1) capex & depreciation, amortization & intangible, and debt schedule

2) add a few approaches on the context of how we get to the estimates of the inputs
3) add one for an expense
4) add one for a revenue item
5)
pick one illustrative example and do a deeper dive through the typical process in practice
 Jul-20A Aug-20A Sep-20A Oct-20A

Error Check Summary

Error Check Jul-20A Aug-20A Sep-20A Oct-20A

Summary Revenues = Detailed Revenues
Summary COS = Detailed COS
Summary Opex = Detailed Opex
A = L + OE
Retained Earnings = Begin + NI - Div
Beginning Cash + NCF = BS Cash
Indirect OCF = Direct OCF
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F
Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F
Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

 Scenario Actual Actual Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020 2020 2020
Quarter Q3 Q3 Q3 Q4 Q4 Q4
Month_num 7 8 9 10 11 12
Date Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Formatted Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A Dec-20A
Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A Dec-20A
x Revenues
Air 126.5 126.2 99.2 93.6 73.5 76.7
Hotel 527.5 379.3 390.9 410.9 413.7 663.4
Car 294.4 227.2 212.9 236.1 264.8 318.2
Local Experience 59.5 66.8 81.5 60.0 52.6 68.2
Insurance 51.9 44.9 39.2 41.7 50.7 61.8
Advertising 16.3 14.8 12.9 14.0 12.7 14.5
x Total Revenues 1,076.0 859.3 836.5 856.3 868.0 1,202.7

Cost of Revenues
Air 49.1 48.5 37.1 32.6 31.5 33.1
Hotel 78.0 64.1 62.0 67.5 67.1 87.6
Car 35.6 29.7 28.6 31.1 31.0 40.3
Local Experience 15.6 16.4 15.5 12.4 13.8 13.2
Insurance 1.0 0.7 0.7 0.7 0.8 1.1
Advertising 1.4 1.1 1.2 1.2 1.2 1.4
x Total Cost of Sales 180.8 160.6 145.0 145.5 145.4 176.8

Gross Profit
Air 77.4 77.7 62.1 61.0 42.0 43.6
Hotel 449.5 315.2 328.9 343.4 346.6 575.8
Car 258.8 197.5 184.3 205.1 233.8 277.9
Local Experience 43.8 50.4 65.9 47.5 38.8 54.9
Insurance 50.9 44.2 38.5 41.0 49.9 60.7
Advertising 14.9 13.7 11.8 12.8 11.5 13.1
x Total Gross Profit 895.3 698.7 691.5 710.8 722.6 1,026.0
Gross Profit Margin 83.2% 81.3% 82.7% 83.0% 83.3% 85.3%

Rental Expenses 4.8 4.8 4.8 4.8 4.8 4.8

Amortization 15.2 15.2 15.2 15.2 15.2 15.2
Salaries 290.3 290.3 290.3 290.3 290.3 290.3
Bonuses - - - - - -
Health Benefits 28.1 27.9 28.5 28.1 28.0 28.5
Travel & Entertainment 12.2 12.2 12.3 12.4 12.3 12.4
Marketing Expenses 466.3 411.3 325.4 283.1 255.8 331.3
Depreciation 24.9 24.9 24.9 24.9 24.9 24.9
x Total Operating Expenses 841.7 786.5 701.4 658.8 631.2 707.4
x Operating Income (EBIT) 53.5 (87.8) (9.9) 52.0 91.4 318.6
EBIT Margin 5.0% (10.2%) (1.2%) 6.1% 10.5% 26.5%

Net Interest (Income) Expense 16.7 16.8 17.6 17.9 18.0 20.6
x Pre-tax Operating Income 36.9 (104.6) (27.5) 34.2 73.4 298.0

Tax Expense 7.7 (22.0) (5.8) 7.2 15.4 62.6

x Net Income 29.1 (82.6) (21.7) 27.0 58.0 235.4
Net Margin 2.7% (9.6%) (2.6%) 3.2% 6.7% 19.6%

x Supplemental:
EBITDA 93.7 (47.7) 30.2 92.2 131.5 358.8

Annualized Margins
Gross Margin
EBIT Margin
Net Margin
EBITDA Margin
x
Actual Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2021 2021 2021 2021 2021 2021
Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3 Q4
1 2 3 4 5 6 7 8 9 10
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F
Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F

145.7 133.0 116.1 122.2 104.1 105.9 131.2 132.8 106.2 99.4
437.3 373.2 394.7 596.0 603.6 628.5 564.7 411.3 406.3 424.9
266.1 230.1 249.6 313.0 314.7 339.6 312.2 249.0 222.6 244.1
81.6 78.9 62.5 95.4 84.4 93.6 55.7 68.0 88.7 67.2
52.5 42.2 36.9 54.7 61.3 66.3 52.0 47.8 44.1 47.5
16.0 14.5 13.0 15.9 15.3 16.4 17.1 15.5 13.5 14.6
999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8 924.3 881.5 897.8

51.9 49.8 40.2 46.6 45.3 40.2 53.8 52.1 40.4 35.7
82.0 67.3 68.6 93.0 94.4 105.6 85.4 68.8 67.5 73.8
38.0 31.1 30.7 44.1 43.1 48.3 39.0 31.9 31.2 33.9
16.1 16.6 16.8 17.6 20.2 16.4 17.1 17.6 16.9 13.6
1.0 0.7 0.7 1.0 1.2 1.4 1.1 0.8 0.7 0.8
1.6 1.3 1.3 1.6 1.4 1.5 1.6 1.2 1.3 1.3
190.6 166.8 158.4 203.9 205.5 213.4 197.9 172.3 158.0 159.1

93.9 83.3 75.9 75.6 58.8 65.7 77.4 80.7 65.8 63.7
355.3 305.9 326.1 503.0 509.3 522.9 479.3 342.5 338.8 351.1
228.1 199.0 218.9 268.9 271.6 291.3 273.2 217.0 191.4 210.2
65.5 62.3 45.7 77.8 64.2 77.1 38.6 50.4 71.8 53.7
51.5 41.4 36.2 53.7 60.2 64.9 51.0 47.0 43.4 46.7
14.4 13.3 11.6 14.3 13.9 14.9 15.5 14.3 12.3 13.3
808.7 705.1 714.4 993.3 978.0 1,036.8 934.9 752.0 723.5 738.7
80.9% 80.9% 81.9% 83.0% 82.6% 82.9% 82.5% 81.4% 82.1% 82.3%

4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
290.3 290.3 290.3 290.3 290.3 290.3 297.0 304.4 320.0 317.9
- - 389.8 - - - - - - -
28.3 28.5 27.9 28.1 28.4 28.0 28.9 29.6 31.2 31.0
12.1 12.0 12.2 12.3 12.3 12.0 12.5 12.8 13.5 13.4
347.3 287.4 276.2 331.1 410.1 492.6 432.2 383.2 316.4 295.4
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
722.8 663.1 1,041.2 706.7 785.9 867.7 815.5 775.0 725.9 702.6
85.8 42.1 (326.8) 286.6 192.0 169.1 119.4 (23.0) (2.4) 36.1
8.6% 4.8% (37.4%) 23.9% 16.2% 13.5% 10.5% (2.5%) (0.3%) 4.0%

16.6 16.3 16.5 16.2 16.6 16.5 16.6 16.4 16.7 16.7
69.2 25.8 (343.2) 270.4 175.4 152.7 102.8 (39.5) (19.1) 19.4

14.5 5.4 (72.1) 56.8 36.8 32.1 21.6 (8.3) (4.0) 4.1
54.7 20.3 (271.2) 213.6 138.5 120.6 81.2 (31.2) (15.1) 15.3
5.5% 2.3% (31.1%) 17.8% 11.7% 9.6% 7.2% (3.4%) (1.7%) 1.7%

126.0 82.2 (286.6) 326.7 232.2 209.3 159.6 17.1 37.7 76.2

82.67% 82.61% 82.60% 82.56% 82.51%

7.18% 7.69% 8.18% 8.21% 8.05%
4.32% 4.73% 5.13% 5.16% 5.05%
11.17% 11.66% 12.13% 12.15% 11.97%
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2022 2022 2022 2022 2022 2022 2022 2022
Q4 Q4 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3
11 12 1 2 3 4 5 6 7 8
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22
Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F Jul-22F Aug-22F
Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F Jul-22F Aug-22F

77.2 80.0 155.5 138.9 120.2 127.7 107.7 110.5 137.2 138.9
430.1 667.7 456.6 393.2 411.2 644.0 604.8 663.7 590.7 430.4
290.1 317.0 285.3 240.7 250.0 327.3 336.1 352.7 326.6 260.5
55.2 64.7 90.3 76.4 60.8 107.3 80.5 104.1 58.3 71.1
50.3 60.4 52.7 44.9 41.6 62.2 60.8 64.7 54.5 50.1
13.2 15.2 16.8 15.2 13.6 16.6 16.0 17.1 17.8 16.2
916.2 1,204.9 1,057.1 909.3 897.4 1,285.0 1,205.9 1,313.0 1,185.1 967.1

34.0 37.7 52.8 51.3 41.8 51.4 46.0 42.0 56.0 54.2
72.4 99.7 83.4 69.4 71.3 102.7 95.8 110.3 88.9 71.6
33.5 45.9 38.6 32.1 31.9 48.7 43.7 50.5 40.6 33.2
14.9 15.1 16.4 17.1 17.4 19.4 20.5 17.2 17.8 18.3
0.9 1.3 1.0 0.8 0.8 1.1 1.2 1.4 1.1 0.8
1.3 1.6 1.7 1.3 1.4 1.7 1.5 1.5 1.6 1.2
156.8 201.1 193.9 172.0 164.5 225.1 208.7 222.9 206.1 179.4

43.3 42.3 102.7 87.6 78.4 76.3 61.7 68.6 81.2 84.7
357.7 568.1 373.1 323.8 340.0 541.3 508.9 553.4 501.8 358.8
256.7 271.1 246.7 208.6 218.2 278.6 292.4 302.3 286.0 227.3
40.3 49.7 73.9 59.2 43.4 87.8 60.0 87.0 40.4 52.8
49.4 59.1 51.7 44.1 40.8 61.1 59.6 63.3 53.4 49.2
12.0 13.6 15.1 13.9 12.2 14.9 14.6 15.6 16.2 15.0
759.4 1,003.8 863.3 737.3 733.0 1,059.9 997.2 1,090.1 979.0 787.7
82.9% 83.3% 81.7% 81.1% 81.7% 82.5% 82.7% 83.0% 82.6% 81.5%

4.8 4.8 5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
317.9 317.9 317.9 317.9 333.2 333.2 333.2 333.2 333.2 333.2
- - - - 375.1 - - - - -
31.0 30.9 31.0 31.0 31.0 31.0 31.0 31.0 31.0 31.0
13.4 13.4 13.3 13.4 13.4 13.4 13.4 13.4 13.4 13.4
267.0 333.6 380.2 316.7 291.7 362.4 410.2 461.8 444.6 394.2
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
674.2 740.8 787.8 724.4 1,089.8 785.4 833.2 884.7 867.6 817.2
 85.2 263.0 75.4 12.9 (356.8) 274.5 164.0 205.4 111.4 (29.4)
9.3% 21.8% 7.1% 1.4% (39.8%) 21.4% 13.6% 15.6% 9.4% (3.0%)

16.8 16.8 16.9 16.7 16.3 16.0 16.7 16.5 16.1 15.7
68.4 246.2 58.5 (3.7) (373.1) 258.5 147.4 188.9 95.3 (45.2)

14.4 51.7 12.3 (0.8) (78.4) 54.3 31.0 39.7 20.0 (9.5)
54.1 194.5 46.2 (2.9) (294.8) 204.2 116.4 149.2 75.3 (35.7)
5.9% 16.1% 4.4% (0.3%) (32.8%) 15.9% 9.7% 11.4% 6.4% (3.7%)

125.4 303.2 115.6 53.1 (316.7) 314.7 204.2 245.5 151.6 10.7

82.49% 82.29% 82.35% 82.36% 82.35% 82.30% 82.31% 82.32% 82.33% 82.33%
7.97% 7.52% 7.40% 7.14% 6.89% 6.74% 6.51% 6.76% 6.67% 6.60%
5.00% 4.67% 4.58% 4.37% 4.18% 4.07% 3.89% 4.10% 4.03% 3.98%
11.88% 11.42% 11.29% 11.02% 10.76% 10.58% 10.34% 10.58% 10.47% 10.39%
Forecast Forecast Forecast Forecast Actual Actual Actual Actual Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2020 2020 2021 2021 2021 2021
Q3 Q4 Q4 Q4 Q3 Q4 Q1 Q2 Q3 Q4
9 10 11 12
Sep-22 Oct-22 Nov-22 Dec-22
Sep-22F Oct-22F Nov-22F Dec-22F
Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F

111.2 104.0 80.8 83.7 351.9 243.8 394.8 332.2 370.2 256.6
425.2 444.7 450.1 698.8 1,297.7 1,488.0 1,205.2 1,828.1 1,382.3 1,522.7
232.9 255.5 303.7 331.7 734.5 819.1 745.9 967.3 783.7 851.2
92.8 70.4 57.7 67.7 207.7 180.7 223.0 273.4 212.3 187.1
46.2 49.7 52.6 63.2 136.0 154.3 131.6 182.3 144.0 158.1
14.2 15.3 13.9 15.9 44.0 41.1 43.5 47.6 46.1 43.0
922.4 939.6 958.9 1,260.9 2,771.8 2,927.0 2,744.0 3,630.8 2,938.6 3,018.8

42.1 37.1 35.3 39.3 134.8 97.2 141.9 132.1 146.3 107.3
70.2 76.8 75.3 103.8 204.1 222.2 217.9 293.0 221.6 245.8
32.4 35.3 34.8 47.8 93.9 102.4 99.8 135.5 102.0 113.3
17.6 14.1 15.5 15.7 47.6 39.4 49.5 54.2 51.6 43.5
0.8 0.8 0.9 1.3 2.4 2.6 2.5 3.5 2.6 2.9
1.3 1.4 1.3 1.7 3.7 3.8 4.2 4.5 4.0 4.2
164.4 165.6 163.1 209.5 486.4 467.6 515.8 622.8 528.2 517.0

69.1 66.9 45.5 44.4 217.1 146.6 253.0 200.1 223.9 149.3
355.0 367.9 374.9 594.9 1,093.7 1,265.8 987.3 1,535.1 1,160.7 1,276.9
200.5 220.2 268.8 283.9 640.6 716.7 646.1 831.8 681.7 738.0
75.2 56.2 42.3 52.0 160.1 141.3 173.4 219.2 160.7 143.6
45.4 48.9 51.7 61.9 133.6 151.7 129.1 178.8 141.4 155.2
12.8 13.9 12.5 14.2 40.3 37.3 39.3 43.1 42.0 38.8
758.0 774.0 795.7 1,051.4 2,285.4 2,459.4 2,228.2 3,008.0 2,410.4 2,501.9
82.2% 82.4% 83.0% 83.4% 82.5% 84.0% 81.2% 82.8% 82.0% 82.9%

5.3 5.3 5.3 5.3 14.3 14.3 14.3 14.3 14.3 14.3
15.2 15.2 15.2 15.2 45.7 45.7 45.7 45.7 45.7 45.7
333.2 333.2 333.2 333.2 870.8 870.8 870.8 870.8 921.4 953.8
- - - - - - 389.8 - - -
31.0 31.0 31.0 31.0 84.5 84.6 84.7 84.5 89.7 92.9
13.4 13.4 13.4 13.4 36.7 37.1 36.3 36.6 38.8 40.1
325.9 305.3 275.8 344.0 1,203.0 870.2 910.9 1,233.8 1,131.9 895.9
24.9 24.9 24.9 24.9 74.8 74.8 74.8 74.8 74.8 74.8
748.9 728.2 698.8 767.0 2,329.6 1,997.4 2,427.1 2,360.3 2,316.4 2,117.5
 9.2 45.8 97.0 284.4 (44.2) 462.0 (198.9) 647.7 94.0 384.3
1.0% 4.9% 10.1% 22.6% (1.6%) 15.8% (7.2%) 17.8% 3.2% 12.7%

16.0 15.9 16.0 16.0 51.0 56.5 49.4 49.3 49.8 50.3
(6.8) 29.9 81.0 268.4 (95.2) 405.6 (248.3) 598.4 44.2 334.1

(1.4) 6.3 17.0 56.4 (20.0) 85.2 (52.1) 125.7 9.3 70.2
(5.4) 23.6 64.0 212.1 (75.2) 320.4 (196.2) 472.7 34.9 263.9
(0.6%) 2.5% 6.7% 16.8% (2.7%) 10.9% (7.1%) 13.0% 1.2% 8.7%

49.3 85.9 137.1 324.5 76.3 582.5 (78.4) 768.1 214.4 504.8

82.34% 82.34% 82.35% 82.37% 82.45% 84.02% 81.20% 82.85% 82.03% 82.87%
6.67% 6.72% 6.79% 6.93% -1.59% 15.78% -7.25% 17.84% 3.20% 12.73%
4.05% 4.10% 4.16% 4.28% -2.71% 10.95% -7.15% 13.02% 1.19% 8.74%
10.44% 10.49% 10.54% 10.66% 2.75% 19.90% -2.86% 21.16% 7.30% 16.72%
 Quarterly Annual

Forecast Forecast Forecast Forecast

Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2020 2021 2022
Q1 Q2 Q3 Q4

6m 12m 12m
Q1'22F Q2'22F Q3'22F Q4'22F FY20 FY21 FY22

414.6 346.0 387.3 268.5 595.7 1,353.8 1,416.5

1,261.0 1,912.5 1,446.3 1,593.6 2,785.7 5,938.3 6,213.4
776.1 1,016.2 820.0 890.9 1,553.6 3,348.1 3,503.2
227.4 291.9 222.2 195.9 388.4 895.8 937.3
139.2 187.7 150.7 165.4 290.2 616.0 643.0
45.5 49.8 48.2 45.1 85.2 180.2 188.5
2,863.9 3,804.0 3,074.6 3,159.4 5,698.8 12,332.2 12,901.8

145.8 139.4 152.3 111.7 232.0 527.5 549.3

224.1 308.8 230.7 255.9 426.2 978.3 1,019.6
102.6 142.9 106.2 117.9 196.3 450.6 469.7
51.0 57.1 53.7 45.3 87.0 198.9 207.1
2.5 3.7 2.7 3.0 5.0 11.5 12.0
4.3 4.8 4.2 4.4 7.5 17.0 17.7
530.4 656.7 549.8 538.3 954.1 2,183.8 2,275.2

268.8 206.6 235.0 156.8 363.7 826.2 867.2

1,037.0 1,603.6 1,215.5 1,337.7 2,359.5 4,960.0 5,193.8
673.5 873.3 713.8 772.9 1,357.3 2,897.5 3,033.5
176.5 234.8 168.4 150.6 301.4 697.0 730.3
136.6 183.9 148.0 162.4 285.2 604.5 631.0
41.2 45.0 44.0 40.7 77.7 163.2 170.9
2,333.5 3,147.2 2,524.8 2,621.1 4,744.8 10,148.4 10,626.6
81.5% 82.7% 82.1% 83.0% 83.3% 82.3% 82.4%

15.8 15.8 15.8 15.8 28.5 57.0 63.0

45.7 45.7 45.7 45.7 91.4 182.8 182.8
969.1 999.7 999.7 999.7 1,741.5 3,616.7 3,968.1
375.1 - - - - 389.8 375.1
92.9 92.9 92.9 92.9 169.1 351.8 371.7
40.1 40.1 40.1 40.1 73.8 151.8 160.4
988.5 1,234.4 1,164.7 925.1 2,073.2 4,172.5 4,312.7
74.8 74.8 74.8 74.8 149.5 299.1 299.1
2,602.0 2,503.3 2,433.6 2,194.0 4,327.0 9,221.4 9,732.9
(268.5) 643.9 91.2 427.1 417.8 927.1 893.8
(9.4%) 16.9% 3.0% 13.5% 7.3% 7.5% 6.9%

49.8 49.2 47.8 47.8 107.5 198.8 194.6

(318.3) 594.8 43.4 379.3 310.3 728.3 699.2

(66.8) 124.9 9.1 79.7 65.2 152.9 146.8

(251.5) 469.9 34.3 299.7 245.2 575.4 552.3
(8.8%) 12.4% 1.1% 9.5% 4.3% 4.7% 4.3%

(148.0) 764.4 211.6 547.6 658.7 1,408.9 1,375.6

81.48% 82.74% 82.12% 82.96% 83.26% 82.29% 82.37%

-9.37% 16.93% 2.96% 13.52% 7.33% 7.52% 6.93%
-8.78% 12.35% 1.11% 9.49% 4.30% 4.67% 4.28%
-5.17% 20.09% 6.88% 17.33% 11.56% 11.42% 10.66%
 Scenario Actual Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020 2020
Quarter Q3 Q3 Q3 Q4 Q4
Month_num 7 8 9 10 11
Date Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Formatted Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A
Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

x x Revenue Summary

Revenue Summary (millions) Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 126.5 126.2 99.2 93.6 73.5
Hotel 527.5 379.3 390.9 410.9 413.7
Car 294.4 227.2 212.9 236.1 264.8
Local Experience 59.5 66.8 81.5 60.0 52.6
Insurance 51.9 44.9 39.2 41.7 50.7
Advertising 16.3 14.8 12.9 14.0 12.7
x Total Revenues 1,076.0 859.3 836.5 856.3 868.0

Interest Income 3.4 3.2 3.3 3.0 2.9

x x Tops-Down (High-Level) Forecast

(All $'s in millions unless otherwise stated)
2010 2011 2012 2013 2014
Online Travel Agent Market Size Worldwide
Market Share
Gross Bookings 26.0 29.2 34.0 39.4 50.5

Revenue Margin 11.7% 11.8% 11.9% 12.1% 11.4%

x Revenue 3.0 3.5 4.0 4.8 5.8

x x Bottoms-Up (Detailed) Forecast

Product Revenues
(All $'s in millions unless otherwise stated)

Visitors (thousands) Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Direct Search 176,654 164,502 144,443 167,013 153,863
y/y growth %
Search - Organic 69,290 64,754 57,737 61,149 55,422
y/y growth %
Search - Paid 260,240 230,510 198,327 206,512 183,376
y/y growth %
Partner Referral 55,971 50,254 45,313 47,725 43,667
 y/y growth %
x Total Visitors 562,156 510,019 445,820 482,399 436,327

x Search Rates Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 56.87% 57.46% 53.78% 55.23% 48.85%
Hotel 15.39% 15.27% 16.50% 16.14% 18.84%
Car 19.41% 19.25% 20.80% 20.36% 23.75%
Local Experience 2.71% 2.69% 2.90% 2.84% 3.31%
Bounce 5.62% 5.33% 6.02% 5.43% 5.25%
Check

x Shoppers (thousands) Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 319,700 293,058 239,775 266,416 213,133
Hotel 86,522 77,870 73,544 77,870 82,196
Car 109,104 98,194 92,738 98,194 103,649
Local Experience 15,224 13,701 12,940 13,701 14,463
x Total Shoppers 530,549 482,823 418,997 456,181 413,440

x Conversion Rate Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 1.53% 1.56% 1.56% 1.67% 1.69%
Hotel 8.90% 8.88% 9.14% 8.87% 8.80%
Car 12.13% 12.38% 12.09% 12.28% 12.32%
Local Experience 18.47% 19.04% 19.28% 19.17% 19.50%

Transactions (thousands) Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 4,877 4,584 3,739 4,462 3,598
Hotel 7,697 6,913 6,723 6,909 7,234
Car 13,230 12,155 11,216 12,056 12,771
Local Experience 2,812 2,608 2,495 2,626 2,820
x Total Transactions 28,616 26,260 24,173 26,054 26,423

x Tickets/Nights/Days/Reservatio Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 1.64 1.64 1.65 1.64 1.64
Hotel 3.50 3.50 3.10 3.50 3.49
Car 2.95 2.95 2.95 2.95 2.95
Local Experience 1.75 1.73 1.73 1.75 1.74

Total Tickets/ Hotel Nights/ Car Days/ Reservations

Jul-20A Aug-20A
(thousands)
Sep-20A Oct-20A Nov-20A
Air 7,988 7,530 6,155 7,334 5,893
Hotel 26,912 24,162 20,822 24,162 25,275
Car 39,025 35,817 33,067 35,555 37,650
Local Experience 4,911 4,518 4,322 4,584 4,911
x Total Units 78,836 72,027 64,366 71,634 73,729

x Rate per Unit Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air $611.47 $656.56 $642.66 $504.44 $487.85
Hotel $193.43 $156.90 $179.85 $162.06 $156.80
Car $38.29 $33.26 $32.20 $32.85 $36.86
 Local Experience $44.08 $58.45 $79.73 $57.00 $43.64

Gross Sales Value (millions) Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 4,885 4,944 3,956 3,699 2,875
Hotel 5,206 3,791 3,745 3,916 3,963
Car 1,494 1,191 1,065 1,168 1,388
Local Experience 216 264 345 261 214
x Total Gross Sales Value 11,801 10,190 9,110 9,044 8,440

x Margin/ Commission Rate Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 2.59% 2.55% 2.51% 2.53% 2.56%
Hotel 10.13% 10.01% 10.44% 10.49% 10.44%
Car 19.70% 19.08% 19.99% 20.22% 19.08%
Local Experience 27.47% 25.30% 23.64% 22.95% 24.54%

Revenue (millions) Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Air 126 126 99 94 73
Hotel 528 379 391 411 414
Car 294 227 213 236 265
Local Experience 59 67 81 60 53
x Total Product Revenue 1,008 800 784 801 805

x Ancillary Revenues

Insurance Revenue Summary Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Car Transactions 13,230 12,155 11,216 12,056 12,771
Insurance Attach Rate 24.13% 22.73% 21.50% 21.31% 24.44%
Initiative Impact
Adj. Insurance Attach
x Insurance Transactions 3,193 2,763 2,411 2,569 3,121

Average Charge $25.00 $25.00 $25.00 $25.00 $25.00

Insurance Gross Sales 79,825.0 69,075.0 60,275.0 64,225.0 78,025.0
Insurance Margin 65.00% 65.00% 65.00% 65.00% 65.00%
x Total Insurance Revenue 51.9 44.9 39.2 41.7 50.7

Advertising Revenue Summary Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Total Visitors 562,156 510,019 445,820 482,399 436,327
Rate per Visitor $0.029 $0.029 $0.029 $0.029 $0.029
x Advertising Revenue 16.3 14.8 12.9 14.0 12.7

Cash Interest Income Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Beginning Cash Balance 4,049.4 3,894.1 3,957.2 3,561.3 3,429.9
Wtd Avg. Annual Interest Rate 1.00%
Average Monthly Interest Rat 0.08% 0.08% 0.08% 0.08% 0.08%
x Interest income 3.4 3.2 3.3 3.0 2.9
x Supplementary Info

Supplemental Info Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Credit Sales 927.9 735.3 715.1 737.8 727.3
Earned Revenues 148.1 123.9 121.4 118.6 140.6
x Total Revenues 1,076.0 859.3 836.5 856.3 868.0

x x Credit Sales % of Total Revenue 86.24% 85.58% 85.48% 86.16% 83.80%

Actual Actual Actual Actual Actual Actual Actual Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2021 2021 2021 2021 2021 2021 2021 2021
Q4 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3
12 1 2 3 4 5 6 7 8
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F
Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

76.7 145.7 133.0 116.1 122.2 104.1 105.9 131.2 132.8
663.4 437.3 373.2 394.7 596.0 603.6 628.5 564.7 411.3
318.2 266.1 230.1 249.6 313.0 314.7 339.6 312.2 249.0
68.2 81.6 78.9 62.5 95.4 84.4 93.6 55.7 68.0
61.8 52.5 42.2 36.9 54.7 61.3 66.3 52.0 47.8
14.5 16.0 14.5 13.0 15.9 15.3 16.4 17.1 15.5
1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8 924.3

3.8 2.4 2.8 2.6 2.9 2.4 2.7 2.5 2.7

2015 2016 2017 2018 2019 2020 2021 2022 2023

509.2 549.4 592.8 639.7 690.2 744.7 778.2 813.3 849.9
11.95% 11.07% 13.23% 13.82% 14.45% 14.48% 14.48% 14.48% 14.48%
60.8 60.8 78.4 88.4 99.7 107.9 112.7 117.8 123.1

11.0% 11.0% 11.2% 11.4% 11.3% 11.2% 11.19% 10.94% 10.69%

6.7 6.7 8.8 10.1 11.2 12.1 12.6 12.9 13.2

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

168,280 176,824 173,280 148,662 191,926 164,754 188,269 185,487 172,727
5.00% 5.00%
63,725 71,326 60,855 55,380 67,402 68,157 69,967 74,487 69,610
7.50% 7.50%
217,600 250,940 216,826 198,340 232,562 241,296 251,714 270,650 239,730
4.00% 4.00%
50,320 53,676 50,217 44,544 55,541 53,955 54,496 57,370 51,510
 2.50% 2.50%
499,924 552,766 501,178 446,926 547,431 528,162 564,446 587,995 533,578

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

48.77% 55.43% 58.47% 56.63% 48.67% 47.92% 47.20% 56.87% 57.46%
18.30% 15.65% 14.67% 15.49% 18.97% 18.84% 19.16% 15.39% 15.27%
23.85% 19.74% 18.50% 19.53% 23.92% 23.76% 24.16% 19.41% 19.25%
3.50% 2.75% 2.58% 2.73% 3.34% 3.31% 3.37% 2.71% 2.69%
5.58% 6.43% 5.77% 5.63% 5.11% 6.17% 6.11% 5.62% 5.33%

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

243,790 306,379 293,058 253,096 266,416 253,096 266,416 334,394 306,595
91,479 86,522 73,544 69,218 103,826 99,500 108,152 90,499 81,467
119,240 109,104 92,738 87,283 130,925 125,469 136,380 114,119 102,729
17,507 15,224 12,940 12,179 18,269 17,507 19,030 15,924 14,334
472,016 517,229 472,280 421,775 519,436 495,573 529,979 554,935 505,125

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

1.45% 1.68% 1.62% 1.60% 1.62% 1.52% 1.55% 1.53% 1.56%
9.71% 8.87% 8.49% 8.41% 8.53% 8.15% 8.72% 8.90% 8.88%
12.86% 12.28% 12.30% 12.10% 12.07% 12.31% 12.06% 12.13% 12.38%
18.80% 17.52% 19.31% 18.11% 19.49% 18.96% 18.30% 18.47% 19.04%

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

3,540 5,150 4,746 4,062 4,319 3,856 4,123 5,101 4,795
8,881 7,678 6,241 5,821 8,852 8,112 9,433 8,051 7,232
15,336 13,396 11,409 10,564 15,797 15,447 16,445 13,838 12,717
3,291 2,668 2,499 2,205 3,561 3,320 3,483 2,942 2,729
31,048 28,892 24,896 22,652 32,528 30,734 33,483 29,932 27,473

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

1.65 1.64 1.64 1.64 1.64 1.65 1.64 1.64 1.64
3.49 3.50 3.49 3.50 3.50 3.50 3.50 3.50 3.50
2.95 2.95 2.95 2.94 2.95 2.95 2.95 2.95 2.95
1.73 1.74 1.73 1.72 1.75 1.74 1.75 1.75 1.73

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

5,828 8,447 7,792 6,679 7,072 6,351 6,744 8,356 7,878
31,037 26,846 21,804 20,364 30,971 28,352 33,001 28,149 25,278
45,180 39,484 33,656 31,102 46,555 45,508 48,454 40,819 37,471
5,697 4,649 4,322 3,798 6,220 5,762 6,090 5,137 4,727
87,741 79,426 67,574 61,943 90,819 85,974 94,289 82,460 75,354

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

$510.86 $685.39 $663.82 $670.09 $672.22 $631.64 $610.21 $611.47 $656.56
$198.27 $156.74 $166.22 $186.14 $191.63 $196.62 $185.37 $193.43 $156.90
$33.56 $34.58 $34.22 $38.47 $33.64 $35.35 $34.83 $38.29 $33.26
 $44.14 $75.43 $68.66 $62.21 $67.00 $54.27 $66.45 $44.08 $58.45

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

2,977 5,789 5,172 4,475 4,754 4,012 4,115 5,109 5,172
6,154 4,208 3,624 3,791 5,935 5,575 6,117 5,445 3,966
1,516 1,365 1,152 1,196 1,566 1,609 1,688 1,563 1,246
251 351 297 236 417 313 405 226 276
10,899 11,713 10,245 9,699 12,672 11,508 12,325 12,343 10,661

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

2.58% 2.52% 2.57% 2.59% 2.57% 2.59% 2.57% 2.57% 2.57%
10.78% 10.39% 10.30% 10.41% 10.04% 10.83% 10.27% 10.37% 10.37%
20.98% 19.49% 19.98% 20.86% 19.99% 19.56% 20.12% 19.98% 19.98%
27.11% 23.26% 26.59% 26.45% 22.90% 26.99% 23.13% 24.60% 24.60%

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

77 146 133 116 122 104 106 131 133
663 437 373 395 596 604 628 565 411
318 266 230 250 313 315 340 312 249
68 82 79 62 95 84 94 56 68
1,126 931 815 823 1,127 1,107 1,168 1,064 861

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

15,336 13,396 11,409 10,564 15,797 15,447 16,445 13,838 12,717
24.80% 24.13% 22.74% 21.49% 21.31% 24.44% 24.80% 23.15% 23.15%
- -
23.15% 23.15%
3,803 3,233 2,594 2,270 3,366 3,775 4,078 3,203 2,943

$25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

95,075.0 80,825.0 64,850.0 56,750.0 84,150.0 94,375.0 101,950.0 80,075.0 73,575.0
65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
61.8 52.5 42.2 36.9 54.7 61.3 66.3 52.0 47.8

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

499,924 552,766 501,178 446,926 547,431 528,162 564,446 587,995 533,578
$0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029
14.5 16.0 14.5 13.0 15.9 15.3 16.4 17.1 15.5

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7 3,222.4

0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%

3.8 2.4 2.8 2.6 2.9 2.4 2.7 2.5 2.7
Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F
1,012.5 858.2 733.6 752.3 1,014.7 997.4 1,055.4 962.3 785.1
190.3 141.1 138.3 120.4 182.5 186.1 194.8 170.5 139.1
1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8 924.3

84.18% 85.88% 84.14% 86.20% 84.76% 84.28% 84.42% 84.95% 84.95%

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2022 2022 2022 2022 2022
Q3 Q4 Q4 Q4 Q1 Q1 Q1 Q2 Q2
9 10 11 12 1 2 3 4 5
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F
Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

106.2 99.4 77.2 80.0 155.5 138.9 120.2 127.7 107.7
406.3 424.9 430.1 667.7 456.6 393.2 411.2 644.0 604.8
222.6 244.1 290.1 317.0 285.3 240.7 250.0 327.3 336.1
88.7 67.2 55.2 64.7 90.3 76.4 60.8 107.3 80.5
44.1 47.5 50.3 60.4 52.7 44.9 41.6 62.2 60.8
13.5 14.6 13.2 15.2 16.8 15.2 13.6 16.6 16.0
881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4 1,285.0 1,205.9

2.4 2.5 2.3 2.3 2.2 2.5 2.9 3.1 2.5

3 year CAGR Source:

4.50% "Global Online Travel Agent Markets Report 2020-2030" by Research and Markets
Per CEO, "conservatively estimate no incremental gains in market share"

Consensus Estimates of Average Industry Revenue Margins as of Jun'21

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

151,665 175,364 161,556 176,694 185,665 181,944 156,096 201,522 172,992
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
62,068 65,735 59,578 68,505 76,675 65,420 59,533 72,458 73,268
7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
206,260 214,772 190,711 226,304 260,978 225,499 206,274 241,864 250,948
4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
46,445 48,918 44,759 51,578 55,018 51,473 45,658 56,930 55,304
 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
466,438 504,789 456,604 523,080 578,336 524,335 467,560 572,774 552,512

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

53.78% 55.23% 48.85% 48.77% 55.43% 58.47% 56.63% 48.67% 47.92%
16.50% 16.14% 18.84% 18.30% 15.65% 14.67% 15.49% 18.97% 18.84%
20.80% 20.36% 23.75% 23.85% 19.74% 18.50% 19.53% 23.92% 23.76%
2.90% 2.84% 3.31% 3.50% 2.75% 2.58% 2.73% 3.34% 3.31%
6.02% 5.43% 5.25% 5.58% 6.43% 5.77% 5.63% 5.11% 6.17%

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

250,864 278,782 223,038 255,082 320,552 306,599 264,781 278,750 264,764
76,945 81,484 86,016 95,716 90,524 76,942 72,413 108,633 104,088
97,027 102,751 108,465 124,763 114,151 97,023 91,313 136,986 131,254
13,539 14,337 15,135 18,318 15,928 13,538 12,741 19,114 18,315
438,375 477,355 432,653 493,879 541,155 494,102 441,248 543,483 518,420

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

1.56% 1.67% 1.69% 1.45% 1.68% 1.62% 1.60% 1.62% 1.52%
9.14% 8.87% 8.80% 9.71% 8.87% 8.49% 8.41% 8.53% 8.15%
12.09% 12.28% 12.32% 12.86% 12.28% 12.30% 12.10% 12.07% 12.31%
19.28% 19.17% 19.50% 18.80% 17.52% 19.31% 18.11% 19.49% 18.96%

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

3,912 4,670 3,765 3,704 5,388 4,965 4,250 4,519 4,033
7,034 7,230 7,570 9,292 8,033 6,530 6,090 9,261 8,486
11,734 12,615 13,365 16,046 14,016 11,937 11,051 16,528 16,159
2,611 2,748 2,951 3,444 2,791 2,615 2,307 3,726 3,473
25,291 27,263 27,650 32,486 30,229 26,046 23,698 34,033 32,151

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

1.65 1.64 1.64 1.65 1.64 1.64 1.64 1.64 1.65
3.10 3.50 3.49 3.49 3.50 3.49 3.50 3.50 3.50
2.95 2.95 2.95 2.95 2.95 2.95 2.94 2.95 2.95
1.73 1.75 1.74 1.73 1.74 1.73 1.72 1.75 1.74

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

6,440 7,674 6,167 6,098 8,837 8,152 6,987 7,399 6,644
21,785 25,283 26,449 32,474 28,088 22,812 21,304 32,405 29,659
34,596 37,205 39,400 47,273 41,310 35,211 32,538 48,711 47,606
4,521 4,796 5,139 5,961 4,864 4,521 3,973 6,508 6,028
67,342 74,959 77,155 91,805 83,100 70,696 64,803 95,023 89,937

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

$642.66 $504.44 $487.85 $510.86 $685.39 $663.82 $670.09 $672.22 $631.64
$179.85 $162.06 $156.80 $198.27 $156.74 $166.22 $186.14 $191.63 $196.62
$32.20 $32.85 $36.86 $33.56 $34.58 $34.22 $38.47 $33.64 $35.35
 $79.73 $57.00 $43.64 $44.14 $75.43 $68.66 $62.21 $67.00 $54.27

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

4,139 3,871 3,009 3,115 6,057 5,411 4,682 4,974 4,197
3,918 4,097 4,147 6,439 4,402 3,792 3,966 6,210 5,832
1,114 1,222 1,452 1,587 1,428 1,205 1,252 1,639 1,683
360 273 224 263 367 310 247 436 327
9,531 9,464 8,833 11,404 12,255 10,719 10,146 13,258 12,038

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

2.57% 2.57% 2.57% 2.57% 2.57% 2.57% 2.57% 2.57% 2.57%
10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.37%
19.98% 19.98% 19.98% 19.98% 19.98% 19.98% 19.98% 19.98% 19.98%
24.60% 24.60% 24.60% 24.60% 24.60% 24.60% 24.60% 24.60% 24.60%

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

106 99 77 80 156 139 120 128 108
406 425 430 668 457 393 411 644 605
223 244 290 317 285 241 250 327 336
89 67 55 65 90 76 61 107 80
824 836 853 1,129 988 849 842 1,206 1,129

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

11,734 12,615 13,365 16,046 14,016 11,937 11,051 16,528 16,159
23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15%
- - - - - - - - -
23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15%
2,716 2,920 3,094 3,714 3,244 2,763 2,558 3,826 3,740

$25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

67,900.0 73,000.0 77,350.0 92,850.0 81,100.0 69,075.0 63,950.0 95,650.0 93,500.0
65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
44.1 47.5 50.3 60.4 52.7 44.9 41.6 62.2 60.8

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

466,438 504,789 456,604 523,080 578,336 524,335 467,560 572,774 552,512
$0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029
13.5 14.6 13.2 15.2 16.8 15.2 13.6 16.6 16.0

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8 2,945.0

0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%

2.4 2.5 2.3 2.3 2.2 2.5 2.9 3.1 2.5
Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F
748.8 762.6 778.2 1,023.5 898.0 772.4 762.3 1,091.6 1,024.4
132.7 135.2 137.9 181.4 159.1 136.9 135.1 193.5 181.5
881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4 1,285.0 1,205.9

84.95% 84.95% 84.95% 84.95% 84.95% 84.95% 84.95% 84.95% 84.95%

 Forecast Forecast Forecast Forecast Forecast Forecast Forecast Actual Actual
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022 2022 2020 2020
Q2 Q3 Q3 Q3 Q4 Q4 Q4 Q3 Q4
6 7 8 9 10 11 12
Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

110.5 137.2 138.9 111.2 104.0 80.8 83.7 351.9 243.8
663.7 590.7 430.4 425.2 444.7 450.1 698.8 1,297.7 1,488.0
352.7 326.6 260.5 232.9 255.5 303.7 331.7 734.5 819.1
104.1 58.3 71.1 92.8 70.4 57.7 67.7 207.7 180.7
64.7 54.5 50.1 46.2 49.7 52.6 63.2 136.0 154.3
17.1 17.8 16.2 14.2 15.3 13.9 15.9 44.0 41.1
1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9 2,771.8 2,927.0

2.6 3.0 3.4 3.2 3.3 3.2 3.2 9.9 9.7

Research and Markets

arket share"

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

197,682 194,761 181,363 159,248 184,132 169,634 185,529 485,599 489,156
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
75,215 80,074 74,831 66,723 70,665 64,047 73,642 191,781 180,296
7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
261,783 281,476 249,320 214,511 223,363 198,339 235,356 689,078 607,487
4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
55,858 58,805 52,798 47,607 50,141 45,877 52,867 151,538 141,712
 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
590,538 615,116 558,312 488,088 528,301 477,897 547,394 1,517,996 1,418,650

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

47.20% 56.87% 57.46% 53.78% 55.23% 48.85% 48.77% 56.16% 50.99%
19.16% 15.39% 15.27% 16.50% 16.14% 18.84% 18.30% 15.67% 17.73%
24.16% 19.41% 19.25% 20.80% 20.36% 23.75% 23.85% 19.77% 22.63%
3.37% 2.71% 2.69% 2.90% 2.84% 3.31% 3.50% 2.76% 3.22%
6.11% 5.62% 5.33% 6.02% 5.43% 5.25% 5.58% 5.64% 5.43%

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

278,732 349,818 320,807 262,508 291,767 233,439 266,939 852,533 723,340
113,152 94,673 85,243 80,516 85,279 90,027 100,165 237,935 251,545
142,684 119,382 107,491 101,531 107,537 113,524 130,562 300,036 321,082
19,909 16,658 14,999 14,167 15,005 15,841 19,170 41,865 45,671
554,477 580,531 528,540 458,722 499,589 452,830 516,836 1,432,369 1,341,638

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

1.55% 1.53% 1.56% 1.56% 1.67% 1.69% 1.45% 1.55% 1.60%
8.72% 8.90% 8.88% 9.14% 8.87% 8.80% 9.71% 8.97% 9.15%
12.06% 12.13% 12.38% 12.09% 12.28% 12.32% 12.86% 12.20% 12.51%
18.30% 18.47% 19.04% 19.28% 19.17% 19.50% 18.80% 18.91% 19.13%

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

4,313 5,337 5,018 4,094 4,887 3,941 3,876 13,200 11,600
9,869 8,422 7,567 7,360 7,567 7,923 9,724 21,333 23,024
17,205 14,476 13,306 12,279 13,203 13,988 16,792 36,601 40,163
3,644 3,077 2,855 2,732 2,876 3,088 3,604 7,916 8,737
35,031 31,312 28,747 26,465 28,533 28,940 33,996 79,050 83,524

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

1.64 1.64 1.64 1.65 1.64 1.64 1.65 1.64 1.64
3.50 3.50 3.50 3.10 3.50 3.49 3.49 3.37 3.50
2.95 2.95 2.95 2.95 2.95 2.95 2.95 2.95 2.95
1.75 1.75 1.73 1.73 1.75 1.74 1.73 1.74 1.74

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

7,056 8,741 8,243 6,739 8,031 6,455 6,381 21,673 19,054
34,527 29,447 26,449 22,796 26,461 27,683 33,984 71,896 80,473
50,694 42,702 39,208 36,202 38,938 41,237 49,470 107,909 118,386
6,371 5,374 4,946 4,731 5,020 5,379 6,238 13,751 15,191
98,648 86,263 78,847 70,468 78,450 80,753 96,073 215,229 233,104

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

$610.21 $611.47 $656.56 $642.66 $504.44 $487.85 $510.86 $635.99 $501.27
$185.37 $193.43 $156.90 $179.85 $162.06 $156.80 $198.27 $177.22 $174.37
$34.83 $38.29 $33.26 $32.20 $32.85 $36.86 $33.56 $34.75 $34.40
 $66.45 $44.08 $58.45 $79.73 $57.00 $43.64 $44.14 $60.00 $47.86

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

4,306 5,345 5,412 4,331 4,051 3,149 3,260 13,784 9,551
6,400 5,696 4,150 4,100 4,288 4,341 6,738 12,742 14,033
1,766 1,635 1,304 1,166 1,279 1,520 1,660 3,750 4,072
423 237 289 377 286 235 275 825 727
12,895 12,913 11,155 9,974 9,905 9,244 11,934 31,101 28,383

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

2.57% 2.57% 2.57% 2.57% 2.57% 2.57% 2.57% 2.55% 2.55%
10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.18% 10.60%
19.98% 19.98% 19.98% 19.98% 19.98% 19.98% 19.98% 19.58% 20.11%
24.60% 24.60% 24.60% 24.60% 24.60% 24.60% 24.60% 25.17% 24.86%

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

111 137 139 111 104 81 84 352 244
664 591 430 425 445 450 699 1,298 1,488
353 327 260 233 256 304 332 734 819
104 58 71 93 70 58 68 208 181
1,231 1,113 901 862 875 892 1,182 2,592 2,732

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

17,205 14,476 13,306 12,279 13,203 13,988 16,792 36,601 40,163
23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 22.86% 23.64%
- - - - - - -
23.15% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15%
3,983 3,351 3,080 2,842 3,056 3,238 3,887 8,367 9,493

$25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

99,575.0 83,775.0 77,000.0 71,050.0 76,400.0 80,950.0 97,175.0 209,175 237,325
65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
64.7 54.5 50.1 46.2 49.7 52.6 63.2 136 154

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

590,538 615,116 558,312 488,088 528,301 477,897 547,394 1,517,996 1,418,650
$0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029
17.1 17.8 16.2 14.2 15.3 13.9 15.9 44 41

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 3,957.2 4,590.1

0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%

2.6 3.0 3.4 3.2 3.3 3.2 3.2 9.9 9.7
Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A
1,115.3 1,006.7 821.5 783.5 798.1 814.5 1,071.1 2,378 2,478
197.7 178.4 145.6 138.9 141.5 144.4 189.8 393.5 449.4
1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9 2,771.8 2,927.0

84.95% 84.95% 84.95% 84.95% 84.95% 84.95% 84.95% 85.81% 84.65%

Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2022 2022 2022 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

394.8 332.2 370.2 256.6 414.6 346.0 387.3 268.5
1,205.2 1,828.1 1,382.3 1,522.7 1,261.0 1,912.5 1,446.3 1,593.6
745.9 967.3 783.7 851.2 776.1 1,016.2 820.0 890.9
223.0 273.4 212.3 187.1 227.4 291.9 222.2 195.9
131.6 182.3 144.0 158.1 139.2 187.7 150.7 165.4
43.5 47.6 46.1 43.0 45.5 49.8 48.2 45.1
2,744.0 3,630.8 2,938.6 3,018.8 2,863.9 3,804.0 3,074.6 3,159.4

7.8 7.9 7.6 7.1 7.5 8.2 9.6 9.6

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

498,766 544,949 509,879 513,613 523,704 572,197 535,373 539,294
5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
187,561 205,526 206,165 193,818 201,628 220,941 221,627 208,354
7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
666,106 725,572 716,641 631,787 692,750 754,595 745,306 657,058
4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
148,437 163,992 155,326 145,255 152,148 168,092 159,209 148,886
 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
1,500,870 1,640,040 1,588,011 1,484,472 1,570,231 1,715,825 1,661,516 1,553,592

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

56.80% 47.92% 56.16% 50.99% 56.80% 47.92% 56.16% 50.99%
15.28% 18.99% 15.67% 17.73% 15.28% 18.99% 15.67% 17.73%
19.26% 23.95% 19.77% 22.63% 19.26% 23.95% 19.77% 22.63%
2.69% 3.34% 2.76% 3.22% 2.69% 3.34% 2.76% 3.22%
5.97% 5.80% 5.64% 5.43% 5.97% 5.80% 5.64% 5.43%

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

852,533 785,929 891,853 756,902 891,931 822,246 933,133 792,145
229,283 311,479 248,910 263,216 239,879 325,872 260,432 275,471
289,125 392,774 313,875 335,979 302,487 410,924 328,404 351,623
40,343 54,806 43,797 47,790 42,207 57,338 45,824 50,015
1,411,284 1,544,987 1,498,435 1,403,887 1,476,505 1,616,380 1,567,794 1,469,255

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

1.64% 1.56% 1.55% 1.60% 1.64% 1.56% 1.55% 1.60%
8.61% 8.47% 8.97% 9.15% 8.61% 8.47% 8.97% 9.15%
12.23% 12.14% 12.20% 12.51% 12.23% 12.14% 12.20% 12.51%
18.27% 18.91% 18.91% 19.13% 18.27% 18.91% 18.91% 19.13%

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

13,958 12,297 13,809 12,138 14,603 12,865 14,448 12,704
19,741 26,396 22,317 24,092 20,653 27,616 23,350 25,214
35,370 47,688 38,289 42,026 37,004 49,892 40,061 43,983
7,372 10,364 8,281 9,143 7,713 10,843 8,665 9,568
76,440 96,745 82,696 87,399 79,973 101,215 86,524 91,469

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64
3.50 3.50 3.37 3.50 3.50 3.50 3.37 3.50
2.95 2.95 2.95 2.95 2.95 2.95 2.95 2.95
1.73 1.74 1.74 1.74 1.73 1.74 1.74 1.74

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

22,918 20,167 22,673 19,938 23,977 21,099 23,723 20,867
69,015 92,325 75,212 84,207 72,204 96,591 78,693 88,127
104,242 140,517 112,886 123,878 109,060 147,010 118,112 129,646
12,768 18,072 14,385 15,896 13,358 18,907 15,051 16,636
208,943 271,082 225,156 243,919 218,599 283,608 235,578 255,276

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

$673.60 $638.70 $635.99 $501.27 $673.60 $638.70 $636.00 $501.27
$168.41 $190.92 $177.22 $174.37 $168.41 $190.92 $177.22 $174.37
$35.62 $34.60 $34.75 $34.40 $35.62 $34.60 $34.75 $34.40
 $69.21 $62.75 $60.01 $47.86 $69.21 $62.76 $60.01 $47.86

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

15,437 12,881 14,420 9,995 16,151 13,476 15,087 10,460
11,623 17,627 13,329 14,683 12,160 18,442 13,946 15,367
3,713 4,862 3,923 4,261 3,885 5,087 4,105 4,460
884 1,134 863 761 925 1,187 903 796
31,657 36,504 32,535 29,700 33,120 38,191 34,041 31,083

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

2.56% 2.58% 2.57% 2.57% 2.57% 2.57% 2.57% 2.57%
10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.37% 10.37%
20.09% 19.89% 19.98% 19.98% 19.98% 19.98% 19.98% 19.98%
25.23% 24.11% 24.60% 24.60% 24.60% 24.60% 24.60% 24.60%

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

395 332 370 257 415 346 387 269
1,205 1,828 1,382 1,523 1,261 1,912 1,446 1,594
746 967 784 851 776 1,016 820 891
223 273 212 187 227 292 222 196
2,569 3,401 2,749 2,818 2,679 3,567 2,876 2,949

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

35,370 47,688 38,289 42,026 37,004 49,892 40,061 43,983
22.89% 23.53% 23.15% 23.15% 23.15% 23.15% 23.15% 23.15%

8,097 11,219 8,862 9,728 8,565 11,549 9,273 10,181

$25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00

202,425 280,475 221,550 243,200 214,125 288,725 231,825 254,525
65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
132 182 144 158 139 188 151 165

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

1,500,870 1,640,040 1,588,011 1,484,472 1,570,231 1,715,825 1,661,516 1,553,592
$0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029 $0.029
44 48 46 43 46 50 48 45

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

3,116.9 3,199.7 2,873.4 2,757.4 3,427.0 3,123.5 3,781.2 3,788.7

7.8 7.9 7.6 7.1 7.5 8.2 9.6 9.6

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F
2,344 3,067 2,496 2,564 2,433 3,231 2,612 2,684
399.8 563.3 442.4 454.5 431.1 572.7 462.9 475.6
2,744.0 3,630.8 2,938.6 3,018.8 2,863.9 3,804.0 3,074.6 3,159.4

85.43% 84.48% 84.95% 84.95% 84.95% 84.95% 84.95% 84.95%

 2020 2021 2022

6m 12m 12m
FY20 FY21 FY22

FY20 FY21 FY22

595.7 1,353.8 1,416.5
2,785.7 5,938.3 6,213.4
1,553.6 3,348.1 3,503.2
388.4 895.8 937.3
290.2 616.0 643.0
85.2 180.2 188.5
5,698.8 12,332.2 12,901.8

19.6 30.4 34.8

FY20 FY21 FY22

974,755 2,067,208 2,170,568
5.00%
372,077 793,069 852,550
7.50%
1,296,565 2,740,106 2,849,710
4.00%
293,250 613,010 628,336
 2.50%
2,936,646 6,213,393 6,501,163
Air Search 1 2 3 4 Air Search Rates
FY20 FY21 FY22 Air Jan Feb Mar Apr
70% 2020 2021 2
53.66% 52.91% 52.91% 2020
65%
16.67% 16.95% 16.95% 2021 55.43% 58.47% 56.63% 48.67%
60%
21.15% 21.43% 21.43% 2022 55.43% 58.47% 56.63% 48.67%
55%
2.98% 3.01% 3.01%
50%
5.54% 5.71% 5.71%
45%
40%
Jan Feb Mar Apr May Jun Jul Au
FY20 FY21 FY22
1,575,872 3,287,216 3,439,455
489,480 1,052,888 1,101,655
621,118 1,331,754 1,393,438
87,537 186,736 195,385
2,774,007 5,858,593 6,129,933
Air Transactions (thous
FY20 FY21 FY22 6K 2020 2021
1.57% 1.59% 1.59% 5K
9.06% 8.79% 8.79%
4K
12.36% 12.27% 12.27%
19.02% 18.83% 18.83% 3K
Air Transac 1 22K 3 4
FY20 FY21 FY22 Air Jan Feb Mar Apr
24,801 52,203 54,621 2020 1K

44,356 92,545 96,832 2021 5,150.2 4,745.6 - 4,062.2 4,318.8

Jan Feb Mar Apr May Jun Jul Aug
76,764 163,373 170,940 2022 5,388.5 4,964.8 4,249.7 4,518.7
16,653 35,159 36,788
162,574 343,280 359,181

FY20 FY21 FY22

1.64 1.64 1.64
3.44 3.47 3.47
2.95 2.95 2.95
1.74 1.74 1.74

FY20 FY21 FY22

40,728 85,697 89,666
152,369 320,758 335,616
226,294 481,524 503,828
28,942 61,121 63,952
448,333 949,100 993,061

FY20 FY21 FY22

$572.97 $615.34 $615.34
$175.72 $178.52 $178.52
$34.57 $34.81 $34.81
 $53.63 $59.58 $59.58

FY20 FY21 FY22

23,336 52,733 55,174
26,774 57,262 59,914
7,823 16,760 17,537
1,552 3,642 3,810
59,484 130,397 136,436

FY20 FY21 FY22

2.55% 2.57% 2.57%
10.40% 10.37% 10.37%
19.86% 19.98% 19.98%
25.03% 24.60% 24.60%

FY20 FY21 FY22

596 1,354 1,416
2,786 5,938 6,213
1,554 3,348 3,503
388 896 937
5,323 11,536 12,070

FY20 FY21 FY22

76,764 163,373 170,940
23.27% 23.20% 23.15%

17,860 37,906 39,568

$25.00 $25.00 $25.00

446,500 947,650 989,200
65.00% 65.00% 65.00%
290 616 643

FY20 FY21 FY22

2,936,646 6,213,393 6,501,163
$0.029 $0.029 $0.029
85 180 189

FY20 FY21 FY22

4,590.1 2,757.4 3,788.7

19.6 30.4 34.8

 FY20 FY21 FY22
4,856 10,472 10,959
842.9 1,860.1 1,942.3
5,698.8 12,332.2 12,901.8

85.21% 84.92% 84.95%

 5 Rates6
Air Search 7 8 9 10 11 12
May Jun Jul Aug Sep Oct Nov Dec
2020 2021 2022
56.87% 57.46% 53.78% 55.23% 48.85% 48.77%
47.92% 47.20% 56.87% 57.46% 53.78% 55.23% 48.85% 48.77%
47.92% 47.20% 56.87% 57.46% 53.78% 55.23% 48.85% 48.77%

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Air Transactions (thousands)

2020 2021 2022

5 6 7 8 9 10 11 12
May Jun Jul Aug Sep Oct Nov Dec
4,877.3 4,583.8 3,739.4 4,462.4 3,598.0 3,539.8
3,855.6 4,122.7 5,101.4 4,795.5 3,912.3 4,669.5 3,765.2 3,703.7
eb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
4,033.4 4,313.2 5,336.7 5,017.8 4,093.9 4,887.0 3,940.8 3,875.9
 Scenario Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020
Quarter Q3 Q3 Q3 Q4
Month_num 7 8 9 10
Date Jul-20 Aug-20 Sep-20 Oct-20
Formatted Jul-20A Aug-20A Sep-20A Oct-20A
Jul-20A Aug-20A Sep-20A Oct-20A

x x Expense Summary

Expense Summary (millions) Jul-20A Aug-20A Sep-20A Oct-20A

Server Hosting 36.9 35.3 33.4 34.5
Credit Card Processing Fees 112.1 96.8 86.5 85.9
Bad Debt 31.8 28.5 25.1 25.1
Cost of Goods Sold 180.8 160.6 145.0 145.5
Rent Expenses 4.8 4.8 4.8 4.8
Depreciation 24.9 24.9 24.9 24.9
Amortization 15.2 15.2 15.2 15.2
Salary 290.3 290.3 290.3 290.3
Bonus 0.0 0.0 0.0 0.0
Healthcare 28.1 27.9 28.5 28.1
T&E 12.2 12.2 12.3 12.4
Marketing 466.3 411.3 325.4 283.1
Operating Expenses 841.7 786.5 701.4 658.8
Interest Expense 20.0 20.0 20.9 20.9
Taxes 7.7 (22.0) (5.8) 7.2
x Total Expenses 1,050.3 945.1 861.5 832.3

x x Detailed Expense Schedules

Fixed Expenses

Rental Expenses Jul-20A Aug-20A Sep-20A Oct-20A

Seattle Office 1.5 1.5 1.5 1.5
San Francisco Office 2.5 2.5 2.5 2.5
New York Office 0.5 0.5 0.5 0.5
Chicago Office 0.3 0.3 0.3 0.3
Total Rent Expense 4.8 4.8 4.8 4.8

x Total Fixed Expenses 4.8 4.8 4.8 4.8

x Semi-Fixed Expenses

Depreciation Summary Jul-20A Aug-20A Sep-20A Oct-20A

 Gross PP&E 2,841.2 2,841.2 2,841.2 2,841.2
Average Useful Life 10 years
Depreciation Expense as % of Gross PP&E 0.88% 0.88% 0.88% 0.88%
x Total Depreciation Expense 24.9 24.9 24.9 24.9

Amortization Expenses Jul-20A Aug-20A Sep-20A Oct-20A

Definite-Lived Intangible Assets, Gross 2,741.3 2,741.3 2,741.3 2,741.3
Average Useful Life 15 years
Annual Amortization % 0.56% 0.56% 0.56% 0.56%
x Amortization Expense 15.2 15.2 15.2 15.2

x Total Semi-Fixed Expenses 40.2 40.2 40.2 40.2

x Cost of Sales

Server Hosting Expenses Jul-20A Aug-20A Sep-20A Oct-20A

Monthly Hosting Fees 20.0 20.0 20.0 20.0

Monthly Visitors (thousands) 562,156 510,019 445,820 482,399

Cost per server ping 0.03 0.03 0.03 0.03
Server Activity Fees 16.9 15.3 13.4 14.5

x Total Server Hosting Expenses 36.9 35.3 33.4 34.5

Credit Card Processing Fees Jul-20A Aug-20A Sep-20A Oct-20A

Gross Merchandise Value 11,800.9 10,190.1 9,110.0 9,044.2
Average Processing Fee % 0.95% 0.95% 0.95% 0.95%
x Total Credit Card Processing Fees 112.1 96.8 86.5 85.9

Bad Debt Expense Summary Jul-20A Aug-20A Sep-20A Oct-20A

Credit Sales 927.9 735.3 715.1 737.8
% of Uncollectible Credit Sales 3.43% 3.88% 3.51% 3.41%
x Total Bad Debt Expense 31.8 28.5 25.1 25.1

x Total Cost of Sales 180.8 160.6 145.0 145.5

Cost of Sales Summary Jul-20A Aug-20A Sep-20A Oct-20A

Air COS Allocation - (% of COS) 27.18% 30.23% 25.59% 22.42%
Hotel COS Allocation - (% of COS) 43.15% 39.90% 42.72% 46.38%
Car COS Allocation - (% of COS) 19.69% 18.51% 19.72% 21.34%
Local Experience COS Allocation - (% of COS) 8.65% 10.22% 10.70% 8.54%
Insurance COS Allocation - (% of COS) 0.53% 0.46% 0.46% 0.48%
Advertising COS Allocation - (% of COS) 0.79% 0.68% 0.80% 0.84%

Air 49.1 48.5 37.1 32.6

Hotel 78.0 64.1 62.0 67.5
Car 35.6 29.7 28.6 31.1
 Local Experience 15.6 16.4 15.5 12.4
Insurance 1.0 0.7 0.7 0.7
Advertising 1.4 1.1 1.2 1.2
x Total Cost of Sales 180.8 160.6 145.0 145.5

x Variable Expenses

Salary Expenses Summary Jul-20A Aug-20A Sep-20A Oct-20A

Headcount (FTE)
Employees 22,400 22,400 22,400 22,400
Contractors 2,000 2,000 2,000 2,000
Vendors 1,000 1,000 1,000 1,000
Total Headcount (FTE) 25,400 25,400 25,400 25,400

Average Salary (USD)

Employees $145,000 $145,000 $145,000 $145,000
Contractors $75,000 $75,000 $75,000 $75,000
Vendors $85,000 $85,000 $85,000 $85,000

Salary Growth Rates (monthly)

Employees - - -
Contractors - - -
Vendors - - -

Salary Expense (millions)

Employees 270.7 270.7 270.7 270.7
Contractors 12.5 12.5 12.5 12.5
Vendors 7.1 7.1 7.1 7.1
x Total Salary Expense 290.3 290.3 290.3 290.3

Bonus Expense Summary Jul-20A Aug-20A Sep-20A Oct-20A

Prior month's Annualized Salary expense 3,248.0 3,248.0 3,248.0
Bonus - % of Annualized Salaries - - -
x Bonus Expense - - - -

Healthcare Expenses Jul-20A Aug-20A Sep-20A Oct-20A

Employees (FTE) 22,400 22,400 22,400 22,400
Average Healthcare Premiums per Employee 1,252.7 1,245.7 1,272.2 1,255.5
x Healthcare Expenses 28.1 27.9 28.5 28.1

Travel & Entertainment Expenses Jul-20A Aug-20A Sep-20A Oct-20A

Employees (FTE) 22,400 22,400 22,400 22,400
Contractors (FTE) 2,000 2,000 2,000 2,000
Headcount with Allowable T&E 24,400 24,400 24,400 24,400
Average T&E per Employee 499.4 498.1 505.3 508.2
x Travel & Entertainment Expenses 12.2 12.2 12.3 12.4
 Marketing Expense Summary Jul-20A Aug-20A Sep-20A Oct-20A
Total Revenues (from IS) 1,076.0 859.3 836.5 856.3
% of Revenues 7.90% 8.50% 5.38% 1.52%
x Brand Marketing 85.0 73.0 45.0 13.0

Variable Marketing
Search - Organic
SEO Agency Fee 15.0 15.0 15.0 15.0
Total Search - Organic 15.0 15.0 15.0 15.0

Search - Paid
Paid Visitors 260,240 230,510 198,327 206,512
Average Cost per Click $1.16 $1.16 $1.11 $1.01
Total Search - Paid 301.1 266.7 219.9 209.1

Partner Referrals
Partner Referral Visitors 55,971 50,254 45,313 47,725
Average Cost per Click $1.16 $1.12 $1.00 $0.96
Total Partner Referrals 65.2 56.5 45.5 46.0

x Total Variable Marketing 381.3 338.3 280.4 270.1

x Total Marketing Expense 466.3 411.3 325.4 283.1

Interest Expense Summary Jul-20A Aug-20A Sep-20A Oct-20A

Beginning ST Debt Balance 915.1 915.1 1,230.1 1,230.1
Wtd Avg. Annual Interest Rate 3.15%
Average Monthly Interest Rate on Debt 0.26% 0.26% 0.26% 0.26%
ST Interest Expense 2.4 2.4 3.2 3.2

Beginning LT Debt Balance 4,977.1 4,977.1 4,977.1 4,977.1

Wtd Avg. Annual Interest Rate 4.25%
Average Monthly Interest Rate on Debt 0.35% 0.35% 0.35% 0.35%
LT Interest Expense 17.6 17.6 17.6 17.6

x Total Interest Expense 20.0 20.0 20.9 20.9

Tax Expense Summary Jul-20A Aug-20A Sep-20A Oct-20A

Pre-tax Operating Income 36.9 (104.6) (27.5) 34.2
Effective Tax Rate 21.00% 21.00% 21.00% 21.00%
x Total Tax Expense 7.7 (22.0) (5.8) 7.2

x Total Variable Expenses 1,003.0 897.8 813.4 784.2

x x Total Expenses 1,047.9 942.7 858.3 829.1

Actual Actual Actual Actual Actual Actual Actual Actual Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2020 2021 2021 2021 2021 2021 2021 2021
Q4 Q4 Q1 Q1 Q1 Q2 Q2 Q2 Q3
11 12 1 2 3 4 5 6 7
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

33.1 35.0 36.6 35.0 33.4 36.4 35.8 36.9 37.6
84.4 114.4 111.3 97.3 92.1 133.1 120.8 129.4 117.3
27.9 27.3 42.8 34.4 32.8 34.4 48.8 47.1 43.0
145.4 176.8 190.6 166.8 158.4 203.9 205.5 213.4 197.9
4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8 4.8
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
290.3 290.3 290.3 290.3 290.3 290.3 290.3 290.3 297.0
0.0 0.0 0.0 0.0 389.8 0.0 0.0 0.0 0.0
28.0 28.5 28.3 28.5 27.9 28.1 28.4 28.0 28.9
12.3 12.4 12.1 12.0 12.2 12.3 12.3 12.0 12.5
255.8 331.3 347.3 287.4 276.2 331.1 410.1 492.6 432.2
631.2 707.4 722.8 663.1 1,041.2 706.7 785.9 867.7 815.5
20.9 24.4 19.1 19.1 19.1 19.1 19.1 19.1 19.1
15.4 62.6 14.5 5.4 (72.1) 56.8 36.8 32.1 21.6
812.9 971.1 947.1 854.3 1,146.5 986.4 1,047.4 1,132.3 1,054.1

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5
2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
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 4.8 4.8 4.8 4.8

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88%

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%

15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2

40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0

436,327 499,924 552,766 501,178 446,926 547,431 528,162 564,446 587,995

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
13.1 15.0 16.6 15.0 13.4 16.4 15.8 16.9 17.6

33.1 35.0 36.6 35.0 33.4 36.4 35.8 36.9 37.6

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

8,440.3 10,898.8 11,713.0 10,245.3 9,698.6 12,671.5 11,507.7 12,325.3 12,343.3
1.00% 1.05% 0.95% 0.95% 0.95% 1.05% 1.05% 1.05% 0.95%
84.4 114.4 111.3 97.3 92.1 133.1 120.8 129.4 117.3

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

727.3 1,012.5 858.2 733.6 752.3 1,014.7 997.4 1,055.4 962.3
3.83% 2.70% 4.99% 4.69% 4.36% 3.39% 4.90% 4.46% 4.46%
27.9 27.3 42.8 34.4 32.8 34.4 48.8 47.1 43.0

145.4 176.8 190.6 166.8 158.4 203.9 205.5 213.4 197.9

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

21.66% 18.74% 27.21% 29.84% 25.40% 22.83% 22.04% 18.84% 27.18%
46.15% 49.55% 43.03% 40.33% 43.34% 45.63% 45.91% 49.49% 43.15%
21.35% 22.80% 19.93% 18.66% 19.37% 21.64% 20.96% 22.65% 19.69%
9.48% 7.49% 8.45% 9.96% 10.60% 8.63% 9.81% 7.70% 8.65%
0.55% 0.62% 0.52% 0.45% 0.46% 0.49% 0.57% 0.64% 0.53%
0.81% 0.80% 0.86% 0.76% 0.83% 0.78% 0.70% 0.69% 0.79%

31.5 33.1 51.9 49.8 40.2 46.6 45.3 40.2 53.8

67.1 87.6 82.0 67.3 68.6 93.0 94.4 105.6 85.4
31.0 40.3 38.0 31.1 30.7 44.1 43.1 48.3 39.0
 13.8 13.2 16.1 16.6 16.8 17.6 20.2 16.4 17.1
0.8 1.1 1.0 0.7 0.7 1.0 1.2 1.4 1.1
1.2 1.4 1.6 1.3 1.3 1.6 1.4 1.5 1.6
145.4 176.8 190.6 166.8 158.4 203.9 205.5 213.4 197.9

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,960

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
25,400 25,400 25,400 25,400 25,400 25,400 25,400 25,400 25,960

$145,000 $145,000 $145,000 $145,000 $145,000 $145,000 $145,000 $145,000 $145,000

$75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000
$85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

270.7 270.7 270.7 270.7 270.7 270.7 270.7 270.7 277.4

12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5
7.1 7.1 7.1 7.1 7.1 7.1 7.1 7.1 7.1
290.3 290.3 290.3 290.3 290.3 290.3 290.3 290.3 297.0

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

3,248.0 3,248.0 3,248.0 3,248.0 3,248.0 3,248.0 3,248.0 3,248.0 3,248.0
- - - - 12.25% - - - -
- - - - 389.8 - - - -

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,960
1,251.0 1,270.2 1,263.3 1,272.7 1,245.8 1,256.6 1,267.1 1,248.1 1,258.9
28.0 28.5 28.3 28.5 27.9 28.1 28.4 28.0 28.9

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,960
2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
24,400 24,400 24,400 24,400 24,400 24,400 24,400 24,400 24,960
504.3 509.8 497.3 489.9 499.0 503.7 503.6 492.4 500.9
12.3 12.4 12.1 12.0 12.2 12.3 12.3 12.0 12.5
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F
868.0 1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8
1.50% 3.08% 4.50% 2.41% 2.41% 3.76% 7.18% 10.00% 7.50%
13.0 37.0 45.0 21.0 21.0 45.0 85.0 125.0 85.0

15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 18.0

15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 18.0

183,376 217,600 250,940 216,826 198,340 232,562 241,296 251,714 270,650

$1.01 $1.06 $0.96 $0.96 $1.01 $0.96 $1.06 $1.16 $1.02
185.7 230.8 242.0 209.1 200.8 224.3 256.0 291.3 276.2

43,667 50,320 53,676 50,217 44,544 55,541 53,955 54,496 57,370

$0.96 $0.96 $0.84 $0.84 $0.88 $0.84 $1.00 $1.12 $0.92
42.1 48.5 45.3 42.4 39.4 46.8 54.2 61.3 53.0

242.8 294.3 302.3 266.4 255.2 286.1 325.1 367.6 347.2

255.8 331.3 347.3 287.4 276.2 331.1 410.1 492.6 432.2

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

1,230.1 1,230.1 885.1 885.1 885.1 885.1 885.1 905.1 905.1

0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26%

3.2 3.2 2.3 2.3 2.3 2.3 2.3 2.4 2.4

4,977.1 5,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

17.6 21.2 16.7 16.7 16.7 16.7 16.7 16.7 16.7

20.9 24.4 19.1 19.1 19.1 19.1 19.1 19.1 19.1

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

73.4 298.0 69.2 25.8 (343.2) 270.4 175.4 152.7 102.8
21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%
15.4 62.6 14.5 5.4 (72.1) 56.8 36.8 32.1 21.6

764.7 923.0 899.8 807.1 1,099.3 939.2 1,000.1 1,085.0 1,006.8

809.6 967.9 944.7 852.0 1,144.2 984.1 1,045.0 1,129.9 1,051.7

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2021 2022 2022 2022 2022
Q3 Q3 Q4 Q4 Q4 Q1 Q1 Q1 Q2
8 9 10 11 12 1 2 3 4
Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

36.0 34.0 35.1 33.7 35.7 37.4 35.7 34.0 37.2
101.3 90.5 89.9 88.3 119.7 116.4 101.8 96.4 139.2
35.1 33.4 34.0 34.7 45.7 40.1 34.5 34.0 48.7
172.3 158.0 159.1 156.8 201.1 193.9 172.0 164.5 225.1
4.8 4.8 4.8 4.8 4.8 5.3 5.3 5.3 5.3
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
304.4 320.0 317.9 317.9 317.9 317.9 317.9 333.2 333.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 375.1 0.0
29.6 31.2 31.0 31.0 30.9 31.0 31.0 31.0 31.0
12.8 13.5 13.4 13.4 13.4 13.3 13.4 13.4 13.4
383.2 316.4 295.4 267.0 333.6 380.2 316.7 291.7 362.4
775.0 725.9 702.6 674.2 740.8 787.8 724.4 1,089.8 785.4
19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1
(8.3) (4.0) 4.1 14.4 51.7 12.3 (0.8) (78.4) 54.3
958.1 899.0 884.9 864.4 1,012.7 1,013.1 914.7 1,195.0 1,083.9

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

1.5 1.5 1.5 1.5 1.5 1.8 1.8 1.8 1.8
2.5 2.5 2.5 2.5 2.5 2.8 2.8 2.8 2.8
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
4.8 4.8 4.8 4.8 4.8 5.3 5.3 5.3 5.3

4.8 4.8 4.8 4.8 4.8 5.3 5.3 5.3 5.3

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88%

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%

15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2

40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0

533,578 466,438 504,789 456,604 523,080 578,336 524,335 467,560 572,774

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
16.0 14.0 15.1 13.7 15.7 17.4 15.7 14.0 17.2

36.0 34.0 35.1 33.7 35.7 37.4 35.7 34.0 37.2

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

10,660.8 9,531.3 9,464.0 8,832.5 11,403.6 12,254.8 10,718.6 10,146.4 13,258.1
0.95% 0.95% 0.95% 1.00% 1.05% 0.95% 0.95% 0.95% 1.05%
101.3 90.5 89.9 88.3 119.7 116.4 101.8 96.4 139.2

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

785.1 748.8 762.6 778.2 1,023.5 898.0 772.4 762.3 1,091.6
4.46% 4.46% 4.46% 4.46% 4.46% 4.46% 4.46% 4.46% 4.46%
35.1 33.4 34.0 34.7 45.7 40.1 34.5 34.0 48.7

172.3 158.0 159.1 156.8 201.1 193.9 172.0 164.5 225.1

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

30.23% 25.59% 22.42% 21.66% 18.74% 27.21% 29.84% 25.40% 22.83%
39.90% 42.72% 46.38% 46.15% 49.55% 43.03% 40.33% 43.34% 45.63%
18.51% 19.72% 21.34% 21.35% 22.80% 19.93% 18.66% 19.37% 21.64%
10.22% 10.70% 8.54% 9.48% 7.49% 8.45% 9.96% 10.60% 8.63%
0.46% 0.46% 0.48% 0.55% 0.62% 0.52% 0.45% 0.46% 0.49%
0.68% 0.80% 0.84% 0.81% 0.80% 0.86% 0.76% 0.83% 0.78%

52.1 40.4 35.7 34.0 37.7 52.8 51.3 41.8 51.4

68.8 67.5 73.8 72.4 99.7 83.4 69.4 71.3 102.7
31.9 31.2 33.9 33.5 45.9 38.6 32.1 31.9 48.7
 17.6 16.9 13.6 14.9 15.1 16.4 17.1 17.4 19.4
0.8 0.7 0.8 0.9 1.3 1.0 0.8 0.8 1.1
1.2 1.3 1.3 1.3 1.6 1.7 1.3 1.4 1.7
172.3 158.0 159.1 156.8 201.1 193.9 172.0 164.5 225.1

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

23,520 24,808 24,640 24,640 24,640 24,640 24,640 24,640 24,640

2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
26,620 27,908 27,740 27,740 27,740 27,740 27,740 27,740 27,740

$145,000 $145,000 $145,000 $145,000 $145,000 $145,000 $145,000 $152,250 $152,250

$75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $77,250 $77,250
$85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000

- - - - - - - 5.00% -
- - - - - - - 3.00% -
- - - - - - - - -

284.2 299.8 297.7 297.7 297.7 297.7 297.7 312.6 312.6

13.1 13.1 13.1 13.1 13.1 13.1 13.1 13.5 13.5
7.1 7.1 7.1 7.1 7.1 7.1 7.1 7.1 7.1
304.4 320.0 317.9 317.9 317.9 317.9 317.9 333.2 333.2

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

3,329.2 3,410.4 3,597.2 3,572.8 3,572.8 3,572.8 3,572.8 3,572.8 3,751.4
- - - - - - - 10.50% -
- - - - - - - 375.1 -

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

23,520 24,808 24,640 24,640 24,640 24,640 24,640 24,640 24,640
1,258.2 1,255.8 1,257.5 1,257.6 1,256.0 1,257.3 1,257.1 1,256.9 1,257.1
29.6 31.2 31.0 31.0 30.9 31.0 31.0 31.0 31.0

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

23,520 24,808 24,640 24,640 24,640 24,640 24,640 24,640 24,640
2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
25,620 26,908 26,740 26,740 26,740 26,740 26,740 26,740 26,740
501.0 501.3 501.0 500.3 500.0 499.2 499.4 500.2 500.2
12.8 13.5 13.4 13.4 13.4 13.3 13.4 13.4 13.4
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F
924.3 881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4 1,285.0
7.90% 5.11% 1.45% 1.42% 3.07% 4.26% 2.31% 2.34% 3.50%
73.0 45.0 13.0 13.0 37.0 45.0 21.0 21.0 45.0

18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0

18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0

239,730 206,260 214,772 190,711 226,304 260,978 225,499 206,274 241,864

$1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02
244.7 210.5 219.2 194.6 231.0 266.3 230.1 210.5 246.8

51,510 46,445 48,918 44,759 51,578 55,018 51,473 45,658 56,930

$0.92 $0.92 $0.92 $0.92 $0.92 $0.92 $0.92 $0.92 $0.92
47.6 42.9 45.2 41.3 47.6 50.8 47.5 42.2 52.6

310.2 271.4 282.4 254.0 296.6 335.2 295.7 270.7 317.4

383.2 316.4 295.4 267.0 333.6 380.2 316.7 291.7 362.4

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1

0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26%

2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4

4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

16.7 16.7 16.7 16.7 16.7 16.7 16.7 16.7 16.7

19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

(39.5) (19.1) 19.4 68.4 246.2 58.5 (3.7) (373.1) 258.5
21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%
(8.3) (4.0) 4.1 14.4 51.7 12.3 (0.8) (78.4) 54.3

910.9 851.7 837.6 817.2 965.4 965.3 867.0 1,147.2 1,036.2

955.8 896.6 882.5 862.1 1,010.3 1,010.7 912.4 1,192.6 1,081.6

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022 2022 2022
Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4
5 6 7 8 9 10 11 12
May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

36.6 37.7 38.5 36.7 34.6 35.8 34.3 36.4
126.4 135.4 122.7 106.0 94.8 94.1 92.4 125.3
45.7 49.8 44.9 36.7 35.0 35.6 36.4 47.8
208.7 222.9 206.1 179.4 164.4 165.6 163.1 209.5
5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
333.2 333.2 333.2 333.2 333.2 333.2 333.2 333.2
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
31.0 31.0 31.0 31.0 31.0 31.0 31.0 31.0
13.4 13.4 13.4 13.4 13.4 13.4 13.4 13.4
410.2 461.8 444.6 394.2 325.9 305.3 275.8 344.0
833.2 884.7 867.6 817.2 748.9 728.2 698.8 767.0
19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1
31.0 39.7 20.0 (9.5) (1.4) 6.3 17.0 56.4
1,091.9 1,166.4 1,112.8 1,006.2 930.9 919.2 898.0 1,052.0

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
2.8 2.8 2.8 2.8 2.8 2.8 2.8 2.8
0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3

5.3 5.3 5.3 5.3 5.3 5.3 5.3 5.3

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88%

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%

15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2

40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0

552,512 590,538 615,116 558,312 488,088 528,301 477,897 547,394

0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
16.6 17.7 18.5 16.7 14.6 15.8 14.3 16.4

36.6 37.7 38.5 36.7 34.6 35.8 34.3 36.4

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

12,038.2 12,895.1 12,912.6 11,155.0 9,973.7 9,904.8 9,244.4 11,933.7
1.05% 1.05% 0.95% 0.95% 0.95% 0.95% 1.00% 1.05%
126.4 135.4 122.7 106.0 94.8 94.1 92.4 125.3

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,024.4 1,115.3 1,006.7 821.5 783.5 798.1 814.5 1,071.1
4.46% 4.46% 4.46% 4.46% 4.46% 4.46% 4.46% 4.46%
45.7 49.8 44.9 36.7 35.0 35.6 36.4 47.8

208.7 222.9 206.1 179.4 164.4 165.6 163.1 209.5

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

22.04% 18.84% 27.18% 30.23% 25.59% 22.42% 21.66% 18.74%
45.91% 49.49% 43.15% 39.90% 42.72% 46.38% 46.15% 49.55%
20.96% 22.65% 19.69% 18.51% 19.72% 21.34% 21.35% 22.80%
9.81% 7.70% 8.65% 10.22% 10.70% 8.54% 9.48% 7.49%
0.57% 0.64% 0.53% 0.46% 0.46% 0.48% 0.55% 0.62%
0.70% 0.69% 0.79% 0.68% 0.80% 0.84% 0.81% 0.80%

46.0 42.0 56.0 54.2 42.1 37.1 35.3 39.3

95.8 110.3 88.9 71.6 70.2 76.8 75.3 103.8
43.7 50.5 40.6 33.2 32.4 35.3 34.8 47.8
 20.5 17.2 17.8 18.3 17.6 14.1 15.5 15.7
1.2 1.4 1.1 0.8 0.8 0.8 0.9 1.3
1.5 1.5 1.6 1.2 1.3 1.4 1.3 1.7
208.7 222.9 206.1 179.4 164.4 165.6 163.1 209.5

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

24,640 24,640 24,640 24,640 24,640 24,640 24,640 24,640

2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
27,740 27,740 27,740 27,740 27,740 27,740 27,740 27,740

$152,250 $152,250 $152,250 $152,250 $152,250 $152,250 $152,250 $152,250

$77,250 $77,250 $77,250 $77,250 $77,250 $77,250 $77,250 $77,250
$85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000 $85,000

- - - - - - - -
- - - - - - - -
- - - - - - - -

312.6 312.6 312.6 312.6 312.6 312.6 312.6 312.6

13.5 13.5 13.5 13.5 13.5 13.5 13.5 13.5
7.1 7.1 7.1 7.1 7.1 7.1 7.1 7.1
333.2 333.2 333.2 333.2 333.2 333.2 333.2 333.2 -

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

3,751.4 3,751.4 3,751.4 3,751.4 3,751.4 3,751.4 3,751.4 3,751.4
- - - - - - - -
- - - - - - - -

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

24,640 24,640 24,640 24,640 24,640 24,640 24,640 24,640
1,257.0 1,256.9 1,257.0 1,257.0 1,257.0 1,257.0 1,257.0 1,257.0
31.0 31.0 31.0 31.0 31.0 31.0 31.0 31.0

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

24,640 24,640 24,640 24,640 24,640 24,640 24,640 24,640
2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
26,740 26,740 26,740 26,740 26,740 26,740 26,740 26,740
500.0 499.7 500.3 500.2 500.1 500.0 500.0 499.9
13.4 13.4 13.4 13.4 13.4 13.4 13.4 13.4
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
1,205.9 1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9
7.05% 9.52% 7.17% 7.55% 4.88% 1.38% 1.36% 2.93% decide whether to d
85.0 125.0 85.0 73.0 45.0 13.0 13.0 37.0

18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0

18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0

250,948 261,783 281,476 249,320 214,511 223,363 198,339 235,356

$1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02 $1.02
256.1 267.2 287.3 254.4 218.9 228.0 202.4 240.2

55,304 55,858 58,805 52,798 47,607 50,141 45,877 52,867

$0.92 $0.92 $0.92 $0.92 $0.92 $0.92 $0.92 $0.92
51.1 51.6 54.3 48.8 44.0 46.3 42.4 48.8

325.2 336.8 359.6 321.2 280.9 292.3 262.8 307.0

410.2 461.8 444.6 394.2 325.9 305.3 275.8 344.0

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1

0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26% 0.26%

2.4 2.4 2.4 2.4 2.4 2.4 2.4 2.4

4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

16.7 16.7 16.7 16.7 16.7 16.7 16.7 16.7

19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

147.4 188.9 95.3 (45.2) (6.8) 29.9 81.0 268.4
21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%
31.0 39.7 20.0 (9.5) (1.4) 6.3 17.0 56.4

1,044.2 1,118.6 1,065.0 958.4 883.1 871.4 850.3 1,004.2

1,089.6 1,164.0 1,110.4 1,003.8 928.6 916.8 895.7 1,049.7

Per lease agreement rent will increase to $1.8M/month starting Jan'22
Per lease agreement rent will increase to $2.8M/month starting Jan'22
Used most recent monthly average

Flat Fee regardless of usage

This likely would be tied to expectations around customer levels

6M average. Could set it up to be prior year + inflation as well if that makes more sense
1 2 3 4 5 6 7 8
Brand Marketing
140.0 2020 2021 2022

120.0
100.0
 Brand Mark Jan Feb Mar Brand
Apr Marketing
May Jun Jul Aug
2020 140.0 2020 2021 2022 85.0 73.0
decide whether to d 2021 45.0 21.0
120.0 21.0 45.0 85.0 125.0 85.0 73.0
2022 45.0 21.0
100.0 21.0 45.0 85.0 125.0 85.0 73.0
80.0
60.0
40.0
20.0
-
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
9 10 11 12
Sep Oct Nov Dec
45.0 13.0 13.0 37.0
45.0 13.0 13.0 37.0
45.0 13.0 13.0 37.0
 Scenario Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020
Quarter Q3 Q3 Q3 Q4
Month_num 7 8 9 10
Date Jul-20 Aug-20 Sep-20 Oct-20
Formatted Jul-20A Aug-20A Sep-20A Oct-20A
Jul-20A Aug-20A Sep-20A Oct-20A
Headcount
Employees 22,400 22,400 22,400 22,400
Contractors 2,000 2,000 2,000 2,000
Vendors 1,000 1,000 1,000 1,000
Total Headcount 25,400 25,400 25,400 25,400

x x Headcount Summary

Departmental Headcount Jul-20A Aug-20A Sep-20A Oct-20A

Sales 2,500 2,500 2,500 2,500
Supplier Support 4,500 4,500 4,500 4,500
Marketing 1,850 1,850 1,850 1,850
x Total Sales & Marketing 8,850 8,850 8,850 8,850

Engineering 6,300 6,300 6,300 6,300

Product 2,150 2,150 2,150 2,150
R&D 700 700 700 700
x Total Research & Development 9,150 9,150 9,150 9,150

Customer Support 4,900 4,900 4,900 4,900

Accounting 750 750 750 750
Finance 400 400 400 400
Legal 325 325 325 325
Human Resources 1,025 1,025 1,025 1,025
x Total General & Administrative 7,400 7,400 7,400 7,400

x Total Headcount 25,400 25,400 25,400 25,400

x x Top-Down Forecast

Estimated Headcount Summary Jul-20A Aug-20A Sep-20A Oct-20A

Op. Income before Salary & Health Benefits 371.8 230.4 308.8 370.4

Revenue 1,076.0 859.3 836.5 856.3

Target Net Income Margin 5.00% 5.00% 5.00% 5.00%
Less: Target Net Income 53.8 43.0 41.8 42.8
 Tax Rate 21.00% 21.00% 21.00% 21.00%

Calculation of Salary & Benefits for Given Level of Op Income & Desired Net Margin
(Op. Inc - Salary & Benefits)*(1-tax) = Net Margin
Net Margin / (1-tax) = (OI - Salary & Benefits)
Salary & Benefits = OI - Net Income / (1-tax)

Supportable Salary & Benefits 303.7 176.0 255.9 316.2

LTM Monthly Average

Total Salary Expense 290.3 290.3 290.3 290.3

Total Benefits Expenses 28.1 27.9 28.5 28.1
Total Headcount (FTE) 25,400 25,400 25,400 25,400
Average Salary & Benefits Expense 150,383.1 150,309.2 150,589.4 150,412.7

x Estimated Headcount

x x Bottoms-Up Forecast
Sales & Marketing Headcount

Sales Department Jul-20A Aug-20A Sep-20A Oct-20A

# of Suppliers Served 10,000 10,000 10,000 10,000
Suppliers Served / Sales Rep 4.0 4.0 4.0 4.0
x Total Sales Headcount 2,500 2,500 2,500 2,500

Supplier Support Department Jul-20A Aug-20A Sep-20A Oct-20A

Total Sales Headcount 2,500 2,500 2,500 2,500
Supplier Support / Sales Headcount 1.8 1.8 1.8 1.8
x Total Supplier Support Headcount 4,500 4,500 4,500 4,500

Marketing Department Jul-20A Aug-20A Sep-20A Oct-20A

Brand Marketing
Creative Team 150 150 150 150
Media Purchasing 150 150 150 150
x Total Brand Marketing Headcount 300 300 300 300

Search Engine Marketing

Organic Search 150 150 150 150
Paid Search Marketing 300 300 300 300

Paid Search Support / Marketing Ratio 2.0 2.0 2.0 2.0

Search Marketing Support 600 600 600 600
x Total Search Engine Marketing Headcount 1050 1050 1050 1050

Partner Marketing
Partners Served 1,000 1,000 1,000 1,000
Partners Served / Partner Marketer 2.0 2.0 2.0 2.0
 x Total Partner Marketing Headcount 500 500 500 500

x Total Marketing Headcount 1,850 1,850 1,850 1,850

x Total Sales & Marketing Headcount 8,850 8,850 8,850 8,850

x x Research & Development Headcount

2
Engineering Department Jul-20A Aug-20A Sep-20A Oct-20A
Dev Ops 600 600 600 600
Website Ops 1,000 1,000 1,000 1,000
Payments Flow 400 400 400 400
Supplier Tools 400 400 400 400
Product Support
Air 400 400 400 400
Car 1,000 1,000 1,000 1,000
Hotel 1,400 1,400 1,400 1,400
Local Experience 300 300 300 300
Insurance 500 500 500 500
Media 300 300 300 300
x Total Engineering Headcount 6,300 6,300 6,300 6,300

Product Department Jul-20A Aug-20A Sep-20A Oct-20A

Product Managers 200 200 200 200
Product Design 150 150 150 150
User Experience 300 300 300 300
Product Development 300 300 300 300

Engineering Support / Product Manager 3.0 3.0 3.0 3.0

Engineering Support 600 600 600 600

Product Analytics / Product Manager 3.0 3.0 3.0 3.0

Product Analytics 600 600 600 600
x Total Product Headcount 2,150 2,150 2,150 2,150

Research & Development Department Jul-20A Aug-20A Sep-20A Oct-20A

Research Projects 200 200 200 200
Projects / Head Researcher 2.0 2.0 2.0 2.0
Head Researchers 100 100 100 100

Researchers / Project 3.0 3.0 3.0 3.0

Researchers 600 600 600 600
x Total Research & Development Headcount 700 700 700 700

x Total Research & Development Headcount 9,150 9,150 9,150 9,150

x x General & Administrative Headcount

 Customer Support Department Jul-20A Aug-20A Sep-20A Oct-20A
Total Transactions (thousands) 28,616 26,260 24,173 26,054
% of Support Calls 9.86% 10.49% 10.00% 10.36%
Support Calls (thousands) 2,822 2,755 2,417 2,699
Monthly Calls / Customer Support Rep 627 612 537 600
Customer Support Representatives 4,500 4,500 4,500 4,500

CS FTE 1,500 1,500 1,500 1,500

CS Contractor 2,000 2,000 2,000 2,000
CS Vendor 1,000 1,000 1,000 1,000

Customer Support Rep / Manager 11.3 11.3 11.3 11.3

CS Managers 400 400 400 400
x Total Customer Support Headcount 4,900 4,900 4,900 4,900

Accounting Department Jul-20A Aug-20A Sep-20A Oct-20A

Total Transactions (thousands) 28,616 26,260 24,173 26,054
Transaction / Accounting Staff 38,155 35,013 32,231 34,738
x Total Accounting Headcount 750 750 750 750

Finance Department Jul-20A Aug-20A Sep-20A Oct-20A

Accounting Headcount 750 750 750 750
Accountants / Finance Staff 1.9 1.9 1.9 1.9
x Total Finance Headcount 400 400 400 400

Legal Department Jul-20A Aug-20A Sep-20A Oct-20A

Corporate Counsel Staff 100 100 100 100
Contract Lawyers 100 100 100 100
Litigation Attorneys 50 50 50 50
Tax Attorneys 75 75 75 75
x Total Legal Headcount 325 325 325 325

Human Resources Department Jul-20A Aug-20A Sep-20A Oct-20A

Total Employees ex. HR 24,375 24,375 24,375 24,375
Employees / Human Resource Rep 33 33 33 33
Human Resource Reps 750 750 750 750

Total Employees ex. HR 24,375 24,375 24,375 24,375

Attrition / Rehire Rate 2.08% 2.08% 2.08% 2.08%
Positions to Fill 508 508 508 508
Positions to Fill / Recruiter 1.85 1.85 1.85 1.85
Internal Recruiters 275 275 275 275
x Total Human Resources Headcount 1,025 1,025 1,025 1,025

x x Total General & Administrative Headcount 7,400 7,400 7,400 7,400

Actual Actual Actual Actual Actual Actual Actual Actual Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2020 2021 2021 2021 2021 2021 2021 2021
Q4 Q4 Q1 Q1 Q1 Q2 Q2 Q2 Q3
11 12 1 2 3 4 5 6 7
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,400 22,960

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
25,400 25,400 25,400 25,400 25,400 25,400 25,400 25,400 25,960

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,625
4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,725
1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 2,000
8,850 8,850 8,850 8,850 8,850 8,850 8,850 8,850 9,350

6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300

2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150
700 700 700 700 700 700 700 700 700
9,150 9,150 9,150 9,150 9,150 9,150 9,150 9,150 9,150

4,900 4,900 4,900 4,900 4,900 4,900 4,900 4,900 5,444

750 750 750 750 750 750 750 750 784
400 400 400 400 400 400 400 400 418
325 325 325 325 325 325 325 325 260
1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,068
7,400 7,400 7,400 7,400 7,400 7,400 7,400 7,400 7,976

25,400 25,400 25,400 25,400 25,400 25,400 25,400 25,400 26,476

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

409.6 637.3 404.4 360.8 (8.6) 605.0 510.6 487.3 445.3

868.0 1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
43.4 60.1 50.0 43.6 43.6 59.9 59.2 62.5 56.6
 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%

354.7 561.2 341.1 305.6 (63.9) 529.2 435.7 408.2 373.6

327.0 332.8

290.3 290.3 290.3 290.3 290.3 290.3 290.3 290.3

28.0 28.5 28.3 28.5 27.9 28.1 28.4 28.0
25,400 25,400 25,400 25,400 25,400 25,400 25,400 25,400
150,364.9 150,568.3 150,494.8 150,595.0 150,310.0 150,424.6 150,535.4 150,334.0 150,334.0

26,100 26,565

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,500
4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,625

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,625
1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,725

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

150 150 150 150 150 150 150 150 150

150 150 150 150 150 150 150 150 200
300 300 300 300 300 300 300 300 350

150 150 150 150 150 150 150 150 150

300 300 300 300 300 300 300 300 300

2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

600 600 600 600 600 600 600 600 600
1050 1050 1050 1050 1050 1050 1050 1050 1050

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,200

2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.00
 500 500 500 500 500 500 500 500 600

1,850 1,850 1,850 1,850 1,850 1,850 1,850 1,850 2,000

8,850 8,850 8,850 8,850 8,850 8,850 8,850 8,850 9,350

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

600 600 600 600 600 600 600 600 600
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
400 400 400 400 400 400 400 400 400
400 400 400 400 400 400 400 400 400

400 400 400 400 400 400 400 400 400

1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400
300 300 300 300 300 300 300 300 300
500 500 500 500 500 500 500 500 500
300 300 300 300 300 300 300 300 300
6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

200 200 200 200 200 200 200 200 200
150 150 150 150 150 150 150 150 150
300 300 300 300 300 300 300 300 300
300 300 300 300 300 300 300 300 300

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600
2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

200 200 200 200 200 200 200 200 200
2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
100 100 100 100 100 100 100 100 100

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600
700 700 700 700 700 700 700 700 700

9,150 9,150 9,150 9,150 9,150 9,150 9,150 9,150 9,150

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F
26,423 31,048 28,892 24,896 22,652 32,528 30,734 33,483 29,932
10.13% 9.56% 10.19% 10.43% 10.47% 9.82% 10.46% 9.83% 10.20%
2,677 2,968 2,944 2,597 2,372 3,194 3,213 3,290 3,053
595 659 654 577 527 710 714 731 611
4,500 4,500 4,500 4,500 4,500 4,500 4,500 4,500 5,000

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

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

11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3

400 400 400 400 400 400 400 400 444
4,900 4,900 4,900 4,900 4,900 4,900 4,900 4,900 5,444

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

26,423 31,048 28,892 24,896 22,652 32,528 30,734 33,483 29,932
35,230 41,397 38,523 33,194 30,203 43,370 40,979 44,644 38,155
750 750 750 750 750 750 750 750 784

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

750 750 750 750 750 750 750 750 784
1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
400 400 400 400 400 400 400 400 418

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

100 100 100 100 100 100 100 100 80
100 100 100 100 100 100 100 100 80
50 50 50 50 50 50 50 50 30
75 75 75 75 75 75 75 75 70
325 325 325 325 325 325 325 325 260

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

24,375 24,375 24,375 24,375 24,375 24,375 24,375 24,375 25,407
33 33 33 33 33 33 33 33 33
750 750 750 750 750 750 750 750 782

24,375 24,375 24,375 24,375 24,375 24,375 24,375 24,375 25,407

2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08%
508 508 508 508 508 508 508 508 529
1.85 1.85 1.85 1.85 1.85 1.85 1.85 1.85 1.85
275 275 275 275 275 275 275 275 287
1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,025 1,068

7,400 7,400 7,400 7,400 7,400 7,400 7,400 7,400 7,976

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2021 2022 2022 2022 2022
Q3 Q3 Q4 Q4 Q4 Q1 Q1 Q1 Q2
8 9 10 11 12 1 2 3 4
Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

23,520 24,808 24,640 24,640 24,640 24,640 24,640 24,640 24,640

2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
26,620 27,908 27,740 27,740 27,740 27,740 27,740 27,740 27,740

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

2,625 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750
4,725 4,950 4,950 4,950 4,950 4,950 4,950 4,950 4,950
2,000 2,100 2,150 2,050 2,050 2,050 2,050 2,050 2,050
9,350 9,800 9,850 9,750 9,750 9,750 9,750 9,750 9,750

6,300 6,900 6,900 6,900 6,900 6,900 6,900 6,900 6,900

2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150
700 700 700 700 700 700 700 700 700
9,150 9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

5,553 5,553 5,553 5,553 5,553 5,553 5,553 5,553 5,553

785 785 785 785 785 785 785 785 785
418 418 419 419 419 419 418 418 419
260 260 260 260 260 260 260 260 260
1,073 1,117 1,119 1,115 1,115 1,115 1,115 1,115 1,115
8,089 8,134 8,136 8,132 8,132 8,132 8,132 8,131 8,132

26,589 27,684 27,736 27,632 27,632 27,632 27,632 27,631 27,632

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

311.0 348.7 385.0 434.1 611.9 424.4 361.9 7.3 638.7

924.3 881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4 1,285.0

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
46.2 44.1 44.9 45.8 60.2 52.9 45.5 44.9 64.3
 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%

252.5 292.9 328.2 376.2 535.7 357.4 304.3 (49.5) 557.4

339.2 342.3 343.3 345.0 342.9 344.3 344.2 345.4 347.7

150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0

27,074 27,320 27,400 27,543 27,373 27,481 27,472 27,568 27,756

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

10,500 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000
4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
2,625 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

2,625 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750
1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
4,725 4,950 4,950 4,950 4,950 4,950 4,950 4,950 4,950

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

150 200 200 150 150 150 150 150 150

200 250 250 200 200 200 200 200 200
350 450 450 350 350 350 350 350 350

150 150 150 150 150 150 150 150 150

300 300 300 300 300 300 300 300 300

2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

600 600 600 600 600 600 600 600 600
1050 1050 1050 1050 1050 1050 1050 1050 1050

1,200 1,200 1,300 1,300 1,300 1,300 1,300 1,300 1,300

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
 600 600 650 650 650 650 650 650 650

2,000 2,100 2,150 2,050 2,050 2,050 2,050 2,050 2,050

9,350 9,800 9,850 9,750 9,750 9,750 9,750 9,750 9,750

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

600 650 650 650 650 650 650 650 650
1,000 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050
400 450 450 450 450 450 450 450 450
400 450 450 450 450 450 450 450 450

400 450 450 450 450 450 450 450 450

1,000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100
1,400 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
300 350 350 350 350 350 350 350 350
500 550 550 550 550 550 550 550 550
300 350 350 350 350 350 350 350 350
6,300 6,900 6,900 6,900 6,900 6,900 6,900 6,900 6,900

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

200 200 200 200 200 200 200 200 200
150 150 150 150 150 150 150 150 150
300 300 300 300 300 300 300 300 300
300 300 300 300 300 300 300 300 300

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600
2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

200 200 200 200 200 200 200 200 200
2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
100 100 100 100 100 100 100 100 100

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600
700 700 700 700 700 700 700 700 700

9,150 9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F
27,473 25,291 27,263 27,650 32,486 30,229 26,046 23,698 34,033
10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.20%
2,802 2,580 2,781 2,820 3,313 3,083 2,656 2,417 3,471
549 506 545 553 650 605 521 474 681
5,100 5,100 5,100 5,100 5,100 5,100 5,100 5,100 5,100

2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000

2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3

453 453 453 453 453 453 453 453 453
5,553 5,553 5,553 5,553 5,553 5,553 5,553 5,553 5,553

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

27,473 25,291 27,263 27,650 32,486 30,229 26,046 23,698 34,033
35,013 32,231 34,738 35,230 41,397 38,523 33,194 30,203 43,370
785 785 785 785 785 785 785 785 785

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

785 785 785 785 785 785 785 785 785
1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
418 418 419 419 419 419 418 418 419

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

80 80 80 80 80 80 80 80 80
80 80 80 80 80 80 80 80 80
30 30 30 30 30 30 30 30 30
70 70 70 70 70 70 70 70 70
260 260 260 260 260 260 260 260 260

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

25,516 26,567 26,617 26,517 26,517 26,517 26,516 26,516 26,517
33 33 33 33 33 33 33 33 33
785 817 819 816 816 816 816 816 816

25,516 26,567 26,617 26,517 26,517 26,517 26,516 26,516 26,517

2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08%
532 553 555 552 552 552 552 552 552
1.85 1.85 1.85 1.85 1.85 1.85 1.85 1.85 1.85
288 300 300 299 299 299 299 299 299
1,073 1,117 1,119 1,115 1,115 1,115 1,115 1,115 1,115

8,089 8,134 8,136 8,132 8,132 8,132 8,132 8,131 8,132

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Actual
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022 2022 2022 2020
Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4 Q3
5 6 7 8 9 10 11 12
May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

24,640 24,640 24,640 24,640 24,640 24,640 24,640 24,640 22,400

2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
27,740 27,740 27,740 27,740 27,740 27,740 27,740 27,740 25,400

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,500
4,950 4,950 4,950 4,950 4,950 4,950 4,950 4,950 4,500
2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 1,850
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750 8,850

6,900 6,900 6,900 6,900 6,900 6,900 6,900 6,900 6,300

2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150
700 700 700 700 700 700 700 700 700
9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,150

5,553 5,553 5,553 5,553 5,553 5,553 5,553 5,553 4,900

785 785 821 821 821 821 821 821 750
418 418 438 438 438 438 438 438 400
260 260 260 260 260 260 260 260 325
1,115 1,115 1,117 1,117 1,117 1,117 1,117 1,117 1,025
8,131 8,132 8,189 8,190 8,190 8,190 8,190 8,190 7,400

27,631 27,632 27,689 27,690 27,690 27,690 27,690 27,690 25,400

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

528.2 569.6 475.6 334.8 373.4 410.0 461.2 648.6

1,205.9 1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
60.3 65.7 59.3 48.4 46.1 47.0 47.9 63.0
 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%

451.9 486.5 400.6 273.5 315.0 350.5 400.5 568.8

349.1 355.6 357.8 359.6 361.4 363.3 365.3 368.1

150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0 150,334.0

27,863 28,384 28,564 28,704 28,850 28,999 29,161 29,381 -

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 10,000
4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,500

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,750 2,500
1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8
4,950 4,950 4,950 4,950 4,950 4,950 4,950 4,950 4,500

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

150 150 150 150 150 150 150 150 150

200 200 200 200 200 200 200 200 150
350 350 350 350 350 350 350 350 300

150 150 150 150 150 150 150 150 150

300 300 300 300 300 300 300 300 300

2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0

600 600 600 600 600 600 600 600 600
1050 1050 1050 1050 1050 1050 1050 1050 1050

1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,000

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.0
 650 650 650 650 650 650 650 650 500

2,050 2,050 2,050 2,050 2,050 2,050 2,050 2,050 1,850

9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750 8,850

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

650 650 650 650 650 650 650 650 600
1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,050 1,000
450 450 450 450 450 450 450 450 400
450 450 450 450 450 450 450 450 400
-
450 450 450 450 450 450 450 450 400
1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,000
1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,400
350 350 350 350 350 350 350 350 300
550 550 550 550 550 550 550 550 500
350 350 350 350 350 350 350 350 300
6,900 6,900 6,900 6,900 6,900 6,900 6,900 6,900 6,300

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

200 200 200 200 200 200 200 200 200
150 150 150 150 150 150 150 150 150
300 300 300 300 300 300 300 300 300
300 300 300 300 300 300 300 300 300

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0

600 600 600 600 600 600 600 600 600
2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

200 200 200 200 200 200 200 200 600
2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 6.0
100 100 100 100 100 100 100 100 100

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 1.0

600 600 600 600 600 600 600 600 600
700 700 700 700 700 700 700 700 700

9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,750 9,150

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A
32,151 35,031 31,312 28,747 26,465 28,533 28,940 33,996 79,050
10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.11%
3,279 3,573 3,194 2,932 2,699 2,910 2,952 3,467 7,994
643 701 626 575 529 571 579 680 592
5,100 5,100 5,100 5,100 5,100 5,100 5,100 5,100 4,500

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

2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3

453 453 453 453 453 453 453 453 400
5,553 5,553 5,553 5,553 5,553 5,553 5,553 5,553 4,900

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

32,151 35,031 31,312 28,747 26,465 28,533 28,940 33,996 79,050
40,979 44,644 38,155 35,013 32,231 34,738 35,230 41,397 105,400
785 785 821 821 821 821 821 821 750

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

785 785 821 821 821 821 821 821 750
1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
418 418 438 438 438 438 438 438 400

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

80 80 80 80 80 80 80 80 100
80 80 80 80 80 80 80 80 100
30 30 30 30 30 30 30 30 50
70 70 70 70 70 70 70 70 75
260 260 260 260 260 260 260 260 325

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

26,516 26,516 26,572 26,572 26,572 26,573 26,573 26,573 24,375
33 33 33 33 33 33 33 33 33
816 816 818 818 818 818 818 818 750

26,516 26,516 26,572 26,572 26,572 26,573 26,573 26,573 24,375

2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08%
552 552 554 554 554 554 554 554 1,523
1.85 1.85 1.85 1.85 1.85 1.85 1.85 1.85 5.54
299 299 300 300 300 300 300 300 275
1,115 1,115 1,117 1,117 1,117 1,117 1,117 1,117 1,025

8,131 8,132 8,189 8,190 8,190 8,190 8,190 8,190 7,400

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2021 2021 2021 2021 2022 2022 2022 2022 2020
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

6m
Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20

22,400 22,400 22,400 24,808 24,640 24,640 24,640 24,640 24,640 22,400
2,000 2,000 2,000 2,100 2,100 2,100 2,100 2,100 2,100 2,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
25,400 25,400 25,400 27,908 27,740 27,740 27,740 27,740 27,740 25,400

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
2,500 2,500 2,500 2,750 2,750 2,750 2,750 2,750 2,750 2,500
4,500 4,500 4,500 4,950 4,950 4,950 4,950 4,950 4,950 4,500
1,850 1,850 1,850 2,100 2,050 2,050 2,050 2,050 2,050 1,850
8,850 8,850 8,850 9,800 9,750 9,750 9,750 9,750 9,750 - 8,850

6,300 6,300 6,300 6,900 6,900 6,900 6,900 6,900 6,900 6,300
2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150
700 700 700 700 700 700 700 700 700 700
9,150 9,150 9,150 9,750 9,750 9,750 9,750 9,750 9,750 - 9,150

4,900 4,900 4,900 5,553 5,553 5,553 5,553 5,553 5,553 4,900
750 750 750 785 785 785 785 821 821 750
400 400 400 418 419 418 418 438 438 400
325 325 325 260 260 260 260 260 260 325
1,025 1,025 1,025 1,117 1,115 1,115 1,115 1,117 1,117 1,025
7,400 7,400 7,400 8,134 8,132 8,131 8,132 8,190 8,190 - 7,400

25,400 25,400 25,400 27,684 27,632 27,631 27,632 27,690 27,690 - 25,400

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
 - - 26,100 27,320 27,373 27,568 28,384 28,850 29,381 -

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
10,000 10,000 10,000 11,000 11,000 11,000 11,000 11,000 11,000 10,000

2,500 2,500 2,500 2,750 2,750 2,750 2,750 2,750 2,750 2,500

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
2,500 2,500 2,500 2,750 2,750 2,750 2,750 2,750 2,750 2,500

4,500 4,500 4,500 4,950 4,950 4,950 4,950 4,950 4,950 4,500

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20

150 150 150 200 150 150 150 150 150 150
150 150 150 250 200 200 200 200 200 150
300 300 300 450 350 350 350 350 350 300

150 150 150 150 150 150 150 150 150 150
300 300 300 300 300 300 300 300 300 300

2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
600 600 600 600 600 600 600 600 600 600
1050 1050 1050 1050 1050 1050 1050 1050 1050 1050

1,000 1,000 1,000 1,200 1,300 1,300 1,300 1,300 1,300 1,000
2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
 500 500 500 600 650 650 650 650 650 500

1,850 1,850 1,850 2,100 2,050 2,050 2,050 2,050 2,050 1,850

8,850 8,850 8,850 9,800 9,750 9,750 9,750 9,750 9,750 8,850

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
600 600 600 650 650 650 650 650 650 600
1,000 1,000 1,000 1,050 1,050 1,050 1,050 1,050 1,050 1,000
400 400 400 450 450 450 450 450 450 400
400 400 400 450 450 450 450 450 450 400
- - - - - - - - - -
400 400 400 450 450 450 450 450 450 400
1,000 1,000 1,000 1,100 1,100 1,100 1,100 1,100 1,100 1,000
1,400 1,400 1,400 1,500 1,500 1,500 1,500 1,500 1,500 1,400
300 300 300 350 350 350 350 350 350 300
500 500 500 550 550 550 550 550 550 500
300 300 300 350 350 350 350 350 350 300
6,300 6,300 6,300 6,900 6,900 6,900 6,900 6,900 6,900 6,300

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
200 200 200 200 200 200 200 200 200 200
150 150 150 150 150 150 150 150 150 150
300 300 300 300 300 300 300 300 300 300
300 300 300 300 300 300 300 300 300 300

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 ### 3.0
600 600 600 600 600 600 600 600 600 600

3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 ### 3.0
600 600 600 600 600 600 600 600 600 600
2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150 2,150

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
600 600 600 600 600 600 600 600 600 1,200
6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0 12.0
100 100 100 100 100 100 100 100 100 100

1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.5
600 600 600 600 600 600 600 600 600 600
700 700 700 700 700 700 700 700 700 700

9,150 9,150 9,150 9,750 9,750 9,750 9,750 9,750 9,750 9,150
Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
83,524 76,440 96,745 82,696 87,399 79,973 101,215 86,524 91,469 162,574
9.99% 10.35% 10.02% 10.20% 10.20% 10.20% 10.20% 10.20% 10.20% 10.05%
8,343 7,913 9,698 8,434 8,914 8,157 10,323 8,825 9,329 16,337
618 586 718 551 583 533 675 577 610 605
4,500 4,500 4,500 5,100 5,100 5,100 5,100 5,100 5,100 4,500

1,500 1,500 1,500 2,000 2,000 2,000 2,000 2,000 2,000 1,500
2,000 2,000 2,000 2,100 2,100 2,100 2,100 2,100 2,100 2,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000

11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3 11.3
400 400 400 453 453 453 453 453 453 400
4,900 4,900 4,900 5,553 5,553 5,553 5,553 5,553 5,553 4,900

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
83,524 76,440 96,745 82,696 87,399 79,973 101,215 86,524 91,469 162,574
111,366 101,920 128,993 105,387 111,374 101,925 128,991 105,375 111,382 216,765
750 750 750 785 785 785 785 821 821 750

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
750 750 750 785 785 785 785 821 821 750
1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9
400 400 400 418 419 418 418 438 438 400

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
100 100 100 80 80 80 80 80 80 100
100 100 100 80 80 80 80 80 80 100
50 50 50 30 30 30 30 30 30 50
75 75 75 70 70 70 70 70 70 75
325 325 325 260 260 260 260 260 260 325

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
24,375 24,375 24,375 26,567 26,517 26,516 26,516 26,572 26,573 24,375
33 33 33 33 33 33 33 33 33 33
750 750 750 817 816 816 816 818 818 750

24,375 24,375 24,375 26,567 26,517 26,516 26,516 26,572 26,573 24,375
2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% 2.08%
1,523 1,523 1,523 1,614 1,659 1,657 1,657 1,661 1,661 3,047
5.54 5.54 5.54 5.39 5.55 5.54 5.54 5.54 5.54 11.08
275 275 275 300 299 299 299 300 300 275
1,025 1,025 1,025 1,117 1,115 1,115 1,115 1,117 1,117 1,025

7,400 7,400 7,400 8,134 8,132 8,131 8,132 8,190 8,190 7,400
 2021 2022

12m 12m
FY21 FY22

24,640 24,640
2,100 2,100
1,000 1,000
27,740 27,740

FY21 FY22
2,750 2,750
4,950 4,950
2,050 2,050
9,750 9,750

6,900 6,900
2,150 2,150
700 700
9,750 9,750

5,553 5,553
785 821
419 438
260 260
1,115 1,117
8,132 8,190

27,632 27,690

FY21 FY22
27,373 29,381

FY21 FY22
11,000 11,000

2,750 2,750

FY21 FY22
2,750 2,750

4,950 4,950

FY21 FY22

150 150
200 200
350 350

150 150
300 300

2.0 2.0
600 600
1050 1050

1,300 1,300
2.0 2.0
 650 650

2,050 2,050

9,750 9,750

FY21 FY22
650 650
1,050 1,050
450 450
450 450
- -
450 450
1,100 1,100
1,500 1,500
350 350
550 550
350 350
6,900 6,900

FY21 FY22
200 200
150 150
300 300
300 300

3.0 3.0
600 600

3.0 3.0
600 600
2,150 2,150

FY21 FY22
2,400 2,400
24.0 24.0
100 100

0.3 0.3
600 600
700 700

9,750 9,750
 FY21 FY22
343,280 359,181
10.18% 10.20%
34,960 36,634
571 599
5,100 5,100

2,000 2,000
2,100 2,100
1,000 1,000

11.3 11.3
453 453
5,553 5,553

FY21 FY22
343,280 359,181
437,446 437,378
785 821

FY21 FY22
785 821
1.9 1.9
419 438

FY21 FY22
80 80
80 80
30 30
70 70
260 260

FY21 FY22
26,517 26,573
33 33
816 818

26,517 26,573
2.08% 2.08%
6,321 6,636
21.13 22.14
299 300
1,115 1,117

8,132 8,190
 Scenario Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020
Quarter Q2 Q3 Q3 Q3
Month_num 6 7 8 9
Date Jun-20 Jul-20 Aug-20 Sep-20
Formatted Jun-20A Jul-20A Aug-20A Sep-20A
Jun-20A Jul-20A Aug-20A Sep-20A

x x Summary Balance Sheet

Jun-20A Jul-20A Aug-20A Sep-20A

Cash 4,049.4 3,894.1 3,957.2 3,561.3
Accounts Receivable 2,334.7 2,222.4 1,771.6 1,807.5
Inventory 1,370.5 1,323.8 1,202.0 1,075.0
Current Assets 7,754.6 7,440.3 6,930.8 6,443.8

Property, Plant, & Equipment, Net 2,019.9 1,995.0 1,970.1 1,945.2

Goodwill 4,967.8 4,967.8 4,967.8 4,967.8
Intangible Assets, Net 3,216.4 3,201.2 3,185.9 3,170.7
x Total Assets 17,958.7 17,604.4 17,054.7 16,527.5

Accounts Payable 2,025.2 1,813.4 1,198.9 923.8

Accrued Expenses 1,803.6 1,829.8 1,694.1 1,493.1
Bonus Payable 225.8 - - -
Short-term Debt 915.1 915.1 1,230.1 1,230.1
Deferred Revenues 1,325.5 1,350.0 1,362.5 1,375.0
Current Liabilities 6,295.2 5,908.3 5,485.6 5,022.0

Long-Term Debt 4,977.1 4,977.1 4,977.1 4,977.1

Other Liabilities 469.1 472.5 428.2 386.3
Total Liabilities 11,741.4 11,357.9 10,890.9 10,385.4

Common Stock 14,063.0 14,063.0 14,063.0 14,063.0

Treasury Stock (10,426.5) (10,426.5) (10,426.5) (10,426.5)
Retained Earnings 2,580.8 2,609.9 2,527.3 2,505.5
x Total Liabilities & Stockholder's Equity 17,958.7 17,604.4 17,054.7 16,527.5

Assets = Liabilities + Equity 1 TRUE TRUE TRUE

x x Assets

Days in Period 30 30 30
 Cash Jul-20A Aug-20A Sep-20A
Beginning Balance 4,049.4 3,894.1 3,957.2
+ Net Cash Flows (155.3) 63.1 (395.9)
x Ending Balance 4,049.4 3,894.1 3,957.2 3,561.3

Beginning + NCF = Ending 1 TRUE TRUE

Accounts Receivable Jul-20A Aug-20A Sep-20A

Beginning Balance 2,434.7 2,319.8 1,848.6
+ Credit Sales 927.9 735.3 715.1
- Collections 1,008.4 1,157.7 654.1
- Write Offs 34.4 48.9 30.4
x Ending Balance 2,434.7 2,319.8 1,848.6 1,879.1

A/R Days Outstanding 75 days 75 days 79 days

Allowance for Bad Debts Jul-20A Aug-20A Sep-20A

Beginning Balance 100.0 97.4 77.0
+ Bad Debt Expense 31.8 28.5 25.1
- Write Offs 34.4 48.9 30.4
x Ending Balance 100.0 97.4 77.0 71.6

Allowance % of A/R Ending Balance 4.20% 4.16% 3.81%

Accounts Receivable, Net Jul-20A Aug-20A Sep-20A

x Ending Balance 2,334.7 2,222.4 1,771.6 1,807.5

Inventory Jul-20A Aug-20A Sep-20A

Beginning Balance 1,370.5 1,323.8 1,202.0
+ Purchases 134.1 38.8 18.0
- Cost of Revenues 180.8 160.6 145.0
x Ending Balance 1,370.5 1,323.8 1,202.0 1,075.0

Inventory Days 220 days 225 days 222 days

Property, Plant, & Equiptment, Gross Jul-20A Aug-20A Sep-20A

Beginning Balance 2,841.2 2,841.2 2,841.2
+ Capital Expenditures - - -
- Sales of PP&E - - -
x Ending Balance 2,841.2 2,841.2 2,841.2 2,841.2

Accumulated Depreciation Jul-20A Aug-20A Sep-20A

Beginning Balance 821.3 846.2 871.1
+ Depreciation 24.9 24.9 24.9
- Accumulated Depreciation on Disposed PP&E - - -
x Ending Balance 821.3 846.2 871.1 896.0

Property, Plant, & Equipment, Net Jul-20A Aug-20A Sep-20A

 x Ending Balance 2,019.9 1,995.0 1,970.1 1,945.2

Goodwill Jul-20A Aug-20A Sep-20A

Beginning Balance 4,967.8 4,967.8 4,967.8
+ Goodwill from M&A - - -
- Goodwill Impairment Charges - - -
x Ending Balance 4,967.8 4,967.8 4,967.8 4,967.8

Definited-Lived Intangibles, Gross Jul-20A Aug-20A Sep-20A

Beginning Balance 2,741.3 2,741.3 2,741.3
+ Acquisition Intangibles - - -
- Sales of Intangibles - - -
- Intangible Impairments - - -
x Ending Balance 2,741.3 2,741.3 2,741.3 2,741.3

Accumulated Amortization Jul-20A Aug-20A Sep-20A

Beginning Balance 524.9 540.1 555.4
+ Amortization 15.2 15.2 15.2
- Accum. Amort. on Intangibles Sold or Written Off - - -
x Ending Balance 524.9 540.1 555.4 570.6

Definite-Lived Intangibles, Net Jul-20A Aug-20A Sep-20A

x Ending Balance 2,216.4 2,201.2 2,185.9 2,170.7

Indefinited-Lived Intangibles Jul-20A Aug-20A Sep-20A

Beginning Balance 1,000.0 1,000.0 1,000.0
+ Acquisition Intangibles - - -
- Sales of Intangibles - - -
- Intangible Impairments - - -
x Ending Balance 1,000.0 1,000.0 1,000.0 1,000.0

x Total Assets 17,958.7 17,604.4 17,054.7 16,527.5

x x Liabilities

Accounts Payable Jul-20A Aug-20A Sep-20A

Beginning Balance 2,025.2 1,813.4 1,198.9
+ Purchases 134.1 38.8 18.0
+ Credit Card Processing Fees 112.1 96.8 86.5
- Payments 458.0 750.1 379.7
x Ending Balance 2,025.2 1,813.4 1,198.9 923.8

Days Payable 221 days 265 days 265 days

Accrued Expenses Jul-20A Aug-20A Sep-20A

Beginning Balance 1,803.6 1,829.8 1,694.1
+ Marketing Expenses 466.3 411.3 325.4
 - Payments 440.1 547.0 526.4
x Ending Balance 1,803.6 1,829.8 1,694.1 1,493.1

Days Expenses Accrued 118 days 124 days 138 days

Bonus Payable Jul-20A Aug-20A Sep-20A

Beginning Balance 225.8 - -
+ Bonus Expense - - -
- Payments 225.8 - -
x Ending Balance 225.8 - - -

Short-Term Debt Jul-20A Aug-20A Sep-20A

Beginning Balance 915.1 915.1 1,230.1
+ ST Debt Issuance - 620.0 -
- ST Debt Repayments - 305.0 -
x Ending Balance 915.1 915.1 1,230.1 1,230.1

Deferred Revenues Jul-20A Aug-20A Sep-20A

Beginning Balance 1,325.5 1,350.0 1,362.5
+ Cash Received from Customers 172.6 136.4 133.9
- Earned Revenue 148.1 123.9 121.4
x Ending Balance 1,325.5 1,350.0 1,362.5 1,375.0

Total Revenues 1,076.0 859.3 836.5

Deferred Revenue % of Annualized Revenues 10.5% 13.2% 13.7%

Long-Term Debt Jul-20A Aug-20A Sep-20A

Beginning Balance 4,977.1 4,977.1 4,977.1
+ LT Debt Issued - - -
- LT Debt Repayment - - -
x Ending Balance 4,977.1 4,977.1 4,977.1 4,977.1

EBITDA 93.7 (47.7) 30.2

Rolling 12mo EBITDA
Ending Debt / Annualized EBITDA

Other Liabilities Jul-20A Aug-20A Sep-20A

x Ending Balance 469.1 472.5 428.2 386.3

Total Expenses 1,047.9 942.7 858.3

% of Total Expenses 45.1% 45.4% 45.0%

x Total Liabilities 11,741.4 11,357.9 10,890.9 10,385.4

x x Shareholders Equity

Common Stock Jul-20A Aug-20A Sep-20A

 Beginning Balance 14,063.0 14,063.0 14,063.0
+ Share Issuances - - -
x Ending Balance 14,063.0 14,063.0 14,063.0 14,063.0

Treasury Stock Jul-20A Aug-20A Sep-20A

Beginning Balance 10,426.5 10,426.5 10,426.5
+ Share repurchases - - -
- Treasury Stock Sales - - -
x Ending Balance 10,426.5 10,426.5 10,426.5 10,426.5

Retained Earnings Jul-20A Aug-20A Sep-20A

Beginning Balance 2,580.8 2,609.9 2,527.3
+ Net Income 29.1 (82.6) (21.7)
- Dividends - - -
x Ending Balance 2,580.8 2,609.9 2,527.3 2,505.5

x Total Shareholders Equity 6,217.3 6,246.4 6,163.8 6,142.1

x Total Liabilities & Shareholders Equity 17,958.7 17,604.4 17,054.7 16,527.5

A = L + OE TRUE TRUE TRUE TRUE

RE Ending = Beginning + NI - Dividends 1 TRUE TRUE

x x Supplemental Info & Ratios

x Working Capital Ratios Jul-20A Aug-20A Sep-20A

A/R Days 75.0 75.4 78.8
Inventory Days 219.7 224.5 222.4
A/P Days 221.0 265.2 265.0
Cash Conversion Cycle 73.7 34.7 36.2

x Supplemental Metrics Jul-20A Aug-20A Sep-20A

Current Operating Assets 7,440.3 6,930.8 6,443.8
Current Operating Liabilities 4,993.2 4,255.5 3,791.9
Net Working Capital 2,447.1 2,675.4 2,651.9
Long-term Operating Assets 10,164.0 10,123.9 10,083.7
Long-term Financial Liabilities 5,892.2 6,207.2 6,207.2

Cash 3,894.1 3,957.2 3,561.3

Total Debt (ST + LT) 5,892.2 6,207.2 6,207.2
Net Debt 1,998.1 2,249.9 2,645.8

x Ratios Jul-20A Aug-20A Sep-20A

Current Ratio 1.49 1.63 1.70
x x Quick Ratio 1.22 1.35 1.42
Actual Actual Actual Actual Actual Actual Actual Actual Actual
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2020 2020 2021 2021 2021 2021 2021 2021
Q4 Q4 Q4 Q1 Q1 Q1 Q2 Q2 Q2
10 11 12 1 2 3 4 5 6
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A
Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

3,429.9 4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7
1,942.1 1,989.8 2,592.2 2,541.3 2,251.8 2,393.9 2,989.4 3,385.8 3,818.1
1,063.9 1,029.0 1,195.1 1,274.2 1,164.5 1,118.2 1,196.7 1,323.0 1,495.0
6,435.9 7,608.9 6,691.0 7,129.6 6,533.3 6,945.6 7,085.2 7,908.6 8,302.8

1,920.2 1,895.3 1,870.4 1,845.5 1,820.6 1,795.6 1,770.7 1,745.8 1,720.9

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
3,155.5 3,140.2 3,125.0 3,109.8 3,094.6 3,079.3 3,064.1 3,048.9 3,033.6
16,479.5 17,612.3 16,654.3 17,052.7 16,416.2 16,788.4 16,887.9 17,671.0 18,025.1

980.8 1,101.6 1,321.3 1,587.5 1,019.1 1,206.8 1,395.4 1,810.6 1,784.7

1,364.2 1,304.5 1,478.8 1,538.8 1,382.9 1,349.3 1,500.8 1,673.1 1,878.5
- - - - - 389.8 - - -
1,230.1 1,230.1 885.1 885.1 885.1 885.1 885.1 905.1 905.1
1,387.5 1,400.0 1,412.5 1,425.0 1,437.5 1,450.0 1,462.5 1,475.0 1,487.5
4,962.6 5,036.1 5,097.7 5,436.5 4,724.6 5,281.0 5,243.7 5,863.8 6,055.8

4,977.1 5,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

370.7 372.0 367.0 372.0 427.0 514.0 437.2 461.8 503.2
10,310.4 11,385.2 10,191.8 10,535.6 9,878.7 10,522.0 10,408.0 11,052.6 11,286.1

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

(10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5)
2,532.5 2,590.5 2,825.9 2,880.6 2,900.9 2,629.8 2,843.3 2,981.9 3,102.5
16,479.5 17,612.3 16,654.3 17,052.7 16,416.2 16,788.4 16,887.9 17,671.0 18,025.1

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

30 30 30 30 30 30 30 30 30
Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A
3,561.3 3,429.9 4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7
(131.4) 1,160.2 (1,686.3) 410.4 (197.2) 316.5 (534.2) 300.5 (210.0)
3,429.9 4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,879.1 2,022.8 2,077.0 2,699.9 2,646.0 2,345.5 2,491.1 3,111.7 3,529.7
737.8 727.3 1,012.5 858.2 733.6 752.3 1,014.7 997.4 1,055.4
578.0 651.8 382.8 866.3 988.7 577.4 384.8 552.1 576.1
16.1 21.4 6.8 45.8 45.4 29.4 9.3 27.3 33.7
2,022.8 2,077.0 2,699.9 2,646.0 2,345.5 2,491.1 3,111.7 3,529.7 3,975.3

82 days 86 days 80 days 93 days 96 days 99 days 92 days 106 days 113 days

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

71.6 80.7 87.2 107.7 104.7 93.7 97.2 122.3 143.9
25.1 27.9 27.3 42.8 34.4 32.8 34.4 48.8 47.1
16.1 21.4 6.8 45.8 45.4 29.4 9.3 27.3 33.7
80.7 87.2 107.7 104.7 93.7 97.2 122.3 143.9 157.2

3.99% 4.20% 3.99% 3.96% 3.99% 3.90% 3.93% 4.08% 3.95%

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,942.1 1,989.8 2,592.2 2,541.3 2,251.8 2,393.9 2,989.4 3,385.8 3,818.1

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,075.0 1,063.9 1,029.0 1,195.1 1,274.2 1,164.5 1,118.2 1,196.7 1,323.0
134.4 110.5 342.9 269.7 57.1 112.1 282.4 331.8 385.4
145.5 145.4 176.8 190.6 166.8 158.4 203.9 205.5 213.4
1,063.9 1,029.0 1,195.1 1,274.2 1,164.5 1,118.2 1,196.7 1,323.0 1,495.0

219 days 212 days 203 days 201 days 209 days 212 days 176 days 193 days 210 days

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2
- - - - - - - - -
- - - - - - - - -
2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

896.0 920.9 945.9 970.8 995.7 1,020.6 1,045.6 1,070.5 1,095.4
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
- - - - - - - - -
920.9 945.9 970.8 995.7 1,020.6 1,045.6 1,070.5 1,095.4 1,120.3

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

 1,920.2 1,895.3 1,870.4 1,845.5 1,820.6 1,795.6 1,770.7 1,745.8 1,720.9

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
- - - - - - - - -
- - - - - - - - -
4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

570.6 585.8 601.1 616.3 631.5 646.8 662.0 677.2 692.4
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
- - - - - - - - -
585.8 601.1 616.3 631.5 646.8 662.0 677.2 692.4 707.7

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

2,155.5 2,140.2 2,125.0 2,109.8 2,094.6 2,079.3 2,064.1 2,048.9 2,033.6

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

16,479.5 17,612.3 16,654.3 17,052.7 16,416.2 16,788.4 16,887.9 17,671.0 18,025.1

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

923.8 980.8 1,101.6 1,321.3 1,587.5 1,019.1 1,206.8 1,395.4 1,810.6
134.4 110.5 342.9 269.7 57.1 112.1 282.4 331.8 385.4
85.9 84.4 114.4 111.3 97.3 92.1 133.1 120.8 129.4
163.3 74.1 237.6 114.7 722.9 16.5 226.9 37.4 540.7
980.8 1,101.6 1,321.3 1,587.5 1,019.1 1,206.8 1,395.4 1,810.6 1,784.7

134 days 170 days 87 days 125 days 198 days 177 days 101 days 120 days 104 days

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,493.1 1,364.2 1,304.5 1,478.8 1,538.8 1,382.9 1,349.3 1,500.8 1,673.1
283.1 255.8 331.3 347.3 287.4 276.2 331.1 410.1 492.6
 412.0 315.5 157.0 287.2 443.3 309.8 179.7 237.8 287.1
1,364.2 1,304.5 1,478.8 1,538.8 1,382.9 1,349.3 1,500.8 1,673.1 1,878.5

145 days 153 days 134 days 133 days 144 days 147 days 136 days 122 days 114 days

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

- - - - - - 389.8 - -
- - - - - 389.8 - - -
- - - - - - 389.8 - -
- - - - - 389.8 - - -

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,230.1 1,230.1 1,230.1 885.1 885.1 885.1 885.1 885.1 905.1
- - 305.0 - - - - 325.0 -
- - 650.0 - - - 305.0 -
1,230.1 1,230.1 885.1 885.1 885.1 885.1 885.1 905.1 905.1

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1,375.0 1,387.5 1,400.0 1,412.5 1,425.0 1,437.5 1,450.0 1,462.5 1,475.0
131.1 153.1 202.8 153.6 150.8 132.9 195.0 198.6 207.3
118.6 140.6 190.3 141.1 138.3 120.4 182.5 186.1 194.8
1,387.5 1,400.0 1,412.5 1,425.0 1,437.5 1,450.0 1,462.5 1,475.0 1,487.5

856.3 868.0 1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2

13.5% 13.4% 9.8% 11.9% 13.7% 13.8% 10.2% 10.4% 9.9%

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

4,977.1 4,977.1 5,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1
- 1,000.0 - - - - - - -
- - 1,250.0 - - - - - -
4,977.1 5,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

92.2 131.5 358.8 126.0 82.2 (286.6) 326.7 232.2 209.3

1,348.4
3.5x

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

370.7 372.0 367.0 372.0 427.0 514.0 437.2 461.8 503.2

829.1 809.6 967.9 944.7 852.0 1,144.2 984.1 1,045.0 1,129.9

44.7% 46.0% 37.9% 39.4% 50.1% 44.9% 44.4% 44.2% 44.5%

10,310.4 11,385.2 10,191.8 10,535.6 9,878.7 10,522.0 10,408.0 11,052.6 11,286.1

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0
- - - - - - - - -
14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5
- - - - - - - - -
- - - - - - - - -
10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

2,505.5 2,532.5 2,590.5 2,825.9 2,880.6 2,900.9 2,629.8 2,843.3 2,981.9
27.0 58.0 235.4 54.7 20.3 (271.2) 213.6 138.5 120.6
- - - - - - - - -
2,532.5 2,590.5 2,825.9 2,880.6 2,900.9 2,629.8 2,843.3 2,981.9 3,102.5

6,169.1 6,227.0 6,462.5 6,517.1 6,537.5 6,266.3 6,479.9 6,618.5 6,739.0

16,479.5 17,612.3 16,654.3 17,052.7 16,416.2 16,788.4 16,887.9 17,671.0 18,025.1

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

82.3 85.7 80.0 92.5 95.9 99.3 92.0 106.2 113.0
219.3 212.4 202.8 200.5 209.5 211.8 176.1 193.1 210.2
133.5 169.6 86.7 125.0 198.0 177.3 100.8 120.0 104.0
168.0 128.4 196.2 168.0 107.4 133.9 167.3 179.3 219.2

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

6,435.9 7,608.9 6,691.0 7,129.6 6,533.3 6,945.6 7,085.2 7,908.6 8,302.8
3,732.5 3,806.0 4,212.6 4,551.4 3,839.5 4,006.1 4,358.6 4,958.7 5,150.7
2,703.4 3,802.8 2,478.4 2,578.2 2,693.7 2,939.4 2,726.6 2,949.9 3,152.0
10,043.6 10,003.4 9,963.3 9,923.1 9,883.0 9,842.8 9,802.6 9,762.5 9,722.3
6,207.2 7,207.2 5,612.2 5,612.2 5,612.2 5,612.2 5,612.2 5,632.2 5,632.2

3,429.9 4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7

6,207.2 7,207.2 5,612.2 5,612.2 5,612.2 5,612.2 5,612.2 5,632.2 5,632.2
2,777.2 2,617.1 2,708.4 2,298.0 2,495.2 2,178.7 2,713.0 2,432.5 2,642.5

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A

1.72 2.00 1.59 1.57 1.70 1.73 1.63 1.59 1.61
1.44 1.73 1.30 1.29 1.40 1.45 1.35 1.33 1.32
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2021 2021 2022 2022 2022
Q3 Q3 Q3 Q4 Q4 Q4 Q1 Q1 Q1
7 8 9 10 11 12 1 2 3
Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F
Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

3,222.4 2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8
3,619.6 2,989.4 2,875.1 2,940.4 3,051.1 3,999.1 3,456.1 2,984.1 2,952.1
1,448.9 1,289.8 1,170.9 1,163.2 1,109.7 1,359.9 1,295.7 1,201.3 1,161.1
8,290.9 7,152.6 7,005.5 6,909.1 6,918.3 7,978.1 7,710.9 7,612.4 7,874.0

1,695.9 1,671.0 1,646.1 1,621.2 1,596.2 1,571.3 1,546.4 1,521.5 1,496.6

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
3,018.4 3,003.2 2,988.0 2,972.7 2,957.5 2,942.3 2,927.0 2,911.8 2,896.6
17,973.1 16,794.6 16,607.4 16,470.8 16,439.8 17,459.5 17,152.2 17,013.5 17,234.9

1,982.1 1,011.7 1,145.0 1,074.2 1,083.2 1,649.9 1,025.7 1,184.1 1,304.3

1,648.4 1,461.6 1,206.7 1,126.5 1,018.2 1,272.3 1,449.9 1,207.8 1,112.4
- - - - - - - - 375.1
905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1
1,421.2 1,465.6 1,448.9 1,454.6 1,477.7 1,415.1 1,507.5 1,499.2 1,490.9
5,956.8 4,843.9 4,705.7 4,560.4 4,484.2 5,242.3 4,888.1 4,796.2 5,187.9

4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

469.0 434.5 400.7 394.0 385.2 452.3 452.9 409.1 533.6
11,152.9 10,005.5 9,833.5 9,681.5 9,596.5 10,421.7 10,068.1 9,932.4 10,448.5

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

(10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5)
3,183.7 3,152.5 3,137.4 3,152.7 3,206.8 3,401.3 3,447.5 3,444.6 3,149.8
17,973.1 16,794.6 16,607.4 16,470.8 16,439.8 17,459.5 17,152.2 17,013.5 17,234.9

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

30 30 30 30 30 30
 Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F
2,989.7 3,222.4 2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0
232.7 (349.0) 86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7
3,222.4 2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

3,975.3 3,769.2 3,113.0 2,993.9 3,062.0 3,177.2 4,164.4 3,598.9 3,107.5
1,132.8 924.3 881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4
1,288.3 1,519.4 962.4 798.4 770.7 211.2 1,560.1 1,346.8 895.4
50.6 61.1 38.2 31.3 30.2 6.5 62.5 54.0 35.4
3,769.2 3,113.0 2,993.9 3,062.0 3,177.2 4,164.4 3,598.9 3,107.5 3,074.1

100 days 101 days 102 days 102 days 104 days 104 days 102 days 103 days 103 days

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

157.2 149.6 123.6 118.8 121.5 126.1 165.3 142.8 123.3
43.0 35.1 33.4 34.0 34.7 45.7 40.1 34.5 34.0
50.6 61.1 38.2 31.3 30.2 6.5 62.5 54.0 35.4
149.6 123.6 118.8 121.5 126.1 165.3 142.8 123.3 122.0

3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97%

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

3,619.6 2,989.4 2,875.1 2,940.4 3,051.1 3,999.1 3,456.1 2,984.1 2,952.1

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1,495.0 1,448.9 1,289.8 1,170.9 1,163.2 1,109.7 1,359.9 1,295.7 1,201.3
151.8 13.2 39.1 151.4 103.3 451.3 129.7 77.6 124.3
197.9 172.3 158.0 159.1 156.8 201.1 193.9 172.0 164.5
1,448.9 1,289.8 1,170.9 1,163.2 1,109.7 1,359.9 1,295.7 1,201.3 1,161.1

220 days 225 days 222 days 219 days 212 days 203 days 201 days 209 days 212 days

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2
- - - - - - - - -
- - - - - - - - -
2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1,120.3 1,145.3 1,170.2 1,195.1 1,220.0 1,244.9 1,269.9 1,294.8 1,319.7
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
- - - - - - - - -
1,145.3 1,170.2 1,195.1 1,220.0 1,244.9 1,269.9 1,294.8 1,319.7 1,344.6

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

 1,695.9 1,671.0 1,646.1 1,621.2 1,596.2 1,571.3 1,546.4 1,521.5 1,496.6

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
- - - - - - - - -
- - - - - - - - -
4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

707.7 722.9 738.1 753.4 768.6 783.8 799.1 814.3 829.5
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
- - - - - - - - -
722.9 738.1 753.4 768.6 783.8 799.1 814.3 829.5 844.7

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

2,018.4 2,003.2 1,988.0 1,972.7 1,957.5 1,942.3 1,927.0 1,911.8 1,896.6

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

17,973.1 16,794.6 16,607.4 16,470.8 16,439.8 17,459.5 17,152.2 17,013.5 17,234.9

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1,784.7 1,982.1 1,011.7 1,145.0 1,074.2 1,083.2 1,649.9 1,025.7 1,184.1
151.8 13.2 39.1 151.4 103.3 451.3 129.7 77.6 124.3
117.3 101.3 90.5 89.9 88.3 119.7 116.4 101.8 96.4
71.7 1,084.9 (3.7) 312.1 182.7 4.3 870.3 21.0 100.5
1,982.1 1,011.7 1,145.0 1,074.2 1,083.2 1,649.9 1,025.7 1,184.1 1,304.3

221 days 265 days 265 days 134 days 170 days 87 days 125 days 198 days 177 days

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1,878.5 1,648.4 1,461.6 1,206.7 1,126.5 1,018.2 1,272.3 1,449.9 1,207.8
432.2 383.2 316.4 295.4 267.0 333.6 380.2 316.7 291.7
 662.4 570.0 571.3 375.6 375.3 79.5 202.6 558.8 387.0
1,648.4 1,461.6 1,206.7 1,126.5 1,018.2 1,272.3 1,449.9 1,207.8 1,112.4

114 days 114 days 114 days 114 days 114 days 114 days 114 days 114 days 114 days

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

- - - - - - - - -
- - - - - - - - 375.1
- - - - - - - - -
- - - - - - - - 375.1

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1
- - - - - - - - -
- - - - - - - - -
905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1,487.5 1,421.2 1,465.6 1,448.9 1,454.6 1,477.7 1,415.1 1,507.5 1,499.2
104.3 183.5 116.0 140.9 161.1 118.7 251.5 128.7 126.8
170.5 139.1 132.7 135.2 137.9 181.4 159.1 136.9 135.1
1,421.2 1,465.6 1,448.9 1,454.6 1,477.7 1,415.1 1,507.5 1,499.2 1,490.9

1,132.8 924.3 881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4

10.46% 13.21% 13.70% 13.50% 13.44% 9.79% 11.88% 13.74% 13.84%

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1
- - - - - - - - -
- - - - - - - - -
4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

159.6 17.1 37.7 76.2 125.4 303.2 115.6 53.1 (316.7)

1,414.3 1,479.1 1,486.6 1,470.6 1,464.5 1,408.9 1,398.5 1,369.4 1,339.3
3.3x 3.2x 3.2x 3.2x 3.2x 3.4x 3.4x 3.5x 3.5x

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

469.0 434.5 400.7 394.0 385.2 452.3 452.9 409.1 533.6

1,051.7 955.8 896.6 882.5 862.1 1,010.3 1,010.7 912.4 1,192.6

44.59% 45.46% 44.69% 44.65% 44.68% 44.77% 44.81% 44.84% 44.74%

11,152.9 10,005.5 9,833.5 9,681.5 9,596.5 10,421.7 10,068.1 9,932.4 10,448.5

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0
- - - - - - - - -
14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5
- - - - - - - - -
- - - - - - - - -
10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

3,102.5 3,183.7 3,152.5 3,137.4 3,152.7 3,206.8 3,401.3 3,447.5 3,444.6
81.2 (31.2) (15.1) 15.3 54.1 194.5 46.2 (2.9) (294.8)
- - - - - - - - -
3,183.7 3,152.5 3,137.4 3,152.7 3,206.8 3,401.3 3,447.5 3,444.6 3,149.8

6,820.2 6,789.1 6,774.0 6,789.3 6,843.4 7,037.9 7,084.1 7,081.1 6,786.4

17,973.1 16,794.6 16,607.4 16,470.8 16,439.8 17,459.5 17,152.2 17,013.5 17,234.9

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

99.8 101.0 101.9 102.3 104.0 103.7 102.1 102.5 102.8
219.7 224.5 222.4 219.3 212.4 202.8 200.5 209.5 211.8
221.0 265.2 265.0 133.5 169.6 86.7 125.0 198.0 177.3
98.5 60.3 59.2 188.1 146.8 219.8 177.6 114.0 137.3

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

8,290.9 7,152.6 7,005.5 6,909.1 6,918.3 7,978.1 7,710.9 7,612.4 7,874.0
5,051.7 3,938.9 3,800.6 3,655.3 3,579.1 4,337.2 3,983.0 3,891.1 3,907.6
3,239.2 3,213.7 3,204.9 3,253.8 3,339.2 3,640.9 3,727.8 3,721.3 3,966.3
9,682.2 9,642.0 9,601.9 9,561.7 9,521.6 9,481.4 9,441.3 9,401.1 9,361.0
5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2

3,222.4 2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8

5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2
2,409.8 2,758.8 2,672.6 2,826.7 2,874.7 3,013.0 2,673.1 2,205.2 1,871.4

Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F

1.64 1.82 1.84 1.89 1.93 1.84 1.94 1.96 2.02
1.35 1.49 1.54 1.57 1.62 1.53 1.61 1.65 1.72
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022 2022 2022 2022
Q2 Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4
4 5 6 7 8 9 10 11 12
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

2,945.0 3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 3,643.6
4,233.2 3,976.3 4,322.2 3,895.7 3,182.2 3,036.3 3,093.2 3,156.4 4,149.5
1,321.2 1,343.6 1,561.6 1,509.0 1,342.6 1,218.3 1,210.5 1,154.8 1,416.8
8,499.5 8,443.4 9,490.4 9,477.4 8,306.1 8,168.5 8,084.7 8,100.0 9,209.9

1,471.6 1,446.7 1,421.8 1,396.9 1,371.9 1,347.0 1,322.1 1,297.2 1,272.3

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
2,881.3 2,866.1 2,850.9 2,835.7 2,820.4 2,805.2 2,790.0 2,774.7 2,759.5
17,820.3 17,724.0 18,730.9 18,677.8 17,466.3 17,288.6 17,164.6 17,139.7 18,209.5

1,761.4 1,429.7 1,997.9 2,034.4 1,051.7 1,191.1 1,121.3 1,129.9 1,724.3

1,382.2 1,564.4 1,761.1 1,695.5 1,503.5 1,242.9 1,164.2 1,051.8 1,312.1
- - - - - - - - -
905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1
1,569.9 1,503.0 1,562.2 1,486.8 1,533.6 1,516.2 1,522.4 1,546.6 1,480.9
5,618.6 5,402.1 6,226.3 6,121.9 4,993.8 4,855.3 4,713.0 4,633.5 5,422.3

4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

484.0 487.7 521.2 497.2 449.5 415.7 410.5 401.0 470.0
10,829.6 10,617.0 11,474.6 11,346.2 10,170.4 9,998.0 9,850.5 9,761.6 10,619.3

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

(10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5)
3,354.1 3,470.5 3,619.7 3,695.0 3,659.3 3,654.0 3,677.6 3,741.6 3,953.6
17,820.3 17,724.0 18,730.9 18,677.8 17,466.3 17,288.6 17,164.6 17,139.7 18,209.5

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
3,760.8 2,945.0 3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7
(815.7) 178.5 483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1)
2,945.0 3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 3,643.6

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

3,074.1 4,408.1 4,140.6 4,500.8 4,056.7 3,313.7 3,161.8 3,221.1 3,286.9
1,285.0 1,205.9 1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9
(44.8) 1,417.0 917.3 1,566.6 1,643.9 1,033.3 847.0 859.3 220.0
(4.2) 56.3 35.5 62.6 66.2 41.0 33.3 33.8 6.8
4,408.1 4,140.6 4,500.8 4,056.7 3,313.7 3,161.8 3,221.1 3,286.9 4,321.0

103 days 103 days 103 days 103 days 103 days 103 days 103 days 103 days 103 days

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

122.0 175.0 164.3 178.6 161.0 131.5 125.5 127.8 130.5
48.7 45.7 49.8 44.9 36.7 35.0 35.6 36.4 47.8
(4.2) 56.3 35.5 62.6 66.2 41.0 33.3 33.8 6.8
175.0 164.3 178.6 161.0 131.5 125.5 127.8 130.5 171.5

3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97% 3.97%

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

4,233.2 3,976.3 4,322.2 3,895.7 3,182.2 3,036.3 3,093.2 3,156.4 4,149.5

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,161.1 1,321.2 1,343.6 1,561.6 1,509.0 1,342.6 1,218.3 1,210.5 1,154.8
385.2 231.0 440.9 153.5 13.0 40.1 157.8 107.4 471.5
225.1 208.7 222.9 206.1 179.4 164.4 165.6 163.1 209.5
1,321.2 1,343.6 1,561.6 1,509.0 1,342.6 1,218.3 1,210.5 1,154.8 1,416.8

176 days 193 days 210 days 220 days 225 days 222 days 219 days 212 days 203 days

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2
- - - - - - - - -
- - - - - - - - -
2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,344.6 1,369.6 1,394.5 1,419.4 1,444.3 1,469.2 1,494.2 1,519.1 1,544.0
24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9
- - - - - - - - -
1,369.6 1,394.5 1,419.4 1,444.3 1,469.2 1,494.2 1,519.1 1,544.0 1,568.9

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

 1,471.6 1,446.7 1,421.8 1,396.9 1,371.9 1,347.0 1,322.1 1,297.2 1,272.3

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
- - - - - - - - -
- - - - - - - - -
4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

844.7 860.0 875.2 890.4 905.7 920.9 936.1 951.3 966.6
15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2
- - - - - - - - -
860.0 875.2 890.4 905.7 920.9 936.1 951.3 966.6 981.8

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,881.3 1,866.1 1,850.9 1,835.7 1,820.4 1,805.2 1,790.0 1,774.7 1,759.5

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

17,820.3 17,724.0 18,730.9 18,677.8 17,466.3 17,288.6 17,164.6 17,139.7 18,209.5

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,304.3 1,761.4 1,429.7 1,997.9 2,034.4 1,051.7 1,191.1 1,121.3 1,129.9
385.2 231.0 440.9 153.5 13.0 40.1 157.8 107.4 471.5
139.2 126.4 135.4 122.7 106.0 94.8 94.1 92.4 125.3
67.3 689.1 8.1 239.7 1,101.7 (4.6) 321.8 191.2 2.4
1,761.4 1,429.7 1,997.9 2,034.4 1,051.7 1,191.1 1,121.3 1,129.9 1,724.3

101 days 120 days 104 days 221 days 265 days 265 days 134 days 170 days 87 days

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,112.4 1,382.2 1,564.4 1,761.1 1,695.5 1,503.5 1,242.9 1,164.2 1,051.8
362.4 410.2 461.8 444.6 394.2 325.9 305.3 275.8 344.0
 92.7 228.0 265.1 510.1 586.3 586.5 383.9 388.2 83.8
1,382.2 1,564.4 1,761.1 1,695.5 1,503.5 1,242.9 1,164.2 1,051.8 1,312.1

114 days 114 days 114 days 114 days 114 days 114 days 114 days 114 days 114 days

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

375.1 - - - - - - - -
- - - - - - - - -
375.1
- - - - - - - - -

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1
- - - - - - - - -
- - - - - - - - -
905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1 905.1

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1,490.9 1,569.9 1,503.0 1,562.2 1,486.8 1,533.6 1,516.2 1,522.4 1,546.6
272.4 114.6 256.9 103.0 192.4 121.5 147.7 168.6 124.0
193.5 181.5 197.7 178.4 145.6 138.9 141.5 144.4 189.8
1,569.9 1,503.0 1,562.2 1,486.8 1,533.6 1,516.2 1,522.4 1,546.6 1,480.9

1,285.0 1,205.9 1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9

10.18% 10.39% 9.92% 10.46% 13.21% 13.70% 13.50% 13.44% 9.79%

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1
- - - - - - - - -
- - - - - - - - -
4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

314.7 204.2 245.5 151.6 10.7 49.3 85.9 137.1 324.5

1,327.3 1,299.3 1,335.6 1,327.6 1,321.2 1,332.8 1,342.5 1,354.2 1,375.6
3.6x 3.6x 3.5x 3.6x 3.6x 3.5x 3.5x 3.5x 3.4x

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

484.0 487.7 521.2 497.2 449.5 415.7 410.5 401.0 470.0

1,081.6 1,089.6 1,164.0 1,110.4 1,003.8 928.6 916.8 895.7 1,049.7

44.75% 44.76% 44.78% 44.78% 44.78% 44.76% 44.77% 44.77% 44.77%

10,829.6 10,617.0 11,474.6 11,346.2 10,170.4 9,998.0 9,850.5 9,761.6 10,619.3

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0
- - - - - - - - -
14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5
- - - - - - - - -
- - - - - - - - -
10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

3,149.8 3,354.1 3,470.5 3,619.7 3,695.0 3,659.3 3,654.0 3,677.6 3,741.6
204.2 116.4 149.2 75.3 (35.7) (5.4) 23.6 64.0 212.1
- - - - - - - - -
3,354.1 3,470.5 3,619.7 3,695.0 3,659.3 3,654.0 3,677.6 3,741.6 3,953.6

6,990.6 7,107.1 7,256.3 7,331.6 7,295.9 7,290.5 7,314.1 7,378.1 7,590.2

17,820.3 17,724.0 18,730.9 18,677.8 17,466.3 17,288.6 17,164.6 17,139.7 18,209.5

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

102.9 103.0 102.8 102.7 102.8 102.8 102.8 102.8 102.8
176.1 193.1 210.2 219.7 224.5 222.4 219.3 212.4 202.8
100.8 120.0 104.0 221.0 265.2 265.0 133.5 169.6 86.7
178.2 176.1 209.0 101.4 62.1 60.2 188.6 145.6 219.0

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

8,499.5 8,443.4 9,490.4 9,477.4 8,306.1 8,168.5 8,084.7 8,100.0 9,209.9
4,713.5 4,497.1 5,321.2 5,216.8 4,088.7 3,950.2 3,807.9 3,728.4 4,517.2
3,786.0 3,946.3 4,169.2 4,260.6 4,217.3 4,218.3 4,276.9 4,371.6 4,692.7
9,320.8 9,280.7 9,240.5 9,200.4 9,160.2 9,120.1 9,079.9 9,039.8 8,999.6
5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2

2,945.0 3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 3,643.6

5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2
2,687.1 2,508.7 2,025.5 1,559.5 1,850.9 1,718.3 1,851.2 1,843.5 1,988.6

Apr-22F May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

1.80 1.88 1.78 1.82 2.03 2.07 2.12 2.17 2.04
1.52 1.58 1.49 1.53 1.70 1.76 1.81 1.86 1.73
Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2020 2021 2021 2021 2021 2022 2022 2022
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

3,561.3 2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9
1,807.5 2,592.2 2,393.9 3,818.1 2,875.1 3,999.1 2,952.1 4,322.2 3,036.3
1,075.0 1,195.1 1,118.2 1,495.0 1,170.9 1,359.9 1,161.1 1,561.6 1,218.3
6,443.8 6,691.0 6,945.6 8,302.8 7,005.5 7,978.1 7,874.0 9,490.4 8,168.5

1,945.2 1,870.4 1,795.6 1,720.9 1,646.1 1,571.3 1,496.6 1,421.8 1,347.0

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
3,170.7 3,125.0 3,079.3 3,033.6 2,988.0 2,942.3 2,896.6 2,850.9 2,805.2
16,527.5 16,654.3 16,788.4 18,025.1 16,607.4 17,459.5 17,234.9 18,730.9 17,288.6

923.8 1,321.3 1,206.8 1,784.7 1,145.0 1,649.9 1,304.3 1,997.9 1,191.1

1,493.1 1,478.8 1,349.3 1,878.5 1,206.7 1,272.3 1,112.4 1,761.1 1,242.9
- - 389.8 - - - 375.1 - -
1,230.1 885.1 885.1 905.1 905.1 905.1 905.1 905.1 905.1
1,375.0 1,412.5 1,450.0 1,487.5 1,448.9 1,415.1 1,490.9 1,562.2 1,516.2
5,022.0 5,097.7 5,281.0 6,055.8 4,705.7 5,242.3 5,187.9 6,226.3 4,855.3

4,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

386.3 367.0 514.0 503.2 400.7 452.3 533.6 521.2 415.7
10,385.4 10,191.8 10,522.0 11,286.1 9,833.5 10,421.7 10,448.5 11,474.6 9,998.0

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

(10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5) (10,426.5)
2,505.5 2,825.9 2,629.8 3,102.5 3,137.4 3,401.3 3,149.8 3,619.7 3,654.0
16,527.5 16,654.3 16,788.4 18,025.1 16,607.4 17,459.5 17,234.9 18,730.9 17,288.6

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

90 90 90 90 90 90 90 90 90
Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F
4,049.4 3,561.3 2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6
(488.0) (657.6) 529.7 (443.7) (30.1) (340.5) 1,141.6 (154.1) 307.2
3,561.3 2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

2,434.7 1,879.1 2,699.9 2,491.1 3,975.3 2,993.9 4,164.4 3,074.1 4,500.8
2,378.4 2,477.6 2,344.1 3,067.5 2,938.6 3,018.8 2,863.9 3,804.0 3,074.6
2,820.2 1,612.6 2,432.3 1,513.0 3,770.1 1,780.3 3,802.3 2,289.6 4,243.9
113.8 44.2 120.6 70.3 149.8 68.0 151.9 87.6 169.7
1,879.1 2,699.9 2,491.1 3,975.3 2,993.9 4,164.4 3,074.1 4,500.8 3,161.8

71 days 98 days 96 days 117 days 92 days 124 days 97 days 106 days 93 days

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

100.0 71.6 107.7 97.2 157.2 118.8 165.3 122.0 178.6
85.4 80.3 110.0 130.3 111.4 114.5 108.6 144.3 116.6
113.8 44.2 120.6 70.3 149.8 68.0 151.9 87.6 169.7
71.6 107.7 97.2 157.2 118.8 165.3 122.0 178.6 125.5

3.81% 3.99% 3.90% 3.95% 3.97% 3.97% 3.97% 3.97% 3.97%

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

1,807.5 2,592.2 2,393.9 3,818.1 2,875.1 3,999.1 2,952.1 4,322.2 3,036.3

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

1,370.5 1,075.0 1,195.1 1,118.2 1,495.0 1,170.9 1,359.9 1,161.1 1,561.6
190.9 587.7 438.9 999.6 204.0 706.0 331.6 1,057.2 206.6
486.4 467.6 515.8 622.8 528.2 517.0 530.4 656.7 549.8
1,075.0 1,195.1 1,118.2 1,495.0 1,170.9 1,359.9 1,161.1 1,561.6 1,218.3

199 days 230 days 195 days 216 days 200 days 237 days 197 days 214 days 199 days

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2
- - - - - - - - -
- - - - - - - - -
2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2 2,841.2

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

821.3 896.0 970.8 1,045.6 1,120.3 1,195.1 1,269.9 1,344.6 1,419.4
74.8 74.8 74.8 74.8 74.8 74.8 74.8 74.8 74.8
- - - - - - - - -
896.0 970.8 1,045.6 1,120.3 1,195.1 1,269.9 1,344.6 1,419.4 1,494.2

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

 1,945.2 1,870.4 1,795.6 1,720.9 1,646.1 1,571.3 1,496.6 1,421.8 1,347.0

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8
- - - - - - - - -
- - - - - - - - -
4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8 4,967.8

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3 2,741.3

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

524.9 570.6 616.3 662.0 707.7 753.4 799.1 844.7 890.4
45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7
- - - - - - - - -
570.6 616.3 662.0 707.7 753.4 799.1 844.7 890.4 936.1

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

2,170.7 2,125.0 2,079.3 2,033.6 1,988.0 1,942.3 1,896.6 1,850.9 1,805.2

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

16,527.5 16,654.3 16,788.4 18,025.1 16,607.4 17,459.5 17,234.9 18,730.9 17,288.6

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

190.9 587.7 438.9 999.6 204.0 706.0 331.6 1,057.2 206.6

295.5 284.8 300.7 383.3 309.1 298.0 314.6 401.0 323.4
1,587.8 475.1 854.1 805.0 1,152.8 499.1 991.9 764.5 1,336.8
923.8 1,321.3 1,206.8 1,784.7 1,145.0 1,649.9 1,304.3 1,997.9 1,191.1

171 days 136 days 147 days 116 days 201 days 148 days 182 days 123 days 202 days

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

1,803.6 1,493.1 1,478.8 1,349.3 1,878.5 1,206.7 1,272.3 1,112.4 1,761.1
1,203.0 870.2 910.9 1,233.8 1,131.9 895.9 988.5 1,234.4 1,164.7
 1,513.6 884.5 1,040.4 704.6 1,803.7 830.4 1,148.4 585.8 1,682.9
1,493.1 1,478.8 1,349.3 1,878.5 1,206.7 1,272.3 1,112.4 1,761.1 1,242.9

112 days 153 days 133 days 137 days 96 days 128 days 101 days 128 days 96 days

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

225.8 - - 389.8 - - - 375.1 -
- - 389.8 - - - 375.1 - -
225.8 - - 389.8 - - - 375.1 -
- - 389.8 - - - 375.1 - -

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

915.1 1,230.1 885.1 885.1 905.1 905.1 905.1 905.1 905.1
620.0 305.0 - 325.0 - - - - -
305.0 650.0 - 305.0 - - - - -
1,230.1 885.1 885.1 905.1 905.1 905.1 905.1 905.1 905.1

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

1,325.5 1,375.0 1,412.5 1,450.0 1,487.5 1,448.9 1,415.1 1,490.9 1,562.2
443.0 486.9 437.3 600.8 403.8 420.6 507.0 644.0 416.8
393.5 449.4 399.8 563.3 442.4 454.5 431.1 572.7 462.9
1,375.0 1,412.5 1,450.0 1,487.5 1,448.9 1,415.1 1,490.9 1,562.2 1,516.2

2,771.8 2,927.0 2,744.0 3,630.8 2,938.6 3,018.8 2,863.9 3,804.0 3,074.6

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

4,977.1 4,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1
- 1,000.0 - - - - - - -
- 1,250.0 - - - - - - -
4,977.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1 4,727.1

76.3 582.5 (78.4) 768.1 214.4 504.8 (148.0) 764.4 211.6

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

386.3 367.0 514.0 503.2 400.7 452.3 533.6 521.2 415.7

2,848.9 2,606.6 2,940.9 3,159.0 2,904.1 2,754.9 3,115.7 3,335.1 3,042.8

13.6% 14.1% 17.5% 15.9% 13.8% 16.4% 17.1% 15.6% 13.7%

10,385.4 10,191.8 10,522.0 11,286.1 9,833.5 10,421.7 10,448.5 11,474.6 9,998.0

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0
- - - - - - - - -
14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0 14,063.0

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5
- - - - - - - - -
- - - - - - - - -
10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5 10,426.5

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

2,580.8 2,505.5 2,825.9 2,629.8 3,102.5 3,137.4 3,401.3 3,149.8 3,619.7
(75.2) 320.4 (196.2) 472.7 34.9 263.9 (251.5) 469.9 34.3
- - - - - - - - -
2,505.5 2,825.9 2,629.8 3,102.5 3,137.4 3,401.3 3,149.8 3,619.7 3,654.0

6,142.1 6,462.5 6,266.3 6,739.0 6,774.0 7,037.9 6,786.4 7,256.3 7,290.5

16,527.5 16,654.3 16,788.4 18,025.1 16,607.4 17,459.5 17,234.9 18,730.9 17,288.6

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

71.1 98.1 95.6 116.6 91.7 124.2 96.6 106.5 92.6
198.9 230.0 195.1 216.0 199.5 236.7 197.0 214.0 199.4
170.9 136.3 146.8 116.1 200.8 147.9 181.6 123.3 202.3
99.1 191.8 143.9 216.5 90.4 213.0 112.0 197.2 89.7

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

6,443.8 6,691.0 6,945.6 8,302.8 7,005.5 7,978.1 7,874.0 9,490.4 8,168.5
3,791.9 4,212.6 4,006.1 5,150.7 3,800.6 4,337.2 3,907.6 5,321.2 3,950.2
2,651.9 2,478.4 2,939.4 3,152.0 3,204.9 3,640.9 3,966.3 4,169.2 4,218.3
10,083.7 9,963.3 9,842.8 9,722.3 9,601.9 9,481.4 9,361.0 9,240.5 9,120.1
6,207.2 5,612.2 5,612.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2

3,561.3 2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9

6,207.2 5,612.2 5,612.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2
2,645.8 2,708.4 2,178.7 2,642.5 2,672.6 3,013.0 1,871.4 2,025.5 1,718.3

Q3'20A Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F

1.70 1.59 1.73 1.61 1.84 1.84 2.02 1.78 2.07
1.42 1.30 1.45 1.32 1.54 1.53 1.72 1.49 1.76
Forecast
Jun_Fcst
2022 2020 2021 2022
Q4

6m 12m 12m
Q4'22F FY20 FY21 FY22

Q4'22F FY20 FY21 FY22

3,643.6 2,903.7 2,619.1 3,643.6
4,149.5 2,592.2 3,999.1 4,149.5
1,416.8 1,195.1 1,359.9 1,416.8
9,209.9 6,691.0 7,978.1 9,209.9

1,272.3 1,870.4 1,571.3 1,272.3

4,967.8 4,967.8 4,967.8 4,967.8
2,759.5 3,125.0 2,942.3 2,759.5
18,209.5 16,654.3 17,459.5 18,209.5

1,724.3 1,321.3 1,649.9 1,724.3

1,312.1 1,478.8 1,272.3 1,312.1
- - - -
905.1 885.1 905.1 905.1
1,480.9 1,412.5 1,415.1 1,480.9
5,422.3 5,097.7 5,242.3 5,422.3

4,727.1 4,727.1 4,727.1 4,727.1

470.0 367.0 452.3 470.0
10,619.3 10,191.8 10,421.7 10,619.3

14,063.0 14,063.0 14,063.0 14,063.0

(10,426.5) (10,426.5) (10,426.5) (10,426.5)
3,953.6 2,825.9 3,401.3 3,953.6
18,209.5 16,654.3 17,459.5 18,209.5

TRUE TRUE TRUE TRUE

90 180 360 360

 Q4'22F FY20 FY21 FY22
3,913.9 4,049.4 2,903.7 2,619.1
(270.2) (1,145.6) (284.6) 1,024.5
3,643.6 2,903.7 2,619.1 3,643.6

TRUE TRUE TRUE TRUE

Q4'22F FY20 FY21 FY22

3,161.8 2,434.7 2,699.9 4,164.4
3,159.4 4,856.0 11,369.0 12,901.8
1,926.4 4,432.8 9,495.8 12,262.1
73.8 158.0 408.7 483.1
4,321.0 2,699.9 4,164.4 4,321.0

123 days 100 days 132 days 121 days

Q4'22F FY20 FY21 FY22

125.5 - 100.0 107.7 165.3
119.8 165.7 466.3 489.3
73.8 158.0 408.7 483.1
171.5 107.7 165.3 171.5

3.97% 3.99% 3.97% 3.97%

Q4'22F FY20 FY21 FY22

4,149.5 2,592.2 3,999.1 4,149.5

Q4'22F FY20 FY21 FY22

1,218.3 - 1,370.5 1,195.1 1,359.9
736.7 778.6 2,348.5 2,332.1
538.3 954.1 2,183.8 2,275.2
1,416.8 1,195.1 1,359.9 1,416.8

237 days 225 days 224 days 224 days

Q4'22F FY20 FY21 FY22

2,841.2 - 2,841.2 2,841.2 2,841.2
- - - -
- - - -
2,841.2 2,841.2 2,841.2 2,841.2

Q4'22F FY20 FY21 FY22

1,494.2 - 821.3 970.8 1,269.9
74.8 149.5 299.1 299.1
- - - -
1,568.9 970.8 1,269.9 1,568.9

Q4'22F FY20 FY21 FY22

 1,272.3 1,870.4 1,571.3 1,272.3

Q4'22F FY20 FY21 FY22

4,967.8 - 4,967.8 4,967.8 4,967.8
- - - -
- - - -
4,967.8 4,967.8 4,967.8 4,967.8

Q4'22F FY20 FY21 FY22

2,741.3 2,741.3 2,741.3 2,741.3
- - - -
- - - -
- - - -
2,741.3 2,741.3 2,741.3 2,741.3

Q4'22F FY20 FY21 FY22

936.1 - 524.9 616.3 799.1
45.7 91.4 182.8 182.8
- - - -
981.8 616.3 799.1 981.8

Q4'22F FY20 FY21 FY22

1,759.5 2,125.0 1,942.3 1,759.5

Q4'22F FY20 FY21 FY22

1,000.0 1,000.0 1,000.0 1,000.0
- - - -
- - - -
- - - -
1,000.0 1,000.0 1,000.0 1,000.0

18,209.5 16,654.3 17,459.5 18,209.5

Q4'22F FY20 FY21 FY22

736.7 778.6 2,348.5 2,332.1

311.8 580.2 1,291.1 1,350.9
515.4 2,062.8 3,311.0 3,608.6
1,724.3 1,321.3 1,649.9 1,724.3

148 days 175 days 163 days 169 days

Q4'22F FY20 FY21 FY22

1,242.9 1,803.6 1,478.8 1,272.3
925.1 2,073.2 4,172.5 4,312.7
 855.9 2,398.0 4,379.0 4,272.9
1,312.1 1,478.8 1,272.3 1,312.1

128 days 128 days 110 days 110 days

Q4'22F FY20 FY21 FY22

- 225.8 - -
- - 389.8 375.1
- 225.8 389.8 375.1
- - - -

Q4'22F FY20 FY21 FY22

905.1 - 915.1 885.1 905.1
- 925.0 325.0 -
- 955.0 305.0 -
905.1 885.1 905.1 905.1

Q4'22F FY20 FY21 FY22

1,516.2 - 1,325.5 1,412.5 1,415.1
440.3 929.9 1,862.6 2,008.1
475.6 842.9 1,860.1 1,942.3
1,480.9 1,412.5 1,415.1 1,480.9

3,159.4 5,698.8 12,332.2 12,901.8

Q4'22F FY20 FY21 FY22

4,727.1 - 4,977.1 4,727.1 4,727.1
- 1,000.0 - -
- 1,250.0 - -
4,727.1 4,727.1 4,727.1 4,727.1

547.6 658.7 1,408.9 1,375.6

3.4x 3.4x

Q4'22F FY20 FY21 FY22

470.0 367.0 452.3 470.0

2,862.1 5,455.5 11,759.0 12,355.8

16.4% 6.7% 3.8% 3.8%

10,619.3 10,191.8 10,421.7 10,619.3

Q4'22F FY20 FY21 FY22

14,063.0 14,063.0 14,063.0 14,063.0
- - - -
14,063.0 14,063.0 14,063.0 14,063.0

Q4'22F FY20 FY21 FY22

10,426.5 - 10,426.5 10,426.5 10,426.5
- - - -
- - - -
10,426.5 10,426.5 10,426.5 10,426.5

Q4'22F FY20 FY21 FY22

3,654.0 2,580.8 2,825.9 3,401.3
299.7 245.2 575.4 552.3
- - - -
3,953.6 2,825.9 3,401.3 3,953.6

7,590.2 6,462.5 7,037.9 7,590.2

18,209.5 16,654.3 17,459.5 18,209.5

TRUE 1 1 TRUE
TRUE TRUE TRUE TRUE

Q4'22F FY20 FY21 FY22

123.1 100.1 131.9 120.6
236.9 225.5 224.2 224.2
148.0 175.0 163.2 168.5
212.0 150.5 192.9 176.2

Q4'22F FY20 FY21 FY22

9,209.9 6,691.0 7,978.1 9,209.9
4,517.2 4,212.6 4,337.2 4,517.2
4,692.7 2,478.4 3,640.9 4,692.7
8,999.6 9,963.3 9,481.4 8,999.6
5,632.2 5,612.2 5,632.2 5,632.2

3,643.6 2,903.7 2,619.1 3,643.6

5,632.2 5,612.2 5,632.2 5,632.2
1,988.6 2,708.4 3,013.0 1,988.6

Q4'22F FY20 FY21 FY22

2.04 1.59 1.84 2.04
1.73 1.30 1.53 1.73
 Scenario Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020
Quarter Q3 Q3 Q3 Q4
Month_num 7 8 9 10
Date Jul-20 Aug-20 Sep-20 Oct-20
Formatted Jul-20A Aug-20A Sep-20A Oct-20A
Jul-20A Aug-20A Sep-20A Oct-20A

x x Indirect Cash Flow Statement

Jul-20A Aug-20A Sep-20A Oct-20A

Net Income (Loss) 29.1 (82.6) (21.7) 27.0
Add back non-cash expenses:
Depreciation 24.9 24.9 24.9 24.9
Amortization 15.2 15.2 15.2 15.2
Adjustments to Working Capital:
(Increase) Decrease in Accounts Receivable, Net 112.3 450.8 (35.8) (134.6)
(Increase) Decrease in Inventory 46.7 121.8 127.0 11.1
Increase (Decrease) in Accounts Payable (211.8) (614.5) (275.1) 57.0
Increase (Decrease) in Accrued Expenses 26.2 (135.7) (201.0) (128.9)
Increase (Decrease) in Bonuses Payable (225.8) - - -
Increase (Decrease) in Deferred Revenue 24.5 12.5 12.5 12.5
Increase (Decrease) in Other Liabilities 3.4 (44.3) (41.9) (15.6)
x Operating Cash Flow (155.3) (251.9) (395.9) (131.4)

(Capital Expenditures) - - - -
Sales of Property, Plant & Equipment - - - -
(Acquisition of Intangibles) - - - -
Sales of Intangible Assets - - - -
x Investing Cash Flow - - - -

Issuance (Repayment) of Short-Term Debt - 315.0 - -

Issuance (Repayment) of Long-Term Debt - - - -
Proceeds from Issuance of Shares - - - -
Shares (Repurchased) - - - -
Dividends - - - -
x Financing Cash Flow - 315.0 - -

x Net Cash Flows (155.3) 63.1 (395.9) (131.4)

Beginning Cash Balance 4,049.4 3,894.1 3,957.2 3,561.3

Ending Cash Balance 3,894.1 3,957.2 3,561.3 3,429.9

x x Direct Cash Flow Statement - Summary Level

 Jul-20A Aug-20A Sep-20A Oct-20A
Cash Receipts from Customers 1,212.8 1,322.6 813.2 734.2
Cash (Paid) to Suppliers (347.2) (702.3) (339.8) (97.8)
Cash (Paid) to Employees (556.3) (330.3) (331.1) (330.8)
Cash (Paid) to Advertisers (440.1) (547.0) (526.4) (412.0)
Cash Interest Received 3.4 3.2 3.3 3.0
Cash Interest (Paid) (20.0) (20.0) (20.9) (20.9)
Cash Taxes (Paid) (7.7) 22.0 5.8 (7.2)
x Operating Cash Flow (155.3) (251.9) (395.9) (131.4)

(Capital Expenditures) - - - -
Sales of Property, Plant & Equipment - - - -
(Acquisition of Intangibles) - - - -
Sales of Intangible Assets - - - -
x Investing Cash Flow - - - -

Issuance (Repayment) of Short-Term Debt - 315.0 - -

Issuance (Repayment) of Long-Term Debt - - - -
Proceeds from Issuance of Shares - - - -
Shares (Repurchased) - - - -
Dividends - - - -
x Financing Cash Flow - 315.0 - -

x Net Cash Flows (155.3) 63.1 (395.9) (131.4)

- - -
Beginning Cash Balance 4,049.4 3,894.1 3,957.2 3,561.3
Ending Cash Balance 3,894.1 3,957.2 3,561.3 3,429.9

Indirect OCF = Direct OCF 1 TRUE TRUE TRUE

x x Direct Cash Flow Statement - Detailed Level

Jul-20A Aug-20A Sep-20A Oct-20A

Sales 1,076.0 859.3 836.5 856.3
Adjustments to reconcile sales to receipts
(Increase) Decrease in Receivables, Net 112.3 450.8 (35.8) (134.6)
Increase (Decrease) in Deferred Revenues 24.5 12.5 12.5 12.5
= Cash Received from Customers 1,212.8 1,322.6 813.2 734.2
(COGS) (180.8) (160.6) (145.0) (145.5)
Adjustments to reconcile (COGS) to (purchases)
(Increase) Decrease in Inventory 46.7 121.8 127.0 11.1
= (Purchases) (134.1) (38.8) (18.0) (134.4)
Adjustment to reconcile (Purchases) to (Payments) to Suppliers
Increase (Decrease) in A/P (211.8) (614.5) (275.1) 57.0
Increase (Decrease) in Other Liabilities 3.4 (44.3) (41.9) (15.6)
= (Payments) to Suppliers (342.5) (697.6) (335.0) (93.0)
 Salary (Paid) = Salary (Expense) (290.3) (290.3) (290.3) (290.3)
Healthcare (Paid) = Healthcare (Expense) (28.1) (27.9) (28.5) (28.1)
T&E (Paid) = T&E (Expense) (12.2) (12.2) (12.3) (12.4)
(Bonus Expense) - - - -
Adjustment to reconcile Bonus (Expense) to Bonus (Paid)
Increase (Decrease) in Bonus Payable (225.8) - - -
= Bonus (Paid) (225.8) - - -
(Marketing Expense) (466.3) (411.3) (325.4) (283.1)
Adjustment to Reconcile Marketing (Expense) to Marketing (Paid)
Increase (Decrease) in Accrued Expenses) 26.2 (135.7) (201.0) (128.9)
= Marketing (Paid) (440.1) (547.0) (526.4) (412.0)
Rent (Paid) = Rent (Expense) (4.8) (4.8) (4.8) (4.8)
Interest Received = Interest Income 3.4 3.2 3.3 3.0
Interest (Paid) = Interest (Expense) (20.0) (20.0) (20.9) (20.9)
Tax (Paid) = Tax (Expense) (7.7) 22.0 5.8 (7.2)
x = Operating Cash Flow (155.3) (251.9) (395.9) (131.4)

x x Indirect OCF = Direct OCF TRUE TRUE TRUE TRUE

Actual Actual Actual Actual Actual Actual Actual Actual Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2020 2021 2021 2021 2021 2021 2021 2021
Q4 Q4 Q1 Q1 Q1 Q2 Q2 Q2 Q3
11 12 1 2 3 4 5 6 7
Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

58.0 235.4 54.7 20.3 (271.2) 213.6 138.5 120.6 81.2

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9

15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2

(47.7) (602.4) 50.9 289.5 (142.1) (595.4) (396.5) (432.3) 198.5

34.9 (166.1) (79.1) 109.7 46.3 (78.5) (126.3) (172.0) 46.1
120.7 219.7 266.3 (568.5) 187.7 188.6 415.2 (25.9) 197.4
(59.7) 174.3 60.0 (155.9) (33.6) 151.4 172.3 205.4 (230.2)
- - - - 389.8 (389.8) - - -
12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 (66.3)
1.4 (5.0) 5.0 55.0 86.9 (76.8) 24.6 41.4 (34.2)
160.2 (91.3) 410.4 (197.2) 316.5 (534.2) 280.5 (210.0) 232.7

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- (345.0) - - - - 20.0 - -
1,000.0 (1,250.0) - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,000.0 (1,595.0) - - - - 20.0 - -

1,160.2 (1,686.3) 410.4 (197.2) 316.5 (534.2) 300.5 (210.0) 232.7

3,429.9 4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7

4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7 3,222.4
Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F
832.7 612.9 1,062.7 1,173.9 743.1 614.3 799.5 830.4 1,265.0
6.9 (132.9) (3.2) (575.3) 157.8 (175.4) 103.3 (374.6) 6.7
(330.6) (331.1) (330.7) (330.7) (330.3) (720.4) (330.9) (330.2) (338.4)
(315.5) (157.0) (287.2) (443.3) (309.8) (179.7) (237.8) (287.1) (662.4)
2.9 3.8 2.4 2.8 2.6 2.9 2.4 2.7 2.5
(20.9) (24.4) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1)
(15.4) (62.6) (14.5) (5.4) 72.1 (56.8) (36.8) (32.1) (21.6)
160.2 (91.3) 410.4 (197.2) 316.5 (534.2) 280.5 (210.0) 232.7

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- (345.0) - - - - 20.0 - -
1,000.0 (1,250.0) - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
1,000.0 (1,595.0) - - - - 20.0 - -

1,160.2 (1,686.3) 410.4 (197.2) 316.5 (534.2) 300.5 (210.0) 232.7

- - - - - - - -
3,429.9 4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7
4,590.1 2,903.7 3,314.1 3,116.9 3,433.4 2,899.2 3,199.7 2,989.7 3,222.4

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F

868.0 1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8

(47.7) (602.4) 50.9 289.5 (142.1) (595.4) (396.5) (432.3) 198.5

12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 (66.3)
832.7 612.9 1,062.7 1,173.9 743.1 614.3 799.5 830.4 1,265.0
(145.4) (176.8) (190.6) (166.8) (158.4) (203.9) (205.5) (213.4) (197.9)

34.9 (166.1) (79.1) 109.7 46.3 (78.5) (126.3) (172.0) 46.1

(110.5) (342.9) (269.7) (57.1) (112.1) (282.4) (331.8) (385.4) (151.8)

120.7 219.7 266.3 (568.5) 187.7 188.6 415.2 (25.9) 197.4

1.4 (5.0) 5.0 55.0 86.9 (76.8) 24.6 41.4 (34.2)
11.6 (128.2) 1.6 (570.6) 162.6 (170.6) 108.0 (369.9) 11.4
(290.3) (290.3) (290.3) (290.3) (290.3) (290.3) (290.3) (290.3) (297.0)
(28.0) (28.5) (28.3) (28.5) (27.9) (28.1) (28.4) (28.0) (28.9)
(12.3) (12.4) (12.1) (12.0) (12.2) (12.3) (12.3) (12.0) (12.5)
- - - - (389.8) - - - -

- - - - 389.8 (389.8) - - -
- - - - - (389.8) - - -
(255.8) (331.3) (347.3) (287.4) (276.2) (331.1) (410.1) (492.6) (432.2)

(59.7) 174.3 60.0 (155.9) (33.6) 151.4 172.3 205.4 (230.2)

(315.5) (157.0) (287.2) (443.3) (309.8) (179.7) (237.8) (287.1) (662.4)
(4.8) (4.8) (4.8) (4.8) (4.8) (4.8) (4.8) (4.8) (4.8)
2.9 3.8 2.4 2.8 2.6 2.9 2.4 2.7 2.5
(20.9) (24.4) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1)
(15.4) (62.6) (14.5) (5.4) 72.1 (56.8) (36.8) (32.1) (21.6)
160.2 (91.3) 410.4 (197.2) 316.5 (534.2) 280.5 (210.0) 232.7

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2021 2022 2022 2022 2022
Q3 Q3 Q4 Q4 Q4 Q1 Q1 Q1 Q2
8 9 10 11 12 1 2 3 4
Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F
Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

(31.2) (15.1) 15.3 54.1 194.5 46.2 (2.9) (294.8) 204.2

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9

15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2

630.2 114.3 (65.4) (110.7) (948.0) 543.0 472.0 32.1 (1,281.1)

159.2 118.9 7.7 53.5 (250.2) 64.1 94.5 40.1 (160.1)
(970.4) 133.4 (70.8) 9.0 566.7 (624.2) 158.4 120.2 457.1
(186.8) (254.9) (80.2) (108.3) 254.1 177.6 (242.1) (95.3) 269.8
- - - - - - - 375.1 (375.1)
44.4 (16.7) 5.7 23.1 (62.7) 92.4 (8.2) (8.3) 78.9
(34.5) (33.9) (6.6) (8.8) 67.1 0.6 (43.8) 124.5 (49.6)
(349.0) 86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7 (815.7)

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

(349.0) 86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7 (815.7)

3,222.4 2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8

2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8 2,945.0
 Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F
1,598.8 979.1 838.1 828.6 194.3 1,692.6 1,373.1 921.2 82.9
(1,022.8) 55.7 (233.6) (107.9) 177.7 (758.6) 31.8 115.1 17.1
(346.8) (364.6) (362.3) (362.3) (362.3) (362.3) (362.3) (377.6) (752.7)
(570.0) (571.3) (375.6) (375.3) (79.5) (202.6) (558.8) (387.0) (92.7)
2.7 2.4 2.5 2.3 2.3 2.2 2.5 2.9 3.1
(19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1)
8.3 4.0 (4.1) (14.4) (51.7) (12.3) 0.8 78.4 (54.3)
(349.0) 86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7 (815.7)

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

(349.0) 86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7 (815.7)

3,222.4 2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8

2,873.4 2,959.6 2,805.5 2,757.4 2,619.1 2,959.0 3,427.0 3,760.8 2,945.0

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Aug-21F Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F

924.3 881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4 1,285.0

630.2 114.3 (65.4) (110.7) (948.0) 543.0 472.0 32.1 (1,281.1)

44.4 (16.7) 5.7 23.1 (62.7) 92.4 (8.2) (8.3) 78.9
1,598.8 979.1 838.1 828.6 194.3 1,692.6 1,373.1 921.2 82.9
(172.3) (158.0) (159.1) (156.8) (201.1) (193.9) (172.0) (164.5) (225.1)

159.2 118.9 7.7 53.5 (250.2) 64.1 94.5 40.1 (160.1)

(13.2) (39.1) (151.4) (103.3) (451.3) (129.7) (77.6) (124.3) (385.2)

(970.4) 133.4 (70.8) 9.0 566.7 (624.2) 158.4 120.2 457.1

(34.5) (33.9) (6.6) (8.8) 67.1 0.6 (43.8) 124.5 (49.6)
(1,018.1) 60.4 (228.9) (103.1) 182.5 (753.3) 37.1 120.3 22.3
(304.4) (320.0) (317.9) (317.9) (317.9) (317.9) (317.9) (333.2) (333.2)
(29.6) (31.2) (31.0) (31.0) (30.9) (31.0) (31.0) (31.0) (31.0)
(12.8) (13.5) (13.4) (13.4) (13.4) (13.3) (13.4) (13.4) (13.4)
- - - - - - - (375.1) -

- - - - - - - 375.1 (375.1)
- - - - - - - - (375.1)
(383.2) (316.4) (295.4) (267.0) (333.6) (380.2) (316.7) (291.7) (362.4)

(186.8) (254.9) (80.2) (108.3) 254.1 177.6 (242.1) (95.3) 269.8

(570.0) (571.3) (375.6) (375.3) (79.5) (202.6) (558.8) (387.0) (92.7)
(4.8) (4.8) (4.8) (4.8) (4.8) (5.3) (5.3) (5.3) (5.3)
2.7 2.4 2.5 2.3 2.3 2.2 2.5 2.9 3.1
(19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1)
8.3 4.0 (4.1) (14.4) (51.7) (12.3) 0.8 78.4 (54.3)
(349.0) 86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7 (815.7)

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Actual
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022 2022 2022 2020
Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4 Q3
5 6 7 8 9 10 11 12
May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

116.4 149.2 75.3 (35.7) (5.4) 23.6 64.0 212.1 (75.2)

24.9 24.9 24.9 24.9 24.9 24.9 24.9 24.9 74.8

15.2 15.2 15.2 15.2 15.2 15.2 15.2 15.2 45.7

256.9 (345.9) 426.5 713.5 145.9 (56.9) (63.2) (993.1) 527.3

(22.3) (218.0) 52.6 166.4 124.3 7.8 55.7 (261.9) 295.5
(331.7) 568.2 36.5 (982.7) 139.4 (69.9) 8.7 594.3 (1,101.4)
182.2 196.7 (65.5) (192.1) (260.6) (78.7) (112.4) 260.2 (310.5)
- - - - - - - - (225.8)
(66.9) 59.3 (75.4) 46.8 (17.4) 6.2 24.3 (65.8) 49.5
3.8 33.5 (24.0) (47.8) (33.8) (5.2) (9.5) 69.0 (82.8)
178.5 483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1) (803.0)

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - 315.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - 315.0

178.5 483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1) (488.0)

2,945.0 3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 4,049.4

3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 3,643.6 3,561.3
May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A
1,395.9 1,026.4 1,536.1 1,727.4 1,050.9 888.9 920.0 202.0 3,348.6
(564.2) 155.5 (146.2) (1,048.7) 60.3 (238.1) (113.5) 186.6 (1,389.4)
(377.6) (377.6) (377.6) (377.6) (377.6) (377.6) (377.6) (377.6) (1,217.7)
(228.0) (265.1) (510.1) (586.3) (586.5) (383.9) (388.2) (83.8) (1,513.6)
2.5 2.6 3.0 3.4 3.2 3.3 3.2 3.2 9.9
(19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (60.9)
(31.0) (39.7) (20.0) 9.5 1.4 (6.3) (17.0) (56.4) 20.0
178.5 483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1) (803.0)

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - 315.0
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - 315.0

178.5 483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1) (488.0)

2,945.0 3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 4,049.4

3,123.5 3,606.6 4,072.7 3,781.2 3,913.9 3,781.0 3,788.7 3,643.6 3,561.3

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

May-22F Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A

1,205.9 1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9 2,771.8

256.9 (345.9) 426.5 713.5 145.9 (56.9) (63.2) (993.1) 527.3

(66.9) 59.3 (75.4) 46.8 (17.4) 6.2 24.3 (65.8) 49.5
1,395.9 1,026.4 1,536.1 1,727.4 1,050.9 888.9 920.0 202.0 3,348.6
(208.7) (222.9) (206.1) (179.4) (164.4) (165.6) (163.1) (209.5) (486.4)

(22.3) (218.0) 52.6 166.4 124.3 7.8 55.7 (261.9) 295.5

(231.0) (440.9) (153.5) (13.0) (40.1) (157.8) (107.4) (471.5) (190.9)

(331.7) 568.2 36.5 (982.7) 139.4 (69.9) 8.7 594.3 (1,101.4)

3.8 33.5 (24.0) (47.8) (33.8) (5.2) (9.5) 69.0 (82.8)
(559.0) 160.8 (141.0) (1,043.5) 65.5 (232.9) (108.2) 191.8 (1,375.1)
(333.2) (333.2) (333.2) (333.2) (333.2) (333.2) (333.2) (333.2) (870.8)
(31.0) (31.0) (31.0) (31.0) (31.0) (31.0) (31.0) (31.0) (84.5)
(13.4) (13.4) (13.4) (13.4) (13.4) (13.4) (13.4) (13.4) (36.7)
- - - - - - - - -

- - - - - - - - (225.8)
- - - - - - - - (225.8)
(410.2) (461.8) (444.6) (394.2) (325.9) (305.3) (275.8) (344.0) (1,203.0)

182.2 196.7 (65.5) (192.1) (260.6) (78.7) (112.4) 260.2 (310.5)

(228.0) (265.1) (510.1) (586.3) (586.5) (383.9) (388.2) (83.8) (1,513.6)
(5.3) (5.3) (5.3) (5.3) (5.3) (5.3) (5.3) (5.3) (14.3)
2.5 2.6 3.0 3.4 3.2 3.3 3.2 3.2 9.9
(19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (19.1) (60.9)
(31.0) (39.7) (20.0) 9.5 1.4 (6.3) (17.0) (56.4) 20.0
178.5 483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1) (803.0)

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2021 2021 2021 2021 2022 2022 2022 2022 2020
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

6m
Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
320.4 (196.2) 472.7 34.9 263.9 (251.5) 469.9 34.3 299.7 245.2

74.8 74.8 74.8 74.8 74.8 74.8 74.8 74.8 74.8 149.5
45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 91.4

(784.7) 198.2 (1,424.1) 943.0 (1,124.0) 1,047.1 (1,370.1) 1,285.9 (1,113.2) (257.5)
(120.1) 76.9 (376.8) 324.1 (189.0) 198.7 (400.4) 343.2 (198.5) 175.4
397.4 (114.5) 577.9 (639.7) 504.8 (345.6) 693.7 (806.8) 533.1 (704.0)
(14.3) (129.5) 529.2 (671.8) 65.6 (159.8) 648.6 (518.2) 69.2 (324.8)
- 389.8 (389.8) - - 375.1 (375.1) - - (225.8)
37.5 37.5 37.5 (38.6) (33.8) 75.8 71.3 (46.1) (35.3) 87.0
(19.3) 146.9 (10.8) (102.5) 51.6 81.3 (12.3) (105.6) 54.3 (102.1)
(62.6) 529.7 (463.7) (30.1) (340.5) 1,141.6 (154.1) 307.2 (270.2) (865.6)

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

(345.0) - 20.0 - - - - - - (30.0)

(250.0) - - - - - - - - (250.0)
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
(595.0) - 20.0 - - - - - - (280.0)

(657.6) 529.7 (443.7) (30.1) (340.5) 1,141.6 (154.1) 307.2 (270.2) (1,145.6)

3,561.3 2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9 4,049.4
2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9 3,643.6 2,903.7
Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
2,179.8 2,979.7 2,244.2 3,843.0 1,861.0 3,986.8 2,505.1 4,314.4 2,010.9 5,528.4
(223.8) (420.6) (446.8) (960.5) (163.8) (611.7) (391.6) (1,134.7) (165.0) (1,613.2)
(992.5) (991.7) (1,381.6) (1,049.9) (1,086.9) (1,102.1) (1,507.8) (1,132.7) (1,132.7) (2,210.2)
(884.5) (1,040.4) (704.6) (1,803.7) (830.4) (1,148.4) (585.8) (1,682.9) (855.9) (2,398.0)
9.7 7.8 7.9 7.6 7.1 7.5 8.2 9.6 9.6 19.6
(66.1) (57.2) (57.2) (57.4) (57.4) (57.4) (57.4) (57.4) (57.4) (127.0)
(85.2) 52.1 (125.7) (9.3) (70.2) 66.8 (124.9) (9.1) (79.7) (65.2)
(62.6) 529.7 (463.7) (30.1) (340.5) 1,141.6 (154.1) 307.2 (270.2) (865.6)

- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -

(345.0) - 20.0 - - - - - - (30.0)

(250.0) - - - - - - - - (250.0)
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
(595.0) - 20.0 - - - - - - (280.0)

(657.6) 529.7 (443.7) (30.1) (340.5) 1,141.6 (154.1) 307.2 (270.2) (1,145.6)

3,561.3 2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9 4,049.4
2,903.7 3,433.4 2,989.7 2,959.6 2,619.1 3,760.8 3,606.6 3,913.9 3,643.6 2,903.7

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE 1

Q4'20A Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F FY20
2,927.0 2,744.0 3,630.8 2,938.6 3,018.8 2,863.9 3,804.0 3,074.6 3,159.4 5,698.8

(784.7) 198.2 (1,424.1) 943.0 (1,124.0) 1,047.1 (1,370.1) 1,285.9 (1,113.2) (257.5)
37.5 37.5 37.5 (38.6) (33.8) 75.8 71.3 (46.1) (35.3) 87.0
2,179.8 2,979.7 2,244.2 3,843.0 1,861.0 3,986.8 2,505.1 4,314.4 2,010.9 5,528.4
(467.6) (515.8) (622.8) (528.2) (517.0) (530.4) (656.7) (549.8) (538.3) (954.1)

(120.1) 76.9 (376.8) 324.1 (189.0) 198.7 (400.4) 343.2 (198.5) 175.4
(587.7) (438.9) (999.6) (204.0) (706.0) (331.6) (1,057.2) (206.6) (736.7) (778.6)

397.4 (114.5) 577.9 (639.7) 504.8 (345.6) 693.7 (806.8) 533.1 (704.0)
(19.3) 146.9 (10.8) (102.5) 51.6 81.3 (12.3) (105.6) 54.3 (102.1)
(209.6) (406.4) (432.5) (946.2) (149.5) (595.9) (375.9) (1,118.9) (149.3) (1,584.7)
(870.8) (870.8) (870.8) (921.4) (953.8) (969.1) (999.7) (999.7) (999.7) (1,741.5)
(84.6) (84.7) (84.5) (89.7) (92.9) (92.9) (92.9) (92.9) (92.9) (169.1)
(37.1) (36.3) (36.6) (38.8) (40.1) (40.1) (40.1) (40.1) (40.1) (73.8)
- (389.8) - - - (375.1) - - - -

- 389.8 (389.8) - - 375.1 (375.1) - - (225.8)

- - (389.8) - - - (375.1) - - (225.8)
(870.2) (910.9) (1,233.8) (1,131.9) (895.9) (988.5) (1,234.4) (1,164.7) (925.1) (2,073.2)

(14.3) (129.5) 529.2 (671.8) 65.6 (159.8) 648.6 (518.2) 69.2 (324.8)
(884.5) (1,040.4) (704.6) (1,803.7) (830.4) (1,148.4) (585.8) (1,682.9) (855.9) (2,398.0)
(14.3) (14.3) (14.3) (14.3) (14.3) (15.8) (15.8) (15.8) (15.8) (28.5)
9.7 7.8 7.9 7.6 7.1 7.5 8.2 9.6 9.6 19.6
(66.1) (57.2) (57.2) (57.4) (57.4) (57.4) (57.4) (57.4) (57.4) (127.0)
(85.2) 52.1 (125.7) (9.3) (70.2) 66.8 (124.9) (9.1) (79.7) (65.2)
(62.6) 529.7 (463.7) (30.1) (340.5) 1,141.6 (154.1) 307.2 (270.2) (865.6)

TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE 1

 2021 2022

12m 12m
FY21 FY22

FY21 FY22 Summary C Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A Dec-20A

575.4 552.3 Operating Cash Flow (155.3) (251.9) (395.9) (131.4) 160.2 (91.3)
Investing Cash Flow - - - - - -
299.1 299.1 Financing Cash Flow - Summary
315.0 Cash Flow- Statement
- 1,000.0 (1,595.0)
182.8 182.8 Net Cash Flows (155.3) 63.1 Investing
Operating Cash Flow
(395.9) Cash(131.4)
Flow
1,160.2 (1,686.3)
Financing Cash Flow
Label 0 0 0 0 0 0
1,500
(1,406.9) (150.4) 1,160.2
(164.8) (56.9) 1,000

328.6 74.4 500 63.1

(206.5) 39.8 (155.3) (395.9) (131.4) (1,686.3)
-
- -
2.6 65.8 (500)
85.3 17.7 (1,000)
(304.6) 1,024.5
(1,500)

- - (2,000)
- - Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A Dec-20A
- -
- -
- -

20.0 -
- -
- -
- -
- -
20.0 -

(284.6) 1,024.5

2,903.7 2,619.1
2,619.1 3,643.6
 FY21 FY22
10,927.8 12,817.2
(1,991.7) (2,303.0)
(4,510.1) (4,875.3)
(4,379.0) (4,272.9)
30.4 34.8
(229.1) (229.4)
(152.9) (146.8)
(304.6) 1,024.5

- -
- -
- -
- -
- -

20.0 -
- -
- -
- -
- -
20.0 -

(284.6) 1,024.5

2,903.7 2,619.1
2,619.1 3,643.6

0 TRUE

FY21 FY22
12,332.2 12,901.8

(1,406.9) (150.4)
2.6 65.8
10,927.8 12,817.2
(2,183.8) (2,275.2)

(164.8) (56.9)
(2,348.5) (2,332.1)

328.6 74.4
85.3 17.7
(1,934.7) (2,240.0)
(3,616.7) (3,968.1)
(351.8) (371.7)
(151.8) (160.4)
(389.8) (375.1)

- -
(389.8) (375.1)
(4,172.5) (4,312.7)

(206.5) 39.8
(4,379.0) (4,272.9)
(57.0) (63.0)
30.4 34.8
(229.1) (229.4)
(152.9) (146.8)
(304.6) 1,024.5

1 TRUE
ash Flow

0.2

(1,686.3)

20A Dec-20A
Scenario Actual Actual Actual Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020 2020 2020 2020
Quarter Q2 Q3 Q3 Q3 Q4 Q4
Month_num 6 7 8 9 10 11
Date Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Formatted Jun-20A Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A
Jun-20A Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Ratios
Efficiency
Working Capital Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A
Receivable Days 75 days 75 days 79 days 82 days 86 days
Inventory Days 220 days 225 days 222 days 219 days 212 days
Payable Days 221 days 265 days 265 days 134 days 170 days
Cash Conversion 74 days 35 days 36 days 168 days 128 days
Other Efficiency
Asset Turnover
Capital Intensity
Sales to Fixed Assets
Sales to Operating Income

Profitability
Margins Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A
Gross Margin 83.20% 81.31% 82.66% 83.01% 83.25%
EBIT Margin 4.97% (10.22%) (1.19%) 6.08% 10.53%
EBITDA Margin 3.73% 4.67% 4.80% 4.69% 4.63%
Net Margin 2.71% (9.62%) (2.60%) 3.15% 6.68%
Returns
Return on Assets
Return on Operating Assets
Return on Invested Capital
Return on Equity
Net Margin
Asset Turnover
Equity Multiplier

Solvency Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Debt to Assets
Debt to Equity
Equity Multiplier
Solvency Ratio

Coverage Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Interest Coverage
 Debt Service Coverage
Fixed Charge Coverage
Debt to EBITDA
Cash Flow Adequacy

Supplemental Info
Income Statement Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A
Total Sales, Net 1,076.0 859.3 836.5 856.3 868.0
Cost of Revenues 180.8 160.6 145.0 145.5 145.4
Gross Margin 895.3 698.7 691.5 710.8 722.6
EBITDA 40.2 40.2 40.2 40.2 40.2
Depreciation & Amortization 40.2 40.2 40.2 40.2 40.2
Operating Income (EBIT) 53.5 (87.8) (9.9) 52.0 91.4
Tax Rate 21% 21% 21% 21% 21%
NOPAT 42.3 (69.4) (7.8) 41.1 72.2
Interest Expense 20.0 20.0 20.9 20.9 20.9
Principal Repayments - 305.0 - - -
Fixed Charges 358.1 357.9 358.5 358.1 358.0
Net Income 29.1 (82.6) (21.7) 27.0 58.0
Working Capital
Purchases + CC Fees (for A/P D 246.2 135.6 104.6 220.3 194.9 457.3

Statement of Cash Flows Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Operating Cash Flow (155.3) (251.9) (395.9) (131.4) 160.2

Balance Sheet Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Working Capital
Accounts Receivable 2,334.7 2,222.4 1,771.6 1,807.5 1,942.1 1,989.8
Inventory 1,370.5 1,323.8 1,202.0 1,075.0 1,063.9 1,029.0
Accounts Payable 2,025.2 1,813.4 1,198.9 923.8 980.8 1,101.6
Non-Working Capital
Total Assets 17,958.7 17,604.4 17,054.7 16,527.5 16,479.5 17,612.3
Total Fixed Assets 10,204.2 10,164.0 10,123.9 10,083.7 10,043.6 10,003.4
Gross Operating Assets 13,909.4 13,710.3 13,097.5 12,966.2 13,049.5 13,022.2
Debt 5,892.2 5,892.2 6,207.2 6,207.2 6,207.2 7,207.2
Total Liabilities 11,741.4 11,357.9 10,890.9 10,385.4 10,310.4 11,385.2
Shareholder's Equity 6,217.3 6,246.4 6,163.8 6,142.1 6,169.1 6,227.0
Invested Capital 12,109.5 12,138.6 12,371.0 12,349.3 12,376.3 13,434.2

Headcount Jul-20A Aug-20A Sep-20A Oct-20A Nov-20A

Sales / FTE 42,363.2 33,829.5 32,934.0 33,714.3 34,171.8
FTE 25,400 25,400 25,400 25,400 25,400
Actual Actual Actual Actual Actual Actual Actual Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2021 2021 2021 2021 2021 2021 2021 2021
Q4 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3
12 1 2 3 4 5 6 7 8
Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F
Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

80 days 93 days 96 days 99 days 92 days 106 days 113 days 100 days 101 days
203 days 201 days 209 days 212 days 176 days 193 days 210 days 220 days 225 days
87 days 125 days 198 days 177 days 101 days 120 days 104 days 221 days 265 days
196 days 168 days 107 days 134 days 167 days 179 days 219 days 99 days 60 days

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

85.30% 80.92% 80.87% 81.85% 82.97% 82.63% 82.93% 82.53% 81.35%
26.49% 8.59% 4.82% (37.44%) 23.94% 16.22% 13.53% 10.54% (2.49%)
3.34% 4.02% 4.61% 4.60% 3.35% 3.39% 3.21% 3.54% 4.34%
19.58% 5.47% 2.33% (31.07%) 17.84% 11.71% 9.65% 7.17% (3.37%)

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F
1,202.7 999.3 871.9 872.8 1,197.2 1,183.5 1,250.2 1,132.8 924.3
176.8 190.6 166.8 158.4 203.9 205.5 213.4 197.9 172.3
1,026.0 808.7 705.1 714.4 993.3 978.0 1,036.8 934.9 752.0
40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2
40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2
318.6 85.8 42.1 (326.8) 286.6 192.0 169.1 119.4 (23.0)
21% 21% 21% 21% 21% 21% 21% 21% 21%
251.7 67.8 33.2 (258.1) 226.4 151.7 133.6 94.3 (18.2)
24.4 19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1
1,900.0 - - - - 305.0 - - -
358.5 358.3 358.5 357.9 358.1 358.4 358.0 368.7 376.8
235.4 54.7 20.3 (271.2) 213.6 138.5 120.6 81.2 (31.2)

381.0 154.4 204.2 415.5 452.6 514.8 269.1 114.4 129.6

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

(91.3) 410.4 (197.2) 316.5 (534.2) 280.5 (210.0) 232.7 (349.0)

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

2,592.2 2,541.3 2,251.8 2,393.9 2,989.4 3,385.8 3,818.1 3,619.6 2,989.4

1,195.1 1,274.2 1,164.5 1,118.2 1,196.7 1,323.0 1,495.0 1,448.9 1,289.8
1,321.3 1,587.5 1,019.1 1,206.8 1,395.4 1,810.6 1,784.7 1,982.1 1,011.7

16,654.3 17,052.7 16,416.2 16,788.4 16,887.9 17,671.0 18,025.1 17,973.1 16,794.6

9,963.3 9,923.1 9,883.0 9,842.8 9,802.6 9,762.5 9,722.3 9,682.2 9,642.0
13,750.5 13,738.6 13,299.3 13,354.9 13,988.7 14,471.3 15,035.4 14,750.7 13,921.2
5,612.2 5,612.2 5,612.2 5,612.2 5,612.2 5,632.2 5,632.2 5,632.2 5,632.2
10,191.8 10,535.6 9,878.7 10,522.0 10,408.0 11,052.6 11,286.1 11,152.9 10,005.5
6,462.5 6,517.1 6,537.5 6,266.3 6,479.9 6,618.5 6,739.0 6,820.2 6,789.1
12,074.7 12,129.3 12,149.7 11,878.5 12,092.1 12,250.6 12,371.2 12,452.4 12,421.2

Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A May-21A Jun-21A Jul-21F Aug-21F

47,351.3 39,342.6 34,326.2 34,361.2 47,132.1 46,593.6 49,220.0 42,786.7 34,761.5
25,400 25,400 25,400 25,400 25,400 25,400 25,400 26,476 26,589
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2022 2022 2022 2022 2022
Q3 Q4 Q4 Q4 Q1 Q1 Q1 Q2 Q2
9 10 11 12 1 2 3 4 5
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F
Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

102 days 102 days 104 days 104 days 102 days 103 days 103 days 103 days 103 days
222 days 219 days 212 days 203 days 201 days 209 days 212 days 176 days 193 days
265 days 134 days 170 days 87 days 125 days 198 days 177 days 101 days 120 days
59 days 188 days 147 days 220 days 178 days 114 days 137 days 178 days 176 days

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

82.08% 82.28% 82.89% 83.31% 81.66% 81.08% 81.67% 82.48% 82.69%
(0.27%) 4.02% 9.30% 21.83% 7.14% 1.42% (39.76%) 21.36% 13.60%
4.56% 4.47% 4.38% 3.33% 3.80% 4.42% 4.47% 3.12% 3.33%
(1.71%) 1.71% 5.90% 16.14% 4.37% (0.32%) (32.85%) 15.89% 9.66%

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

 Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F
881.5 897.8 916.2 1,204.9 1,057.1 909.3 897.4 1,285.0 1,205.9
158.0 159.1 156.8 201.1 193.9 172.0 164.5 225.1 208.7
723.5 738.7 759.4 1,003.8 863.3 737.3 733.0 1,059.9 997.2
40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2
40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2 40.2
(2.4) 36.1 85.2 263.0 75.4 12.9 (356.8) 274.5 164.0
21% 21% 21% 21% 21% 21% 21% 21% 21%
(1.9) 28.5 67.3 207.8 59.6 10.2 (281.9) 216.9 129.6
19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1 19.1
- - - - - - - - -
393.9 391.7 391.7 391.6 392.2 392.2 407.4 407.4 407.4
(15.1) 15.3 54.1 194.5 46.2 (2.9) (294.8) 204.2 116.4

241.3 191.6 571.0 246.2 179.4 220.7 524.4 357.4 576.3

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

86.2 (154.1) (48.0) (138.3) 339.9 468.0 333.7 (815.7) 178.5

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

2,875.1 2,940.4 3,051.1 3,999.1 3,456.1 2,984.1 2,952.1 4,233.2 3,976.3

1,170.9 1,163.2 1,109.7 1,359.9 1,295.7 1,201.3 1,161.1 1,321.2 1,343.6
1,145.0 1,074.2 1,083.2 1,649.9 1,025.7 1,184.1 1,304.3 1,761.4 1,429.7

16,607.4 16,470.8 16,439.8 17,459.5 17,152.2 17,013.5 17,234.9 17,820.3 17,724.0

9,601.9 9,561.7 9,521.6 9,481.4 9,441.3 9,401.1 9,361.0 9,320.8 9,280.7
13,647.8 13,665.4 13,682.4 14,840.4 14,193.1 13,586.5 13,474.2 14,875.2 14,600.5
5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2
9,833.5 9,681.5 9,596.5 10,421.7 10,068.1 9,932.4 10,448.5 10,829.6 10,617.0
6,774.0 6,789.3 6,843.4 7,037.9 7,084.1 7,081.1 6,786.4 6,990.6 7,107.1
12,406.1 12,421.5 12,475.5 12,670.0 12,716.2 12,713.3 12,418.6 12,622.8 12,739.2

Sep-21F Oct-21F Nov-21F Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F

31,841.4 32,368.3 33,156.0 43,606.4 38,258.1 32,909.4 32,477.7 46,506.2 43,642.9
27,684 27,736 27,632 27,632 27,632 27,632 27,631 27,632 27,631
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Actual Actual
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022 2022 2020 2020
Q2 Q3 Q3 Q3 Q4 Q4 Q4 Q3 Q4
6 7 8 9 10 11 12
Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

103 days 103 days 103 days 103 days 103 days 103 days 103 days 59 days 80 days
210 days 220 days 225 days 222 days 219 days 212 days 203 days 199 days 230 days
104 days 221 days 265 days 265 days 134 days 170 days 87 days 181 days 115 days
209 days 101 days 62 days 60 days 189 days 146 days 219 days 77 days 195 days

0.67 0.71
1.49 1.42
1.10 1.17
nm 6.3

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

83.02% 82.61% 81.45% 82.18% 82.38% 82.99% 83.38% 82.45% 84.02%
15.64% 9.40% (3.04%) 0.99% 4.87% 10.11% 22.55% (1.59%) 15.78%
3.06% 3.39% 4.15% 4.35% 4.27% 4.19% 3.18% 4.35% 4.12%
11.36% 6.35% (3.69%) (0.58%) 2.51% 6.67% 16.82% (2.71%) 10.95%

(1.82%) 7.72%
(2.32%) 9.59%
(1.13%) 11.96%
(4.90%) 20.33%
(2.71%) 10.95%
0.67 0.71
2.69 2.58

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

0.38 0.34
1.01 0.87
2.69 2.58
0.02 0.17

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

(0.7x) 7.0x
 (0.1x) 0.2x
0.7x 0.5x
12.9x 11.6x
(51.75%) (4.46%)

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

1,313.0 1,185.1 967.1 922.4 939.6 958.9 1,260.9 2,771.8 2,927.0
222.9 206.1 179.4 164.4 165.6 163.1 209.5 486.4 467.6
1,090.1 979.0 787.7 758.0 774.0 795.7 1,051.4 2,285.4 2,459.4
40.2 40.2 40.2 40.2 40.2 40.2 40.2 120.5 120.5
40.2 40.2 40.2 40.2 40.2 40.2 40.2 120.5 120.5
205.4 111.4 (29.4) 9.2 45.8 97.0 284.4 (44.2) 462.0
21% 21% 21% 21% 21% 21% 21% 0.6 0.6
162.2 88.0 (23.3) 7.2 36.2 76.6 224.7 (34.9) 365.0
19.1 19.1 19.1 19.1 19.1 19.1 19.1 60.9 66.1
- - - - - - - 305.0 1,900.0
407.4 407.4 407.4 407.4 407.4 407.4 407.4 1,074.5 1,074.6
149.2 75.3 (35.7) (5.4) 23.6 64.0 212.1 (75.2) 320.4

276.2 119.0 134.8 251.9 199.9 596.8 - 460.5 1,033.2

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

483.1 466.1 (291.5) 132.6 (132.9) 7.7 (145.1) (803.0) (62.6)

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

4,322.2 3,895.7 3,182.2 3,036.3 3,093.2 3,156.4 4,149.5 1,807.5 2,592.2

1,561.6 1,509.0 1,342.6 1,218.3 1,210.5 1,154.8 1,416.8 1,075.0 1,195.1
1,997.9 2,034.4 1,051.7 1,191.1 1,121.3 1,129.9 1,724.3 923.8 1,321.3

18,730.9 18,677.8 17,466.3 17,288.6 17,164.6 17,139.7 18,209.5 16,527.5 16,654.3

9,240.5 9,200.4 9,160.2 9,120.1 9,079.9 9,039.8 8,999.6 10,083.7 9,963.3
15,124.3 14,605.0 13,685.0 13,374.7 13,383.7 13,351.0 14,565.9 12,966.2 13,750.5
5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 6,207.2 5,612.2
11,474.6 11,346.2 10,170.4 9,998.0 9,850.5 9,761.6 10,619.3 10,385.4 10,191.8
7,256.3 7,331.6 7,295.9 7,290.5 7,314.1 7,378.1 7,590.2 6,142.1 6,462.5
12,888.4 12,963.7 12,928.1 12,922.7 12,946.3 13,010.3 13,222.4 12,349.3 12,074.7

Jun-22F Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F Q3'20A Q4'20A

47,518.2 42,799.0 34,928.1 33,311.9 33,931.9 34,628.7 45,537.5 109,126.6 115,237.4
27,632 27,689 27,690 27,690 27,690 27,690 27,690 25,400 25,400
Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2022 2022 2022 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

79 days 95 days 88 days 119 days 93 days 102 days 89 days 118 days
195 days 216 days 200 days 237 days 197 days 214 days 199 days 237 days
140 days 130 days 212 days 147 days 127 days 149 days 212 days 195 days
133 days 181 days 75 days 209 days 163 days 168 days 76 days 160 days

0.66 0.83 0.68 0.71 0.66 0.85 0.68 0.71

1.52 1.20 1.47 1.41 1.51 1.18 1.46 1.40
1.11 1.48 1.22 1.27 1.22 1.64 1.34 1.39
nm 5.6 31.3 7.9 nm 5.9 33.7 7.4

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

81.20% 82.85% 82.03% 82.87% 81.48% 82.74% 82.12% 82.96%
(7.25%) 17.84% 3.20% 12.73% (9.37%) 16.93% 2.96% 13.52%
4.39% 3.32% 4.10% 3.99% 4.21% 3.17% 3.92% 3.81%
(7.15%) 13.02% 1.19% 8.74% (8.78%) 12.35% 1.11% 9.49%

(4.69%) 10.86% 0.81% 6.20% (5.80%) 10.45% 0.76% 6.75%

(5.79%) 13.32% 0.97% 7.41% (7.11%) 13.14% 0.96% 8.58%
(5.25%) 16.88% 2.40% 9.69% (6.76%) 16.08% 2.23% 10.32%
(12.33%) 29.08% 2.07% 15.29% (14.55%) 26.77% 1.88% 16.11%
(7.15%) 13.02% 1.19% 8.74% (8.78%) 12.35% 1.11% 9.49%
0.66 0.83 0.68 0.71 0.66 0.85 0.68 0.71
2.68 2.67 2.45 2.48 2.54 2.58 2.37 2.40

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

0.33 0.31 0.34 0.32 0.33 0.30 0.33 0.31
0.90 0.84 0.83 0.80 0.83 0.78 0.77 0.74
2.68 2.67 2.45 2.48 2.54 2.58 2.37 2.40
(0.03) 0.21 0.06 0.15 (0.05) 0.21 0.06 0.16

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

(3.5x) 11.3x 1.6x 6.7x (4.7x) 11.2x 1.6x 7.4x
 (3.5x) 1.8x 1.6x 6.7x (4.7x) 11.2x 1.6x 7.4x
0.8x 1.2x 1.0x 1.3x 0.7x 1.5x 1.0x 1.3x
11.6x 11.7x 11.7x 11.7x 11.7x 11.7x 11.7x 11.7x
37.75% (32.94%) (2.14%) (24.18%) 81.08% (10.95%) 21.82% (19.19%)

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

2,744.0 3,630.8 2,938.6 3,018.8 2,863.9 3,804.0 3,074.6 3,159.4
515.8 622.8 528.2 517.0 530.4 656.7 549.8 538.3
2,228.2 3,008.0 2,410.4 2,501.9 2,333.5 3,147.2 2,524.8 2,621.1
120.5 120.5 120.5 120.5 120.5 120.5 120.5 120.5
120.5 120.5 120.5 120.5 120.5 120.5 120.5 120.5
(198.9) 647.7 94.0 384.3 (268.5) 643.9 91.2 427.1
0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6
(157.1) 511.7 74.2 303.6 (212.1) 508.7 72.0 337.4
57.2 57.2 57.4 57.4 57.4 57.4 57.4 57.4
- 305.0 - - - - - -
1,074.7 1,074.5 1,139.3 1,175.0 1,191.8 1,222.3 1,222.3 1,222.3
(196.2) 472.7 34.9 263.9 (251.5) 469.9 34.3 299.7

774.1 1,236.5 485.4 1,008.8 924.5 1,209.9 505.7 796.7

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

529.7 (463.7) (30.1) (340.5) 1,141.6 (154.1) 307.2 (270.2)

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

2,393.9 3,818.1 2,875.1 3,999.1 2,952.1 4,322.2 3,036.3 4,149.5

1,118.2 1,495.0 1,170.9 1,359.9 1,161.1 1,561.6 1,218.3 1,416.8
1,206.8 1,784.7 1,145.0 1,649.9 1,304.3 1,997.9 1,191.1 1,724.3

16,788.4 18,025.1 16,607.4 17,459.5 17,234.9 18,730.9 17,288.6 18,209.5

9,842.8 9,722.3 9,601.9 9,481.4 9,361.0 9,240.5 9,120.1 8,999.6
13,354.9 15,035.4 13,647.8 14,840.4 13,474.2 15,124.3 13,374.7 14,565.9
5,612.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2 5,632.2
10,522.0 11,286.1 9,833.5 10,421.7 10,448.5 11,474.6 9,998.0 10,619.3
6,266.3 6,739.0 6,774.0 7,037.9 6,786.4 7,256.3 7,290.5 7,590.2
11,878.5 12,371.2 12,406.1 12,670.0 12,418.6 12,888.4 12,922.7 13,222.4

Q1'21A Q2'21A Q3'21F Q4'21F Q1'22F Q2'22F Q3'22F Q4'22F

108,030.0 142,945.7 106,148.6 109,253.0 103,645.4 137,667.2 111,037.7 114,098.9
25,400 25,400 27,684 27,632 27,631 27,632 27,690 27,690
 2020 2021 2022

6m 12m 12m
FY20 FY21 FY22

FY20 FY21 FY22

82 days 118 days 117 days
225 days 227 days 227 days
159 days 172 days 183 days
148 days 174 days 162 days

0.68 0.72 0.72

1.46 1.42 1.41
1.14 1.27 1.40
13.6 13.3 14.4

FY20 FY21 FY22

83.26% 82.29% 82.37%
7.33% 7.52% 6.93%
4.23% 3.91% 3.73%
4.30% 4.67% 4.28%

2.94% 3.37% 3.10%

3.57% 4.02% 3.76%
5.47% 5.92% 5.45%
7.59% 8.52% 7.55%
4.30% 4.67% 4.28%
0.68 0.72 0.72
2.58 2.48 2.40

FY20 FY21 FY22

0.34 0.32 0.31
0.87 0.80 0.74
2.58 2.48 2.40
0.05 0.10 0.10

FY20 FY21 FY22

3.3x 4.0x 3.9x
 0.2x 1.7x 3.9x
0.6x 1.1x 1.1x
11.6x 11.7x 11.7x
(30.85%) (5.41%) 18.19%

FY20 FY21 FY22

5,698.8 12,332.2 12,901.8
954.1 2,183.8 2,275.2
4,744.8 10,148.4 10,626.6
240.9 481.8 481.8
240.9 481.8 481.8
417.8 927.1 893.8
1.3 2.5 2.5
330.1 732.4 706.1
127.0 229.1 229.4
2,205.0 305.0 -
2,149.1 4,463.5 4,858.8
245.2 575.4 552.3

1,493.7 3,504.8 3,436.8

FY20 FY21 FY22

(865.6) (304.6) 1,024.5

FY20 FY21 FY22

2,592.2 3,999.1 4,149.5

1,195.1 1,359.9 1,416.8
1,321.3 1,649.9 1,724.3

16,654.3 17,459.5 18,209.5

9,963.3 9,481.4 8,999.6
13,750.5 14,840.4 14,565.9
5,612.2 5,632.2 5,632.2
10,191.8 10,421.7 10,619.3
6,462.5 7,037.9 7,590.2
12,074.7 12,670.0 13,222.4

FY20 FY21 FY22

224,364.1 446,307.3 465,939.4
25,400 27,632 27,690
 Scenario Actual Actual Actual
Forecast Jun_Fcst Jun_Fcst Jun_Fcst
Year 2020 2020 2020
Quarter Q3 Q3 Q3
Month_num 7 8 9
Date Jul-20 Aug-20 Sep-20
Formatted Jul-20A Aug-20A Sep-20A
Jul-20A Aug-20A Sep-20A

x x Air Unit Economics & Breakeven

Revenue
Jul-20A Aug-20A Sep-20A
Transactions (thousands)
Average Tickets per Transaction
Tickets (thousands)
Average Ticket Price
Gross Merchandise Value ($M)
Margin %
Revenue ($M)

Revenue per Transaction

Revenue per Ticket

Variable Expenses
Jul-20A Aug-20A Sep-20A
Credit Card Processing Fees
Credit Card Processing Fees (% of GMV)
Credit Card Processing Fees (Air)

Bad Debt Expenses

Credit Sales % of Revenues
Air Credit Sales

Bad Debt %
Bad Debt Expense (Air)

Server Hosting Expenses

Air Shoppers
Total Shoppers
Air Shopper %
Server Hosting (Total)
Server Hosting Expenses (Air)

Total Variable Expenses

Expenses per Transaction
 Expenses per Ticket

Contribution Margin
Jul-20A Aug-20A Sep-20A
Contribution Margin per Transaction
Contribution Margin per Ticket

Breakeven Units
Jul-20A Aug-20A Sep-20A
Air Specific Fixed Expenses 30.0 30.0 30.0
Breakeven Transactions (thousands)
Actual Actual Actual Actual Actual Actual Actual
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2020 2020 2020 2021 2021 2021 2021
Q4 Q4 Q4 Q1 Q1 Q1 Q2
10 11 12 1 2 3 4
Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A
Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A

Oct-20A Nov-20A Dec-20A Jan-21A Feb-21A Mar-21A Apr-21A

30.0 30.0 30.0 30.0 30.0 30.0 30.0
Actual Actual Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2021 2021 2021 2021 2021 2021
Q2 Q2 Q3 Q3 Q3 Q4 Q4
5 6 7 8 9 10 11
May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F
May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F

May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F

May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F

May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F

May-21A Jun-21A Jul-21F Aug-21F Sep-21F Oct-21F Nov-21F

30.0 30.0 30.0 30.0 30.0 30.0 30.0
Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2021 2022 2022 2022 2022 2022 2022
Q4 Q1 Q1 Q1 Q2 Q2 Q2
12 1 2 3 4 5 6
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F
Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F

Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F

Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F

Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F

Dec-21F Jan-22F Feb-22F Mar-22F Apr-22F May-22F Jun-22F

30.0 30.0 30.0 30.0 30.0 30.0 30.0
Forecast Forecast Forecast Forecast Forecast Forecast
Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst Jun_Fcst
2022 2022 2022 2022 2022 2022
Q3 Q3 Q3 Q4 Q4 Q4
7 8 9 10 11 12
Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F
Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

Jul-22F Aug-22F Sep-22F Oct-22F Nov-22F Dec-22F

30.0 30.0 30.0 30.0 30.0 30.0
 Account Lookup Date Lookup
Account Account_type Fin_Stmt Account_type Fin_Stmt Month_num Month Quarter
Revenue IS 1 Jan 1
Fixed Expense BS 2 Feb 1
Semi-Fixed Expenses CFS 3 Mar 1
Cost of Revenues 4 Apr 2
Marketing 5 May 2
SG&A 6 Jun 2
Interest 7 Jul 3
Taxes 8 Aug 3
Current Asset 9 Sep 3
Non-Current Asset 10 Oct 4
Current Liability 11 Nov 4
Non-Current Liability 12 Dec 4
Stockholder's Equity
Scenario Version Year CY_Year
Actual Actual 2019 CY-2
Forecast Mar_Fcst 2020 CY-1
Projection Jun_Fcst 2021 CY
Sep_Fcst 2022 CY+1
Dec_Fcst 2023 CY+2
2024 CY+3
2025 CY+4
2026 CY+5