[Link] Inc.

Valuation Model
AMZN

Inputs and Assumptions Model Outputs Calculations and Analytics

Control Panel Dashboard Financial Statements
Scenerios Implied Value Summary DCF
WACC Summary Outputs Sum-of-the-parts Analysis
Comparable Trading Metrics Precedent Transactions Valuation
Precedent M&A Transactions
Market Size
Macroeconomic Analysis
Consensus
Historical Financial Information
Share Price Chart

Notes
 [Link], Inc. Average Implied Value: $3,685
Valuation Date: 3/20/2021 Recommendation: Buy

Company Overview Current Capitalization (US$MM) Historical Share Price Performance

[Link], Inc. is a global retailer of consumer products and subscriptions. The company operates through three segments: North America, International, and Current Share Price (US$/sh.) $3,075 $4,000
Amazon Web Services (AWS). Amazon's business activities include: Market Capitalization $1,593,444
Selling merchandise and content purchased for resale from third-party sellers through physical and online stores Net Debt $59,107 $3,000
Manufacturing and selling electronic devices and developing and producing media content Enterprise Value $1,652,551
Offering programs that enable sellers to sell their products and content on its websites and its stores
Providing compute, storage, database, and other AWS services, as well as fulfillment, advertising, publishing, and digital content subscriptions 2021E 2022E $2,000
Offering Amazon Prime, a membership program, which provides free shipping of various items; access to streaming of movies and TV episodes and other services EV / EBITDA 31.7x 24.7x
Amazon was founded in 1994 and is headquartered in Seattle, Washington P/E 99.8x 80.4x $1,000

Total Debt / Equity 1.1x

Total Debt / Book Capital 52.0% $0
2015 2016 2017 2018 2019 2020

Historical and Forecast Financial Performance (US$ Billions) Valuation Summary - Equity Value per Share ($)

Total Revenue Net Earnings & EBITDA Revenue Composition (2020A) Average Implied
$140,000 Value: $3,735
$1,200,000 Net Earnings
$120,000 EBITDA (Excluding SBC) Current Share Price:
$1,000,000 $3,075
6% Online Stores
$100,000
12% Physical Stores
$800,000
Retail Third-Party
$80,000 Seller Services
7%
$600,000 Subscription Services
$60,000 51%
AWS
$400,000 Other
$40,000 21%
$200,000 $20,000 4% SOTP $525 $1,846$2,456 $3,375
$2,119 $3,700$3,531 $5,200 $6,163 $7,472
$0 $2,000 $4,000 $6,000 $8,000 $10,000
$0 $0
2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A
Implied Value Summary
All Amounts Denominated in US$MM Unless Otherwise Stated

Enterprise Value
Low Mid High

DCF $1,808,220 $2,422,028 $3,252,601

SOTP $1,331,709 $2,324,449 $3,931,324
Precedent Transactions $331,013 $723,099 $1,157,428
Consensus Research $1,976,447 $2,232,023 $2,753,747
52-Week Trading $1,015,751 $1,583,373 $1,889,104

Implied Enterprise Value Summary (US$ Billions)

DCF $1,808 $3,253

SOTP $1,332 $3,931

Precedents $331 $1,157

Consensus Research $1,976 $2,754

52-Week Trading $1,016 $1,889

0 1,000 2,000 3,000 4,000 5,000 6,000

Secondary Value Measures - Enterpise Value Calculation

6,000
Key Summary Outputs
All Amounts Denominated in US$MM Unless Otherwise Stated

Total Revenues
$2,500,000 Base Case Bull Case Bear Case

$2,000,000

$1,500,000

$1,000,000

$500,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E

EBITDA & FCFF (Base Case)

$250,000 Base Case EBITDA Base Case FCFF

$200,000

$150,000

$100,000

$50,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E

Net Earnings (Base Case)

$60,000
$50,000
$40,000
$30,000
$20,000
$10,000

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E

Revenue Breakdown (2020A vs. 2031E)

2020A 2031E

6%
18%
Online Stores 12%
Physical Stores 33%
Retail Third-Party Seller 7%
Services 51% 15%
Subscription Services
AWS 21%
Other 9% 1%
24%

4%
Inputs and Assumptions (Control Panel)
All Amounts Denominated in US$MM Unless Otherwise Stated

General Assumptions Income Statement Assumptions Toggles and Controls (DO NOT DELETE)
Scenario Base Revenue Forecast Assumptions Scenario Selection Toggle
Base Based on Base Estimates and Demonstrated Historical Growth 1
Input Defined Name Base Case Annual Growth Taper 20.0% Bull Base (+) 25%. 2
Subject Company [Link], Inc. _CompanyName Bull Case Growth (+ Base %) 25.0% Bear Base (-) 25%. 3
Valuation Date 2021/03/20 _Vdate Bear Case Growth (- Base %) -25.0% Other No Growth (Flat) 4
Base Based on Base Estimates and Demonstrated Historical Growth 1
Last Fiscal Year End Before Valuation Date 2020/12/31 Expense Forecast Assumptions
Next Fiscal Year End After Valuation Date 2021/12/31 _YEdate_After Cost of Sales 61.4% Terminal Value Methodology Toggle
Terminal Value: Exit Multiple 1
Rounding 1,000 _RoundBillions Fulfillment 14.3% Terminal Value: Perpetual Growth 2
Marketing 10.9% Terminal Value: Average 3
Technology and Content 7.2% Terminal Value: Average 3
Valuation Assumptions General and Administrative 1.9%
Other Operating Expense (Net) 0.1% Sensitivities Control
5-Year Average Tax Rate 32.2% _TaxRate Defined Name Input
Interest Rate 3.0% Stock-Based Compensation (SBC) (% of SG&A) 6.8% WACC _WACC 8.0%
Terminal Value EBITDA Multiple 25.0x
DCF Assumptions Base Case Annual Growth Taper 20%
Terminal Value Methodology Terminal Value: Average Balance Sheet Forecast Assumptions Cost of Sales (% Revenue) 61%
Terminal Value EBITDA Multiple 25.0x
Long-Term Growth Rate 4.0% _LTGrowth Current Asset & Liabilities
WACC 8.0% Accounts Accounts
Recivable Payables Inventory
WACC Assumptions Low High Days Outstanding 25 85 45
Risk Free Rate 2.4% 2.4%
Equity Risk Premium 4.6% 4.6% Accrued Expenses (% of Revenue) 10.7%
Country Risk Premium 0.0% 0.0% Unearned Revenue (% of Revenue) 2.9%
Size Premium 0.0% 0.0% Annual Growth in Marketable Securities 4.0%
Company Specific Risk Premium 1.0% 2.0%
Target Capital Structure (% Debt) 5.0% 10.0%
Property & Equipment
Target Price Thresholds (Versus Current Price) Cash Capex (% of Revenue) 5.8%
Sell -15.0% Asset Average Useful Life 10 years
Hold 0.0%
Buy 15.0%
Operating & Finance Leases
Financial Forecast
All Amounts Denominated in US$MM Unless Otherwise Stated

2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Time Periods
BOP 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031
EOP 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031
Days 366 365 365 365 366 365 365 365 366 365 365 365 366 365 365 365
Historical Analysis and Projections
Segmented Revenue Growth
Online Stores 18.5% 13.5% 14.8% 39.7% 21.6% 17.3% 13.9% 11.1% 8.9% 7.1% 5.7% 4.5% 3.6% 2.9% 2.3%
Physical Stores na 197.1% -0.2% -5.6% 5.0% 4.0% 3.2% 2.6% 2.0% 1.6% 1.3% 1.0% 0.8% 0.7% 0.5%
Retail Third-Party Seller Services 38.7% 34.1% 25.8% 49.7% 37.0% 29.6% 23.7% 19.0% 15.2% 12.1% 9.7% 7.8% 6.2% 5.0% 4.0%
Retail Subscription Services 52.0% 45.7% 35.6% 31.2% 41.1% 32.9% 26.3% 21.1% 16.9% 13.5% 10.8% 8.6% 6.9% 5.5% 4.4%
AWS 42.9% 46.9% 36.5% 29.5% 39.0% 31.2% 24.9% 20.0% 16.0% 12.8% 10.2% 8.2% 6.5% 5.2% 4.2%
Other 57.7% 117.2% 39.3% 52.3% 66.7% 53.3% 42.7% 34.1% 27.3% 21.8% 17.5% 14.0% 11.2% 8.9% 7.2%
Total Net Sales 30.8% 30.9% 20.5% 37.6% 30.0% 25.0% 20.7% 17.1% 14.0% 11.5% 9.4% 7.6% 6.2% 5.0% 4.0%

Income Statement
2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Segmented Revenue
Online Stores $91,431 $108,354 $122,987 $141,247 $197,346 $240,061 $281,628 $320,641 $356,174 $387,751 $415,252 $438,813 $458,732 $475,390 $489,200 $500,570 1P
Physical Stores - $5,798 $17,224 $17,192 $16,227 $17,038 $17,720 $18,287 $18,755 $19,139 $19,453 $19,708 $19,914 $20,081 $20,216 $20,325 1P
Retail Third-Party Seller Services $22,993 $31,881 $42,745 $53,762 $80,461 $110,265 $142,941 $176,827 $210,363 $242,280 $271,688 $298,069 $321,224 $341,187 $358,150 $372,394 3P
Subscription Services $6,394 $9,721 $14,168 $19,210 $25,207 $35,579 $47,290 $59,743 $72,329 $84,519 $95,915 $106,261 $115,430 $123,398 $130,213 $135,966 Subs
AWS $12,219 $17,459 $25,655 $35,026 $45,370 $63,052 $82,709 $103,339 $123,959 $143,746 $162,103 $178,664 $193,266 $205,903 $216,673 $225,740 Cloud
Other $2,950 $4,653 $10,108 $14,085 $21,453 $35,753 $54,817 $78,202 $104,890 $133,528 $162,692 $191,120 $217,836 $242,196 $263,864 $282,749 Advertising
Total Net Sales $135,987 $177,866 $232,887 $280,522 $386,064 $501,747 $627,106 $757,039 $886,471 $1,010,964 $1,127,103 $1,232,635 $1,326,402 $1,408,155 $1,478,316 $1,537,743

Operating Expenses:
Cost of Sales $88,265 $111,934 $139,156 $165,536 $233,307 $308,106 $385,085 $464,873 $544,352 $620,799 $692,116 $756,920 $814,499 $864,701 $907,784 $944,277
Fulfillment $17,619 $23,049 $30,627 $36,563 $53,498 $66,422 $82,491 $98,834 $114,735 $129,579 $142,911 $154,449 $164,071 $171,785 $177,694 $181,959
Operating Lease Expense - $2,200 $3,400 $3,669 $5,019 $5,089 $6,887 $9,062 $11,609 $14,508 $17,728 $21,231 $24,973 $28,911 $33,002 $37,206
Marketing $7,233 $22,620 $28,837 $35,931 $42,740 $54,488 $68,101 $82,212 $96,267 $109,787 $122,399 $133,859 $144,042 $152,920 $160,539 $166,993
Technology and Content $16,085 $10,069 $13,814 $18,878 $22,008 $35,976 $44,965 $54,281 $63,562 $72,488 $80,816 $88,383 $95,106 $100,968 $105,999 $110,260
General and Administrative $2,432 $3,674 $4,336 $5,203 $6,668 $9,330 $11,661 $14,078 $16,484 $18,799 $20,959 $22,922 $24,665 $26,185 $27,490 $28,595
Other Operating Expense, net $167 $214 $296 $201 ($75) $424 $530 $640 $749 $854 $952 $1,041 $1,121 $1,190 $1,249 $1,299
Total Operating Expenses $131,801 $173,760 $220,466 $265,981 $363,165 $479,835 $599,720 $723,979 $847,758 $966,814 $1,077,882 $1,178,805 $1,268,478 $1,346,661 $1,413,757 $1,470,589
Operating Income $4,186 $4,106 $12,421 $14,541 $22,899 $21,911 $27,386 $33,060 $38,712 $44,149 $49,221 $53,830 $57,924 $61,495 $64,558 $67,154
Interest Income $100 $202 $440 $832 $555 $1,270 $1,733 $2,709 $3,811 $5,021 $6,414 $7,913 $9,522 $11,293 $13,266 $15,455
Interest Expense ($484) ($848) ($1,417) ($1,600) ($1,647) ($1,316) ($1,631) ($1,988) ($2,369) ($2,788) ($3,224) ($3,639) ($4,088) ($4,512) ($4,882) ($5,200)
Other Income (Expense), net $90 $346 ($183) $203 $2,371 $1,691 $1,759 $1,829 $1,902 $1,978 $2,057 $2,140 $2,225 $2,314 $2,407 $2,503
Total Non-Operating Income (Expense) ($294) ($300) ($1,160) ($565) $1,279 $1,646 $1,861 $2,550 $3,344 $4,211 $5,248 $6,413 $7,659 $9,094 $10,791 $12,758
Income Before Income Taxes $3,892 $3,806 $11,261 $13,976 $24,178 $23,557 $29,246 $35,611 $42,056 $48,360 $54,469 $60,242 $65,584 $70,589 $75,349 $79,911
Provision for Income Taxes ($1,425) ($769) ($1,197) ($2,374) ($2,863) ($7,585) ($9,417) ($11,467) ($13,542) ($15,572) ($17,539) ($19,398) ($21,118) ($22,730) ($24,263) ($25,731)
Equity-Method Investment Activity, net of tax ($96) ($4) $9 ($14) $16
Net Income $2,371 $3,033 $10,073 $11,588 $21,331 $15,972 $19,829 $24,144 $28,514 $32,788 $36,930 $40,844 $44,466 $47,859 $51,087 $54,180
Basic Earnings per Share 5.00 6.32 20.68 23.46 42.66 31.94 39.66 48.29 57.03 65.58 73.86 81.69 88.93 95.72 102.17 108.36
Diluted Earnings per Share 4.90 6.15 20.15 22.99 41.83 31.32 38.88 47.34 55.91 64.29 72.41 80.09 87.19 93.84 100.17 106.24
Weighted-Average Shares used in Computation of Earnings per Share:
Basic 474 480 487 494 500 500 500 500 500 500 500 500 500 500 500 500
Diluted 484 493 500 504 510 510 510 510 510 510 510 510 510 510 510 510

Balance Sheet
2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Current Assets:
Cash and Cash Equivalents $19,334 $20,522 $31,750 $36,092 $42,122 $57,570 $90,143 $126,893 $167,282 $213,758 $263,743 $317,439 $376,516 $442,371 $515,395 $586,723
Restricted Cash $265 $1,334 $423 $318 $255 $255 $255 $255 $255 $255 $255 $255 $255 $255 $255 $255
Marketable Securities $6,647 $10,464 $9,500 $18,929 $42,274 $43,965 $45,724 $47,553 $49,455 $51,433 $53,490 $55,630 $57,855 $60,169 $62,576 $65,079
Inventories $11,461 $16,047 $17,174 $20,497 $23,795 $38,355 $47,938 $57,871 $67,580 $77,282 $86,160 $94,227 $101,118 $107,644 $113,008 $117,550
Accounts Receivable, net and other $8,074 $11,835 $16,259 $20,540 $24,309 $34,359 $43,002 $51,960 $60,716 $69,466 $77,473 $84,749 $90,964 $96,850 $101,687 $105,784
Total Current Assets $45,781 $60,202 $75,106 $96,376 $132,755 $174,504 $227,062 $284,531 $345,288 $412,194 $481,121 $552,299 $626,708 $707,289 $792,920 $875,391
Property And Equipment, net $29,114 $48,866 $61,797 $72,705 $113,114 $146,049 $185,391 $230,279 $279,338 $330,790 $382,593 $436,659 $487,770 $532,840 $569,966 $610,726
Operating leases - - - $25,141 $37,553 $50,903 $67,181 $86,242 $107,766 $131,291 $156,252 $182,031 $207,998 $233,539 $258,086 $281,123
Goodwill $3,784 $13,350 $14,548 $14,754 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017 $15,017
Other Assets $4,723 $8,892 $11,197 $16,272 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756 $22,756
Total Assets $83,402 $131,310 $162,648 $225,248 $321,195 $409,229 $517,406 $638,825 $770,165 $912,048 $1,057,738 $1,208,763 $1,360,248 $1,511,441 $1,658,745 $1,805,014

Liabilities And Stockholders’ Equity

Current Liabilities:
Accounts Payable $25,309 $34,616 $38,192 $47,183 $72,539 $89,152 $111,304 $134,192 $156,475 $178,644 $198,806 $216,993 $232,370 $246,811 $258,493 $268,217
Accrued Expenses and Other $13,739 $18,170 $23,663 $32,439 $44,138 $53,663 $67,070 $80,967 $94,810 $108,125 $120,546 $131,833 $141,862 $150,605 $158,109 $164,465
Unearned Revenue $4,768 $5,097 $6,536 $8,190 $9,708 $14,664 $18,327 $22,125 $25,907 $29,545 $32,940 $36,024 $38,764 $41,153 $43,204 $44,941
Total Current Liabilities $43,816 $57,883 $68,391 $87,812 $126,385 $157,478 $196,701 $237,283 $277,192 $316,314 $352,292 $384,850 $412,995 $438,570 $459,806 $477,622
Long-term Lease Liabilities - - $9,650 $39,791 $52,573 $82,938 $118,994 $160,226 $205,723 $254,252 $304,368 $356,850 $408,387 $456,893 $500,976 $541,601
Long-Term Debt $7,694 $24,743 $23,495 $23,414 $31,816 $30,661 $29,032 $26,749 $23,394 $21,143 $17,393 $13,643 $9,893 $6,143 $2,393 -
Other Long-Term Liabilities $12,607 $20,975 $17,563 $12,171 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017 $17,017
Total Liabilities $64,117 $103,601 $119,099 $163,188 $227,791 $288,094 $361,744 $441,276 $523,326 $608,726 $691,070 $772,360 $848,292 $918,622 $980,193 $1,036,240
Stockholders’ Equity:
Common Shares – 477 and 484 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 $5
Treasury Stock, at Cost ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837) ($1,837)
Additional Paid-In Capital $17,186 $21,389 $26,791 $33,658 $42,865 $54,625 $69,322 $87,065 $107,842 $131,536 $157,952 $186,842 $217,929 $250,933 $285,580 $321,621
Accumulated Other Comprehensive Loss ($985) ($484) ($1,035) ($986) ($180) ($180) ($180) ($180) ($180) ($180) ($180) ($180) ($180) ($180) ($180) ($180)
Retained Earnings $4,916 $8,636 $19,625 $31,220 $52,551 $68,523 $88,352 $112,496 $141,010 $173,798 $210,728 $251,573 $296,038 $343,898 $394,985 $449,165
Total Stockholders’ Equity $19,285 $27,709 $43,549 $62,060 $93,404 $121,135 $155,662 $197,549 $246,840 $303,322 $366,669 $436,403 $511,956 $592,818 $678,553 $768,773
Total Liabilities and Stockholders’ Equity $83,402 $131,310 $162,648 $225,248 $321,195 $409,229 $517,406 $638,825 $770,165 $912,048 $1,057,738 $1,208,763 $1,360,248 $1,511,441 $1,658,745 $1,805,014

Check 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Flow Statement
2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Cash, Cash Equivalents, And Restricted Cash, Beginning Of Period $15,890 $19,934 $21,856 $32,173 $36,410 $42,377 $57,825 $90,398 $127,148 $167,537 $214,013 $263,998 $317,694 $376,771 $442,626 $515,650

Operating Activities:
Net Income $2,371 $3,033 $10,073 $11,588 $21,331 $15,972 $19,829 $24,144 $28,514 $32,788 $36,930 $40,844 $44,466 $47,859 $51,087 $54,180
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation and Amortization $8,116 $11,478 $15,341 $21,789 $25,251 $18,380 $24,793 $32,535 $41,602 $51,941 $63,468 $71,997 $84,543 $98,944 $114,063 $116,507
Stock-Based Compensation $2,975 $4,215 $5,418 $6,864 $9,208 $11,760 $14,698 $17,743 $20,776 $23,694 $26,416 $28,890 $31,087 $33,003 $34,648 $36,041
Other Non-Cash Expense, net ($106) ($119) $934 $711 ($3,207) ($1,691) ($1,759) ($1,829) ($1,902) ($1,978) ($2,057) ($2,140) ($2,225) ($2,314) ($2,407) ($2,503)

Changes in Operating Assets and Liabilities:

Inventories ($1,426) ($3,583) ($1,314) ($3,278) ($2,849) ($14,560) ($9,583) ($9,933) ($9,709) ($9,702) ($8,878) ($8,067) ($6,891) ($6,527) ($5,363) ($4,543)
Accounts Receivable, net and other ($3,367) ($4,780) ($4,615) ($7,681) ($8,169) ($10,050) ($8,643) ($8,958) ($8,756) ($8,750) ($8,007) ($7,276) ($6,215) ($5,886) ($4,837) ($4,097)
Accounts Payable $5,030 $7,100 $3,263 $8,193 $17,480 $16,613 $22,152 $22,888 $22,283 $22,169 $20,162 $18,187 $15,377 $14,442 $11,682 $9,724
Accrued Expenses and Other $1,724 $283 $472 ($1,383) $5,754 $9,525 $13,407 $13,897 $13,843 $13,315 $12,421 $11,287 $10,029 $8,744 $7,504 $6,356
Unearned Revenue $1,955 $738 $1,151 $1,711 $1,265 $4,956 $3,664 $3,797 $3,783 $3,638 $3,394 $3,084 $2,740 $2,389 $2,050 $1,737
Net Cash Provided by (used in) Operating Activities $17,272 $18,365 $30,723 $38,514 $66,064 $50,903 $78,559 $94,285 $110,433 $127,116 $143,849 $156,806 $172,911 $190,654 $208,427 $213,401

Investing Activities:
Purchases of Property and Equipment, Including Internal-Use Software and Websi ($7,804) ($11,955) ($13,427) ($16,861) ($40,140) ($29,173) ($36,462) ($44,017) ($51,542) ($58,781) ($65,533) ($71,669) ($77,121) ($81,875) ($85,954) ($89,409)
Proceeds from Property and Equipment Incentives $1,067 $1,897 $2,104 $4,172 $5,096
Acquisitions, net of cash acquired, and other ($116) ($13,972) ($2,186) ($2,461) ($2,325)
Sales (Purchases) of Marketable Securities, net ($3,023) ($3,054) $1,140 ($9,131) ($22,242)
Net Cash Provided by (used in) Investing Activities ($9,876) ($27,084) ($12,369) ($24,281) ($59,611) ($29,173) ($36,462) ($44,017) ($51,542) ($58,781) ($65,533) ($71,669) ($77,121) ($81,875) ($85,954) ($89,409)

Financing Activities:
Proceeds (Repayments) from Long-Term Debt and Other $267 $14,927 $100 ($411) $9,591 ($1,155) ($1,629) ($2,283) ($3,355) ($2,251) ($3,750) ($3,750) ($3,750) ($3,750) ($3,750) ($2,393)
Principal repayments of Finance Leases ($4,007) ($4,799) ($7,449) ($9,628) ($10,642) ($5,127) ($7,894) ($11,235) ($15,147) ($19,608) ($24,582) ($27,691) ($32,962) ($39,175) ($45,699) ($50,271)
Principal repayments of Financing Obligations - ($200) ($337) ($27) ($53)
Proceeds from Issuing Equity (Common, Treasury, Paid-in, etc) - - - - - - - - - - - - - - - -
Payment of Dividends - - - - -
Net Cash Provided by (used in) Financing Activities ($3,740) $9,928 ($7,686) ($10,066) ($1,104) ($6,282) ($9,523) ($13,518) ($18,502) ($21,859) ($28,332) ($31,441) ($36,712) ($42,925) ($49,449) ($52,664)

Foreign currency effect on cash, cash equivalents, and restricted cash ($212) $713 ($351) $70 $618
Net Increase (Decrease) in Cash and Cash Equivalents $3,444 $1,922 $10,317 $4,237 $5,967 $15,448 $32,573 $36,750 $40,389 $46,476 $49,984 $53,696 $59,078 $65,854 $73,024 $71,328

Cash, Cash Equivalents, And Restricted Cash, End Of Period $19,334 $21,856 $32,173 $36,410 $42,377 $57,825 $90,398 $127,148 $167,537 $214,013 $263,998 $317,694 $376,771 $442,626 $515,650 $586,978

Supporting Schedules
2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Restricted Cash and equivalents
Cash and Cash Equivalents $19,334 $20,522 $31,750 $36,092 $42,122 $57,570 $90,143 $126,893 $167,282 $213,758 $263,743 $317,439 $376,516 $442,371 $515,395 $586,723
Restricted Cash Included In Accounts Receivable, Net and Other $265 $1,329 $418 $276 $233 $233 $233 $233 $233 $233 $233 $233 $233 $233 $233 $233
Restricted Cash Included in Other Assets - $5 $5 $42 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22 $22
Total cash, cash equivalents, and restricted cash shown in the consolidated $19,599 $21,856 $32,173 $36,410 $42,377 $57,825 $90,398 $127,148 $167,537 $214,013 $263,998 $317,694 $376,771 $442,626 $515,650 $586,978

PP&E Schedule

PP&E Opening Balance, Net $13,437 $18,075 $31,101 $39,097 $45,305 $81,514 $99,618 $121,365 $146,266 $173,537 $202,169 $231,000 $258,800 $284,340 $306,446 $324,036
Plus: Capex $6,737 $10,058 $11,323 $12,689 $35,044 $29,173 $36,462 $44,017 $51,542 $58,781 $65,533 $71,669 $77,121 $81,875 $85,954 $89,409
Plus: Other Net Additions $2,217 $9,046 $4,714 $5,208 $17,916

Depreciation on Existing PP&E ($8,151) ($8,151) ($8,151) ($8,151) ($8,151) ($8,151) ($8,151) ($8,151) ($8,151) ($8,151) -

Depreciation on New Capex

2021 ($2,917) ($2,917) ($2,917) ($2,917) ($2,917) ($2,917) ($2,917) ($2,917) ($2,917) ($2,917) -
2022 ($3,646) ($3,646) ($3,646) ($3,646) ($3,646) ($3,646) ($3,646) ($3,646) ($3,646) ($3,646)
2023 ($4,402) ($4,402) ($4,402) ($4,402) ($4,402) ($4,402) ($4,402) ($4,402) ($4,402)
2024 ($5,154) ($5,154) ($5,154) ($5,154) ($5,154) ($5,154) ($5,154) ($5,154)
2025 ($5,878) ($5,878) ($5,878) ($5,878) ($5,878) ($5,878) ($5,878)
2026 ($6,553) ($6,553) ($6,553) ($6,553) ($6,553) ($6,553)
2027 ($7,167) ($7,167) ($7,167) ($7,167) ($7,167)
2028 ($7,712) ($7,712) ($7,712) ($7,712)
2029 ($8,187) ($8,187) ($8,187)
2030 ($8,595) ($8,595)
2031 ($8,941)
Depreciation on New Capex - - - - - ($2,917) ($6,564) ($10,965) ($16,119) ($21,997) ($28,551) ($35,718) ($43,430) ($51,617) ($60,213) ($66,236)

Less: Total Depreciation Expense ($4,316) ($6,078) ($8,041) ($11,689) ($16,751) ($11,069) ($14,715) ($19,117) ($24,271) ($30,149) ($36,702) ($43,869) ($51,581) ($59,769) ($68,364) ($66,236)

PP&E Closing Balance, Net, Not Including Capital/Finance Leases $18,075 $31,101 $39,097 $45,305 $81,514 $99,618 $121,365 $146,266 $173,537 $202,169 $231,000 $258,800 $284,340 $306,446 $324,036 $347,209

Finance Leases Schedule

Right-of-use Assets
Beginning Balance $8,401 $11,039 $17,765 $22,700 $27,400 $31,600 $46,430 $64,025 $84,013 $105,801 $128,621 $151,593 $177,859 $203,430 $226,394 $245,930
Plus: Net Additions $6,438 $12,126 $12,235 $14,800 $12,700 $22,141 $27,673 $33,407 $39,118 $44,612 $49,737 $54,394 $58,532 $62,140 $65,236 $67,858

Depreciation on Existing ROU Assets ($5,097) ($5,097) ($5,097) ($5,097) ($5,097) ($5,097) ($1,019) - - - -

Depreciation on New Additions

2021 ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) -
2022 ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767)
2023 ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341)
2024 ($3,912) ($3,912) ($3,912) ($3,912) ($3,912) ($3,912) ($3,912) ($3,912)
2025 ($4,461) ($4,461) ($4,461) ($4,461) ($4,461) ($4,461) ($4,461)
2026 ($4,974) ($4,974) ($4,974) ($4,974) ($4,974) ($4,974)
2027 ($5,439) ($5,439) ($5,439) ($5,439) ($5,439)
2028 ($5,853) ($5,853) ($5,853) ($5,853)
2029 ($6,214) ($6,214) ($6,214)
2030 ($6,524) ($6,524)
2031 ($6,786)
Depreciation on New Capex - - - - - ($2,214) ($4,981) ($8,322) ($12,234) ($16,695) ($21,669) ($27,108) ($32,962) ($39,175) ($45,699) ($50,271)

Less: Total Depreciation Expense ($3,800) ($5,400) ($7,300) ($10,100) ($8,500) ($7,311) ($10,078) ($13,419) ($17,331) ($21,792) ($26,766) ($28,128) ($32,962) ($39,175) ($45,699) ($50,271)

Right-of-use Asset Ending Balance $11,039 $17,765 $22,700 $27,400 $31,600 $46,430 $64,025 $84,013 $105,801 $128,621 $151,593 $177,859 $203,430 $226,394 $245,930 $263,518
Total Property And Equipment, net $29,114 $48,866 $61,797 $72,705 $113,114 $146,049 $185,391 $230,279 $279,338 $330,790 $382,593 $436,659 $487,770 $532,840 $569,966 $610,726

Finance Lease Liability

Existing Lease Liabilities
Beginning Balance, Existing Lease Liability $9,074 $11,660 $19,304 $24,423 $26,979 $18,060 $15,147 $12,234 $9,321 $6,408 $3,495 $583 - - - -
Plus: Interest $379 $318 $257 $196 $135 $73 $12 - - - -
Less: Lease Payments on Existing Lease Liability ($3,292) ($3,231) ($3,170) ($3,109) ($3,047) ($2,986) ($595) - - - -
Ending Balance, Existing Lease Liability $15,147 $12,234 $9,321 $6,408 $3,495 $583 - - - - -

New Lease Liabilities 2,913

Beginning Balance, New Lease Liability - $19,927 $42,619 $67,704 $94,588 $122,505 $150,573 $177,859 $203,430 $226,394 $245,930
Plus: Additions $22,141 $27,673 $33,407 $39,118 $44,612 $49,737 $54,394 $58,532 $62,140 $65,236 $67,858
Plus: Interest - $418 $895 $1,422 $1,986 $2,573 $3,162 $3,735 $4,272 $4,754 $5,165
Principle Repayment on New Lease Liabilities
2021 ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) ($2,214) -
2022 ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767) ($2,767)
2023 ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341) ($3,341)
2024 ($3,912) ($3,912) ($3,912) ($3,912) ($3,912) ($3,912) ($3,912) ($3,912)
2025 ($4,461) ($4,461) ($4,461) ($4,461) ($4,461) ($4,461) ($4,461)
2026 ($4,974) ($4,974) ($4,974) ($4,974) ($4,974) ($4,974)
2027 ($5,439) ($5,439) ($5,439) ($5,439) ($5,439)
2028 ($5,853) ($5,853) ($5,853) ($5,853)
2029 ($6,214) ($6,214) ($6,214)
2030 ($6,524) ($6,524)
2031 ($6,786)
Principle Payments on New Additions - - - - - ($2,214) ($4,981) ($8,322) ($12,234) ($16,695) ($21,669) ($27,108) ($32,962) ($39,175) ($45,699) ($50,271)

Less: Lease Payments on New Lease Liabilities $2,214 $5,400 $9,217 $13,656 $18,682 $24,242 $30,270 $36,697 $43,447 $50,453 $55,435
Ending Balance, New Lease Liabilities - - - - - $19,927 $42,619 $67,704 $94,588 $122,505 $150,573 $177,859 $203,430 $226,394 $245,930 $263,518

Ending Balance, Long-term Finance Lease Liabilities $11,660 $19,304 $24,423 $26,979 $28,434 $35,074 $54,853 $77,025 $100,996 $126,001 $151,156 $177,859 $203,430 $226,394 $245,930 $263,518
Less: Current Portion of Finance Leases ($4,111) ($6,121) ($8,131) ($9,884) ($10,374)
Ending Balance, Long-Term Finance Lease Liabilities $7,549 $13,183 $16,292 $17,095 $18,060 $35,074 $54,853 $77,025 $100,996 $126,001 $151,156 $177,859 $203,430 $226,394 $245,930 $263,518

Finance Leases - Total Interest Expense $379 $737 $1,152 $1,618 $2,121 $2,646 $3,174 $3,735 $4,272 $4,754 $5,165
Finance Leases - Total Principal Repayments $5,127 $7,894 $11,235 $15,147 $19,608 $24,582 $27,691 $32,962 $39,175 $45,699 $50,271

Operating Leases Schedule

Right-of-use Assets
Beginning Balance $25,141 $37,553 $50,903 $67,181 $86,242 $107,766 $131,291 $156,252 $182,031 $207,998 $233,539 $258,086
Plus: Additions $16,217 $17,576 $21,968 $26,519 $31,053 $35,414 $39,483 $43,180 $46,464 $49,328 $51,786 $53,868

Amortization on Existing ROU Assets ($3,054) ($3,054) ($3,054) ($3,054) ($3,054) ($3,054) ($3,054) ($3,054) ($3,054) ($3,054) ($3,054)
Amortization on New ROU Assets ($1,172) ($2,636) ($4,404) ($6,474) ($8,835) ($11,468) ($14,346) ($17,444) ($20,732) ($24,185) ($27,776)
Less: Total Amortization Expense ($3,805) ($4,226) ($5,691) ($7,458) ($9,529) ($11,890) ($14,522) ($17,401) ($20,498) ($23,787) ($27,239) ($30,830)

Right-of-use Asset Ending Balance - - - $25,141 $37,553 $50,903 $67,181 $86,242 $107,766 $131,291 $156,252 $182,031 $207,998 $233,539 $258,086 $281,123
Operating Lease Liability
Existing Lease Liabilities
Beginning Balance, Existing Lease Liability $34,513 $31,459 $28,405 $25,350 $22,296 $19,242 $16,188 $13,133 $10,079 $7,025 $3,971
Plus: Interest $863 $786 $710 $634 $557 $481 $405 $328 $252 $176 $99
Less: Lease Payments on Existing Lease Liability ($3,917) ($3,841) ($3,764) ($3,688) ($3,612) ($3,535) ($3,459) ($3,383) ($3,306) ($3,230) ($3,154)
Ending Balance, Existing Lease Liability - - - - - $31,459 $28,405 $25,350 $22,296 $19,242 $16,188 $13,133 $10,079 $7,025 $3,971 $916

New Lease Liabilities

Beginning Balance, New Lease Liability - $16,405 $35,736 $57,851 $82,430 $109,009 $137,025 $165,858 $194,879 $223,474 $251,075
Plus: Additions $17,576 $21,968 $26,519 $31,053 $35,414 $39,483 $43,180 $46,464 $49,328 $51,786 $53,868
Plus: Interest - $410 $893 $1,446 $2,061 $2,725 $3,426 $4,146 $4,872 $5,587 $6,277
Principle Repayment on New Lease Liabilities
2021 ($1,172) ($1,172) ($1,172) ($1,172) ($1,172) ($1,172) ($1,172) ($1,172) ($1,172) ($1,172) ($1,172)
2022 ($1,465) ($1,465) ($1,465) ($1,465) ($1,465) ($1,465) ($1,465) ($1,465) ($1,465) ($1,465)
2023 ($1,768) ($1,768) ($1,768) ($1,768) ($1,768) ($1,768) ($1,768) ($1,768) ($1,768)
2024 ($2,070) ($2,070) ($2,070) ($2,070) ($2,070) ($2,070) ($2,070) ($2,070)
2025 ($2,361) ($2,361) ($2,361) ($2,361) ($2,361) ($2,361) ($2,361)
2026 ($2,632) ($2,632) ($2,632) ($2,632) ($2,632) ($2,632)
2027 ($2,879) ($2,879) ($2,879) ($2,879) ($2,879)
2028 ($3,098) ($3,098) ($3,098) ($3,098)
2029 ($3,289) ($3,289) ($3,289)
2030 ($3,452) ($3,452)
2031 ($3,591)
Principle Payments on New Additions - - - - - ($1,172) ($2,636) ($4,404) ($6,474) ($8,835) ($11,468) ($14,346) ($17,444) ($20,732) ($24,185) ($27,776)

Less: Lease Payments on New Lease Liabilities - - - - - $1,172 $3,046 $5,298 $7,921 $10,896 $14,193 $17,772 $21,590 $25,604 $29,772 $34,053
Ending Balance, New Lease Liabilities - - - - - $16,405 $35,736 $57,851 $82,430 $109,009 $137,025 $165,858 $194,879 $223,474 $251,075 $277,167
Ending Balance, Total Operating Lease Liabilities $20,865 $25,835 $39,099 $47,863 $64,141 $83,202 $104,726 $128,251 $153,212 $178,991 $204,958 $230,499 $255,046 $278,083
Less: Current Portion of Operating Lease Liabilities ($3,139) ($4,586)
Ending Balance, Long-Term Operating Lease Liabilities - - $20,865 $22,696 $34,513 $47,863 $64,141 $83,202 $104,726 $128,251 $153,212 $178,991 $204,958 $230,499 $255,046 $278,083
Total Operating Lease Expense $2,200 $3,400 $3,669 $5,089 $6,887 $9,062 $11,609 $14,508 $17,728 $21,231 $24,973 $28,911 $33,002 $37,206

Additional Capital Requirnments Schedule

Cash and Cash Equivalents at the Beginning of the period $42,122 $57,570 $90,143 $126,893 $167,282 $213,758 $263,743 $317,439 $376,516 $442,371 $515,395
Net Cash Provided by (used in) Operating Activities $50,903 $78,559 $94,285 $110,433 $127,116 $143,849 $156,806 $172,911 $190,654 $208,427 $213,401
Net Cash Provided by (used in) Investing Activities ($29,173) ($36,462) ($44,017) ($51,542) ($58,781) ($65,533) ($71,669) ($77,121) ($81,875) ($85,954) ($89,409)
Funding Shortfall - - - - - - - - - - - - - - - -

Additional Capital - Long-Term Debt - - - - - - - - - - -

Additional Capital - Common Equity - - - - - - - - - - -
Additional Common Shares - - - - - - - - - - -

Existing Long-Term Debt Schedule

Opening Balance $7,694 $24,743 $23,495 $23,414 $31,816 $30,661 $29,032 $26,749 $23,394 $21,143 $17,393 $13,643 $9,893 $6,143 $2,393
Plus: Additions $18,350 ($580) $2,603 $16,132
Less: Principal Repayments - Existing Long-Term Debt ($1,301) ($668) ($2,684) ($7,730) ($1,155) ($1,629) ($2,283) ($3,355) ($2,251) ($3,750) ($3,750) ($3,750) ($3,750) ($3,750) ($2,393)
Closing Balance $7,694 $24,743 $23,495 $23,414 $31,816 $30,661 $29,032 $26,749 $23,394 $21,143 $17,393 $13,643 $9,893 $6,143 $2,393 -

Debt Additions Schedule

Opening Balance - - - - - - - - - - -
Plus: Additions - - - - - - - - - - -
Less: Principal Repayments - - - - - - - - - - -
Closing Balance - - - - - - - - - - -

Total Long-Term Debt Schedule

Total Long-Term Debt $8,750 $24,843 $24,866 $24,719 $32,971 $30,661 $29,032 $26,749 $23,394 $21,143 $17,393 $13,643 $9,893 $6,143 $2,393 -
Total Proceeds (Repayments) from Long-Term Debt and Other $267 $14,927 $100 ($411) $9,591 ($1,155) ($1,629) ($2,283) ($3,355) ($2,251) ($3,750) ($3,750) ($3,750) ($3,750) ($3,750) ($2,393)

Long-Term Debt on Balance Sheet $7,694 $24,743 $23,495 $23,414 $31,816

Current Portion of Long-Term Debt (Accrued Expenses) $1,056 $100 $1,371 $1,305 $1,155
Total Long-Term Debt $8,750 $24,843 $24,866 $24,719 $32,971 - - - - - - - - - - -

Interest Expense on Long-Term Debt $484 $848 $1,417 $1,600 $1,647 $936 $895 $836 $751 $667 $577 $465 $353 $240 $128 $36
Interest Rate on Long-Term Debt 2.68% 3.08% 3.25% 2.98%

Determination of EBITDA & Free Cash Flow

EBIT $4,186 $4,106 $12,421 $14,541 $22,899 $21,911 $27,386 $33,060 $38,712 $44,149 $49,221 $53,830 $57,924 $61,495 $64,558 $67,154
D&A $8,116 $11,478 $15,341 $21,789 $25,251 $18,380 $24,793 $32,535 $41,602 $51,941 $63,468 $71,997 $84,543 $98,944 $114,063 $116,507
EBITDA (Including SBC) $12,302 $15,584 $27,762 $36,330 $48,150 $40,291 $52,179 $65,596 $80,314 $96,090 $112,689 $125,826 $142,467 $160,439 $178,622 $183,661

Stock-Based Compensation (SBC) $2,975 $4,215 $5,418 $6,864 $9,208 $11,760 $14,698 $17,743 $20,776 $23,694 $26,416 $28,890 $31,087 $33,003 $34,648 $36,041
EBITDA (Excluding SBC) $15,277 $19,799 $33,180 $43,194 $57,358 $52,051 $66,877 $83,339 $101,091 $119,784 $139,105 $154,716 $173,554 $193,442 $213,269 $219,701

Free Cash Flow to Firm (FCFF)

Operating Profit $4,186 $4,106 $12,421 $14,541 $22,899 $21,911 $27,386 $33,060 $38,712 $44,149 $49,221 $53,830 $57,924 $61,495 $64,558 $67,154
Less: Unlevered Taxes ($1,348) ($1,322) ($4,000) ($4,682) ($7,373) ($7,055) ($8,818) ($10,645) ($12,465) ($14,216) ($15,849) ($17,333) ($18,652) ($19,801) ($20,788) ($21,623)
Net Operating Profit After Tax (NOPAT) $2,838 $2,784 $8,421 $9,859 $15,526 $14,856 $18,568 $22,415 $26,247 $29,933 $33,372 $36,496 $39,273 $41,693 $43,771 $45,530
Plus: Depreciation & Amortization $8,116 $11,478 $15,341 $21,789 $25,251 $18,380 $24,793 $32,535 $41,602 $51,941 $63,468 $71,997 $84,543 $98,944 $114,063 $116,507
Plus: Stock-Based Compensation $2,975 $4,215 $5,418 $6,864 $9,208 $11,760 $14,698 $17,743 $20,776 $23,694 $26,416 $28,890 $31,087 $33,003 $34,648 $36,041
Plus: Other Non-Cash Expenses ($106) ($119) $934 $711 ($3,207) ($1,691) ($1,759) ($1,829) ($1,902) ($1,978) ($2,057) ($2,140) ($2,225) ($2,314) ($2,407) ($2,503)
Less: Cash Capex ($6,737) ($10,058) ($11,323) ($12,689) ($35,044) ($29,173) ($36,462) ($44,017) ($51,542) ($58,781) ($65,533) ($71,669) ($77,121) ($81,875) ($85,954) ($89,409)
Plus: Changes in Net Working Capital $3,916 ($242) ($1,043) ($2,438) $13,481 $6,483 $20,997 $21,691 $21,443 $20,671 $19,093 $17,215 $15,040 $13,162 $11,036 $9,176
Free Cash Flow to Firm (FCFF) $11,002 $8,058 $17,748 $24,096 $25,215 $20,614 $40,835 $48,539 $56,624 $65,480 $74,758 $80,789 $90,596 $102,614 $115,157 $115,342
Forecast Scenerios
All Amounts Denominated in US$MM Unless Otherwise Stated

2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E
Time Periods
BOP 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028
EOP 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028
Days 366 365 365 365 366 365 365 365 366 365 365 365 366

LIVE CASE
Segmented Revenue Growth
Online Stores 21.6% 17.3% 13.9% 11.1% 8.9% 7.1% 5.7% 4.5%
Physical Stores 5.0% 4.0% 3.2% 2.6% 2.0% 1.6% 1.3% 1.0%
Retail Third-Party Seller Services 37.0% 29.6% 23.7% 19.0% 15.2% 12.1% 9.7% 7.8%
Retail Subscription Services 41.1% 32.9% 26.3% 21.1% 16.9% 13.5% 10.8% 8.6%
AWS 39.0% 31.2% 24.9% 20.0% 16.0% 12.8% 10.2% 8.2%
Other 66.7% 53.3% 42.7% 34.1% 27.3% 21.8% 17.5% 14.0%
Total Net Sales 30.0% 25.0% 20.7% 17.1% 14.0% 11.5% 9.4% 7.6%

Base CASE
Segmented Revenue Growth
Online Stores 21.6% 17.3% 13.9% 11.1% 8.9% 7.1% 5.7% 4.5%
Physical Stores 5.0% 4.0% 3.2% 2.6% 2.0% 1.6% 1.3% 1.0%
Retail Third-Party Seller Services 37.0% 29.6% 23.7% 19.0% 15.2% 12.1% 9.7% 7.8%
Retail Subscription Services 41.1% 32.9% 26.3% 21.1% 16.9% 13.5% 10.8% 8.6%
AWS 39.0% 31.2% 24.9% 20.0% 16.0% 12.8% 10.2% 8.2%
Other 66.7% 53.3% 42.7% 34.1% 27.3% 21.8% 17.5% 14.0%
Total Net Sales

BULL CASE
Segmented Revenue Growth
Online Stores 27.1% 21.6% 17.3% 13.9% 11.1% 8.9% 7.1% 5.7%
Physical Stores 6.3% 5.0% 4.0% 3.2% 2.6% 2.0% 1.6% 1.3%
Retail Third-Party Seller Services 46.3% 37.0% 29.6% 23.7% 19.0% 15.2% 12.1% 9.7%
Retail Subscription Services 51.4% 41.1% 32.9% 26.3% 21.1% 16.9% 13.5% 10.8%
AWS 48.7% 39.0% 31.2% 24.9% 20.0% 16.0% 12.8% 10.2%
Other 83.3% 66.7% 53.3% 42.7% 34.1% 27.3% 21.8% 17.5%
Total Net Sales

BEAR CASE
Segmented Revenue Growth
Online Stores 16.2% 13.0% 10.4% 8.3% 6.6% 5.3% 4.3% 3.4%
Physical Stores 3.8% 3.0% 2.4% 1.9% 1.5% 1.2% 1.0% 0.8%
Retail Third-Party Seller Services 27.8% 22.2% 17.8% 14.2% 11.4% 9.1% 7.3% 5.8%
Retail Subscription Services 30.9% 24.7% 19.8% 15.8% 12.6% 10.1% 8.1% 6.5%
AWS 29.2% 23.4% 18.7% 15.0% 12.0% 9.6% 7.7% 6.1%
Other 50.0% 40.0% 32.0% 25.6% 20.5% 16.4% 13.1% 10.5%
Total Net Sales

OTHER CASE
Segmented Revenue Growth
Online Stores 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Physical Stores 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Retail Third-Party Seller Services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Retail Subscription Services 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
AWS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Total Net Sales
 2029E 2030E 2031E

1/1/2029 1/1/2030 1/1/2031

12/31/2029 12/31/2030 12/31/2031
365 365 365

3.6% 2.9% 2.3%

0.8% 0.7% 0.5%
6.2% 5.0% 4.0%
6.9% 5.5% 4.4%
6.5% 5.2% 4.2%
11.2% 8.9% 7.2%
6.2% 5.0% 4.0%

3.6% 2.9% 2.3%

0.8% 0.7% 0.5%
6.2% 5.0% 4.0%
6.9% 5.5% 4.4%
6.5% 5.2% 4.2%
11.2% 8.9% 7.2%

4.5% 3.6% 2.9%

1.0% 0.8% 0.7%
7.8% 6.2% 5.0%
8.6% 6.9% 5.5%
8.2% 6.5% 5.2%
14.0% 11.2% 8.9%

2.7% 2.2% 1.7%

0.6% 0.5% 0.4%
4.7% 3.7% 3.0%
5.2% 4.1% 3.3%
4.9% 3.9% 3.1%
8.4% 6.7% 5.4%

0.0% 0.0% 0.0%

0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
Discounted Cash Flow (DCF) Analysis
All Amounts Denominated in US$MM Unless Otherwise Stated

2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E
Discounted Cash Flow Analysis
Time Periods
Valuation Date / Fiscal Year-End 3/20/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029 12/31/2030 12/31/2031
Date for NPV Calculation 3/20/2021 8/10/2021 7/1/2022 7/1/2023 7/1/2024 7/1/2025 7/1/2026 7/1/2027 7/1/2028 7/1/2029 7/1/2030 7/1/2031
Year Fraction 0.78 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00

EBITDA (Excluding SBC) $52,051 $66,877 $83,339 $101,091 $119,784 $139,105 $154,716 $173,554 $193,442 $213,269 $219,701
Free Cash Flow to Firm (FCFF) $20,614 $40,835 $48,539 $56,624 $65,480 $74,758 $80,789 $90,596 $102,614 $115,157 $115,342

Terminal Value
Terminal Value: Exit Multiple $5,492,532
Terminal Value: Perpetual Growth $2,998,884
Terminal Value: Average $4,245,708

Selected Terminal Value $4,245,708

Valuation FCFF $0 $16,090 $40,835 $48,539 $56,624 $65,480 $74,758 $80,789 $90,596 $102,614 $115,157 $115,342
Terminal Value $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,245,708

DCF Value Summary (US$MM) Sensitivities - Instrinsic Value ($/share)

NPV - Future Cash Flows $498,505
NPV - Terminal Value $1,923,524 Exit Multiple
Enterprise Value $2,422,028 455986.3% 15.0x 20.0x 25.0x 30.0x 35.0x
Less: Net Debt ($59,107) 10%
Equity Value $2,362,921 9%
Fully Diluted Shares Outstanding (MM) 518 Discount Rate 8%
Equity Value ($) per Share $4,560 7%
6%

此图表在您的 Excel 版本中不可用。

Cost of Sales (% of Revenue)
编辑此形状或将此工作簿转换为其他文件格式将永久破坏图表。 455986.3% 59.4% 60.4% 61.4% 62.4% 63.4%
30%
Base Case 25%
Annual 20%
Growth Taper
15%
10%

Sensitivity Inputs (Do Not Remove)

Discount Rate
Terminal Value EBITDA Multiple
Base Case Annual Growth Taper
Cost of Sales (% Revenue)
Amazon Sum-of-the-Parts (SOTP) Valuation
All Amounts Denominated in US$MM Unless Otherwise Stated

2021E Comparable Multiple Range Implied Enterprise Value

Revenue Low Mid High Low Mid High
Amazon 1P
Online Stores $240,061
Physical Stores $17,038
Total Amazon 1P $257,099 0.8x 1.6x 2.7x $196,234 $402,542 $684,342

Amazon 3P
Retail Third-Party Seller Services $110,265
Total Amazon 3P $110,265 4.2x 7.9x 13.7x $458,344 $872,558 $1,512,537

Advertising
Other $35,753
Total Amazon Advertising $35,753 6.3x 8.8x 12.3x $224,697 $315,965 $440,556

Cloud
AWS $63,052
Total Amazon Cloud $63,052 4.9x 6.5x 9.7x $307,406 $412,328 $611,332

Subscription
Subscription Services $35,579
Total Amazon Subscription Services $35,579 4.1x 9.0x 19.2x $145,028 $321,056 $682,557

Total Amazon Implied Enterprise Value $501,747 2.7x 4.6x 7.8x $1,331,709 $2,324,449 $3,931,324
Less: Net Debt ($59,107) ($59,107) ($59,107)
Total Amazon Implied Equity Value $1,272,602 $2,265,342 $3,872,217
Fully Diluted Shares Outstanding (MM) 518.2 518.2 518.2
Total Amazon Implied Equity Value per Share ($/sh.) $2,456 $4,372 $7,472
Weighted-Average Cost of Capital (WACC)
All Amounts Denominated in US$MM Unless Otherwise Stated

Comparable Companies Beta Amazon WACC Calculation

Total Mkt. Val. Debt / Debt / 5-Yr. Avg. Levered Unlevered Target Capital Structure
Name Country Debt Equity Equity Capital Tax Rate Beta (5-Yr)1 Beta Low High
Walmart Inc. United States $63,702 $375,499 17.0% 14.5% 32.2% 0.47 0.42 Proportion of Debt 5.0% 10.0%
The Home Depot, Inc. United States $43,422 $311,425 13.9% 12.2% 32.2% 1.01 0.92 Proportion of Equity 95.0% 90.0%
Lowe's Companies, Inc. United States $26,211 $131,996 19.9% 16.6% 32.2% 1.34 1.18 Debt / Equity 0.1x 0.1x
Target Corporation United States $15,109 $95,746 15.8% 13.6% 32.2% 0.99 0.90 Current Capital Structure
Alibaba Group Holding Limited China $22,676 $666,541 3.4% 3.3% 25.0% 0.88 0.86 Market Cap $1,593,444
eBay Inc. United States $8,317 $42,647 19.5% 16.3% 32.2% 1.16 1.02 Total Debt $101,229
Etsy, Inc. United States ($206) $31,156 -0.7% -0.7% 32.2% 1.62 1.62 Debt / Equity 0.1x
Alphabet Inc. United States $27,872 $1,415,764 2.0% 1.9% 32.2% 1.00 0.99
Facebook, Inc. United States $11,177 $857,350 1.3% 1.3% 32.2% 1.25 1.24 Cost of Debt
Twitter, Inc. United States $2,644 $58,621 4.5% 4.3% 32.2% 0.81 0.79 Pre-Tax Cost of Debt 3.0% 3.0%
[Link], inc. United States $6,413 $204,522 3.1% 3.0% 32.2% 1.11 1.09 Tax Rate 32.2% 32.2%
Oracle Corporation United States $69,299 $193,280 35.9% 26.4% 32.2% 0.79 0.63 After-Tax Cost of Debt 2.0% 2.0%
SAP SE Germany $18,915 $147,559 12.8% 11.4% 29.9% 0.95 0.87
VMware, Inc. United States $5,878 $64,160 9.2% 8.4% 32.2% 0.94 0.89 Cost of Equity
Netflix, Inc. United States $18,511 $233,754 7.9% 7.3% 32.2% 0.83 0.79 Risk Free Rate 2.4% 2.4%
Spotify Technology S.A. Luxembourg $744 $53,986 1.4% 1.4% 26.4% 1.63 1.61 Equity Risk Premium 4.6% 4.6%
Roku, Inc. United States $438 $49,188 0.9% 0.9% 32.2% 1.89 1.88 Country Risk Premium 0.0% 0.0%
Sirius XM Holdings Inc. United States $8,968 $25,373 35.3% 26.1% 32.2% 1.10 0.89 Size Premium 0.0% 0.0%
Average 11.3% 9.3% 31.4% 1.10 1.03 Company Specific Risk Premium 1.0% 2.0%
Median 8.5% 7.9% 32.2% 1.01 0.91 Levered Equity Beta 0.94 0.98
Cost of Equity 7.7% 8.8%
Notes:
1
Sources: Yahoo Finance, Company Filings. WACC 7.4% 8.1%
Selected WACC 8.0%
Comparable Trading Metrics
All Amounts Denominated in US$MM Unless Otherwise Stated

Current Capitalization Financial Estimates3 Current Trading Multiples3

Share Market Enterprise Revenue EBITDA Earnings Cash Flow EV/Revenue
Company Name Price Shares1 Cap.1 Total Debt Cash Net Debt Value2 FY+1 FY+2 FY+1 FY+2 FY+1 FY+2 FY+1 FY+2 FY+1 FY+2
[$/sh.] [MM] [$MM] [$MM] [$MM] [$MM] [$MM] [$MM] [$MM] [$MM] [$MM] [$MM] [$MM] [x] [x]

[Link], Inc. $3,075 518 $1,593,444 $101,229 $42,122 $59,107 $1,652,551 $472,903 $557,294 $72,596 $90,110 $24,841 $35,107 $71,886 $89,038 3.5x 3.0x

1P Comps
Walmart Inc. $132 2,850 $375,499 $63,702 $17,741 $45,961 $421,460 $552,181 $549,417 $35,135 $34,222 $18,622 $15,512 $30,037 $26,305 0.8x 0.8x
The Home Depot, Inc. $289 1,077 $311,425 $43,422 $7,895 $35,527 $346,952 $130,346 $135,502 $20,628 $21,810 $12,803 $13,494 $16,602 $16,512 2.7x 2.6x
Lowe's Companies, Inc. $179 735 $131,996 $26,211 $4,690 $21,521 $153,517 $88,607 $86,709 $11,134 $11,559 $6,025 $6,737 $9,679 $8,934 1.7x 1.8x
Target Corporation $188 511 $95,746 $15,109 $8,511 $6,598 $102,344 $92,600 $89,626 $8,873 $8,463 $4,417 $4,389 $7,645 $6,808 1.1x 1.1x
Average: 1P Comps 1.6x 1.6x
Median: 1P Comps 1.4x 1.5x
Low: 1P Comps 0.8x 0.8x
High: 1P Comps 2.7x 2.6x

3P Comps
Alibaba Group Holding Limited $240 2,780 $666,541 $22,676 $47,811 ($25,134) $641,406 $109,347 $142,802 $31,910 $39,825 $26,265 $26,231 $40,282 $44,890 5.9x 4.5x
eBay Inc. $60 714 $42,647 $8,317 $1,428 $6,889 $49,536 $11,917 $12,740 $4,204 $4,596 $2,285 $2,605 $3,662 $3,978 4.2x 3.9x
Etsy, Inc. $215 145 $31,156 ($206) $1,244 ($1,450) $29,705 $2,166 $2,579 $650 $786 $443 $548 $621 $731 13.7x 11.5x
Average: 3P Comps 7.9x 6.6x
Median: 3P Comps 5.9x 4.5x
Low: 3P Comps 4.2x 3.9x
High: 3P Comps 13.7x 11.5x

Advertising Comps
Alphabet Inc. $2,027 698 $1,415,764 $27,872 $26,465 $1,407 $1,417,171 $225,493 $263,227 $83,040 $97,895 $47,115 $54,859 $78,172 $90,194 6.3x 5.4x
Facebook, Inc. $290 2,955 $857,350 $11,177 $17,576 ($6,399) $850,951 $107,641 $128,587 $54,306 $65,212 $32,704 $39,219 $51,471 $59,560 7.9x 6.6x
Twitter, Inc. $66 885 $58,621 $2,644 $17,576 $656 $59,277 $4,810 $5,808 $1,462 $1,874 $194 $399 $1,281 $1,788 12.3x 10.2x
Average: Advertising Comps 8.8x 7.4x
Median: Advertising Comps 7.9x 6.6x
Low: Advertising Comps 6.3x 5.4x
High: Advertising Comps 12.3x 10.2x

Cloud Comps
[Link], inc. $212 964 $204,522 $6,413 $6,195 $218 $204,740 $21,117 $25,702 $6,337 $7,651 $3,854 $135 $4,851 $5,466 9.7x 8.0x
Oracle Corporation $66 2,917 $193,280 $69,299 $6,195 $46,978 $240,258 $40,012 $41,014 $20,307 $20,591 $10,369 $10,795 $14,198 $14,954 6.0x 5.9x
SAP SE $123 1,197 $147,559 $18,915 $6,497 $12,418 $159,978 $32,813 $34,043 $11,490 $11,756 $4,984 $5,376 $6,957 $7,754 4.9x 4.7x
VMware, Inc. $146 440 $64,160 $5,878 $4,692 $1,186 $65,346 $11,706 $12,729 $4,617 $4,414 $1,700 $1,596 $3,755 $3,921 5.6x 5.1x
Average: Cloud Comps 6.5x 5.9x
Median: Cloud Comps 5.8x 5.5x
Low: Cloud Comps 4.9x 4.7x
High: Cloud Comps 9.7x 8.0x

Subscription Comps
Netflix, Inc. $512 456 $233,754 $18,511 $8,206 $10,305 $244,059 $30,009 $34,701 $6,669 $8,404 $4,514 $5,882 $501 $1,538 8.1x 7.0x
Spotify Technology S.A. $272 198 $53,986 $744 $1,408 ($664) $53,322 $11,341 $13,580 ($70) $149 ($343) ($182) $418 $820 4.7x 3.9x
Roku, Inc. $348 142 $49,188 $438 $1,093 ($654) $48,533 $2,530 $3,502 $175 $334 ($31) $79 $182 $371 19.2x 13.9x
Sirius XM Holdings Inc. $6 4,173 $25,373 $8,968 $71 $8,897 $34,270 $8,407 $8,808 $2,578 $2,754 $1,125 $1,251 $1,972 $2,047 4.1x 3.9x
Average: Subscription Comps 9.0x 7.2x
Median: Subscription Comps 6.4x 5.5x
Low: Subscription Comps 4.1x 3.9x
High: Subscription Comps 19.2x 13.9x

Notes:
Source: Company filings
1. Fully diluted (treasury stock method)
2. Market capitalization plus long term debt net of working capital as at the most recently disclosed quarter, adjusted for subsequent acquisitions and financings
3. Based on Consensus research estimates
 Current Trading Multiples3 Leverage Multiples
EV/EBITDA P/E P/CF Debt /
FY+1 FY+2 FY+1 FY+2 FY+1 FY+2 Equity Book Cap.
[x] [x] [x] [x] [x] [x] [x] [%]

22.8x 18.3x 64.1x 45.4x 22.2x 17.9x 1.1x 52.0%

12.0x 12.3x 20.2x 24.2x 12.5x 14.3x 0.7x 42.1%

16.8x 15.9x 24.3x 23.1x 18.8x 18.9x 13.2x 92.9%
13.8x 13.3x 21.9x 19.6x 13.6x 14.8x 18.2x 94.8%
11.5x 12.1x 21.7x 21.8x 12.5x 14.1x 1.0x 51.1%
13.5x 13.4x 22.0x 22.2x 14.4x 15.5x 8.3x 70.2%
12.9x 12.8x 21.8x 22.4x 13.1x 14.5x 7.1x 72.0%
11.5x 12.1x 20.2x 19.6x 12.5x 14.1x
### 0.7x 42.1%
16.8x 15.9x 24.3x 24.2x 18.8x 18.9x
### 18.2x 94.8%

20.1x 16.1x 25.4x 25.4x 16.5x 14.8x 0.1x 12.1%

11.8x 10.8x 18.7x 16.4x 11.6x 10.7x 2.3x 70.0%
45.7x 37.8x 70.3x 56.9x 50.2x 42.6x -0.3x -38.5%
25.9x 21.6x 38.1x 32.9x 26.1x 22.7x 0.7x 14.5%
20.1x 16.1x 25.4x 25.4x 16.5x 14.8x 0.1x 12.1%
11.8x 10.8x 18.7x 16.4x 11.6x 10.7x
### -0.3x -38.5%
45.7x 37.8x 70.3x 56.9x 50.2x 42.6x
### 2.3x 70.0%

17.1x 14.5x 30.0x 25.8x 18.1x 15.7x 0.1x 11.1%

15.7x 13.0x 26.2x 21.9x 16.7x 14.4x 0.1x 8.0%
40.5x 31.6x 302.3x 146.8x 45.8x 32.8x 0.3x 24.9%
24.4x 19.7x 119.5x 64.8x 26.8x 21.0x 0.2x 14.7%
17.1x 14.5x 30.0x 25.8x 18.1x 15.7x 0.1x 11.1%
15.7x 13.0x 26.2x 21.9x 16.7x 14.4x
### 0.1x 8.0%
40.5x 31.6x 302.3x 146.8x 45.8x 32.8x
### 0.3x 24.9%

32.3x 26.8x 53.1x 1516.4x 42.2x 37.4x 0.2x 13.4%

11.8x 11.7x 18.6x 17.9x 13.6x 12.9x 7.2x 87.8%
13.9x 13.6x 29.6x 27.4x 21.2x 19.0x 0.5x 34.1%
14.2x 14.8x 37.7x 40.2x 17.1x 16.4x 0.6x 39.4%
18.1x 16.7x 34.8x 400.5x 23.5x 21.4x 2.1x 43.7%
14.0x 14.2x 33.7x 33.8x 19.1x 17.7x 0.6x 36.7%
11.8x 11.7x 18.6x 17.9x 13.6x 12.9x
### 0.2x 13.4%
32.3x 26.8x 53.1x 1516.4x 42.2x 37.4x
### 7.2x 87.8%

36.6x 29.0x 51.8x 39.7x 466.9x 152.0x 1.7x 62.6%

-766.1x 356.8x -157.3x -297.3x 129.2x 65.9x 0.2x 17.8%
276.8x 145.3x -1566.4x 621.0x 270.3x 132.5x 0.3x 24.8%
13.3x 12.4x 22.6x 20.3x 12.9x 12.4x -3.9x 134.2%
-109.8x 135.9x -412.3x 95.9x 219.8x 90.7x -0.4x 59.9%
24.9x 87.2x -67.4x 30.0x 199.7x 99.2x 0.3x 43.7%
-766.1x 12.4x -1566.4x -297.3x 12.9x 12.4x
### -3.9x 17.8%
276.8x 356.8x 51.8x 621.0x 466.9x 152.0x
### 1.7x 134.2%
Amazon Precedent Transactions Valuation
All Amounts Denominated in US$MM Unless Otherwise Stated

2020A Implied Multiple Range Implied Enterprise Value

EBITDA Low Mid High Low Mid High
Amazon Inc. $57,358 5.8x 12.6x 20.2x $331,013 $723,099 $1,157,428
Less: Net Debt ($59,107) ($59,107) ($59,107)
Total Amazon Implied Equity Value $271,906 $663,992 $1,098,321
Fully Diluted Shares Outstanding (MM) 518.2 518.2 518.2
Total Amazon Implied Equity Value per Share ($/sh.) $525 $1,281 $2,119
Precedent M&A Transactions
All Amounts Denominated in US$MM Unless Otherwise Stated

Announced Transaction Transaction Current Implied Implied Transaction Multiples (LTM) Target LTM Financials
# Date Acquirer Target Type Value Net Debt Equity Value EV/Revenue EV/EBITDA P/E P/CF Revenue EBITDA Earnings Cash Flow Comments
[$MM] [$MM] [$MM] [x] [x] [x] [x] [$MM] [$MM] [$MM] [$MM]

1 13-Nov-19 Apollo Global Management, Inc. (NYSE:APO) Tech Data Corporation Merger/Acquisition $5,951 $680 $5,271 0.2x 7.3x 15.4x 13.9x $37,082 $819 $342 $380 Acquisition of Equity Stake (100%)
2 18-Dec-17 The Hershey Company (NYSE:HSY) Amplify Snack Brands, Inc. Merger/Acquisition $1,527 $582 $945 4.1x 18.5x 86.7x 52.5x $372 $82 $11 $18 Acquisition of Equity Stake (100%)
3 10-Dec-18 Tivity Health, Inc. (NasdaqGS:TVTY) Nutrisystem, Inc. Merger/Acquisition $1,341 -$93 $1,433 1.9x 15.2x 25.9x 17.9x $693 $88 $55 $80 Acquisition of Equity Stake (100%)
4 26-Jul-19 HGGC, LLC Monotype Imaging Holdings Inc. Merger/Acquisition $858 $33 $825 3.5x 14.4x 33.6x 22.5x $244 $59 $25 $37 Acquisition of Equity Stake (100%)
5 7-Jun-19 Elliott Management Corporation Barnes & Noble, Inc. Merger/Acquisition $685 $194 $490 0.2x 6.1x 133.6x 4.6x $3,553 $113 $4 $106 Acquisition of Equity Stake (100%)
6 26-Mar-18 JD Sports Fashion plc (LSE:JD.) The Finish Line, Inc. Merger/Acquisition $464 -$93 $558 0.3x 5.8x 38.6x 7.2x $1,839 $80 $14 $78 Acquisition of Equity Stake (100%)
7 22-Jul-19 The Catalyst Capital Group Inc. Hudson's Bay Company Merger/Acquisition $8,455 $6,594 $1,861 0.9x 20.2x -3.3x -3.9x $9,377 $419 -$571 -$475 Acquisition of Equity Stake (100%)
8 17-Jul-18 Alliance Santé Participations S.A. Walgreens Boots Alliance, Inc. (NasdaqGS:WBA) Merger/Acquisition $77,396 $13,227 $64,169 0.6x 9.1x 14.9x 7.8x $128,244 $8,466 $4,314 $8,263 Acquisition of Equity Stake (0.17%)
9 26-Feb-18 Digital Entertainment Holdings LLC RLJ Entertainment, Inc. Merger/Acquisition $228 $51 $176 2.4x 16.7x -21.0x -32.0x $94 $14 -$8 -$6 Acquisition of Equity Stake (26%)
10 9-Jun-20 JANA Partners LLC Callaway Golf Company (NYSE:ELY) Merger/Acquisition $2,326 $857 $1,470 1.4x 12.8x 24.6x 12.6x $1,627 $182 $60 $117 Acquisition of Equity Stake (6.34%)
Average 1.6x 12.6x 34.9x 10.3x
Median 1.2x 13.6x 25.2x 10.2x
Low 0.2x 5.8x -21.0x -32.0x
High 4.1x 20.2x 133.6x 52.5x
Market Size
All Amounts Denominated in US$MM Unless Otherwise Stated

2015A 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
US Market Size
Ecommerce 325 373 426 472 519 592 620 671 723 776 831 888 949 1,014 1,083 1,157
Advertising 293 302 312 332 349 278 313 336 350 360 368 376 391 405 421 437
Cloud 143 147 162 176 181 167 167 179 195 205 217 228 239 251 263 276
Physical Stores 637 640 652 652 653 656 658 660 665 670 675 680 685 690 695 700

US Market Size Growth Rate

Ecommerce 13.8% 14.9% 14.3% 10.6% 10.0% 14.1% 4.6% 8.3% 7.8% 7.3% 7.2% 6.8% 6.8% 6.8% 6.8% 6.8%
Advertising 3.0% 2.9% 3.5% 6.4% 5.1% -20.3% 12.4% 7.4% 4.1% 3.0% 2.2% 2.2% 3.8% 3.8% 3.8% 3.8%
Cloud 6.7% 3.2% 10.2% 8.6% 2.6% -7.5% 0.2% 7.0% 9.2% 5.0% 5.8% 4.9% 4.9% 4.9% 4.9% 4.9%
Physical Stores 1.4% 0.5% 1.9% -0.1% 0.2% 0.5% 0.3% 0.3% 0.8% 0.7% 0.8% 0.7% 0.7% 0.7% 0.7% 0.7%

Convert Millions to Billions 1,000

Source:
IBISWorld Industy Research

US Market Size

Ecommerce Advertising Cloud Physical Stores

$1,200

$1,000

$800

$600

$400

$200

$0
2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E
Macroeconomic Analysis
All Amounts Denominated in US$MM Unless Otherwise Stated

2020E 2021E 2022E 2023-2027E

Macroeconomic Forecasts
Global (Purchasing Power Parity ("PPP") rate)
Inflation 2.5% 2.4% 2.5% 2.8%
GDP Growth -3.9% 5.1% 4.1% 3.4%
US Unemployment Rate 10.6% 8.4% 7.1% 5.4%
US Consumer Expenditure -3.9% 5.9% 5.0% 2.2%

Sources:
[Link]
[Link]
[Link]
Equity Analyst Coverage
All Amounts Denominated in US$ Unless Otherwise Stated

Effective Date Research Contributor Action

2/3/2021 Stifel Nicolaus Boost Price Target
2/3/2021 Truist Boost Price Target
2/3/2021 Susquehanna Bancshares Boost Price Target
2/3/2021 The Goldman Sachs Group Boost Price Target
2/3/2021 Guggenheim Boost Price Target
2/3/2021 Oppenheimer Boost Price Target
2/3/2021 MKM Partners Boost Price Target
2/3/2021 Credit Suisse Group Boost Price Target
2/3/2021 Monness Crespi & Hardt Boost Price Target
2/3/2021 KeyCorp Boost Price Target
2/3/2021 Wedbush Reiterated Rating
2/3/2021 Raymond James Boost Price Target
2/3/2021 Jefferies Financial Group Boost Price Target
2/3/2021 Cowen Boost Price Target
2/3/2021 Canaccord Genuity Boost Price Target
2/3/2021 Susquehanna Boost Price Target
2/3/2021 Deutsche Bank Aktiengesellschaft Boost Price Target
2/3/2021 Barclays Boost Price Target
2/3/2021 Benchmark Boost Price Target
2/3/2021 UBS Group Reiterated Rating
2/3/2021 JMP Securities Boost Price Target
2/3/2021 Pivotal Research Boost Price Target
1/27/2021 JPMorgan Chase & Co. Boost Price Target
1/21/2021 Bank of America Boost Price Target
1/15/2021 Morgan Stanley Boost Price Target

Mean
Median
Mode
Low
High
© Corporate Finance Institute. All rights reserved.
Share Price Chart
All Amounts Denominated in US$ Unless Otherwise Stated

52-week high $3,531

52-week low $1,846
52-week average $2,941

[Link], Inc. (NasdaqGS:AMZN) - Share

Dates Pricing [Link], Inc. - 52-week Share Pricing
Oct-30-2015 $ 626
Nov-02-2015 $ 628 $4,000
Nov-03-2015 $ 625 $3,500
Nov-04-2015 $ 641 $3,000
Nov-05-2015 $ 656
Nov-06-2015 $ 659 $2,500
Nov-09-2015 $ 655 $2,000
Nov-10-2015 $ 660 $1,500
Nov-11-2015 $ 673
Nov-12-2015 $ 666 $1,000
Nov-13-2015 $ 642 $500
Nov-16-2015 $ 648 $-
Nov-17-2015 $ 643
Nov-18-2015 $ 664 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 21 21 21 21 21
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
Nov-19-2015 $ 661 9- 4- 0- 6- 2- 7- 3- 9- 5- 0- 6- 1- 7- 3- 9- 4- 0- 6- 1- 7- 2- 8- 6-
r -1 r-0 r-2 y-0 y-2 n-0 n-2 ul-0 ul-2 g-1 g-2 p-1 p-2 ct-1 ct-2 v-1 v-3 c-1 n-0 n-1 b-0 b-1 r-0
Nov-20-2015 $ 668 M a Ap Ap M a M a Ju J u J J Au Au Se Se O O N o N o D e J a J a F e F e M a
Nov-23-2015 $ 679
Nov-24-2015 $ 671
Nov-25-2015 $ 675
Nov-27-2015 $ 673
Nov-30-2015 $ 665
Dec-01-2015 $ 679
Dec-02-2015 $ 676
Dec-03-2015 $ 666
Dec-04-2015 $ 673
Dec-07-2015 $ 670
Dec-08-2015 $ 677
Dec-09-2015 $ 665
Dec-10-2015 $ 662
Dec-11-2015 $ 640
Dec-14-2015 $ 658
Dec-15-2015 $ 659
Dec-16-2015 $ 676
Dec-17-2015 $ 671
Dec-18-2015 $ 664
Dec-21-2015 $ 665
Dec-22-2015 $ 663
Dec-23-2015 $ 664
Dec-24-2015 $ 663
Dec-28-2015 $ 675
Dec-29-2015 $ 694
Dec-30-2015 $ 689
Dec-31-2015 $ 676
Jan-04-2016 $ 637
Jan-05-2016 $ 634
Jan-06-2016 $ 633
Jan-07-2016 $ 608
Jan-08-2016 $ 607
Jan-11-2016 $ 618
Jan-12-2016 $ 618
Jan-13-2016 $ 582
Jan-14-2016 $ 593
Jan-15-2016 $ 570
Jan-19-2016 $ 574
Jan-20-2016 $ 572
Jan-21-2016 $ 575
Jan-22-2016 $ 596
Jan-25-2016 $ 597
Jan-26-2016 $ 601
Jan-27-2016 $ 583
Jan-28-2016 $ 635
Jan-29-2016 $ 587
Feb-01-2016 $ 575
Feb-02-2016 $ 552
Feb-03-2016 $ 531
Feb-04-2016 $ 536
Feb-05-2016 $ 502
Feb-08-2016 $ 488
Feb-09-2016 $ 482
Feb-10-2016 $ 490
Feb-11-2016 $ 504
Feb-12-2016 $ 507
Feb-16-2016 $ 521
Feb-17-2016 $ 534
Feb-18-2016 $ 525
Feb-19-2016 $ 535
Feb-22-2016 $ 560
Feb-23-2016 $ 553
Feb-24-2016 $ 554
Feb-25-2016 $ 555
Feb-26-2016 $ 555
Feb-29-2016 $ 553
Mar-01-2016 $ 579
Mar-02-2016 $ 580
Mar-03-2016 $ 577
Mar-04-2016 $ 575
Mar-07-2016 $ 563
Mar-08-2016 $ 560
Mar-09-2016 $ 559
Mar-10-2016 $ 559
Mar-11-2016 $ 570
Mar-14-2016 $ 573
Mar-15-2016 $ 577
Mar-16-2016 $ 574
Mar-17-2016 $ 559
Mar-18-2016 $ 552
Mar-21-2016 $ 554
Mar-22-2016 $ 560
Mar-23-2016 $ 570
Mar-24-2016 $ 583
Mar-28-2016 $ 580
Mar-29-2016 $ 594
Mar-30-2016 $ 599
Mar-31-2016 $ 594
Apr-01-2016 $ 599
Apr-04-2016 $ 593
Apr-05-2016 $ 586
Apr-06-2016 $ 602
Apr-07-2016 $ 591
Apr-08-2016 $ 595
Apr-11-2016 $ 596
Apr-12-2016 $ 603
Apr-13-2016 $ 615
Apr-14-2016 $ 621
Apr-15-2016 $ 626
Apr-18-2016 $ 635
Apr-19-2016 $ 628
Apr-20-2016 $ 633
Apr-21-2016 $ 631
Apr-22-2016 $ 621
Apr-25-2016 $ 626
Apr-26-2016 $ 617
Apr-27-2016 $ 607
Apr-28-2016 $ 602
Apr-29-2016 $ 660
May-02-2016 $ 684
May-03-2016 $ 671
May-04-2016 $ 671
May-05-2016 $ 659
May-06-2016 $ 674
May-09-2016 $ 680
May-10-2016 $ 703
May-11-2016 $ 713
May-12-2016 $ 718
May-13-2016 $ 710
May-16-2016 $ 711
May-17-2016 $ 695
May-18-2016 $ 697
May-19-2016 $ 699
May-20-2016 $ 703
May-23-2016 $ 697
May-24-2016 $ 704
May-25-2016 $ 708
May-26-2016 $ 715
May-27-2016 $ 712
May-31-2016 $ 723
Jun-01-2016 $ 719
Jun-02-2016 $ 728
Jun-03-2016 $ 726
Jun-06-2016 $ 727
Jun-07-2016 $ 724
Jun-08-2016 $ 727
Jun-09-2016 $ 728
Jun-10-2016 $ 718
Jun-13-2016 $ 715
Jun-14-2016 $ 719
Jun-15-2016 $ 714
Jun-16-2016 $ 718
Jun-17-2016 $ 706
Jun-20-2016 $ 714
Jun-21-2016 $ 716
Jun-22-2016 $ 711
Jun-23-2016 $ 722
Jun-24-2016 $ 699
Jun-27-2016 $ 691
Jun-28-2016 $ 708
Jun-29-2016 $ 716
Jun-30-2016 $ 716
Jul-01-2016 $ 726
Jul-05-2016 $ 728
Jul-06-2016 $ 738
Jul-07-2016 $ 737
Jul-08-2016 $ 746
Jul-11-2016 $ 754
Jul-12-2016 $ 748
Jul-13-2016 $ 743
Jul-14-2016 $ 741
Jul-15-2016 $ 735
Jul-18-2016 $ 736
Jul-19-2016 $ 740
Jul-20-2016 $ 746
Jul-21-2016 $ 744
Jul-22-2016 $ 745
Jul-25-2016 $ 740
Jul-26-2016 $ 736
Jul-27-2016 $ 737
Jul-28-2016 $ 753
Jul-29-2016 $ 759
Aug-01-2016 $ 768
Aug-02-2016 $ 761
Aug-03-2016 $ 755
Aug-04-2016 $ 761
Aug-05-2016 $ 766
Aug-08-2016 $ 767
Aug-09-2016 $ 768
Aug-10-2016 $ 769
Aug-11-2016 $ 771
Aug-12-2016 $ 773
Aug-15-2016 $ 768
Aug-16-2016 $ 764
Aug-17-2016 $ 765
Aug-18-2016 $ 764
Aug-19-2016 $ 757
Aug-22-2016 $ 759
Aug-23-2016 $ 762
Aug-24-2016 $ 757
Aug-25-2016 $ 759
Aug-26-2016 $ 769
Aug-29-2016 $ 771
Aug-30-2016 $ 768
Aug-31-2016 $ 769
Sep-01-2016 $ 771
Sep-02-2016 $ 772
Sep-06-2016 $ 789
Sep-07-2016 $ 784
Sep-08-2016 $ 784
Sep-09-2016 $ 760
Sep-12-2016 $ 771
Sep-13-2016 $ 761
Sep-14-2016 $ 761
Sep-15-2016 $ 770
Sep-16-2016 $ 779
Sep-19-2016 $ 775
Sep-20-2016 $ 780
Sep-21-2016 $ 790
Sep-22-2016 $ 805
Sep-23-2016 $ 806
Sep-26-2016 $ 799
Sep-27-2016 $ 816
Sep-28-2016 $ 829
Sep-29-2016 $ 829
Sep-30-2016 $ 837
Oct-03-2016 $ 837
Oct-04-2016 $ 834
Oct-05-2016 $ 844
Oct-06-2016 $ 842
Oct-07-2016 $ 839
Oct-10-2016 $ 842
Oct-11-2016 $ 831
Oct-12-2016 $ 834
Oct-13-2016 $ 829
Oct-14-2016 $ 823
Oct-17-2016 $ 813
Oct-18-2016 $ 818
Oct-19-2016 $ 818
Oct-20-2016 $ 810
Oct-21-2016 $ 819
Oct-24-2016 $ 838
Oct-25-2016 $ 835
Oct-26-2016 $ 823
Oct-27-2016 $ 818
Oct-28-2016 $ 776
Oct-31-2016 $ 790
Nov-01-2016 $ 785
Nov-02-2016 $ 766
Nov-03-2016 $ 767
Nov-04-2016 $ 755
Nov-07-2016 $ 785
Nov-08-2016 $ 788
Nov-09-2016 $ 772
Nov-10-2016 $ 742
Nov-11-2016 $ 739
Nov-14-2016 $ 719
Nov-15-2016 $ 743
Nov-16-2016 $ 746
Nov-17-2016 $ 756
Nov-18-2016 $ 760
Nov-21-2016 $ 780
Nov-22-2016 $ 785
Nov-23-2016 $ 780
Nov-25-2016 $ 780
Nov-28-2016 $ 767
Nov-29-2016 $ 763
Nov-30-2016 $ 751
Dec-01-2016 $ 744
Dec-02-2016 $ 740
Dec-05-2016 $ 759
Dec-06-2016 $ 765
Dec-07-2016 $ 770
Dec-08-2016 $ 767
Dec-09-2016 $ 769
Dec-12-2016 $ 760
Dec-13-2016 $ 774
Dec-14-2016 $ 769
Dec-15-2016 $ 761
Dec-16-2016 $ 758
Dec-19-2016 $ 766
Dec-20-2016 $ 771
Dec-21-2016 $ 771
Dec-22-2016 $ 766
Dec-23-2016 $ 761
Dec-27-2016 $ 771
Dec-28-2016 $ 772
Dec-29-2016 $ 765
Dec-30-2016 $ 750
Jan-03-2017 $ 754
Jan-04-2017 $ 757
Jan-05-2017 $ 780
Jan-06-2017 $ 796
Jan-09-2017 $ 797
Jan-10-2017 $ 796
Jan-11-2017 $ 799
Jan-12-2017 $ 814
Jan-13-2017 $ 817
Jan-17-2017 $ 810
Jan-18-2017 $ 807
Jan-19-2017 $ 809
Jan-20-2017 $ 808
Jan-23-2017 $ 818
Jan-24-2017 $ 822
Jan-25-2017 $ 837
Jan-26-2017 $ 839
Jan-27-2017 $ 836
Jan-30-2017 $ 830
Jan-31-2017 $ 823
Feb-01-2017 $ 832
Feb-02-2017 $ 840
Feb-03-2017 $ 810
Feb-06-2017 $ 808
Feb-07-2017 $ 813
Feb-08-2017 $ 820
Feb-09-2017 $ 821
Feb-10-2017 $ 827
Feb-13-2017 $ 837
Feb-14-2017 $ 836
Feb-15-2017 $ 843
Feb-16-2017 $ 844
Feb-17-2017 $ 845
Feb-21-2017 $ 856
Feb-22-2017 $ 856
Feb-23-2017 $ 852
Feb-24-2017 $ 845
Feb-27-2017 $ 849
Feb-28-2017 $ 845
Mar-01-2017 $ 853
Mar-02-2017 $ 849
Mar-03-2017 $ 850
Mar-06-2017 $ 847
Mar-07-2017 $ 846
Mar-08-2017 $ 851
Mar-09-2017 $ 853
Mar-10-2017 $ 852
Mar-13-2017 $ 855
Mar-14-2017 $ 853
Mar-15-2017 $ 853
Mar-16-2017 $ 853
Mar-17-2017 $ 852
Mar-20-2017 $ 857
Mar-21-2017 $ 843
Mar-22-2017 $ 848
Mar-23-2017 $ 847
Mar-24-2017 $ 846
Mar-27-2017 $ 847
Mar-28-2017 $ 856
Mar-29-2017 $ 874
Mar-30-2017 $ 876
Mar-31-2017 $ 887
Apr-03-2017 $ 892
Apr-04-2017 $ 907
Apr-05-2017 $ 909
Apr-06-2017 $ 898
Apr-07-2017 $ 895
Apr-10-2017 $ 907
Apr-11-2017 $ 902
Apr-12-2017 $ 896
Apr-13-2017 $ 885
Apr-17-2017 $ 902
Apr-18-2017 $ 904
Apr-19-2017 $ 899
Apr-20-2017 $ 902
Apr-21-2017 $ 899
Apr-24-2017 $ 907
Apr-25-2017 $ 908
Apr-26-2017 $ 909
Apr-27-2017 $ 918
Apr-28-2017 $ 925
May-01-2017 $ 948
May-02-2017 $ 947
May-03-2017 $ 941
May-04-2017 $ 938
May-05-2017 $ 934
May-08-2017 $ 949
May-09-2017 $ 953
May-10-2017 $ 949
May-11-2017 $ 948
May-12-2017 $ 961
May-15-2017 $ 958
May-16-2017 $ 966
May-17-2017 $ 945
May-18-2017 $ 958
May-19-2017 $ 960
May-22-2017 $ 971
May-23-2017 $ 972
May-24-2017 $ 980
May-25-2017 $ 993
May-26-2017 $ 996
May-30-2017 $ 997
May-31-2017 $ 995
Jun-01-2017 $ 996
Jun-02-2017 $ 1,007
Jun-05-2017 $ 1,011
Jun-06-2017 $ 1,003
Jun-07-2017 $ 1,010
Jun-08-2017 $ 1,010
Jun-09-2017 $ 978
Jun-12-2017 $ 965
Jun-13-2017 $ 981
Jun-14-2017 $ 976
Jun-15-2017 $ 964
Jun-16-2017 $ 988
Jun-19-2017 $ 995
Jun-20-2017 $ 993
Jun-21-2017 $ 1,002
Jun-22-2017 $ 1,001
Jun-23-2017 $ 1,004
Jun-26-2017 $ 994
Jun-27-2017 $ 977
Jun-28-2017 $ 990
Jun-29-2017 $ 976
Jun-30-2017 $ 968
Jul-03-2017 $ 954
Jul-05-2017 $ 971
Jul-06-2017 $ 965
Jul-07-2017 $ 979
Jul-10-2017 $ 996
Jul-11-2017 $ 994
Jul-12-2017 $ 1,007
Jul-13-2017 $ 1,001
Jul-14-2017 $ 1,002
Jul-17-2017 $ 1,010
Jul-18-2017 $ 1,024
Jul-19-2017 $ 1,027
Jul-20-2017 $ 1,029
Jul-21-2017 $ 1,026
Jul-24-2017 $ 1,039
Jul-25-2017 $ 1,040
Jul-26-2017 $ 1,053
Jul-27-2017 $ 1,046
Jul-28-2017 $ 1,020
Jul-31-2017 $ 988
Aug-01-2017 $ 996
Aug-02-2017 $ 996
Aug-03-2017 $ 987
Aug-04-2017 $ 988
Aug-07-2017 $ 992
Aug-08-2017 $ 990
Aug-09-2017 $ 982
Aug-10-2017 $ 957
Aug-11-2017 $ 968
Aug-14-2017 $ 983
Aug-15-2017 $ 983
Aug-16-2017 $ 978
Aug-17-2017 $ 961
Aug-18-2017 $ 958
Aug-21-2017 $ 953
Aug-22-2017 $ 967
Aug-23-2017 $ 958
Aug-24-2017 $ 952
Aug-25-2017 $ 945
Aug-28-2017 $ 946
Aug-29-2017 $ 954
Aug-30-2017 $ 968
Aug-31-2017 $ 981
Sep-01-2017 $ 978
Sep-05-2017 $ 965
Sep-06-2017 $ 968
Sep-07-2017 $ 979
Sep-08-2017 $ 966
Sep-11-2017 $ 978
Sep-12-2017 $ 983
Sep-13-2017 $ 1,000
Sep-14-2017 $ 992
Sep-15-2017 $ 987
Sep-18-2017 $ 974
Sep-19-2017 $ 970
Sep-20-2017 $ 973
Sep-21-2017 $ 965
Sep-22-2017 $ 955
Sep-25-2017 $ 940
Sep-26-2017 $ 939
Sep-27-2017 $ 951
Sep-28-2017 $ 956
Sep-29-2017 $ 961
Oct-02-2017 $ 959
Oct-03-2017 $ 957
Oct-04-2017 $ 965
Oct-05-2017 $ 981
Oct-06-2017 $ 990
Oct-09-2017 $ 991
Oct-10-2017 $ 987
Oct-11-2017 $ 995
Oct-12-2017 $ 1,001
Oct-13-2017 $ 1,003
Oct-16-2017 $ 1,006
Oct-17-2017 $ 1,009
Oct-18-2017 $ 997
Oct-19-2017 $ 987
Oct-20-2017 $ 983
Oct-23-2017 $ 966
Oct-24-2017 $ 976
Oct-25-2017 $ 973
Oct-26-2017 $ 972
Oct-27-2017 $ 1,101
Oct-30-2017 $ 1,111
Oct-31-2017 $ 1,105
Nov-01-2017 $ 1,104
Nov-02-2017 $ 1,094
Nov-03-2017 $ 1,112
Nov-06-2017 $ 1,121
Nov-07-2017 $ 1,123
Nov-08-2017 $ 1,133
Nov-09-2017 $ 1,129
Nov-10-2017 $ 1,125
Nov-13-2017 $ 1,129
Nov-14-2017 $ 1,137
Nov-15-2017 $ 1,127
Nov-16-2017 $ 1,137
Nov-17-2017 $ 1,130
Nov-20-2017 $ 1,126
Nov-21-2017 $ 1,139
Nov-22-2017 $ 1,156
Nov-24-2017 $ 1,186
Nov-27-2017 $ 1,196
Nov-28-2017 $ 1,194
Nov-29-2017 $ 1,161
Nov-30-2017 $ 1,177
Dec-01-2017 $ 1,162
Dec-04-2017 $ 1,134
Dec-05-2017 $ 1,142
Dec-06-2017 $ 1,152
Dec-07-2017 $ 1,160
Dec-08-2017 $ 1,162
Dec-11-2017 $ 1,169
Dec-12-2017 $ 1,165
Dec-13-2017 $ 1,164
Dec-14-2017 $ 1,174
Dec-15-2017 $ 1,179
Dec-18-2017 $ 1,191
Dec-19-2017 $ 1,187
Dec-20-2017 $ 1,178
Dec-21-2017 $ 1,175
Dec-22-2017 $ 1,168
Dec-26-2017 $ 1,177
Dec-27-2017 $ 1,182
Dec-28-2017 $ 1,186
Dec-29-2017 $ 1,169
Jan-02-2018 $ 1,189
Jan-03-2018 $ 1,204
Jan-04-2018 $ 1,210
Jan-05-2018 $ 1,229
Jan-08-2018 $ 1,247
Jan-09-2018 $ 1,253
Jan-10-2018 $ 1,254
Jan-11-2018 $ 1,277
Jan-12-2018 $ 1,305
Jan-16-2018 $ 1,305
Jan-17-2018 $ 1,295
Jan-18-2018 $ 1,293
Jan-19-2018 $ 1,295
Jan-22-2018 $ 1,327
Jan-23-2018 $ 1,363
Jan-24-2018 $ 1,358
Jan-25-2018 $ 1,378
Jan-26-2018 $ 1,402
Jan-29-2018 $ 1,418
Jan-30-2018 $ 1,438
Jan-31-2018 $ 1,451
Feb-01-2018 $ 1,390
Feb-02-2018 $ 1,430
Feb-05-2018 $ 1,390
Feb-06-2018 $ 1,443
Feb-07-2018 $ 1,417
Feb-08-2018 $ 1,351
Feb-09-2018 $ 1,340
Feb-12-2018 $ 1,386
Feb-13-2018 $ 1,415
Feb-14-2018 $ 1,451
Feb-15-2018 $ 1,462
Feb-16-2018 $ 1,449
Feb-20-2018 $ 1,468
Feb-21-2018 $ 1,483
Feb-22-2018 $ 1,485
Feb-23-2018 $ 1,500
Feb-26-2018 $ 1,522
Feb-27-2018 $ 1,512
Feb-28-2018 $ 1,512
Mar-01-2018 $ 1,493
Mar-02-2018 $ 1,500
Mar-05-2018 $ 1,524
Mar-06-2018 $ 1,538
Mar-07-2018 $ 1,545
Mar-08-2018 $ 1,552
Mar-09-2018 $ 1,579
Mar-12-2018 $ 1,598
Mar-13-2018 $ 1,588
Mar-14-2018 $ 1,591
Mar-15-2018 $ 1,582
Mar-16-2018 $ 1,572
Mar-19-2018 $ 1,545
Mar-20-2018 $ 1,587
Mar-21-2018 $ 1,582
Mar-22-2018 $ 1,545
Mar-23-2018 $ 1,496
Mar-26-2018 $ 1,556
Mar-27-2018 $ 1,497
Mar-28-2018 $ 1,431
Mar-29-2018 $ 1,447
Apr-02-2018 $ 1,372
Apr-03-2018 $ 1,392
Apr-04-2018 $ 1,411
Apr-05-2018 $ 1,452
Apr-06-2018 $ 1,405
Apr-09-2018 $ 1,406
Apr-10-2018 $ 1,436
Apr-11-2018 $ 1,427
Apr-12-2018 $ 1,449
Apr-13-2018 $ 1,431
Apr-16-2018 $ 1,442
Apr-17-2018 $ 1,504
Apr-18-2018 $ 1,528
Apr-19-2018 $ 1,557
Apr-20-2018 $ 1,527
Apr-23-2018 $ 1,518
Apr-24-2018 $ 1,460
Apr-25-2018 $ 1,460
Apr-26-2018 $ 1,518
Apr-27-2018 $ 1,573
Apr-30-2018 $ 1,566
May-01-2018 $ 1,582
May-02-2018 $ 1,570
May-03-2018 $ 1,572
May-04-2018 $ 1,581
May-07-2018 $ 1,600
May-08-2018 $ 1,592
May-09-2018 $ 1,608
May-10-2018 $ 1,609
May-11-2018 $ 1,603
May-14-2018 $ 1,602
May-15-2018 $ 1,576
May-16-2018 $ 1,587
May-17-2018 $ 1,582
May-18-2018 $ 1,574
May-21-2018 $ 1,585
May-22-2018 $ 1,581
May-23-2018 $ 1,602
May-24-2018 $ 1,603
May-25-2018 $ 1,610
May-29-2018 $ 1,613
May-30-2018 $ 1,625
May-31-2018 $ 1,630
Jun-01-2018 $ 1,642
Jun-04-2018 $ 1,665
Jun-05-2018 $ 1,696
Jun-06-2018 $ 1,696
Jun-07-2018 $ 1,689
Jun-08-2018 $ 1,684
Jun-11-2018 $ 1,689
Jun-12-2018 $ 1,699
Jun-13-2018 $ 1,705
Jun-14-2018 $ 1,724
Jun-15-2018 $ 1,716
Jun-18-2018 $ 1,724
Jun-19-2018 $ 1,735
Jun-20-2018 $ 1,750
Jun-21-2018 $ 1,730
Jun-22-2018 $ 1,716
Jun-25-2018 $ 1,663
Jun-26-2018 $ 1,691
Jun-27-2018 $ 1,661
Jun-28-2018 $ 1,701
Jun-29-2018 $ 1,700
Jul-02-2018 $ 1,714
Jul-03-2018 $ 1,694
Jul-05-2018 $ 1,700
Jul-06-2018 $ 1,711
Jul-09-2018 $ 1,739
Jul-10-2018 $ 1,743
Jul-11-2018 $ 1,755
Jul-12-2018 $ 1,797
Jul-13-2018 $ 1,813
Jul-16-2018 $ 1,822
Jul-17-2018 $ 1,844
Jul-18-2018 $ 1,843
Jul-19-2018 $ 1,813
Jul-20-2018 $ 1,814
Jul-23-2018 $ 1,802
Jul-24-2018 $ 1,829
Jul-25-2018 $ 1,864
Jul-26-2018 $ 1,808
Jul-27-2018 $ 1,817
Jul-30-2018 $ 1,779
Jul-31-2018 $ 1,777
Aug-01-2018 $ 1,797
Aug-02-2018 $ 1,834
Aug-03-2018 $ 1,823
Aug-06-2018 $ 1,848
Aug-07-2018 $ 1,862
Aug-08-2018 $ 1,887
Aug-09-2018 $ 1,899
Aug-10-2018 $ 1,886
Aug-13-2018 $ 1,896
Aug-14-2018 $ 1,920
Aug-15-2018 $ 1,883
Aug-16-2018 $ 1,887
Aug-17-2018 $ 1,882
Aug-20-2018 $ 1,877
Aug-21-2018 $ 1,883
Aug-22-2018 $ 1,905
Aug-23-2018 $ 1,903
Aug-24-2018 $ 1,905
Aug-27-2018 $ 1,928
Aug-28-2018 $ 1,933
Aug-29-2018 $ 1,998
Aug-30-2018 $ 2,002
Aug-31-2018 $ 2,013
Sep-04-2018 $ 2,040
Sep-05-2018 $ 1,995
Sep-06-2018 $ 1,958
Sep-07-2018 $ 1,952
Sep-10-2018 $ 1,939
Sep-11-2018 $ 1,987
Sep-12-2018 $ 1,990
Sep-13-2018 $ 1,990
Sep-14-2018 $ 1,970
Sep-17-2018 $ 1,908
Sep-18-2018 $ 1,941
Sep-19-2018 $ 1,926
Sep-20-2018 $ 1,944
Sep-21-2018 $ 1,915
Sep-24-2018 $ 1,934
Sep-25-2018 $ 1,975
Sep-26-2018 $ 1,975
Sep-27-2018 $ 2,013
Sep-28-2018 $ 2,003
Oct-01-2018 $ 2,004
Oct-02-2018 $ 1,971
Oct-03-2018 $ 1,953
Oct-04-2018 $ 1,909
Oct-05-2018 $ 1,890
Oct-08-2018 $ 1,864
Oct-09-2018 $ 1,870
Oct-10-2018 $ 1,755
Oct-11-2018 $ 1,719
Oct-12-2018 $ 1,789
Oct-15-2018 $ 1,761
Oct-16-2018 $ 1,820
Oct-17-2018 $ 1,832
Oct-18-2018 $ 1,771
Oct-19-2018 $ 1,764
Oct-22-2018 $ 1,789
Oct-23-2018 $ 1,769
Oct-24-2018 $ 1,664
Oct-25-2018 $ 1,782
Oct-26-2018 $ 1,643
Oct-29-2018 $ 1,539
Oct-30-2018 $ 1,530
Oct-31-2018 $ 1,598
Nov-01-2018 $ 1,666
Nov-02-2018 $ 1,666
Nov-05-2018 $ 1,628
Nov-06-2018 $ 1,643
Nov-07-2018 $ 1,755
Nov-08-2018 $ 1,755
Nov-09-2018 $ 1,712
Nov-12-2018 $ 1,637
Nov-13-2018 $ 1,631
Nov-14-2018 $ 1,599
Nov-15-2018 $ 1,619
Nov-16-2018 $ 1,593
Nov-19-2018 $ 1,512
Nov-20-2018 $ 1,495
Nov-21-2018 $ 1,517
Nov-23-2018 $ 1,502
Nov-26-2018 $ 1,581
Nov-27-2018 $ 1,581
Nov-28-2018 $ 1,678
Nov-29-2018 $ 1,674
Nov-30-2018 $ 1,690
Dec-03-2018 $ 1,772
Dec-04-2018 $ 1,668
Dec-06-2018 $ 1,699
Dec-07-2018 $ 1,629
Dec-10-2018 $ 1,641
Dec-11-2018 $ 1,643
Dec-12-2018 $ 1,664
Dec-13-2018 $ 1,658
Dec-14-2018 $ 1,592
Dec-17-2018 $ 1,521
Dec-18-2018 $ 1,551
Dec-19-2018 $ 1,495
Dec-20-2018 $ 1,461
Dec-21-2018 $ 1,377
Dec-24-2018 $ 1,344
Dec-26-2018 $ 1,471
Dec-27-2018 $ 1,462
Dec-28-2018 $ 1,478
Dec-31-2018 $ 1,502
Jan-01-2019 $ 1,502
Jan-02-2019 $ 1,539
Jan-03-2019 $ 1,500
Jan-04-2019 $ 1,575
Jan-07-2019 $ 1,630
Jan-08-2019 $ 1,657
Jan-09-2019 $ 1,659
Jan-10-2019 $ 1,656
Jan-11-2019 $ 1,641
Jan-14-2019 $ 1,617
Jan-15-2019 $ 1,675
Jan-16-2019 $ 1,684
Jan-17-2019 $ 1,693
Jan-18-2019 $ 1,696
Jan-21-2019 $ 1,696
Jan-22-2019 $ 1,632
Jan-23-2019 $ 1,640
Jan-24-2019 $ 1,655
Jan-25-2019 $ 1,671
Jan-28-2019 $ 1,638
Jan-29-2019 $ 1,594
Jan-30-2019 $ 1,670
Jan-31-2019 $ 1,719
Feb-01-2019 $ 1,626
Feb-04-2019 $ 1,633
Feb-05-2019 $ 1,659
Feb-06-2019 $ 1,640
Feb-07-2019 $ 1,614
Feb-08-2019 $ 1,588
Feb-11-2019 $ 1,591
Feb-12-2019 $ 1,638
Feb-13-2019 $ 1,640
Feb-14-2019 $ 1,623
Feb-15-2019 $ 1,608
Feb-18-2019 $ 1,608
Feb-19-2019 $ 1,628
Feb-20-2019 $ 1,622
Feb-21-2019 $ 1,619
Feb-22-2019 $ 1,632
Feb-25-2019 $ 1,633
Feb-26-2019 $ 1,636
Feb-27-2019 $ 1,641
Feb-28-2019 $ 1,640
Mar-01-2019 $ 1,672
Mar-04-2019 $ 1,696
Mar-05-2019 $ 1,692
Mar-06-2019 $ 1,669
Mar-07-2019 $ 1,626
Mar-08-2019 $ 1,621
Mar-11-2019 $ 1,671
Mar-12-2019 $ 1,673
Mar-13-2019 $ 1,691
Mar-14-2019 $ 1,686
Mar-15-2019 $ 1,712
Mar-18-2019 $ 1,742
Mar-19-2019 $ 1,762
Mar-20-2019 $ 1,797
Mar-21-2019 $ 1,819
Mar-22-2019 $ 1,765
Mar-25-2019 $ 1,774
Mar-26-2019 $ 1,784
Mar-27-2019 $ 1,766
Mar-28-2019 $ 1,773
Mar-29-2019 $ 1,781
Apr-01-2019 $ 1,814
Apr-02-2019 $ 1,814
Apr-03-2019 $ 1,821
Apr-04-2019 $ 1,819
Apr-05-2019 $ 1,837
Apr-08-2019 $ 1,850
Apr-09-2019 $ 1,836
Apr-10-2019 $ 1,847
Apr-11-2019 $ 1,844
Apr-12-2019 $ 1,843
Apr-15-2019 $ 1,845
Apr-16-2019 $ 1,863
Apr-17-2019 $ 1,865
Apr-18-2019 $ 1,862
Apr-19-2019 $ 1,862
Apr-22-2019 $ 1,887
Apr-23-2019 $ 1,924
Apr-24-2019 $ 1,902
Apr-25-2019 $ 1,902
Apr-26-2019 $ 1,951
Apr-29-2019 $ 1,938
Apr-30-2019 $ 1,927
May-01-2019 $ 1,912
May-02-2019 $ 1,901
May-03-2019 $ 1,962
May-06-2019 $ 1,951
May-07-2019 $ 1,921
May-08-2019 $ 1,918
May-09-2019 $ 1,900
May-10-2019 $ 1,890
May-13-2019 $ 1,823
May-14-2019 $ 1,840
May-15-2019 $ 1,871
May-16-2019 $ 1,908
May-17-2019 $ 1,869
May-20-2019 $ 1,859
May-21-2019 $ 1,858
May-22-2019 $ 1,860
May-23-2019 $ 1,815
May-24-2019 $ 1,823
May-27-2019 $ 1,823
May-28-2019 $ 1,836
May-29-2019 $ 1,819
May-30-2019 $ 1,816
May-31-2019 $ 1,775
Jun-03-2019 $ 1,693
Jun-04-2019 $ 1,730
Jun-05-2019 $ 1,739
Jun-06-2019 $ 1,754
Jun-07-2019 $ 1,804
Jun-10-2019 $ 1,861
Jun-11-2019 $ 1,864
Jun-12-2019 $ 1,855
Jun-13-2019 $ 1,870
Jun-14-2019 $ 1,870
Jun-17-2019 $ 1,886
Jun-18-2019 $ 1,901
Jun-19-2019 $ 1,909
Jun-20-2019 $ 1,918
Jun-21-2019 $ 1,911
Jun-24-2019 $ 1,914
Jun-25-2019 $ 1,878
Jun-26-2019 $ 1,898
Jun-27-2019 $ 1,904
Jun-28-2019 $ 1,894
Jul-01-2019 $ 1,922
Jul-02-2019 $ 1,934
Jul-03-2019 $ 1,939
Jul-04-2019 $ 1,939
Jul-05-2019 $ 1,943
Jul-08-2019 $ 1,952
Jul-09-2019 $ 1,988
Jul-10-2019 $ 2,017
Jul-11-2019 $ 2,001
Jul-12-2019 $ 2,011
Jul-15-2019 $ 2,021
Jul-16-2019 $ 2,010
Jul-17-2019 $ 1,992
Jul-18-2019 $ 1,978
Jul-19-2019 $ 1,965
Jul-22-2019 $ 1,986
Jul-23-2019 $ 1,994
Jul-24-2019 $ 2,001
Jul-25-2019 $ 1,974
Jul-26-2019 $ 1,943
Jul-29-2019 $ 1,912
Jul-30-2019 $ 1,899
Jul-31-2019 $ 1,867
Aug-01-2019 $ 1,855
Aug-02-2019 $ 1,823
Aug-05-2019 $ 1,765
Aug-06-2019 $ 1,788
Aug-07-2019 $ 1,793
Aug-08-2019 $ 1,833
Aug-09-2019 $ 1,808
Aug-12-2019 $ 1,785
Aug-13-2019 $ 1,824
Aug-14-2019 $ 1,763
Aug-15-2019 $ 1,776
Aug-16-2019 $ 1,793
Aug-19-2019 $ 1,816
Aug-20-2019 $ 1,801
Aug-21-2019 $ 1,824
Aug-22-2019 $ 1,806
Aug-23-2019 $ 1,750
Aug-26-2019 $ 1,769
Aug-27-2019 $ 1,762
Aug-28-2019 $ 1,764
Aug-29-2019 $ 1,786
Aug-30-2019 $ 1,776
Sep-02-2019 $ 1,776
Sep-03-2019 $ 1,790
Sep-04-2019 $ 1,801
Sep-05-2019 $ 1,841
Sep-06-2019 $ 1,834
Sep-09-2019 $ 1,831
Sep-10-2019 $ 1,821
Sep-11-2019 $ 1,823
Sep-12-2019 $ 1,844
Sep-13-2019 $ 1,839
Sep-16-2019 $ 1,808
Sep-17-2019 $ 1,823
Sep-18-2019 $ 1,817
Sep-19-2019 $ 1,822
Sep-20-2019 $ 1,794
Sep-23-2019 $ 1,785
Sep-24-2019 $ 1,742
Sep-25-2019 $ 1,768
Sep-26-2019 $ 1,740
Sep-27-2019 $ 1,725
Sep-30-2019 $ 1,736
Oct-01-2019 $ 1,736
Oct-02-2019 $ 1,713
Oct-03-2019 $ 1,724
Oct-04-2019 $ 1,740
Oct-07-2019 $ 1,733
Oct-08-2019 $ 1,706
Oct-09-2019 $ 1,722
Oct-10-2019 $ 1,720
Oct-11-2019 $ 1,732
Oct-14-2019 $ 1,736
Oct-15-2019 $ 1,767
Oct-16-2019 $ 1,777
Oct-17-2019 $ 1,787
Oct-18-2019 $ 1,758
Oct-21-2019 $ 1,786
Oct-22-2019 $ 1,766
Oct-23-2019 $ 1,762
Oct-24-2019 $ 1,781
Oct-25-2019 $ 1,761
Oct-28-2019 $ 1,777
Oct-29-2019 $ 1,763
Oct-30-2019 $ 1,780
Oct-31-2019 $ 1,777
Nov-01-2019 $ 1,791
Nov-04-2019 $ 1,805
Nov-05-2019 $ 1,802
Nov-06-2019 $ 1,796
Nov-07-2019 $ 1,788
Nov-08-2019 $ 1,786
Nov-11-2019 $ 1,772
Nov-12-2019 $ 1,778
Nov-13-2019 $ 1,753
Nov-14-2019 $ 1,755
Nov-15-2019 $ 1,739
Nov-18-2019 $ 1,753
Nov-19-2019 $ 1,753
Nov-20-2019 $ 1,746
Nov-21-2019 $ 1,735
Nov-22-2019 $ 1,746
Nov-25-2019 $ 1,774
Nov-26-2019 $ 1,797
Nov-27-2019 $ 1,819
Nov-28-2019 $ 1,819
Nov-29-2019 $ 1,801
Dec-02-2019 $ 1,782
Dec-03-2019 $ 1,770
Dec-04-2019 $ 1,761
Dec-05-2019 $ 1,740
Dec-06-2019 $ 1,752
Dec-09-2019 $ 1,750
Dec-10-2019 $ 1,739
Dec-11-2019 $ 1,749
Dec-12-2019 $ 1,760
Dec-13-2019 $ 1,761
Dec-16-2019 $ 1,769
Dec-17-2019 $ 1,791
Dec-18-2019 $ 1,784
Dec-19-2019 $ 1,792
Dec-20-2019 $ 1,787
Dec-23-2019 $ 1,793
Dec-24-2019 $ 1,789
Dec-25-2019 $ 1,789
Dec-26-2019 $ 1,869
Dec-27-2019 $ 1,870
Dec-30-2019 $ 1,847
Dec-31-2019 $ 1,848
Jan-02-2020 $ 1,898
Jan-03-2020 $ 1,875
Jan-06-2020 $ 1,903
Jan-07-2020 $ 1,907
Jan-08-2020 $ 1,892
Jan-09-2020 $ 1,901
Jan-10-2020 $ 1,883
Jan-13-2020 $ 1,891
Jan-14-2020 $ 1,869
Jan-15-2020 $ 1,862
Jan-16-2020 $ 1,878
Jan-17-2020 $ 1,865
Jan-21-2020 $ 1,892
Jan-22-2020 $ 1,887
Jan-23-2020 $ 1,885
Jan-24-2020 $ 1,862
Jan-27-2020 $ 1,828
Jan-28-2020 $ 1,853
Jan-29-2020 $ 1,858
Jan-30-2020 $ 1,871
Jan-31-2020 $ 2,009
Feb-03-2020 $ 2,004
Feb-04-2020 $ 2,050
Feb-05-2020 $ 2,040
Feb-06-2020 $ 2,050
Feb-07-2020 $ 2,079
Feb-10-2020 $ 2,134
Feb-11-2020 $ 2,151
Feb-12-2020 $ 2,160
Feb-13-2020 $ 2,150
Feb-14-2020 $ 2,135
Feb-18-2020 $ 2,156
Feb-19-2020 $ 2,170
Feb-20-2020 $ 2,153
Feb-21-2020 $ 2,096
Feb-24-2020 $ 2,009
Feb-25-2020 $ 1,973
Feb-26-2020 $ 1,980
Feb-27-2020 $ 1,884
Feb-28-2020 $ 1,884
Mar-02-2020 $ 1,954
Mar-03-2020 $ 1,909
Mar-04-2020 $ 1,976
Mar-05-2020 $ 1,924
Mar-06-2020 $ 1,901
Mar-09-2020 $ 1,801
Mar-10-2020 $ 1,892
Mar-11-2020 $ 1,821
Mar-12-2020 $ 1,677
Mar-13-2020 $ 1,785
Mar-16-2020 $ 1,689
Mar-17-2020 $ 1,808
Mar-18-2020 $ 1,830
Mar-19-2020 $ 1,881
Mar-20-2020 $ 1,846
Mar-23-2020 $ 1,903
Mar-24-2020 $ 1,940
Mar-25-2020 $ 1,886
Mar-26-2020 $ 1,955
Mar-27-2020 $ 1,900
Mar-30-2020 $ 1,964
Mar-31-2020 $ 1,950
Apr-01-2020 $ 1,908
Apr-02-2020 $ 1,919
Apr-03-2020 $ 1,907
Apr-06-2020 $ 1,998
Apr-07-2020 $ 2,012
Apr-08-2020 $ 2,043
Apr-09-2020 $ 2,043
Apr-13-2020 $ 2,169
Apr-14-2020 $ 2,283
Apr-15-2020 $ 2,308
Apr-16-2020 $ 2,408
Apr-17-2020 $ 2,375
Apr-20-2020 $ 2,394
Apr-21-2020 $ 2,328
Apr-22-2020 $ 2,363
Apr-23-2020 $ 2,399
Apr-24-2020 $ 2,410
Apr-27-2020 $ 2,376
Apr-28-2020 $ 2,314
Apr-29-2020 $ 2,373
Apr-30-2020 $ 2,474
May-01-2020 $ 2,286
May-04-2020 $ 2,316
May-05-2020 $ 2,318
May-06-2020 $ 2,351
May-07-2020 $ 2,368
May-08-2020 $ 2,380
May-11-2020 $ 2,409
May-12-2020 $ 2,357
May-13-2020 $ 2,368
May-14-2020 $ 2,389
May-15-2020 $ 2,410
May-18-2020 $ 2,426
May-19-2020 $ 2,449
May-20-2020 $ 2,498
May-21-2020 $ 2,447
May-22-2020 $ 2,437
May-26-2020 $ 2,422
May-27-2020 $ 2,410
May-28-2020 $ 2,401
May-29-2020 $ 2,442
Jun-01-2020 $ 2,471
Jun-02-2020 $ 2,472
Jun-03-2020 $ 2,478
Jun-04-2020 $ 2,461
Jun-05-2020 $ 2,483
Jun-08-2020 $ 2,524
Jun-09-2020 $ 2,601
Jun-10-2020 $ 2,647
Jun-11-2020 $ 2,558
Jun-12-2020 $ 2,545
Jun-15-2020 $ 2,573
Jun-16-2020 $ 2,615
Jun-17-2020 $ 2,641
Jun-18-2020 $ 2,654
Jun-19-2020 $ 2,675
Jun-22-2020 $ 2,714
Jun-23-2020 $ 2,764
Jun-24-2020 $ 2,734
Jun-25-2020 $ 2,755
Jun-26-2020 $ 2,693
Jun-29-2020 $ 2,680
Jun-30-2020 $ 2,759
Jul-01-2020 $ 2,879
Jul-02-2020 $ 2,890
Jul-06-2020 $ 3,057
Jul-07-2020 $ 3,000
Jul-08-2020 $ 3,081
Jul-09-2020 $ 3,183
Jul-10-2020 $ 3,200
Jul-13-2020 $ 3,104
Jul-14-2020 $ 3,084
Jul-15-2020 $ 3,009
Jul-16-2020 $ 3,000
Jul-17-2020 $ 2,962
Jul-20-2020 $ 3,197
Jul-21-2020 $ 3,138
Jul-22-2020 $ 3,100
Jul-23-2020 $ 2,987
Jul-24-2020 $ 3,009
Jul-27-2020 $ 3,055
Jul-28-2020 $ 3,000
Jul-29-2020 $ 3,034
Jul-30-2020 $ 3,052
Jul-31-2020 $ 3,165
Aug-03-2020 $ 3,112
Aug-04-2020 $ 3,139
Aug-05-2020 $ 3,205
Aug-06-2020 $ 3,225
Aug-07-2020 $ 3,167
Aug-10-2020 $ 3,148
Aug-11-2020 $ 3,081
Aug-12-2020 $ 3,162
Aug-13-2020 $ 3,161
Aug-14-2020 $ 3,148
Aug-17-2020 $ 3,182
Aug-18-2020 $ 3,312
Aug-19-2020 $ 3,260
Aug-20-2020 $ 3,297
Aug-21-2020 $ 3,285
Aug-24-2020 $ 3,307
Aug-25-2020 $ 3,346
Aug-26-2020 $ 3,442
Aug-27-2020 $ 3,400
Aug-28-2020 $ 3,402
Aug-31-2020 $ 3,451
Sep-01-2020 $ 3,499
Sep-02-2020 $ 3,531
Sep-03-2020 $ 3,368
Sep-04-2020 $ 3,295
Sep-08-2020 $ 3,150
Sep-09-2020 $ 3,269
Sep-10-2020 $ 3,175
Sep-11-2020 $ 3,116
Sep-14-2020 $ 3,103
Sep-15-2020 $ 3,156
Sep-16-2020 $ 3,078
Sep-17-2020 $ 3,009
Sep-18-2020 $ 2,955
Sep-21-2020 $ 2,960
Sep-22-2020 $ 3,129
Sep-23-2020 $ 3,000
Sep-24-2020 $ 3,020
Sep-25-2020 $ 3,095
Sep-28-2020 $ 3,174
Sep-29-2020 $ 3,145
Sep-30-2020 $ 3,149
Oct-01-2020 $ 3,221
Oct-02-2020 $ 3,125
Oct-05-2020 $ 3,199
Oct-06-2020 $ 3,100
Oct-07-2020 $ 3,196
Oct-08-2020 $ 3,191
Oct-09-2020 $ 3,287
Oct-12-2020 $ 3,443
Oct-13-2020 $ 3,444
Oct-14-2020 $ 3,364
Oct-15-2020 $ 3,339
Oct-16-2020 $ 3,273
Oct-19-2020 $ 3,207
Oct-20-2020 $ 3,217
Oct-21-2020 $ 3,185
Oct-22-2020 $ 3,176
Oct-23-2020 $ 3,204
Oct-26-2020 $ 3,207
Oct-27-2020 $ 3,286
Oct-28-2020 $ 3,163
Oct-29-2020 $ 3,211
Oct-30-2020 $ 3,036
Nov-02-2020 $ 3,004
Nov-03-2020 $ 3,048
Nov-04-2020 $ 3,241
Nov-05-2020 $ 3,322
Nov-06-2020 $ 3,311
Nov-09-2020 $ 3,144
Nov-10-2020 $ 3,035
Nov-11-2020 $ 3,137
Nov-12-2020 $ 3,110
Nov-13-2020 $ 3,129
Nov-16-2020 $ 3,131
Nov-17-2020 $ 3,136
Nov-18-2020 $ 3,105
Nov-19-2020 $ 3,117
Nov-20-2020 $ 3,099
Nov-23-2020 $ 3,098
Nov-24-2020 $ 3,118
Nov-25-2020 $ 3,185
Nov-27-2020 $ 3,195
Nov-30-2020 $ 3,168
Dec-01-2020 $ 3,220
Dec-02-2020 $ 3,204
Dec-03-2020 $ 3,187
Dec-04-2020 $ 3,163
Dec-07-2020 $ 3,158
Dec-08-2020 $ 3,177
Dec-09-2020 $ 3,104
Dec-10-2020 $ 3,101
Dec-11-2020 $ 3,116
Dec-14-2020 $ 3,157
Dec-15-2020 $ 3,165
Dec-16-2020 $ 3,241
Dec-17-2020 $ 3,236
Dec-18-2020 $ 3,202
Dec-21-2020 $ 3,206
Dec-22-2020 $ 3,207
Dec-23-2020 $ 3,185
Dec-24-2020 $ 3,173
Dec-28-2020 $ 3,284
Dec-29-2020 $ 3,322
Dec-30-2020 $ 3,286
Dec-31-2020 $ 3,257
Jan-04-2021 $ 3,187
Jan-05-2021 $ 3,219
Jan-06-2021 $ 3,138
Jan-07-2021 $ 3,162
Jan-08-2021 $ 3,183
Jan-11-2021 $ 3,114
Jan-12-2021 $ 3,121
Jan-13-2021 $ 3,166
Jan-14-2021 $ 3,127
Jan-15-2021 $ 3,104
Jan-19-2021 $ 3,121
Jan-20-2021 $ 3,263
Jan-21-2021 $ 3,307
Jan-22-2021 $ 3,292
Jan-25-2021 $ 3,294
Jan-26-2021 $ 3,326
Jan-27-2021 $ 3,233
Jan-28-2021 $ 3,238
Jan-29-2021 $ 3,206
Feb-01-2021 $ 3,343
Feb-02-2021 $ 3,380
Feb-03-2021 $ 3,313
Feb-04-2021 $ 3,331
Feb-05-2021 $ 3,352
Feb-08-2021 $ 3,323
Feb-09-2021 $ 3,305
Feb-10-2021 $ 3,287
Feb-11-2021 $ 3,262
Feb-12-2021 $ 3,278
Feb-16-2021 $ 3,269
Feb-17-2021 $ 3,309
Feb-18-2021 $ 3,328
Feb-19-2021 $ 3,250
Feb-22-2021 $ 3,181
Feb-23-2021 $ 3,195
Feb-24-2021 $ 3,160
Feb-25-2021 $ 3,057
Feb-26-2021 $ 3,093
Mar-01-2021 $ 3,146
Mar-02-2021 $ 3,095
Mar-03-2021 $ 3,005
Historical Financial Information
All Amounts Denominated in US$MM Unless Otherwise Stated
Source: [Link]
2016 2017 2018 2019 2020
Segmented Revenue
Online Stores $91,431 $108,354 $122,987 $141,247 $197,346
Physical Stores - $5,798 $17,224 $17,192 $16,227
Retail Third-Party Seller Services $22,993 $31,881 $42,745 $53,762 $80,461
Subscription Services $6,394 $9,721 $14,168 $19,210 $25,207
AWS $12,219 $17,459 $25,655 $35,026 $45,370
Other $2,950 $4,653 $10,108 $14,085 $21,453

Income Statement Information

Net Product Sales $94,665 $118,573 $141,915 $160,408 $215,915
Net Service Sales $41,322 $59,293 $90,972 $120,114 $170,149
Total Net Sales $135,987 $177,866 $232,887 $280,522 $386,064

Operating Expenses:
Cost of Sales $88,265 $111,934 $139,156 $165,536 $233,307
Fulfillment $17,619 $25,249 $34,027 $40,232 $58,517
Marketing $7,233 $22,620 $28,837 $35,931 $42,740
Technology and Content $16,085 $10,069 $13,814 $18,878 $22,008
General and Administrative $2,432 $3,674 $4,336 $5,203 $6,668
Other Operating Expense, net $167 $214 $296 $201 ($75)
Total Operating Expenses $131,801 $173,760 $220,466 $265,981 $363,165
Operating Income $4,186 $4,106 $12,421 $14,541 $22,899
Interest Income $100 $202 $440 $832 $555
Interest Expense ($484) ($848) ($1,417) ($1,600) ($1,647)
Other Income (Expense), net $90 $346 ($183) $203 $2,371
Total Non-Operating Income (Expense) ($294) ($300) ($1,160) ($565) $1,279
Income Before Income Taxes $3,892 $3,806 $11,261 $13,976 $24,178
Provision for Income Taxes ($1,425) ($769) ($1,197) ($2,374) ($2,863)
Equity-Method Investment Activity, net of tax ($96) ($4) $9 ($14) $16
Net Income $2,371 $3,033 $10,073 $11,588 $21,331
Basic Earnings per Share 5.01 6.32 20.68 23.46 42.64
Diluted Earnings per Share 4.9 6.15 20.14 23.01 41.83
Weighted-Average Shares used in Computation of Earnings per Share:
Basic 474 480 487 494 500
Diluted 484 493 500 504 510

Balance Sheet Information

Current Assets:
Cash and Cash Equivalents $19,334 $20,522 $31,750 $36,092 $42,122
Marketable Securities $6,647 $10,464 $9,500 $18,929 $42,274
Inventories $11,461 $16,047 $17,174 $20,497 $23,795
Accounts Receivable, net and other $8,339 $13,164 $16,677 $20,816 $24,542
Total Current Assets $45,781 $60,197 $75,101 $96,334 $132,733
Property And Equipment, net $29,114 $48,866 $61,797 $72,705 $113,114
Operating leases - - - $25,141 $37,553
Goodwill $3,784 $13,350 $14,548 $14,754 $15,017
Other Assets $4,723 $8,897 $11,202 $16,314 $22,778
Total Assets $83,402 $131,310 $162,648 $225,248 $321,195
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable $25,309 $34,616 $38,192 $47,183 $72,539
Accrued Expenses and Other $13,739 $18,170 $23,663 $32,439 $44,138
Unearned Revenue $4,768 $5,097 $6,536 $8,190 $9,708
Total Current Liabilities $43,816 $57,883 $68,391 $87,812 $126,385
Long-term lease liabilities - - $9,650 $39,791 $52,573
Long-Term Debt $7,694 $24,743 $23,495 $23,414 $31,816
Other Long-Term Liabilities $12,607 $20,975 $17,563 $12,171 $17,017
Commitments and Contingencies
Stockholders’ Equity:
Preferred Stock, $0.01 Par Value:
Authorized Shares — 500
Issued and Outstanding Shares — None
Common Stock, $0.01 Par Value:
Authorized Shares — 5,000
Issued Shares — 500 and 507
Outstanding Shares — 477 and 484 $5 $5 $5 $5 $5
Treasury Stock, at Cost ($1,837) ($1,837) ($1,837) ($1,837) ($1,837)
Additional Paid-In Capital $17,186 $21,389 $26,791 $33,658 $42,865
Accumulated Other Comprehensive Loss ($985) ($484) ($1,035) ($986) ($180)
Retained Earnings $4,916 $8,636 $19,625 $31,220 $52,551
Total Stockholders’ Equity $19,285 $27,709 $43,549 $62,060 $93,404
Total Liabilities and Stockholders’ Equity $83,402 $131,310 $162,648 $225,248 $321,195
Supplemental Balance Sheet Information
Current Portion of Long-Term Debt (Accrued Expenses) $1,056 $100 $1,371 $1,305 $1,155
Opening PPE Balance, not including Capital/Finance Leases $13,437
Additions to Existing Long-Term Debt $18,350 ($580) $2,603 $16,132

Cash Flow Statement Information

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF $15,890 $19,934 $21,856 $32,173 $36,410
OPERATING ACTIVITIES:
Net Income $2,371 $3,033 $10,073 $11,588 $21,331
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation of Property and Equipment, Including Internal-Use Software We $8,116 $11,478 $15,341 $21,789 $25,251
Stock-Based Compensation $2,975 $4,215 $5,418 $6,864 $9,208
Other Operating Expense, net $160 $202 $274 $164 ($71)
Other Expense (Income), net ($20) ($292) $219 ($249) ($2,582)
Deferred Income Taxes ($246) ($29) $441 $796 ($554)
Changes in Operating Assets and Liabilities:
Inventories ($1,426) ($3,583) ($1,314) ($3,278) ($2,849)
Accounts Receivable, net and other ($3,367) ($4,780) ($4,615) ($7,681) ($8,169)
Accounts Payable $5,030 $7,100 $3,263 $8,193 $17,480
Accrued Expenses and Other $1,724 $283 $472 ($1,383) $5,754
Unearned Revenue $1,955 $738 $1,151 $1,711 $1,265
Net Cash Provided by (used in) Operating Activities $17,272 $18,365 $30,723 $38,514 $66,064

Purchases of Property and Equipment, Including Internal-Use Software and ($7,804) ($11,955) ($13,427) ($16,861) ($40,140)
Proceeds from Property and Equipment Incentives $1,067 $1,897 $2,104 $4,172 $5,096
Acquisitions, net of cash acquired, and other ($116) ($13,972) ($2,186) ($2,461) ($2,325)
Sales and Maturities of Marketable Securities $4,733 $9,677 $8,240 $22,681 $50,237
Purchases of Marketable Securities ($7,756) ($12,731) ($7,100) ($31,812) ($72,479)
Net Cash Provided by (used in) Investing Activities ($9,876) ($27,084) ($12,369) ($24,281) ($59,611)

Proceeds from Long-Term Debt and Other $621 $16,228 $768 $2,273 $17,321
Repayments of Long-Term Debt and Other ($354) ($1,301) ($668) ($2,684) ($7,730)
Principal repayments of Capital Lease Obligations ($3,860) - - - -
Principal repayments of Finance Leases ($147) ($4,799) ($7,449) ($9,628) ($10,642)
Principal repayments of Financing Obligations - ($200) ($337) ($27) ($53)
Net Cash Provided by (used in) Financing Activities ($3,740) $9,928 ($7,686) ($10,066) ($1,104)
Foreign currency effect on cash, cash equivalents, and restricted cash ($212) $713 ($351) $70 $618
Net Increase (Decrease) in Cash and Cash Equivalents $3,444 $1,922 $10,317 $4,237 $5,967
Cash, Cash Equivalents, and Restricted Cash, End of Period $19,334 $21,856 $32,173 $36,410 $42,377

Supplemental Cash Flow Information:

Cash and cash equivalents $19,334 $20,522 $31,750 $36,092 $42,122
Restricted cash included in accounts receivable, net and other $265 $1,329 $418 $276 $233
Restricted cash included in other assets - $5 $5 $42 $22
Total cash, cash equivalents, and restricted cash shown in the consolidated $19,599 $21,856 $32,173 $36,410 $42,377

Cash paid for interest on long-term debt $290 $328 $854 $875 $916
Cash paid for operating leases - - - $3,361 $4,475
Cash paid for interest on capital and finance lease obligations $206 $200 $381 $647 $612
Cash paid for interest on financing obligations - $119 $194 $39 $102
Cash paid for income taxes, net of refunds $412 $957 $1,184 $881 $1,713
Assets acquired under operating leases - - - $7,870 $16,217
Property and equipment acquired under capital and finance leases $5,704 $9,637 $10,615 $13,723 $11,588
Property and equipment acquired under build-to-suit arrangements $1,209 $3,541 $3,641 $1,362 $2,267

Finance Lease Information

Right-of-Use Asset
Depreciation expense $3,800 $5,400 $7,300 $10,100 $8,500
Annual Report Closing Balance $11,039 $17,765 $22,700 $27,400 $31,600
Annual Report Opening Balance $8,401 $11,039 $17,765 $22,700 $27,400

Lease Liability
Annual Report Closing Balance $11,660 $19,304 $24,423 $26,979 $28,434
Annual Report Opening Balance $9,074 $11,660 $19,304 $24,423 $26,979
Current Portion Closing Balance $4,111 $6,121 $8,131 $9,884 $10,374

Weighted Average Discount Rate n/a n/a n/a 2.7% 2.1%

Weighted-Average Remaining Lease Tern n/a n/a n/a 5.5 years 6.2 years

Operating Lease Information

Operating Lease Asset
Additions n/a n/a n/a 7,870 16,217

Operating Lease Liability

Annual Report Closing Balance n/a n/a $20,865 $25,835 $39,099
Lease Payments - $2,200 $3,400 $3,669 $5,019
Weighted Average Discount Rate n/a n/a n/a 3.1% 2.5%
Weighted-average remaining lease term n/a n/a n/a 11.5 years 11.3 years
Current Portion Closing Balance n/a n/a n/a 3,139 4,586

Principal Repayments on Existing Long-Term Debt

2022 2023 2024 2025 Thereafter
Repayment $1,629 $2,283 $3,355 $2,251 $22,500