I got some questions that I can not understand how to deal with them. The questions as the follows:
1. 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)?
2. Link the live case with the Historical Analysis section in the Financial Model worksheet and complete the Valuation section. In the consensus case, what is the EBITDA excluding stock-based compensation (SBC) in 2024?
3. In the bull case, what is the free cash flow to the firm (FCFF) if all cash CAPEX in 2027?
2 Historical Analysis 2 millions de pershare data 5) Change in Additional Pain Capital 2013 2014 1.562 2015 2.250 2014 3,782 2015 4203 2014 2013 2020 2021 2022 2023 2024 2025 2026 11 CET 2027 2020 55 Dividends 56 Proceeds from Property and Equipment incentives 37 Acquisitions, net of Cash Acquired, and Other 58 Sales and Matures of Marketable Securities 80 Change in Basic Shares Outstanding 61 Change in Diluted Shares Outstanding Income Statement 108,354 5.798 108354 IP 579 IP 3 1 76,863 91431 108.354 5798 18.086 22993 31881 4457 8394 9.721 788012219 17459 1.71020504653 107.006 135.907 177866 108,354 5.793 31 881 9.721 17450 4653 177.866 108,354 5.798 31 31 9.721 17.459 4.553 1 77866 108.354 108,354 5.798 5.798 31 881 31 981 9.721 9.721 17459 17,450 45534853 177.166 177266 9.721 17.459 4853 177,346 108,354 $.798 31 881 9 .721 17 459 4 653 177866 0 8,354 5.798 31 31 9.721 17,450 4,653 4,653 177,866 106.354 5.798 31 381 9721 17 469 4653 177,30 108,354 108,354 598 5.798 31 381 31 37219721 17.459 17459 455) 4553 177.166 171366 17 450 Cloud 177356 66 Segmented Revenue . 67 Online Sores 88 Physical Stores 89 Retail Third-Party Seler Services 70 Rot Subscription Services +71 AWS 72 Other 73 Total Net Sales - 74 - 75 76 Income Statement 77 Net Product Sales 7 Net Service Sales 70 Total Not Sales 80 Operating Expenses 81 Cost of Sales 82 Fullment 53 Marketing B4 Technology and Content 85 General and Administrative 86 Oher Operating Expense net 87 Total Operating Expenses 88 Operating Income 30.903 13.549 74452 70086 1008 88.988 79.268 27.738 107,006 4.365 41 322 135.987 118.573 59 293 1 77.166 118.805 59001 177,886 118,805 118.805 118.805 590015906159.061 177.866 177,868 177,866 118,805 59,061 177.866 118.805 59.041 177,856 1 18.805 118 105 59.00159.051 177,866 177,866 118.805 59 061 177.166 1 18805 59 061 177 366 11805 $9 081 177866 71 651 13410 5 5254 12.540 54,181 8.585 3,133 6.565 1.129 114 73,707 745 0 62.752 10.785 4,332 9275 1552 133 88 810 178 38 265 17619 223 16 05 2432 167 131.801 4,186 100 111.934 25 249 10.069 22 620 3574 0 171 214 173 760 4 ,106 2 0 177 B66 0 177 866 0 177 366 0 177,866 177.866177866 177 366 104,773 .233 50 1459) 0 177866 0 177 366 177 366 177866 202 210) (3481 (141) (136) (239) 118) 2561 346 (294) (300) (269) (111) 0 177 166 0 177 66 0 177 866 0 177 166 0 177 168 0 177 366 0 171 886 0 177 568 506 SER2 177 866 177 866 171 886 90 nerest Expense 91 Cher Income (Expense.net 92 Total Non-Operating Income (Expense) 93 Income Beborencome Taxes Provision for Income Taxes 95 Equity-Method investment Activity of tax 96 Net Income 97 Basic Earnings per Share Dudamingsperan (167) TO 274 060 059 (665) 1 568 1950) 22) 596 128 925 (241) 052) (0.52 (1425) 789 1984 2371 3 033 5 00 832 490 15 177,866 370 55 360 78 177 306 370.55 35078 177,366 370 55 177 66 370.55 177866 370.55 360 78 177806 370.55 360.78 177366 370.55 35078 177 366 370.55 380 E 177 366 370.55 350 78 TT 866 370.55 380 73 177 366 37055 359 78 - Cover Page Financial Model Scenarios Disclaimer + BER MacBook Air X LEN- A A Ab E - - Arial Narrow BIU. fx 2017. S . . DEX . % 000 ** MR . . 3 EM 426 x ved 1 Catering z Historical Analysis 3 milions de 2013 2014 2015 CFI 2028 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5 Historical Ana 6 Time Periods 7 BOP & FOD Days 2013/12 2014/12 2015/11 2016/17 2017 2016/17 2018/17120201120217/1 2022 202111120241111202511120201112027712028/ 2013/12/31 2014/1201 2015/1201 2016/1231 201711201 2018/1271 2019/12/81 2020/12/31 2021201 2022/201 2023/1201 202471201 202511201 2020201 202711201 2028/12001 365 365 365 366 365 365 365 366 365 365 366 385 345 365 366 19.0% 18.5% 11 Segmented Revenue Growth 12 Online Stores 13 Physical Stores 14 Real Third-Party Seler Services 15 Retail Subscription Services 16 AWS 17 Other 18 Total Net Sales 22 223 42.9% 43.1% 55.1% 72.5% 27.1% 387% 520% 429% 57.7% 30.8% 19.5% 202% 678 65% 63% 12% 13% 13% 5% 20 Expenses 21 Cost of Sales 22 Fullment 23 Marketing 24 Technology and Content 25 General and Administrative 26 Dher Operating Evense.net 27 Total Operating Expenses 129 10% 25 25 12% 2% 13% 2% 05 0% 99.0% 99.8% 97.9% 96.9% 97.7% 6.4% 585 3185 0.5% 577 0.0% 0.5% 68% 36.6% 60.6% 03 06% 6.8% 202% 1.0% 52% 3.7% 5.6% 815 29 Stock-Based Compensation (SBC) (SofSGSA 30 Tax Rate 31 Interest Income Rate Opening Balance) 32 Interest Expense Rate (Average Debo 33 34 Balance Sheet 35 Inventory Days 36 Accounts Receivable Days 37 Change in Good 38 Change in Other Assets 39 Change in Marketable Securities 48 27 664 498% -24.5% 440 16,6% 37.0% 40.0% 69 7% 9,566 88.4% 57.4% 41 Accounts Payable Days 42 Accrued Expenses 43 Uneamed Revenue 9.0% 96 11.0% 20% 104 9.7% 2.9% 105 10.1% 3.5% 113 10.2% 2.9% 1.6% 4.6% 5.5% 6.7% 45 Cash Capex % of revenue 46 PPLE Aquired under Capital Leases 47 Depreciation of PPE (Opening Belande) 48 Repayment of Capital Leases (Opening Balance 5.0% 50% 37.0% 41.0% 6.7% 7.1% 394% 429% 4.8% 372% 442% 433% 47.8% 5.074 (30) (541) 17049 50 Change in Long-Term Debt 51 Change Commons Cover Page Financial Model Scenarios Disclaimer + FREE MacBook Air 111CFL 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 480 480 480 480 480 19334 6.547 347 582 10.484 525.448 10.454 703.314 1 0,464 381.180105004812369121414.7781.592.044 1.770.8101248378 10.464 10464 10.464 10.464 10.454 10.464 10454 16.557 2859 8.299 5,512 31,327 16 967 3319 2892 54505 15890 3.918 10243 5.423 36 474 21838 Coole France . N u forved 2 Historical Analysis in milions del por share date 2013 99 Weg e nge s ed in Computation of Earnings per Share 100 Basic 101 Dluted 102 103 104 Balance Sheet 05 106 Current Assets 107 Cash and Cash Equivalents 8658 108 Markarble Securities 109 Inventories 7411 110 Accounts Receivablet and other 4787 111 Total Current Assets 24,525 112 Property And Equipment, net 10.949 113 Goodwill 114 Chere's 115 Total Assets 40,159 116 117 LWBILITIES AND STOCKHOLDERS EQUITY 118 Current Liabilities 119 Accounts Payable 15.133 120 Acred Expenses and Other BAR 121 Uheemned Revenue 1.159 122 Total Current Liabilities 22,980 123 Long-Term Debt 3191 124 Cher Long-Term Liabilities 125 Total Liabides 30 413 126 Sockholders' Equity 127 Common Shares - 477 and 484 128 Treasury Sock, at Cost (18371 - 120 Additional Paid to Capital 9573 130 Accumulated Other Comprehensive Los (185) - 131 Retained Earings 2.190 132 Tota Sockholders Equity 9.746 133 Total Liabilities and eckholders' Equity 40,150 339 45,781 29.114 3784 23 402 20522169.716 10.464 10.464 15.04T 13.164 60,197 180,180 48 868 48 866 13 350 13350 897 897 131310251 253 30759 358.046 48 866 13350 897 429,159 505912 713.778 48 866 48 866 13350 13 350 38978897 07025 714891 891,844 48.866 13 350 8.897 962.757 1.069,510 1.247,378 14252421603,108 48356 4 8.806 48 166 48 16 13350 13.350 13.350 13.350 897839788973397 1,140 623 1318.489 14943551574221 1,780,374 48 16 13.350 .897 1852.087 1060,840 48 566 13350 3897 2020 253 1930 0 5444 15.459 9807 1823 28 089 8.265 20 397 10.384 311 25 309 13.739 34616 18.170 09 57883 2016 33 899 43,816 1207 24143 20 975 4$ 718 24 143 20975 45718 2 4,743 20.975 45 718 24,743 20,975 45718 24,74324,74324,743 20975 20,976 20975 45.710 45,716 45718 24,74324,743 20.97520,975 45718 45.718 43.784 52060 84117 03 601 45 718 45718 1857) (1937) 11.135 511) 1949 10.741 54,505 (1 837) 13394 723 2545 13.384 65,444 17436 985 4916 10 285 33,402 1837 219 484 3.535 27.109 131,310 183T) 1837) 21 389 21 389 484 484 185502354358 205 575 283441 251,203 429,159 (1837) 21 389 484 542234 61 207 607025 55 (1837) (1.837) (1,837) (1837) (1837) (1,837) (1897) (1837) 2130 21389 21.389 21389 21389 21389 2134921389 484 484 484 484 484 484 484) 1454) 720,10089796610758321253.699 1431 564 1509.4301787206 15162 739,173 917 039 104430S 1272.771 1450 637 1628.50) 1806,3691984235 784,391 962,757 1140,023 1810 489 1496, 365 1874.221 1.052,087 2,020,953 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 135 Check 136 137 Cash Flow Statement 139 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 8,084 865814557 15.89019334 20.522 169,716 347.582525448703.314 881,180 1059,046 1238.912 1414.778 1882,644 1.770510 (241) 596 3,033 477886 177.366 177.866177866 17766 177366 177366 17780617786677736677866 141 OPERATING ACTIMTIES 142 Net income 274 143 Adjustments Recondi Net Income to Net Cash from Operating Activities 144 Depreciation of Property and Equipment 145 S-Bad Gaston Cover Page Financial Model Scenarios Disclaimer + MacBook Air 2013 2014 2015 2016 2017A 2018 2019 1/ CFL 2027 2028 2020 2021 2022 2 Historical Analysis 3 in millions, except per share data) 137 Cash Flow State 13B 139 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2023 2024 2025 2026 19,331 20,522169,716 347582 525,448 703,314 881,180 1,068,048 1238.912 414778 1882,41 1770.518 274 (241) 596 2,371 3,033 177,866 177,866 177.866 177866 177866 177,866 177,868 177.886177868177868177808 4.746 1497 (128) 6,281 2,119 486 8,116 2,975 (106) 11,478 4.215 (119) 123 (1.193) (1.039) 1,759 706 0 (2,187) (1,755) 4.294 913 1 292 12,039 (1.426) (3,367) 5,030 1,724 1955 17272 (3,583) (4,786) 7,175 283 73B 18,434 16.047 13.164 (34.616) (18.170) (5.097 149,194 401 00 177,366 177,866 177,866 6,848 177.866 177,866 177,866 177,866 177.886 141 OPERATING ACTIVITIES 142 Net Income 143 Adjustments to Reconcile Net Income to Net Cash from Operating Activities: 144 Depreciation of Property and Equipment 3.253 145 Stock-Based Compensation 1,134 146 Other Non-Cash Operating Expense, net - 147 Changes in Operating Assets and Llabilities: 148 Inventories (1410) 149 Accounts Receivable, net and other (846) 150 Accounts Payable 1.888 151 Accrued Expenses and Other 736 152 Unearned Revenue 153 Net Cash Provided by (used in) Operating Activities 5,553 154 155 INVESTING ACTIVITIES 158 Purchases of Property and Equipment, Induding Internal Use (3.444) 157 Proceeds from Property and Equipment Incentives - 158 Acquisitions, net of cash acquired, and other (312) 159 Sales Purchases) of Marketable Securities.net (520) 160 Net Cash Provided by used in) Investing Activities (4276) 161 162 FINANCING ACTIVITIES 163 Proceeds (Repayments) from Long-Term Debt and Other 163 164 Principal Repayments of Capital Lease Obligations (775) 165 Principal Repayments of Finance Lease Obligations (5) 166 Proceeds from Issuing Equity (Common Treasury, Pald-in, ott 167 Payment of Dividends 168 Net Cash Provided by used in) Financing Activities (617) (4 893) (5.387) 798 (979) 807 (5.065) (7.804) 1,067 (116) (3.023) (9,876) ooo 1795) (1.066) 16450) (11955) 1897 (13.972) (3,789) (27,819) olo + 5846 (1.285) (135) (1299) (2462) (121) 267 (3 360) (147) 14 859 (4.799) (200) Oo oo 169 170 Foreion Currency Electon Cash and Cash Equivalents 171 Net increase (Decrease in Cash and Cash Equivalents (86) 574 (310) 5800 (374) 1,333 (212) 3 444 713 1.188 149,194 177866 177866 177,865 177.866 177.166 177.8661771 177866 177866 177.868 1236.912 1414.778 172 1 4,567 0,658 19334 15,890 20,522 169,716 347 582 525 448 703 314 1592 544 1.270.5101948.376 881,180 1,059,046 173 CASH AND CASH EQUIVALENTS END OF PERIOD 174 175 176 Supporting Schedules 48 868 481868 48.866 48 866 48,866 48,866 48 866 48,866 48.866 178 PPLE Schedule 179 Opening Balance 180 Less: Depreciation - 181 Plus:Capex 182 Plus: PPLE Acquired Under CapitalFinancing Lesses 153 ProNettons 10,949 16 967 (4.746) (6.281) 4 893 4.589 4.751 5,353 11201210 21 838 (8.116) 6.737 6.593 2052 29,114 (11 478) 10.058 12643 3.529 0 0 Cover Page Financial Model Scenarios Disclaimer MacBook Air D DO 2013A 2015A 2016A 2017A Comoros France Norved ? Historical Analysis 2 millions, except per share data) 180 Les Depreciation 181 Plus Capex 132 PusPPE Acquired Under Capital Financing Leases 183 Puss Other Net Additions 184 Closing Balance 185 180 PPE on Balance Sheet 187 168 Debt Schedule 189 Opening Balance 190 Pus Additions tepayment 191 Closing Balance 2014A TUSS 14.746) 4893 4.751 1.120 16.967 (6.281) 4,589 5.353 1210 21.338 (8.116) 6.737 6.593 2,062 29,114 (11 478) 10058 12.543 3529 48.866 10.949 48.866 48 866 48,866 48 866 48 868 48 886 48.866 48.866 48.866 10,949 18,967 21,838 29,114 48,866 48,866 48,866 48.866 48,866 48,866 48,888 8.265 24743 24,743 24,743 2474324,743 24.7432474324743 24743 3,191 5074 8255 8.235 1541) 7.694 7,694 97049 24743 3.191 8.235 24.743 24743 192 24743 24743 24743 24,743 24743 24743 24,743 24743 24.74324,743 3,197 8,265 8.235 24,743 2474 210 459 56% 6.1% 48 52% 00% 00% 0.0% 0.0% 0.0% 0.0% 0.0% 00% 0.0% 1 9304 19.304 19 304 19,304 19,304 19.304 1.301 (780) 2452 2973 2.973 (1420 4.751 6,304 6.304 9.074 11.650 2 5831 4007) (49991 51535593250) 9,074 11.560 19.304 19.304 19 304 19,304 103 Long-Term Debton Balance Sheet 194 195 Interest Expense 106 Interest Rate 197 198 Capital Leases Schedule 199 Opening Balance (Total) 200 Less: Principal Repayments 201 Pas NetAdditions 202 Closing Balanga (Total) 203 204 Annual Report Closing Figure 205 206 207 208 Valuation 200 210 Free Cash Flow FCF) From Operations 211 Net Cash Provided by used in Operating Activities 212 Purchases of Property and Equipment 213 Free Cash Flow 19.304 19.304 19,304 19,304 19.304 2,973 6.904 9,074 11860 18,304 214 215 Property and Equipment Acquired Under Capital Leams 216 Free Cash Flow Loss Capital Leases 217 218 BBT 219 DLA 220 EBITDA (Including SBC) 222 Sock-Based Compensation (SBC) 223 EBITDA (Excluding SSC) 225 Free Cash Flow to Firm (FCFF) 226 CP Cover Page Financial Model Scenarios Disclaimer + MacBook Air 2 Historical Analysis 2 millions de pershare data 5) Change in Additional Pain Capital 2013 2014 1.562 2015 2.250 2014 3,782 2015 4203 2014 2013 2020 2021 2022 2023 2024 2025 2026 11 CET 2027 2020 55 Dividends 56 Proceeds from Property and Equipment incentives 37 Acquisitions, net of Cash Acquired, and Other 58 Sales and Matures of Marketable Securities 80 Change in Basic Shares Outstanding 61 Change in Diluted Shares Outstanding Income Statement 108,354 5.798 108354 IP 579 IP 3 1 76,863 91431 108.354 5798 18.086 22993 31881 4457 8394 9.721 788012219 17459 1.71020504653 107.006 135.907 177866 108,354 5.793 31 881 9.721 17450 4653 177.866 108,354 5.798 31 31 9.721 17.459 4.553 1 77866 108.354 108,354 5.798 5.798 31 881 31 981 9.721 9.721 17459 17,450 45534853 177.166 177266 9.721 17.459 4853 177,346 108,354 $.798 31 881 9 .721 17 459 4 653 177866 0 8,354 5.798 31 31 9.721 17,450 4,653 4,653 177,866 106.354 5.798 31 381 9721 17 469 4653 177,30 108,354 108,354 598 5.798 31 381 31 37219721 17.459 17459 455) 4553 177.166 171366 17 450 Cloud 177356 66 Segmented Revenue . 67 Online Sores 88 Physical Stores 89 Retail Third-Party Seler Services 70 Rot Subscription Services +71 AWS 72 Other 73 Total Net Sales - 74 - 75 76 Income Statement 77 Net Product Sales 7 Net Service Sales 70 Total Not Sales 80 Operating Expenses 81 Cost of Sales 82 Fullment 53 Marketing B4 Technology and Content 85 General and Administrative 86 Oher Operating Expense net 87 Total Operating Expenses 88 Operating Income 30.903 13.549 74452 70086 1008 88.988 79.268 27.738 107,006 4.365 41 322 135.987 118.573 59 293 1 77.166 118.805 59001 177,886 118,805 118.805 118.805 590015906159.061 177.866 177,868 177,866 118,805 59,061 177.866 118.805 59.041 177,856 1 18.805 118 105 59.00159.051 177,866 177,866 118.805 59 061 177.166 1 18805 59 061 177 366 11805 $9 081 177866 71 651 13410 5 5254 12.540 54,181 8.585 3,133 6.565 1.129 114 73,707 745 0 62.752 10.785 4,332 9275 1552 133 88 810 178 38 265 17619 223 16 05 2432 167 131.801 4,186 100 111.934 25 249 10.069 22 620 3574 0 171 214 173 760 4 ,106 2 0 177 B66 0 177 866 0 177 366 0 177,866 177.866177866 177 366 104,773 .233 50 1459) 0 177866 0 177 366 177 366 177866 202 210) (3481 (141) (136) (239) 118) 2561 346 (294) (300) (269) (111) 0 177 166 0 177 66 0 177 866 0 177 166 0 177 168 0 177 366 0 171 886 0 177 568 506 SER2 177 866 177 866 171 886 90 nerest Expense 91 Cher Income (Expense.net 92 Total Non-Operating Income (Expense) 93 Income Beborencome Taxes Provision for Income Taxes 95 Equity-Method investment Activity of tax 96 Net Income 97 Basic Earnings per Share Dudamingsperan (167) TO 274 060 059 (665) 1 568 1950) 22) 596 128 925 (241) 052) (0.52 (1425) 789 1984 2371 3 033 5 00 832 490 15 177,866 370 55 360 78 177 306 370.55 35078 177,366 370 55 177 66 370.55 177866 370.55 360 78 177806 370.55 360.78 177366 370.55 35078 177 366 370.55 380 E 177 366 370.55 350 78 TT 866 370.55 380 73 177 366 37055 359 78 - Cover Page Financial Model Scenarios Disclaimer + BER MacBook Air X LEN- A A Ab E - - Arial Narrow BIU. fx 2017. S . . DEX . % 000 ** MR . . 3 EM 426 x ved 1 Catering z Historical Analysis 3 milions de 2013 2014 2015 CFI 2028 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5 Historical Ana 6 Time Periods 7 BOP & FOD Days 2013/12 2014/12 2015/11 2016/17 2017 2016/17 2018/17120201120217/1 2022 202111120241111202511120201112027712028/ 2013/12/31 2014/1201 2015/1201 2016/1231 201711201 2018/1271 2019/12/81 2020/12/31 2021201 2022/201 2023/1201 202471201 202511201 2020201 202711201 2028/12001 365 365 365 366 365 365 365 366 365 365 366 385 345 365 366 19.0% 18.5% 11 Segmented Revenue Growth 12 Online Stores 13 Physical Stores 14 Real Third-Party Seler Services 15 Retail Subscription Services 16 AWS 17 Other 18 Total Net Sales 22 223 42.9% 43.1% 55.1% 72.5% 27.1% 387% 520% 429% 57.7% 30.8% 19.5% 202% 678 65% 63% 12% 13% 13% 5% 20 Expenses 21 Cost of Sales 22 Fullment 23 Marketing 24 Technology and Content 25 General and Administrative 26 Dher Operating Evense.net 27 Total Operating Expenses 129 10% 25 25 12% 2% 13% 2% 05 0% 99.0% 99.8% 97.9% 96.9% 97.7% 6.4% 585 3185 0.5% 577 0.0% 0.5% 68% 36.6% 60.6% 03 06% 6.8% 202% 1.0% 52% 3.7% 5.6% 815 29 Stock-Based Compensation (SBC) (SofSGSA 30 Tax Rate 31 Interest Income Rate Opening Balance) 32 Interest Expense Rate (Average Debo 33 34 Balance Sheet 35 Inventory Days 36 Accounts Receivable Days 37 Change in Good 38 Change in Other Assets 39 Change in Marketable Securities 48 27 664 498% -24.5% 440 16,6% 37.0% 40.0% 69 7% 9,566 88.4% 57.4% 41 Accounts Payable Days 42 Accrued Expenses 43 Uneamed Revenue 9.0% 96 11.0% 20% 104 9.7% 2.9% 105 10.1% 3.5% 113 10.2% 2.9% 1.6% 4.6% 5.5% 6.7% 45 Cash Capex % of revenue 46 PPLE Aquired under Capital Leases 47 Depreciation of PPE (Opening Belande) 48 Repayment of Capital Leases (Opening Balance 5.0% 50% 37.0% 41.0% 6.7% 7.1% 394% 429% 4.8% 372% 442% 433% 47.8% 5.074 (30) (541) 17049 50 Change in Long-Term Debt 51 Change Commons Cover Page Financial Model Scenarios Disclaimer + FREE MacBook Air 111CFL 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 480 480 480 480 480 19334 6.547 347 582 10.484 525.448 10.454 703.314 1 0,464 381.180105004812369121414.7781.592.044 1.770.8101248378 10.464 10464 10.464 10.464 10.454 10.464 10454 16.557 2859 8.299 5,512 31,327 16 967 3319 2892 54505 15890 3.918 10243 5.423 36 474 21838 Coole France . N u forved 2 Historical Analysis in milions del por share date 2013 99 Weg e nge s ed in Computation of Earnings per Share 100 Basic 101 Dluted 102 103 104 Balance Sheet 05 106 Current Assets 107 Cash and Cash Equivalents 8658 108 Markarble Securities 109 Inventories 7411 110 Accounts Receivablet and other 4787 111 Total Current Assets 24,525 112 Property And Equipment, net 10.949 113 Goodwill 114 Chere's 115 Total Assets 40,159 116 117 LWBILITIES AND STOCKHOLDERS EQUITY 118 Current Liabilities 119 Accounts Payable 15.133 120 Acred Expenses and Other BAR 121 Uheemned Revenue 1.159 122 Total Current Liabilities 22,980 123 Long-Term Debt 3191 124 Cher Long-Term Liabilities 125 Total Liabides 30 413 126 Sockholders' Equity 127 Common Shares - 477 and 484 128 Treasury Sock, at Cost (18371 - 120 Additional Paid to Capital 9573 130 Accumulated Other Comprehensive Los (185) - 131 Retained Earings 2.190 132 Tota Sockholders Equity 9.746 133 Total Liabilities and eckholders' Equity 40,150 339 45,781 29.114 3784 23 402 20522169.716 10.464 10.464 15.04T 13.164 60,197 180,180 48 868 48 866 13 350 13350 897 897 131310251 253 30759 358.046 48 866 13350 897 429,159 505912 713.778 48 866 48 866 13350 13 350 38978897 07025 714891 891,844 48.866 13 350 8.897 962.757 1.069,510 1.247,378 14252421603,108 48356 4 8.806 48 166 48 16 13350 13.350 13.350 13.350 897839788973397 1,140 623 1318.489 14943551574221 1,780,374 48 16 13.350 .897 1852.087 1060,840 48 566 13350 3897 2020 253 1930 0 5444 15.459 9807 1823 28 089 8.265 20 397 10.384 311 25 309 13.739 34616 18.170 09 57883 2016 33 899 43,816 1207 24143 20 975 4$ 718 24 143 20975 45718 2 4,743 20.975 45 718 24,743 20,975 45718 24,74324,74324,743 20975 20,976 20975 45.710 45,716 45718 24,74324,743 20.97520,975 45718 45.718 43.784 52060 84117 03 601 45 718 45718 1857) (1937) 11.135 511) 1949 10.741 54,505 (1 837) 13394 723 2545 13.384 65,444 17436 985 4916 10 285 33,402 1837 219 484 3.535 27.109 131,310 183T) 1837) 21 389 21 389 484 484 185502354358 205 575 283441 251,203 429,159 (1837) 21 389 484 542234 61 207 607025 55 (1837) (1.837) (1,837) (1837) (1837) (1,837) (1897) (1837) 2130 21389 21.389 21389 21389 21389 2134921389 484 484 484 484 484 484 484) 1454) 720,10089796610758321253.699 1431 564 1509.4301787206 15162 739,173 917 039 104430S 1272.771 1450 637 1628.50) 1806,3691984235 784,391 962,757 1140,023 1810 489 1496, 365 1874.221 1.052,087 2,020,953 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 135 Check 136 137 Cash Flow Statement 139 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 8,084 865814557 15.89019334 20.522 169,716 347.582525448703.314 881,180 1059,046 1238.912 1414.778 1882,644 1.770510 (241) 596 3,033 477886 177.366 177.866177866 17766 177366 177366 17780617786677736677866 141 OPERATING ACTIMTIES 142 Net income 274 143 Adjustments Recondi Net Income to Net Cash from Operating Activities 144 Depreciation of Property and Equipment 145 S-Bad Gaston Cover Page Financial Model Scenarios Disclaimer + MacBook Air 2013 2014 2015 2016 2017A 2018 2019 1/ CFL 2027 2028 2020 2021 2022 2 Historical Analysis 3 in millions, except per share data) 137 Cash Flow State 13B 139 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2023 2024 2025 2026 19,331 20,522169,716 347582 525,448 703,314 881,180 1,068,048 1238.912 414778 1882,41 1770.518 274 (241) 596 2,371 3,033 177,866 177,866 177.866 177866 177866 177,866 177,868 177.886177868177868177808 4.746 1497 (128) 6,281 2,119 486 8,116 2,975 (106) 11,478 4.215 (119) 123 (1.193) (1.039) 1,759 706 0 (2,187) (1,755) 4.294 913 1 292 12,039 (1.426) (3,367) 5,030 1,724 1955 17272 (3,583) (4,786) 7,175 283 73B 18,434 16.047 13.164 (34.616) (18.170) (5.097 149,194 401 00 177,366 177,866 177,866 6,848 177.866 177,866 177,866 177,866 177.886 141 OPERATING ACTIVITIES 142 Net Income 143 Adjustments to Reconcile Net Income to Net Cash from Operating Activities: 144 Depreciation of Property and Equipment 3.253 145 Stock-Based Compensation 1,134 146 Other Non-Cash Operating Expense, net - 147 Changes in Operating Assets and Llabilities: 148 Inventories (1410) 149 Accounts Receivable, net and other (846) 150 Accounts Payable 1.888 151 Accrued Expenses and Other 736 152 Unearned Revenue 153 Net Cash Provided by (used in) Operating Activities 5,553 154 155 INVESTING ACTIVITIES 158 Purchases of Property and Equipment, Induding Internal Use (3.444) 157 Proceeds from Property and Equipment Incentives - 158 Acquisitions, net of cash acquired, and other (312) 159 Sales Purchases) of Marketable Securities.net (520) 160 Net Cash Provided by used in) Investing Activities (4276) 161 162 FINANCING ACTIVITIES 163 Proceeds (Repayments) from Long-Term Debt and Other 163 164 Principal Repayments of Capital Lease Obligations (775) 165 Principal Repayments of Finance Lease Obligations (5) 166 Proceeds from Issuing Equity (Common Treasury, Pald-in, ott 167 Payment of Dividends 168 Net Cash Provided by used in) Financing Activities (617) (4 893) (5.387) 798 (979) 807 (5.065) (7.804) 1,067 (116) (3.023) (9,876) ooo 1795) (1.066) 16450) (11955) 1897 (13.972) (3,789) (27,819) olo + 5846 (1.285) (135) (1299) (2462) (121) 267 (3 360) (147) 14 859 (4.799) (200) Oo oo 169 170 Foreion Currency Electon Cash and Cash Equivalents 171 Net increase (Decrease in Cash and Cash Equivalents (86) 574 (310) 5800 (374) 1,333 (212) 3 444 713 1.188 149,194 177866 177866 177,865 177.866 177.166 177.8661771 177866 177866 177.868 1236.912 1414.778 172 1 4,567 0,658 19334 15,890 20,522 169,716 347 582 525 448 703 314 1592 544 1.270.5101948.376 881,180 1,059,046 173 CASH AND CASH EQUIVALENTS END OF PERIOD 174 175 176 Supporting Schedules 48 868 481868 48.866 48 866 48,866 48,866 48 866 48,866 48.866 178 PPLE Schedule 179 Opening Balance 180 Less: Depreciation - 181 Plus:Capex 182 Plus: PPLE Acquired Under CapitalFinancing Lesses 153 ProNettons 10,949 16 967 (4.746) (6.281) 4 893 4.589 4.751 5,353 11201210 21 838 (8.116) 6.737 6.593 2052 29,114 (11 478) 10.058 12643 3.529 0 0 Cover Page Financial Model Scenarios Disclaimer MacBook Air D DO 2013A 2015A 2016A 2017A Comoros France Norved ? Historical Analysis 2 millions, except per share data) 180 Les Depreciation 181 Plus Capex 132 PusPPE Acquired Under Capital Financing Leases 183 Puss Other Net Additions 184 Closing Balance 185 180 PPE on Balance Sheet 187 168 Debt Schedule 189 Opening Balance 190 Pus Additions tepayment 191 Closing Balance 2014A TUSS 14.746) 4893 4.751 1.120 16.967 (6.281) 4,589 5.353 1210 21.338 (8.116) 6.737 6.593 2,062 29,114 (11 478) 10058 12.543 3529 48.866 10.949 48.866 48 866 48,866 48 866 48 868 48 886 48.866 48.866 48.866 10,949 18,967 21,838 29,114 48,866 48,866 48,866 48.866 48,866 48,866 48,888 8.265 24743 24,743 24,743 2474324,743 24.7432474324743 24743 3,191 5074 8255 8.235 1541) 7.694 7,694 97049 24743 3.191 8.235 24.743 24743 192 24743 24743 24743 24,743 24743 24743 24,743 24743 24.74324,743 3,197 8,265 8.235 24,743 2474 210 459 56% 6.1% 48 52% 00% 00% 0.0% 0.0% 0.0% 0.0% 0.0% 00% 0.0% 1 9304 19.304 19 304 19,304 19,304 19.304 1.301 (780) 2452 2973 2.973 (1420 4.751 6,304 6.304 9.074 11.650 2 5831 4007) (49991 51535593250) 9,074 11.560 19.304 19.304 19 304 19,304 103 Long-Term Debton Balance Sheet 194 195 Interest Expense 106 Interest Rate 197 198 Capital Leases Schedule 199 Opening Balance (Total) 200 Less: Principal Repayments 201 Pas NetAdditions 202 Closing Balanga (Total) 203 204 Annual Report Closing Figure 205 206 207 208 Valuation 200 210 Free Cash Flow FCF) From Operations 211 Net Cash Provided by used in Operating Activities 212 Purchases of Property and Equipment 213 Free Cash Flow 19.304 19.304 19,304 19,304 19.304 2,973 6.904 9,074 11860 18,304 214 215 Property and Equipment Acquired Under Capital Leams 216 Free Cash Flow Loss Capital Leases 217 218 BBT 219 DLA 220 EBITDA (Including SBC) 222 Sock-Based Compensation (SBC) 223 EBITDA (Excluding SSC) 225 Free Cash Flow to Firm (FCFF) 226 CP Cover Page Financial Model Scenarios Disclaimer + MacBook Air
