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Consensus 101 CFI VOUAWN Historical Analysis (in millions, except per share data 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E Historical Analysis Time Periods BOP 1/1/13 1/1/14 1/1/15 1/1/16 1/1/17 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 1/1/23 1/1/24 1/1/25 1/1/26 1/1/27 1/1/28 OP 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 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 AWN Number 1_ 15 Bull 16 Bear 17 Other 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 ContentR15 X V fx M N 0 P Q R S A B C D E F G H J K L 101 CFI W N - Corporate Finance Institute. 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Consensus Historical Analysis 2025E 2026E 2027E 2028E (in millions, except per share data) 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 272 PP&E Acquired under Capital Leases 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% 273 Depreciation % of PPE (Opening Balance) 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 274 Repayment of Capital Leases (Opening Balance) 275 276 Change in Long-Term Debt 277 Change in Common Shares 278 Change in Treasury Stock oooo oooo oooo ooo oooo ooo ooo oooo 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 oooo oooo oooo oooo oooo oooo oooo oooo oooo oooo oooo 284 Sales and Maturities of Marketable Securities 285 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% .0% 1.0% 1.0% 1.0% 1.0% 286 Change in Basic Shares Outstanding 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 287 Change in Diluted Shares Outstanding 288 289 290 291 292 293 294 295 296 297 298 299 300 301R15 X V fx A B C D E F G H I J K L M N P Q R S @Corporate Finance Institute. 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Consensus CO N Historical Analysis 101 CFI (in millions, except per share data 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 34 General and Administrative 35 Other Operating Expense, net 36 Total Operating Expenses 37 38 Stock-Based Compensation (SBC) (% 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 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) 67 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 63R15 X V fx A B C D E F G H I J K L M N 0 P Q R S Corporate Finance Institute. 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Consensus 10/ CFI Historical Analysis (in millions, except per share data) 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 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 19.7% 18.1% 17.5% 17.1% 16.2% 14.9% 13.2% 11.1% 8.0% 7.1% 5.9% 77 Physical Stores 143.8% 11.2% 11.8% 9.1% 8.7% 9.6% 10.1% 10.6% 9.3% 8.6% 7.4% 78 Retail Third-Party Seller Services 24.0% 27.0% 25.0% 21.0% 20.4% 17.1% 12.5% 12.1% 10.1% 5.7% 5.1% 79 Retail Subscription Services 49.1% 40.3% 36.1% 26.5% 19.0% 18.0% 11.0% 7.1% 5.2% 5.0% 4.0% 80 AWS 42.2% 38.0% 36.5% 26.1% 18.5% 16.50 13.7% 13.2% 10.8% 9.2% 3.7% 81 Other 134.1% 78.0% 52.0% 39.0% 36.0% 23.2 13.0% 8.3% 9.2% 7.6% 4.6% 82 Total Net Sales 83 84 Expenses 85 Cost of Sales 58.3% 59.0% 58.7% 59.1% 58.4% 58.2% 58.2% 58.5% 57.6% 57.3% 57.9% 86 Fulfillment 16.4% 15.1% 15.3% 15.2% 14.9% 15.3% 15.4% 15.1% 15.2% 15.2% 15.2% 87 Marketing 4.8% 5.0% 5.1% 5.0% 4.7% 5.0% 5.0% 5.0% 5.2% 5.2% 5.2% 88 Technology and Content 11.2% 11.4% 11.2% 11.3% 11.5% 11.1% 11.2% 11.2% 11.2% 11.1% 11.1% 89 General and Administrative 3.8% 2.9% 2.1% 2.0% 2.1% 2.0% 1.9% 1.9% 1.9% 1.8% 1.8% 90 Other Operating Expense, net 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 91 Total Operating Expenses 94.7% 93.6% 92.6% 92.8% 91.8% 91.8% 91.9% 91.9% 91.3% 90.8% 91.4% 92 93 n (SBC) (% of SG&A) 6.0% 5.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 5.0%R15 V X V fx A B C D E F G H I J K L M N 0 P Q R S Corporate Finance Institute. 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Consensus 101 CFI C N Historical Analysis (in millions, except per share data) 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 94 Tax Rate 20.0% 20.0% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 95 Interest Income Rate (Opening Balance) 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 96 Interest Expense Rate (Average Debt) 97 98 Balance Sheet 57 57 57 57 57 57 57 57 57 57 57 99 Inventory Days 26 26 26 26 26 26 26 26 26 26 26 100 Accounts Receivable Days 10 0 0 0 0 20 0 0 0 0 0 101 Change in Goodwill 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 102 Change in Other Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 103 Change in Marketable Securities 0.0% 0.0% 0.0% 104 104 104 104 104 104 104 104 104 104 104 104 105 Accounts Payable Days 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 106 Accrued Expenses 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 3.6% 107 Unearned Revenue 108 6.6% 6.6% 6.6% 6.6% 6.6% 5.9% 5.9% 5.9% 5.0% 4.3% 4.3% 109 Cash Capex % of revenue 4.4% 4.8% 4.4% 5.0% 5.5% 5.5% 5.5% 5.5% 4.2% 3.09 3.0% 110 PP&E Acquired under Capital Leases 111 Depreciation % of PPE (Opening Balance) 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 36.5% 36.5% 36.5% 36.5% 36.5% 36.5% 36.5% 36.5% 36.5% 36.5% 36.5% 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 oooo oooo oooo ooo ooo ooo ooo ooo oooo 118 119 Dividends 120 Proceeds from Property and Equipment Incentives 121 Acquisitions, net of Cash Acquired, and Other oooo oooo Oooo oooo oooo oooo oooo oooo oooo oooo Oooo 122 Sales and Maturities of Marketable Securities 123R15 X V fx F G H I J K L M N 0 P Q R S A B C D E ON - Corporate Finance Institute. 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Consensus 101 CFI Historical Analysis (in millions, except per share data) 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 124 Change in Basic Shares Outstanding 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 125 Change in Diluted Shares Outstanding 1.5% 1.5% 1.2% 1.0% 1.0% 126 127 128 BULL CASE 129 Segmented Revenue Growth 23.5% 21.4% 20.3% 20.1% 18.9% 17.6% 15.6% 13.2% 10.1% 8.6% 7.3% 130 Online Stores 12.9% 11.8% 131 Physical Stores 175.6% 14.7% 12.8% 10.9% 10.6% 11.1% 12.7% 12.7% 10.2% 29.9% 28.6% 28.1% 26.2% 24.8% 21.4% 15.4% 14.3% 11.9% 6.9% 6.8% 132 Retail Third-Party Seller Services 12.7% 9.2% 6.2% 6.1% 4.9% 133 Retail Subscription Services 58.2% 48.2% 43.8% 32.8% 22.4% 21.2% 134 AWS 28.9% 45.3% 42.6% 32.0% 22.6% 20.3% 16.8% 16.7% 12.7% 10.4% 8.1% 135 Other 158.3% 91.0% 58.3% 46.7% 43.1% 28.9% 15.3% 11.2% 11.3% 9.9% 6.3% Total Net Sales 137 138 Expenses 57.2% 57.2% 57.7% 57.7% 56.3% 56.3% 57.0% 139 Cost of Sales 57.2% 58.2% 57.7% 57.7% 16.3% 15.2% 15.0% 15.0 15.1% 15.2% 15.3% 15.3% 15.3% 15.3% 15.3% 140 Fulfillment 4.8% 4.9% 4.9% 4.9% 4.9% 4.9% 4.9% 4.9% 5.2% 5.1% 5.1% 141 Marketing 11.5% 11.2% 11.2% 11.2% 11.2% 11.0% 10.7% 142 Technology and Content 11.3% 11.4% 11.5% 11.5% 3.9% 2.9% 2.0% 1.9% 1.9% 1.9% 1.9% 1.8% 1.8% 1.8% 1.8% 143 General and Administrative 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 144 Other Operating Expense, net 93.7% 92.8% 91.4% 91.4% 91.0% 90.7% 91.3% 91.2% 90.0% 89.7% 90.2% 145 Total Operating Expenses 146 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 147 Stock-Based Compensation (SBC) (% of SG&A) 20.0% 20.0% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 148 Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 149 Interest Income Rate (Opening Balance) 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 150 Interest Expense Rate (Average Debt) 151 152 Balance Sheet 48 48 48 48 48 48 48 48 48 48 48 153 Inventory DaysR15 X V fx K L M N O P Q R S A B C D E F G H 1 J 101 CFI Corporate Finance Institute. 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Consensus N Historical Analysis 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E (in millions, except per share data 2013A 2014A 2015A 2016A 2017A 2018E 22 22 22 22 22 22 22 22 22 22 22 154 Accounts Receivable Days 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 155 Change in Goodwil 0.0% 0.0% 0.0% 6 Change in Other Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 157 Change in Marketable Securities 115 158 115 115 115 115 115 115 115 115 115 115 159 Accounts Payable Days 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 160 Accrued Expenses 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 161 Unearned Revenue 162 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 7.2% 163 Cash Capex % of revenue 7.5% 6.0% 5.0% 5.0% 5.0% 4.0% 4.0% 4.0% 3.0% 2.9% 2.9% 164 PP&E Acquired under Capital Leases 40.3% 40.3% 40.3% 40.3% 40.3% 40.3% 40.3% 40.3% 40.3% 40.30 40.3% 165 Depreciation % of PPE (Opening Balance) 37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 37.5% 166 Repayment of Capital Leases (Opening Balance) 167 168 Change in Long-Term Debt 169 Change in Common Shares 170 Change in Treasury Stock oooo oooo oooo oooo oooo oooo oooo ooo oooo oooo oooo 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 oooo oooo oooo oooo oooo oooo oooo oooo 176 Sales and Maturities of Marketable Securities oooo 177 1.2% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.09 178 Change in Basic Shares Outstanding 1.0% 179 Change in Diluted Shares Outstanding 1.6% 1.3% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 180 181R15 X V fx E F G H I J K L M N 0 P Q S A B C D @Corporate Finance Institute. 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Consensus 101 CFI N Historical Analysis 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E (in millions, except per share data 2013A 2014A 182 BEAR CASE 183 Segmented Revenue Growth 18.7% 17.2% 16.0% 16.0% 15.0% 14.1% 12.2% 10.3% 7.5% 6.6% 5.6% 184 Online Store 11.5% 10.2% 8.6% 8.6% 8.6% 10.1% 10.0% 9.0% 8.4% 7.7% 185 Physical Stores 142.5% 23.6% 23.5% 22.6% 20.7% 19.7% 16.9% 12.2% 11.3% 9.4% 5.6% 5.2% 186 Retail Third-Party Seller Services 46.9% 38.8% 34.8% 26.3% 17.9% 16.9% 10.3% 6.6% 4.7% 4.7% 3.8% 187 Retail Subscription Services 39.1% 36.7% 33.8% 25.4% 17.9% 16.0% 13.2% 13.2% 10.3% 8.5% 6.6% 188 AWS 126.4% 75.2% 47.0% 37.6% 34.8% 22.6% 12.2% 8.5% 8.5% 7.5% 4.7% 189 Other 190 Total Net Sales 191 192 Expenses 60.7% 61.2% 60.7% 60.8% 60.8% 60.2% 61.0% 61.3% 59.4% 59.4% 60.1% 193 Cost of Sales 17.3% 16.2% 16.0% 15.7% 16.1% 16.2% 15.8% 15.8% 15.8% 15.8% 15.8% 194 Fulfillment 4.9% 5.1% 5.3% 5.3% 5.3% 5.30 5.3% 5.7% 5.7% 5.7% 195 Marketing 12.0% 12.2% 12.2% 12.3% 12.3% 11.8% 11.6% 11.6% 11.3% 11.1% 196 Technology and Content 2.80 2.1% 2.0% 2.0% 2.0% 2.0% 1.8% 1.8% 1.8% 1.8% 197 General and Administrative 4.5% 0.2% 0.2% 0.2% 0.2% ).2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 198 Other Operating Expense, net 99.5% 97.4% 96.39 96.2% 96.6% 95.70 95.9% 95.9% 94.5% 94.2% 94.7% 199 Total Operating Expenses 200 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% 201 Stock-Based Compensation (SBC) (% of SG&A) 6.1% 6.1% 6.1% 6.1% 20.0% 20.0% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 22.5% 202 Tax Rate 203 Interest Income Rate (Opening Balance) 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 7.0% 7.0% 7.0% 7.0%% 7.0% 204 Interest Expense Rate (Average Debt) 7.0% 7.0% 7.0% 205 206 Balance Sheet 65 65 65 65 65 65 65 65 65 65 65 207 Inventory Days 32 32 32 32 32 32 32 32 32 32 32 208 Accounts Receivable Days 0 0 0 209 Change in Goodwill 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 210 Change in Other Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 211 Change in Marketable SecuritiesR15 X V fx A B C D E F G H I J K L M N 0 P Q R S @Corporate Finance Institute. 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Consensus 101 CFI Historical Analysis 2025E 2026E 2028E (in millions, except per share data 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2027E 212 213 Accounts Payable Days 122 122 122 122 122 122 122 122 122 122 122 214 Accrued Expenses 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 215 Unearned Revenue 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 5.3% 216 7.1% 217 Cash Capex % of revenue 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 218 PP&E Acquired under Capital Leases 7.5% 6.0% 5.0% 5.0% 5.0% 4.0% 4.0% 4.0% 3.0% 2.9% 2.9% 219 Depreciation % of PPE (Opening Balance) 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 220 Repayment of Capital Leases (Opening Balance) 39.2% 39.2% 39.2% 39.2% 39.2% 39.2% 39.2% 39.2% 39.2%% 39.2% 39.2% 221 222 Change in Long-Term Debt 223 Change in Common Shares 224 Change in Treasury Stock 225 Change in Additional Paid-in Capital ooo ooo ooo ooo ooo ooo oooo ooo 226 227 Dividends 228 Proceeds from Property and Equipment Incentives 229 Acquisitions, net of Cash Acquired, and Other oooo OOO 230 Sales and Maturities of Marketable Securities oooo oooo oooo oooo oooo oooo oooo OOO oooo 231 232 Change in Basic Shares Outstanding 1.2% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% .0% 1.0% 233 Change in Diluted Shares Outstanding 1.6% 1.3% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 234 235 236 OTHER CASE 237 Segmented Revenue Growth 238 Online Stores 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 239 Physical Stores 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 240 Retail Third-Party Seller Services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 241 Retail Subscription Services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%R15 V X V fx J K L M N 0 P Q R S A B C D E F G H CN - Corporate Finance Institute. 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Consensus 101 CFI Historical Analysis (in millions, except per share data 2013A 2014A 2015A 2016A 2017A 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 0.0% 0.0% 0.0% 0.09 0.0% 0.09 0.0% 0.09 0.0% 0.0% 0.0% 242 AWS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 243 Other 244 Total Net Sales 245 246 Expenses 57.1% 57.1% 57.1% 57.1% 57.1% 57.1% 57.1% 57.1% 57.1% 57.1% 57.1% 247 Cost of Sales 13.4% 13.4% 13.4% 13.4% 13.4% 13.4% 13.4% 13.4% 13.4% 13.4% 248 Fulfillment 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 249 Marketing 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 12.3% 250 Technology and Content 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 251 General and Administrative 1.2% 2% 1.2% 1.2% 1.2% 20 1.2% 1.2% 20 1.2% 252 Other Operating Expense, net 94.0% 94.0% 94.0% 94.0% 94.0% 94.0% 94.0% 94.0% 94.0% 94.0% 94.0% 253 Total Operating Expenses 254 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 255 Stock-Based Compensation (SBC) (% of SG&A) 6.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 256 Tax Rate 20.0% 257 Interest Income Rate (Opening Balance) 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 258 Interest Expense Rate (Average Debt) 259 260 Balance Sheet 52 52 52 52 52 52 52 52 52 52 52 261 Inventory Days 27 27 27 27 27 27 27 27 27 27 27 262 Accounts Receivable Days 0 0 263 Change in Goodwill 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 264 Change in Other Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 265 Change in Marketable Securities 0.0% 266 116 116 116 116 116 116 116 116 116 116 116 267 Accounts Payable Days 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 268 Accrued Expenses 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 3.4% 269 Unearned Revenue 270 6.0% 6.0% 5.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% 271 Cash Capex % of revenueDownload the file Advanced Modeling Scenarios and PCP, follow the instructions and answer question 13 15 based on this model. 13 Complete Live Case section in the Scenario worksheet. There are 4 scenarios in this model: Consensus, Bull, Bear, Review Later 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 621 (online stores for 2018E)? =CHOOSE($K$14,G76:Q238) =CHOOSE($B$1,G76,G130,G184,GZ38) =CHOOSE($K$14,G76,G130,G184,6238) =CHOOSE($B$1,G76:Q238) Download the file Advanced Modeling Scenarios and FCF, follow the instructions and answer question 13 15 based on this model. 14 Link the live case with the Historical Analysis section in the Financial Model worksheet and complete the Valuation Review Later section. In the consensus case, what is the EBITDA excluding stock-based compensation (SEC) in 2024? 143,079 126,043 1 62,565 112,115 Download the le Advanced Modeling Scenarios and FCF, follow the instructions and answer question 13 15 based on this model. 15 In the bull case, what is the free cash flow to the rm (FCFF) if all cash CAPEX in 2027? Review Later 148,361 1 25,384 98,662 J o 1 14,662