 34.77 57.05
20% 34.29 50.25
26% 40.59 64.47
21% 44.88 56.86
20% 44.38 53.29
35% 38.88 68.31
29% 41.56 72.87
27% 30.82 61.46
32% 33.61 68.49
28% 37.60 72.72
28% 36.63 71.44
31% 40.26 59.25
25% 35.18 53.16
18% 42.73 68.33
16% 34.28 62.96
21% 37.50 73.96
26% 30.84 68.77
25% 30.41 71.75
27% 33.70 60.38
24% 41.85 63.83
15% 44.15 67.97
26% 30.78 72.24
29% 38.52 68.01
24% 31.32 51.35
27% 40.10 53.43
19% 38.81 56.22
34% 40.93 65.39
19% 30.85 66.14
31% 31.28 56.93
26% 39.07 70.66
34% 35.41 70.60
26% 42.52 68.77
33% 35.40 67.45
17% 39.20 63.26
26% 40.31 69.77
18% 38.55 73.76
25% 38.68 57.56
24% 30.52 61.44
20% 38.40 55.40
25% 41.11 54.96
32% 31.13 64.03
30% 42.40 63.21
34% 35.39 65.94
17% 39.26 52.30
30% 40.80 65.45
21% 34.50 70.86
28% 44.66 58.37
15% 30.90 50.37
30% 44.72 60.88
17% 38.26 73.03
21% 35.88 72.16
32% 37.48 62.18
32% 38.99 55.44
35% 38.65 68.64
16% 35.63 71.12
16% 42.57 54.90
26% 31.07 58.07
35% 38.23 68.82
20% 44.05 53.25
15% 36.79 74.70
26% 43.27 58.03
28% 34.39 61.25
19% 32.22 55.17
18% 33.48 56.98
28% 31.23 63.25
18% 40.34 65.56
29% 35.17 73.19
32% 36.62 54.39
22% 33.08 68.14
18% 40.39 53.42
19% 30.32 50.14
23% 41.95 63.91
33% 37.19 50.56
21% 35.20 68.64
20% 31.00 61.78
17% 39.15 65.57
16% 36.34 53.14
19% 33.44 62.80
28% 44.20 53.18
17% 36.19 65.12
28% 35.20 52.47
31% 44.79 57.52
15% 35.47 60.69
33% 35.34 68.00
20% 35.39 68.74
27% 36.26 62.85
16% 37.72 56.44
35% 38.45 52.97
17% 31.43 63.39
20% 36.64 69.11
17% 36.90 65.35
23% 36.09 73.01
18% 34.23 55.57
33% 34.81 50.71
22% 33.07 60.00
19% 44.54 74.04
18% 42.05 52.81
21% 40.68 60.20
28% 40.23 57.49
26% 33.00 60.44
16% 39.24 58.60
20% 32.81 57.32
27% 39.47 52.51
22% 42.73 57.15
29% 32.51 74.57
27% 33.99 53.27
21% 41.09 52.29
19% 41.31 57.35
28% 37.04 66.10
29% 35.20 55.82
33% 32.03 60.15
15% 37.35 57.67
17% 32.75 62.49
20% 38.61 64.47
17% 40.01 54.19
30% 40.15 58.63
19% 40.62 64.18
21% 40.88 54.95
15% 34.69 56.01
16% 41.19 60.80
29% 39.32 56.01
33% 38.80 62.69
18% 41.61 65.49
28% 43.94 72.20
19% 43.24 70.72
19% 42.79 71.47
28% 34.50 72.44
26% 36.78 61.85
29% 32.61 52.43
28% 35.93 73.49
22% 40.34 53.85
32% 33.59 69.39
21% 39.19 73.94
21% 31.85 50.79
19% 41.75 70.05
23% 34.84 51.53
28% 30.08 60.75
19% 41.02 53.21
15% 42.67 63.35
21% 31.38 50.21
17% 34.12 60.90
16% 40.63 68.30
21% 30.61 56.38
23% 35.41 52.54
18% 35.58 70.24
23% 31.69 63.17
23% 41.68 66.12
21% 30.88 62.74
34% 35.82 61.74
19% 32.31 68.60
24% 43.04 62.10
31% 32.33 71.11
35% 32.21 72.56
23% 42.86 64.04
26% 38.10 52.46
23% 36.18 50.65
16% 33.85 60.36
16% 35.15 61.52
33% 35.39 69.53
34% 37.07 55.98
35% 33.60 61.02
24% 33.27 70.03
30% 41.52 73.83
29% 40.92 53.79
21% 41.26 61.27
29% 30.02 57.09
18% 31.07 55.48
30% 30.55 63.14
28% 43.77 64.02
32% 42.10 52.17
25% 41.17 51.88
34% 32.02 57.61
29% 31.17 56.54
33% 32.44 71.54
24% 30.81 60.72
17% 42.03 58.80
29% 37.45 74.66
25% 38.30 62.16
22% 32.92 73.52
28% 41.47 74.76
19% 43.32 72.89
17% 42.19 72.27
34% 35.38 50.90
21% 39.90 50.54
30% 31.54 57.45
33% 30.53 59.43
28% 35.54 57.99
24% 30.76 52.40
16% 43.06 72.37
26% 30.93 54.15
32% 35.50 59.38
35% 30.35 57.10
23% 38.92 51.02
21% 43.18 60.22
35% 43.92 65.43
20% 40.89 53.20
17% 38.96 54.49
30% 44.80 66.58
21% 34.40 67.18
18% 38.84 58.16
28% 34.98 68.46
35% 42.57 66.41
29% 41.95 57.23
18% 41.56 53.32
25% 36.47 57.62
20% 32.25 50.16
18% 36.13 72.31
25% 44.20 51.69
31% 32.06 64.79
28% 44.10 74.37
32% 30.25 58.19
26% 39.07 67.07
30% 30.92 59.38
32% 38.58 52.17
23% 41.20 74.62
28% 35.78 53.62
28% 42.60 55.90
15% 44.79 62.08
24% 41.70 66.27
30% 33.38 50.44
22% 33.93 50.56
31% 30.21 62.27
29% 43.76 56.84
28% 31.15 57.60
23% 40.10 68.75
29% 30.85 63.26
35% 30.52 71.03
26% 41.97 56.92
19% 43.79 51.16
26% 35.98 71.57
22% 42.45 63.60
21% 36.34 69.07
34% 38.62 70.73
30% 38.11 61.27
35% 34.06 70.23
31% 38.15 65.71
19% 41.22 51.32
18% 43.38 66.41
31% 37.38 73.68
20% 30.32 52.37
28% 37.71 64.13
26% 39.03 59.74
32% 44.74 55.00
17% 42.28 55.59
17% 31.16 67.74
16% 34.21 58.07
30% 31.65 51.15
26% 31.29 55.11
20% 43.83 61.35
20% 40.64 67.65
23% 39.75 58.28
23% 42.28 54.25
29% 32.04 61.53
20% 38.84 59.90
32% 33.38 66.93
31% 43.24 53.35
27% 34.21 73.35
30% 40.71 67.02
26% 36.78 61.08
28% 32.42 56.67
16% 38.63 64.46
33% 44.80 74.19
32% 40.42 74.64
17% 41.97 55.06
32% 42.86 51.51
29% 39.31 60.71
15% 37.11 69.17
24% 35.20 68.92
23% 39.96 54.20
32% 31.92 60.34
18% 37.43 58.46
17% 33.41 58.32
33% 40.36 72.49
35% 41.44 58.69
26% 32.53 68.03
24% 32.61 53.41
32% 44.53 65.96
16% 35.52 59.52