MULTIPLE QUESTIONS
fahad9041
Advanced_Modeling_-_DCF_Analysis_.xlsx_CIQHiddenCacheSheet
| 22 | 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 | 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 | 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 | 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 | SU5DT01FX0xJU1QuMTMBAAAAPUkAAAMAAAAMSVFUNTM0NDQ2NDMyAKgydZxCYNYIBSN8nEJg1ggeQ0lRLk5BU0RBUTpBTVpOLklRX0JPTkRfTElTVC4zAQAAAD1JAAADAAAADElRVDUzNDQ0NjQzNACoMnWcQmDWCPVJfJxCYNYIH0NJUS5OQVNEQVE6QU1aTi5JUV9CT05EX0xJU1QuMTQBAAAAPUkAAAMAAAAMSVFUNTM0NDQ3NTM1AKgydZxCYNYIC/x7nEJg1ggnQ0lRLk5BU0RBUTpBTVpOLklRX0ZJWEVEX0lOQ09NRV9MSVNULjE4AQAAAD1JAAADAAAADElRVDMxODI4OTYzNgCoMnWcQmDWCNIzfZxCYNYIJ0NJUS5OQVNEQVE6QU1aTi5JUV9GSVhFRF9JTkNPTUVfTElTVC4zOQEAAAA9SQAAAwAAAAtJUVQ2MTg4NzE5NADKCnWcQmDWCBqDfZxCYNYIIkNJUS5OQVNEQVE6QU1aTi5JUV9JTkRVU1RSWV9TRUNUT1IBAAAAPUkAAAMAAAAWQ29uc3VtZXIgRGlzY3JldGlvbmFyeQDKCnWcQmDWCNIzfZxCYNYIJ0NJUS5OQVNEQVE6QU1aTi5JUV9GSVhFRF9JTkNPTUVfTElTVC4yMAEAAAA9SQAAAwAAAAxJUVQ1NDQ1MDM4MDcAqDJ1nEJg1gj+mHycQmDWCCJDSVEuSVFUNTM0NDQ3NTM2LklRX1NFQ1VSSVRZX0xFVkVMAQAAAD1JAAADAAAAEFNlbmlvciBVbnNlY3VyZWQAqrDynEJg1gjCBficQmDWCCdDSVEuTkFTREFROkFNWk4uSVFfRklYRURfSU5DT01FX0xJU1QuMTUBAAAAPUkAAAMAAAAMSVFUNTM0NDQ3NTM2 | 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 | 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 | 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 | SVNULjQBAAAAPUkAAAMAAAAMSVFUNTM0NDQ3NTQxAKgydZxCYNYI+gx9nEJg1ggeQ0lRLklRVDUzNDQ0NjQzMy5JUV9PRkZFUl9EQVRFAQAAAD1JAAAFAAAACTgvMTUvMjAxNwDmefBgI2DWCLRScaLmYNYIH0NJUS5OQVNEQVE6QU1aTi5JUV9CT05EX0xJU1QuMjABAAAAPUkAAAMAAAAMSVFUNTQ0NTAzODA3AKgydZxCYNYI0r98nEJg1ggeQ0lRLklRVDUzNDQ0NzUzNS5JUV9PRkZFUl9EQVRFAQAAAD1JAAAFAAAACTgvMTUvMjAxNwDmefBgI2DWCBPecKLmYNYIH0NJUS5OQVNEQVE6QU1aTi5JUV9CT05EX0xJU1QuMTYBAAAAPUkAAAMAAAAMSVFUMjc4OTI1NzA1AKgydZxCYNYI0r98nEJg1ggfQ0lRLk5BU0RBUTpBTVpOLklRX0JPTkRfTElTVC4zMQEAAAA9SQAAAwAAAAxJUVQ1MzQzNTkwOTcAqDJ1nEJg1gjSM32cQmDWCCdDSVEuTkFTREFROkFNWk4uSVFfRklYRURfSU5DT01FX0xJU1QuMzcBAAAAPUkAAAMAAAAMSVFUNTM0NDQ3NTIzAKgydZxCYNYI0jN9nEJg1ggiQ0lRLklRVDMxODI4OTYzNi5JUV9TRUNVUklUWV9MRVZFTAEAAAD6jgAAAwAAABBTZW5pb3IgVW5zZWN1cmVkAKqw8pxCYNYIv7f3nEJg1ggnQ0lRLk5BU0RBUTpBTVpOLklRX0ZJWEVEX0lOQ09NRV9MSVNULjE3AQAAAD1JAAADAAAADElRVDMxODE1MjU1NgCoMnWcQmDWCAv8e5xCYNYIIkNJUS5JUVQyNzg5MjU3MDYuSVFfU0VDVVJJ | VFlfTEVWRUwBAAAAPUkAAAMAAAAQU2VuaW9yIFVuc2VjdXJlZACqsPKcQmDWCL+395xCYNYIIkNJUS5JUVQ1MzQ0NDc1MzIuSVFfU0VDVVJJVFlfTEVWRUwBAAAAPUkAAAMAAAAQU2VuaW9yIFVuc2VjdXJlZACqsPKcQmDWCOeQ95xCYNYIIkNJUS5JUVQyNzg5MjU3MDUuSVFfU0VDVVJJVFlfTEVWRUwBAAAAPUkAAAMAAAAQU2VuaW9yIFVuc2VjdXJlZACqsPKcQmDWCMIF+JxCYNYIIkNJUS5JUVQ1MzQ0NDY0MjguSVFfU0VDVVJJVFlfTEVWRUwBAAAAPUkAAAMAAAAQU2VuaW9yIFVuc2VjdXJlZACqsPKcQmDWCOeQ95xCYNYIIkNJUS5JUVQ1MzQ0NDc1MjMuSVFfU0VDVVJJVFlfTEVWRUwBAAAAPUkAAAMAAAAQU2VuaW9yIFVuc2VjdXJlZACqsPKcQmDWCL+395xCYNYIJkNJUS5OQVNEQVE6QU1aTi5JUV9GSVhFRF9JTkNPTUVfTElTVC45AQAAAD1JAAADAAAADElRVDUzNDQ0NjQzMwCoMnWcQmDWCOVvfJxCYNYIH0NJUS5OQVNEQVE6QU1aTi5JUV9CT05EX0xJU1QuMzMBAAAAPUkAAAMAAAAMSVFUNTM0NDQ3NTI2AMoKdZxCYNYIGoN9nEJg1ggeQ0lRLklRVDUzNDQ0NjQzMS5JUV9PRkZFUl9EQVRFAQAAAD1JAAAFAAAACTgvMTUvMjAxNwDmefBgI2DWCLwUcqLmYNYIHkNJUS5JUVQ1MzQzNTkwOTQuSVFfT0ZGRVJfREFURQEAAAA9SQAABQAAAAg1LzcvMjAxOADmefBgI2DWCAgFcaLmYNYIH0NJUS5OQVNE | 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 | 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 | 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 | 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 | RkZFUl9EQVRFAQAAAD1JAAAFAAAACTEyLzIvMjAxNADmefBgI2DWCOCxcqLmYNYIHkNJUS5JUVQzNzk2MTk2OTkuSVFfT0ZGRVJfREFURQEAAAD6jgAABQAAAAk5LzI2LzIwMTYA5nnwYCNg1gja7XGi5mDWCCdDSVEuTkFTREFROkFNWk4uSVFfRklYRURfSU5DT01FX0xJU1QuMjIBAAAAPUkAAAMAAAAMSVFUNTM0NDQ2NDMxAKgydZxCYNYI0jN9nEJg1ggeQ0lRLk5BU0RBUTpBTVpOLklRX0JPTkRfTElTVC43AQAAAD1JAAADAAAADElRVDIyNDU3MzU5NQCoMnWcQmDWCMhafZxCYNYIJkNJUS5OQVNEQVE6QU1aTi5JUV9GSVhFRF9JTkNPTUVfTElTVC4zAQAAAD1JAAADAAAADElRVDUzNDQ0NjQzNACoMnWcQmDWCAUjfJxCYNYIHkNJUS5JUVQ1MzQ0NDc1MzkuSVFfT0ZGRVJfREFURQEAAAA9SQAABQAAAAk4LzE1LzIwMTcA5nnwYCNg1gitY3Ki5mDWCB5DSVEuSVFUMjc5MDI5MjUyLklRX09GRkVSX0RBVEUBAAAAPUkAAAUAAAAJMTIvMi8yMDE0AOZ58GAjYNYIUMdxouZg1ggeQ0lRLklRVDUzNDQ0NzUzNi5JUV9PRkZFUl9EQVRFAQAAAD1JAAAFAAAACTgvMTUvMjAxNwDmefBgI2DWCAgFcaLmYNYIJ0NJUS5OQVNEQVE6QU1aTi5JUV9GSVhFRF9JTkNPTUVfTElTVC4yOAEAAAA9SQAAAwAAAAxJUVQ1MzQ0NDc1MjkAqDJ1nEJg1gjSM32cQmDWCCJDSVEuSVFUNTM0MzU5MDg4LklRX1NFQ1VSSVRZX0xFVkVM | 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 | 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 | 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 | 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 | 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 | NC5JUV9TRUNVUklUWV9MRVZFTAEAAAA9SQAAAwAAABBTZW5pb3IgVW5zZWN1cmVkAKqw8pxCYNYI55D3nEJg1gg= |
Cover Page
| Advanced Financial Modeling & Valuation |
| Qualified Assessment Question - DCF |
| Table of Content |
| Financial Model |
| Scenarios |
| Notes |
| This Excel model is provided "as is" and designed for educational purposes only and should not be used for any other reason. |
| CFI Education Inc. and its affiliates have no liability arising out of your use of this model. |
| The model is Copyright material of CFI Education Inc., all rights reserved. |
| https://corporatefinanceinstitute.com/ |
| Disclaimer This model is intended solely for educational and training purposes. The information contained herein does not constitute investment advice, or an offer to sell, or the solicitation of any offer to buy any securities of Amazon.com, Inc. (NasdaqGS:AMZN) or any other security. This content in this model has not been approved or disapproved by (a) Amazon.com, Inc., (b) S&P Global Market Intelligence Inc., (c) Pitchbook Data, Inc., (d) Morningstar, Inc., (e) any equity research analyst that covers Amazon.com, Inc., or (f) any securities regulator in any province or territory of Canada, the United States Securities and Exchange Commission or any other United States federal or state regulatory authority, and no such commission or authority has passed upon the merits, accuracy or adequacy of this content, nor is it intended that any will. The information in this model does not constitute the provision of investment, tax, legal or other professional advice. As with all investments, there are associated risks and you could lose money investing – including, potentially, your entire investment. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment. No reliance may be placed for any purpose on the information and opinions contained herein or their accuracy or completeness, and nothing contained herein may be relied upon in making any investment decision. This model is provided "as is". CFI Education Inc. and its affiliates have no liability arising out of your use of this model. |
Financial Model
| © Corporate Finance Institute. All rights reserved. | EV: | $0 | Share Price: | $0 | ||||||||||||
| Historical Analysis | ||||||||||||||||
| (in millions, except per share data) | 2013A | 2014A | 2015A | 2016A | 2017A | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
| 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 |
| EOP | 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 |
| Days | 365 | 365 | 365 | 366 | 365 | 365 | 365 | 366 | 365 | 365 | 365 | 366 | 365 | 365 | 365 | 366 |
| Segmented Revenue Growth | ||||||||||||||||
| Online Stores | na | na | 19.0% | 18.5% | 20.1% | 18.3% | 17.0% | 17.0% | 16.0% | 15.0% | 13.0% | 11.0% | 8.0% | 7.0% | 6.0% | |
| Physical Stores | na | na | na | na | 150.8% | 12.2% | 10.8% | 9.1% | 9.1% | 9.2% | 10.7% | 10.6% | 9.6% | 8.9% | 8.2% | |
| Retail Third-Party Seller Services | na | na | 42.9% | 38.7% | 26.0% | 25.0% | 24.0% | 22.0% | 21.0% | 18.0% | 13.0% | 12.0% | 10.0% | 6.0% | 5.5% | |
| Retail Subscription Services | na | na | 43.1% | 52.0% | 49.9% | 41.3% | 37.0% | 28.0% | 19.0% | 18.0% | 11.0% | 7.0% | 5.0% | 5.0% | 4.0% | |
| AWS | na | na | 55.1% | 42.9% | 42.1% | 39.0% | 36.0% | 27.0% | 19.0% | 17.0% | 14.0% | 14.0% | 11.0% | 9.0% | 7.0% | |
| Other | na | na | 72.5% | 57.7% | 135.0% | 80.0% | 50.0% | 40.0% | 37.0% | 24.0% | 13.0% | 9.0% | 9.0% | 8.0% | 5.0% | |
| Total Net Sales | 19.5% | 20.2% | 27.1% | 30.8% | 32.2% | 25.5% | 23.7% | 21.5% | 19.2% | 16.8% | 12.9% | 11.0% | 8.7% | 7.1% | 5.9% | |
| Expenses | ||||||||||||||||
| Cost of Sales | 73% | 71% | 67% | 65% | 63% | 59.0% | 60.0% | 59.5% | 59.5% | 59.0% | 59.0% | 59.5% | 59.5% | 58.0% | 58.0% | 58.8% |
| Fulfillment | 12% | 12% | 13% | 13% | 14% | 16.8% | 15.7% | 15.5% | 15.5% | 15.6% | 15.7% | 15.8% | 15.8% | 15.8% | 15.8% | 15.8% |
| Marketing | 4% | 5% | 5% | 5% | 6% | 4.9% | 5.0% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.4% | 5.3% | 5.3% |
| Technology and Content | 9% | 10% | 12% | 12% | 13% | 11.7% | 11.8% | 11.9% | 11.9% | 11.9% | 11.5% | 11.5% | 11.5% | 11.5% | 11.3% | 11.0% |
| General and Administrative | 2% | 2% | 2% | 2% | 2% | 4.0% | 3.0% | 2.1% | 2.0% | 2.0% | 2.0% | 2.0% | 1.9% | 1.9% | 1.9% | 1.9% |
| Other Operating Expense, net | 0% | 0% | 0% | 0% | 0% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| Total Operating Expenses | 99.0% | 99.8% | 97.9% | 96.9% | 97.7% | 96.6% | 95.7% | 94.3% | 94.2% | 93.8% | 93.5% | 94.1% | 94.0% | 92.8% | 92.5% | 93.0% |
| Stock-Based Compensation (SBC) (% of SG&A) | 5.8% | 5.7% | 6.4% | 6.8% | 6.8% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% |
| Tax Rate | 31.8% | 0.0% | 60.6% | 36.6% | 20.2% | 20.0% | 20.0% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% |
| Interest Income Rate (Opening Balance) | 0.5% | 0.5% | 0.3% | 0.6% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| Interest Expense Rate (Average Debt) | 3.7% | 5.6% | 6.1% | 5.2% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |
| Balance Sheet | ||||||||||||||||
| Inventory Days | 50 | 48 | 52 | 48 | 52 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 |
| Accounts Receivable Days | 23 | 23 | 22 | 22 | 27 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 |
| Change in Goodwill | 664 | 440 | 25 | 9,566 | 10 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 0 | 0 | |
| Change in Other Assets | 49.8% | 16.6% | 40.0% | 88.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Change in Marketable Securities | -24.5% | 37.0% | 69.7% | 57.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Accounts Payable Days | 102 | 96 | 104 | 105 | 113 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 |
| Accrued Expenses | 9.0% | 11.0% | 9.7% | 10.1% | 10.2% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| Unearned Revenue | 1.6% | 2.0% | 2.9% | 3.5% | 2.9% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% |
| Cash Capex % of revenue | 4.6% | 5.5% | 5.0% | 5.7% | 6.7% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.2% | 6.2% | 6.2% | 5.0% | 4.0% | 4.0% |
| PP&E Acquired under Capital Leases | 5.3% | 5.0% | 4.8% | 7.1% | 4.4% | 4.8% | 4.4% | 5.0% | 5.5% | 5.5% | 5.5% | 5.5% | 4.2% | 3.0% | 3.0% | |
| Depreciation % of PPE (Opening Balance) | 43.3% | 37.0% | 37.2% | 39.4% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | |
| Repayment of Capital Leases (Opening Balance) | 47.8% | 41.0% | 44.2% | 42.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | |
| Change in Long-Term Debt | 5,074 | (30) | (541) | 17,049 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Change in Common Shares | - 0 | - 0 | - 0 | - 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Change in Treasury Stock | - 0 | - 0 | - 0 | - 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Change in Additional Paid-in Capital | 1,562 | 2,259 | 3,792 | 4,203 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Proceeds from Property and Equipment Incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Acquisitions, net of Cash Acquired, and Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Sales and Maturities of Marketable Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Basic Shares Outstanding | 1.1% | 1.1% | 1.5% | 1.3% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |
| Change in Diluted Shares Outstanding | -0.6% | 3.2% | 1.5% | 1.9% | 1.5% | 1.5% | 1.2% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |
| Income Statement | ||||||||||||||||
| Segmented Revenue | ||||||||||||||||
| Online Stores | 76,863 | 91,431 | 108,354 | 130,133 | 153,948 | 180,119 | 210,739 | 244,457 | 281,126 | 317,672 | 352,616 | 380,825 | 407,483 | 431,932 | 1P | |
| Physical Stores | 5,798 | 14,541 | 16,315 | 18,077 | 19,723 | 21,517 | 23,497 | 26,011 | 28,768 | 31,530 | 34,336 | 37,152 | 1P | |||
| Retail Third-Party Seller Services | 16,086 | 22,993 | 31,881 | 40,170 | 50,213 | 62,264 | 75,962 | 91,914 | 108,458 | 122,557 | 137,264 | 150,991 | 160,050 | 168,853 | 3P | |
| Retail Subscription Services | 4,467 | 6,394 | 9,721 | 14,572 | 20,590 | 28,208 | 36,106 | 42,967 | 50,701 | 56,278 | 60,217 | 63,228 | 66,390 | 69,045 | Subs | |
| AWS | 7,880 | 12,219 | 17,459 | 24,809 | 34,485 | 46,899 | 59,562 | 70,879 | 82,928 | 94,538 | 107,774 | 119,629 | 130,396 | 139,523 | Cloud | |
| Other | 1,710 | 2,950 | 4,653 | 10,935 | 19,682 | 29,523 | 41,333 | 56,626 | 70,216 | 79,344 | 86,485 | 94,268 | 101,810 | 106,900 | Advertising | |
| Total Net Sales | 74,452 | 88,988 | 107,006 | 135,987 | 177,866 | 235,160 | 295,232 | 365,091 | 443,424 | 528,359 | 616,925 | 696,401 | 773,124 | 840,471 | 900,464 | 953,405 |
| Income Statement | ||||||||||||||||
| Net Product Sales | 60,903 | 70,080 | 79,268 | 94,665 | 118,573 | 155,609 | 189,945 | 227,719 | 271,794 | 322,600 | 374,838 | 423,027 | 467,869 | 506,623 | 543,629 | 575,984 |
| Net Service Sales | 13,549 | 18,908 | 27,738 | 41,322 | 59,293 | 79,551 | 105,287 | 137,371 | 171,630 | 205,759 | 242,087 | 273,374 | 305,255 | 333,848 | 356,835 | 377,421 |
| Total Net Sales | 74,452 | 88,988 | 107,006 | 135,987 | 177,866 | 235,160 | 295,232 | 365,091 | 443,424 | 528,359 | 616,925 | 696,401 | 773,124 | 840,471 | 900,464 | 953,405 |
| Operating Expenses: | ||||||||||||||||
| Cost of Sales | 54,181 | 62,752 | 71,651 | 88,265 | 111,934 | 138,744 | 177,139 | 217,229 | 263,837 | 311,732 | 363,986 | 414,358 | 460,009 | 487,473 | 522,269 | 560,602 |
| Fulfillment | 8,585 | 10,766 | 13,410 | 17,619 | 25,249 | 39,507 | 46,352 | 56,589 | 68,731 | 82,424 | 96,857 | 110,031 | 122,154 | 132,794 | 142,273 | 150,638 |
| Marketing | 3,133 | 4,332 | 5,254 | 7,233 | 10,069 | 11,523 | 14,762 | 18,620 | 22,615 | 26,946 | 31,463 | 35,516 | 39,429 | 45,385 | 47,725 | 50,530 |
| Technology and Content | 6,565 | 9,275 | 12,540 | 16,085 | 22,620 | 27,514 | 34,837 | 43,446 | 52,767 | 62,875 | 70,946 | 80,086 | 88,909 | 96,654 | 101,752 | 104,875 |
| General and Administrative | 1,129 | 1,552 | 1,747 | 2,432 | 3,674 | 9,406 | 8,857 | 7,541 | 8,868 | 10,567 | 12,339 | 13,928 | 14,689 | 15,969 | 17,109 | 18,115 |
| Other Operating Expense, net | 114 | 133 | 171 | 167 | 214 | 470 | 590 | 730 | 887 | 1,057 | 1,234 | 1,393 | 1,546 | 1,681 | 1,801 | 1,907 |
| Total Operating Expenses | 73,707 | 88,810 | 104,773 | 131,801 | 173,760 | 227,165 | 282,537 | 344,155 | 417,706 | 495,601 | 576,825 | 655,313 | 726,737 | 779,957 | 832,929 | 886,667 |
| Operating Income | 745 | 178 | 2,233 | 4,186 | 4,106 | 7,995 | 12,695 | 20,936 | 25,719 | 32,758 | 40,100 | 41,088 | 46,387 | 60,514 | 67,535 | 66,738 |
| Interest Income | 38 | 39 | 50 | 100 | 202 | 205 | 332 | 522 | 776 | 1,081 | 1,455 | 1,942 | 2,441 | 2,988 | 3,739 | 4,626 |
| Interest Expense | (141) | (210) | (459) | (484) | (848) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) | (1,732) |
| Other Income (Expense), net | (136) | (118) | (256) | 90 | 346 | |||||||||||
| Total Non-Operating Income (Expense) | (239) | (289) | (665) | (294) | (300) | (1,527) | (1,400) | (1,210) | (956) | (651) | (277) | 210 | 708 | 1,256 | 2,007 | 2,894 |
| Income Before Income Taxes | 506 | (111) | 1,568 | 3,892 | 3,806 | 6,469 | 11,295 | 19,726 | 24,762 | 32,108 | 39,823 | 41,298 | 47,096 | 61,770 | 69,542 | 69,633 |
| Provision for Income Taxes | (161) | (167) | (950) | (1,425) | (769) | (1,294) | (2,259) | (4,438) | (5,572) | (7,224) | (8,960) | (9,292) | (10,597) | (13,898) | (15,647) | (15,667) |
| Equity-Method Investment Activity, net of tax | (71) | 37 | (22) | (96) | (4) | |||||||||||
| Net Income | 274 | (241) | 596 | 2,371 | 3,033 | 5,175 | 9,036 | 15,288 | 19,191 | 24,883 | 30,863 | 32,006 | 36,499 | 47,872 | 53,895 | 53,965 |
| Basic Earnings per Share | 0.60 | (0.52) | 1.28 | 5.00 | 6.32 | 10.67 | 18.45 | 30.91 | 38.42 | 49.32 | 60.57 | 62.19 | 70.22 | 91.19 | 101.65 | 100.77 |
| Diluted Earnings per Share | 0.59 | (0.52) | 1.25 | 4.90 | 6.15 | 10.34 | 17.79 | 29.74 | 36.97 | 47.46 | 58.28 | 59.84 | 67.56 | 87.74 | 97.80 | 96.96 |
| Weighted-Average Shares used in Computation of Earnings per Share: | ||||||||||||||||
| Basic | 457 | 462 | 467 | 474 | 480 | 485 | 490 | 495 | 499 | 504 | 510 | 515 | 520 | 525 | 530 | 536 |
| Diluted | 465 | 462 | 477 | 484 | 493 | 500 | 508 | 514 | 519 | 524 | 530 | 535 | 540 | 546 | 551 | 557 |
| Balance Sheet | ||||||||||||||||
| Current Assets: | ||||||||||||||||
| Cash and Cash Equivalents | 8,658 | 14,557 | 15,890 | 19,334 | 20,522 | 33,217 | 52,239 | 77,564 | 108,134 | 145,490 | 194,209 | 244,051 | 298,801 | 373,878 | 462,618 | 547,607 |
| Marketable Securities | 3,789 | 2,859 | 3,918 | 6,647 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 | 10,464 |
| Inventories | 7,411 | 8,299 | 10,243 | 11,461 | 16,047 | 23,187 | 29,604 | 36,205 | 44,093 | 52,098 | 60,831 | 69,060 | 76,878 | 81,468 | 87,283 | 93,434 |
| Accounts Receivable, net and other | 4,767 | 5,612 | 6,423 | 8,339 | 13,164 | 18,684 | 23,457 | 28,928 | 35,231 | 41,979 | 49,016 | 55,179 | 61,426 | 66,777 | 71,544 | 75,543 |
| Total Current Assets | 24,625 | 31,327 | 36,474 | 45,781 | 60,197 | 85,553 | 115,764 | 153,161 | 197,922 | 250,031 | 314,519 | 378,754 | 447,569 | 532,588 | 631,909 | 727,048 |
| Property And Equipment, net | 10,949 | 16,967 | 21,838 | 29,114 | 48,866 | 54,680 | 65,961 | 79,148 | 98,230 | 121,961 | 142,918 | 164,371 | 185,791 | 185,082 | 170,380 | 165,559 |
| Goodwill | 2,655 | 3,319 | 3,759 | 3,784 | 13,350 | 13,360 | 13,360 | 13,360 | 13,360 | 13,360 | 13,380 | 13,380 | 13,380 | 13,380 | 13,380 | 13,380 |
| Other Assets | 1,930 | 2,892 | 3,373 | 4,723 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 | 8,897 |
| Total Assets | 40,159 | 54,505 | 65,444 | 83,402 | 131,310 | 162,490 | 203,982 | 254,566 | 318,409 | 394,249 | 479,714 | 565,402 | 655,637 | 739,947 | 824,566 | 914,883 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
| Current Liabilities: | ||||||||||||||||
| Accounts Payable | 15,133 | 16,459 | 20,397 | 25,309 | 34,616 | 42,574 | 54,355 | 66,474 | 80,958 | 95,655 | 111,689 | 126,798 | 141,153 | 149,581 | 160,258 | 171,550 |
| Accrued Expenses and Other | 6,688 | 9,807 | 10,384 | 13,739 | 18,170 | 23,516 | 29,523 | 36,509 | 44,342 | 52,836 | 61,693 | 69,640 | 77,312 | 84,047 | 90,046 | 95,341 |
| Unearned Revenue | 1,159 | 1,823 | 3,118 | 4,768 | 5,097 | 9,406 | 11,809 | 14,604 | 17,737 | 21,134 | 24,677 | 27,856 | 30,925 | 33,619 | 36,019 | 38,136 |
| Total Current Liabilities | 22,980 | 28,089 | 33,899 | 43,816 | 57,883 | 75,496 | 95,688 | 117,587 | 143,038 | 169,625 | 198,058 | 224,294 | 249,391 | 267,247 | 286,323 | 305,027 |
| Long-Term Debt | 3,191 | 8,265 | 8,235 | 7,694 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 |
| Other Long-Term Liabilities | 4,242 | 7,410 | 9,926 | 12,607 | 20,975 | 23,620 | 29,033 | 34,180 | 43,380 | 55,798 | 68,132 | 79,916 | 91,218 | 90,789 | 82,245 | 78,698 |
| Total Liabilities | 30,413 | 43,764 | 52,060 | 64,117 | 103,601 | 123,859 | 149,464 | 176,510 | 211,161 | 250,166 | 290,934 | 328,953 | 365,352 | 382,779 | 393,311 | 408,468 |
| Stockholders’ Equity: | ||||||||||||||||
| Common Shares – 477 and 484 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Treasury Stock, at Cost | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) | (1,837) |
| Additional Paid-In Capital | 9,573 | 11,135 | 13,394 | 17,186 | 21,389 | 27,136 | 33,987 | 42,237 | 52,239 | 64,190 | 78,025 | 93,687 | 111,024 | 130,036 | 150,229 | 171,423 |
| Accumulated Other Comprehensive Loss | (185) | (511) | (723) | (985) | (484) | (484) | (484) | (484) | (484) | (484) | (484) | (484) | (484) | (484) | (484) | (484) |
| Retained Earnings | 2,190 | 1,949 | 2,545 | 4,916 | 8,636 | 13,811 | 22,847 | 38,135 | 57,326 | 82,209 | 113,072 | 145,078 | 181,577 | 229,449 | 283,343 | 337,309 |
| Total Stockholders’ Equity | 9,746 | 10,741 | 13,384 | 19,285 | 27,709 | 38,631 | 54,518 | 78,056 | 107,248 | 144,083 | 188,781 | 236,448 | 290,285 | 357,168 | 431,256 | 506,415 |
| Total Liabilities and Stockholders’ Equity | 40,159 | 54,505 | 65,444 | 83,402 | 131,310 | 162,490 | 203,982 | 254,566 | 318,409 | 394,249 | 479,714 | 565,402 | 655,637 | 739,947 | 824,566 | 914,883 |
| Check | 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 |
| Cash Flow Statement | ||||||||||||||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,084 | 8,658 | 14,557 | 15,890 | 19,334 | 20,522 | 33,217 | 52,239 | 77,564 | 108,134 | 145,490 | 194,209 | 244,051 | 298,801 | 373,878 | 462,618 |
| OPERATING ACTIVITIES: | ||||||||||||||||
| Net Income | 274 | (241) | 596 | 2,371 | 3,033 | 5,175 | 9,036 | 15,288 | 19,191 | 24,883 | 30,863 | 32,006 | 36,499 | 47,872 | 53,895 | 53,965 |
| Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | ||||||||||||||||
| Depreciation of Property and Equipment | 3,253 | 4,746 | 6,281 | 8,116 | 11,478 | 20,524 | 22,966 | 27,704 | 33,242 | 41,257 | 51,224 | 60,026 | 69,036 | 78,032 | 77,734 | 71,560 |
| Stock-Based Compensation | 1,134 | 1,497 | 2,119 | 2,975 | 4,215 | 5,747 | 6,851 | 8,250 | 10,001 | 11,951 | 13,835 | 15,662 | 17,337 | 19,011 | 20,193 | 21,194 |
| Other Non-Cash Operating Expense, net Corporate Finance Institute® (CFI): Corporate Finance Institute® (CFI): Forecast period is change in goodwill only | 123 | (128) | 486 | (106) | (119) | (10) | 0 | 0 | 0 | 0 | (20) | 0 | 0 | 0 | 0 | 0 |
| Changes in Operating Assets and Liabilities: | ||||||||||||||||
| Inventories | (1,410) | (1,193) | (2,187) | (1,426) | (3,583) | (7,140) | (6,417) | (6,601) | (7,889) | (8,004) | (8,733) | (8,229) | (7,818) | (4,590) | (5,815) | (6,150) |
| Accounts Receivable, net and other | (846) | (1,039) | (1,755) | (3,367) | (4,786) | (5,520) | (4,773) | (5,471) | (6,303) | (6,748) | (7,037) | (6,163) | (6,247) | (5,351) | (4,767) | (3,999) |
| Accounts Payable | 1,888 | 1,759 | 4,294 | 5,030 | 7,175 | 7,958 | 11,781 | 12,119 | 14,484 | 14,696 | 16,034 | 15,109 | 14,355 | 8,427 | 10,677 | 11,292 |
| Accrued Expenses and Other | 736 | 706 | 913 | 1,724 | 283 | 5,346 | 6,007 | 6,986 | 7,833 | 8,494 | 8,857 | 7,948 | 7,672 | 6,735 | 5,999 | 5,294 |
| Unearned Revenue | 401 | 741 | 1,292 | 1,955 | 738 | 4,309 | 2,403 | 2,794 | 3,133 | 3,397 | 3,543 | 3,179 | 3,069 | 2,694 | 2,400 | 2,118 |
| Net Cash Provided by (used in) Operating Activities | 5,553 | 6,848 | 12,039 | 17,272 | 18,434 | 36,389 | 47,855 | 61,069 | 73,693 | 89,926 | 108,565 | 119,537 | 133,904 | 152,831 | 160,316 | 155,274 |
| INVESTING ACTIVITIES: | ||||||||||||||||
| Purchases of Property and Equipment, Including Internal-Use Software and Website Development | (3,444) | (4,893) | (5,387) | (7,804) | (11,955) | (15,991) | (20,076) | (24,826) | (30,153) | (35,928) | (38,249) | (43,177) | (47,934) | (42,024) | (36,019) | (38,136) |
| Proceeds from Property and Equipment Incentives | 798 | 1,067 | 1,897 | |||||||||||||
| Acquisitions, net of cash acquired, and other | (312) | (979) | (795) | (116) | (13,972) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales (Purchases) of Marketable Securities, net | (520) | 807 | (1,066) | (3,023) | (3,789) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Provided by (used in) Investing Activities | (4,276) | (5,065) | (6,450) | (9,876) | (27,819) | (15,991) | (20,076) | (24,826) | (30,153) | (35,928) | (38,249) | (43,177) | (47,934) | (42,024) | (36,019) | (38,136) |
| FINANCING ACTIVITIES: | ||||||||||||||||
| Proceeds (Repayments) from Long-Term Debt and Other | 163 | 5,846 | (1,299) | 267 | 14,859 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Principal Repayments of Capital Lease Obligations | (775) | (1,285) | (2,462) | (3,860) | (4,799) | (7,702) | (8,758) | (10,918) | (12,971) | (16,642) | (21,597) | (26,518) | (31,220) | (35,729) | (35,558) | (32,149) |
| Principal Repayments of Finance Lease Obligations | (5) | (135) | (121) | (147) | (200) | |||||||||||
| Proceeds from Issuing Equity (Common, Treasury, Paid-in, etc) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payment of Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Provided by (used in) Financing Activities | (617) | 4,426 | (3,882) | (3,740) | 9,860 | (7,702) | (8,758) | (10,918) | (12,971) | (16,642) | (21,597) | (26,518) | (31,220) | (35,729) | (35,558) | (32,149) |
| Foreign Currency Effect on Cash and Cash Equivalents | (86) | (310) | (374) | (212) | 713 | |||||||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 574 | 5,899 | 1,333 | 3,444 | 1,188 | 12,695 | 19,021 | 25,326 | 30,569 | 37,356 | 48,719 | 49,842 | 54,750 | 75,078 | 88,740 | 84,989 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 8,658 | 14,557 | 15,890 | 19,334 | 20,522 | 33,217 | 52,239 | 77,564 | 108,134 | 145,490 | 194,209 | 244,051 | 298,801 | 373,878 | 462,618 | 547,607 |
| Supporting Schedules | ||||||||||||||||
| PP&E Schedule | ||||||||||||||||
| Opening Balance | 10,949 | 16,967 | 21,838 | 29,114 | 48,866 | 54,680 | 65,961 | 79,148 | 98,230 | 121,961 | 142,918 | 164,371 | 185,791 | 185,082 | 170,380 | |
| Less: Depreciation | (4,746) | (6,281) | (8,116) | (11,478) | (20,524) | (22,966) | (27,704) | (33,242) | (41,257) | (51,224) | (60,026) | (69,036) | (78,032) | (77,734) | (71,560) | |
| Plus: Capex | 4,893 | 4,589 | 6,737 | 10,058 | 15,991 | 20,076 | 24,826 | 30,153 | 35,928 | 38,249 | 43,177 | 47,934 | 42,024 | 36,019 | 38,136 | |
| Plus: PP&E Acquired Under Capital/Financing Leases | 4,751 | 5,353 | 6,593 | 12,643 | 10,347 | 14,171 | 16,064 | 22,171 | 29,060 | 33,931 | 38,302 | 42,522 | 35,300 | 27,014 | 28,602 | |
| Plus: Other Net Additions | 1,120 | 1,210 | 2,062 | 8,529 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Closing Balance | 10,949 | 16,967 | 21,838 | 29,114 | 48,866 | 54,680 | 65,961 | 79,148 | 98,230 | 121,961 | 142,918 | 164,371 | 185,791 | 185,082 | 170,380 | 165,559 |
| PP&E on Balance Sheet | 10,949 | 16,967 | 21,838 | 29,114 | 48,866 | 54,680 | 65,961 | 79,148 | 98,230 | 121,961 | 142,918 | 164,371 | 185,791 | 185,082 | 170,380 | 165,559 |
| Debt Schedule | ||||||||||||||||
| Opening Balance | 3,191 | 8,265 | 8,235 | 7,694 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | |
| Plus: Additions (repayments), net | 5,074 | (30) | (541) | 17,049 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Closing Balance | 3,191 | 8,265 | 8,235 | 7,694 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 |
| Long-Term Debt on Balance Sheet | 3,191 | 8,265 | 8,235 | 7,694 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 | 24,743 |
| Interest Expense | 141 | 210 | 459 | 484 | 848 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 | 1,732 |
| Interest Rate | 3.7% | 5.6% | 6.1% | 5.2% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |
| Capital Leases Schedule | ||||||||||||||||
| Opening Balance (Total) | 1,301 | 2,973 | 6,304 | 9,074 | 11,660 | 19,304 | 21,949 | 27,362 | 32,509 | 41,709 | 54,127 | 66,461 | 78,245 | 89,547 | 89,118 | 80,574 |
| Less: Principal Repayments | (780) | (1,420) | (2,583) | (4,007) | (4,999) | (7,702) | (8,758) | (10,918) | (12,971) | (16,642) | (21,597) | (26,518) | (31,220) | (35,729) | (35,558) | (32,149) |
| Plus: Net Additions | 2,452 | 4,751 | 5,353 | 6,593 | 12,643 | 10,347 | 14,171 | 16,064 | 22,171 | 29,060 | 33,931 | 38,302 | 42,522 | 35,300 | 27,014 | 28,602 |
| Closing Balance (Total) | 2,973 | 6,304 | 9,074 | 11,660 | 19,304 | 21,949 | 27,362 | 32,509 | 41,709 | 54,127 | 66,461 | 78,245 | 89,547 | 89,118 | 80,574 | 77,027 |
| Annual Report Closing Figure | 2,973 | 6,304 | 9,074 | 11,660 | 19,304 | |||||||||||
| Valuation | ||||||||||||||||
| Free Cash Flow (FCF) From Operations | ||||||||||||||||
| Net Cash Provided by (used in) Operating Activities | 5,553 | 6,848 | 12,039 | 17,272 | 18,434 | 36,389 | 47,855 | 61,069 | 73,693 | 89,926 | 108,565 | 119,537 | 133,904 | 152,831 | 160,316 | 155,274 |
| Purchases of Property and Equipment | (3,444) | (4,893) | (4,589) | (6,737) | (10,058) | (15,991) | (20,076) | (24,826) | (30,153) | (35,928) | (38,249) | (43,177) | (47,934) | (42,024) | (36,019) | (38,136) |
| Free Cash Flow | 2,109 | 1,955 | 7,450 | 10,535 | 8,376 | 20,398 | 27,779 | 36,243 | 43,540 | 53,998 | 70,316 | 76,360 | 85,970 | 110,807 | 124,298 | 117,137 |
| Property and Equipment Acquired Under Capital Leases | (2,452) | (4,751) | (5,353) | (6,593) | (12,643) | (10,347) | (14,171) | (16,064) | (22,171) | (29,060) | (33,931) | (38,302) | (42,522) | (35,300) | (27,014) | (28,602) |
| Free Cash Flow Less Capital Leases | (343) | (2,796) | 2,097 | 3,942 | (4,267) | 10,051 | 13,608 | 20,179 | 21,369 | 24,938 | 36,385 | 38,058 | 43,448 | 75,507 | 97,284 | 88,535 |
| EBIT | 745 | 178 | 2,233 | 4,186 | 4,106 | 7,995 | 12,695 | 20,936 | 25,719 | 32,758 | 40,100 | 41,088 | 46,387 | 60,514 | 67,535 | 66,738 |
| D&A | 3,253 | 4,746 | 6,281 | 8,116 | 11,478 | 20,524 | 22,966 | 27,704 | 33,242 | 41,257 | 51,224 | 60,026 | 69,036 | 78,032 | 77,734 | 71,560 |
| EBITDA (Including SBC) | 3,998 | 4,924 | 8,514 | 12,302 | 15,584 | 28,519 | 35,661 | 48,640 | 58,961 | 74,015 | 91,324 | 101,113 | 115,423 | 138,546 | 145,269 | 138,298 |
| Stock-Based Compensation (SBC) | 1,134 | 1,497 | 2,119 | 2,975 | 4,215 | 5,747 | 6,851 | 8,250 | 10,001 | 11,951 | 13,835 | 15,662 | 17,337 | 19,011 | 20,193 | 21,194 |
| EBITDA (Excluding SBC) | 5,132 | 6,421 | 10,633 | 15,277 | 19,799 | 34,266 | 42,512 | 56,890 | 68,962 | 85,966 | 105,159 | 116,775 | 132,761 | 157,558 | 165,462 | 159,492 |
| Free Cash Flow to Firm (FCFF) | ||||||||||||||||
| Operating Profit | 745 | 178 | 2,233 | 4,186 | 4,106 | 7,995 | 12,695 | 20,936 | 25,719 | 32,758 | 40,100 | 41,088 | 46,387 | 60,514 | 67,535 | 66,738 |
| Less: Unlevered Taxes | (237) | 0 | (1,353) | (1,533) | (830) | (1,599) | (2,539) | (4,711) | (5,787) | (7,371) | (9,023) | (9,245) | (10,437) | (13,616) | (15,195) | (15,016) |
| Net Operating Profit After Tax (NOPAT) | 508 | 178 | 880 | 2,653 | 3,276 | 6,396 | 10,156 | 16,225 | 19,932 | 25,388 | 31,078 | 31,843 | 35,950 | 46,898 | 52,339 | 51,722 |
| Plus: Depreciation & Amortization | 3,253 | 4,746 | 6,281 | 8,116 | 11,478 | 20,524 | 22,966 | 27,704 | 33,242 | 41,257 | 51,224 | 60,026 | 69,036 | 78,032 | 77,734 | 71,560 |
| Plus: Stock-Based Compensation | 1,134 | 1,497 | 2,119 | 2,975 | 4,215 | 5,747 | 6,851 | 8,250 | 10,001 | 11,951 | 13,835 | 15,662 | 17,337 | 19,011 | 20,193 | 21,194 |
| Plus: Other Non-Cash Expenses | 123 | (128) | 486 | (106) | (119) | (10) | 0 | 0 | 0 | 0 | (20) | 0 | 0 | 0 | 0 | 0 |
| Less: Cash Capex | (3,444) | (4,893) | (4,589) | (6,737) | (10,058) | (15,991) | (20,076) | (24,826) | (30,153) | (35,928) | (38,249) | (43,177) | (47,934) | (42,024) | (36,019) | (38,136) |
| Plus: Changes in Net Working Capital | 769 | 974 | 2,557 | 3,916 | (173) | 4,953 | 9,002 | 9,828 | 11,259 | 11,835 | 12,664 | 11,843 | 11,031 | 7,915 | 8,494 | 8,555 |
| Free Cash Flow to Firm (FCFF) | 2,343 | 2,374 | 7,734 | 10,817 | 8,619 | 21,619 | 28,899 | 37,181 | 44,282 | 54,502 | 70,530 | 76,197 | 85,421 | 109,834 | 122,743 | 114,894 |
| Less: Capital Lease Additions | (2,452) | (4,751) | (5,353) | (6,593) | (12,643) | (10,347) | (14,171) | (16,064) | (22,171) | (29,060) | (33,931) | (38,302) | (42,522) | (35,300) | (27,014) | (28,602) |
| Free Cash Flow to Firm (FCFF) If All Cash Capex | (109) | (2,377) | 2,381 | 4,224 | (4,024) | 11,272 | 14,728 | 21,117 | 22,110 | 25,442 | 36,599 | 37,895 | 42,899 | 74,534 | 95,729 | 86,292 |
| Discounted Cash Flow (DCF) Analysis | ||||||||||||||||
| Model | Exit Multiple | Growth Rate | ||||||||||||||
| Terminal Value (Choose Option -->) | Exit Multiple | 14.0x | 3.0% | |||||||||||||
| Terminal Value in Model | ||||||||||||||||
| Discount Rate | 8.5% | |||||||||||||||
| Valuation Date | 11/9/18 | |||||||||||||||
| # Shares Outstanding as of Valuation Date (millions) | 520 | |||||||||||||||
| Market Price as of Valuation Date | $1,800 | |||||||||||||||
| Valuation Date | Terminal Value | |||||||||||||||
| Valuation Timeline | 11/09/18 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | 12/31/25 | 12/31/26 | 12/31/27 | 12/31/28 | 12/31/28 | |||
| Year Frac | 0.14 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||
| Free Cash Flow to Firm (FCFF) | 0 | |||||||||||||||
| Rolling Enterprise Value (NPV) | ||||||||||||||||
| Plus: Cash + Marketable Securities | 29,765 | |||||||||||||||
| Less: Debt + Capital & Finance Leases | (47,219) | |||||||||||||||
| Equity Value | ||||||||||||||||
| Fully Diluted Shares Outstanding | ||||||||||||||||
| Rolling AMZN Value per Share | ||||||||||||||||
| Investor IRR | ||||||||||||||||
| Equity Investor Return (After SBC dilution) | ||||||||||||||||
| Equity Investor IRR (After SBC dilution) | ||||||||||||||||
| Instrinsic Value ($/share) | Internal Rate of Return (IRR) | |||||||||||||||
| Discount Rate | Purchase Price (per share) | |||||||||||||||
| $0 | 10.5% | 9.5% | 8.5% | 7.5% | 6.5% | 0.0% | $2,000 | $1,900 | $1,800 | $1,700 | $1,600 | |||||
| Exit Multiple | 10.0x | Exit Multiple | 10.0x | |||||||||||||
| 12.0x | 12.0x | |||||||||||||||
| 14.0x | 14.0x | |||||||||||||||
| 16.0x | 16.0x | |||||||||||||||
| 18.0x | 18.0x | |||||||||||||||
Scenarios
| © Corporate Finance Institute. All rights reserved. | EV: | $0 | Share Price: | $0 | ||||||||||||
| Historical Analysis | ||||||||||||||||
| (in millions, except per share data) | 2013A | 2014A | 2015A | 2016A | 2017A | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
| 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 |
| EOP | 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 |
| Days | 365 | 365 | 365 | 366 | 365 | 365 | 365 | 366 | 365 | 365 | 365 | 366 | 365 | 365 | 365 | 366 |
| Case Selection | ||||||||||||||||
| Name | Description | Number | Live Case -> | |||||||||||||
| Consensus | 1 | Number | 1 | |||||||||||||
| Bull | 2 | NPV $/Sh | $0 | |||||||||||||
| Bear | 3 | |||||||||||||||
| Other | 4 | |||||||||||||||
| LIVE CASE | ||||||||||||||||
| Segmented Revenue Growth | ||||||||||||||||
| Online Stores | 20.1% | 18.3% | 17.0% | 17.0% | 16.0% | 15.0% | 13.0% | 11.0% | 8.0% | 7.0% | 6.0% | |||||
| Physical Stores | 150.8% | 12.2% | 10.8% | 9.1% | 9.1% | 9.2% | 10.7% | 10.6% | 9.6% | 8.9% | 8.2% | |||||
| Retail Third-Party Seller Services | 26.0% | 25.0% | 24.0% | 22.0% | 21.0% | 18.0% | 13.0% | 12.0% | 10.0% | 6.0% | 5.5% | |||||
| Retail Subscription Services | 49.9% | 41.3% | 37.0% | 28.0% | 19.0% | 18.0% | 11.0% | 7.0% | 5.0% | 5.0% | 4.0% | |||||
| AWS | 42.1% | 39.0% | 36.0% | 27.0% | 19.0% | 17.0% | 14.0% | 14.0% | 11.0% | 9.0% | 7.0% | |||||
| Other | 135.0% | 80.0% | 50.0% | 40.0% | 37.0% | 24.0% | 13.0% | 9.0% | 9.0% | 8.0% | 5.0% | |||||
| Total Net Sales | ||||||||||||||||
| Expenses | ||||||||||||||||
| Cost of Sales | 59.0% | 60.0% | 59.5% | 59.5% | 59.0% | 59.0% | 59.5% | 59.5% | 58.0% | 58.0% | 58.8% | |||||
| Fulfillment | 16.8% | 15.7% | 15.5% | 15.5% | 15.6% | 15.7% | 15.8% | 15.8% | 15.8% | 15.8% | 15.8% | |||||
| Marketing | 4.9% | 5.0% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.4% | 5.3% | 5.3% | |||||
| Technology and Content | 11.7% | 11.8% | 11.9% | 11.9% | 11.9% | 11.5% | 11.5% | 11.5% | 11.5% | 11.3% | 11.0% | |||||
| General and Administrative | 4.0% | 3.0% | 2.1% | 2.0% | 2.0% | 2.0% | 2.0% | 1.9% | 1.9% | 1.9% | 1.9% | |||||
| 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% | |||||
| Total Operating Expenses | 96.6% | 95.7% | 94.3% | 94.2% | 93.8% | 93.5% | 94.1% | 94.0% | 92.8% | 92.5% | 93.0% | |||||
| Stock-Based Compensation (SBC) (% of SG&A) | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | |||||
| Tax Rate | 20.0% | 20.0% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | |||||
| 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% | |||||
| Interest Expense Rate (Average Debt) | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| Balance Sheet | ||||||||||||||||
| Inventory Days | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | |||||
| Accounts Receivable Days | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | |||||
| Change in Goodwill | 10 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Marketable Securities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Accounts Payable Days | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | |||||
| Accrued Expenses | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |||||
| Unearned Revenue | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | |||||
| Cash Capex % of revenue | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.2% | 6.2% | 6.2% | 5.0% | 4.0% | 4.0% | |||||
| PP&E Acquired under Capital Leases | 4.4% | 4.8% | 4.4% | 5.0% | 5.5% | 5.5% | 5.5% | 5.5% | 4.2% | 3.0% | 3.0% | |||||
| Depreciation % of PPE (Opening Balance) | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | |||||
| Repayment of Capital Leases (Opening Balance) | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | |||||
| Change in Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Common Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Proceeds from Property and Equipment Incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Acquisitions, net of Cash Acquired, and Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Sales and Maturities of Marketable Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Diluted Shares Outstanding | 1.5% | 1.5% | 1.2% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||||
| CONSENSUS CASE | ||||||||||||||||
| Segmented Revenue Growth | ||||||||||||||||
| Online Stores | 20.1% | 18.3% | 17.0% | 17.0% | 16.0% | 15.0% | 13.0% | 11.0% | 8.0% | 7.0% | 6.0% | |||||
| Physical Stores | 150.8% | 12.2% | 10.8% | 9.1% | 9.1% | 9.2% | 10.7% | 10.6% | 9.6% | 8.9% | 8.2% | |||||
| Retail Third-Party Seller Services | 26.0% | 25.0% | 24.0% | 22.0% | 21.0% | 18.0% | 13.0% | 12.0% | 10.0% | 6.0% | 5.5% | |||||
| Retail Subscription Services | 49.9% | 41.3% | 37.0% | 28.0% | 19.0% | 18.0% | 11.0% | 7.0% | 5.0% | 5.0% | 4.0% | |||||
| AWS | 42.1% | 39.0% | 36.0% | 27.0% | 19.0% | 17.0% | 14.0% | 14.0% | 11.0% | 9.0% | 7.0% | |||||
| Other | 135.0% | 80.0% | 50.0% | 40.0% | 37.0% | 24.0% | 13.0% | 9.0% | 9.0% | 8.0% | 5.0% | |||||
| Total Net Sales | ||||||||||||||||
| Expenses | ||||||||||||||||
| Cost of Sales | 59.0% | 60.0% | 59.5% | 59.5% | 59.0% | 59.0% | 59.5% | 59.5% | 58.0% | 58.0% | 58.8% | |||||
| Fulfillment | 16.8% | 15.7% | 15.5% | 15.5% | 15.6% | 15.7% | 15.8% | 15.8% | 15.8% | 15.8% | 15.8% | |||||
| Marketing | 4.9% | 5.0% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.4% | 5.3% | 5.3% | |||||
| Technology and Content | 11.7% | 11.8% | 11.9% | 11.9% | 11.9% | 11.5% | 11.5% | 11.5% | 11.5% | 11.3% | 11.0% | |||||
| General and Administrative | 4.0% | 3.0% | 2.1% | 2.0% | 2.0% | 2.0% | 2.0% | 1.9% | 1.9% | 1.9% | 1.9% | |||||
| 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% | |||||
| Total Operating Expenses | 96.6% | 95.7% | 94.3% | 94.2% | 93.8% | 93.5% | 94.1% | 94.0% | 92.8% | 92.5% | 93.0% | |||||
| Stock-Based Compensation (SBC) (% of SG&A) | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | 6.5% | |||||
| Tax Rate | 20.0% | 20.0% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | |||||
| 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% | |||||
| Interest Expense Rate (Average Debt) | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| Balance Sheet | ||||||||||||||||
| Inventory Days | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | 61 | |||||
| Accounts Receivable Days | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | |||||
| Change in Goodwill | 10 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Marketable Securities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Accounts Payable Days | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | |||||
| Accrued Expenses | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |||||
| Unearned Revenue | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | 4.0% | |||||
| Cash Capex % of revenue | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.2% | 6.2% | 6.2% | 5.0% | 4.0% | 4.0% | |||||
| PP&E Acquired under Capital Leases | 4.4% | 4.8% | 4.4% | 5.0% | 5.5% | 5.5% | 5.5% | 5.5% | 4.2% | 3.0% | 3.0% | |||||
| Depreciation % of PPE (Opening Balance) | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | 42.0% | |||||
| Repayment of Capital Leases (Opening Balance) | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | 39.9% | |||||
| Change in Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Common Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Proceeds from Property and Equipment Incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Acquisitions, net of Cash Acquired, and Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Sales and Maturities of Marketable Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Diluted Shares Outstanding | 1.5% | 1.5% | 1.2% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||||
| BULL CASE | ||||||||||||||||
| Segmented Revenue Growth | ||||||||||||||||
| Online Stores | 23.1% | 21.0% | 19.6% | 19.6% | 18.4% | 17.3% | 15.0% | 12.7% | 9.2% | 8.1% | 6.9% | |||||
| Physical Stores | 173.4% | 14.0% | 12.4% | 10.5% | 10.5% | 10.6% | 12.3% | 12.2% | 11.0% | 10.2% | 9.4% | |||||
| Retail Third-Party Seller Services | 29.9% | 28.8% | 27.6% | 25.3% | 24.2% | 20.7% | 15.0% | 13.8% | 11.5% | 6.9% | 6.3% | |||||
| Retail Subscription Services | 57.4% | 47.5% | 42.6% | 32.2% | 21.9% | 20.7% | 12.7% | 8.1% | 5.8% | 5.8% | 4.6% | |||||
| AWS | 48.4% | 44.9% | 41.4% | 31.1% | 21.9% | 19.6% | 16.1% | 16.1% | 12.7% | 10.4% | 8.1% | |||||
| Other | 155.3% | 92.0% | 57.5% | 46.0% | 42.6% | 27.6% | 15.0% | 10.4% | 10.4% | 9.2% | 5.8% | |||||
| Total Net Sales | ||||||||||||||||
| Expenses | ||||||||||||||||
| Cost of Sales | 57.2% | 58.2% | 57.7% | 57.7% | 57.2% | 57.2% | 57.7% | 57.7% | 56.3% | 56.3% | 57.0% | |||||
| Fulfillment | 16.3% | 15.2% | 15.0% | 15.0% | 15.1% | 15.2% | 15.3% | 15.3% | 15.3% | 15.3% | 15.3% | |||||
| Marketing | 4.8% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% | 4.9% | 5.2% | 5.1% | 5.1% | |||||
| Technology and Content | 11.3% | 11.4% | 11.5% | 11.5% | 11.5% | 11.2% | 11.2% | 11.2% | 11.2% | 11.0% | 10.7% | |||||
| General and Administrative | 3.9% | 2.9% | 2.0% | 1.9% | 1.9% | 1.9% | 1.9% | 1.8% | 1.8% | 1.8% | 1.8% | |||||
| 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% | |||||
| Total Operating Expenses | 93.7% | 92.8% | 91.4% | 91.4% | 91.0% | 90.7% | 91.3% | 91.2% | 90.0% | 89.7% | 90.2% | |||||
| Stock-Based Compensation (SBC) (% of SG&A) | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | 6.7% | |||||
| Tax Rate | 20.0% | 20.0% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | |||||
| 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% | |||||
| Interest Expense Rate (Average Debt) | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| Balance Sheet | ||||||||||||||||
| Inventory Days | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | |||||
| Accounts Receivable Days | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | |||||
| Change in Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Marketable Securities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Accounts Payable Days | 113 | 113 | 113 | 113 | 113 | 113 | 113 | 113 | 113 | 113 | 113 | |||||
| Accrued Expenses | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% | |||||
| Unearned Revenue | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | |||||
| Cash Capex % of revenue | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| 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% | |||||
| Depreciation % of PPE (Opening Balance) | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | |||||
| Repayment of Capital Leases (Opening Balance) | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | |||||
| Change in Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Common Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Proceeds from Property and Equipment Incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Acquisitions, net of Cash Acquired, and Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Sales and Maturities of Marketable Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Basic Shares Outstanding | 1.2% | 1.1% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||||
| 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% | |||||
| BEAR CASE | ||||||||||||||||
| Segmented Revenue Growth | ||||||||||||||||
| Online Stores | 18.9% | 17.2% | 16.0% | 16.0% | 15.0% | 14.1% | 12.2% | 10.3% | 7.5% | 6.6% | 5.6% | |||||
| Physical Stores | 141.8% | 11.5% | 10.2% | 8.6% | 8.6% | 8.6% | 10.1% | 10.0% | 9.0% | 8.4% | 7.7% | |||||
| Retail Third-Party Seller Services | 24.4% | 23.5% | 22.6% | 20.7% | 19.7% | 16.9% | 12.2% | 11.3% | 9.4% | 5.6% | 5.2% | |||||
| Retail Subscription Services | 46.9% | 38.8% | 34.8% | 26.3% | 17.9% | 16.9% | 10.3% | 6.6% | 4.7% | 4.7% | 3.8% | |||||
| AWS | 39.6% | 36.7% | 33.8% | 25.4% | 17.9% | 16.0% | 13.2% | 13.2% | 10.3% | 8.5% | 6.6% | |||||
| Other | 126.9% | 75.2% | 47.0% | 37.6% | 34.8% | 22.6% | 12.2% | 8.5% | 8.5% | 7.5% | 4.7% | |||||
| Total Net Sales | ||||||||||||||||
| Expenses | ||||||||||||||||
| Cost of Sales | 60.8% | 61.8% | 61.3% | 61.3% | 60.8% | 60.8% | 61.3% | 61.3% | 59.7% | 59.7% | 60.6% | |||||
| Fulfillment | 17.3% | 16.2% | 16.0% | 16.0% | 16.1% | 16.2% | 16.3% | 16.3% | 16.3% | 16.3% | 16.3% | |||||
| Marketing | 5.0% | 5.2% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.3% | 5.6% | 5.5% | 5.5% | |||||
| Technology and Content | 12.1% | 12.2% | 12.3% | 12.3% | 12.3% | 11.8% | 11.8% | 11.8% | 11.8% | 11.6% | 11.3% | |||||
| General and Administrative | 4.1% | 3.1% | 2.1% | 2.1% | 2.1% | 2.1% | 2.1% | 2.0% | 2.0% | 2.0% | 2.0% | |||||
| 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% | |||||
| Total Operating Expenses | 99.5% | 98.6% | 97.1% | 97.0% | 96.6% | 96.3% | 96.9% | 96.8% | 95.6% | 95.3% | 95.8% | |||||
| Stock-Based Compensation (SBC) (% of SG&A) | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% | |||||
| Tax Rate | 20.0% | 20.0% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | 22.5% | |||||
| 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% | |||||
| Interest Expense Rate (Average Debt) | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| Balance Sheet | ||||||||||||||||
| Inventory Days | 68 | 68 | 68 | 68 | 68 | 68 | 68 | 68 | 68 | 68 | 68 | |||||
| Accounts Receivable Days | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | 30 | |||||
| Change in Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Marketable Securities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Accounts Payable Days | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | 124 | |||||
| Accrued Expenses | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |||||
| Unearned Revenue | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% | |||||
| Cash Capex % of revenue | 7.0% | 7.0% | 7.0% | 6.0% | 6.0% | 6.0% | 5.5% | 5.0% | 5.0% | 4.5% | 4.5% | |||||
| 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% | |||||
| Depreciation % of PPE (Opening Balance) | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | |||||
| Repayment of Capital Leases (Opening Balance) | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | 39.0% | |||||
| Change in Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Common Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Proceeds from Property and Equipment Incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Acquisitions, net of Cash Acquired, and Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Sales and Maturities of Marketable Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Basic Shares Outstanding | 1.2% | 1.1% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||||
| 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% | |||||
| OTHER CASE | ||||||||||||||||
| Segmented Revenue Growth | ||||||||||||||||
| Online Stores | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Physical Stores | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| 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% | 0.0% | |||||
| 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% | |||||
| AWS | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Total Net Sales | ||||||||||||||||
| Expenses | ||||||||||||||||
| Cost of Sales | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | 59.8% | |||||
| Fulfillment | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | |||||
| Marketing | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| Technology and Content | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | 12.0% | |||||
| General and Administrative | 3.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |||||
| Other Operating Expense, net | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% | |||||
| Total Operating Expenses | 95.8% | 94.8% | 94.8% | 94.8% | 94.8% | 94.8% | 94.8% | 94.8% | 94.8% | 94.8% | 94.8% | |||||
| Stock-Based Compensation (SBC) (% of SG&A) | 6.0% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | 6.8% | |||||
| Tax Rate | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | 20.0% | |||||
| 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% | |||||
| Interest Expense Rate (Average Debt) | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | |||||
| Balance Sheet | ||||||||||||||||
| Inventory Days | 50 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | |||||
| Accounts Receivable Days | 25 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | |||||
| Change in Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Marketable Securities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |||||
| Accounts Payable Days | 118 | 118 | 118 | 118 | 118 | 118 | 118 | 118 | 118 | 118 | 118 | |||||
| Accrued Expenses | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |||||
| Unearned Revenue | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% | |||||
| Cash Capex % of revenue | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | |||||
| PP&E Acquired under Capital Leases | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | 7.0% | |||||
| Depreciation % of PPE (Opening Balance) | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | 40.0% | |||||
| Repayment of Capital Leases (Opening Balance) | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | 38.0% | |||||
| Change in Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Common Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Change in Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Proceeds from Property and Equipment Incentives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Acquisitions, net of Cash Acquired, and Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Sales and Maturities of Marketable Securities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 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% | |||||
| Change in Diluted Shares Outstanding | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% | 1.5% |
Disclaimer
| Disclaimer This model is intended solely for educational and training purposes. The information contained herein does not constitute investment advice, or an offer to sell, or the solicitation of any offer to buy any securities of Amazon.com, Inc. (NasdaqGS:AMZN) or any other security. This content in this model has not been approved or disapproved by (a) Amazon.com, Inc., (b) S&P Global Market Intelligence Inc., (c) Pitchbook Data, Inc., (d) Morningstar, Inc., (e) any equity research analyst that covers Amazon.com, Inc., or (f) any securities regulator in any province or territory of Canada, the United States Securities and Exchange Commission or any other United States federal or state regulatory authority, and no such commission or authority has passed upon the merits, accuracy or adequacy of this content, nor is it intended that any will. The information in this model does not constitute the provision of investment, tax, legal or other professional advice. As with all investments, there are associated risks and you could lose money investing – including, potentially, your entire investment. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment. No reliance may be placed for any purpose on the information and opinions contained herein or their accuracy or completeness, and nothing contained herein may be relied upon in making any investment decision. This model is provided "as is". CFI Education Inc. and its affiliates have no liability arising out of your use of this model. The model is Copyright material of CFI Education Inc., all rights reserved. |
