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Operating expenses:
Sales and marketing 749,796.0 1,103,345.0 1,549,231.0 1,970,394.0 2,371,306.0 2,622,379.0 2,616,749.0
R&D 197,086.0 260,597.0 389,093.0 555,476.0 719,143.0 841,406.0 1,009,882.0
General and administrative 135,099.0 174,203.0 233,141.0 308,215.0 368,556.0 426,438.0 480,658.0
Other
Total operating expenses 1,081,981.0 1,538,145.0 2,171,465.0 2,834,085.0 3,459,005.0 3,890,223.0 4,107,289.0
Income (loss) from operations 419,953.0 649,721.0 955,822.0 1,299,785.0 1,411,254.0 1,872,881.0 3,080,160.0
Operating margin 21.0% 21.9% 22.6% 22.9% 19.8% 21.2% 30.4%
Investment income, net 17,943.0 21,095.0 30,235.0 47,381.0 85,986.0 118,486.0 6,936,955.0
Other income (expense) -7,562.0 -4,864.0 -8,984.0 -20,033.0 14,291.0 12,135.0 125,213.0
Interest expense 6,871.0 6,970.0 6,632.0 6,806.0 16,658.0 21,424.0 18,894.0
Income (loss) before income taxes 423,463.0 658,982.0 919,510.0 1,283,527.0 1,327,819.0 1,982,078.0 10,123,434.0
Provision for income taxes 139,743.0 217,464.0 316,231.0 462,070.0 514,124.0 692,320.0 3,826,631.0
Net income (loss) 283,720.0 441,518.0 603,279.0 821,457.0 813,695.0 1,289,758.0 6,296,803.0
Adjusted net income 283,720.0 441,518.0 654,210.0 858,257.0 980,749.0 1,289,758.0 6,296,803.0
Net profit margins 14.2% 14.9% 15.5% 15.1% 13.7% 14.6% 62.2%
NOPAT
Reported net income 283,720.0 441,518.0 603,279.0 821,457.0 813,695.0 1,289,758.0 6,296,803.0
Add R&D 197,086.0 260,597.0 440,024.0 592,276.0 886,197.0 841,406.0 1,009,882.0
Add marketing expenses 749,796.0 1,103,345.0 1,549,231.0 1,970,394.0 2,371,306.0 2,622,379.0 2,616,749.0
Add tax paid on investment income 3,425.7 5,356.2 7,308.5 9,845.3 38,826.7 45,624.6 2,669,480.6
Add interest expense 6,871.0 6,970.0 6,632.0 6,806.0 16,658.0 21,424.0 18,894.0
Add change in deferred tax reserve 0.0 (11,426.0) (18,283.0) (1,805.0) 8,454.0 120,031.0 130,243.0
Add non-recurring costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Add amortization of goodwill 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Subtract R&D amortization 39,417.2 91,536.6 179,541.4 297,996.6 475,236.0 604,100.0 753,957.0
Subtract marketing amortization 249,932.0 617,713.7 1,134,124.0 1,540,990.0 1,963,643.7 2,321,359.7 2,536,811.3
Subtract investment income 10,381.0 16,231.0 21,251.0 27,348.0 100,277.0 130,621.0 7,062,168.0
Subtract tax shield from interest expense 2,267.4 2,300.1 2,280.8 2,450.2 6,449.9 7,483.2 7,141.9
Subtract change in deferred tax assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NOPAT 938,901.1 1,078,578.9 1,250,994.3 1,530,188.5 1,589,530.1 1,877,058.8 2,381,973.4
Net Operating Margins 46.92% 36.35% 29.62% 26.92% 22.25% 21.26% 23.51%
Current assets:
Cash and cash equivalents 404,810.0 480,158.0 715,742.0 890,162.0 1,273,681.0 1,785,715.0 7,429,206.0
Short-term investments in marketable securities 59,948.0 105,660.0 125,166.0 323,028.0 645,518.0 777,049.0 332,792.0
Accounts receivable 515,669.0 846,342.0 1,203,976.0 1,708,939.0 2,065,024.0 2,478,996.0 2,790,167.0
Prepaid and refundable income taxes 53,765.0 135,491.0 171,560.0 274,366.0 260,624.0 299,670.0 212,829.0
Prepaid expenses and other current assets 41,420.0 49,543.0 68,021.0 74,601.0 78,203.0 105,844.0 118,340.0
Total current assets 1,075,612.0 1,617,194.0 2,284,465.0 3,271,096.0 4,323,050.0 5,447,274.0 10,883,334.0
Fixed assets:
Long-term investments in marketable securities 41,963.0 116,337.0 186,511.0 249,547.0 110,000.0
Property and equipment, net 378,483.0 535,034.0 685,754.0 868,948.0 934,350.0 987,482.0 934,455.0
Computer software development costs, net 100,329.0 99,855.0 99,072.0 98,981.0 99,012.0 98,870.0 94,609.0
Intangibles and other assets 40,560.0 172,434.0 245,989.0 268,953.0 276,088.0 476,481.0 1,054,381.0
R&D expenditures, net 157,668.8 326,729.2 587,211.8 881,491.2 1,292,452.2 1,529,758.2 1,785,683.2
Marketing expenditures, net 499,864.0 985,495.3 1,400,602.3 1,830,006.3 2,237,668.7 2,538,688.0 2,618,625.7
Cumulative non-recurring costs
Total fixed assets 1,176,904.8 2,119,547.5 3,060,592.1 4,064,716.5 5,026,081.9 5,880,826.2 6,597,753.9
Total assets 2,252,516.8 3,736,741.5 5,345,057.1 7,335,812.5 9,349,131.9 11,328,100.2 17,481,087.9
Current liabilities:
Notes payable and current maturities of long-term debt 6,898.0 9,599.0 5,623.0 3,361.0 2,924.0 3,638.0 2,691.0
Accounts payable 95,799.0 124,773.0 169,895.0 185,444.0 239,698.0 283,896.0 287,495.0
Income taxes payable 62,591.0 134,121.0 181,999.0 203,646.0 181,354.0 277,700.0 2,821,776.0
Accrued compensation and related benefits 136,488.0 211,643.0 295,048.0 394,153.0 541,809.0 693,525.0 725,860.0
Customer advances and unearned revenues 227,118.0 316,273.0 434,435.0 602,862.0 877,087.0 1,007,149.0 1,133,482.0
Value added tax and sales tax payable 44,781.0 67,449.0 99,409.0 121,914.0 119,600.0 128,774.0 165,304.0
Other accrued liabilities 108,426.0 191,291.0 268,555.0 410,759.0 521,693.0 651,741.0 725,630.0
Total current liabilities 682,101.0 1,055,149.0 1,454,964.0 1,922,139.0 2,484,165.0 3,046,423.0 5,862,238.0
Non-current liabilities
Long term debt 82,845.0 81,721.0 897.0 300,836.0 304,337.0 304,140.0 300,770.0
Other 12,139.0 10,361.0 21,726.0 24,226.0 57,095.0 77,937.0 186,178.0
Deferred income taxes 38,916.0 27,490.0 9,207.0 7,402.0 15,856.0 135,887.0 266,130.0
Total non-current liabilities 133,900.0 119,572.0 31,830.0 332,464.0 377,288.0 517,964.0 753,078.0
Total Liabilities 816,001.0 1,174,721.0 1,486,794.0 2,254,603.0 2,861,453.0 3,564,387.0 6,615,316.0
Invested Capital
Net working capital (64,349.0) (14,174.0) (5,784.0) 139,128.0 (77,390.0) (158,275.0) (2,738,211.0)
Net property plant & equipment 378,483.0 535,034.0 685,754.0 868,948.0 934,350.0 987,482.0 934,455.0
Other assets 140,889.0 272,289.0 345,061.0 367,934.0 375,100.0 575,351.0 1,148,990.0
Equity equivalents 657,532.8 1,312,224.5 1,987,814.1 2,711,497.5 3,530,120.9 4,068,446.2 4,404,308.9
Operating cash (2% of cash and cash equivalents) 8,096.2 9,603.2 14,314.8 17,803.2 25,473.6 35,714.3 148,584.1
Total invested capital 1,120,652.0 2,114,976.7 3,027,160.0 4,105,310.8 4,787,654.5 5,508,718.5 3,898,127.0
Average capital 1,617,814.3 2,571,068.3 3,566,235.4 4,446,482.6 5,148,186.5 4,703,422.7
Beginning capital 1,120,652.0 2,114,976.7 3,027,160.0 4,105,310.8 4,787,654.5 5,508,718.5
Increase in capital 994,324.7 912,183.3 1,078,150.8 682,343.7 721,064.0 (1,610,591.5)
Amortization Schedule for Equity Equivalents
R&D Capitalization 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
New R&D Expenditures 197,086.0 260,597.0 440,024.0 592,276.0 886,197.0 841,406.0 1,009,882.0 - - - - - - -
Depreciation 39,417.2 39,417.2 39,417.2 39,417.2 39,417.2
52,119.4 52,119.4 52,119.4 52,119.4 52,119.4
88,004.8 88,004.8 88,004.8 88,004.8 88,004.8
118,455.2 118,455.2 118,455.2 118,455.2 118,455.2
177,239.4 177,239.4 177,239.4 177,239.4 177,239.4
168,281.2 168,281.2 168,281.2 168,281.2 168,281.2
201,976.4 201,976.4 201,976.4 201,976.4 201,976.4
* R&D amortized over 5 years
Depreciation 39,417.2 91,536.6 179,541.4 297,996.6 475,236.0 604,100.0 753,957.0 665,952.2 547,497.0 370,257.6 201,976.4 - - -
Net Cum. R&D Expenditures 157,668.8 326,729.2 587,211.8 881,491.2 1,292,452.2 1,529,758.2 1,785,683.2 1,119,731.0 572,234.0 201,976.4 - - - -
Sales & Marketing Capitalization 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
New Sales & Mktg Inv. 749,796.0 1,103,345.0 1,549,231.0 1,970,394.0 2,371,306.0 2,622,379.0 2,616,749.0 - - - - - - -
Depreciation 249,932.0 249,932.0 249,932.0
367,781.7 367,781.7 367,781.7
516,410.3 516,410.3 516,410.3
656,798.0 656,798.0 656,798.0
790,435.3 790,435.3 790,435.3
874,126.3 874,126.3 874,126.3
872,249.7 872,249.7 872,249.7
*Sales and marketing investments amortized over 3 years
Depreciation & Amortization 249,932.0 617,713.7 1,134,124.0 1,540,990.0 1,963,643.7 2,321,359.7 2,536,811.3 1,746,376.0 - - - - - -
Net Cum. Sales & Mktg Inv. 499,864.0 985,495.3 1,400,602.3 1,830,006.3 2,237,668.7 2,538,688.0 2,618,625.7 872,249.7 872,249.7 872,249.7 872,249.7 872,249.7 872,249.7 872,249.7
Cumulative Goodwill Amortization 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Cumulative Non-Recurring Costs 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Non-recurring costs - - - - - - - - - - - - - -
Cumulative non-recurring costs - - - - - - - - - - - - - -
Return On Invested Capital Analysis
1999 2000
Incremental capital 701,703.9 -444,763.8
Incremental NOPAT 287,528.6 504,914.7
Return on incremental capital 41.0% -113.5%
1999 2000
Incremental capital 682,343.7 721,064.0
Incremental NOPAT 287,528.6 504,914.7
Return on incremental capital 42.1% 70.0%
2000
-113,915.0
3,037,479.0
-263,443.0
2,923,564.0
28.9%
2,660,121.0
26.3%
2,381,973.4
-1,610,591.5
3,992,564.9
39.4%
Cost of Equity (CAPM)
Cost of Debt
WACC 14.94%
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