Zynga IPO

Open Source Financial Model

Contact
Anil Bains
anil@edupristine.com
+91 9619673853
Paramdeep Singh
paramdeep@edupristine.com
+91 9892980608
Pawan Prabhat
pawna@eneev.com
+91 9867625422
Special Thanks to:
Abhishek Ruia
for their sincere efforts to build this IPO valuation model
Neev Knowledge Management - Pristine
www.edupristine.com
info@edupristine.com

+91 22 3215 6191

+91 8080 00 55 33
Pristine is India's largest authorized training provider for CFA , FRM , PRM and Financial Modeling. It has
conducted more than 300,000+ man-hours of finance trainings for individuals and corporates in all the major Indian
cities and outside India.

Model

anagement - Pristine

odeling. It has
n all the major Indian

Summary Sheet
1
2
3
4
5
6
7
8
9
10
11
12
13
14

Index
Assumption Sheet
Profit & Loss Statement
Balance Sheet
Cash Flow Statement
Revenue Built-Up Sheet
Deferred Revenue
Cost Built-Up
Asset Schedule
Equity Schedule
Valuation Sheet
Altman Z Score
DuPont Analysis
Ratio Analysis
Ratio Analysis Chart

700,000

EBITDA
Earning Before Ta
EBIT
Profit After Tax (P

600,000
500,000
400,000
300,000
200,000
100,000
FY 09

(100,000)

FY 10

(200,000)
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
(1,000,000)

Balance

Total Current As
Total Stockholde
Total Assets
Total Liabilities

Summary
1800

P & L Summary

Revenue Built

Average Monthly Unique Users (MUU

Average Daily Active Users (DAU)
Average Monthly Active Users (MAU)
Revenue per MUU

1600

EBITDA
Earning Before Taxes
EBIT
Profit After Tax (PAT)

Million Users

1400
1200
1000
800
600
400
200

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

Balance Sheet Summary

Booking and Revenue Co

Total Current Assets

Total Stockholders Equity
Total Assets
Total Liabilities

3,500,000

Revenue Recognized
Total Booking
Deferred Amount as % of Total B

$ Thousands

3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
FY 08

FY 10

1.00

Revenue Built-Up Data

ge Monthly Unique Users (MUU)

ge Daily Active Users (DAU)
ge Monthly Active Users (MAU)
nue per MUU

0.90
0.70
0.60
0.50
0.40
0.30

Dollar per User

0.80

0.20
0.10
0.00

ng and Revenue Conciliation

Revenue Recognized
Total Booking
Deferred Amount as % of Total Booking in the Year

70%
60%
50%
40%
30%
20%
10%

FY 12

FY 14

FY 16

0%
FY 18

Assumptions Sheet
Thousand 1,000
Million 1,000,000
All numbers are in $ 000's except per share data
Income Tax Rate
Balance Sheet Assumptions
Accounts Receivables No. of Days
Account Payable No. of Days
Interest Income as % of Cash and Cash Equivalent

Profit & Loss Assumptions: Quarterly Data

Revenue Assumption
Average Monthly Active Users (MAU)
millions
Average Daily Active Users (DAU)
millions
Average Monthly Unique Users (MUU)
millions
% of Monthly Active Users(MAU) buying Facebook Credits
Cost Assumption
Cost of Revenue
Research and Development
Sales and Marketing
General and Administrative
Depreciation and Amortization

FY 07

FY 08

30%

30%

NA
NA
NA

NA
NA
NA

31-Mar-09

30-Jun-09

NA
NA
NA
NA

NA
NA
NA
NA

3,183
6,603
4,687
1,636
1,284

7,360
9,141
6,324
3,654
1,583

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

30%

30%

30%

30%

30%

30%

30%

22
65
0.14%

49
20
0.65%

35
43
0.39%

42
31
0.52%

39
37
0.46%

40
34
0.49%

39
36
0.47%

30-Sep-09

31-Dec-09

31-Mar-10

30-Jun-10

30-Sep-10

31-Dec-10

31-Mar-11

99
24
63
8%

207
58
110
8%

236
67
124
8%

234
60
119
8%

203
49
110
8%

195
48
111
8%

236
62
146
8%

13,338
14,302
10,987
6,952
2,853

22,454
20,983
20,268
12,001
4,652

26,365
27,851
17,398
16,452
6,546

33,132
30,386
29,530
15,130
8,504

38,610
39,782
28,957
17,757
11,292

38,464
51,500
38,280
(17,090)
13,139

49,815
71,760
40,156
27,110
17,847

FY 16

FY 17

FY 18

30%

30%

30%

40
35
0.48%

40
35
0.48%

40
35
0.48%

30-Jun-11

30-Sep-11

31-Dec-11

31-Mar-12

30-Jun-12

30-Sep-12

31-Dec-12

8%

8%

8%

8%

8%

8%

8%

31-Mar-13

30-Jun-13

30-Sep-13

31-Dec-13

31-Mar-14

30-Jun-14

30-Sep-14

8%

8%

8%

8%

8%

8%

8%

31-Dec-14

31-Mar-15

30-Jun-15

30-Sep-15

31-Dec-15

31-Mar-16

30-Jun-16

8%

8%

8%

8%

8%

8%

8%

30-Sep-16

31-Dec-16

31-Mar-17

30-Jun-17

30-Sep-17

31-Dec-17

31-Mar-18

8%

8%

8%

8%

8%

8%

8%

30-Jun-18

30-Sep-18

31-Dec-18

8%

8%

8%

Profit and Loss

All numbers are in $ 000's except per share data

FY 09

FY 10

Revenue
Online Revenue Game
Advertising Revenue
Total Revenue

85,748
35,719
121,467

574,632
22,827
597,459

Expenses
Cost Of Revenue
Research and development
Sales & Marketing
General and Administrative
Total Expenses

46,335
51,029
42,266
24,243
163,873

136,571
149,519
114,165
32,251
432,506

EBITDA
Depreciation and Amortization

(42,406)
10,372

164,953
39,481

EBIT
Interest Income
Other Income ( Expense), net

(52,778)
177
(209)

125,472
1,222
365

Earning Before Taxes

Provision for income tax

(52,810)
(12)

127,059
(36,464)

Profit After Tax (PAT)

Deemed dividend to a Series B-2 convertible preferred stockholder
Net income attributable to participating securities

(52,822)
-

90,595
4,590
58,110

PAT attributable to Shareholders

(52,822)

27,895

(.31)

(.12)

Net income (Loss) per share attributable to common stockholder:

Basic
Diluted

Weighted-average common shares used to compute net income (loss) per share attributable to common stockholder:
Basic
171,751
223,881
Diluted

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

740,270

896,049

1,015,675

1,206,028

1,418,814

1,666,177

1,959,697

158,612
205,998
133,791
51,115
549,516

192,207
242,974
164,314
48,640
648,135

217,703
275,079
186,386
53,440
732,609

258,459
326,612
221,333
63,139
869,543

304,049
384,245
260,385
74,223
1,022,902

357,057
451,239
305,782
87,157
1,201,234

419,957
530,732
359,650
102,511
1,412,849

190,754
52,922

247,915
62,994

283,066
71,334

336,485
84,696

395,912
99,640

464,943
117,012

546,849
137,625

137,832
3,789
365

184,921
7,835
365

211,731
9,649
365

251,788
13,909
365

296,272
17,568
365

347,931
22,687
365

409,223
28,215
365

141,986
(42,596)

193,121
(57,936)

221,745
(66,524)

266,063
(79,819)

314,204
(94,261)

370,982
(111,295)

437,804
(131,341)

99,390

135,184

155,222

186,244

219,943

259,688

306,463

99,390

135,184

155,222

186,244

219,943

259,688

306,463

e to common stockholder:

FY 18

2,303,818

493,701
623,928
422,804
120,511
1,660,944
642,875
161,792
481,082
35,053
365
516,500
(154,950)
361,550

361,550

Balance Sheet

All numbers are in $ 000's except per share data

Assets
Fixed Assets
Gross Block
Less: Accumulated Depreciation
Net Block

FY 09

FY 10

43,691
8,864
34,827

114,471
39,512
74,959

4,837
3,792
1,045

59,159
15,158
44,001

836
36,708

14,301
12,880
60,217
206,358

127,336
72,622
7,157
11,290
653
3,082
222,140

187,831
550,259
79,974
36,577
24,399
2,821
24,353
906,214

Total Assets

258,848

1,112,572

Liabilities
Current Liabilities
Accounts Payable
Other current Liabilities
Deferred Revenue
Total Current Liabilities

21,503
35,024
178,109
234,636

33,431
78,749
408,470
520,650

45,690
-

56,766
14,123
38,818

280,326

630,357

47,672
2
6,610
21
(75,783)
(21,478)

394,026
2
79,335
(1,484)
114
10,222
482,215

Intangible Assets
Gross Block
Less: Accumulated Amortization
Net Block
Restricted cash
Other Long-term assets
Goodwill
Total Fixed Assets
Current Assets & Loans and Advances
Cash and Cash Equivalents
Marketable Securities
Accounts receivable
Income tax assets
Deferred tax assets
Restricted cash
Other current assests
Total Current Assets

Deferred Revenue
Deferred Tax Liabilities
Other non-current liabilities
Total Liabilities
Net Worth
Stockholders Equity
Convertible Preferred Stock
Common Stock
Additional Paid-In Capital
Treasury Stock
Other Comprehensive Income
Retained earnings (deficit)
Total Stockholders Equity

Total Net Worth & Liabilities

Check

258,848
TRUE

1,112,572
TRUE

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

204,052
81,787
122,265

209,336
128,089
81,247

258,625
182,891
75,734

294,424
246,581
47,843

353,824
322,326
31,498

411,135
410,800
336

486,136
515,141
(29,005)

51,389
25,805
25,585

75,464
42,496
32,968

78,023
59,029
18,994

97,108
80,036
17,072

111,617
103,930
7,687

132,618
132,468
149

155,074
165,753
(10,679)

14,301
12,880
175,030

14,301
12,880
141,395

14,301
12,880
121,909

14,301
12,880
92,097

14,301
12,880
66,365

14,301
12,880
27,666

14,301
12,880
(12,503)

959,688
550,259
71,354
36,577
24,399
2,821
24,353
1,669,451

1,498,946
550,259
103,156
36,577
24,399
2,821
24,353
2,240,511

2,103,358
550,259
107,414
36,577
24,399
2,821
24,353
2,849,181

2,834,494
550,259
133,193
36,577
24,399
2,821
24,353
3,606,096

3,700,575
550,259
153,371
36,577
24,399
2,821
24,353
4,492,354

4,699,743
550,259
182,061
36,577
24,399
2,821
24,353
5,520,213

5,893,865
550,259
212,986
36,577
24,399
2,821
24,353
6,745,260

1,844,481

2,381,906

2,971,090

3,698,193

4,558,720

5,547,878

6,732,758

86,235
78,749
673,858
838,843

77,260
78,749
1,042,989
1,198,998

102,946
78,749
1,376,384
1,558,079

113,114
78,749
1,837,041
2,028,904

138,439
78,749
2,354,323
2,571,511

159,423
78,749
2,960,824
3,198,996

189,362
78,749
3,680,129
3,948,240

131,312
14,123
38,818

173,397
14,123
38,818

248,278
14,123
38,818

318,312
14,123
38,818

416,288
14,123
38,818

518,274
14,123
38,818

647,447
14,123
38,818

1,023,095

1,425,336

1,859,298

2,400,157

3,040,740

3,770,211

4,648,628

887,608
2
86,881
(262,754)
37
109,612
821,386

887,608
2
86,881
(262,754)
37
244,796
956,570

887,608
2
86,881
(262,754)
37
400,018
1,111,792

887,608
2
86,881
(262,754)
37
586,262
1,298,036

887,608
2
86,881
(262,754)
37
806,205
1,517,979

887,608
2
86,881
(262,754)
37
1,065,893
1,777,667

887,608
2
86,881
(262,754)
37
1,372,356
2,084,130

1,844,481

2,381,906

2,971,090

3,698,193

4,558,720

5,547,878

6,732,758

TRUE

TRUE

TRUE

TRUE

TRUE

TRUE

TRUE

FY 18

569,988
637,639
(67,651)

182,837
205,047
(22,209)
14,301
12,880
(62,679)

7,291,722
550,259
251,061
36,577
24,399
2,821
24,353
8,181,191
8,118,512

221,524
78,749
4,525,459
4,825,732
794,160
14,123
38,818
5,672,833

887,608
2
86,881
(262,754)
37
1,733,906
2,445,680

8,118,512
TRUE

Cash Flow

All numbers are in $ 000's except per share data

Cashflow from Operations
PAT
Add: Depreciation
Add: Amortization
Less: Increase in Marketable Securities
Less: Increase in Accounts receivable
Less: Increase in Income tax assets
Less: Increase in Deferered tax assets
Less: Increase in Restricted cash
Less: Increase in Other current assests
Add: Increase in Accounts Payable
Add: Increase in Other current Liabilities
Add: Increase in Current Deferred Revenue
Less: Deemed dividend: B-2 CPS
Net Cashflow from Operations
Cashflow from Investment Activities
Less: Increase in Gross Block(Fixed Assets)
Less: Increase in Gross Block(Intangible Assets)
Less: Increase in Restricted Cash
Less: Increase in other Long Term Assets
Less: Increae in Goodwill
Add: Increase in Deferred Revenue
Add: Increase in Deferred Tax Liabilities
Add: Increase in Other Non-Current Liabilities
Net Cashflow from Investment Activities
Cashflow from Financing Activities
Increase in Convertible Preferred Stock
Increase in Common Stock
Increase in Additional Paid-In Capital
Increase in Treasury Stock
Increase in Other Comprehensive Income
Net Cashflow from Financing Activities
Net Change in Cash
Opening Cash Balance
Addition/ Substraction during the Year
Closing Cash Balance

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

(52,822)

90,595
30,648
11,366
(477,637)
(72,817)
(25,287)
(24,399)
(2,168)
(21,271)
11,928
43,725
230,361
(4,590)
(209,546)

99,390
42,275
10,647
8,620
52,804
265,388
479,124

135,184
46,302
16,692
(31,802)
(8,975)
369,130
526,532

155,222
54,802
16,533
(4,258)
25,686
333,395
581,379

186,244
63,690
21,006
(25,779)
10,168
460,657
715,986

219,943
75,745
23,894
(20,177)
25,325
517,282
842,013

(70,780)
(54,322)
(14,301)
(12,044)
(60,217)
11,076
14,123
38,818
(147,647)

(89,581)
7,770
60,217
74,546
52,952

(5,284)
(24,075)
42,085
12,726

(49,289)
(2,559)
74,881
23,034

(35,799)
(19,085)
70,034
15,150

(59,400)
(14,509)
97,976
24,067

346,354
72,725
(1,484)
93
417,688

493,582
7,546
(261,270)
(77)
239,781

60,495

771,857

539,258

604,413

731,136

866,080

127,336
60,495
187,831

187,831
771,857
959,688

959,688
539,258
1,498,946

1,498,946
604,413
2,103,358

2,103,358
731,136
2,834,494

2,834,494
866,080
3,700,575

127,336

FY 16

FY 17

FY 18

259,688
88,473
28,538
(28,690)
20,984
606,501
975,494

306,463
104,341
33,284
(30,925)
29,938
719,305
1,162,406

361,550
122,498
39,294
(38,075)
32,162
845,330
1,362,760

(57,311)
(21,001)
101,986
23,674

(75,001)
(22,456)
129,173
31,716

(83,852)
(27,764)
146,712
35,097

999,168

1,194,123

1,397,857

3,700,575
999,168
4,699,743

4,699,743
1,194,123
5,893,865

5,893,865
1,397,857
7,291,722

Revenue Built-Up

All numbers are in $ 000's except per share data

31-Mar-09
FY 2009

30-Jun-09
FY 2009

15,531

18,904

FY 2009

FY 2010

121,467

597,459

Key Metrics defining Revenue

Average Monthly Active Users (MAU)
Quarterly Active Users
Growth rate of MAU

millions
millions
%

Average Daily Active Users (DAU)

Quarterly Active Users
Growth rate of DAU

millions
millions
%

Average Monthly Unique Users (MUU)

Quarterly Active Users
Growth rate of MUU

millions
millions
%

% of Monthly Active Users(MAU) buying Facebook Credits

Average Revenue per Paying Monthly Active Users
Total Revenue per Quarter

Thousands

Other Raw Metrics

Revenue per MAU

Revenue per DAU

Revenue per MUU

Annualized Schedule
Revenue

30-Sep-09
FY 2009

31-Dec-09
FY 2009

31-Mar-10
FY 2010

30-Jun-10
FY 2010

30-Sep-10
FY 2010

31-Dec-10
FY 2010

31-Mar-11
FY 2011

99
297

207
621
109%

236
708
14%

234
702
-1%

203
609
-13%

195
585
-4%

236
708
21%

24
2,160

58
5,220
142%

67
6,030
16%

60
5,400
-10%

49
4,410
-18%

48
4,320
-2%

62
5,580
29%

63
189

110
330
75%

124
372
13%

119
357
-4%

110
330
-8%

111
333
1%

146
438
32%

8%

8%

8%

8%

8%

8%

8%

1.32

1.12

1.78

2.32

3.50

4.18

4.16

31,311

55,721

100,927

130,099

170,674

195,759

235,421

0.11

0.09

0.14

0.19

0.28

0.33

0.33

0.01

0.01

0.02

0.02

0.04

0.05

0.04

0.17

0.17

0.27

0.36

0.52

0.59

0.54

FY 2011

FY 2012

FY 2013

FY 2014

FY 2015

FY 2016

FY 2017

740,270

896,049

1,015,675

1,206,028

1,418,814

1,666,177

1,959,697

30-Jun-11
FY 2011

30-Sep-11
FY 2011

31-Dec-11
FY 2011

31-Mar-12
FY 2012

30-Jun-12
FY 2012

30-Sep-12
FY 2012

31-Dec-12
FY 2012

244
732
3%

247
741
1%

251
754
2%

263
789
5%

280
840
6%

290
870
3%

300
900
4%

64
5,735
3%

64
5,748
0%

65
5,883
2%

70
6,265
6%

75
6,779
8%

78
7,051
4%

82
7,351
4%

151
453
3%

153
459
1%

155
466
2%

163
488
5%

173
520
6%

179
538
3%

186
557
4%

8%

8%

8%

8%

8%

8%

8%

2.63

2.81

3.05

3.24

3.37

3.35

3.23

153,780

166,828

184,242

204,367

226,314

232,882

232,486

0.21

0.23

0.24

0.26

0.27

0.27

0.26

0.03

0.03

0.03

0.03

0.03

0.03

0.03

0.34

0.36

0.39

0.42

0.44

0.43

0.42

FY 2018
2,303,818

31-Mar-13
FY 2013

30-Jun-13
FY 2013

30-Sep-13
FY 2013

31-Dec-13
FY 2013

31-Mar-14
FY 2014

30-Jun-14
FY 2014

30-Sep-14
FY 2014

312
936
4%

326
977
4%

340
1,020
4%

353
1,060
4%

368
1,103
4%

383
1,149
4%

399
1,197
4%

86
7,724
5%

91
8,157
6%

96
8,599
5%

100
9,019
5%

105
9,474
5%

111
9,967
5%

117
10,488
5%

193
579
4%

202
605
4%

210
631
4%

219
656
4%

227
682
4%

237
711
4%

247
740
4%

8%

8%

8%

8%

8%

8%

8%

3.10

3.16

3.21

3.24

3.24

3.22

3.20

231,785

247,280

262,159

274,451

285,553

295,679

306,272

0.25

0.25

0.26

0.26

0.26

0.26

0.26

0.03

0.03

0.03

0.03

0.03

0.03

0.03

0.40

0.41

0.42

0.42

0.42

0.42

0.41

31-Dec-14
FY 2014

31-Mar-15
FY 2015

30-Jun-15
FY 2015

30-Sep-15
FY 2015

31-Dec-15
FY 2015

31-Mar-16
FY 2016

30-Jun-16
FY 2016

415
1,246
4%

432
1,297
4%

450
1,351
4%

469
1,407
4%

488
1,465
4%

509
1,526
4%

529
1,588
4%

123
11,029
5%

129
11,592
5%

135
12,189
5%

142
12,819
5%

150
13,480
5%

157
14,174
5%

166
14,904
5%

257
771
4%

268
803
4%

279
836
4%

290
870
4%

302
906
4%

315
944
4%

328
983
4%

8%

8%

8%

8%

8%

8%

8%

3.19

3.21

3.21

3.22

3.21

3.21

3.21

318,524

333,025

347,453

361,859

376,477

391,595

407,587

0.26

0.26

0.26

0.26

0.26

0.26

0.26

0.03

0.03

0.03

0.03

0.03

0.03

0.03

0.41

0.41

0.42

0.42

0.42

0.41

0.41

30-Sep-16
FY 2016

31-Dec-16
FY 2016

31-Mar-17
FY 2017

30-Jun-17
FY 2017

30-Sep-17
FY 2017

31-Dec-17
FY 2017

31-Mar-18
FY 2018

551
1,654
4%

574
1,722
4%

598
1,793
4%

623
1,868
4%

648
1,945
4%

675
2,025
4%

703
2,109
4%

174
15,672
5%

183
16,480
5%

193
17,329
5%

202
18,222
5%

213
19,160
5%

224
20,148
5%

235
21,186
5%

341
1,023
4%

355
1,066
4%

370
1,110
4%

385
1,155
4%

401
1,203
4%

418
1,253
4%

435
1,304
4%

8%

8%

8%

8%

8%

8%

8%

3.21

3.21

3.21

3.21

3.21

3.21

3.21

424,586

442,409

460,726

479,665

499,368

519,938

541,430

0.26

0.26

0.26

0.26

0.26

0.26

0.26

0.03

0.03

0.03

0.03

0.03

0.03

0.03

0.41

0.42

0.42

0.42

0.42

0.42

0.42

30-Jun-18
FY 2018

30-Sep-18
FY 2018

31-Dec-18
FY 2018

732
2,196
4%

762
2,286
4%

794
2,381
4%

248
22,278
5%

260
23,426
5%

274
24,633
5%

453
1,358
4%

471
1,414
4%

491
1,473
4%

8%

8%

8%

3.21

3.21

3.21

563,843

587,158

611,388

0.26

0.26

0.26

0.03

0.03

0.02

0.42

0.42

0.42

Deferred Revenue

All numbers are in $ 000's except per share data

FY 07

FY 08

Revenue Recognized

19,410

Opening Balance
Addition
Closing Balance

658
16,538
17,196

658

Current Portion of Deferred Revenue

Long Term Portion of Deferred Revenue
Current Portion as % of Total Deferred Revenue

Deferred Amount as % of Total Booking in the Year

35,948
46%

3,500,000
3,000,000
2,500,000
$ Thousands

Total Booking

2,000,000
1,500,000
1,000,000
500,000

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

121,467

597,459

740,270

896,049

1,015,675

1,206,028

1,418,814

17,196
206,603
223,799

223,799
241,437
465,236

465,236
339,934
805,170

805,170
411,215
1,216,385

1,216,385
408,276
1,624,662

1,624,662
530,692
2,155,353

2,155,353
615,258
2,770,611

178,109
45,690

408,470
56,766

673,858
131,312

1,042,989
173,397

1,376,384
248,278

1,837,041
318,312

2,354,323
416,288

80%

88%

84%

86%

85%

85%

85%

328,070

838,896

1,080,205

1,307,264

1,423,952

1,736,719

2,034,072

63%

29%

46%

46%

40%

44%

43%

3,500,000

70%

Booking and Revenue Conciliation

3,000,000

60%

2,500,000

50%

2,000,000

40%

1,500,000

30%

1,000,000

20%

500,000

10%

FY 08

FY 10

FY 12

FY 14

FY 16

0%
FY 18

Revenue Recognized

Total Booking

Deferred Amount as % of
Total Booking in the Year

FY 16

FY 17

FY 18

1,666,177

1,959,697

2,303,818

2,770,611
708,487
3,479,098

3,479,098
848,479
4,327,577

4,327,577
992,042
5,319,619

2,960,824
518,274

3,680,129
647,447

4,525,459
794,160

85%

85%

85%

2,374,664

2,808,176

3,295,860

43%

43%

43%

nue Recognized

rred Amount as % of
Booking in the Year

1 1800
Average Monthly Active Users (MAU)
Average Daily Active Users (DAU)
1600
Average Monthly Unique Users (MUU)

Million Users

Revenue per MAU

Revenue per DAU
1400
Revenue per MUU

1200

1000

800

600

400

200

30-Sep-09
99
24
63

31-Dec-09
207
58
110

31-Mar-10
236
67
124

30-Jun-10
234
60
119

31-Dec-10 31-Mar-11 30-Jun-11 30-Sep-11

Revenue
Data
195 Built-Up
236
244
247

30-Sep-10
203
49
110

48
111

62
146

64
151

64
153

31-Dec-11
251
65
155

31-Mar-12
263
70
163

30-Jun-12
280
75
173

1.00
31-Dec-12 31-Mar-13
300
312
82
86
0.90
186
193

30-Jun-13 30-Sep-13
Revenue
per User
326
340
91
96
202
210
Average Users

0.80

0.70

0.60

0.50

0.40

Dollar per User

30-Sep-12
290
78
179

Average Monthly
Unique Users (MUU)
Average Daily Active
Users (DAU)

0.30
Average Monthly
Active Users (MAU)

0.20
Revenue per MUU
0.10
Revenue per DAU
0.00
Revenue per MAU

31-Dec-13
353
100
219

31-Mar-14
368
105
227

30-Jun-14
383
111
237

30-Sep-14
399
117
247

31-Dec-14
415
123
257

31-Mar-15
432
129
268

30-Jun-15
450
135
279

30-Sep-15
469
142
290

31-Dec-15
488
150
302

31-Mar-16
509
157
315

30-Jun-16
529
166
328

30-Sep-16
551
174
341

31-Dec-16
574
183
355

31-Mar-17
598
193
370

30-Jun-17
623
202
385

30-Sep-17
648
213
401

31-Dec-17
675
224
418

31-Mar-18
703
235
435

30-Jun-18
732
248
453

30-Sep-18
762
260
471

31-Dec-18
794
274
491

Cost Built-Up
FY 2009
31-Mar-09

FY 2009
30-Jun-09

15,531

18,904

3,183
20%

7,360
39%

Research and Development

Research and Development Cost as % of Revenue

6,603
43%

9,141
48%

Sales and Marketing

Sales and Marketing Cost as % of Revenue

4,687
30%

6,324
33%

General and Administrative

General and Administrative Cost as % of Revenue

1,636
11%

3,654
19%

Depreciation and Amortization

Depreciation and Amortization as % of Revenue

1,284
8%

1,583
8%

17,393

28,062

FY 2009
46,335
51,029
42,266
24,243
10,372

FY 2010
136,571
149,519
114,165
32,249
39,481

All numbers are in $ 000's except per share data

Total Revenue per Quarter
Cost and Expenses
Cost of Revenue
Cost of Revenue as % of Revenue

Total Cost & Expenses

Annualized Schedule
Cost of Revenue
Research and Development
Sales and Marketing
General and Administrative
Depreciation and Amortization

FY 2009
30-Sep-09

FY 2009
31-Dec-09

FY 2010
31-Mar-10

FY 2010
30-Jun-10

FY 2010
30-Sep-10

FY 2010
31-Dec-10

FY 2011
31-Mar-11

31,311

55,721

100,927

130,099

170,674

195,759

235,421

13,338
43%

22,454
40%

26,365
26%

33,132
25%

38,610
23%

38,464
20%

49,815
21%

14,302
46%

20,983
38%

27,851
28%

30,386
23%

39,782
23%

51,500
26%

71,760
30%

10,987
35%

20,268
36%

17,398
17%

29,530
23%

28,957
17%

38,280
20%

40,156
17%

6,952
22%

12,001
22%

16,452
16%

15,130
12%

17,757
10%

(17,090)
-9%

27,110
12%

2,853
9%

4,652
8%

6,546
6%

8,504
7%

11,292
7%

13,139
7%

17,847
8%

48,432

80,358

94,612

116,682

136,398

124,293

206,688

FY 2011
158,612
205,998
133,791
51,115
52,922

FY 2012
192,207
242,974
164,314
48,640
62,994

FY 2013
217,703
275,079
186,386
53,440
71,334

FY 2014
258,459
326,612
221,333
63,139
84,696

FY 2015
304,049
384,245
260,385
74,223
99,640

FY 2016
357,057
451,239
305,782
87,157
117,012

FY 2017
419,957
530,732
359,650
102,511
137,625

FY 2011
30-Jun-11

FY 2011
30-Sep-11

FY 2011
31-Dec-11

FY 2012
31-Mar-12

FY 2012
30-Jun-12

FY 2012
30-Sep-12

FY 2012
31-Dec-12

153,780

166,828

184,242

204,367

226,314

232,882

232,486

34,177
22%

35,724
21%

38,896
21%

43,893
21%

48,786
22%

49,813
21%

49,715
21%

39,773
26%

44,193
26%

50,272
27%

56,263
28%

60,635
27%

62,936
27%

63,140
27%

29,324
19%

30,299
18%

34,012
18%

37,168
18%

41,799
18%

42,664
18%

42,683
18%

9,542
6%

8,089
5%

6,374
3%

13,298
7%

11,893
5%

11,685
5%

11,763
5%

10,551
7%

11,582
7%

12,941
7%

14,515
7%

15,803
7%

16,332
7%

16,345
7%

123,367

129,887

142,496

165,137

178,916

183,430

183,646

FY 2018
493,701
623,928
422,804
120,511
161,792

FY 2013
31-Mar-13

FY 2013
30-Jun-13

FY 2013
30-Sep-13

FY 2013
31-Dec-13

FY 2014
31-Mar-14

FY 2014
30-Jun-14

FY 2014
30-Sep-14

231,785

247,280

262,159

274,451

285,553

295,679

306,272

49,723
21%

53,031
21%

56,149
21%

58,801
21%

61,209
21%

63,367
21%

65,625
21%

62,875
27%

66,829
27%

71,003
27%

74,372
27%

77,338
27%

80,049
27%

82,953
27%

42,495
18%

45,427
18%

48,096
18%

50,369
18%

52,401
18%

54,272
18%

56,204
18%

12,655
5%

12,854
5%

13,590
5%

14,341
5%

15,040
5%

15,430
5%

15,999
5%

16,299
7%

17,345
7%

18,410
7%

19,280
7%

20,056
7%

20,761
7%

21,510
7%

184,047

195,486

207,247

217,163

226,043

233,878

242,290

FY 2014
31-Dec-14

FY 2015
31-Mar-15

FY 2015
30-Jun-15

FY 2015
30-Sep-15

FY 2015
31-Dec-15

FY 2016
31-Mar-16

FY 2016
30-Jun-16

318,524

333,025

347,453

361,859

376,477

391,595

407,587

68,258
21%

71,370
21%

74,458
21%

77,544
21%

80,678
21%

83,918
21%

87,344
21%

86,272
27%

90,188
27%

94,094
27%

98,002
27%

101,960
27%

106,052
27%

110,384
27%

58,456
18%

61,118
18%

63,767
18%

66,409
18%

69,092
18%

71,867
18%

74,802
18%

16,670
5%

17,436
5%

18,164
5%

18,926
5%

19,697
5%

20,486
5%

21,318
5%

22,370
7%

23,387
7%

24,400
7%

25,413
7%

26,439
7%

27,501
7%

28,624
7%

252,028

263,499

274,883

286,294

297,866

309,823

322,472

FY 2016
30-Sep-16

FY 2016
31-Dec-16

FY 2017
31-Mar-17

FY 2017
30-Jun-17

FY 2017
30-Sep-17

FY 2017
31-Dec-17

FY 2018
31-Mar-18

424,586

442,409

460,726

479,665

499,368

519,938

541,430

90,987
21%

94,807
21%

98,732
21%

102,791
21%

107,013
21%

111,421
21%

116,027
21%

114,989
27%

119,815
27%

124,775
27%

129,905
27%

135,241
27%

140,811
27%

146,632
27%

77,921
18%

81,192
18%

84,554
18%

88,030
18%

91,645
18%

95,421
18%

99,365
18%

22,210
5%

23,143
5%

24,100
5%

25,091
5%

26,122
5%

27,198
5%

28,322
5%

29,818
7%

31,069
7%

32,356
7%

33,686
7%

35,070
7%

36,514
7%

38,023
7%

335,925

350,026

364,518

379,501

395,090

411,365

428,369

FY 2018
30-Jun-18

FY 2018
30-Sep-18

FY 2018
31-Dec-18

563,843

587,158

611,388

120,830
21%

125,826
21%

131,018
21%

152,702
27%

159,016
27%

165,578
27%

103,478
18%

107,757
18%

112,204
18%

29,494
5%

30,714
5%

31,981
5%

39,597
7%

41,235
7%

42,936
7%

446,101

464,548

483,718

Asset Schedule

All numbers are in $ 000's except per share data

Total Revenue from Online Game & Advertising
Property & Equipments
Computer Equipments
Software
Furniture & Fixtures
Leasehold Improvements
Gross Fixed Asset
Property & Equipments as % of Revenue
Computer Equipments as % of Total Revenue
Software as % of Total Revenue
Furniture & Fixtures as % of Total Revenue
Leasehold Improvements as % of Total Revenue
Accumulated Depreciation
Opening Balance
Depreciation Expense for the Year
Closing Balance

Intangible Assets
Developed Technology
Trademarks & Domain Names
Gross Intangible Assets
Intangible Assets as % of Revenue
Developed Technology as % of Revenue
Trademarks & Domain Names as % of Revenue
Accumulated Amortization
Developed Technology
Opening Balance
Amortization during the Year
Closing Balance
Trademarks & Domain Names
Opening Balance
Amortization during the Year
Closing Balance
Accumulated Amortization

FY 07

FY 08
19,410

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

121,467

597,459

740,270

896,049

1,015,675

1,206,028

1,418,814

38,223
3,473
773
1,222
43,691

84,269
10,118
2,446
17,638
114,471

168,679
16,851
3,871
14,651
204,052

165,280
17,786
4,177
22,093
209,336

209,389
21,640
5,023
22,572
258,625

235,544
24,818
5,793
28,269
294,424

284,801
29,713
6,916
32,394
353,824

31%
3%
1%
1%

14%
2%
0%
3%

23%
2%
1%
2%

18%
2%
0%
2%

21%
2%
0%
2%

20%
2%
0%
2%

20%
2%
0%
2%

8,864

81,787
46,302
128,089

128,089
54,802
182,891

182,891
63,690
246,581

246,581
75,745
322,326

8,864

39,512

39,512
42,275
81,787

4,724
113
4,837

52,384
6,775
59,159

46,848
4,542
51,389

67,635
7,829
75,464

70,471
7,553
78,023

87,355
9,753
97,108

100,605
11,012
111,617

4%
0%

9%
1%

6%
1%

8%
1%

7%
1%

7%
1%

7%
1%

14,907

14,907
9,706
24,613

24,613
14,960
39,573

39,573
14,932
54,505

54,505
18,897
73,402

73,402
21,537
94,939

17

251

251
941
1,192

1,192
1,732
2,924

2,924
1,600
4,524

4,524
2,110
6,634

6,634
2,357
8,991

3,792

15,158

25,805

42,496

59,029

80,036

103,930

3,775

FY 16

FY 17

FY 18

1,666,177

1,959,697

2,303,818

329,934
34,590
8,062
38,549
411,135

390,715
40,862
9,517
45,041
486,136

457,762
47,932
11,168
53,126
569,988

20%
2%
0%
2%

20%
2%
0%
2%

20%
2%
0%
2%

322,326
88,473
410,800

410,800
104,341
515,141

515,141
122,498
637,639

119,415
13,203
132,618

139,704
15,369
155,074

164,675
18,162
182,837

7%
1%

7%
1%

7%
1%

94,939
25,697
120,636

120,636
29,985
150,621

150,621
35,391
186,012

8,991
2,841
11,832

11,832
3,299
15,131

15,131
3,903
19,034

132,468

165,753

205,047

Equity Schedule

All numbers are in $ 000's except per share data

Net Worth
Stockholders Equity
Convertible Preferred Stock
Common Stock
Additional Paid-In Capital
Treasury Stock
Other Comprehensive Income
Retained earnings (deficit)
Total Stockholders Equity

FY 07

FY 08

5,357
1

33,506
2
2,443
5
(22,961)
12,995

5,358

No. of Shares
Convertible Preferred Stock
Opening Balance
96,019
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
3,382
Exercise of stock options for cash
Exercise of stock options for full recourse note
Repurchase of Preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
40,207
Issuance of Series B convertible preferred stock, net of issuance costs
59,391
Issuance of common stock warrants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Closing Balance
198,999

198,999
3,200
202,199

Common Stock
Opening Balance
149,197
Issuance of restriced stock in connection with purchased technology
13,440
Issuance of Series A converable preferred stock, net of issuance costs
Exercise of stock options for cash
95,822
Exercise of stock options for full recourse note
25,583
Repurchase of preferred and common stock
(7,997)
Issuance of Series A-1 convertible preferred stock, net of issuance costs
Issuance of Series B convertible preferred stock, net of issuance costs
Issuance of common stock warraants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Issuance of restricted stock in connection with business acquisition
Repurchase of unvested early exercised stock options
Closing Balance
276,045

276,045
6,319
2,526
(7,192)
277,698

Amount
Convertible Preferred Stock
Opening Balance
5,357
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
173
Exercise of stock options for cash
Exercise of stock options for full recourse note
Repurchase of Preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
5,007
Issuance of Series B convertible preferred stock, net of issuance costs
24,367
Issuance of common stock warraants in connection with Series B financing (1,398)
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Closing Balance
33,506

33,506
14,166
47,672

Common Stock
Opening Balance
1
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
Exercise of stock options for cash
1
Exercise of stock options for full recourse note
Repurchase of preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
Issuance of Series B convertible preferred stock, net of issuance costs
Issuance of common stock warraants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation
Issuance of Series B-1 convertible preferred stock, net of issuance costs
Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Issuance of restricted stock in connection with business acquisition
Repurchase of unvested early exercised stock options
Closing Balance
2

2
2

Additional Paid in Capital

Opening Balance
Issuance of restriced stock in connection with purchased technology
Issuance of Series A converable preferred stock, net of issuance costs
Exercise of stock options for cash
Exercise of stock options for full recourse note
Repurchase of preferred and common stock
Issuance of Series A-1 convertible preferred stock, net of issuance costs
Issuance of Series B convertible preferred stock, net of issuance costs
Issuance of common stock warraants in connection with Series B financing
Vesting of restricted stock following the early exercise of options
Note receivable from stockholder paid with cash
Stock based compensation

244
18
13
1,398
81
689

2,443
3
253
144
3,737

Issuance of Series B-1 convertible preferred stock, net of issuance costs

Issuance of Series B-2 convertible preferred stock, net of issuance costs
Issuance of Series Z convertible preferred stock in connection with business acquisitions
Issuance of Series C convertible preferred stock, net of issuance costs (unaudited) Issuance of restricted stock in connection with business acquisition
Repurchase of unvested early exercised stock options
Issuance of contingent warrant
Tax benefit from stock-based compensation
Deemed dividend to a Series B-2 convrtible preferred
Closing Balance
2,443
Treasury Stock
Opening Balance
Repurchase of preferred and common stock
Closing Balance
Stockholder Receivable
Opening Balance
Exercise of stock options for full recourse note
Note Receivable from stockholder paid with cash
Closing Balance
Other Comprehensive income
Opening Balance
Net income (loss)
Unrealized gain (loss) on marketable securities
Foreign Currency translation adjustment
Closing Balance
Retained earnigs (deficit)
Opening Balance
Net income (loss)
Unrealized gain (loss) on marketable securities
Foreign Currency translation adjustment
Deemed dividend to a Series B-2 convrtible preferred
Closing Balance

Closing Balance

30
6,610

(64)
64
-

5
5

5
(1)
17
21

(846)
(846)

(846)
(22,115)
(22,961)

35,110

31,344

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

47,672
2
6,610
21
(75,783)
(21,478)

394,026
2
79,335
(1,484)
114
10,222
482,215

887,608
2
86,881
(262,754)
37
109,612
821,386

887,608
2
86,881
(262,754)
37
244,796
956,570

887,608
2
86,881
(262,754)
37
400,018
1,111,792

887,608
2
86,881
(262,754)
37
586,262
1,298,036

887,608
2
86,881
(262,754)
37
806,205
1,517,979

202,199
48,163
26,340
276,702

276,702
(8,764)
113
34,927
302,978

302,978

302,978

302,978

302,978

302,978

302,978

302,978

302,978

302,978

302,978

277,698
18,313
(287)
(4,200)
291,524

291,524
3,445
(14,964)
280,005

280,005

280,005

280,005

280,005

280,005

280,005

280,005

280,005

280,005

280,005

47,672
5,854
305,231
35,269
394,026

394,026
8,268
485,314
887,608

887,608

887,608

887,608

887,608

887,608

887,608

887,608

887,608

887,608

887,608

2
2

2
2

2
2

2
2

2
2

2
2

2
2

6,610
3,358
1,912
605
17,928

79,335
1,205
964
103
5,274

86,881
-

86,881
-

86,881
-

86,881
-

86,881
-

4,590
39,742
4,590
79,335

86,881

86,881

86,881

86,881

86,881

86,881

(1,484)
(1,484)

(1,484)
(261,270)
(262,754)

(262,754)
(262,754)

(262,754)
(262,754)

(262,754)
(262,754)

(262,754)
(262,754)

(262,754)
(262,754)

21
114
(21)
114

114
(74)
(3)
37

37
37

37
37

37
37

37
37

37
37

(22,961)
(52,822)
(75,783)

(75,783)
90,595
(4,590)
10,222

10,222
99,390
109,612

109,612
135,184
244,796

244,796
155,222
400,018

400,018
186,244
586,262

586,262
219,943
806,205

396,210

721,996

821,386

956,570

1,111,792

1,298,036

1,517,979

FY 16

FY 17

FY 18

887,608
2
86,881
(262,754)
37
1,065,893
1,777,667

887,608
2
86,881
(262,754)
37
1,372,356
2,084,130

887,608
2
86,881
(262,754)
37
1,733,906
2,445,680

302,978

302,978

302,978

302,978

302,978

302,978

280,005

280,005

280,005

280,005

280,005

280,005

887,608

887,608

887,608

887,608

887,608

887,608

2
2

2
2

2
- all figures assumed to be 0
2

86,881
-

86,881
-

86,881
- all figures assumed to be 0
-

86,881

86,881

86,881

(262,754)
(262,754)

(262,754)
(262,754)

(262,754)
- all figures assumed to be 0
(262,754)

- all figures assumed to be 0

-

37
37

37
37

37
- all figures assumed to be 0
37

806,205
259,688
1,065,893

1,065,893
306,463
1,372,356

1,372,356
361,550 all figures assumed to be 0
1,733,906

1,777,667

2,084,130

2,445,680

Altman Z Score

All numbers are in $ 000's except per share data

FY 07

FY 08

Altman Z-Score
Earnings before Interest and Tax (EBIT)
Total Liabilities
Book Value of Equity
Working Capital
Retained Earnings
Total Assets
Ratio of:
Working Capital/Total Assets (WC/TA)
Retained Earnings/Total Assets (RE/TA)
EBIT/Total Assets (EBIT/TA)
Book Value of Equity/Total Liabilities (BV/TL)
Altman Z-Score
Altman Z-Score Analysis of Bankruptcy Risk

5.00
4.00
3.00
2.00
1.00
0.00
FY 09
-1.00
-2.00
-3.00
-4.00

FY 10

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

(52,810)
280,326
(21,478)
(12,496)
(75,783)
258,848

127,059
630,357
482,215
385,564
10,222
1,112,572

141,986
1,023,095
821,386
830,609
109,612
1,844,481

193,121
1,425,336
956,570
1,041,513
244,796
2,381,906

221,745
1,859,298
1,111,792
1,291,103
400,018
2,971,090

266,063
2,400,157
1,298,036
1,577,193
586,262
3,698,193

314,204
3,040,740
1,517,979
1,920,843
806,205
4,558,720

-0.05
-0.29
-0.20
-0.08
-2.72

0.35
0.01
0.11
0.76
3.87

0.45
0.06
0.08
0.80
4.51

0.44
0.10
0.08
0.67
4.45

0.43
0.13
0.07
0.60
4.42

0.43
0.16
0.07
0.54
4.37

0.42
0.18
0.07
0.50
4.33

Distress

Safe Zone

Safe Zone

Safe Zone

Safe Zone

Safe Zone

Safe Zone

Altman Z-Score

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 16

FY 16

FY 17

FY 18

370,982
3,770,211
1,777,667
2,321,216
1,065,893
5,547,878

437,804
4,648,628
2,084,130
2,797,021
1,372,356
6,732,758

516,500
5,672,833
2,445,680
3,355,460
1,733,906
8,118,512

0.42
0.19
0.07
0.47
4.32

0.42
0.20
0.07
0.45
4.30

0.41
0.21
0.06
0.43
4.29

Safe Zone

Safe Zone

Safe Zone

FY 17

FY 18

Du Pont Analysis

All numbers are in $ 000's except per share data

Total Revenue
Cost of Sales
Operating Expense
Others
Tax Expenses
Current Assets
Net Fixed Assets
Current Liabilities
Long Term Liabilities
Earnings Available
Common Stock Equity
Total Asset
DuPont Analysis
Net Profit Margin
Total Asset Turnover
Return on Total Asset (ROA)
Financial Leverage
Return on Common Equity

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

121,467
46,335
127,910
32
12
222,140
36,708
234,636
45,690
(52,790)
(21,478)
258,012

597,459
136,571
335,416
(1,587)
36,464
906,214
206,358
520,650
109,707
89,008
482,215
1,025,174

740,270
158,612
443,826
(4,154)
42,596
1,669,451
175,030
838,843
184,253
95,236
821,386
1,817,300

896,049
192,207
518,922
(8,200)
57,936
2,240,511
141,395
1,198,998
226,338
126,985
956,570
2,354,725

1,015,675
217,703
586,240
(10,014)
66,524
2,849,181
121,909
1,558,079
301,219
145,208
1,111,792
2,943,909

1,206,028
258,459
695,780
(14,274)
79,819
3,606,096
92,097
2,028,904
371,253
171,970
1,298,036
3,671,012

1,418,814
304,049
818,493
(17,933)
94,261
4,492,354
66,365
2,571,511
469,229
202,010
1,517,979
4,531,539

-43%
0.47
-20%
(12.1)
247%

15%
0.58
9%
2.3
20%

13%
0.41
5%
2.2
12%

14%
0.38
5%
2.5
13%

14%
0.35
5%
2.7
13%

14%
0.33
5%
2.8
13%

14%
0.31
4%
3.0
13%

FY 16

FY 17

FY 18

1,666,177
357,057
961,190
(23,052)
111,295
5,520,213
27,666
3,198,996
571,215
236,636
1,777,667
5,520,697

1,959,697
419,957
1,130,517
(28,580)
131,341
6,745,260
(12,503)
3,948,240
700,388
277,882
2,084,130
6,705,577

2,303,818
493,701
1,329,035
(35,418)
154,950
8,181,191
(62,679)
4,825,732
847,101
326,132
2,445,680
8,091,331

14%
0.30
4%
3.1
13%

14%
0.29
4%
3.2
13%

14%
0.28
4%
3.3
13%

Income Statement

DuPont Analysis for:

Sales
740,270
Cost of Sales
158,612
Operating Expense
443,826
Interest Expense
Tax Expense
42,596
-

FY11

Earnings Available
99,390
divided by

Net Profit Margin

13.4%

Sales
740,270

Others

multiplied by
(4,154)
Sales
740,270

Balance Sheet

Current Assets
1,669,451
+
Net Fixed Assets
(PPE)
175,030

divided by

Total Asset Turnover

0.40

Total Assets
1,844,481

Total Liabilities
1,023,095
Current Liabilities
838,843

Total Liab + SE = Total

Assets
1,844,481

+
Long Term Liabilities
184,253

Stockholder Equity
(SE)

divided by

821,386
Common stock equity
821,386

Return on Total
Assets (ROA)
5.4%

multiplied by

Return on Common
Equity (ROE)
12.1%

Financial
Leverage
multiplier
2.25

Valuation Sheet
Risk Free Rate
Market Risk Premium
Beta
Cost of Equity
Tax Rate
Terminal Growth Rate
No of Shares Outstanding

%
%
%
%
%
Million

All numbers are in $ 000's except per share data

4.67%
5%
1.368
12%
30%
3%
787
FY 07

Free Cash Flow Calculation

Profit After Tax
Add: Depreciation & Amortization
Add: Interest*(1-Tax Rate)
Less: Increase in Working Capital
Less: Increase in Marketable Securities
Less: Increase in Accounts receivable
Less: Increase in Income tax assets
Less: Increase in Deferered tax assets
Less: Increase in Restricted cash
Less: Increase in Other current assests
Add: Increase in Accounts Payable
Add: Increase in Other current Liabilities
Add: Increase in Current Deferred Revenue
Less: Total Change in Working Capital

(22,115)
2,905
131

Less: Fixed Investments

Free Cash Flow to the Firm
Less: Interest*(1-Tax)
Add: Net Borrowings
Free Cash Flow to the Equity (FCFE)
Terminal FCFE
Total FCFE
Present Value of FCFE
Value per Share

FY 08

$ millions
$

7,550
9.60

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

(52,822)
10,372
(146)

90,595
39,481
256

99,390
52,922
256

135,184
62,994
256

155,222
71,334
256

186,244
84,696
256

219,943
99,640
256

(477,637)
(72,817)
(25,287)
(24,399)
(2,168)
(21,271)
11,928
43,725
230,361
(337,565)

8,620
52,804
265,388
326,813

(31,802)
(8,975)
369,130
328,354

(4,258)
25,686
333,395
354,823

(25,779)
10,168
460,657
445,046

(20,177)
25,325
517,282
522,430

(125,102)

(81,811)

(29,359)

(51,848)

(54,884)

(73,909)

(332,336)

397,569

497,429

529,787

661,357

768,360

(256)
(332,080)

(256)
397,824

(256)
497,684

(256)
530,042

(256)
661,613

(256)
768,615

(332,080)

397,824

497,684

530,042

661,613

768,615

FY 16

FY 17

FY 18

259,688
117,012
256

306,463
137,625
256

361,550
161,792
256

(28,690)
20,984
606,501
598,795

(30,925)
29,938
719,305
718,318

(38,075)
32,162
845,330
839,418

(78,312)

(97,457)

(111,616)

897,438

1,065,205

1,251,400

(256)
897,693

(256)
1,065,460

(256)
1,251,655
8,898,266

897,693

1,065,460

10,149,921

Ratio Analysis

All numbers are in $ 000's except per share data

Profitability Ratios
EBITDA Margins
EBIT Margins
EBT Margins
Net Profit Margin
Return on Investment Ratios
Return on Assets (ROA)
Return on Invested Capital (RoIC)
Return on Stockholder's Equity
Activity Ratios
Asset Turnover Ratio
Average Day's Sales
No. of Days of Receivables
Working Capital Turnover
Solvency and Leverage Ratios
Current Ratio
Acid Test Ratio

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

-34.9%

27.6%

25.8%

27.7%

27.9%

27.9%

27.9%

-43.5%

21.0%

18.6%

20.6%

20.8%

20.9%

20.9%

-43.5%

21.3%

19.2%

21.6%

21.8%

22.1%

22.1%

-43.5%

15.2%

13.4%

15.1%

15.3%

15.4%

15.5%

-20.4%

8.1%

5.4%

5.7%

5.2%

5.0%

4.8%

-218.1%

21.5%

14.1%

16.3%

15.7%

15.9%

15.8%

245.9%

18.8%

12.1%

14.1%

14.0%

14.3%

14.5%

47%

54%

40%

38%

34%

33%

31%

333

1,637

2,028

2,455

2,783

3,304

3,887

22

49

35

42

39

40

39

-9.72

1.55

0.89

0.86

0.79

0.76

0.74

0.95

1.74

1.99

1.87

1.83

1.78

1.75

0.88

1.57

1.89

1.80

1.77

1.73

1.71

FY 16

FY 17

FY 18

27.9%

27.9%

27.9%

20.9%

20.9%

20.9%

22.3%

22.3%

22.4%

15.6%

15.6%

15.7%

4.7%

4.6%

4.5%

15.8%

15.7%

15.7%

14.6%

14.7%

14.8%

30%

29%

28%

4,565

5,369

6,312

40

40

40

0.72

0.70

0.69

1.73

1.71

1.70

1.70

1.69

1.68

Ratio Analysis

30%
All numbers are in $ 000's except per share data
Profitability Ratios
EBITDA Margins
EBIT Margins
EBT
25%Margins
Net Profit Margin
Return on Investment Ratios

FY 09

FY 10

-35%
-43%
-43%
-43%

Ratio Analysis
FY 11

FY 12

28%
21%
21%
15%

26%
19%
19%
13%

28%
21%
22%
15%

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

20%
Activity
Ratios

Solvency and Leverage Ratios

15%

10%

5%

0%
FY 10

FY 11

FY 12

FY 13

o Analysis

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

28%
21%
22%
15%

28%
21%
22%
15%

28%
21%
22%
16%

28%
21%
22%
16%

28%
21%
22%
16%

28%
21%
22%
16%

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0%
0.00
0.00
0.00

0%
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

FY 14

FY 15

FY 16

FY 17

FY 18

1.00

1
1
1
Return on Investment Ratios
1
Profitability Ratios

0.90
Activity Ratios

0.80
Solvency Ratios

0.70

0.60
EBITDA Margins
0.50
EBT Margins
0.40
EBIT Margins
0.30
Net Profit Margin
0.20

0.10

0.00
FY 18