Webflix, Inc.

(in USD thousands)

12/31/2019A 12/31/2020A 12/31/2021A
Income Statement Data:
Revenue $20,156,447 $24,996,056 $29,697,844
Gross Profit 7,716,234 9,719,737 12,365,161
Gross Margin 38.3% 38.9% 41.6%
EBITDA(1) 2,707,833 4,700,999 6,402,921
EBITDA Margin 13.4% 18.8% 21.6%

Balance Sheet Data:

Cash 5,018,437 8,205,550 6,027,804
Current Assets 6,178,504 9,761,580 8,069,825
Total Assets 33,975,712 39,280,359 44,584,663
Total Debt 14,759,260 16,308,973 15,392,895
Shareholder's Equity 7,582,157 11,065,240 15,849,248
Total Book Capitalization 22,341,417 27,374,213 31,242,143

Cash Flow Statement Data:

Cash Flow from Operating Activities (2,887,322) 2,427,077 392,610
Cash Flow from Investing Activities (387,064) (505,354) (1,339,853)
Free Cash Flow(2) (3,274,386) 1,921,723 158,894

Leverage Ratios:
Total Debt / EBITDA 5.5x 3.5x 2.4x
Total Debt / Assets 43.4% 41.5% 34.5%
Total Debt / Book Capitalization 66.1% 59.6% 49.3%

1) For simplicity purposes, assume formula as operating income plus depreciation/amortization

2) Non-GAAP reconciliation of free cash flow

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