13. Complete Live Case section in the Scenario worksheet. There are 4 scenarios in this model: Consensus, Bull, Bear, and Other. The numbers in the live case should reflect one of the cases based on cell K14, which is dynamically linked to the scenario selected in the dropdown menu at the top of the worksheet. What formula will you use to fill cell G21 (online stores for 2018E)?

=CHOOSE($K$14,G76,G130,G184,G238)

=CHOOSE($B$1,G76,G130,G184,G238)

=CHOOSE($B$1,G76:Q238)

=CHOOSE($K$14,G76:Q238)

1 A B C E F G H J K L M N O P Corporate Finance Institute. All right reserved. 2 Historical Analysis Il CEI 3 l/ minis ango' per strane gaz/ 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 4 5 Historical Analysis 6 Time Periods 7 BOP 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 8 EOP 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/312021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 9 Days 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 10 11 Case Selection 12 13 Name Description Number Live Case -> 14 Consensus Number 1 15 Bull 2 16 Bear 3 17 Other 4 18 19 LIVE CASE 20 Segmented Revenue Growth 21 Online Stores 22 Physical Stores 23 Retail Third-Party Seller Services 24 Retail Subscription Services 25 AWS 26 Other 27 Total Net Sales 28 29 Expenses 30 Cost of Sales 31 Fulfillment 32 Marketing 33 Technology and Content 34 General and Administrative 35 Other Operating Expense, net 36 Total Operating Expenses 37 38 Stock-Based Compensation (SBC)IZ of SG&A) 39 Tax Rate 40 Interest Income Rate (Opening Balance) 41 Interest Expense Rate (Average Debt) 42 43 Balance Sheet 44 Inventory Days 45 Accounts Receivable Days 46 Change in Goodwill 47 Change in Other Assets 48 Change in Marketable Securities 49 50 Accounts Payable Days Cover Page Financial Model Scenarios Disclaimer D E F G . J K L M N P Q Il CET 2027E 2028E 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E A B 1 Corporate Finance Institute. All right reserved. 2 Historical Analysis 3 links are per share / 2013A 49 50 Accounts Payable Days 51 Accrued Expenses 52 Unearned Revenue 53 54 Cash Capex % of revenue 55 PP&E Acquired under Capital Leases 56 Depreciation % of PPE (Opening Balance) 57 Repayment of Capital Leases (Opening Balance) 58 59 Change in Long-Term Debt 60 Change in Common Shares 61 Change in Treasury Stock 62 Change in Additional Paid-in Capital 63 64 Dividends 65 Proceeds from Property and Equipment Incentives 66 Acquisitions, net of Cash Acquired, and Other 67 Sales and Maturities of Marketable Securities 68 69 Change in Basic Shares Outstanding 70 Change in Diluted Shares Outstanding 71 72 73 74 CONSENSUS CASE 75 Segmented Revenue Growth 76 Online Stores 77 Physical Stores 78 Retail Third-Party Seller Services 79 Retail Subscription Services 80 AWS 81 Other 82 Total Net Sales 83 84 Expenses 85 Cost of Sales 86 Fulfillment 87 Marketing 88 Technology and Content 89 General and Administrative 90 Other Operating Expense, net 91 Total Operating Expenses 92 93 Stock-Based Compensation (SBC) (% of SG&A) 94 Tax Rate 95 Interest Income Rate (Opening Balance) Cover Page Financial Model 5.9% 19.7% % 143.8% 24.0% 49.17 42.2% 134.1%. 18.1% 11.2%. 27.0% 40.3% 38.0% 78.0% 17.5%. 11.8% 25.0% 36.1% 36.5% 52.0% 17.174 9.1% 21.0% 26.5% 26.17 39.0% 16.2% 8.7% 20.4% 19.0% 18.5% 36.0% 14.9% 9.6% 17.1% 18.07. 16.5% 23.2% 13.2% 10.17 12.5% 11.07 13.7% 13.07 11.1% 10.6% 12.1% 7.1% 13.2% 8.3% 8.0% 9.374 10.17 5.2% 10.8% 9.2% 7.1% % 8.6% 5.7% 5.0% 9.2% 7.6% 7.4% 5.1% 4.0%. 6.7% 4.6% 58.3% 16.4%. 4.8% 11.27 3.8%. 0.2% 59.0% 15.1%. 5.0% 11.4%. 2.9% 0.24 93.6% 58.7% 15.37 5.1% 11.2% 2.1% 0.2% 92.6% 59.17 15.2% 5.07. 11.3% 2.0% 0.2%. 58.4%. 14.9% % 4.7% 11.5% 2.17 0.24 91.87 58.2% 15.3% 5.0% 11.1% 2.0% 0.2% 58.2%. 15.4% 5.02 11.2% 1.9% 0.2% 91.9%. 58.5% 15.1% 5.0% 11.2% 1.9% 0.2% 91.9% 57.6% 15.2% 5.2% 11.2% 1.9% 0.2% 91.37 57.3% 15.2% 5.2% 11.17 1.8% 0.2% 90.8% 57.9% 15.2% 5.2% 11.1% 1.8% 0.2% 91.4% 94.7%. 92.8% 91.87 6.07 20.0% 1.0% 6.0% 20.0% 1.0% 6.0% 22.5% 1.07 6.0% 22.5% 1.0% 6.0% 22.5%. 1.0% 6.0% 22.5% 1.0% 6.0% 22.5% 1.0% 6.07 22.5% 1.0% 6.0% 22.5% 1.0% 6.0% 22.5% 1.0% 6.0% 22.5% 1.0% Scenarios Disclaimer D E F 1 J K L M N 1 2015A 2016A 2017A 2018E 20.0% 1.0% 6.87 2019E 20.0% 1.0% 6.87 2020E 22.5% 1.0% 6.87 2021E 22.5% 1.0% 6.87 2022E 22.5% 10% 6.8% 2023E 22.52 1.0% 6.87 2024E 22.5% 1.0% 6.8% 2025E 22.5% 1.07 6.8% 2026E 22.5% 10% 6.8% P Il CET 2027E 2028E 22.5% 22.5% 1.0% % 1.0% 6.8%. 6.8% 57 26 57 26 10 0.0% 0.07 57 26 0 0.0% 0.0% 57 26 0 0.0% 0.0% 57 26 0 0.0% % 0.07 57 26 20 0.02 0.0% 57 26 0 0 0.0% 0.0% 57 26 0 0.02 0.0% 57 26 0 0.0% 0.0% 57 26 0 0.0% 0.02 57 26 0 0.0% 0.0% 0.0% 0.0% 104 10.0% 3.6% 104 10.0% 3.6%. 104 10.0% 3.6% 104 10.0% 3.6% 104 10.0% 3.67 104 10.07 3.6% 104 10.07 3.6% 104 10.0% 3.6% 104 10.0% 3.6%. 104 10.0% 3.6% 104 10.07 3.6% 6.6% 5.07 6.6% 4.4% 38.0% 36.5% 5.9% 5.5%. 6.67 4.8% 38.0% 36.5% 6.6%. 4.4% 38.0% 36.5% 38.0%. 6.6%. 5.5% 38.0% 36.5% 5.97 5.5% 38.0% 36.5% 5.9% 5.5%. 38.0%. 36.57 38.0% 5.02 4.2% 38.0% 36.5% 4.3% 3.0% 38.0%. 36.5% 4.3%. 3.0% 38.0% 36.5% 36.5% 36.5% 0 0 0 A B C Corporate Finance Instituto. All right rosorved. 2 Historical Analysis 3 for saper stare / 2013A 2014A 94 Tax Rate 95 Interest Income Rate (Opening Balance) 96 Interest Expense Rate (Average Debt) 97 98 Balance Sheet 99 Inventory Days 100 Accounts Receivable Days 101 Change in Goodwill 102 Change in Other Assets 103 Change in Marketable Securities 104 105 Accounts Payable Days 106 Accrued Expenses 107 Unearned Revenue 108 109 Cash Capex % of revenue 110 PP&E Acquired under Capital Leases 111 Depreciation of PPE (Opening Balance) 112 Repayment of Capital Leases (Opening Balance) 113 114 Change in Long-Term Debt 115 Change in Common Shares 116 Change in Treasury Stock 117 Change in Additional Paid-in Capital 118 119 Dividends 120 Proceeds from Property and Equipment Incentives 121 Acquisitions, net of Cash Acquired, and Other 122 Sales and Maturities of Marketable Securities 123 124 Change in Basic Shares Outstanding 125 Change in Diluted Shares Outstanding 126 127 128 BULL CASE 129 Segmented Revenue Growth 130 Online Stores 131 Physical Stores 132 Retail Third-Party Seller Services 133 Retail Subscription Services 134 AWS 135 Other 136 Total Net Sales 137 138 Expenses 139 Cost of Sales 140 Fulfillment Cover Page Financial Model Scenarios 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.0% 1.5% 1.07 1.5%. 1.0% 1.2%. 1.0% 1.07 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 23.5% 175.6% 29.9% 58.2% 28.9% 158.3% 21.4% 14.7% 28.6% % 48.2% 45.3% 91.0% 20.3% 12.8% 28.12 43.8% 42.6% 58.3% 20.1% 10.9% 26.2% 32.8% 32.02 46.72 18.9% . 10.6% 24.8% 22.4% 22.6% 43.1% 17.6% 11.17 21.4% 21.2% 20.3% 28.9% 15.6% 12.7% 15.4% 12.7%. 16.8% 15.3%. 13.2% 12.9% 14.37. 9.2% 16.7%. 11.27 10.17 11.8% 11.9% 6.2%. 12.7% 11.37. 8.6% 12.7% 6.9% 6.1% 10.4% 9.9% 7.32 10.2% 6.8% 4.9% 8.17 6.37. 57.2%. 16.3%. 58.2%. 15.2% 57.7% 15.02 57.7% 15.0% 57.2%. 15.17 57.2% 15.2% 57.7% 15.3% 57.7%. 15.3%. 56.3% 15.3% 56.3% 15.3% 57.0% 15.3% Disclaimer + Display Settings B D E F G H J K L M N O 2013A 2014A 2015A 2016A 2017A 2018E 57.2%. 16.32 4.8%. 11.3%. 3.9% 0.2% 93.7% 2019E 58.2% 15.2% 4.9%. 11.4%. 2.9% 0.2% 92.87 2020E 57.7% 15.0% 4.9% 11.5%. 2.0% 0.2% 91.4% 2021E 57.7% 15.0% 4.9% 11.5%. 1.9% 0.2%. 91.47 2022E 57.2% 15.12 4.9%. 11.5%. 1.97 0.2% 91.07 2023E 57.2% 15.2% 4.9% 11.2% 1.9% 0.2% 90.7% 2024E 57.7% 15.3%. 4.9% 11.2%. 1.9% 0.2% 91.37 2025E 57.7% 15.3%. 4.9% 11.27 1.87 0.2% 91.27 2026E 56.3% 15.3%. 5.2% 11.2% 1.82 0.2% 90.07 B Il CEI 2027E 2028E 56.3% 57.0%. 15.3%. 15.3%. 5.1% 5.1% 11.07. 10.7% 1.8% 1.8% 0.2% 0.2% 89.72 90.2% 6.8% 20.0% 1.0% 7.07. 6.87 20.0% 1.0% 7.0% . 6.8% 22.5% 10% 7.0%. 6.8%. 22.5% 1.0% 7.07. 6.8%. 22.5% 1.0%. 7.0% 6.8% 22.5% 1.0% 7.07 6.8% 22.5%. 1.0% 7.0% 6.8%. 22.5% 1.0% % 7.0% 6.8%. 22.5% 1.0% 7.0% 6.8% % 22.5% 1.0% 7.0% 6.8% 22.5%. 10% 7.0% A 1 Corporate Finance Institute. All rights reserved. 2 Historical Analysis 3 lin/ansaxeoper stradate/ 139 Cost of Sales 140 Fulfillment 141 Marketing 142 Technology and Content 143 General and Administrative 144 Other Operating Expense, net 145 Total Operating Expenses 146 147 Stock-Based Compensation (SBC)% of SG&A) 148 Tax Rate 149 Interest Income Rate (Opening Balance) 150 Interest Expense Rate (Average Debt) 151 152 Balance Sheet 153 Inventory Days 154 Accounts Receivable Days 155 Change in Goodwill 156 Change in Other Assets 157 Change in Marketable Securities 158 159 Accounts Payable Days 160 Accrued Expenses 161 Unearned Revenue 162 163 Cash Caper% of revenue 164 PP&E Acquired under Capital Leases 165 Depreciation of PPE (Opening Balance) 166 Repayment of Capital Leases (Opening Balance) 48 22 48 22 48 22 0 0.0% 0.0% 48 22 0 0.07 0.0% 48 22 0 0.0% 0.0% 48 22 0 0.0% 0.0% 48 22 0 0.07 0.0% 48 22 0 0.0% 0.0% 48 22 0 0.0% 0.07 48 22 0 0.0% 0.0% % 48 22 0 0.07 0.0% 0.0% 0.0% 0.0% 0.0% 115 9.17 2.5%. 115 9.17 2.5%. 115 9.17 2.5% 115 9.17 2.5% 115 9.1% 2.5% % 115 9.17 2.5%. 115 9.1% 2.5% 115 9.17 2.5%. 115 9.17 2.5% 115 9.17 2.5% 115 9.1% 2.5%. 7.2% 7.5% 40.3% 37.5%. 7.2% 6.0% 40.3% 37.5%. 7.2% 5.0% 40.3% 37.5% 7.2% 5.0% 40.3% 37.5%. 7.22 5.0% 40.3% 37.5%. 7.2% 4.0% 40.3% 37.5% 7.2% 4.0% 40.3% 37.5%. 7.2% 4.0% 40.3% 37.5% 7.2% 3.0% 40.3% 37.5%. 7.2% 2.9% 40.3% 37.5%. 7.22. 2.9% 40.3% 37.5% 167 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 168 Change in Long-Term Debt 169 Change in Common Shares 170 Change in Treasury Stock 171 Change in Additional Paid-in Capital 172 173 Dividends 174 Proceeds from Property and Equipment Incentives 175 Acquisitions, net of Cash Acquired, and Other 176 Sales and Maturities of Marketable Securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 177 1.2% 1.6% 1.1% 1.37 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.07 1.0% 1.07. 1.0% 1.07 1.0% 1.07 1.0% 178 Change in Basic Shares Outstanding 179 Change in Diluted Shares Outstanding 180 181 182 BEAR CASE 183 Segmented Revenue Growth 184 Online Stores 185 Physical Stores 18.7% 142.5%. 17.2% 11.5% 16.0% 10.2% 16.07 8.6% % 15.07. 8.6%. 14.1% 8.6% 12.2% 10.17 10.3% 10.0% 7.5%. 9.0% 6.6% 8.4% 5.67 7.7% Cover Page Financial Model Scenarios Disclaimer 1 B c E F G . J K L M N 0 1 2013A 2014A 2015A 2016A 2017A 2018E 18.7% 142.5%. 23.6% 46.9% 39.17 126.4% 2019E 17.2% 11.5%. 23.5% 38.8% 36.7% 75.2% 2020E 16.0%. 10.2% 22.6% 34.8% 33.8%. 47.0% 2021E 16.0% 8.6% 20.7% 2022E 15.0%. 8.6% 19.72 17.9% 17.9% 34.8% 2023E 14.1% 8.6% 16.9% 16.9% 16.0% 22.6% 2024E 12.2% 10.1% 12.2. 10.3% 13.2% 12.2% 2025E 10.3%. 10.0% 11.3% 6.6% 13.2% 8.5%. 2026E 7.5% 9.0% 9.4% 4.7% 10.3%. 8.5% Q Il CEI 2027E 2028E 6.6%. 5.6% 8.4% 7.7% 5.6% 5.2%. 4.7% 3.87 8.5%. 6.6% 7.5% 4.7% 26.3% 25.4% 37.6% 59.4% 15.8% 5.7%. 60.7% 17.32 4.8% 12.0% 4.5% 0.2% 99.5% 61.2% 16.2% 4.9% 12.2% 2.8% 0.2% 97.4% 60.7% 16.02 5.17 12.2% 2.1% 0.2% 96.37 60.8% 15.7% 5.3%. 12.3%. 2.0% 0.2% 96.2% 60.8% 16.12 5.3%. 12.3% 2.07 0.2% 96.6% 60.2% 16.2% 5.37 11.8% 2.0% 0.2% 95.7% 61.0% 15.8%. 5.3% 11.6% 2.07 0.2%. 95.97 61.3%. 15.82 5.32 11.6% 1.8% 0.2% 95.97 11.6% 1.8% 0.2% 94.5% 59.4% 15.8% 5.7% 11.3% 1.874 0.2% 94.27 60.17 15.82 5.7% 11.1% 1.8% 0.2%. 94.7% 6.1% 20.0% 10%. 7.0% 6.1% 20.0% 1.0% % 7.0% 6.1% 22.5% 1.0% 7.0% 6.1% % 22.5%. 1.0% 7.0% 6.12 22.5% 1.0%. 7.02 6.17 22.5% 10% 7.0% 6.1% 22.5% 1.0% 7.0% 6.1% 22.5% 1.0% 7.0% 6.1% 22.5% 1.0%. 7.02 6.1% 22.5% 1.0% 7.0% 6.1% 22.5% 1.0% 7.0% A Corporate Finance Institute. All right reserved. 2 Historical Analysis 3 e lor/wins, www portare cate/ 184 Online Stores 185 Physical Stores 186 Retail Third-Party Seller Services 187 Retail Subscription Services 188 AWS 189 Other 190 Total Net Sales 191 192 Expenses 193 Cost of Sales 194 Fulfillment 195 Marketing 196 Technology and Content 197 General and Administrative 198 Other Operating Expense, net 199 Total Operating Expenses 200 201 Stock-Based Compensation (SBC)% of SG&A) 202 Tax Rate 203 Interest Income Rate (Opening Balance) 204 Interest Expense Rate (Average Debt) 205 206 Balance Sheet 207 Inventory Days 208 Accounts Receivable Days 209 Change in Goodwill 210 Change in Other Assets 211 Change in Marketable Securities 212 213 Accounts Payable Days 214 Accrued Expenses 215 Unearned Revenue 216 217 Cash Capex % of revenue 218 PP&E Acquired under Capital Leases 219 Depreciation 2 of PPE (Opening Balance) 220 Repayment of Capital Leases (Opening Balance) 221 222 Change in Long-Term Debt 223 Change in Common Shares 224 Change in Treasury Stock 225 Change in Additional Paid-in Capital 226 227 Dividends 228 Proceeds from Property and Equipment Incentives 229 Acquisitions, net of Cash Acquired, and Other 230 Sales and Maturities of Marketable Securities 65 32 65 32 65 32 0 0.0% 0.0% 65 32 0 0.0% 0.0% % 65 32 0 0.0% 0.0% 65 32 0 0.07 0.0% 65 32 0 0.07 0.0% % 65 32 0 0.0% 0.0% 65 32 0 0.0% 0.0% 65 32 0 0 0.0% 0.07 65 32 0 0.0% 0.0% 0.0% 0.0% 0.07 0.0% 122 10.5% 5.3% % 122 10.5% 5.37 122 10.5% 5.3%. 122 10.5%. 5.37 122 10.5% 5.3% 122 10.5% 5.37 122 10.5% 122 10.57 5.37 122 10.5% 5.3%. 122 10.5% 5.37 122 10.5% 5.37 5.3% 7.1% 7.5% 41.0% 39.2%. 7.1% 6.0% 41.0% 39.2% 7.12 5.0% 41.0% 39.22 7.1%. 5.0% 41.0% 39.2% 7.1% 5.0% 41.07 39.2%. 7.1% 4.0% % 41.0% 39.2% 7.1% 4.07 41.0% 39.2% 7.17 4.0% 41.0% 39.2%. 7.1% 3.0% 41.0% 39.2% 7.1% 2.9% 41.0% 39.2% 7.1% 2.9% 41.0% 39.274 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cover Page Financial Model Scenarios Disclaimer + B C D E F G H | J J K L M N Q 1 P Il CEI 2013A 2014A 2015A 2016A 2017A 2018E 0 0 2019E 0 0 2020E 0 0 2021E 0 0 2022E 0 0 2023E 0 0 2024E 0 0 2025E 0 0 2026E 0 0 2027E 0 0 2028E 0 0 1.2% 1.6% 1.1%. 1.3%. 1.0% 1.0% 1.0% 1.0% 1.0%. 1.0% 1.0%. 1.0% 1.0% 1.0%. 1.07 1.07. 1.0% 1.0%. 1.0% 1.0% 1.0% 1.0% 0.0% 0.0% 0.0% % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.07 0.0% 0.02 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.07. 0.0%. 0.0%. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.02 0.0% 0.0% 0.07 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.07 0.0% 0.0% A Corporate Finance Instituto. All right rororved. 2 Historical Analysis 3 londins or portare data) 229 Acquisitions, net of Cash Acquired, and Other 230 Sales and Maturities of Marketable Securities 231 232 Change in Basic Shares Outstanding 233 Change in Diluted Shares Outstanding 234 235 236 OTHER CASE 237 Segmented Revenue Growth 238 Online Stores 239 Physical Stores 240 Retail Third-Party Seller Services 241 Retail Subscription Services 242 AWS 243 Other 244 Total Net Sales 245 246 Expenses 247 Cost of Sales 248 Fulfillment 249 Marketing 250 Technology and Content 251 General and Administrative 252 Other Operating Expense, net 253 Total Operating Expenses 254 255 Stock-Based Compensation (SBC) (% of SG&A) 256 Tax Rate 257 Interest Income Rate (Opening Balance) 258 Interest Expense Rate (Average Debt) 259 260 Balance Sheet 261 Inventory Days 262 Accounts Receivable Days 263 Change in Goodwill 264 Change in Other Assets 265 Change in Marketable Securities 266 267 Accounts Payable Days 268 Accrued Expenses 269 Unearned Revenue 270 271 Cash Capex % of revenue 272 PP8E Acquired under Capital Leases 273 Depreciation 2 of PPE (Opening Balance) 274 Repayment of Capital Leases (Opening Balance) 275 57.1% 13.4% 7.0% 12.3%. 3.0% 1.2 94.07 57.1% 13.4% 7.07. 12.3% 3.0% 1.27 94.07 57.1% 13.4% 7.0% 12.3% 3.02 1.2% 94.07 57.12 13.4%. 7.0% 12.3% 3.0% 1.2% 94.07 57.1% 13.4% 7.0% 12.3% 3.07 1.2%. 94.07 57.17 13.4% 7.0% 12.37 3.0% 1.2%. 94.07 57.1% 13.4% 7.0% 12.3% 3.07 1.2% 94.07 57.1% 13.4% 7.0% 12.3%. 3.0% 1.2% 94.07 57.1% 13.4% 7.0% 12.3%. 3.02 1.2% 94.07 57.1% 13.4% 7.0%. 12.3% 3.07 1.2% 94.07 57.17 13.4% 7.0% 12.3%. 3.0% 1.2% 94.07 6.07 20.02 1.0% 5.5%. 6.87 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5% 6.87 20.0% 1.0% 5.5% 6.8% 20.074 1.0% 5.5%. 6.87 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5% 6.87 20.0% 1.0% 5.5% 6.8% 20.0% 1.0% 5.5%. 52 27 52 27 52 27 52 27 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.02 52 27 0 0.0% 0.07 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.02 116 12.02 3.4%. 116 12.07 3.4% 116 12.0% 3.4% 116 12.0% 3.4% 116 12.07 3.42 116 12.0% 3.4% 116 12.07 3.4% 116 12.07 3.4% 116 12.0% 3.4% 116 12.0% 3.4% 116 12.07 3.4% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.02 6.0% % 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.02 6.0% 7.0% 40.0% 38.07 6.0% 7.0% 40.0% 38.02 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% Cover Page Financial Model Scenarios Disclaimer B C D E F H | J L M N O 1 2013A 2014A 2015A 2016A 2017A 2018E 6.0% 7.0% 40.0% 38.0% 2019E 6.0% % 7.07. 40.0% 38.0% 2020E 6.0%. 7.07. 40.0% 38.0%. 2021E 6.0% 7.07 40.0% 38.0%. 2022E 6.0% 7.0% 40.0% 38.0% 2023E 6.0% 7.07. 40.0% 38.02 2024E 6.07. 7.07 40.0% 38.02 2025E 6.07. 7.07. 40.0% 2026E 6.07 7.07 40.0% Q III CEI 2027E 2028E 6.0% 6.0%. 7.07. 7.0% 40.0% 40.0% 38.0%. 38.07 38.0% 38.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.0% 1.5%. 10% 1.5%. 1.0% 1.5% 1.0% 1.5% 1.0% 1.5%. 1.0% 1.5% 1.0% 1.5%. 1.07 1.5% 1.0% 1.5%. 1.07 1.5% 1.0% 1.5%. Corporate Finance Institute. All right roerved. 2 Historical Analysis 3 for Wins. 1904 per stare Jaz/ 271 Cash Capex % of revenue 272 PP&E Acquired under Capital Leases 273 Depreciation % of PPE (Opening Balance) 274 Repayment of Capital Leases (Opening Balance) 275 276 Change in Long-Term Debt 277 Change in Common Shares 278 Change in Treasury Stock 279 Change in Additional Paid-in Capital 280 281 Dividends 282 Proceeds from Property and Equipment Incentives 283 Acquisitions, net of Cash Acquired, and Other 284 Sales and Maturities of Marketable Securities 285 286 Change in Basic Shares Outstanding 287 Change in Diluted Shares Outstanding 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 Cover Page Financial Model Scenarios Disclaimer + Display Settings 1 A B C E F G H J K L M N O P Corporate Finance Institute. All right reserved. 2 Historical Analysis Il CEI 3 l/ minis ango' per strane gaz/ 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 4 5 Historical Analysis 6 Time Periods 7 BOP 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 8 EOP 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/312021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 9 Days 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365 366 10 11 Case Selection 12 13 Name Description Number Live Case -> 14 Consensus Number 1 15 Bull 2 16 Bear 3 17 Other 4 18 19 LIVE CASE 20 Segmented Revenue Growth 21 Online Stores 22 Physical Stores 23 Retail Third-Party Seller Services 24 Retail Subscription Services 25 AWS 26 Other 27 Total Net Sales 28 29 Expenses 30 Cost of Sales 31 Fulfillment 32 Marketing 33 Technology and Content 34 General and Administrative 35 Other Operating Expense, net 36 Total Operating Expenses 37 38 Stock-Based Compensation (SBC)IZ of SG&A) 39 Tax Rate 40 Interest Income Rate (Opening Balance) 41 Interest Expense Rate (Average Debt) 42 43 Balance Sheet 44 Inventory Days 45 Accounts Receivable Days 46 Change in Goodwill 47 Change in Other Assets 48 Change in Marketable Securities 49 50 Accounts Payable Days Cover Page Financial Model Scenarios Disclaimer D E F G . J K L M N P Q Il CET 2027E 2028E 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E A B 1 Corporate Finance Institute. All right reserved. 2 Historical Analysis 3 links are per share / 2013A 49 50 Accounts Payable Days 51 Accrued Expenses 52 Unearned Revenue 53 54 Cash Capex % of revenue 55 PP&E Acquired under Capital Leases 56 Depreciation % of PPE (Opening Balance) 57 Repayment of Capital Leases (Opening Balance) 58 59 Change in Long-Term Debt 60 Change in Common Shares 61 Change in Treasury Stock 62 Change in Additional Paid-in Capital 63 64 Dividends 65 Proceeds from Property and Equipment Incentives 66 Acquisitions, net of Cash Acquired, and Other 67 Sales and Maturities of Marketable Securities 68 69 Change in Basic Shares Outstanding 70 Change in Diluted Shares Outstanding 71 72 73 74 CONSENSUS CASE 75 Segmented Revenue Growth 76 Online Stores 77 Physical Stores 78 Retail Third-Party Seller Services 79 Retail Subscription Services 80 AWS 81 Other 82 Total Net Sales 83 84 Expenses 85 Cost of Sales 86 Fulfillment 87 Marketing 88 Technology and Content 89 General and Administrative 90 Other Operating Expense, net 91 Total Operating Expenses 92 93 Stock-Based Compensation (SBC) (% of SG&A) 94 Tax Rate 95 Interest Income Rate (Opening Balance) Cover Page Financial Model 5.9% 19.7% % 143.8% 24.0% 49.17 42.2% 134.1%. 18.1% 11.2%. 27.0% 40.3% 38.0% 78.0% 17.5%. 11.8% 25.0% 36.1% 36.5% 52.0% 17.174 9.1% 21.0% 26.5% 26.17 39.0% 16.2% 8.7% 20.4% 19.0% 18.5% 36.0% 14.9% 9.6% 17.1% 18.07. 16.5% 23.2% 13.2% 10.17 12.5% 11.07 13.7% 13.07 11.1% 10.6% 12.1% 7.1% 13.2% 8.3% 8.0% 9.374 10.17 5.2% 10.8% 9.2% 7.1% % 8.6% 5.7% 5.0% 9.2% 7.6% 7.4% 5.1% 4.0%. 6.7% 4.6% 58.3% 16.4%. 4.8% 11.27 3.8%. 0.2% 59.0% 15.1%. 5.0% 11.4%. 2.9% 0.24 93.6% 58.7% 15.37 5.1% 11.2% 2.1% 0.2% 92.6% 59.17 15.2% 5.07. 11.3% 2.0% 0.2%. 58.4%. 14.9% % 4.7% 11.5% 2.17 0.24 91.87 58.2% 15.3% 5.0% 11.1% 2.0% 0.2% 58.2%. 15.4% 5.02 11.2% 1.9% 0.2% 91.9%. 58.5% 15.1% 5.0% 11.2% 1.9% 0.2% 91.9% 57.6% 15.2% 5.2% 11.2% 1.9% 0.2% 91.37 57.3% 15.2% 5.2% 11.17 1.8% 0.2% 90.8% 57.9% 15.2% 5.2% 11.1% 1.8% 0.2% 91.4% 94.7%. 92.8% 91.87 6.07 20.0% 1.0% 6.0% 20.0% 1.0% 6.0% 22.5% 1.07 6.0% 22.5% 1.0% 6.0% 22.5%. 1.0% 6.0% 22.5% 1.0% 6.0% 22.5% 1.0% 6.07 22.5% 1.0% 6.0% 22.5% 1.0% 6.0% 22.5% 1.0% 6.0% 22.5% 1.0% Scenarios Disclaimer D E F 1 J K L M N 1 2015A 2016A 2017A 2018E 20.0% 1.0% 6.87 2019E 20.0% 1.0% 6.87 2020E 22.5% 1.0% 6.87 2021E 22.5% 1.0% 6.87 2022E 22.5% 10% 6.8% 2023E 22.52 1.0% 6.87 2024E 22.5% 1.0% 6.8% 2025E 22.5% 1.07 6.8% 2026E 22.5% 10% 6.8% P Il CET 2027E 2028E 22.5% 22.5% 1.0% % 1.0% 6.8%. 6.8% 57 26 57 26 10 0.0% 0.07 57 26 0 0.0% 0.0% 57 26 0 0.0% 0.0% 57 26 0 0.0% % 0.07 57 26 20 0.02 0.0% 57 26 0 0 0.0% 0.0% 57 26 0 0.02 0.0% 57 26 0 0.0% 0.0% 57 26 0 0.0% 0.02 57 26 0 0.0% 0.0% 0.0% 0.0% 104 10.0% 3.6% 104 10.0% 3.6%. 104 10.0% 3.6% 104 10.0% 3.6% 104 10.0% 3.67 104 10.07 3.6% 104 10.07 3.6% 104 10.0% 3.6% 104 10.0% 3.6%. 104 10.0% 3.6% 104 10.07 3.6% 6.6% 5.07 6.6% 4.4% 38.0% 36.5% 5.9% 5.5%. 6.67 4.8% 38.0% 36.5% 6.6%. 4.4% 38.0% 36.5% 38.0%. 6.6%. 5.5% 38.0% 36.5% 5.97 5.5% 38.0% 36.5% 5.9% 5.5%. 38.0%. 36.57 38.0% 5.02 4.2% 38.0% 36.5% 4.3% 3.0% 38.0%. 36.5% 4.3%. 3.0% 38.0% 36.5% 36.5% 36.5% 0 0 0 A B C Corporate Finance Instituto. All right rosorved. 2 Historical Analysis 3 for saper stare / 2013A 2014A 94 Tax Rate 95 Interest Income Rate (Opening Balance) 96 Interest Expense Rate (Average Debt) 97 98 Balance Sheet 99 Inventory Days 100 Accounts Receivable Days 101 Change in Goodwill 102 Change in Other Assets 103 Change in Marketable Securities 104 105 Accounts Payable Days 106 Accrued Expenses 107 Unearned Revenue 108 109 Cash Capex % of revenue 110 PP&E Acquired under Capital Leases 111 Depreciation of PPE (Opening Balance) 112 Repayment of Capital Leases (Opening Balance) 113 114 Change in Long-Term Debt 115 Change in Common Shares 116 Change in Treasury Stock 117 Change in Additional Paid-in Capital 118 119 Dividends 120 Proceeds from Property and Equipment Incentives 121 Acquisitions, net of Cash Acquired, and Other 122 Sales and Maturities of Marketable Securities 123 124 Change in Basic Shares Outstanding 125 Change in Diluted Shares Outstanding 126 127 128 BULL CASE 129 Segmented Revenue Growth 130 Online Stores 131 Physical Stores 132 Retail Third-Party Seller Services 133 Retail Subscription Services 134 AWS 135 Other 136 Total Net Sales 137 138 Expenses 139 Cost of Sales 140 Fulfillment Cover Page Financial Model Scenarios 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.0% 1.5% 1.07 1.5%. 1.0% 1.2%. 1.0% 1.07 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 23.5% 175.6% 29.9% 58.2% 28.9% 158.3% 21.4% 14.7% 28.6% % 48.2% 45.3% 91.0% 20.3% 12.8% 28.12 43.8% 42.6% 58.3% 20.1% 10.9% 26.2% 32.8% 32.02 46.72 18.9% . 10.6% 24.8% 22.4% 22.6% 43.1% 17.6% 11.17 21.4% 21.2% 20.3% 28.9% 15.6% 12.7% 15.4% 12.7%. 16.8% 15.3%. 13.2% 12.9% 14.37. 9.2% 16.7%. 11.27 10.17 11.8% 11.9% 6.2%. 12.7% 11.37. 8.6% 12.7% 6.9% 6.1% 10.4% 9.9% 7.32 10.2% 6.8% 4.9% 8.17 6.37. 57.2%. 16.3%. 58.2%. 15.2% 57.7% 15.02 57.7% 15.0% 57.2%. 15.17 57.2% 15.2% 57.7% 15.3% 57.7%. 15.3%. 56.3% 15.3% 56.3% 15.3% 57.0% 15.3% Disclaimer + Display Settings B D E F G H J K L M N O 2013A 2014A 2015A 2016A 2017A 2018E 57.2%. 16.32 4.8%. 11.3%. 3.9% 0.2% 93.7% 2019E 58.2% 15.2% 4.9%. 11.4%. 2.9% 0.2% 92.87 2020E 57.7% 15.0% 4.9% 11.5%. 2.0% 0.2% 91.4% 2021E 57.7% 15.0% 4.9% 11.5%. 1.9% 0.2%. 91.47 2022E 57.2% 15.12 4.9%. 11.5%. 1.97 0.2% 91.07 2023E 57.2% 15.2% 4.9% 11.2% 1.9% 0.2% 90.7% 2024E 57.7% 15.3%. 4.9% 11.2%. 1.9% 0.2% 91.37 2025E 57.7% 15.3%. 4.9% 11.27 1.87 0.2% 91.27 2026E 56.3% 15.3%. 5.2% 11.2% 1.82 0.2% 90.07 B Il CEI 2027E 2028E 56.3% 57.0%. 15.3%. 15.3%. 5.1% 5.1% 11.07. 10.7% 1.8% 1.8% 0.2% 0.2% 89.72 90.2% 6.8% 20.0% 1.0% 7.07. 6.87 20.0% 1.0% 7.0% . 6.8% 22.5% 10% 7.0%. 6.8%. 22.5% 1.0% 7.07. 6.8%. 22.5% 1.0%. 7.0% 6.8% 22.5% 1.0% 7.07 6.8% 22.5%. 1.0% 7.0% 6.8%. 22.5% 1.0% % 7.0% 6.8%. 22.5% 1.0% 7.0% 6.8% % 22.5% 1.0% 7.0% 6.8% 22.5%. 10% 7.0% A 1 Corporate Finance Institute. All rights reserved. 2 Historical Analysis 3 lin/ansaxeoper stradate/ 139 Cost of Sales 140 Fulfillment 141 Marketing 142 Technology and Content 143 General and Administrative 144 Other Operating Expense, net 145 Total Operating Expenses 146 147 Stock-Based Compensation (SBC)% of SG&A) 148 Tax Rate 149 Interest Income Rate (Opening Balance) 150 Interest Expense Rate (Average Debt) 151 152 Balance Sheet 153 Inventory Days 154 Accounts Receivable Days 155 Change in Goodwill 156 Change in Other Assets 157 Change in Marketable Securities 158 159 Accounts Payable Days 160 Accrued Expenses 161 Unearned Revenue 162 163 Cash Caper% of revenue 164 PP&E Acquired under Capital Leases 165 Depreciation of PPE (Opening Balance) 166 Repayment of Capital Leases (Opening Balance) 48 22 48 22 48 22 0 0.0% 0.0% 48 22 0 0.07 0.0% 48 22 0 0.0% 0.0% 48 22 0 0.0% 0.0% 48 22 0 0.07 0.0% 48 22 0 0.0% 0.0% 48 22 0 0.0% 0.07 48 22 0 0.0% 0.0% % 48 22 0 0.07 0.0% 0.0% 0.0% 0.0% 0.0% 115 9.17 2.5%. 115 9.17 2.5%. 115 9.17 2.5% 115 9.17 2.5% 115 9.1% 2.5% % 115 9.17 2.5%. 115 9.1% 2.5% 115 9.17 2.5%. 115 9.17 2.5% 115 9.17 2.5% 115 9.1% 2.5%. 7.2% 7.5% 40.3% 37.5%. 7.2% 6.0% 40.3% 37.5%. 7.2% 5.0% 40.3% 37.5% 7.2% 5.0% 40.3% 37.5%. 7.22 5.0% 40.3% 37.5%. 7.2% 4.0% 40.3% 37.5% 7.2% 4.0% 40.3% 37.5%. 7.2% 4.0% 40.3% 37.5% 7.2% 3.0% 40.3% 37.5%. 7.2% 2.9% 40.3% 37.5%. 7.22. 2.9% 40.3% 37.5% 167 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 168 Change in Long-Term Debt 169 Change in Common Shares 170 Change in Treasury Stock 171 Change in Additional Paid-in Capital 172 173 Dividends 174 Proceeds from Property and Equipment Incentives 175 Acquisitions, net of Cash Acquired, and Other 176 Sales and Maturities of Marketable Securities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 177 1.2% 1.6% 1.1% 1.37 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.0% 1.07 1.0% 1.0% 1.07 1.0% 1.07. 1.0% 1.07 1.0% 1.07 1.0% 178 Change in Basic Shares Outstanding 179 Change in Diluted Shares Outstanding 180 181 182 BEAR CASE 183 Segmented Revenue Growth 184 Online Stores 185 Physical Stores 18.7% 142.5%. 17.2% 11.5% 16.0% 10.2% 16.07 8.6% % 15.07. 8.6%. 14.1% 8.6% 12.2% 10.17 10.3% 10.0% 7.5%. 9.0% 6.6% 8.4% 5.67 7.7% Cover Page Financial Model Scenarios Disclaimer 1 B c E F G . J K L M N 0 1 2013A 2014A 2015A 2016A 2017A 2018E 18.7% 142.5%. 23.6% 46.9% 39.17 126.4% 2019E 17.2% 11.5%. 23.5% 38.8% 36.7% 75.2% 2020E 16.0%. 10.2% 22.6% 34.8% 33.8%. 47.0% 2021E 16.0% 8.6% 20.7% 2022E 15.0%. 8.6% 19.72 17.9% 17.9% 34.8% 2023E 14.1% 8.6% 16.9% 16.9% 16.0% 22.6% 2024E 12.2% 10.1% 12.2. 10.3% 13.2% 12.2% 2025E 10.3%. 10.0% 11.3% 6.6% 13.2% 8.5%. 2026E 7.5% 9.0% 9.4% 4.7% 10.3%. 8.5% Q Il CEI 2027E 2028E 6.6%. 5.6% 8.4% 7.7% 5.6% 5.2%. 4.7% 3.87 8.5%. 6.6% 7.5% 4.7% 26.3% 25.4% 37.6% 59.4% 15.8% 5.7%. 60.7% 17.32 4.8% 12.0% 4.5% 0.2% 99.5% 61.2% 16.2% 4.9% 12.2% 2.8% 0.2% 97.4% 60.7% 16.02 5.17 12.2% 2.1% 0.2% 96.37 60.8% 15.7% 5.3%. 12.3%. 2.0% 0.2% 96.2% 60.8% 16.12 5.3%. 12.3% 2.07 0.2% 96.6% 60.2% 16.2% 5.37 11.8% 2.0% 0.2% 95.7% 61.0% 15.8%. 5.3% 11.6% 2.07 0.2%. 95.97 61.3%. 15.82 5.32 11.6% 1.8% 0.2% 95.97 11.6% 1.8% 0.2% 94.5% 59.4% 15.8% 5.7% 11.3% 1.874 0.2% 94.27 60.17 15.82 5.7% 11.1% 1.8% 0.2%. 94.7% 6.1% 20.0% 10%. 7.0% 6.1% 20.0% 1.0% % 7.0% 6.1% 22.5% 1.0% 7.0% 6.1% % 22.5%. 1.0% 7.0% 6.12 22.5% 1.0%. 7.02 6.17 22.5% 10% 7.0% 6.1% 22.5% 1.0% 7.0% 6.1% 22.5% 1.0% 7.0% 6.1% 22.5% 1.0%. 7.02 6.1% 22.5% 1.0% 7.0% 6.1% 22.5% 1.0% 7.0% A Corporate Finance Institute. All right reserved. 2 Historical Analysis 3 e lor/wins, www portare cate/ 184 Online Stores 185 Physical Stores 186 Retail Third-Party Seller Services 187 Retail Subscription Services 188 AWS 189 Other 190 Total Net Sales 191 192 Expenses 193 Cost of Sales 194 Fulfillment 195 Marketing 196 Technology and Content 197 General and Administrative 198 Other Operating Expense, net 199 Total Operating Expenses 200 201 Stock-Based Compensation (SBC)% of SG&A) 202 Tax Rate 203 Interest Income Rate (Opening Balance) 204 Interest Expense Rate (Average Debt) 205 206 Balance Sheet 207 Inventory Days 208 Accounts Receivable Days 209 Change in Goodwill 210 Change in Other Assets 211 Change in Marketable Securities 212 213 Accounts Payable Days 214 Accrued Expenses 215 Unearned Revenue 216 217 Cash Capex % of revenue 218 PP&E Acquired under Capital Leases 219 Depreciation 2 of PPE (Opening Balance) 220 Repayment of Capital Leases (Opening Balance) 221 222 Change in Long-Term Debt 223 Change in Common Shares 224 Change in Treasury Stock 225 Change in Additional Paid-in Capital 226 227 Dividends 228 Proceeds from Property and Equipment Incentives 229 Acquisitions, net of Cash Acquired, and Other 230 Sales and Maturities of Marketable Securities 65 32 65 32 65 32 0 0.0% 0.0% 65 32 0 0.0% 0.0% % 65 32 0 0.0% 0.0% 65 32 0 0.07 0.0% 65 32 0 0.07 0.0% % 65 32 0 0.0% 0.0% 65 32 0 0.0% 0.0% 65 32 0 0 0.0% 0.07 65 32 0 0.0% 0.0% 0.0% 0.0% 0.07 0.0% 122 10.5% 5.3% % 122 10.5% 5.37 122 10.5% 5.3%. 122 10.5%. 5.37 122 10.5% 5.3% 122 10.5% 5.37 122 10.5% 122 10.57 5.37 122 10.5% 5.3%. 122 10.5% 5.37 122 10.5% 5.37 5.3% 7.1% 7.5% 41.0% 39.2%. 7.1% 6.0% 41.0% 39.2% 7.12 5.0% 41.0% 39.22 7.1%. 5.0% 41.0% 39.2% 7.1% 5.0% 41.07 39.2%. 7.1% 4.0% % 41.0% 39.2% 7.1% 4.07 41.0% 39.2% 7.17 4.0% 41.0% 39.2%. 7.1% 3.0% 41.0% 39.2% 7.1% 2.9% 41.0% 39.2% 7.1% 2.9% 41.0% 39.274 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cover Page Financial Model Scenarios Disclaimer + B C D E F G H | J J K L M N Q 1 P Il CEI 2013A 2014A 2015A 2016A 2017A 2018E 0 0 2019E 0 0 2020E 0 0 2021E 0 0 2022E 0 0 2023E 0 0 2024E 0 0 2025E 0 0 2026E 0 0 2027E 0 0 2028E 0 0 1.2% 1.6% 1.1%. 1.3%. 1.0% 1.0% 1.0% 1.0% 1.0%. 1.0% 1.0%. 1.0% 1.0% 1.0%. 1.07 1.07. 1.0% 1.0%. 1.0% 1.0% 1.0% 1.0% 0.0% 0.0% 0.0% % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.07 0.0% 0.02 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.07. 0.0%. 0.0%. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.02 0.0% 0.0% 0.07 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.07 0.0% 0.0% A Corporate Finance Instituto. All right rororved. 2 Historical Analysis 3 londins or portare data) 229 Acquisitions, net of Cash Acquired, and Other 230 Sales and Maturities of Marketable Securities 231 232 Change in Basic Shares Outstanding 233 Change in Diluted Shares Outstanding 234 235 236 OTHER CASE 237 Segmented Revenue Growth 238 Online Stores 239 Physical Stores 240 Retail Third-Party Seller Services 241 Retail Subscription Services 242 AWS 243 Other 244 Total Net Sales 245 246 Expenses 247 Cost of Sales 248 Fulfillment 249 Marketing 250 Technology and Content 251 General and Administrative 252 Other Operating Expense, net 253 Total Operating Expenses 254 255 Stock-Based Compensation (SBC) (% of SG&A) 256 Tax Rate 257 Interest Income Rate (Opening Balance) 258 Interest Expense Rate (Average Debt) 259 260 Balance Sheet 261 Inventory Days 262 Accounts Receivable Days 263 Change in Goodwill 264 Change in Other Assets 265 Change in Marketable Securities 266 267 Accounts Payable Days 268 Accrued Expenses 269 Unearned Revenue 270 271 Cash Capex % of revenue 272 PP8E Acquired under Capital Leases 273 Depreciation 2 of PPE (Opening Balance) 274 Repayment of Capital Leases (Opening Balance) 275 57.1% 13.4% 7.0% 12.3%. 3.0% 1.2 94.07 57.1% 13.4% 7.07. 12.3% 3.0% 1.27 94.07 57.1% 13.4% 7.0% 12.3% 3.02 1.2% 94.07 57.12 13.4%. 7.0% 12.3% 3.0% 1.2% 94.07 57.1% 13.4% 7.0% 12.3% 3.07 1.2%. 94.07 57.17 13.4% 7.0% 12.37 3.0% 1.2%. 94.07 57.1% 13.4% 7.0% 12.3% 3.07 1.2% 94.07 57.1% 13.4% 7.0% 12.3%. 3.0% 1.2% 94.07 57.1% 13.4% 7.0% 12.3%. 3.02 1.2% 94.07 57.1% 13.4% 7.0%. 12.3% 3.07 1.2% 94.07 57.17 13.4% 7.0% 12.3%. 3.0% 1.2% 94.07 6.07 20.02 1.0% 5.5%. 6.87 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5% 6.87 20.0% 1.0% 5.5% 6.8% 20.074 1.0% 5.5%. 6.87 20.0% 1.0% 5.5%. 6.8% 20.0% 1.0% 5.5% 6.87 20.0% 1.0% 5.5% 6.8% 20.0% 1.0% 5.5%. 52 27 52 27 52 27 52 27 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.02 52 27 0 0.0% 0.07 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.0% 52 27 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.02 116 12.02 3.4%. 116 12.07 3.4% 116 12.0% 3.4% 116 12.0% 3.4% 116 12.07 3.42 116 12.0% 3.4% 116 12.07 3.4% 116 12.07 3.4% 116 12.0% 3.4% 116 12.0% 3.4% 116 12.07 3.4% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.02 6.0% % 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.02 6.0% 7.0% 40.0% 38.07 6.0% 7.0% 40.0% 38.02 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% 6.0% 7.0% 40.0% 38.0% Cover Page Financial Model Scenarios Disclaimer B C D E F H | J L M N O 1 2013A 2014A 2015A 2016A 2017A 2018E 6.0% 7.0% 40.0% 38.0% 2019E 6.0% % 7.07. 40.0% 38.0% 2020E 6.0%. 7.07. 40.0% 38.0%. 2021E 6.0% 7.07 40.0% 38.0%. 2022E 6.0% 7.0% 40.0% 38.0% 2023E 6.0% 7.07. 40.0% 38.02 2024E 6.07. 7.07 40.0% 38.02 2025E 6.07. 7.07. 40.0% 2026E 6.07 7.07 40.0% Q III CEI 2027E 2028E 6.0% 6.0%. 7.07. 7.0% 40.0% 40.0% 38.0%. 38.07 38.0% 38.0% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.0% 1.5%. 10% 1.5%. 1.0% 1.5% 1.0% 1.5% 1.0% 1.5%. 1.0% 1.5% 1.0% 1.5%. 1.07 1.5% 1.0% 1.5%. 1.07 1.5% 1.0% 1.5%. Corporate Finance Institute. All right roerved. 2 Historical Analysis 3 for Wins. 1904 per stare Jaz/ 271 Cash Capex % of revenue 272 PP&E Acquired under Capital Leases 273 Depreciation % of PPE (Opening Balance) 274 Repayment of Capital Leases (Opening Balance) 275 276 Change in Long-Term Debt 277 Change in Common Shares 278 Change in Treasury Stock 279 Change in Additional Paid-in Capital 280 281 Dividends 282 Proceeds from Property and Equipment Incentives 283 Acquisitions, net of Cash Acquired, and Other 284 Sales and Maturities of Marketable Securities 285 286 Change in Basic Shares Outstanding 287 Change in Diluted Shares Outstanding 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 Cover Page Financial Model Scenarios Disclaimer + Display Settings