Financial Forecasting - Tile Shop Company

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Intro

STEPS:
1) enter financial data on the Financial Statements Sheet,
2) examine the Ratio Analysis and Cash Flow Analysis,
3) enter forecasts on the Forecasting Assumptions Sheet to create future Financial Statement predictions,
4) enter cost of capital assumptions on the Valuation Parameters Sheet to determine the company's value,
5) evaluate the details of the resulting valuation for either the Residual Income of Discounted Cash Flow models.
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© 2017, Russell Lundholm and Richard Sloan.
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Russell Lundholm
Richard Sloan

Financial Statements

Financial Statements ($000s) Data can be entered manually in financial statements or as a block cut-and-paste from the Case Data Sheet to the Raw Data Input section below.
Jump to Raw Data Input
Company Name and Ticker SALESFORCE.COM INC CRM Link to Form 10-Ks
Common Shares Outstanding 707,460 (in 000s at most recent fiscal year end)
Estimated Price/Share=($75.77)
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End (YYYY-MM-DD) 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
Income Statement
Sales (Net) 3,050,195 4,071,003 5,373,586 6,667,216 8,391,984 10,388,467 12,643,940 15,126,234 17,781,379 20,532,907 23,283,326 25,918,100 28,312,182 30,338,788 31,879,706 32,836,097 33,821,180
Cost of Goods Sold (483,130) (643,972) (903,643) (1,207,036) (1,702,463) (2,107,485) (2,565,048) (3,068,625) (3,607,268) (4,165,465) (4,723,436) (5,257,947) (5,743,629) (6,154,762) (6,467,365) (6,661,386) (6,861,227)
Gross Profit 2,567,065 3,427,031 4,469,943 5,460,180 6,689,521 8,280,982 10,078,892 12,057,608 14,174,110 16,367,442 18,559,890 20,660,153 22,568,553 24,184,026 25,412,342 26,174,712 26,959,953
R&D Expense (429,479) (623,798) (792,917) (946,300) (1,208,127) (1,495,545) (1,820,247) (2,177,603) (2,559,843) (2,955,959) (3,351,915) (3,731,222) (4,075,879) (4,367,633) (4,589,467) (4,727,151) (4,868,966)
SG&A Expense (2,036,925) (2,727,672) (3,372,359) (3,910,910) (4,772,489) (5,907,881) (7,190,560) (8,602,231) (10,112,202) (11,676,985) (13,241,138) (14,739,524) (16,101,029) (17,253,552) (18,129,866) (18,673,762) (19,233,975)
EBITDA 100,661 75,561 304,667 602,970 708,905 877,556 1,068,085 1,277,774 1,502,065 1,734,498 1,966,837 2,189,407 2,391,645 2,562,841 2,693,008 2,773,799 2,857,013
Depreciation & Amortization (211,371) (361,635) (450,300) (528,300) (631,668) (882,879) (1,082,766) (1,305,491) (1,547,004) (1,801,175) (2,059,824) (2,312,985) (2,549,394) (2,757,213) (2,924,924) (3,042,324) (3,133,594)
EBIT (110,710) (286,074) (145,633) 74,670 77,237 (5,323) (14,681) (27,716) (44,939) (66,677) (92,987) (123,578) (157,749) (194,372) (231,916) (268,526) (276,581)
Net Interest Expense (33,348) (77,211) (73,237) (72,485) (88,988) (118,840) (145,745) (175,725) (208,234) (242,447) (277,262) (311,339) (343,160) (371,134) (393,709) (409,511) (421,797)
Non-Operating Income (Loss) 16,264 5,350 5,785 62,094 37,134 45,968 55,949 66,933 78,681 90,857 103,027 114,686 125,280 134,247 141,066 145,298 149,657
EBT (127,794) (357,935) (213,085) 64,279 25,383 (78,194) (104,477) (136,509) (174,492) (218,267) (267,222) (320,231) (375,630) (431,259) (484,559) (532,739) (548,721)
Income Taxes (142,651) 125,760 (49,603) (111,705) 154,249 (475,176) (634,895) (829,545) (1,060,361) (1,326,376) (1,623,871) (1,945,997) (2,282,652) (2,620,702) (2,944,598) (3,237,383) (3,334,504)
Other Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income Before Ext. Items (270,445) (232,175) (262,688) (47,426) 179,632 (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
Ext. Items & Disc. Ops. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income (available to common) (270,445) (232,175) (262,688) (47,426) 179,632 (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
0
Balance Sheet
Operating Cash and Market. Sec. 867,621 838,774 995,429 1,341,381 2,208,887 2,734,389 3,328,061 3,981,435 4,680,306 5,404,547 6,128,496 6,822,005 7,452,161 7,985,591 8,391,182 8,642,918 8,902,205
Receivables 872,634 1,438,205 1,949,666 2,524,929 3,230,820 3,999,443 4,867,775 5,823,431 6,845,632 7,904,940 8,963,820 9,978,179 10,899,874 11,680,094 12,273,330 12,641,530 13,020,776
Inventories 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 275,625 403,273 604,977 481,017 557,120 689,661 839,395 1,004,188 1,180,455 1,363,121 1,545,714 1,720,629 1,879,565 2,014,106 2,116,403 2,179,895 2,245,292
Total Current Assets 2,015,880 2,680,252 3,550,072 4,347,327 5,996,827 7,423,493 9,035,232 10,809,054 12,706,394 14,672,608 16,638,030 18,520,813 20,231,600 21,679,792 22,780,916 23,464,344 24,168,274
PP&E (Net) 604,669 1,240,746 1,125,866 1,715,828 1,787,534 2,212,795 2,693,222 3,221,962 3,787,521 4,373,610 4,959,463 5,520,683 6,030,635 6,462,312 6,790,535 6,994,251 7,204,078
Investments 942,349 592,914 1,072,076 1,904,810 848,686 1,050,591 1,278,689 1,529,724 1,798,241 2,076,504 2,354,656 2,621,112 2,863,227 3,068,179 3,224,012 3,320,733 3,420,355
Intangibles 1,799,927 4,410,816 4,561,908 4,503,340 8,558,104 10,594,107 12,894,227 15,425,659 18,133,363 20,939,357 23,744,221 26,431,151 28,872,624 30,939,347 32,510,768 33,486,091 34,490,673
Other Assets 166,131 228,202 383,060 299,467 393,772 487,452 593,284 709,759 834,345 963,453 1,092,509 1,216,139 1,328,475 1,423,569 1,495,872 1,540,748 1,586,971
Total Assets 5,528,956 9,152,930 10,692,982 12,770,772 17,584,923 21,768,438 26,494,653 31,696,158 37,259,863 43,025,533 48,788,879 54,309,898 59,326,561 63,573,198 66,802,103 68,806,166 70,870,351
Current Debt 521,278 572,159 0 15,402 19,594 24,255 29,522 35,317 41,517 47,941 54,363 60,515 66,105 70,836 74,434 76,667 78,967
Accounts Payable 14,535 64,988 95,537 71,481 115,257 142,677 173,654 207,746 244,213 282,003 319,777 355,964 388,845 416,678 437,842 450,977 464,506
Income Taxes Payable 120,341 153,026 184,844 205,781 239,699 296,724 361,147 432,048 507,887 586,478 665,038 740,295 808,677 866,562 910,575 937,893 966,029
Other Current Liabilities 2,261,470 3,190,015 4,109,722 5,324,341 6,883,803 8,521,484 10,371,611 12,407,794 14,585,765 16,842,797 19,098,920 21,260,181 23,224,006 24,886,397 26,150,386 26,934,897 27,742,944
Total Current Liabilities 2,917,624 3,980,188 4,390,103 5,617,005 7,258,353 8,985,141 10,935,933 13,082,907 15,379,382 17,759,220 20,138,098 22,416,954 24,487,632 26,240,474 27,573,237 28,400,434 29,252,447
Long-Term Debt 0 1,342,101 1,495,981 1,490,658 2,209,102 2,734,655 3,328,385 3,981,823 4,680,762 5,405,073 6,129,092 6,822,669 7,452,886 7,986,369 8,391,999 8,643,759 8,903,072
Other Liabilities 240,087 765,426 831,715 648,653 593,070 734,163 893,560 1,068,986 1,256,628 1,451,081 1,645,456 1,831,658 2,000,851 2,144,073 2,252,971 2,320,560 2,390,177
Deferred Taxes 0 0 0 11,587 24,271 30,045 36,568 43,748 51,427 59,385 67,339 74,959 81,883 87,745 92,201 94,967 97,816
Total Liabilities 3,157,711 6,087,715 6,717,799 7,767,903 10,084,796 12,484,005 15,194,446 18,177,463 21,368,198 24,674,758 27,979,986 31,146,241 34,023,252 36,458,660 38,310,408 39,459,721 40,643,512
Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Preferred Stock 53,612 26,705 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Paid in Common Capital (Net) 2,411,478 3,363,987 4,605,136 5,706,057 8,040,878 10,378,555 13,133,700 16,318,242 19,926,064 23,929,817 28,279,029 32,900,021 37,697,955 42,561,145 47,367,459 51,992,332 56,755,950
Retained Earnings (93,845) (325,477) (629,953) (703,188) (540,751) (1,094,121) (1,833,493) (2,799,547) (4,034,399) (5,579,042) (7,470,135) (9,736,363) (12,394,646) (15,446,607) (18,875,765) (22,645,886) (26,529,112)
Total Common Equity 2,317,633 3,038,510 3,975,183 5,002,869 7,500,127 9,284,434 11,300,207 13,518,695 15,891,665 18,350,775 20,808,894 23,163,657 25,303,309 27,114,538 28,491,695 29,346,445 30,226,839
Total Liabilities and Equity 5,528,956 9,152,930 10,692,982 12,770,772 17,584,923 21,768,438 26,494,653 31,696,158 37,259,863 43,025,533 48,788,879 54,309,898 59,326,561 63,573,198 66,802,103 68,806,166 70,870,351
Statement of Retained Earnings
Beg. Retained Earnings (93,845) (325,477) (629,953) (703,188) (540,751) (1,094,121) (1,833,493) (2,799,547) (4,034,399) (5,579,042) (7,470,135) (9,736,363) (12,394,646) (15,446,607) (18,875,765) (22,645,886)
+Net Income (232,175) (262,688) (47,426) 179,632 (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
-Common Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=End. Retained Earnings (325,477) (629,953) (703,188) (540,751) (1,094,121) (1,833,493) (2,799,547) (4,034,399) (5,579,042) (7,470,135) (9,736,363) (12,394,646) (15,446,607) (18,875,765) (22,645,886) (26,529,112)
Values for Dupont Analysis and Valuation
Net Operating Income (199,872) (182,092) (172,403) (100,907) 809,388 287,642 292,048 277,530 238,791 171,119 71,052 (62,927) (229,783) (425,498) (642,936) (872,068) (898,230)
Net Financial Expense (70,573) (50,083) (90,285) 53,481 (629,756) (841,012) (1,031,420) (1,243,583) (1,473,644) (1,715,761) (1,962,145) (2,203,301) (2,428,500) (2,626,463) (2,786,222) (2,898,054) (2,984,996)
Net Income (270,445) (232,175) (262,688) (47,426) 179,632 (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
Effective Tax Rate (1.1163) 0.3513 (0.2328) 1.7378 (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769) (6.0769)
Net Operating Assets 2,892,523 4,979,475 5,471,164 6,508,929 9,728,823 12,043,344 14,658,113 17,535,835 20,613,944 23,803,789 26,992,349 30,046,841 32,822,299 35,171,743 36,958,128 38,066,872 39,208,878
Net Financial Obligations 574,890 1,940,965 1,495,981 1,506,060 2,228,696 2,758,911 3,357,907 4,017,140 4,722,279 5,453,014 6,183,455 6,883,184 7,518,990 8,057,205 8,466,433 8,720,426 8,982,039
Total Common Equity 2,317,633 3,038,510 3,975,183 5,002,869 7,500,127 9,284,434 11,300,207 13,518,695 15,891,665 18,350,775 20,808,894 23,163,657 25,303,309 27,114,538 28,491,695 29,346,445 30,226,839
Raw Data Inputs cut-and-paste raw data block from DataMaker file here
Company Name and Ticker SALESFORCE.COM INC CRM A Windows vs Macintosh issue can cause the fiscal year end dates to be off by roughly 4 years. If this occurs, select and copy the 1462 cell below, select the cells with the dates, choose Paste Special Values and select Subtract or Add.
Common Shares Outstanding 707,460
Fiscal Year End (YYYY-MM-DD) 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30
Sales (Net) 3,050,195 4,071,003 5,373,586 6,667,216 8,391,984
Cost of Goods Sold (483,130) (643,972) (903,643) (1,207,036) (1,702,463)
R&D Expense (429,479) (623,798) (792,917) (946,300) (1,208,127) 1462
SG&A Expense (2,036,925) (2,727,672) (3,372,359) (3,910,910) (4,772,489)
Depreciation & Amortization (211,371) (361,635) (450,300) (528,300) (631,668)
Interest Expense (33,348) (77,211) (73,237) (72,485) (88,988)
Non-Operating Income (Loss) 16,264 5,350 5,785 62,094 37,134
Income Taxes (142,651) 125,760 (49,603) (111,705) 154,249
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 867,621 838,774 995,429 1,341,381 2,208,887
Receivables 872,634 1,438,205 1,949,666 2,524,929 3,230,820
Inventories 0 0 0 0 0
Other Current Assets 275,625 403,273 604,977 481,017 557,120
PP&E (Net) 604,669 1,240,746 1,125,866 1,715,828 1,787,534
Investments 942,349 592,914 1,072,076 1,904,810 848,686
Intangibles 1,799,927 4,410,816 4,561,908 4,503,340 8,558,104
Other Assets 166,131 228,202 383,060 299,467 393,772
Current Debt 521,278 572,159 0 15,402 19,594
Accounts Payable 14,535 64,988 95,537 71,481 115,257
Income Taxes Payable 120,341 153,026 184,844 205,781 239,699
Other Current Liabilities 2,261,470 3,190,015 4,109,722 5,324,341 6,883,803
Long-Term Debt 0 1,342,101 1,495,981 1,490,658 2,209,102
Other Liabilities 240,087 765,426 831,715 648,653 593,070
Deferred Taxes 0 0 0 11,587 24,271
Minority Interest 0 0 0 0 0
Preferred Stock 53,612 26,705 0 0 0
Paid in Common Capital (Net) 2,411,478 3,363,987 4,605,136 5,706,057 8,040,878
Retained Earnings (93,845) (325,477) (629,953) (703,188) (540,751)
Common Dividends 0 0 0 0 0

Ratio Analysis

Ratio Analysis
Company Name SALESFORCE.COM INC
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
Annual Growth Rates
Sales 33.5% 32.0% 24.1% 25.9% 23.8% 21.7% 19.6% 17.6% 15.5% 13.4% 11.3% 9.2% 7.2% 5.1% 3.0% 3.0%
Assets 65.5% 16.8% 19.4% 37.7% 23.8% 21.7% 19.6% 17.6% 15.5% 13.4% 11.3% 9.2% 7.2% 5.1% 3.0% 3.0%
Common Equity 31.1% 30.8% 25.9% 49.9% 23.8% 21.7% 19.6% 17.6% 15.5% 13.4% 11.3% 9.2% 7.2% 5.1% 3.0% 3.0%
Earnings 0.0% 0.0% 0.0% 0.0% -408.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Free Cash Flow to Investors 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Sustainable Growth Rate -7.5% -1.1% 2.9% -6.6% -7.2% -7.8% -8.4% -9.0% -9.7% -10.3% -11.0% -11.6% -12.3% -13.0% -13.0%
Profitability
Return on Equity (0.087) (0.075) (0.011) 0.029 (0.066) (0.072) (0.078) (0.084) (0.090) (0.097) (0.103) (0.110) (0.116) (0.123) (0.130) (0.130)
Return on Equity (b4 non-recurring) (0.088) (0.077) (0.000) (0.013) (0.105) (0.110) (0.116) (0.122) (0.128) (0.134) (0.140) (0.146) (0.153) (0.159) (0.166) (0.166)
Return on Net Operating Assets (0.046) (0.033) (0.017) 0.100 0.026 0.022 0.017 0.013 0.008 0.003 (0.002) (0.007) (0.013) (0.018) (0.023) (0.023)
Basic Dupont Model
Net Profit Margin (0.089) (0.057) (0.049) (0.007) 0.021 (0.053) (0.058) (0.064) (0.069) (0.075) (0.081) (0.087) (0.094) (0.101) (0.108) (0.115) (0.115)
x Total Asset Turnover 0.555 0.542 0.568 0.553 0.528 0.524 0.520 0.516 0.511 0.507 0.503 0.498 0.494 0.489 0.484 0.484
x Total Leverage 2.741 2.830 2.613 2.428 2.345 2.345 2.345 2.345 2.345 2.345 2.345 2.345 2.345 2.345 2.345 2.345
= Return on Equity (0.087) (0.075) (0.011) 0.029 (0.066) (0.072) (0.078) (0.084) (0.090) (0.097) (0.103) (0.110) (0.116) (0.123) (0.130) (0.130)
Advanced Dupont Model
Net Operating Margin (0.066) (0.045) (0.032) (0.015) 0.096 0.028 0.023 0.018 0.013 0.008 0.003 (0.002) (0.008) (0.014) (0.020) (0.027) (0.027)
x Net Operating Asset Turnover 1.034 1.028 1.113 1.034 0.954 0.947 0.940 0.932 0.925 0.917 0.909 0.901 0.892 0.884 0.875 0.875
= Return on Net Operating Assets (0.046) (0.033) (0.017) 0.100 0.026 0.022 0.017 0.013 0.008 0.003 (0.002) (0.007) (0.013) (0.018) (0.023) (0.023)
Net Borrowing Cost (NBC) 0.040 0.053 (0.036) 0.337 0.337 0.337 0.337 0.337 0.337 0.337 0.337 0.337 0.337 0.337 0.337 0.337
Spread (RNOA - NBC) (0.086) (0.086) 0.019 (0.238) (0.311) (0.315) (0.320) (0.325) (0.330) (0.334) (0.339) (0.345) (0.350) (0.355) (0.360) (0.360)
Financial Leverage (LEV) 0.470 0.490 0.334 0.299 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297
ROE = RNOA + LEV*Spread (0.087) (0.075) (0.011) 0.029 (0.066) (0.072) (0.078) (0.084) (0.090) (0.097) (0.103) (0.110) (0.116) (0.123) (0.130) (0.130)
Margin Analysis
Gross Margin 0.842 0.842 0.832 0.819 0.797 0.797 0.797 0.797 0.797 0.797 0.797 0.797 0.797 0.797 0.797 0.797 0.797
EBITDA Margin 0.033 0.019 0.057 0.090 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084
EBIT Margin (0.036) (0.070) (0.027) 0.011 0.009 (0.001) (0.001) (0.002) (0.003) (0.003) (0.004) (0.005) (0.006) (0.006) (0.007) (0.008) (0.008)
Net Operating Margin (b4 non-rec.) (0.077) (0.046) (0.033) (0.008) 0.065 (0.004) (0.008) (0.013) (0.018) (0.023) (0.028) (0.034) (0.039) (0.045) (0.051) (0.058) (0.058)
Net Operating Margin (0.066) (0.045) (0.032) (0.015) 0.096 0.028 0.023 0.018 0.013 0.008 0.003 (0.002) (0.008) (0.014) (0.020) (0.027) (0.027)
Turnover Analysis
Net Operating Asset Turnover 1.034 1.028 1.113 1.034 0.954 0.947 0.940 0.932 0.925 0.917 0.909 0.901 0.892 0.884 0.875 0.875
Net Working Capital Turnover (7.347) (6.855) (6.367) (6.724) (7.476) (7.419) (7.361) (7.302) (7.242) (7.181) (7.119) (7.056) (6.991) (6.925) (6.857) (6.857)
Avge Days to Collect Receivables 103.593 115.060 122.482 125.170 127.018 127.988 128.991 130.030 131.106 132.221 133.378 134.580 135.828 137.125 138.474 138.474
Avge Inventory Holding Period 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
Avge Days to Pay Payables 22.537 32.420 25.253 20.018 22.336 22.507 22.683 22.866 23.055 23.251 23.455 23.666 23.885 24.113 24.351 24.351
PP&E Turnover 4.412 4.541 4.692 4.791 5.194 5.154 5.114 5.074 5.032 4.989 4.946 4.902 4.857 4.811 4.764 4.764
Analysis of Leverage
- Long-Term Capital Structure
Debt to Equity Ratio 0.225 0.630 0.376 0.301 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297
FFO to Total Debt 0.538 0.149 0.206 0.411 0.191 0.167 0.142 0.116 0.090 0.064 0.037 0.009 (0.019) (0.047) (0.077) (0.077)
CFO to Total Debt 0.799 0.307 0.713 0.869 0.520 0.470 0.418 0.366 0.313 0.258 0.203 0.146 0.088 0.029 (0.031) (0.031)
Analysis of Leverage
- Short-Term Liquidity
Current Ratio 0.691 0.673 0.809 0.774 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826
Quick Ratio 0.596 0.572 0.671 0.688 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749
EBIT Interest Coverage (3.320) (3.705) (1.989) 1.030 0.868 (0.045) (0.101) (0.158) (0.216) (0.275) (0.335) (0.397) (0.460) (0.524) (0.589) (0.656) (0.656)
EBITDA Interest Coverage 3.019 0.979 4.160 8.319 7.966 7.384 7.328 7.271 7.213 7.154 7.094 7.032 6.969 6.905 6.840 6.773 6.773
Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Cash Flow Analysis

Cash Flow Analysis ($000)
Company Name SALESFORCE.COM INC
Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
Pro Forma Statement of Cash Flows
Operating:
Net Income (232,175) (262,688) (47,426) 179,632 (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
+Depreciation & Amortization 361,635 450,300 528,300 631,668 882,879 1,082,766 1,305,491 1,547,004 1,801,175 2,059,824 2,312,985 2,549,394 2,757,213 2,924,924 3,042,324 3,133,594
+Increase in Deferred Taxes 0 0 11,587 12,684 5,774 6,523 7,179 7,679 7,958 7,955 7,620 6,924 5,861 4,457 2,766 2,849
+Increase in Other Liabilities 525,339 66,289 (183,062) (55,583) 141,093 159,397 175,426 187,642 194,453 194,375 186,202 169,192 143,222 108,898 67,589 69,617
+Minority Interest in Earnings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Funds From Operations 654,799 253,901 309,399 768,401 476,376 509,313 522,043 507,472 458,943 371,061 240,579 67,228 (145,665) (390,878) (657,442) (677,166)
-Increase in Receivables (565,571) (511,461) (575,263) (705,891) (768,623) (868,332) (955,655) (1,022,201) (1,059,308) (1,058,881) (1,014,359) (921,695) (780,221) (593,236) (368,200) (379,246)
-Increase in Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Increase in Other Current Assets (127,648) (201,704) 123,960 (76,103) (132,541) (149,734) (164,792) (176,268) (182,666) (182,593) (174,915) (158,936) (134,541) (102,297) (63,492) (65,397)
+Increase in Accounts Payable 50,453 30,549 (24,056) 43,776 27,420 30,977 34,092 36,466 37,790 37,775 36,186 32,881 27,834 21,163 13,135 13,529
+Increase in Taxes Payable 32,685 31,818 20,937 33,918 57,025 64,423 70,901 75,839 78,591 78,560 75,257 68,382 57,886 44,013 27,317 28,137
+Increase in Other Curr. Liabilities 928,545 919,707 1,214,619 1,559,462 1,637,681 1,850,126 2,036,184 2,177,971 2,257,032 2,256,122 2,161,261 1,963,825 1,662,391 1,263,989 784,512 808,047
=Cash From Operations 973,263 522,810 1,069,596 1,623,563 1,297,338 1,436,773 1,542,772 1,599,279 1,590,383 1,502,045 1,324,010 1,051,685 687,684 242,754 (264,170) (272,095)
Investing:
-Capital Expenditures (997,712) (335,420) (1,118,262) (703,374) (1,308,140) (1,563,193) (1,834,231) (2,112,563) (2,387,264) (2,645,677) (2,874,205) (3,059,346) (3,188,890) (3,253,148) (3,246,040) (3,343,422)
-Increase in Investments 349,435 (479,162) (832,734) 1,056,124 (201,905) (228,097) (251,036) (268,516) (278,264) (278,151) (266,456) (242,115) (204,952) (155,834) (96,720) (99,622)
-Purchases of Intangibles (2,610,889) (151,092) 58,568 (4,054,764) (2,036,003) (2,300,120) (2,531,431) (2,707,704) (2,805,995) (2,804,864) (2,686,930) (2,441,473) (2,066,723) (1,571,420) (975,323) (1,004,583)
-Increase in Other Assets (62,071) (154,858) 83,593 (94,305) (93,680) (105,832) (116,475) (124,586) (129,108) (129,056) (123,630) (112,336) (95,093) (72,304) (44,876) (46,222)
=Cash From Investing (3,321,237) (1,120,532) (1,808,835) (3,796,319) (3,639,728) (4,197,242) (4,733,174) (5,213,369) (5,600,631) (5,857,749) (5,951,221) (5,855,270) (5,555,658) (5,052,705) (4,362,960) (4,493,849)
Financing:
+Increase in Debt 1,392,982 (418,279) 10,079 722,636 530,215 598,996 659,234 705,139 730,735 730,441 699,729 635,807 538,215 409,228 253,993 261,613
-Dividends Paid to Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Dividends Paid on Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Increase in Pref. Stock (26,907) (26,705) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Dividends Paid on Common 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+/-Net Issuance of Common Stock 952,509 1,241,149 1,100,921 2,334,821 2,337,677 2,755,145 3,184,542 3,607,823 4,003,753 4,349,212 4,620,992 4,797,934 4,863,190 4,806,314 4,624,873 4,763,619
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=Cash From Financing 2,319,127 754,377 1,085,191 3,040,262 2,867,892 3,354,141 3,843,775 4,312,961 4,734,488 5,079,653 5,320,720 5,433,741 5,401,405 5,215,543 4,878,866 5,025,232
Net Change in Cash (28,847) 156,655 345,952 867,506 525,502 593,672 653,374 698,871 724,241 723,949 693,509 630,156 533,431 405,591 251,735 259,288
+ Beginning Cash Balance 867,621 838,774 995,429 1,341,381 2,208,887 2,734,389 3,328,061 3,981,435 4,680,306 5,404,547 6,128,496 6,822,005 7,452,161 7,985,591 8,391,182 8,642,918
= Ending Cash Balance 838,774 995,429 1,341,381 2,208,887 2,734,389 3,328,061 3,981,435 4,680,306 5,404,547 6,128,496 6,822,005 7,452,161 7,985,591 8,391,182 8,642,918 8,902,205
Free Cash Flow to Common Equity
Net Income (232,175) (262,688) (47,426) 179,632 (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
- Increase in Common Equity (720,877) (936,673) (1,027,686) (2,497,258) (1,784,307) (2,015,773) (2,218,488) (2,372,970) (2,459,110) (2,458,119) (2,354,764) (2,139,652) (1,811,229) (1,377,157) (854,751) (880,393)
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Common Equity (952,509) (1,241,149) (1,100,921) (2,334,821) (2,337,677) (2,755,145) (3,184,542) (3,607,823) (4,003,753) (4,349,212) (4,620,992) (4,797,934) (4,863,190) (4,806,314) (4,624,873) (4,763,619)
Computation based on SCF:
+Cash From Operations 973,263 522,810 1,069,596 1,623,563 1,297,338 1,436,773 1,542,772 1,599,279 1,590,383 1,502,045 1,324,010 1,051,685 687,684 242,754 (264,170) (272,095)
-Increase in Cash 28,847 (156,655) (345,952) (867,506) (525,502) (593,672) (653,374) (698,871) (724,241) (723,949) (693,509) (630,156) (533,431) (405,591) (251,735) (259,288)
+Cash From Investing (3,321,237) (1,120,532) (1,808,835) (3,796,319) (3,639,728) (4,197,242) (4,733,174) (5,213,369) (5,600,631) (5,857,749) (5,951,221) (5,855,270) (5,555,658) (5,052,705) (4,362,960) (4,493,849)
+Increase in Debt 1,392,982 (418,279) 10,079 722,636 530,215 598,996 659,234 705,139 730,735 730,441 699,729 635,807 538,215 409,228 253,993 261,613
-Dividends Paid to Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Dividends Paid on Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Increase in Preferred Stock (26,907) (26,705) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Common Equity (952,509) (1,241,149) (1,100,921) (2,334,821) (2,337,677) (2,755,145) (3,184,542) (3,607,823) (4,003,753) (4,349,212) (4,620,992) (4,797,934) (4,863,190) (4,806,314) (4,624,873) (4,763,619)
Financing Flows:
+Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Net Issuance of Common Stock (952,509) (1,241,149) (1,100,921) (2,334,821) (2,337,677) (2,755,145) (3,184,542) (3,607,823) (4,003,753) (4,349,212) (4,620,992) (4,797,934) (4,863,190) (4,806,314) (4,624,873) (4,763,619)
= Free Cash Flow to Common Equity (952,509) (1,241,149) (1,100,921) (2,334,821) (2,337,677) (2,755,145) (3,184,542) (3,607,823) (4,003,753) (4,349,212) (4,620,992) (4,797,934) (4,863,190) (4,806,314) (4,624,873) (4,763,619)
Free Cash Flow to all Investors
Net Operating Income -182,092 -172,403 -100,907 809,388 287,642 292,048 277,530 238,791 171,119 71,052 -62,927 -229,783 -425,498 -642,936 -872,068 -898,230
- Increase in Net Operating Assets (2,086,952) (491,689) (1,037,765) (3,219,894) (2,314,521) (2,614,769) (2,877,722) (3,078,109) (3,189,845) (3,188,560) (3,054,492) (2,775,459) (2,349,443) (1,786,385) (1,108,744) (1,142,006)
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors (2,268,501) (705,880) (1,164,481) (2,427,701) (2,026,880) (2,322,721) (2,600,192) (2,839,317) (3,018,727) (3,117,507) (3,117,419) (3,005,241) (2,774,942) (2,429,321) (1,980,811) (2,040,236)
Computation based on SCF:
Cash From Operations 973,263 522,810 1,069,596 1,623,563 1,297,338 1,436,773 1,542,772 1,599,279 1,590,383 1,502,045 1,324,010 1,051,685 687,684 242,754 (264,170) (272,095)
-Increase in Operating Cash 28,847 (156,655) (345,952) (867,506) (525,502) (593,672) (653,374) (698,871) (724,241) (723,949) (693,509) (630,156) (533,431) (405,591) (251,735) (259,288)
+Cash from Investing (3,321,237) (1,120,532) (1,808,835) (3,796,319) (3,639,728) (4,197,242) (4,733,174) (5,213,369) (5,600,631) (5,857,749) (5,951,221) (5,855,270) (5,555,658) (5,052,705) (4,362,960) (4,493,849)
+Interest Expense 77,211 73,237 72,485 88,988 118,840 145,745 175,725 208,234 242,447 277,262 311,339 343,160 371,134 393,709 409,511 421,797
-Tax Shield on Interest (27,128) 17,048 (125,966) 540,768 722,172 885,674 1,067,858 1,265,410 1,473,315 1,684,883 1,891,962 2,085,339 2,255,330 2,392,513 2,488,543 2,563,199
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors (2,268,501) (705,880) (1,164,481) (2,427,701) (2,026,880) (2,322,721) (2,600,192) (2,839,317) (3,018,727) (3,117,507) (3,117,419) (3,005,241) (2,774,942) (2,429,321) (1,980,811) (2,040,236)
Financing Flows:
+Dividends on Common Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Interest Expense 77,211 73,237 72,485 88,988 118,840 145,745 175,725 208,234 242,447 277,262 311,339 343,160 371,134 393,709 409,511 421,797
-Tax Shield on Interest (27,128) 17,048 (125,966) 540,768 722,172 885,674 1,067,858 1,265,410 1,473,315 1,684,883 1,891,962 2,085,339 2,255,330 2,392,513 2,488,543 2,563,199
+Dividends on Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Dividends Paid to Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Net Issuance of Common Stock (952,509) (1,241,149) (1,100,921) (2,334,821) (2,337,677) (2,755,145) (3,184,542) (3,607,823) (4,003,753) (4,349,212) (4,620,992) (4,797,934) (4,863,190) (4,806,314) (4,624,873) (4,763,619)
-Net Issuance of Debt (1,392,982) 418,279 (10,079) (722,636) (530,215) (598,996) (659,234) (705,139) (730,735) (730,441) (699,729) (635,807) (538,215) (409,228) (253,993) (261,613)
-Net Issuance of Preferred Stock 26,907 26,705 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors (2,268,501) (705,880) (1,164,481) (2,427,701) (2,026,880) (2,322,721) (2,600,192) (2,839,317) (3,018,727) (3,117,507) (3,117,419) (3,005,241) (2,774,942) (2,429,321) (1,980,811) (2,040,236)
Traditional Computation of FCF:
EBIT (286,074) (145,633) 74,670 77,237 (5,323) (14,681) (27,716) (44,939) (66,677) (92,987) (123,578) (157,749) (194,372) (231,916) (268,526) (276,581)
-Taxes on EBIT 98,632 (32,555) (237,671) 695,017 246,996 250,780 238,313 205,049 146,939 61,012 (54,035) (197,313) (365,373) (552,085) (748,840) (771,305)
+Increase in Deferred Taxes 0 0 11,587 12,684 5,774 6,523 7,179 7,679 7,958 7,955 7,620 6,924 5,861 4,457 2,766 2,849
= NOPLAT (187,442) (178,188) (151,414) 784,938 247,447 242,622 217,776 167,789 88,220 (24,020) (169,993) (348,138) (553,884) (779,545) (1,014,599) (1,045,037)
+Depreciation & Amortization 361,635 450,300 528,300 631,668 882,879 1,082,766 1,305,491 1,547,004 1,801,175 2,059,824 2,312,985 2,549,394 2,757,213 2,924,924 3,042,324 3,133,594
+Non-Operating Income (Loss) 5,350 5,785 62,094 37,134 45,968 55,949 66,933 78,681 90,857 103,027 114,686 125,280 134,247 141,066 145,298 149,657
+Other Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Ext. Items & Disc. Ops. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Gross Cash Flow 179,543 277,897 438,980 1,453,740 1,176,295 1,381,337 1,590,199 1,793,474 1,980,252 2,138,831 2,257,678 2,326,536 2,337,576 2,286,445 2,173,023 2,238,213
-Increase in Working Capital 347,311 112,254 414,245 (12,344) 295,460 333,788 367,355 392,936 407,199 407,035 389,921 354,301 299,918 228,041 141,537 145,783
-Capital Expenditures (997,712) (335,420) (1,118,262) (703,374) (1,308,140) (1,563,193) (1,834,231) (2,112,563) (2,387,264) (2,645,677) (2,874,205) (3,059,346) (3,188,890) (3,253,148) (3,246,040) (3,343,422)
-Increase in Investments 349,435 (479,162) (832,734) 1,056,124 (201,905) (228,097) (251,036) (268,516) (278,264) (278,151) (266,456) (242,115) (204,952) (155,834) (96,720) (99,622)
-Purchases of Intangibles (2,610,889) (151,092) 58,568 (4,054,764) (2,036,003) (2,300,120) (2,531,431) (2,707,704) (2,805,995) (2,804,864) (2,686,930) (2,441,473) (2,066,723) (1,571,420) (975,323) (1,004,583)
-Increase in Other Assets (62,071) (154,858) 83,593 (94,305) (93,680) (105,832) (116,475) (124,586) (129,108) (129,056) (123,630) (112,336) (95,093) (72,304) (44,876) (46,222)
+Increase in Other Liabilities 525,339 66,289 (183,062) (55,583) 141,093 159,397 175,426 187,642 194,453 194,375 186,202 169,192 143,222 108,898 67,589 69,617
+/-Clean Surplus Plug (Ignore) 543 (41,788) (25,809) (17,195) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors (2,268,501) (705,880) (1,164,481) (2,427,701) (2,026,880) (2,322,721) (2,600,192) (2,839,317) (3,018,727) (3,117,507) (3,117,419) (3,005,241) (2,774,942) (2,429,321) (1,980,811) (2,040,236)
Analysis of Earnings Quality
(Red Shading = Quality Flag)
Current Op. Accruals/NOA (0.157) (0.065) (0.170) (0.165) (0.109) (0.100) (0.090) (0.081) (0.071) (0.061) (0.052) (0.042) (0.033) (0.023) (0.014) (0.014)
+ Non-Current Op. Accruals/NOA 1.202 0.146 0.324 0.621 0.347 0.317 0.286 0.256 0.226 0.195 0.165 0.135 0.104 0.074 0.044 0.044
= Operating Accruals/NOA 1.045 0.081 0.155 0.455 0.238 0.217 0.196 0.176 0.155 0.134 0.113 0.092 0.072 0.051 0.030 0.030
Sales Growth 0.335 0.320 0.241 0.259 0.238 0.217 0.196 0.176 0.155 0.134 0.113 0.092 0.072 0.051 0.030 0.030
- NOA Turnover Growth 0.532 (0.181) (0.069) 0.156 0.000 0.000 (0.000) 0.000 (0.000) 0.000 0.000 (0.000) 0.000 0.000 (0.000) (0.000)
- Interaction 0.178 (0.058) (0.017) 0.040 0.000 0.000 (0.000) 0.000 (0.000) 0.000 0.000 (0.000) 0.000 0.000 (0.000) (0.000)
= Operating Accruals/NOA 1.045 0.081 0.155 0.455 0.238 0.217 0.196 0.176 0.155 0.134 0.113 0.092 0.072 0.051 0.030 0.030
Fiscal Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Credit Analysis

Credit Analysis
Company Name SALESFORCE.COM INC
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
Analysis of Leverage
- Long-Term Capital Structure
Debt to Equity Ratio 0.225 0.630 0.376 0.301 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297 0.297
FFO to Total Debt 0.538 0.149 0.206 0.411 0.191 0.167 0.142 0.116 0.090 0.064 0.037 0.009 (0.019) (0.047) (0.077) (0.077)
CFO to Total Debt 0.799 0.307 0.713 0.869 0.520 0.470 0.418 0.366 0.313 0.258 0.203 0.146 0.088 0.029 (0.031) (0.031)
Analysis of Leverage
- Short-Term Liquidity
Current Ratio 0.691 0.673 0.809 0.774 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826 0.826
Quick Ratio 0.596 0.572 0.671 0.688 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749
EBIT Interest Coverage (3.320) (3.705) (1.989) 1.030 0.868 (0.045) (0.101) (0.158) (0.216) (0.275) (0.335) (0.397) (0.460) (0.524) (0.589) (0.656) (0.656)
EBITDA Interest Coverage 3.019 0.979 4.160 8.319 7.966 7.384 7.328 7.271 7.213 7.154 7.094 7.032 6.969 6.905 6.840 6.773 6.773
Analysis of Credit Risk
Net Income to Total Assets -0.049 -0.025 -0.025 -0.004 0.010 -0.025 -0.028 -0.030 -0.033 -0.036 -0.039 -0.042 -0.045 -0.048 -0.051 -0.055 -0.055
implied default probability 5.5% 5.5% 5.5% 5.5% 4.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 7.2% 7.2% 7.2%
Total Liabilities to Total Assets 0.571 0.665 0.628 0.608 0.573 0.573 0.573 0.573 0.573 0.573 0.573 0.573 0.573 0.573 0.573 0.573 0.573
implied default probability 4.5% 5.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
Quick Ratio 0.596 0.572 0.671 0.688 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749 0.749
implied default probability 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
EBIT to Interest Expense (3.32) (3.71) (1.99) 1.03 0.87 (0.04) (0.10) (0.16) (0.22) (0.28) (0.34) (0.40) (0.46) (0.52) (0.59) (0.66) (0.66)
implied default probability 8.5% 9.0% 8.5% 7.0% 7.0% 7.0% 7.0% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5% 8.5%
Inventory Holding Period 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
implied default probability 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Annual Sales Growth 0.0% 33.5% 32.0% 24.1% 25.9% 23.8% 21.7% 19.6% 17.6% 15.5% 13.4% 11.3% 9.2% 7.2% 5.1% 3.0% 3.0%
implied default probability 4.2% 4.2% 4.2% 3.2% 4.2% 3.2% 3.2% 3.2% 3.2% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.2% 3.2%
Average Implied Default Probability 5.1% 5.4% 5.1% 4.7% 4.7% 4.7% 4.7% 5.0% 5.0% 4.9% 4.9% 4.9% 4.9% 4.9% 5.2% 5.2% 5.2%
Fiscal Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Lookup Table of default probability decile 1 min decile 2 min decile 3 min decile 4 min decile 5 min decile 6 min decile 7 min decile 8 min decile 9 min decile 10
NI to TA thresholds -0.448 -0.161 -0.049 0.001 0.022 0.038 0.056 0.079 0.118
NI to TA default rates 0.083 0.08 0.072 0.055 0.045 0.030 0.025 0.020 0.020 0.020
TL to TA thresholds 0.175 0.283 0.385 0.476 0.558 0.633 0.709 0.816 1.030
TL to TA default rates 0.02 0.022 0.025 0.030 0.035 0.045 0.055 0.070 0.090 0.100
Quick Ratio thresholds 0.382 0.522 0.809 0.994 1.200 1.470 1.890 2.530 4.550
Quick Ratio default rates 0.09 0.065 0.05 0.042 0.040 0.035 0.025 0.020 0.015 0.010
EBIT to Int thresholds -17.4 -3.6 -0.139 1.25 2.210 3.380 5.210 9.160 23.800
EBIT to Int default rates 0.075 0.09 0.085 0.070 0.050 0.030 0.021 0.018 0.015 0.010
Inv Holding thresholds 0.365 2.56 14.24 31.39 50 70.080 91.980 121.540 174.470
Inv Holding default rates 0.03 0.035 0.039 0.040 0.042 0.045 0.049 0.055 0.060 0.070
Sales Growth thresholds -0.203 -0.063 0.003 0.05 0.098 0.158 0.244 0.398 0.797
Sales Growth default rates 0.069 0.055 0.042 0.032 0.030 0.030 0.032 0.042 0.050 0.065

Forecasting Assumptions

Forecasting Assumptions
Company Name SALESFORCE.COM INC
TERMINAL
Estimated Price/Share=($75.77) YEAR
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
Implied Return on Equity (0.087) (0.075) (0.011) 0.029 (0.066) (0.072) (0.078) (0.084) (0.090) (0.097) (0.103) (0.110) (0.116) (0.123) (0.130) (0.130)
Income Statement Assumptions
Sales Growth 33.5% 32.0% 24.1% 25.9% 23.8% 21.7% 19.6% 17.6% 15.5% 13.4% 11.3% 9.2% 7.2% 5.1% 3.0% 3.0%
Cost of Goods Sold/Sales 15.8% 15.8% 16.8% 18.1% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3% 20.3%
R&D/Sales 14.1% 15.3% 14.8% 14.2% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4% 14.4%
SG&A/Sales 66.8% 67.0% 62.8% 58.7% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9% 56.9%
Dep&Amort/Avge PP&E and Intang. 9.0% 7.9% 8.9% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6% 7.6%
Net Interest Expense/Avge Net Debt 6.3% 4.3% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8%
Non-Operating Income/Sales 0.5% 0.1% 0.1% 0.9% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
Effective Tax Rate -111.6% 35.1% -23.3% 173.8% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7% -607.7%
Minority Interest/After Tax Income 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ext. Items & Disc. Ops./Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pref. Dividends/Avge Pref. Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Balance Sheet Assumptions
Working Capital Assumptions
Ending Operating Cash/Sales 28.4% 20.6% 18.5% 20.1% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3% 26.3%
Ending Receivables/Sales 28.6% 35.3% 36.3% 37.9% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5% 38.5%
Ending Inventories/COGS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ending Other Current Assets/Sales 9.0% 9.9% 11.3% 7.2% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6% 6.6%
Ending Accounts Payable/COGS 3.0% 10.1% 10.6% 5.9% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8% 6.8%
Ending Taxes Payable/Sales 3.9% 3.8% 3.4% 3.1% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9% 2.9%
Ending Other Current Liabs/Sales 74.1% 78.4% 76.5% 79.9% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0%
Other Operating Asset Assumptions
Ending Net PP&E/Sales 19.8% 30.5% 21.0% 25.7% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3%
Ending Investments/Sales 30.9% 14.6% 20.0% 28.6% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1%
Ending Intangibles/Sales 59.0% 108.3% 84.9% 67.5% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0% 102.0%
Ending Other Assets/Sales 5.4% 5.6% 7.1% 4.5% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7% 4.7%
Other Operating Liability Assumptions
Other Liabilities/Sales 7.9% 18.8% 15.5% 9.7% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1%
Deferred Taxes/Sales 0.0% 0.0% 0.0% 0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
Financing Assumptions
Current Debt/Total Assets 9.4% 6.3% 0.0% 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%
Long-Term Debt/Total Assets 0.0% 14.7% 14.0% 11.7% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6%
Minority Interest/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock/Total Assets 1.0% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividend Payout Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Valuation Parameters

Valuation Parameters
Estimated Price/Share=($75.77)
Company Name: SALESFORCE.COM INC
Required Valuation Parameters (to compute value of common equity):
Enter Cost of Equity Capital: 10.00%
Enter Value of Contingent Claims on Common Equity ($000): 0
Enter Date of Valuation: 2013/09/02
Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End: 1.00
Optional Valuation Parameters (to compute value to all investors):
Enter Cost of Net Debt: 8.00%
Enter Cost of Preferred Stock: 9.00%
Enter Cost of Minority Interest: 10.00%
Adjust the Weighted Average Cost of Capital Input 9.3720% up
such that the two equity values below are approximately equal:
Equity Value computed directly Equity Value computed indirectly approximate weighted average
from flows to equityholders: as the Entity Value less non-equity claims: cost of capital to use as starting point:
-75.77 -44.65 11.11%

Residual Income Valuations

Residual Income Valuation ($000)
Company Name SALESFORCE.COM INC
Most Recent Fiscal Year End 1/30/13
Date of Valuation 9/2/13
Cost of Common Equity 10.00%
Teriminal Growth Rate 3.00%
Fiscal Year of Forecast 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
(19,797,385)
Valuation to Common Equity
Net Income (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
Common Equity at Beginning of Year 7,500,127 9,284,434 11,300,207 13,518,695 15,891,665 18,350,775 20,808,894 23,163,657 25,303,309 27,114,538 28,491,695 29,346,445
Residual Income (1,303,383) (1,667,815) (2,096,074) (2,586,722) (3,133,809) (3,726,171) (4,347,117) (4,974,648) (5,582,293) (6,140,611) (6,619,291) (6,817,870)
Present Value of Residual Income (1,184,894) (1,378,360) (1,574,811) (1,766,766) (1,945,849) (2,103,326) (2,230,759) (2,320,710) (2,367,437) (2,367,471) (2,320,021) (2,172,383)
Present Value Beyond 10 Years (36,457,476)
Present Value of First 10 Years (19,240,383)
Common Equity as of
1/30/13 7,500,127
Forecast Equity Value Before Time Adj. (48,197,732)
Forecasted Value as of Valuation Date (53,601,902)
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity (53,601,902)
Common Shares Outstanding at BS Date 707,460
Equivalent Shares at Valuation Date 707,460
Forecast Price/Share -$75.77
Valuation to All Investors
Cost of Debt 8.00%
Cost of Preferred Stock 9.00%
Cost of Minority Interest 10.00%
After Tax Weighted Average Cost of Capital 9.37%
Net Interest Expense to Net Debtholders 118,840 145,745 175,725 208,234 242,447 277,262 311,339 343,160 371,134 393,709 409,511 421,797
Beginning Book Value of Debt 2,228,696 2,758,911 3,357,907 4,017,140 4,722,279 5,453,014 6,183,455 6,883,184 7,518,990 8,057,205 8,466,433 8,720,426
Residual Interest Expense (59,456) (74,968) (92,907) (113,137) (135,336) (158,979) (183,338) (207,494) (230,385) (250,868) (267,804) (275,838)
Present Value of Residual Interest Income (55,052) (64,273) (73,753) (83,159) (92,107) (100,184) (106,976) (112,103) (115,250) (116,200) (114,856) (109,539)
Value of Debt (1,171,257)
Dividends to Preferred Stockholders 0 0 0 0 0 0 0 0 0 0 0 0
Beginning Book Value of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Residual Income to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of Preferred Residual Income 0 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Minority Interest in Earnings 0 0 0 0 0 0 0 0 0 0 0 0
Beginning Book Value of Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0
Residual Income to Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of MI Residual Income 0 0 0 0 0 0 0 0 0 0 0 0
Value of Minority Interest 0
Net Operating Income 287,642 292,048 277,530 238,791 171,119 71,052 (62,927) (229,783) (425,498) (642,936) (872,068) (898,230)
Beginning Net Operating Assets 9,728,823 12,043,344 14,658,113 17,535,835 20,613,944 23,803,789 26,992,349 30,046,841 32,822,299 35,171,743 36,958,128 38,066,872
Residual Income to all Investors (624,144) (836,654) (1,096,229) (1,404,667) (1,760,820) (2,159,839) (2,592,650) (3,045,773) (3,501,604) (3,939,231) (4,335,783) (4,465,857)
Present Value of Residual Investor Income (570,661) (699,413) (837,882) (981,632) (1,125,082) (1,261,782) (1,384,844) (1,487,470) (1,563,550) (1,608,237) (1,618,452) (1,524,161)
Entity Value (29,571,604)
Less Value of Debt 1,171,257
Less Value of Preferred Stock 0
Less Value of Minority Interest 0
Forecast Equity Value Before Time Adj. (28,400,347)
Forecasted Value as of Valuation Date (31,584,735)
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity (31,584,735)
Common Shares Outstanding at BS Date 707,460
Equivalent Shares at Valuation Date 707,460
Forecast Price/Share -$44.65

DCF Valuations

DCF Valuations ($000)
Company Name SALESFORCE.COM INC
Most Recent Fiscal Year End 1/30/13
Date of Valuation 9/2/13
Cost of Common Equity 10.00%
Terminal Growth Rate 3.00%
Fiscal Year of Forecast 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
-19797385.2015
Valuation to Common Equity
Free Cash Flow to Common Equity (2,337,677) (2,755,145) (3,184,542) (3,607,823) (4,003,753) (4,349,212) (4,620,992) (4,797,934) (4,863,190) (4,806,314) (4,624,873) (4,763,619)
Present Value of FCF (2,125,161) (2,276,979) (2,392,593) (2,464,191) (2,486,015) (2,455,017) (2,371,299) (2,238,272) (2,062,467) (1,853,042) (1,620,990) (1,517,836)
Present Value Beyond 10 Years (25,472,694)
Present Value of First 10 Years (22,725,038)
Forecast Equity Value Before Time Adj. (48,197,732)
Forecasted Value as of Valuation Date (53,601,902)
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity (53,601,902)
Common Shares Outstanding at BS Date 707,460
Equivalent Shares at Valuation Date 707,460
Forecast Price/Share -$75.77
Valuation to All Investors
Cost of Net Debt 8.00%
Cost of Preferred Stock 9.00%
Cost of Minority Interest 10.00%
After Tax Weighted Average Cost of Capital 9.37%
Free Cash Flow to Debt (411,375) (453,251) (483,509) (496,904) (488,289) (453,179) (388,390) (292,646) (167,081) (15,520) 155,518 160,184
Present Value of FCF to Debt (380,903) (388,589) (383,825) (365,240) (332,321) (285,580) (226,622) (158,108) (83,582) (7,189) 66,699 63,611
Value of Debt (1,171,257)
Free Cash Flow to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of FCF to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Free Cash Flow to Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of FCF to Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0
Value of Minority Interest 0
Free Cash Flows to Investors (2,026,880) (2,322,721) (2,600,192) (2,839,317) (3,018,727) (3,117,507) (3,117,419) (3,005,241) (2,774,942) (2,429,321) (1,980,811) (2,040,236)
Present Value of FCF to Investors (1,853,198) (1,941,712) (1,987,408) (1,984,218) (1,928,826) (1,821,254) (1,665,145) (1,467,676) (1,239,077) (991,798) (739,393) (696,316)
Entity Value (29,571,604)
Less Value of Net Debt 1,171,257
Less Value of Preferred Stock 0
Less Value of Minority Interest 0
Forecast Equity Value Before Time Adj. (28,400,347)
Forecasted Value as of Valuation Date (31,584,735)
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity (31,584,735)
Common Shares Outstanding at BS Date 707,460
Equivalent Shares at Valuation Date 707,460
Forecast Price/Share -$44.65

EPS Forecaster

EPS Forecaster ($000, except per share amounts)
Company Name SALESFORCE.COM INC
Common Shares Outstanding at BS Date 707,460
Equivalent Shares at Valuation Date 707,460
Forecasted Price at Valuation Date -$75.77
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year of Forecast 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30 2024/01/30 2025/01/30
Net Income (553,370) (739,372) (966,053) (1,234,853) (1,544,643) (1,891,093) (2,266,228) (2,658,282) (3,051,962) (3,429,157) (3,770,122) (3,883,225)
Common Equity Issued (Repurchased) 2,337,677 2,755,145 3,184,542 3,607,823 4,003,753 4,349,212 4,620,992 4,797,934 4,863,190 4,806,314 4,624,873 4,763,619
Forecasted Price at Year End -$78.88 -$86.77 -$95.45 -$104.99 -$115.49 -$127.04 -$139.74 -$153.72 -$169.09 -$186.00 -$204.60 -$225.06
New Shares Issued (Repurchased) (29,635) (31,752) (33,365) (34,363) (34,667) (34,235) (33,068) (31,213) (28,761) (25,841) (22,605) (21,166)
Shares Outstanding at End of Year 677,825 646,072 612,708 578,345 543,677 509,442 476,374 445,162 416,401 390,560 367,956 346,789
Forecast EPS -$0.80 -$1.12 -$1.53 -$2.07 -$2.75 -$3.59 -$4.60 -$5.77 -$7.08 -$8.50 -$9.94 -$10.87
Consensus Analyst Forecast of EPS
Forecast Five Year Growth Rate in EPS 35%
Consensus Analyst Forecast of Growth Rate
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Model Summary

Model Summary
Historical Data For:
SALESFORCE.COM INC
Most Recent Fiscal Year End: 2013/01/30
Average ROE (last five years) -3.59%
Sales Growth (last five years) 28.79%
Forecast Data:
Forecast Horizon 10 years
This Year's ROE -6.59%
Terminal Year's ROE -13.04%
This Year's Sales Growth 23.79%
Terminal Year's Sales Growth 3.00%
This Year's Forecast EPS -$0.80
Forecast 5 Year EPS Growth 35.07%
Valuation Data:
Cost of Equity Capital 10.00%
Valuation Date 2013/09/02
Estimated Price/Share -$75.77
Estimated Price/Earnings Ratio 94.84
Estimated Market/Book Ratio -7.15

Case Data

Cut-and-Paste the yellow block of case data into the Raw Data Input section on the lower part of the eVal financial statements
America Online Amazon.com Four Models Intel Cabelas
Netflix Overstock Royal Caribbean Carnival Sporting Goods Industry
Salton City Screens Country Cinema Sirius Verizon
Nordstrom Ross Stores Kohls Apple IBM
Company Name and Ticker AMERICA ONLINE INC AOL
Common Shares Outstanding (000) 2,255,000
Fiscal Year End (YYYY-MM-DD) 1991/06/29 1992/06/29 1993/06/29 1994/06/29 1995/06/29
Sales (Net) 394,290 1,094,000 2,197,000 3,091,000 4,777,000
Cost of Goods Sold (229,724) (654,000) (1,770,000) (2,434,000) (3,465,000)
R&D Expense (64,598) (75,000) (204,000) (333,000) (286,000)
SG&A Expense (119,764) (293,000) (605,000) (328,000) (408,000)
Depreciation & Amortization (1,653) (7,000) (6,000) (24,000) (65,000)
Interest Expense 0 0 0 0 0
Non-Operating Income (Loss) 867 (3,000) (87,000) (62,000) 543,000
Income Taxes (15,169) (32,000) (10,000) 16,000 (334,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 64,549 129,133 124,000 823,000 1,424,000
Receivables 32,176 42,939 65,000 192,000 323,000
Inventories 0 0 0 0 0
Other Current Assets 36,908 98,506 134,000 248,000 232,000
PP&E (Net) 70,919 101,277 233,000 503,000 657,000
Investments 0 0 81,000 531,000 2,151,000
Intangibles 59,935 56,638 59,000 472,000 454,000
Other Assets 140,926 530,261 137,000 105,000 107,000
Current Debt 2,329 2,435 0 0 0
Accounts Payable 84,640 105,904 68,000 120,000 74,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 46,393 181,567 485,000 1,035,000 1,651,000
Long-Term Debt 17,369 19,306 50,000 372,000 348,000
Other Liabilities 2,243 1,168 4,000 7,000 15,000
Deferred Taxes 35,627 135,872 86,000 344,000 227,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 1 0 0 0
Paid in Common Capital (Net) 253,435 520,268 647,000 1,586,000 2,882,000
Retained Earnings (36,623) (7,767) (507,000) (590,000) 151,000
-Common Dividends 0 0 0 0
Company Name and Ticker AMAZON.COM INC AMZN back to top
Common Shares Outstanding (000) 357,140
Fiscal Year End (YYYY-MM-DD) 1992/12/30 1993/12/30 1994/12/30 1995/12/30 1996/12/30
Sales (Net) 15,746 147,787 609,819 1,639,839 2,761,983
Cost of Goods Sold (12,287) (118,969) (476,155) (1,349,194) (2,106,206)
R&D Expense (2,401) 0 0 0 0
SG&A Expense (7,501) (60,202) (194,696) (643,016) (972,777)
Depreciation & Amortization 0 0 (42,599) (214,694) (321,772)
Interest Expense (5) (326) (26,639) (84,566) (130,921)
Non-Operating Income (Loss) 202 690 8,629 8,432 (336,984)
Income Taxes 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 (2,905) (76,769) (304,596)
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 6,248 125,375 373,445 706,188 1,100,522
Receivables 0 0 0 0 0
Inventories 571 8,971 29,501 220,646 174,563
Other Current Assets 321 3,363 21,308 79,643 86,044
PP&E (Net) 985 9,726 29,791 317,613 366,416
Investments 0 0 7,740 371,462 92,250
Intangibles 0 0 178,638 730,144 255,325
Other Assets 146 2,409 8,037 40,154 60,049
Current Debt 0 1,500 808 14,322 16,577
Accounts Payable 2,852 33,027 113,273 463,026 485,383
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 2,018 10,024 47,494 255,886 472,996
Long-Term Debt 0 76,521 348,140 1,466,338 2,127,464
Other Liabilities 0 181 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 6 0 0 0 0
Paid in Common Capital (Net) 9,420 66,105 300,805 1,148,306 1,326,050
Retained Earnings (6,025) (37,514) (162,060) (882,028) (2,293,301)
-Common Dividends 0 0 0 0
Company Name and Ticker FOUR MODELS FOUR back to top
Common Shares Outstanding (000) 1,000
Fiscal Year End (YYYY-MM-DD) 1992/12/30 1993/12/30 1994/12/30 1995/12/30 1996/12/30
Sales (Net) 20,000 20,000 20,000 20,000 20,000
Cost of Goods Sold (12,000) (12,000) (12,000) (12,000) (12,000)
R&D Expense 0 0 0 0 0
SG&A Expense 0 0 0 0 0
Depreciation & Amortization (2,000) (2,000) (2,000) (2,000) (2,000)
Interest Expense (1,000) (1,000) (1,000) (1,000) (1,000)
Non-Operating Income (Loss) 0 0 0 0 0
Income Taxes (2,000) (2,000) (2,000) (2,000) (2,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 1,000 1,000 1,000 1,000 1,000
Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Other Current Assets 0 0 0 0 0
PP&E (Net) 20,000 20,000 20,000 20,000 20,000
Investments 0 0 0 0 0
Intangibles 0 0 0 0 0
Other Assets 0 0 0 0 0
Current Debt 0 0 0 0 0
Accounts Payable 0 0 0 0 0
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0
Long-Term Debt 10,000 10,000 10,000 10,000 10,000
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 10,000 10,000 10,000 10,000 10,000
Retained Earnings 1,000 1,000 1,000 1,000 1,000
-Common Dividends 0 0 0 0
Company Name and Ticker INTEL CORP INTC back to top
Common Shares Outstanding (000) 6,668,000
Fiscal Year End (YYYY-MM-DD) 1991/12/30 1992/12/30 1993/12/30 1994/12/30 1995/12/30
Sales (Net) 16,202,000 20,847,000 25,070,000 26,273,000 29,389,000
Cost of Goods Sold (7,811,000) (9,164,000) (9,945,000) (12,144,000) (11,836,000)
R&D Expense (1,296,000) (1,808,000) (2,347,000) (2,674,000) (3,503,000)
SG&A Expense (1,843,000) (2,322,000) (2,891,000) (3,076,000) (3,872,000)
Depreciation & Amortization 0 0 0 0 (411,000)
Interest Expense (29,000) (25,000) (27,000) (34,000) (36,000)
Non-Operating Income (Loss) 415,000 406,000 799,000 792,000 1,497,000
Income Taxes (2,072,000) (2,777,000) (3,714,000) (3,069,000) (3,914,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 2,458,000 7,907,000 9,732,000 7,310,000 11,400,000
Receivables 3,116,000 3,723,000 3,438,000 3,527,000 3,700,000
Inventories 2,004,000 1,293,000 1,697,000 1,582,000 1,478,000
Other Current Assets 519,000 761,000 1,000,000 1,056,000 1,241,000
PP&E (Net) 7,471,000 8,487,000 10,666,000 11,609,000 11,715,000
Investments 1,653,000 1,353,000 1,839,000 5,365,000 7,911,000
Intangibles 0 0 0 111,000 4,934,000
Other Assets 283,000 211,000 508,000 911,000 1,470,000
Current Debt 346,000 389,000 322,000 159,000 230,000
Accounts Payable 864,000 969,000 1,407,000 1,244,000 1,370,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 2,409,000 3,505,000 4,291,000 4,401,000 5,499,000
Long-Term Debt 400,000 728,000 448,000 702,000 955,000
Other Liabilities 0 0 0 0 0
Deferred Taxes 620,000 997,000 1,076,000 1,387,000 3,130,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,308,000 3,172,000 5,352,000 5,626,000 11,237,000
Retained Earnings 9,557,000 13,975,000 15,984,000 17,952,000 21,428,000
-Common Dividends (147,780) (188,848) (165,750) (366,740)
Company Name and Ticker NETFLIX INC NFLX back to top
Common Shares Outstanding 52,732
Fiscal Year End (YYYY-MM-DD) 1996/12/30 1997/12/30 1998/12/30 1999/12/30 2000/12/30
Sales (Net) 0 75,912 152,806 272,243 506,228
Cost of Goods Sold 0 (20,110) (51,659) (97,369) (188,254)
R&D Expense 0 (17,734) (14,625) (17,884) (22,906)
SG&A Expense 0 (44,827) (71,717) (101,527) (187,510)
Depreciation & Amortization 0 (29,797) (26,477) (50,991) (88,204)
Interest Expense 0 (1,852) (11,972) (417) (170)
Non-Operating Income (Loss) 0 (210) 1,697 2,457 2,592
Income Taxes 0 0 0 0 (181)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 0 16,131 103,610 135,191 174,461
Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Other Current Assets 0 3,421 3,465 3,755 12,885
PP&E (Net) 0 11,838 15,592 9,772 18,728
Investments 0 0 0 0 0
Intangibles 0 7,917 6,094 2,948 961
Other Assets 0 2,323 1,769 24,346 44,758
Current Debt 0 3,012 1,231 416 68
Accounts Payable 0 13,715 20,350 32,654 49,775
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 0 9,481 18,845 29,949 45,067
Long-Term Debt 0 3,856 460 44 0
Other Liabilities 0 240 288 241 600
Deferred Taxes 0 0 0 0 0
Minority Interest 0 101,830 0 0 0
Preferred Stock 0 6 0 0 0
Paid in Common Capital (Net) 0 46,756 248,569 266,001 287,981
Retained Earnings 0 (137,266) (159,213) (153,293) (131,698)
-Common Dividends 0 0 0 0
Company Name and Ticker OVERSTOCK.COM INC OSTK back to top
Common Shares Outstanding (000) 16,025
Fiscal Year End (YYYY-MM-DD) 1997/12/30 1998/12/30 1999/12/30
Sales (Net) 40,003 91,784 238,945
Cost of Goods Sold (32,536) (70,953) (211,077)
R&D Expense 0 0 0
SG&A Expense (15,225) (19,494) (37,084)
Depreciation & Amortization (5,809) (5,391) (3,171)
Interest Expense (729) (465) (76)
Non-Operating Income (Loss) 490 (41) 576
Income Taxes 0 0 0
Minority Interest in Earnings 0 0 0
Other Income (Loss) 0 0 0
Ext. Items & Disc. Ops. 0 0 0
Preferred Dividends 0 (7,013) (262)
Operating Cash and Market. Sec. 3,729 32,662 40,346
Receivables 1,565 6,994 10,183
Inventories 7,586 13,954 29,926
Other Current Assets 476 2,333 4,583
PP&E (Net) 5,018 4,945 9,483
Investments 0 0 0
Intangibles 0 2,784 2,784
Other Assets 3,340 284 427
Current Debt 4,512 124 75
Accounts Payable 3,680 13,731 30,363
Income Taxes Payable 0 0 0
Other Current Liabilities 2,093 6,409 9,316
Long-Term Debt 165 58 86
Other Liabilities 0 0 0
Deferred Taxes 0 0 0
Minority Interest 5,284 0 0
Preferred Stock 0 4,363 2,978
Paid in Common Capital (Net) 50,073 94,937 122,729
Retained Earnings (44,093) (55,666) (67,815)
-Common Dividends 0 (7,013) (262)
Company Name and Ticker ROYAL CARIBBEAN CRUISES LTD RCL back to top
Common Shares Outstanding 168,591
Fiscal Year End (YYYY-MM-DD) 1990/12/30 1991/12/30 1992/12/30 1993/12/30 1994/12/30
Sales (Net) 1,171,423 1,183,952 1,357,325 1,939,007 2,636,291
Cost of Goods Sold (728,760) (742,467) (854,478) (1,219,268) (1,593,728)
R&D Expense 0 0 0 0 0
SG&A Expense (179,051) (177,481) (194,629) (272,368) (359,214)
Depreciation & Amortization (77,892) (80,071) (91,185) (143,816) (194,614)
Interest Expense (43,349) (54,844) (76,540) (128,531) (167,869)
Non-Operating Income (Loss) (46) 19,869 10,373 7,661 9,904
Income Taxes 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. (6) 0 0 (7,558) 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 23,920 31,256 40,419 110,793 172,921
Receivables 9,424 12,171 15,535 22,628 36,532
Inventories 13,555 16,830 22,665 37,274 31,834
Other Current Assets 71,233 27,563 33,745 40,450 45,044
PP&E (Net) 1,384,814 1,758,446 2,378,934 4,785,291 5,073,008
Investments 0 0 0 0 0
Intangibles 351,456 341,041 330,628 320,214 309,801
Other Assets 10,602 15,936 20,373 23,098 16,936
Current Debt 0 6,234 13,061 141,013 127,919
Accounts Payable 63,181 71,528 69,091 108,474 115,833
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 209,094 230,935 321,307 639,857 646,403
Long-Term Debt 747,107 929,458 1,353,906 2,431,683 2,341,163
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 172,500 172,500
Paid in Common Capital (Net) 545,061 546,058 549,422 1,185,566 1,358,567
Retained Earnings 300,561 419,030 535,512 660,655 923,691
-Common Dividends (30,489) (34,384) (49,984) (67,734)
Company Name and Ticker CARNIVAL CORP CCL back to top
Common Shares Outstanding (000) 595,448
Fiscal Year End (YYYY-MM-DD) 1990/11/29 1991/11/29 1992/11/29 1993/11/29 1994/11/29
Sales (Net) 1,806,016 1,998,150 2,212,572 2,447,468 3,009,306
Cost of Goods Sold (1,028,475) (1,131,113) (1,241,269) (1,322,669) (1,619,377)
R&D Expense 0 0 0 0 0
SG&A Expense (223,272) (248,566) (274,855) (296,533) (369,469)
Depreciation & Amortization (110,595) (128,433) (144,987) (167,287) (200,668)
Interest Expense (51,378) (63,080) (64,092) (55,898) (57,772)
Non-Operating Income (Loss) (478) 33,507 87,978 67,202 88,782
Income Taxes 10,053 (9,374) (9,045) (6,233) (3,815)
Minority Interest in Earnings 0 0 0 0 (11,102)
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 124,220 103,760 124,115 149,727 143,229
Receivables 20,789 33,080 38,109 57,090 60,837
Inventories 45,122 48,820 53,281 54,970 75,449
Other Current Assets 50,318 70,718 75,428 74,238 90,764
PP&E (Net) 3,071,431 3,414,823 4,099,038 4,327,413 5,768,114
Investments 47,514 51,794 430,330 479,329 546,693
Intangibles 233,553 226,571 219,589 212,607 437,464
Other Assets 76,876 155,921 61,998 71,401 56,773
Current Debt 84,644 72,752 66,369 59,620 67,626
Accounts Payable 86,750 90,237 84,748 106,783 168,546
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 393,563 431,721 511,625 619,739 898,941
Long-Term Debt 1,046,904 1,035,031 1,277,529 1,015,294 1,563,014
Other Liabilities 129,028 130,873 39,103 0 0
Deferred Taxes 0 0 91,630 20,241 63,036
Minority Interest 0 0 0 0 132,684
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 538,345 592,733 823,103 873,885 905,848
Retained Earnings 1,390,589 1,752,140 2,207,781 2,731,213 3,379,628
-Common Dividends (85,098) (103,877) (130,456) (178,458)
Company Name and Ticker SALTON INC SFP back to top
Common Shares Outstanding (000) 11,352
Fiscal Year End (YYYY-MM-DD) 1992/06/28 1993/06/28 1994/06/27 1995/06/25 1996/06/30
Sales (Net) 99,202 182,806 305,599 506,116 837,302
Cost of Goods Sold (72,780) (129,399) (191,703) (307,147) (504,889)
R&D Expense 0 0 0 0 0
SG&A Expense (21,343) (42,944) (84,216) (129,588) (156,749)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (3,934) (4,063) (5,333) (15,518) (28,761)
Non-Operating Income (Loss) 0 0 7,839 0 0
Income Taxes 3,450 (2,001) (12,205) (19,320) (55,087)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 4 2,613 661 11,240 7,606
Receivables 15,871 25,647 43,225 96,179 129,850
Inventories 28,288 41,968 76,506 144,124 219,230
Other Current Assets 3,883 6,556 7,545 9,484 13,859
PP&E (Net) 6,232 8,316 8,315 24,651 34,643
Investments 0 12,157 0 0 0
Intangibles 3,671 4,880 5,145 42,638 159,088
Other Assets 1,532 206 0 0 0
Current Debt 24,512 38,477 50,475 32,229 112,155
Accounts Payable 10,057 17,361 18,960 40,997 35,113
Income Taxes Payable 0 0 6,499 0 4,578
Other Current Liabilities 1,233 2,950 7,235 21,865 21,028
Long-Term Debt 3,754 4,933 0 182,329 215,065
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 517 157 2,529
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 29,358 43,656 42,764 1,249 32,502
Retained Earnings (9,433) (5,034) 14,947 49,490 141,306
-Common Dividends 0 0 0 0
Company Name and Ticker CITY SCREENS CSCR back to top
Common Shares Outstanding (000) 23,469
Fiscal Year End (YYYY-MM-DD) 1991/03/30 1992/03/27 1993/04/02 1994/04/01 1995/03/31
Sales (Net) 564,664 657,872 752,904 852,755 1,026,721
Cost of Goods Sold (209,122) (247,740) (295,557) (341,988) (407,124)
R&D Expense 0 0 0 0 0
SG&A Expense (266,600) (297,577) (344,399) (403,866) (517,066)
Depreciation & Amortization (37,913) (43,886) (52,572) (70,117) (89,221)
Interest Expense (35,908) (28,828) (22,022) (35,679) (38,628)
Non-Operating Income (Loss) 9,857 6,830 (6,459) (42,204) (1,198)
Income Taxes 9,000 (19,300) (12,900) 16,600 10,500
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 (19,350) 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 140,377 10,795 24,715 9,881 13,239
Receivables 8,572 20,503 9,837 13,018 18,325
Inventories 0 0 0 0 0
Other Current Assets 12,069 15,179 49,962 84,224 71,024
PP&E (Net) 279,904 355,485 543,058 562,158 726,025
Investments 0 0 0 0 0
Intangibles 42,926 36,483 28,679 22,066 18,723
Other Assets 38,306 45,013 62,804 104,433 128,394
Current Debt 2,516 2,904 3,441 4,017 18,017
Accounts Payable 29,047 64,353 61,876 72,633 69,381
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 33,794 38,319 69,792 97,186 101,658
Long-Term Debt 264,988 185,268 370,283 399,595 591,603
Other Liabilities 34,421 33,696 43,651 82,894 79,606
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 2,667 2,667 2,202 1,200 0
Paid in Common Capital (Net) 118,139 118,648 117,205 117,213 110,439
Retained Earnings 36,582 37,603 50,605 21,042 5,026
-Common Dividends (7,000) (5,993) (5,064) 0
Company Name and Ticker COUNTY CINEMA CCIN back to top
Common Shares Outstanding (000) 11,363
Fiscal Year End (YYYY-MM-DD) 1990/12/30 1991/12/30 1992/12/30 1993/12/30 1994/12/30
Sales (Net) 327,619 364,749 426,726 458,598 481,568
Cost of Goods Sold (126,930) (150,613) (174,220) (188,006) (197,665)
R&D Expense 0 0 0 0 0
SG&A Expense (132,918) (149,164) (170,108) (181,455) (194,985)
Depreciation & Amortization (22,544) (27,216) (28,408) (33,443) (37,502)
Interest Expense (17,028) (16,031) (20,289) (23,142) (27,230)
Non-Operating Income (Loss) 0 0 (45,447) 0 (72,999)
Income Taxes (11,246) (8,638) 4,469 (12,366) 18,166
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 22,687 18,847 13,295 19,587 18,572
Receivables 3,814 12,211 4,822 758 522
Inventories 1,939 2,936 2,631 3,082 3,851
Other Current Assets 5,025 5,632 5,363 7,548 5,886
PP&E (Net) 293,971 371,851 387,915 497,056 573,612
Investments 4,631 4,973 10,324 14,148 20,334
Intangibles 43,156 59,231 62,608 68,149 56,954
Other Assets 2,375 2,331 2,425 9,669 17,812
Current Debt 9,352 12,205 15,026 19,077 1,290
Accounts Payable 23,478 24,873 21,432 26,122 45,533
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 11,327 19,102 17,240 17,833 37,842
Long-Term Debt 143,973 218,305 253,233 341,662 350,470
Other Liabilities 0 0 0 0 36,099
Deferred Taxes 17,512 18,433 4,522 12,431 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 550
Paid in Common Capital (Net) 100,098 100,149 100,262 105,018 158,884
Retained Earnings 71,858 84,945 77,668 97,854 66,875
-Common Dividends 0 0 0 0
Company Name and Ticker KOHL'S CORP KSS back to top
Common Shares Outstanding (000) 307,000
Fiscal Year End (YYYY-MM-DD) 2002/01/30 2003/01/30 2004/01/30 2005/01/30 2006/01/30
Sales (Net) 13,402,217 15,544,184 16,473,734 16,389,000 17,178,000
Cost of Goods Sold (8,670,484) (9,890,513) (10,459,549) (10,334,000) (10,680,000)
R&D Expense 0 0 0 0 0
SG&A Expense (3,007,842) (3,451,196) (3,757,563) (3,978,000) (4,196,000)
Depreciation & Amortization (307,710) (387,674) (452,145) (541,000) (590,000)
Interest Expense (79,383) (74,427) (98,712) (140,000) (134,000)
Non-Operating Income (Loss) 8,992 34,071 36,296 29,000 10,000
Income Taxes (503,830) (665,764) (658,210) (540,000) (597,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 286,916 620,400 663,671 676,000 2,267,000
Receivables 1,652,065 0 0 0 0
Inventories 2,237,568 2,588,099 2,855,733 2,799,000 2,923,000
Other Current Assets 89,503 192,541 204,485 225,000 295,000
PP&E (Net) 4,543,832 5,352,974 6,509,819 6,984,000 7,018,000
Investments 0 0 0 332,000 321,000
Intangibles 221,718 228,624 219,296 210,000 204,000
Other Assets 121,436 58,539 107,078 108,000 132,000
Current Debt 107,941 18,841 12,701 17,000 16,000
Accounts Payable 829,971 934,376 835,985 881,000 1,188,000
Income Taxes Payable 166,908 233,263 124,254 105,000 184,000
Other Current Liabilities 641,635 732,178 798,508 812,000 1,002,000
Long-Term Debt 1,046,104 1,040,057 2,051,875 2,053,000 2,052,000
Other Liabilities 185,340 235,537 372,705 407,000 488,000
Deferred Taxes 217,801 243,530 262,451 320,000 377,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 1,586,485 123,861 (461,782) (663,000) (550,000)
Retained Earnings 4,370,853 5,479,534 6,563,385 7,402,000 8,403,000
-Common Dividends 0 0 0 0 0
Company Name and Ticker NORDSTROM INC JWN back to top
Common Shares Outstanding (000) 217,700
Fiscal Year End (YYYY-MM-DD) 2002/01/30 2003/01/30 2004/01/30 2005/01/30 2006/01/30
Sales (Net) 7,919,214 8,793,637 9,120,000 8,573,000 8,627,000
Cost of Goods Sold (4,611,695) (5,069,429) (5,257,000) (5,115,000) (5,015,000)
R&D Expense 0 0 0 0 0
SG&A Expense (2,100,666) (2,296,863) (2,360,000) (2,386,000) (2,465,000)
Depreciation & Amortization (276,328) (284,520) (269,000) (302,000) (313,000)
Interest Expense (63,378) (62,409) (102,000) (145,000) (148,000)
Non-Operating Income (Loss) 18,078 19,651 28,000 23,000 10,000
Income Taxes (333,886) (427,654) (458,000) (247,000) (255,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 5,586 13,000 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 516,656 402,559 358,000 72,000 795,000
Receivables 1,200,694 1,112,551 1,788,000 1,942,000 2,035,000
Inventories 955,978 997,289 956,000 900,000 898,000
Other Current Assets 200,829 229,794 259,000 303,000 326,000
PP&E (Net) 1,773,871 1,757,215 1,983,000 2,221,000 2,242,000
Investments 0 0 0 0 0
Intangibles 140,912 135,714 53,000 53,000 53,000
Other Assets 132,409 186,456 203,000 170,000 230,000
Current Debt 306,618 6,800 261,000 299,000 356,000
Accounts Payable 540,019 576,796 556,000 563,000 726,000
Income Taxes Payable 81,617 76,095 58,000 0 0
Other Current Liabilities 695,058 773,452 760,000 739,000 932,000
Long-Term Debt 627,776 623,652 2,236,000 2,214,000 2,257,000
Other Liabilities 577,580 596,262 614,000 636,000 736,000
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 685,607 826,421 936,000 997,000 1,066,000
Retained Earnings 1,407,074 1,342,100 179,000 213,000 506,000
-Common Dividends (134,000) 110,158 134,000 138,000 139,000
Company Name and Ticker ROSS STORES INC ROST back to top
Common Shares Outstanding (000) 122,929
Fiscal Year End (YYYY-MM-DD) 2002/01/27 2003/02/02 2004/02/01 2005/01/30 2006/01/29
Sales (Net) 4,944,179 5,570,210 5,975,212 6,486,139 7,184,213
Cost of Goods Sold (3,832,296) (4,317,527) (4,618,220) (4,956,576) (5,327,278)
R&D Expense 0 0 0 0 0
SG&A Expense (786,439) (863,033) (935,901) (1,034,357) (1,130,813)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (4,102) (2,873) (9,771) (8,343) (9,393)
Non-Operating Income (Loss) 7,000 11,500 13,800 8,500 1,800
Income Taxes (128,710) (156,643) (164,069) (189,922) (275,772)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 204,530 372,635 263,678 322,153 770,097
Receivables 29,122 30,105 37,468 96,411 102,852
Inventories 938,091 1,051,729 1,025,295 881,058 872,498
Other Current Assets 57,104 60,487 71,560 14,093 0
PP&E (Net) 639,852 748,233 868,315 951,656 942,999
Investments 11,202 31,136 40,766 38,014 16,848
Intangibles 12,086 13,916 12,796 10,971 2,889
Other Assets 46,751 50,350 51,444 41,155 60,450
Current Debt 50,000 0 0 0 0
Accounts Payable 474,614 698,063 637,158 536,745 658,299
Income Taxes Payable 25,586 33,577 21,818 9,120 54,399
Other Current Liabilities 328,783 351,617 351,629 409,394 477,816
Long-Term Debt 0 150,000 150,000 150,000 150,000
Other Liabilities 122,926 32,510 57,340 61,994 64,883
Deferred Taxes 100,657 182,994 182,728 191,889 205,943
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 476,415 524,910 554,558 595,397 646,443
Retained Earnings 359,757 384,920 416,091 400,972 510,850
-Common Dividends 0 (33,634) (40,638) (49,838) (55,202)
Company Name and Ticker CABELA'S INC CAB back to top
Common Shares Outstanding (000) 66,923
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 1,555,974 1,799,661 2,063,524 2,349,599 2,552,721
Cost of Goods Sold (895,822) (1,029,410) (1,158,840) (1,318,523) (1,475,541)
R&D Expense 0 0 0 0 0
SG&A Expense (533,094) (620,376) (715,380) (820,121) (871,468)
Depreciation & Amortization (29,843) (34,912) (45,559) (59,863) (64,673)
Interest Expense (8,178) (10,928) (17,947) (20,243) (29,708)
Non-Operating Income (Loss) 11,044 11,335 11,458 8,378 6,904
Income Taxes (35,085) (42,801) (51,471) (51,348) (41,831)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 248,184 86,923 172,903 131,182 410,104
Receivables 38,733 125,000 196,359 244,270 213,014
Inventories 313,002 396,635 484,414 608,159 517,657
Other Current Assets 128,568 85,469 100,545 110,777 133,439
PP&E (Net) 294,141 459,622 600,065 904,052 920,398
Investments 0 0 0 0 0
Intangibles 4,555 3,617 0 8,123 5,902
Other Assets 201,048 209,014 196,944 206,267 195,552
Current Debt 28,327 21,652 33,294 126,785 179,512
Accounts Payable 100,826 162,305 239,285 281,391 189,766
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 324,588 364,511 346,255 422,928 331,526
Long-Term Debt 119,825 90,777 284,579 376,600 379,336
Other Liabilities 71,686 66,992 83,519 145,454 363,514
Deferred Taxes 16,625 20,190 30,440 31,113 38,707
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 239,560 240,490 248,710 257,287 266,029
Retained Earnings 326,794 399,363 485,148 571,272 647,676
-Common Dividends 0 0 0 0 0
Company Name and Ticker Sporting Goods Stores MG740 back to top
Common Shares Outstanding (000) 36,184
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 651,734 872,581 821,884 952,757 1,005,890
Cost of Goods Sold (421,579) (563,859) (528,199) (608,868) (654,521)
R&D Expense (16) 0 0 0 0
SG&A Expense (174,364) (233,253) (223,527) (262,510) (277,137)
Depreciation & Amortization (12,576) (17,408) (16,495) (20,814) (23,708)
Interest Expense (4,537) (6,317) (5,004) (5,199) (5,933)
Non-Operating Income (Loss) 172 (2,556) 178 (3,610) (23,980)
Income Taxes (15,398) (18,753) (19,677) (21,873) (13,577)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 42,632 25,177 38,846 23,553 58,037
Receivables 11,656 25,127 30,569 38,123 33,992
Inventories 144,192 194,027 185,408 235,144 220,261
Other Current Assets 22,476 18,525 20,651 25,673 26,659
PP&E (Net) 99,332 144,468 143,097 191,863 195,647
Investments 0 0 0 0 0
Intangibles 31,898 36,124 28,497 50,143 33,253
Other Assets 30,888 37,687 29,621 28,502 35,707
Current Debt 4,838 4,404 9,047 21,659 23,772
Accounts Payable 62,191 85,744 82,179 99,914 79,343
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 75,927 97,766 83,285 105,453 85,203
Long-Term Debt 70,604 66,984 62,413 75,812 81,123
Other Liabilities 24,750 31,116 33,827 47,818 78,891
Deferred Taxes 2,409 2,884 3,518 3,676 6,264
Minority Interest 0 0 5 0 0
Preferred Stock 376 0 0 0 0
Paid in Common Capital (Net) 83,749 96,119 94,620 102,424 106,572
Retained Earnings 58,230 96,118 107,797 136,246 142,389
-Common Dividends 198 907 857 898 865
Company Name SIRIUS SATELLITE RADIO INC SIRI back to top
Common Shares Outstanding 1,346,227
Fiscal Year End (YYYY-MM-DD) 1997/12/30 1998/12/30 1999/12/30 2000/12/30 2001/12/30
Sales (Net) 0 805 12,872 66,854 242,245
Cost of Goods Sold (47,464) (69,898) (86,774) (120,914) (184,943)
R&D Expense (47,794) (30,087) (24,534) (30,520) (44,745)
SG&A Expense (64,146) (131,200) (243,741) (498,354) (743,142)
Depreciation & Amortization (9,052) (82,747) (95,353) (95,370) (98,555)
Interest Expense (89,686) (106,163) (50,510) (41,386) (45,361)
Non-Operating Income (Loss) 22,379 (3,191) 261,825 11,729 13,815
Income Taxes 0 0 0 (4,201) (2,311)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 323,742 173,702 551,880 763,874 904,422
Receivables 0 0 0 0 31,688
Inventories 0 0 0 0 14,256
Other Current Assets 12,303 25,907 27,784 47,166 61,082
PP&E (Net) 1,082,915 1,032,874 941,052 881,280 828,357
Investments 7,200 7,200 6,750 92,615 82,450
Intangibles 83,654 83,654 83,654 83,654 83,654
Other Assets 17,791 17,603 6,197 89,024 79,453
Current Debt 0 0 0 0 0
Accounts Payable 39,836 43,336 65,919 5,525 6,829
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 20,477 4,984 16,084 263,989 600,138
Long-Term Debt 639,990 670,357 194,803 656,274 1,084,437
Other Liabilities 19,485 54,264 11,593 15,501 12,511
Deferred Taxes 0 0 3,724 15,691 56,479
Minority Interest 0 0 0 0 0
Preferred Stock 485,168 531,153 0 0 0
Paid in Common Capital (Net) 827,647 964,325 2,478,888 2,866,489 3,053,821
Retained Earnings (504,998) (927,479) (1,153,694) (1,865,856) (2,728,853)
Common Dividends 0 0 0 0 0
Company Name VERIZON COMMUNICATIONS VZ back to top
Common Shares Outstanding 1,979,509
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 71,283,000 75,112,000 88,144,000 93,469,000 97,354,000
Cost of Goods Sold (23,168,000) (25,469,000) (34,994,000) (37,547,000) (39,007,000)
R&D Expense 0 0 0 0 0
SG&A Expense (21,088,000) (21,312,000) (25,232,000) (25,967,000) (26,898,000)
Depreciation & Amortization (13,910,000) (14,047,000) (14,545,000) (14,377,000) (14,565,000)
Interest Expense (2,384,000) (2,180,000) (2,349,000) (1,829,000) (1,819,000)
Non-Operating Income (Loss) 1,788,000 1,548,000 1,168,000 796,000 849,000
Income Taxes (2,851,000) (3,210,000) (2,674,000) (3,982,000) (3,331,000)
Minority Interest in Earnings (2,409,000) (3,045,000) (4,038,000) (5,053,000) (6,155,000)
Other Income (Loss) 0 0 (42,000) 0 0
Ext. Items & Disc. Ops. 570,000 0 759,000 11,000 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 4,547,000 3,274,000 5,653,000 3,397,000 10,291,000
Receivables 9,801,000 9,171,000 10,891,000 11,736,000 11,703,000
Inventories 1,535,000 1,780,000 1,514,000 1,729,000 2,092,000
Other Current Assets 3,596,000 2,223,000 4,480,000 1,836,000 1,989,000
PP&E (Net) 74,124,000 75,305,000 82,356,000 85,294,000 86,546,000
Investments 0 0 0 0 0
Intangibles 47,448,000 52,933,000 61,754,000 61,029,000 73,208,000
Other Assets 24,907,000 23,444,000 22,156,000 21,938,000 16,523,000
Current Debt 3,593,000 7,141,000 7,715,000 2,954,000 4,993,000
Accounts Payable 13,177,000 12,351,000 14,320,000 4,491,000 3,856,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 6,359,000 5,571,000 10,245,000 17,296,000 17,057,000
Long-Term Debt 35,674,000 31,869,000 28,646,000 28,203,000 46,959,000
Other Liabilities 22,010,000 22,353,000 34,736,000 36,362,000 38,813,000
Deferred Taxes 22,532,000 22,411,000 16,270,000 14,784,000 11,769,000
Minority Interest 25,053,000 26,754,000 28,337,000 32,288,000 37,199,000
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 24,576,000 23,775,000 31,211,000 32,697,000 22,456,000
Retained Earnings 12,984,000 15,905,000 17,324,000 17,884,000 19,250,000
Common Dividends 4,262,000 4,427,000 4,719,000 4,773,000 4,994,000
Company Name APPLE INC AAPL back to top
Common Shares Outstanding 899,806
Fiscal Year End (YYYY-MM-DD) 2001/09/23 2002/09/29 2003/09/28 2004/09/26 2005/09/25
Sales (Net) 13,931,000 19,315,000 24,006,000 32,479,000 36,537,000
Cost of Goods Sold (9,889,000) (13,717,000) (15,852,000) (21,334,000) (23,397,000)
R&D Expense (535,000) (712,000) (782,000) (1,109,000) (1,333,000)
SG&A Expense (1,864,000) (2,433,000) (2,963,000) (3,761,000) (4,149,000)
Depreciation & Amortization 0 0 0 0 0
Interest Expense 0 0 0 0 0
Non-Operating Income (Loss) 165,000 365,000 599,000 620,000 326,000
Income Taxes (480,000) (829,000) (1,512,000) (2,061,000) (2,280,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 8,261,000 10,110,000 15,386,000 24,490,000 23,501,000
Receivables 1,312,000 2,845,000 4,029,000 4,704,000 5,057,000
Inventories 165,000 270,000 346,000 509,000 455,000
Other Current Assets 562,000 1,284,000 2,195,000 4,987,000 7,252,000
PP&E (Net) 817,000 1,281,000 1,832,000 2,455,000 2,954,000
Investments 0 0 0 0 10,528,000
Intangibles 134,000 198,000 420,000 559,000 559,000
Other Assets 265,000 1,217,000 1,139,000 1,868,000 3,545,000
Current Debt 0 0 0 0 0
Accounts Payable 1,779,000 3,390,000 4,970,000 5,520,000 5,601,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 1,708,000 3,081,000 4,329,000 8,572,000 13,681,000
Long-Term Debt 0 0 0 0 0
Other Liabilities 293,000 369,000 897,000 746,000 1,286,000
Deferred Taxes 308,000 381,000 619,000 3,704,000 5,451,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,503,000 4,377,000 5,431,000 7,185,000 8,294,000
Retained Earnings 3,925,000 5,607,000 9,101,000 13,845,000 19,538,000
Common Dividends 0 0 0 0 0
Company Name INTERNATIONAL BUSINESS MACHINES CORP IBM back to top
Common Shares Outstanding 1,305,337
Fiscal Year End (YYYY-MM-DD) 2001/12/30 2002/12/30 2003/12/30 2004/12/30 2005/12/30
Sales (Net) 91,134,000 91,424,000 98,786,000 103,630,000 95,758,000
Cost of Goods Sold (54,602,000) (53,129,000) (57,057,000) (57,969,000) (51,973,000)
R&D Expense (5,842,000) (6,107,000) (6,153,000) (6,337,000) (5,820,000)
SG&A Expense (21,314,000) (20,259,000) (22,060,000) (23,386,000) (20,952,000)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (220,000) (278,000) (611,000) (673,000) (498,000)
Non-Operating Income (Loss) 3,070,000 1,666,000 1,584,000 1,450,000 1,623,000
Income Taxes (4,232,000) (3,901,000) (4,071,000) (4,381,000) (4,713,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. (60,000) 76,000 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 13,686,000 10,656,000 16,146,000 12,907,000 14,247,000
Receivables 24,428,000 26,848,000 28,789,000 31,854,000 30,464,000
Inventories 2,841,000 2,810,000 2,664,000 2,701,000 2,494,000
Other Current Assets 4,706,000 4,346,000 5,578,000 1,542,000 1,730,000
PP&E (Net) 13,756,000 14,440,000 15,081,000 14,305,000 14,165,000
Investments 1,174,000 1,618,000 1,940,000 0 1,157,000
Intangibles 11,104,000 15,056,000 16,392,000 21,104,000 23,015,000
Other Assets 34,053,000 27,460,000 33,841,000 25,111,000 21,750,000
Current Debt 7,216,000 8,902,000 12,235,000 11,236,000 4,168,000
Accounts Payable 7,349,000 7,964,000 8,054,000 7,014,000 7,436,000
Income Taxes Payable 4,710,000 4,670,000 3,673,000 2,743,000 3,826,000
Other Current Liabilities 15,877,000 18,555,000 20,348,000 21,442,000 20,572,000
Long-Term Debt 15,425,000 13,780,000 23,039,000 22,689,000 21,932,000
Other Liabilities 18,020,000 17,690,000 20,489,000 30,815,000 24,301,000
Deferred Taxes 4,053,000 3,167,000 4,124,000 0 4,032,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) (11,636,000) (23,926,000) (32,171,000) (56,768,000) (58,144,000)
Retained Earnings 44,734,000 52,432,000 60,640,000 70,353,000 80,899,000
Common Dividends 0 0 0 0 0
IBM