in USS Thousands FY 16E FY17E FY18E FY19E FY20E FY21E FY22E FY23E Terminal Value 3.742.484 (500.880) 3.241.804 (1.278,258) (1,004,897) (542,094) 4,570,391 5,385,685 599.430) (671,042) 3.970.981 4,714,643 (1.535,218) (1.781,941) (1.178.117) (1,332,748) (612.387) (867,484) (587 919 (595,995) 57,342 336,477 6,272,014 742.402) 5,529,612 (2,044,070) (1.489,994) (719,033) (612,094) 884,421 7,225,381 (812,487 6,412,894 (2.319,453) (1.647.819) (766 204) 1637107) 1,042,311 8,241,160 (880,375 7,380,785 (2.605,850) (1,785,504) (808,377) (664,393 1,496,681 9,307,119 (974,383) 8,332,758 (2.898.763) (1.915,629) (844,468) (691 351) 1,982,547 10,423,675 (1,089,430) 9,354.245 (3,197,823) (2,038,170) (874.842) (717.171) 2,528,239 (550.640 (132,283) Net Revenue Cost of Revenue Gross Proft Sales and Marketing Product Development General and Administrative Depreciation and Amortzation Operating Income Free Cash Flow (FCF EBIT Less Taves (35% tax rate) Add Depreciation & Amorization Add Stock Expense Less Capital Expenditures Less Intangibles Unlevered Free Cash Flow (132,283) 46.299 550.640 580.398 (709.920) 18.308) 328.828 57,342 (20.070) 587.919 594,908 (727,688) 338,477 (117767) 595,995 809,781 (854,901) 684,421 (232.547) 812,094 625,025 (871,274) 1,042,311 (364,808) 637,107 640,651 (888,058) 1,498.681 (523,831) 684,393 858,687 (705.257 1,982,547 (693.892) 891,351 873,084 (722.888) 2,520,239 (884,183) 717,171 689.911 (740,981) 492.431 769,585 997,719 1,287 205 1,588,633 1,930,202 2.308,177 Pre sent Value WACC of 10%) 328.827 447.685 638,020 749.601 885,517 988,416 1,089,549 1,184,459 20.898.681 Total PV of Unlevered Free Cash Flow 27,184,735 TERMINAL VALUE ASSUMPTIONS GROWTH 4.60% WACC 10% WHAT ARE THE ASSUMPTIONS ABOUT GROWTH RATES IN THE PERIODS AND THE TERMINAL PERIOD