Freemium Business Model Notes

Freemium Business Model Notes
Original filename: freemium model 1-2.xls

General Notes
n This model provides a base template for modeling out a freemium web services business
n It uses a "cohort" approach and allows you to model churn and conversion behavior for monthly cohorts.
n The model works off of a concept of "active users" - i.e. someone who is coming to your site at least once to use system that month
n This has a simple user acquisition / growth approach; you can swap in a more complicated user growth model at the top
that accounts for virality or marketing spend -- I only encourage you to model user growth from the bottom up.
n If you are modeling out microtransactions / vgoods, I suggest breaking out different user types and cross-checking against
industry ARPU and ARPPU rates
n Feel free to use the model however you want -- I hope it is helpful to your efforts.
n If you spot a bug, let me know! (giff.constable2@gmail.com)
Notes on Assumptions and Inputs
n Many of the inputs in the model have been zero-ed out so you can enter your own assumptions w/o distraction
n User growth is at top of Model tab; cohort behavior at top of Assumptions tab
n Other assumptions are spread across the Model, Assumptions, and Staff tabs (depending on whether static or change over time)
n Hard-coded inputs are blue
Original model template created by Giff Constable, 2009 -- http://giffconstable.com
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Financial Summary
2010
2011
2012
2013
100
100
0
0%
715,188
334,475
3,197
1%
3,178,669
979,648
40,414
4%
6,974,996
1,845,493
126,009
7%
Revenue
Subscriptions
Advertising / Affiliate
Total Revenue
0
0
0
0
0
0
0
0
0
0
0
0
Cost of Revenues
Gross Profit
Gross Margin
0%
0%
0%
0%
0
0%
0
0%
132,880 100%
132,880
0
0%
0
0%
152,880 100%
152,880
Registered Users (FYE)

Active Users (FYE)
Subscribers (FYE)
Subscriber Ratio (FYE)
Technology
Sales & Marketing
General & Administrative
Total Operating Costs
EBITDA
EBITDA Margin
FYE Headcount (incl. contractors)

Corp
Technology
Sales & Marketing
Customer Support
Total
0
0
32,880
32,880
0
0%
0
0%
72,880 100%
72,880
(32,880)
(72,880)
(132,880)
(152,880)
0%
0%
0%
0%
2010
1.0
3.5
0.0
0.0
4.5
2011
1.0
3.5
0.0
0.0
4.5
2012
1.0
3.5
0.0
0.0
4.5
2013
1.0
3.5
0.0
0.0
4.5
Note: an "active user" is someone who logs in that month

Note: FYE = fiscal year end; numbers represent the last month of the 12 month period
Note: percentages next to operating costs show percent of total costs
Note: headcount show end-of-year numbers, including part-time contractors
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Model
Milestones
User Growth Adjustment
Start
Jan-10
Feb-10
Mar-10
Apr-10
100%
Open Beta
May-10
Jun-10
5
Jul-10
Aug-10
<-- this is a simple input to allow you to flex your user growth up and down (100% = expected case)
WEB SERVICE
New User Growth
Adj New Registered Users
Adj Total Registered
0.0%
0
0
0.0%
0
0
0.0%
0
0
0.0%
100
100
0.0%
500
600
0.0%
1,000
1,600
0.0%
5,000
6,600
0.0%
10,000
16,600
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
275
10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
550
50
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,750
100
25
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
User Churn (by month in)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
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28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
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
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
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
0
0
0
100
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
55
545
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
285
1,260
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
605
5,655
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
2,880
12,775
1
2
3
4
5
6
7
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
1
0
0
0
0
0
0
2
2
1
0
0
0
0
11
4
3
1
0
0
0
Total Lost
Total Active Users
Premium Subscribers
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43
44
213985519.xls
0
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0
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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
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
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
Page 5 of 93
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
0
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0
0
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0
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0
0
0
0
0
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0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
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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
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
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
0
0
0
0
0
Confidential
45
46
47
48
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
1
0
0
0
0
5
0
0
0
0
19
User "visits" per month

Download per Visit (MB)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Peak Concurrency
Subscription Revenue
Total Subscription Revenue
Display Advertising
Ads Shown (000s)
Premium CPM Revenue
Remnant Revenue
Total Display Ad Revenue
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
Integrated Sponsors
Insert revenue model if any and make sure to add appropriate sales costs below and in staffing tab
Total Sponsor Revenue
0
0
0
0
0
Total Subscribers
USER BEHAVIOR
REVENUE
Total Advertising Revenue
0
0
0
0
0
0
0
0
0
0
COST OF REVENUES
Make sure to customize hosting and infrastructure costs to your architecture!
Hosting & Infrastructure
Dev/Test Internal Servers
0
0
0
Purchase Cost
0
0
0
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Users per Server Pair

1000
Production/DB/Staging/Analytics Servers 0
Per Server Pair Costs
300
Total Production Server Cost
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
Total bandwith (TB)

Price Per GB
Total Bandwidth Cost
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
Cloud Fees
Insert scaling cloud hosting cost structure formulas here, if used
Total Cloud Fees
0
0
Total Hosting & Infrastructure

Processing Fees
Payment Processing
PayProc Fees
Customer Support Team
FTE
Customer Support
Contractors
Customer Support
Total
Total Cost of Revenues
0.0
0.22
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
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
TECHNOLOGY
FTE
Technology
Contractors
Technology
Total
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SALES & MARKETING

FTE
Sales & Marketing
Contractors
Sales & Marketing
Total
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Marketing Budget
Customer Acquisition
PR Budget
Marketing Travel
Conferences
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
0
0
0
0
Total Sales and Marketing
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
GENERAL AND ADMINISTRATIVE

FTE
Corp
Contractors
Corp
Total
Additional Headcount Costs
FTE
FTE + Contractors
IT and Telephony Costs / FTE
Office Supplies
Office Space / FTE
Office Setup
Travel Costs
Computer Equipment
Other 1
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Other 2
Total
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
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
0
0
0
0
2,740
2,740
2,740
2,740
2,740
2,740
2,740
2,740
0
0
0
NM
0
0
0
NM
0
0
0
NM
100
100
0
0%
600
545
0
0%
1,600
1,260
1
0%
6,600
5,655
5
0%
16,600
12,775
19
0%
Subscription Revenue
Cost of Revenues
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
Technology
Sales & Marketing
G&A
Operating Costs
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
Total Costs
2,740
2,740
2,740
2,740
2,740
2,740
2,740
2,740
(2,740)
NM
(2,740)
NM
(2,740)
NM
(2,740)
NM
(2,740)
NM
(2,740)
NM
(2,740)
NM
(2,740)
NM
Professional Services
Legal
Auditing
Accounting/Payroll
Insurance
Total
Total G&A
TOTALS
Registered Users
Active Users
Subscribers
Subscriber Ratio
Gross Profit
Gross Margin
EBITDA
EBITDA Margin
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Cumulative P/L
Per Headcount Costs
FTE
FTE + Contractors
Costs / FTE
Costs / Entire Team
(2,740)
(5,480)
(8,220)
(10,960)
(13,700)
(16,440)
(19,180)
(21,920)
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
0
-2,740
0
-5,480
0
-8,220
0
-10,960
0
-13,700
0
-16,440
0
-19,180
0
-21,920
CASH
Name of Round
Capital Invested
Cash in Bank
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Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
10
11
12
13
14
15
16
17
18
0.0%
15,000
31,600
100.0%
30,000
61,600
60.0%
48,000
109,600
50.0%
72,000
181,600
50.0%
108,000
289,600
25.0%
135,000
424,600
5.0%
141,750
566,350
5.0%
148,838
715,188
5.0%
156,279
871,467
5.0%
164,093
1,035,560
5,500
500
50
25
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,250
1,000
250
50
10
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
16,500
1,500
500
250
20
5
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26,400
3,000
750
500
100
10
5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
39,600
4,800
1,500
750
200
50
10
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
59,400
7,200
2,400
1,500
300
100
50
3
2
0
0
0
0
0
0
0
0
0
0
0
0
0
74,250
10,800
3,600
2,400
600
150
100
15
3
2
0
0
0
0
0
0
0
0
0
0
0
0
77,963
13,500
5,400
3,600
960
300
150
30
15
3
2
0
0
0
0
0
0
0
0
0
0
0
81,861
14,175
6,750
5,400
1,440
480
300
45
30
15
3
2
0
0
0
0
0
0
0
0
0
0
85,954
14,884
7,088
6,750
2,160
720
480
90
45
30
15
3
2
0
0
0
0
0
0
0
0
0
wn (100% = expected case)
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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
6,077
21,698
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
9,561
42,137
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
18,776
71,361
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
30,765
112,596
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
46,912
173,684
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
70,955
237,729
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
91,920
287,559
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
101,922
334,475
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
110,500
380,253
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
118,220
426,127
23
18
6
4
1
0
0
34
35
30
8
5
1
0
68
53
60
38
9
6
1
108
105
90
75
46
11
6
162
168
180
113
92
55
13
243
252
288
225
138
110
63
304
378
432
360
276
165
126
319
473
648
540
442
330
189
335
496
810
810
662
528
378
352
521
851
1,013
994
792
605
213985519.xls
Page 12 of 93
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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
0
213985519.xls
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
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
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0
1
0
0
0
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0
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0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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0
0
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0
7
2
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0
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0
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0
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0
0
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0
0
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0
0
0
0
0
0
0
0
0
0
0
14
8
2
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0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
0
0
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0
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0
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0
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0
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0
0
0
0
0
Page 13 of 93
72
16
9
2
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
145
82
18
10
2
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
217
163
90
20
11
2
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
435
245
181
99
21
12
2
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
Confidential
0
0
0
0
51
0
0
0
0
112
0
0
0
0
233
0
0
0
0
443
0
0
0
0
791
0
0
0
0
1,343
0
0
0
0
2,141
0
0
0
0
3,197
0
0
0
0
4,523
0
0
0
0
6,121
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
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
0
0
0
0
0
0
0
0
213985519.xls
Page 14 of 93
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1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
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
0
0
0
0
0
213985519.xls
Page 15 of 93
Confidential
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
0
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
213985519.xls
Page 16 of 93
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0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
2,740
0
7,740
0
7,740
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,740
2,740
2,740
2,740
2,740
2,740
2,740
2,740
7,740
7,740
31,600
21,698
51
0%
61,600
42,137
112
0%
109,600
71,361
233
0%
181,600
112,596
443
0%
289,600
173,684
791
0%
424,600
237,729
1,343
1%
566,350
287,559
2,141
1%
715,188
334,475
3,197
1%
871,467
380,253
4,523
1%
1,035,560
426,127
6,121
1%
0
NM
0
NM
0
NM
0
NM
0
NM
0
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0
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0
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0
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2,740
2,740
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2,740
2,740
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2,740
2,740
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2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
2,740
2,740
0
0
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7,740
0
0
7,740
7,740
2,740
2,740
2,740
2,740
2,740
2,740
2,740
2,740
7,740
7,740
(2,740)
NM
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NM
(2,740)
NM
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NM
213985519.xls
Page 17 of 93
Confidential
(24,660)
(27,400)
(30,140)
(32,880)
(35,620)
(38,360)
(41,100)
(43,840)
(51,580)
(59,320)
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
685
609
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
0
-24,660
0
-27,400
0
-30,140
0
-32,880
0
-35,620
0
-38,360
0
-41,100
0
-43,840
0
-51,580
0
-59,320
213985519.xls
Page 18 of 93
Confidential
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
19
20
21
22
23
24
25
26
27
28
5.0%
172,298
1,207,858
5.0%
180,913
1,388,771
5.0%
189,959
1,578,730
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1,987,615
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2,207,516
4.0%
228,697
2,436,213
4.0%
237,845
2,674,058
4.0%
247,358
2,921,416
4.0%
257,253
3,178,669
90,251
15,628
7,442
7,088
2,700
1,080
720
144
90
45
30
15
3
2
0
0
0
0
0
0
0
0
94,764
16,409
7,814
7,442
2,835
1,350
1,080
216
144
90
45
30
15
3
1
0
0
0
0
0
0
0
99,502
17,230
8,205
7,814
2,977
1,418
1,350
324
216
144
90
45
30
15
1
1
0
0
0
0
0
0
104,477
18,091
8,615
8,205
3,126
1,488
1,418
405
324
216
144
90
45
30
5
1
1
0
0
0
0
0
109,701
18,996
9,046
8,615
3,282
1,563
1,488
425
405
324
216
144
90
45
10
5
1
1
0
0
0
0
115,186
19,946
9,498
9,046
3,446
1,641
1,563
447
425
405
324
216
144
90
15
10
5
1
1
0
0
0
120,945
20,943
9,973
9,498
3,618
1,723
1,641
469
447
425
405
324
216
144
30
15
10
5
1
1
0
0
125,783
21,990
10,471
9,973
3,799
1,809
1,723
492
469
447
425
405
324
216
48
30
15
10
5
1
1
0
130,815
22,870
10,995
10,471
3,989
1,900
1,809
517
492
469
447
425
405
324
72
48
30
15
10
5
1
1
136,047
23,784
11,435
10,995
4,189
1,995
1,900
543
517
492
469
447
425
405
108
72
48
30
15
10
5
1
213985519.xls
Page 19 of 93
Confidential
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
125,237
473,188
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
132,238
521,863
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
139,360
572,461
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
146,680
625,238
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
154,356
680,311
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
162,407
737,804
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
170,832
795,668
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
178,436
855,077
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
186,109
916,326
1
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
193,931
979,648
369
547
893
1,063
1,242
1,188
907
388
574
938
1,116
1,304
1,485
1,361
407
603
985
1,172
1,369
1,559
1,701
427
633
1,034
1,231
1,438
1,637
1,786
449
665
1,085
1,292
1,510
1,719
1,875
471
698
1,140
1,357
1,585
1,805
1,969
495
733
1,197
1,425
1,664
1,895
2,068
515
770
1,257
1,496
1,748
1,990
2,171
535
800
1,319
1,571
1,835
2,090
2,280
557
832
1,372
1,649
1,927
2,194
2,393
213985519.xls
Page 20 of 93
Confidential
696
490
271
198
107
23
12
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
213985519.xls
1,043
783
543
297
215
115
25
13
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,565
1,175
868
594
322
230
123
26
14
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,956
1,763
1,302
950
644
346
246
132
28
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,054
2,203
1,954
1,426
1,030
691
369
263
140
30
16
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,157
2,313
2,442
2,138
1,544
1,106
737
395
281
149
31
16
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Page 21 of 93
2,264
2,429
2,564
2,673
2,317
1,659
1,179
790
421
298
157
31
16
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,378
2,550
2,692
2,807
2,896
2,488
1,769
1,263
842
446
315
156
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,497
2,678
2,827
2,947
3,041
3,110
2,654
1,895
1,346
893
472
313
156
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,621
2,812
2,968
3,094
3,193
3,266
3,317
2,843
2,020
1,428
944
469
311
155
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Confidential
0
0
0
0
8,009
0
0
0
0
10,202
0
0
0
0
12,717
0
0
0
0
15,570
0
0
0
0
18,773
0
0
0
0
22,337
0
0
0
0
26,277
0
0
0
0
30,598
0
0
0
0
35,307
0
0
0
0
40,414
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
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
0
0
0
0
0
0
0
0
213985519.xls
Page 22 of 93
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1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
300
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
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
0
0
0
0
0
213985519.xls
Page 23 of 93
Confidential
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
700
40
5,000
0
2,000
0
0
213985519.xls
Page 24 of 93
Confidential
0
7,740
0
7,740
0
7,740
0
7,740
0
7,740
0
7,740
0
7,740
0
7,740
0
7,740
0
7,740
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
1,207,858
473,188
8,009
2%
1,388,771
521,863
10,202
2%
1,578,730
572,461
12,717
2%
1,778,186
625,238
15,570
2%
1,987,615
680,311
18,773
3%
2,207,516
737,804
22,337
3%
2,436,213
795,668
26,277
3%
2,674,058
855,077
30,598
4%
2,921,416
916,326
35,307
4%
3,178,669
979,648
40,414
4%
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
0
0
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
7,740
(7,740)
NM
(7,740)
NM
(7,740)
NM
(7,740)
NM
(7,740)
NM
(7,740)
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(7,740)
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(7,740)
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(7,740)
NM
(7,740)
NM
213985519.xls
Page 25 of 93
Confidential
(67,060)
(74,800)
(82,540)
(90,280)
(98,020)
(105,760)
(113,500)
(121,240)
(128,980)
(136,720)
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
4.0
4.5
1,935
1,720
0
-67,060
0
-74,800
0
-82,540
0
-90,280
0
-98,020
0
-105,760
0
-113,500
0
-121,240
0
-128,980
0
-136,720
213985519.xls
Page 26 of 93
Confidential
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
29
30
31
32
33
34
35
36
37
38
4.0%
267,543
3,446,212
4.0%
278,245
3,724,457
3.0%
286,592
4,011,049
3.0%
295,190
4,306,238
3.0%
304,045
4,610,284
3.0%
313,167
4,923,450
3.0%
322,562
5,246,012
3.0%
332,239
5,578,251
2.0%
338,883
5,917,134
2.0%
345,661
6,262,795
141,489
24,736
11,892
11,435
4,398
2,094
1,995
570
543
517
492
469
447
425
135
108
72
48
30
15
10
5
147,149
25,725
12,368
11,892
4,574
2,199
2,094
598
570
543
517
492
469
447
142
135
108
72
48
30
15
10
153,035
26,754
12,863
12,368
4,757
2,287
2,199
628
598
570
543
517
492
469
149
142
135
108
72
48
30
15
157,626
27,824
13,377
12,863
4,947
2,378
2,287
660
628
598
570
543
517
492
156
149
142
135
108
72
48
30
162,354
28,659
13,912
13,377
5,145
2,474
2,378
686
660
628
598
570
543
517
164
156
149
142
135
108
72
48
167,225
29,519
14,330
13,912
5,351
2,573
2,474
714
686
660
628
598
570
543
172
164
156
149
142
135
108
72
172,242
30,405
14,759
14,330
5,565
2,675
2,573
742
714
686
660
628
598
570
181
172
164
156
149
142
135
108
177,409
31,317
15,202
14,759
5,732
2,782
2,675
772
742
714
686
660
628
598
190
181
172
164
156
149
142
135
182,731
32,256
15,658
15,202
5,904
2,866
2,782
803
772
742
714
686
660
628
199
190
181
172
164
156
149
142
186,386
33,224
16,128
15,658
6,081
2,952
2,866
835
803
772
742
714
686
660
209
199
190
181
172
164
156
149
213985519.xls
Page 27 of 93
Confidential
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
201,926
1,045,265
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
210,203
1,113,306
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
218,795
1,181,103
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
226,182
1,250,111
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
233,538
1,320,619
48
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
240,989
1,392,796
72
48
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
248,535
1,466,823
108
72
48
30
15
10
5
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
256,256
1,542,806
135
108
72
48
30
15
10
5
2
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
264,184
1,617,505
142
135
108
72
48
30
15
10
10
2
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
270,500
1,692,666
579
866
1,427
1,715
2,023
2,304
2,513
602
900
1,484
1,784
2,104
2,419
2,639
626
936
1,544
1,855
2,188
2,516
2,771
645
974
1,605
1,929
2,276
2,616
2,882
664
1,003
1,669
2,007
2,367
2,721
2,997
684
1,033
1,720
2,087
2,461
2,830
3,117
705
1,064
1,771
2,149
2,560
2,943
3,241
726
1,096
1,824
2,214
2,637
3,061
3,371
748
1,129
1,879
2,280
2,716
3,153
3,506
762
1,163
1,935
2,349
2,797
3,247
3,611
213985519.xls
Page 28 of 93
Confidential
2,752
2,952
3,117
3,249
3,352
3,429
3,483
3,553
3,029
2,143
1,510
938
467
309
154
31
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
213985519.xls
2,890
3,100
3,273
3,412
3,520
3,601
3,657
3,731
3,787
3,214
2,264
1,501
933
464
308
153
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,035
3,255
3,436
3,582
3,696
3,781
3,840
3,917
3,976
4,018
3,397
2,252
1,493
928
462
306
152
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,186
3,418
3,608
3,761
3,881
3,970
4,032
4,113
4,175
4,218
4,246
3,378
2,240
1,485
923
459
304
151
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,314
3,589
3,789
3,949
4,075
4,168
4,233
4,319
4,384
4,429
4,458
4,223
3,360
2,228
1,477
918
456
303
150
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,446
3,732
3,978
4,147
4,278
4,377
4,445
4,535
4,603
4,651
4,681
4,434
4,200
3,342
2,215
1,469
913
454
301
150
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Page 29 of 93
3,584
3,882
4,137
4,354
4,492
4,595
4,667
4,762
4,833
4,883
4,915
4,656
4,410
4,177
3,323
2,203
1,461
908
451
299
149
30
15
3
0
0
0
0
0
0
0
0
0
0
0
0
0
3,728
4,037
4,303
4,528
4,717
4,825
4,901
5,000
5,075
5,128
5,161
4,888
4,630
4,386
4,154
3,305
2,191
1,452
903
449
298
148
29
15
3
0
0
0
0
0
0
0
0
0
0
0
0
3,877
4,198
4,475
4,709
4,906
5,067
5,146
5,250
5,328
5,384
5,419
5,133
4,862
4,605
4,362
4,131
3,286
2,179
1,444
898
446
296
147
29
14
3
0
0
0
0
0
0
0
0
0
0
0
4,032
4,366
4,654
4,898
5,102
5,269
5,403
5,512
5,595
5,653
5,690
5,389
5,105
4,835
4,580
4,338
4,108
3,268
2,166
1,436
893
444
294
145
29
14
3
0
0
0
0
0
0
0
0
0
0
Confidential
0
0
0
0
45,914
0
0
0
0
51,788
0
0
0
0
58,010
0
0
0
0
64,524
0
0
0
0
71,297
0
0
0
0
78,329
0
0
0
0
85,622
0
0
0
0
93,180
0
0
0
0
101,002
0
0
0
0
109,085
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
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
0
0
0
0
0
0
0
0
213985519.xls
Page 30 of 93
Confidential
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
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
0
0
0
0
0
213985519.xls
Page 31 of 93
Confidential
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
213985519.xls
Page 32 of 93
Confidential
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
3,446,212
1,045,265
45,914
4%
3,724,457
1,113,306
51,788
5%
4,011,049
1,181,103
58,010
5%
4,306,238
1,250,111
64,524
5%
4,610,284
1,320,619
71,297
5%
4,923,450
1,392,796
78,329
6%
5,246,012
1,466,823
85,622
6%
5,578,251
1,542,806
93,180
6%
5,917,134
1,617,505
101,002
6%
6,262,795
1,692,666
109,085
6%
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
213985519.xls
Page 33 of 93
Confidential
(149,460)
(162,200)
(174,940)
(187,680)
(200,420)
(213,160)
(225,900)
(238,640)
(251,380)
(264,120)
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
0
-149,460
0
-162,200
0
-174,940
0
-187,680
0
-200,420
0
-213,160
0
-225,900
0
-238,640
0
-251,380
0
-264,120
213985519.xls
Page 34 of 93
Confidential
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
39
40
41
42
43
44
45
46
47
48
2.0%
352,574
6,615,370
2.0%
359,626
6,974,996
2.0%
366,818
7,341,814
2.0%
374,155
7,715,968
2.0%
381,638
8,097,606
2.0%
389,271
8,486,877
2.0%
397,056
8,883,933
2.0%
404,997
9,288,930
2.0%
413,097
9,702,027
2.0%
421,359
10,123,386
190,114
33,888
16,612
16,128
6,263
3,040
2,952
860
835
803
772
742
714
686
220
209
199
190
181
172
164
156
193,916
34,566
16,944
16,612
6,451
3,132
3,040
886
860
835
803
772
742
714
229
220
209
199
190
181
172
164
197,794
35,257
17,283
16,944
6,645
3,226
3,132
912
886
860
835
803
772
742
238
229
220
209
199
190
181
172
201,750
35,963
17,629
17,283
6,778
3,322
3,226
940
912
886
860
835
803
772
247
238
229
220
209
199
190
181
205,785
36,682
17,981
17,629
6,913
3,389
3,322
968
940
912
886
860
835
803
257
247
238
229
220
209
199
190
209,901
37,415
18,341
17,981
7,051
3,457
3,389
997
968
940
912
886
860
835
268
257
247
238
229
220
209
199
214,099
38,164
18,708
18,341
7,193
3,526
3,457
1,017
997
968
940
912
886
860
278
268
257
247
238
229
220
209
218,381
38,927
19,082
18,708
7,336
3,596
3,526
1,037
1,017
997
968
940
912
886
287
278
268
257
247
238
229
220
222,748
39,706
19,464
19,082
7,483
3,668
3,596
1,058
1,037
1,017
997
968
940
912
295
287
278
268
257
247
238
229
227,203
40,500
19,853
19,464
7,633
3,742
3,668
1,079
1,058
1,037
1,017
997
968
940
304
295
287
278
268
257
247
238
213985519.xls
Page 35 of 93
Confidential
149
142
135
108
72
48
30
15
20
10
2
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
276,633
1,768,608
156
149
142
135
108
72
48
30
30
20
10
3
2
0
0
0
0
0
0
0
0
0
0
0
0
0
282,741
1,845,493
164
156
149
142
135
108
72
48
60
30
20
15
3
2
0
0
0
0
0
0
0
0
0
0
0
0
288,832
1,923,479
172
164
156
149
142
135
108
72
96
60
30
30
15
3
2
0
0
0
0
0
0
0
0
0
0
0
295,004
2,002,630
181
172
164
156
149
142
135
108
144
96
60
45
30
15
3
2
0
0
0
0
0
0
0
0
0
0
301,295
2,082,972
190
181
172
164
156
149
142
135
216
144
96
90
45
30
15
3
2
0
0
0
0
0
0
0
0
0
307,729
2,164,514
199
190
181
172
164
156
149
142
270
216
144
144
90
45
30
15
3
2
0
0
0
0
0
0
0
0
314,323
2,247,247
209
199
190
181
172
164
156
149
284
270
216
216
144
90
45
30
15
3
2
0
0
0
0
0
0
0
321,070
2,331,174
220
209
199
190
181
172
164
156
298
284
270
324
216
144
90
45
30
15
3
2
0
0
0
0
0
0
327,985
2,416,286
229
220
209
199
190
181
172
164
313
298
284
405
324
216
144
90
45
30
15
3
2
0
0
0
0
0
335,062
2,502,582
778
1,186
1,993
2,419
2,881
3,344
3,719
793
1,210
2,033
2,492
2,968
3,445
3,831
809
1,234
2,074
2,542
3,057
3,548
3,946
825
1,259
2,115
2,592
3,118
3,655
4,064
842
1,284
2,158
2,644
3,180
3,728
4,186
859
1,310
2,201
2,697
3,244
3,802
4,270
876
1,336
2,245
2,751
3,309
3,878
4,355
893
1,362
2,290
2,806
3,375
3,956
4,442
911
1,390
2,336
2,862
3,442
4,035
4,531
929
1,417
2,382
2,920
3,511
4,116
4,622
213985519.xls
Page 36 of 93
Confidential
4,153
4,541
4,840
5,094
5,306
5,480
5,619
5,788
5,874
5,936
5,974
5,659
5,360
5,077
4,809
4,554
4,313
4,085
3,250
2,154
1,428
887
441
291
144
28
14
3
0
0
0
0
0
0
0
0
0
213985519.xls
4,277
4,677
5,033
5,297
5,518
5,699
5,844
6,019
6,168
6,233
6,273
5,942
5,628
5,331
5,049
4,782
4,529
4,289
4,062
3,231
2,142
1,420
882
436
287
142
28
14
3
0
0
0
0
0
0
0
0
4,406
4,817
5,184
5,509
5,739
5,927
6,078
6,260
6,415
6,544
6,587
6,239
5,910
5,597
5,302
5,021
4,756
4,504
4,265
4,039
3,213
2,130
1,412
872
431
284
139
27
13
3
0
0
0
0
0
0
0
4,538
4,962
5,340
5,675
5,968
6,164
6,321
6,510
6,672
6,806
6,916
6,551
6,205
5,877
5,567
5,272
4,993
4,729
4,479
4,241
4,016
3,195
2,118
1,395
862
426
279
137
27
13
3
0
0
0
0
0
0
4,674
5,111
5,500
5,845
6,147
6,411
6,574
6,771
6,938
7,078
7,193
6,878
6,515
6,171
5,845
5,536
5,243
4,965
4,702
4,453
4,217
3,993
3,176
2,093
1,379
852
418
274
134
26
13
3
0
0
0
0
0
4,814
5,264
5,665
6,020
6,332
6,603
6,836
7,042
7,216
7,361
7,480
7,154
6,841
6,480
6,137
5,813
5,505
5,214
4,938
4,676
4,428
4,193
3,970
3,140
2,069
1,363
836
411
269
132
26
13
2
0
0
0
0
Page 37 of 93
4,910
5,422
5,835
6,201
6,522
6,801
7,042
7,323
7,505
7,656
7,779
7,440
7,115
6,804
6,444
6,103
5,780
5,474
5,184
4,910
4,649
4,403
4,169
3,924
3,103
2,044
1,338
821
403
264
129
25
12
2
0
0
0
5,009
5,531
6,010
6,387
6,717
7,005
7,253
7,543
7,805
7,962
8,091
7,737
7,399
7,076
6,766
6,409
6,069
5,748
5,444
5,155
4,882
4,623
4,377
4,121
3,879
3,066
2,007
1,314
806
395
258
127
25
12
2
0
0
5,109
5,641
6,130
6,578
6,919
7,215
7,470
7,769
8,039
8,281
8,414
8,047
7,695
7,359
7,037
6,729
6,373
6,036
5,716
5,413
5,126
4,854
4,596
4,327
4,072
3,833
3,011
1,971
1,289
791
388
253
124
24
12
2
0
5,211
5,754
6,253
6,710
7,127
7,432
7,695
8,002
8,280
8,529
8,751
8,369
8,003
7,653
7,318
6,998
6,692
6,337
6,002
5,684
5,382
5,097
4,826
4,543
4,276
4,024
3,764
2,956
1,934
1,265
775
380
248
122
24
12
2
Confidential
0
0
0
0
117,424
0
0
0
0
126,009
0
0
0
0
134,833
0
0
0
0
143,884
0
0
0
0
153,152
0
0
0
0
162,624
0
0
0
0
172,288
0
0
0
0
182,135
0
0
0
0
192,151
0
0
0
0
202,326
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
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
0
0
0
0
0
0
0
0
213985519.xls
Page 38 of 93
Confidential
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
1000
0
750
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
0.0
0.22
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
0
3.5%
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
0
0
0
0
0
213985519.xls
Page 39 of 93
Confidential
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
4.0
4.5
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
700
40
10,000
0
2,000
0
0
213985519.xls
Page 40 of 93
Confidential
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
0
12,740
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
6,615,370
1,768,608
117,424
7%
6,974,996
1,845,493
126,009
7%
7,341,814
1,923,479
134,833
7%
7,715,968
2,002,630
143,884
7%
8,097,606
2,082,972
153,152
7%
8,486,877
2,164,514
162,624
8%
8,883,933
2,247,247
172,288
8%
9,288,930
2,331,174
182,135
8%
9,702,027
2,416,286
192,151
8%
10,123,386
2,502,582
202,326
8%
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
NM
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
0
0
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
12,740
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
(12,740)
NM
213985519.xls
Page 41 of 93
Confidential
(276,860)
(289,600)
(302,340)
(315,080)
(327,820)
(340,560)
(353,300)
(366,040)
(378,780)
(391,520)
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
4.0
4.5
3,185
2,831
0
-276,860
0
-289,600
0
-302,340
0
-315,080
0
-327,820
0
-340,560
0
-353,300
0
-366,040
0
-378,780
0
-391,520
213985519.xls
Page 42 of 93
Confidential
SUMMARIES
2010
2011
2012
2013
72,000
181,600
219,901
2,207,516
332,239
5,578,251
421,359
10,123,386
213985519.xls
Page 43 of 93
Confidential
112,596
213985519.xls
737,804
1,542,806
2,502,582
Page 44 of 93
Confidential
213985519.xls
Page 45 of 93
Confidential
443
22,337
93,180
202,326
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
213985519.xls
Page 46 of 93
Confidential
0
0
0
0
0
0
0
0
213985519.xls
Page 47 of 93
Confidential
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,400
480
0
0
24,000
0
0
8,400
480
40,000
0
24,000
0
0
8,400
480
100,000
0
24,000
0
0
8,400
480
120,000
0
24,000
0
0
213985519.xls
Page 48 of 93
Confidential
0
32,880
0
72,880
0
132,880
0
152,880
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
32,880
72,880
132,880
152,880
100
100
0
0%
715,188
334,475
3,197
1%
3,178,669
979,648
40,414
4%
6,974,996
1,845,493
126,009
7%
0
0
32,880
32,880
0
0
72,880
72,880
0
0
132,880
132,880
0
0
152,880
152,880
32,880
72,880
132,880
152,880
-32,880
-72,880
-132,880
-152,880
213985519.xls
Page 49 of 93
Confidential
213985519.xls
Page 50 of 93
Confidential
Assumptions
Web Service Freemium Revenue & Tables
Monthly Subscription
Annual Subscription
Amount
$0.00
$0.00
Annual Subscr. Discount
%
15%
85%
75%
Weighted Monthly Sub Revenue
$0.00
<<< drives subscription revenue calculations
Enter your own cohort assumptions below (applications vs games will see very different churn curves)
CHURN WATERFALL: per monthly cohort
# Months a User
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Lose
55.0%
10.0%
5.0%
5.0%
2.0%
1.0%
1.0%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.1%
0.2%
0.2%
0.2%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
CONVERSION RATE: per monthly cohort

Users
Remaining
45%
35%
30%
25%
23%
22%
21%
21%
20%
20%
20%
20%
19%
19%
19%
19%
19%
19%
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
17%
17%
17%
17%
17%
16%
16%
16%
16%
15%
15%
15%
14%
14%
14%
13%
13%
13%
13%
12%
# Months a User
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
ChurnTable
Premium
Conversion
0.5%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
ConversionTable
ADVERTISING ASSUMPTIONS
Ads seen per visit
CPM
Inventory sold
Remnant CPM
Remnant %
House ads %
0
$0.00
0%
$0.00
0%
100%
Model out integrated sponsorship revenues and associated costs on Model tab
INFRASTRUCTURE COSTS
Concurrency Multiple
0.00%
Applied to total active users to calculate peak concurrent users online -- needed for hosting cost calculations
Note: if you are primarily using cloud hosting, want to devise a formula that takes into account concurrency over time, rather than peak
Cost per Server Pair
$2,000
cost per server for company-owned machines, not managed or cloud hosting
$175
$10
$300
$500
$3,000
$0
per FTE employee

per FTE employee
per FTE employee
per FTE employee
per new FTE
HEADCOUNT COSTS
IT and Telephony Costs / FTE
Office Supplies
Office Space / FTE
Travel Costs
Computer Equipment
Other 1
213985519.xls
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Other 2
$0
CUSTOMER SUPPORT
Active users per FTE
input = how many active users can each customer support FTE handle?
this number completely depends on your type of business and you may want to switch the model to work off of subscribers, or a blend
if you are outsourcing, you can shift the model to scale up based on the advice of your partner (and don't forget minimum and starting fees)
CDN Cost Table

TB
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
213985519.xls
$ / GB
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.22
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.20
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.15
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
Tier
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
TB Usage Per GB
0 to 9
10 to 19
20 to 49
50 to 99
100 to 149
150+
Page 52 of 93
0.22
0.20
0.15
0.12
0.10
0.09
Confidential
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
213985519.xls
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.12
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.10
0.09
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
Page 53 of 93
Confidential
Staff
Jan-10
Markup for benefits/taxes/etc
Contractor Hours / Month
Feb-10
Mar-10
Apr-10
May-10
Jun-10
1.3
160
Instructions: edit the salary levels and hourly rates to fit your location and circumstance
Salary phase is set on row 83, which allows you to manually determine when business has reached the point
where it can handle more market-competitive salaries
Role
CEO
CFO
General Counsel
HR/Finance/Bookkeeping
Office Manager
CTO
VP of Engineering
Server Dev
Web / Application Dev
Sys Admin
Product Manager
UI Designer
VP of Marketing
Marketing Staff
VP of Bizdev
VP of Sales
Inside Sales
Enterprise Sales
VP, Customer Support
Customer Support
Phase 1
Salary
Phase 2
Salary
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Phase 1
Monthly
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Phase 2
Monthly
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
0
0
0
0
Hourly
Hourly Rate Monthly
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
0
0
0
0
Category
Corp
Corp
Corp
Corp
Corp
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Sales & Marketing
Sales & Marketing
Sales & Marketing
Sales & Marketing
Sales & Marketing
Sales & Marketing
Customer Support
Customer Support
EmpCostTable
Data Reference Points
213985519.xls
Page 54 of 93
Confidential
Active Users
Subscribers
0
0
0
0
0
0
100
0
545
0
1,260
1
Instructions: enter in a hard coded number (can be a decimal for partial month) for the staff levels per role and employee type (FTE vs Hourly) (color it blue for rea
Customer support FTE is currently formula driven and you will need to edit inputs (Assumptions tab) at minimum
Headcount Levels
Role
CEO
CEO
CFO
CFO
General Counsel
General Counsel
Office Manager
Office Manager
CTO
CTO
VP of Engineering
VP of Engineering
Server Dev
Server Dev
Sys Admin
Sys Admin
Product Manager
Product Manager
UI Designer
UI Designer
VP of Marketing
VP of Marketing
Marketing Staff
Marketing Staff
VP of Bizdev
213985519.xls
Category
Type
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Corp
Hourly
Corp
FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Jan-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Feb-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Page 55 of 93
Mar-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Apr-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
May-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jun-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Confidential
VP of Bizdev
VP of Sales
VP of Sales
Inside Sales
Inside Sales
Enterprise Sales
Enterprise Sales
Customer Support
Customer Support
Sales & Marketing

FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Customer Support
Hourly
Customer Support
FTE
Customer Support
Hourly
Customer Support
FTE
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
Instructions: set a 1 if people are using discounted salaries that month; set a 2 if company is now paying the higher, more market-competitive rates
Salary Phase
1
1
1
1
1
1
Note: if you are outsourcing customer support to an offshore partner, you may want to pull it out and model it directly on Model tab
Monthly Cost
Role
CEO
CEO
CFO
CFO
General Counsel
General Counsel
Office Manager
Office Manager
CTO
CTO
VP of Engineering
VP of Engineering
Server Dev
Server Dev
213985519.xls
Category
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Corp
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Type
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
FTE
Hourly
Jan-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Feb-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Page 56 of 93
Mar-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Apr-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
May-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jun-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Confidential

Sys Admin
Sys Admin
Product Manager
Product Manager
UI Designer
UI Designer
VP of Marketing
VP of Marketing
Marketing Staff
Marketing Staff
VP of Bizdev
VP of Bizdev
VP of Sales
VP of Sales
Inside Sales
Inside Sales
Enterprise Sales
Enterprise Sales
Customer Support
Customer Support
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Technology Hourly
Technology FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Sales & Marketing
Hourly
Sales & Marketing
FTE
Customer Support
Hourly
Customer Support
FTE
Customer Support
Hourly
Customer Support
FTE
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
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
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
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
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
HEADCOUNT
Headcount (FTE)
Corp
Technology
Sales & Marketing
Customer Support
TOTAL
Headcount (including contractors)
Corp
Technology
Sales & Marketing
213985519.xls
FTE
FTE
FTE
FTE
Page 57 of 93
Confidential
Customer Support
TOTAL
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
COSTS
FTE Costs
Corp
Technology
Sales & Marketing
Customer Support
TOTAL
FTE
FTE
FTE
FTE
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
Contractor Costs
Corp
Technology
Sales & Marketing
Customer Support
TOTAL
Hourly
Hourly
Hourly
Hourly
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Cost (Total)
Corp
Technology
Sales & Marketing
Customer Support
TOTAL
213985519.xls
Page 58 of 93
Confidential
Jul-10
213985519.xls
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Page 59 of 93
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Confidential
5,655
5
12,775
19
21,698
51
42,137
112
71,361
233
112,596
443
173,684
791
237,729
1,343
287,559
2,141
334,475
3,197
380,253
4,523
Sep-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Oct-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Nov-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Dec-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jan-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Feb-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Mar-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Apr-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
May-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
(FTE vs Hourly) (color it blue for readability)
Jul-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
213985519.xls
Aug-10
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Page 60 of 93
Confidential
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
Jul-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Aug-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sep-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Oct-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Dec-10
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Feb-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Mar-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Apr-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
May-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
rket-competitive rates
213985519.xls
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Confidential
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0
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0
0
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0
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0
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0
0
0
0
0
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0
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0
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0
0
0
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0
0
0
0
0
0
0
0
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0
0
0
0
0
0
0
0
0
0
0
0
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0
0
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0
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0
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0
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0
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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
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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
213985519.xls
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4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
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0
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0
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0
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0
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0
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0
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0
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0
0
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0
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0
0
0
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0
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0
0
0
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0
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213985519.xls
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Jun-11
213985519.xls
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Page 64 of 93
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Confidential
426,127
6,121
473,188
8,009
521,863
10,202
572,461
12,717
625,238
15,570
680,311
18,773
737,804
22,337
795,668
26,277
855,077
30,598
916,326
35,307
979,648
40,414
Jun-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jul-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Aug-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Sep-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Oct-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Nov-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Dec-11
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jan-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Feb-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Mar-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Apr-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
213985519.xls
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Confidential
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0
0
0
0
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4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
Jun-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jul-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Aug-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sep-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Oct-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Dec-11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Feb-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Mar-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Apr-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
213985519.xls
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0
0
0
0
0
0
0
0
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
213985519.xls
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4.5
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4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
0
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213985519.xls
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May-12
213985519.xls
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Page 69 of 93
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Confidential
1,045,265
45,914
1,113,306
51,788
1,181,103
58,010
1,250,111
64,524
1,320,619
71,297
1,392,796
78,329
1,466,823
85,622
1,542,806
93,180
1,617,505
101,002
1,692,666
109,085
1,768,608
117,424
May-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jun-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jul-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Aug-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Sep-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Oct-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Nov-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Dec-12
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jan-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Feb-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Mar-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
213985519.xls
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0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
May-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jun-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jul-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Aug-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sep-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Oct-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Dec-12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jan-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Feb-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Mar-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
213985519.xls
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0
0
0
0
0
0
0
0
0
0
0
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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
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
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
0
0
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0
0
0
0
0
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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
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
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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
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
213985519.xls
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0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
0
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0
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0
0
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0
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0
0
0
0
0
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0
0
0
0
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Apr-13
213985519.xls
May-13
Jun-13
Jul-13
Aug-13
Sep-13
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Nov-13
Dec-13
Confidential
1,845,493
126,009
1,923,479
134,833
2,002,630
143,884
2,082,972
153,152
2,164,514
162,624
2,247,247
172,288
2,331,174
182,135
2,416,286
192,151
2,502,582
202,326
Apr-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
May-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jun-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Jul-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Aug-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Sep-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Oct-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Nov-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
Dec-13
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
1
0
0
0
0
0.5
0
0
0
0
0
0
213985519.xls
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0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
0
0
0
0
0
0
0
0
0
0
0
4.5
Apr-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
May-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jun-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jul-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Aug-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sep-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Oct-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Dec-13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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0
0
0
0
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0
0
0
0
0
0
0
0
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3
0
0
4
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
1
3.5
0
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0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
4.5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
0
0
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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
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
0
0
0
0
0
0
0
0
0
0
0
0
0
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0
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0
0
213985519.xls
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Confidential
100.0%
90.0%
Users Remaining (Churn)
80.0%
Premium Conversion
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48
Month after Joining
9.0%
3,000,000
8.0%
2,500,000
Subscribers
7.0%
Active Users
6.0%
Subscriber %
5.0%
1,500,000
4.0%
3.0%
1,000,000
2.0%
500,000
1.0%
0.0%
-1
3
ec
D
Ju
l-1
3
b13
Fe
p12
Se
r-1
2
Ap
No
v11
Ju
n11
Ja
n11
Au
g10
Ja
n10
Subscriber %
User Growth
2,000,000
25
Customer Support
20
Sales & Marketing

Technology
Corp
15
10
3.5
3.5
3.5
3.5
2010
2011
2012
2013
No
v13
Ju
l-1
3
M
ar
-1
3
No
v12
Ju
l-1
M
ar
-1
2
No
v11
Ju
l-1
1
M
ar
-1
1
12,000
No
v10
Ju
l-1
0
Ja
n10
14,000
Total Costs
Revenue
10,000
8,000
6,000
4,000
2,000
Charting
Active Users
Subscribers
Subscriber %
Jan-10
0
0
0.0%
Feb-10
0
0
0.0%
Apr-10
100
0
0.0%
Jun-10
1,260
1
0.1%
Jul-10
5,655
5
0.1%
Aug-10
12,775
19
0.1%
Revenue
Total Costs
Jan-10
0
2,740
Feb-10
0
2,740
Apr-10
0
2,740
Jun-10
0
2,740
Jul-10
0
2,740
Aug-10
0
2,740
Month
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
213985519.xls
Users
Remaining
Premium
(Churn)
Conversion
100.0%
0.0%
45.0%
0.5%
35.0%
1.0%
30.0%
2.0%
25.0%
3.0%
23.0%
4.0%
22.0%
5.0%
21.0%
6.0%
20.7%
7.0%
20.4%
8.0%
20.1%
8.2%
19.8%
8.4%
19.5%
8.6%
19.2%
8.8%
18.9%
9.0%
18.8%
9.2%
18.7%
9.4%
18.6%
9.6%
18.5%
9.8%
18.4%
10.0%
18.3%
10.2%
18.2%
10.4%
18.1%
10.6%
18.0%
10.8%
17.9%
11.0%
17.8%
11.2%
17.7%
11.4%
17.6%
11.6%
17.5%
11.8%
17.4%
12.0%
17.3%
12.2%
17.1%
12.4%
16.9%
12.6%
Page 83 of 93
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33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
Corp
Technology
Sales & Marketing
Customer Support
213985519.xls
16.7%
16.4%
16.1%
15.8%
15.5%
15.2%
14.9%
14.6%
14.3%
14.0%
13.7%
13.4%
13.1%
12.8%
12.5%
12.2%
12.8%
13.0%
13.2%
13.4%
13.6%
13.8%
14.0%
14.2%
14.4%
14.6%
14.8%
15.0%
15.2%
15.4%
15.6%
15.8%
2010
1
3.5
0
0
2011
1
3.5
0
0
Page 84 of 93
2012
1
3.5
0
0
2013
1
3.5
0
0
Confidential
Sep-10
21,698
51
0.2%
Oct-10
42,137
112
0.3%
Nov-10
71,361
233
0.3%
Dec-10
112,596
443
0.4%
Jan-11
173,684
791
0.5%
Feb-11
237,729
1,343
0.6%
Mar-11
287,559
2,141
0.7%
Apr-11
334,475
3,197
1.0%
May-11
380,253
4,523
1.2%
Jun-11
426,127
6,121
1.4%
Sep-10
0
2,740
Oct-10
0
2,740
Nov-10
0
2,740
Dec-10
0
2,740
Jan-11
0
2,740
Feb-11
0
2,740
Mar-11
0
2,740
Apr-11
0
2,740
May-11
0
7,740
Jun-11
0
7,740
213985519.xls
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Confidential
Jul-11
473,188
8,009
1.7%
Aug-11
521,863
10,202
2.0%
Sep-11
572,461
12,717
2.2%
Oct-11
625,238
15,570
2.5%
Nov-11
680,311
18,773
2.8%
Dec-11
737,804
22,337
3.0%
Jan-12
795,668
26,277
3.3%
Feb-12
855,077
30,598
3.6%
Mar-12
916,326
35,307
3.9%
Apr-12
979,648
40,414
4.1%
Jul-11
0
7,740
Aug-11
0
7,740
Sep-11
0
7,740
Oct-11
0
7,740
Nov-11
0
7,740
Dec-11
0
7,740
Jan-12
0
7,740
Feb-12
0
7,740
Mar-12
0
7,740
Apr-12
0
7,740
213985519.xls
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May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
1,045,265 1,113,306 1,181,103 1,250,111 1,320,619 1,392,796 1,466,823 1,542,806 1,617,505 1,692,666
45,914
51,788
58,010
64,524
71,297
78,329
85,622
93,180 101,002 109,085
4.4%
4.7%
4.9%
5.2%
5.4%
5.6%
5.8%
6.0%
6.2%
6.4%
May-12
0
12,740
213985519.xls
Jun-12
0
12,740
Jul-12
0
12,740
Aug-12
0
12,740
Sep-12
0
12,740
Oct-12
0
12,740
Page 89 of 93
Nov-12
0
12,740
Dec-12
0
12,740
Jan-13
0
12,740
Feb-13
0
12,740
Confidential
213985519.xls
Page 90 of 93
Confidential
Mar-13
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
1,768,608 1,845,493 1,923,479 2,002,630 2,082,972 2,164,514 2,247,247 2,331,174 2,416,286 2,502,582
117,424 126,009 134,833 143,884 153,152 162,624 172,288 182,135 192,151 202,326
6.6%
6.8%
7.0%
7.2%
7.4%
7.5%
7.7%
7.8%
8.0%
8.1%
Mar-13
0
12,740
213985519.xls
Apr-13
0
12,740
May-13
0
12,740
Jun-13
0
12,740
Jul-13
0
12,740
Aug-13
0
12,740
Page 91 of 93
Sep-13
0
12,740
Oct-13
0
12,740
Nov-13
0
12,740
Dec-13
0
12,740
Confidential
213985519.xls
Page 92 of 93
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Admin
Employee Type
FTE
Hourly
EmployeeType
Categories
Corp
Technology
Sales & Marketing
Customer Support
EmpCategory
213985519.xls
Page 93 of 93
Confidential

Freemium Business Model Notes

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Freemium Business Model Notes

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Freemium Business Model Notes

Original filename: freemium model 1-2.xls

Original model template created by Giff Constable, 2009 -- http://giffconstable.com

Registered Users (FYE)

FYE Headcount (incl. contractors)

Note: an "active user" is someone who logs in that month

User Growth Adjustment

User Churn (by month in)

User "visits" per month

Total Advertising Revenue

Users per Server Pair

Total bandwith (TB)

Total Hosting & Infrastructure

SALES & MARKETING

Total Sales and Marketing

GENERAL AND ADMINISTRATIVE

wn (100% = expected case)

Annual Subscr. Discount

Weighted Monthly Sub Revenue

<<< drives subscription revenue calculations

CONVERSION RATE: per monthly cohort

Cost per Server Pair

per FTE employee

CDN Cost Table

Data Reference Points

Sales & Marketing

Web / Application Dev

(FTE vs Hourly) (color it blue for readability)

Month after Joining

Sales & Marketing

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