v 2.

0
Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will c

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

View Tips: For more space on your screen, plea

the bottom-right hand corner of your screen.
Click to Watch a Video on How to Navigate Step 1

3 "Simple" Instructions
1: Welcome to Financial Modeling and Valuation Step 1 of 7! All yo
tabs to the right of this one)! You can use this document to creat

2: Ater reading the Important Notes and the 25 Modeling & Valuati
Revenue Forecast button at the top.

3: Please play around with this model by entering data in the blue
(Steps 2 - 7) are linked together etc. If you delete cells by acciden

PLEASE ENJOY THE MODELING PROCESS : ) Thanks

Important Notes
Every model for every company is different - particularly when it comes to calculating revenu

Not all companies provide the same amount of data.

In general, please see the earnings press release, investor relations website and financial fili

The model in this spreadsheet has 2 revenue line items. Some companies provide 1, 2, 3 or m

Valu
 Valu

1: Modeling is easier than you think and a lot of fun, if you remember 2 key items: 1: M

2: The second key item to remember is that modeling is all about looking for patterns

3: Publicly traded companies are often quite large and, as a result, although growth is

4: If growth is not decelerating for a large publicly traded company, then it might be be

5: When a big company sees a significant decrease in the rate of change of revenue g
investors buy).

6: Use your own common sense and build the model yourself before speaking with th

7: If a company has a lot of cash, they either make acquisitions or they buy back shar

8: Forecasting taxes is tough. Find out from the 10-k or 10-q what the N.O.L.s (net op

9: Items that you hard code (meaning anything that is in your model that is not a calcu
spreadsheet. For example, in this image, only type on the blue fonts that are circled in

10: Cells that contain data from other tabs in your spreadsheet should be in a green fo

11: Always use at least 3 valuation methodologies to come up with your target price. T
10: Cells that contain data from other tabs in your spreadsheet should be in a green fo

11: Always use at least 3 valuation methodologies to come up with your target price. T
are many many many independent variables with DCF (I prefer P/E as my top val

12: Create a sensitivity analysis to see how your target price changes with different gr
"Step 6 DCF Valuation".

13: Create bearish, neutral ("just right") and bullish scenarios too if you are highly uns
"Step 7 Compare Valuations."

14: If you work in teams (as you do often on the sell side or in investment banking), th

15: If you feel overwhelmed with the complexity of a model, build it slowly and "group"

16: Modeling can often be as much of a science as an art. Accept the fact that your es

17: Listen to earnings calls, read IR's press releases and all 10-q, 10-k, 8-k and S1 fili

18: Creating a model takes time. When I think I am done with my model, I sleep on it

19: Understand who your customer is. If it's a hedge fund, then they likely don't like D

20: Know what the size the Total Addressable Market (T.A.M.) is and use it as a sanity

21: Add all supplemental data provided by IR in your models (at the bottom of the mod

22: Percent items should be italicized...in fact spend a lot of time "prettying up" your m

23: Name your rows and columns so you can use natural language math like: "Net Inc
 24: Feel comfortable with $A$1 to lock in cell references, $A1 row only references and

25: You have the same access to information for your models that the pros have! Hav

Next Step: Please click on the tab called Step 2 Revenue Forecast (or use th
luation, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Stud

3: Income Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation

ore space on your screen, please minimize the ribbon by clicking on the "^" on the top right-hand corner of your screen or zoom out using th
and corner of your screen.

n Step 1 of 7! All you need to do in Steps 2-7 is change the blue fonts (Steps 2-7 ar
document to create your models and also for the case studies later in the course.

Modeling & Valuation Best Practices below, please go to Step 2 on the next tab (or

ng data in the blue cells and by looking to see what the formulas are and how the
e cells by accident, then please just download this document from the course aga

Thanks

es to calculating revenue (every model has a different revenue driver).

website and financial filings (i.e., www.sev.gov) to see what the firm you are analyzing discloses (all models a

anies provide 1, 2, 3 or more line items (which is one reasons why models can be quite different for different

25 Modeling &
Valuation Best Practices:
 25 Modeling &
Valuation Best Practices:

mber 2 key items: 1: Most items you model are simply a % of revenue!

ut looking for patterns and then projecting those patterns into the future.

ult, although growth is positive, growth is usually decelerating.

ny, then it might be because they made a sizeable acquisition.

of change of revenue growth, they usually focus on increasing margins (growth investors sell and va

efore speaking with the company about your estimates (they can sell!).

or they buy back shares. Look for patterns in the share count.

at the N.O.L.s (net operating losses) are and after you exhaust them, ask IR for guidance.

odel that is not a calculation) should be in a blue font. Please only type in the blue fonts that you see
onts that are circled in red:

should be in a green font.

ith your target price. Then take an average of all 3. DCF is the least accurate valuation methodology
should be in a green font.

ith your target price. Then take an average of all 3. DCF is the least accurate valuation methodology
efer P/E as my top valuation methodology).

anges with different growth and discount rate amounts (for an example, please see the bottom of the

o if you are highly unsure what the economic environment will be like (for an example, please see th

vestment banking), then please add many comments (with your initials).

d it slowly and "group" items.

pt the fact that your estimates will never be 100% correct.

q, 10-k, 8-k and S1 filings and reflect those calls/documents in your model.

y model, I sleep on it and then I do 1 final review the next morning.

they likely don't like DCF. If it's a value PM at a mutual fund, they may, etc.

and use it as a sanity check to see if your estimates seem realistic.

the bottom of the model if you don't know where to put it).

e "prettying up" your model. It makes sure your attention to detail is high.

age math like: "Net Income / revenue" instead of cell X3 / T8 (for example):
ow only references and A$1 column only references (huge time saver).

at the pros have! Have fun building it!!!!! : )

Forecast (or use the buttons at the top). Please remember to only change blue shaded
tual Reality Client Case Studies.
What We Will Case Studies
Learn in Other on Our Client:
DCF Valuation 7: Other Valuations Excel Exercises Shark Virtual Reality

of your screen or zoom out using the view controls on

ue fonts (Steps 2-7 are on the 6

s later in the course.

p 2 on the next tab (or click the

ulas are and how the 6 sheets

t from the course again.

yzing discloses (all models are different).

e quite different for different companies.

owth investors sell and value

IR for guidance.

the blue fonts that you see in this

ate valuation methodology as there

ate valuation methodology as there

ease see the bottom of the tab called:

an example, please see the tab called:

l.

):
y change blue shaded text. Thanks
 Case Studies
on Our Client:
Shark Virtual Reality
 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

Welcome to Financial Modeling and Valuation Step 2 of 7!

Change only the BLUE fonts, then go to Step 3 on the next tab.
Orange Shaded Cells = Sparklines (for trend analysis)
Blue Fonts = hard coded (not calculated) Click to Watch a Video on How to Nav
REVENUE BREAKDOWN (feeds into Income Statement
on the next tab) $ Value in 000's
1Q18 2Q18 3Q18
Sector Breakdown of Revenue
Total Revenue $ 100 $ 123 $ 132
YOY change N/A N/A N/A
QOQ change N/A 23.0% 7.3%
Quarterly Total Revenue Seasonality Sparkline (click + to see it)
REVENUE LINE ITEM 1 OF 2 100.0 123.0 132.0
YOY change N/A N/A N/A
QOQ change N/A 23.0% 7.3%
% of total 100.0% 100.0% 100.0%
Quarterly Revenue Line Item 1 of 2 Seasonality Sparkline (click + to see it)
REVENUE LINE ITEM 2 OF 2 0.0 0.0 0.0
YOY change N/A N/A N/A
QOQ change N/A N/A N/A
% of total 0.0% 0.0% 0.0%
Quarterly Revenue Line Item 2 of 2 Seasonality Sparkline (click + to see it)

Next Step: Please click on the tab called Step 3 Income Statement (or use the b
ation, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Studie

3: Income Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation 7: Other Valu

Video on How to Navigate Step 2

2018 2019

4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

$ 134 $ 489 $ 165 $ 135 $ 186 $ 200 $ 686 $ 178 $ 180

N/A 65.0% 9.8% 40.9% 49.3% 40.3% 7.9% 33.3%
1.5% 23.1% -18.2% 37.8% 7.5% -11.0% 1.1%

134.0 $ 489.0 165.0 135.0 186.0 200.0 $ 686.0 178.0 180.0

N/A N/A 65.0% 9.8% 40.9% 49.3% 40.3% 7.9% 33.3%
1.5% 23.1% -18.2% 37.8% 7.5% -11.0% 1.1%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

0.0 $ - 0.0 0.0 0.0 0.0 $ - 0.0 0.0

N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

ment (or use the buttons at the top). Please remember to only change blue shaded text.
y Client Case Studies.
What We Will Case Studies
Learn in Other on Our Client:
7: Other Valuations Excel Exercises Shark Virtual Reality

2020 2021

3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22

$ 210 $ 234 $ 802 $ 191 $ 214 $ 235 $ 245 $ 885 $ 210

12.9% 17.0% 16.9% 7.3% 18.9% 11.9% 4.7% 10.3% 9.9%
16.7% 11.4% -18.4% 12.0% 9.8% 4.3% -14.3%

210.0 234.0 $ 802.0 191.0 214.0 235.0 245.0 $ 885.0 210.0

12.9% 17.0% 16.9% 7.3% 18.9% 11.9% 4.7% 10.3% 9.9%
16.7% 11.4% -18.4% 12.0% 9.8% 4.3% -14.3%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

0.0 0.0 $ - 0.0 0.0 0.0 0.0 $ - 0.0

N/A N/A N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

ue shaded text. Thanks

 2022 2023

2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

$ 200 $ 198 $ 235 $ 843 231.0 224.0 219.8 265.5 940.3

(6.5%) (15.7%) (4.1%) -4.7% 10.0% 12.0% 11.0% 13.0% 11.5%
-4.8% -1.0% 18.7% -1.7% -3.0% -1.9% 20.8%

200.0 198.0 235.0 $ 843.0 $ 231.0 $ 224.0 $ 219.8 $ 265.5 940.3

(6.5%) (15.7%) (4.1%) -4.7% 10.0% 12.0% 11.0% 13.0% 11.5%
-4.8% -1.0% 18.7% -1.7% -3.0% -1.9% 20.8%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

0.0 0.0 0.0 $ - $ - $ - $ - $ - 0.0

N/A N/A N/A N/A 0.0% 0.0% 0.0% 0.0% N/A
N/A N/A N/A N/A N/A N/A N/A
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
 2024 2025 2026 2027

1,034.4 1,137.8 1,251.6 1,376.7

10.0% 10.0% 10.0% 10.0%

1,034.4 1,137.8 1,251.6 1,376.7

10.0% 10.0% 10.0% 10.0%

100.0% 100.0% 100.0% 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%

View Tips: For more space on your screen, please minimize the ribbon by clicking on the
"^" on the top right-hand corner of your screen or zoom out using the view controls on the
bottom-right hand corner of your screen.

2018 - 2027 Annual TREND Sparklines

Note from Chris: Please make sure to close the groups by clicking on "1" to
the left and slightly above column A or you will see quarterly numbers in
this sparkline column.

Annual Total Revenue Sparkline (top line in $ change and bottom line in % change):

Annual Revenue Line 1 of 2 Sparkline (top line in $ change and bottom line in % change):

Annual Revenue Line 2 of 2 Sparkline (top line in $ change and bottom line in % change):
 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

Welcome to Financial Modeling and Valuation Step 3 of 7!

Change only the BLUE fonts, then go to Step 4 on the next tab.
Orange Shaded Cells = Sparklines (for trend analysis)
Blue Fonts = hard coded (not calculated)
Click to Watch a Video on How to Na
Green = links to data from another tab
INCOME STATEMENT $ Value in 000's 1Q18 2Q18 3Q18
Revenue 100.0 123.0 132.0
YOY change N/A N/A N/A
QOQ change N/A 23.0% 7.3%
Quarterly Revenue Sparkline (click '2' above A1 to see it).

COGS 38.0 41.0 44.0

% of Revenue 38.0% 33.3% 33.3%
Gross profit 62.0 82.0 88.0
Gross margin 62.0% 66.7% 66.7%

Sales and Marketing 12.0 11.0 13.0

% of Revenue 12.0% 8.9% 9.8%
YOY change
QOQ change -8.3% 18.2%
Quarterly Sales and Marketing Sparkline (click '2' above A1 to see it).

Research and Development 12.0 9.0 15.0

% of Revenue 12.0% 7.3% 11.4%
YOY change
QOQ change -25.0% 66.7%
Quarterly Research and Development Sparkline (click '2' above A1 to see it).

General and Administrative 13.0 11.0 9.0

% of Revenue 13.0% 8.9% 6.8%
YOY change
QOQ change -15.4% -18.2%
Quarterly General and Administrative Sparkline (click '2' above A1 to see it).

Depreciation 5.0 6.0 8.0

% of Revenue 5.0% 4.9% 6.1%
YOY change
QOQ change 20.0% 33.3%
Quarterly Depreciation Sparkline (click '2' above A1 to see it).

Total Expenses 80.0 78.0 89.0

% of Revenue 80.0% 63.4% 67.4%
Yoy Change
Income (loss) from operations 20.0 45.0 43.0
% of Revenue 20.0% 36.6% 32.6%
EBITDA 25.0 51.0 51.0
% of Revenue 25.0% 41.5% 38.6%
Other income (expense), net 3.0 8.0 19.0
% of Revenue 3.0% 6.5% 14.4%
GAAP Income (loss) before income taxes 23.0 53.0 62.0
% of Revenue 23.0% 43.1% 47.0%
GAAP Provision (benefit) for income taxes 4.0 12.0 17.0
Tax Rate 17.4% 22.6% 27.4%

GAAP Net income (loss) $ 19.0 $ 41.0 $ 45.0

% of Revenue 19.0% 33.3% 34.1%
GAAP EPS* $ 0.19 $ 0.41 $ 0.45
YOY change N/A N/A N/A
GAAP Shares (in 000's) 100.0 100.0 100.0

Non-GAAP EPS (excludes depreciation) $0.23 $0.46 $0.51

YOY change N/A N/A N/A

Next Step: Please click on the tab called Step 4 Balance Sheet (or use the butto
tion, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Studies

Income Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation 7: Other Valuati

Video on How to Navigate Step 3

4Q18 2018 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20
134.0 489.0 165.0 135.0 186.0 200.0 686.0 178.0 180.0
N/A 65.0% 9.8% 40.9% 49.3% 40.3% 7.9% 33.3%
1.5% 23.1% -18.2% 37.8% 7.5% -11.0% 1.1%

45.0 168.0 54.0 43.0 60.0 59.0 216.0 55.0 50.0

33.6% 34.4% 32.7% 31.9% 32.3% 29.5% 31.5% 30.9% 27.8%
89.0 321.0 111.0 92.0 126.0 141.0 470.0 123.0 130.0
66.4% 65.6% 67.3% 68.1% 67.7% 70.5% 68.5% 69.1% 72.2%

10.0 46.0 14.0 12.0 20.0 22.0 68.0 18.0 19.0

7.5% N/A 8.5% 8.9% 10.8% 11.0% 9.9% 10.1% 10.6%
N/A 16.7% 9.1% 53.8% 120.0% 47.8% 28.6% 58.3%
-23.1% 40.0% -14.3% 66.7% 10.0% -18.2% 5.6%

14.0 50.0 13.0 17.0 15.0 21.0 66.0 20.0 15.0

10.4% 10.2% 7.9% 12.6% 8.1% 10.5% 9.6% 11.2% 8.3%
N/A 8.3% 88.9% 0.0% 50.0% 32.0% 53.8% (11.8%)
-6.7% -7.1% 30.8% -11.8% 40.0% -4.8% -25.0%

15.0 48.0 18.0 10.0 15.0 24.0 67.0 17.0 19.0

11.2% 9.8% 10.9% 7.4% 8.1% 12.0% 9.8% 9.6% 10.6%
N/A 38.5% (9.1%) 66.7% 60.0% 39.6% (5.6%) 90.0%
66.7% 20.0% -44.4% 50.0% 60.0% -29.2% 11.8%

5.0 24.0 4.0 7.0 8.0 9.0 28.0 7.0 5.0

3.7% 4.9% 2.4% 5.2% 4.3% 4.5% 4.1% 3.9% 2.8%
N/A (20.0%) 16.7% 0.0% 80.0% 16.7% 75.0% (28.6%)
-37.5% -20.0% 75.0% 14.3% 12.5% -22.2% -28.6%

89.0 336.0 103.0 89.0 118.0 135.0 445.0 117.0 108.0

66.4% 68.7% 62.4% 65.9% 63.4% 67.5% 64.9% 65.7% 60.0%
N/A 28.8% 14.1% 32.6% 51.7% 32.4% 13.6% 21.3%
 45.0 153.0 62.0 46.0 68.0 65.0 241.0 61.0 72.0
33.6% 31.3% 37.6% 34.1% 36.6% 32.5% 35.1% 34.3% 40.0%
50.0 177.0 66.0 53.0 76.0 74.0 269.0 68.0 77.0
37.3% 36.2% 40.0% 39.3% 40.9% 37.0% 39.2% 38.2% 42.8%
2.0 32.0 10.0 13.0 14.0 9.0 46.0 8.0 20.0
1.5% 6.5% 6.1% 9.6% 7.5% 4.5% 6.7% 4.5% 11.1%
47.0 185.0 72.0 59.0 82.0 74.0 287.0 69.0 92.0
35.1% 37.8% 43.6% 43.7% 44.1% 37.0% 41.8% 38.8% 51.1%
10.0 43.0 14.0 13.0 12.0 15.0 54.0 17.0 22.0
21.3% 23.2% 19.4% 22.0% 14.6% 20.3% 18.8% 24.6% 23.9%

$ 37.0 $ 142.0 $ 58.0 $ 46.0 $ 70.0 $ 59.0 $ 233.0 $ 52.0 $ 70.0

27.6% 29.0% 35.2% 34.1% 37.6% 29.5% 34.0% 29.2% 38.9%
$ 0.37 $ 1.42 $ 0.58 $ 0.46 $ 0.70 $ 0.59 $ 2.33 $ 0.52 $ 0.70
N/A 205.3% 12.2% 55.6% 59.5% 64.1% (10.3%) 52.2%
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

$0.41 $1.60 $0.61 $0.51 $0.77 $0.66 $2.56 $0.57 $0.74

N/A 164.7% 12.7% 51.2% 61.7% 59.4% -6.4% 43.4%

(or use the buttons at the top). Please remember to only change blue shaded text. Than
Client Case Studies.
What We Will Case Studies
Learn in Other on Our Client:
7: Other Valuations Excel Exercises Shark Virtual Reality

3Q20 4Q20 2020 1Q21 2Q21 3Q21 4Q21 2021 1Q22

210.0 234.0 802.0 191.0 214.0 235.0 245.0 885.0 210.0
12.9% 17.0% 16.9% 7.3% 18.9% 11.9% 4.7% 10.3% 9.9%
16.7% 11.4% -18.4% 12.0% 9.8% 4.3% -14.3%

65.0 75.0 245.0 66.0 75.0 80.0 70.0 291.0 80.0

31.0% 32.1% 30.5% 34.6% 35.0% 34.0% 28.6% 32.9% 38.1%
145.0 159.0 557.0 125.0 139.0 155.0 175.0 594.0 130.0
69.0% 67.9% 69.5% 65.4% 65.0% 66.0% 71.4% 67.1% 61.9%

20.0 21.0 78.0 20.0 19.0 18.0 20.0 77.0 23.0

9.5% 9.0% 9.7% 10.5% 8.9% 7.7% 8.2% 8.7% 11.0%
0.0% (4.5%) 14.7% 11.1% 0.0% (10.0%) (4.8%) -1.3% 15.0%
5.3% 5.0% -4.8% -5.0% -5.3% 11.1% 15.0%

23.0 25.0 83.0 20.0 29.0 18.0 20.0 87.0 23.0

11.0% 10.7% 10.3% 10.5% 13.6% 7.7% 8.2% 9.8% 11.0%
53.3% 19.0% 25.8% 0.0% 93.3% (21.7%) (20.0%) 4.8% 15.0%
53.3% 8.7% -20.0% 45.0% -37.9% 11.1% 15.0%

26.0 17.0 79.0 18.0 20.0 25.0 20.0 83.0 20.0

12.4% 7.3% 9.9% 9.4% 9.3% 10.6% 8.2% 9.4% 9.5%
73.3% (29.2%) 17.9% 5.9% 5.3% (3.8%) 17.6% 5.1% 11.1%
36.8% -34.6% 5.9% 11.1% 25.0% -20.0% 0.0%

7.0 4.0 23.0 9.0 7.0 6.0 9.0 31.0 6.0

3.3% 1.7% 2.9% 4.7% 3.3% 2.6% 3.7% 3.5% 2.9%
(12.5%) (55.6%) -17.9% 28.6% 40.0% (14.3%) 125.0% 34.8% (33.3%)
40.0% -42.9% 125.0% -22.2% -14.3% 50.0% -33.3%

141.0 142.0 508.0 133.0 150.0 147.0 139.0 569.0 152.0

67.1% 60.7% 63.3% 69.6% 70.1% 62.6% 56.7% 64.3% 72.4%
19.5% 5.2% 14.2% 13.7% 38.9% 4.3% -2.1% 12.0% 14.3%
 69.0 92.0 294.0 58.0 64.0 88.0 106.0 316.0 58.0
32.9% 39.3% 36.7% 30.4% 29.9% 37.4% 43.3% 35.7% 27.6%
76.0 96.0 317.0 67.0 71.0 94.0 115.0 347.0 64.0
36.2% 41.0% 39.5% 35.1% 33.2% 40.0% 46.9% 39.2% 30.5%
12.0 10.0 50.0 10.0 13.0 8.0 13.0 44.0 10.0
5.7% 4.3% 6.2% 5.2% 6.1% 3.4% 5.3% 5.0% 4.8%
81.0 102.0 344.0 68.0 77.0 96.0 119.0 360.0 68.0
38.6% 43.6% 42.9% 35.6% 36.0% 40.9% 48.6% 40.7% 32.4%
20.0 26.0 85.0 18.0 17.0 22.0 27.0 84.0 19.0
24.7% 25.5% 24.7% 26.5% 22.1% 22.9% 22.7% 23.3% 27.9%

$ 61.0 $ 76.0 $ 259.0 $ 50.0 $ 60.0 $ 74.0 $ 92.0 $ 276.0 $ 49.0

29.0% 32.5% 32.3% 26.2% 28.0% 31.5% 37.6% 31.2% 23.3%
$ 0.61 $ 0.76 $ 2.59 $ 0.50 $ 0.60 $ 0.74 $ 0.92 $ 2.76 $ 0.49
(12.9%) 28.8% 11.2% (3.8%) (14.3%) 21.3% 21.1% 6.6% (2.0%)
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

$0.66 $0.79 $2.76 $0.57 $0.65 $0.79 $0.99 $3.00 $0.53

-13.7% 19.3% 8.0% -1.1% -11.3% 18.6% 25.3% 8.5% -5.8%

aded text. Thanks

2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23
200.0 198.0 235.0 843.0 231.0 224.0 219.8 265.5
(6.5%) (15.7%) (4.1%) -4.7% 10.0% 12.0% 11.0% 13.0%
-4.8% -1.0% 18.7% -1.7% -3.0% -1.9% 20.8%

70.0 61.0 65.0 276.0 80.9 78.4 76.9 92.9

35.0% 30.8% 27.7% 32.7% 35.0% 35.0% 35.0% 35.0%
130.0 137.0 170.0 567.0 150.2 145.6 142.9 172.6
65.0% 69.2% 72.3% 67.3% 65.0% 65.0% 65.0% 65.0%

24.0 17.0 22.0 86.0 23.1 22.4 22.0 26.6

12.0% 8.6% 9.4% 10.2% 10.0% 10.0% 10.0% 10.0%
26.3% (5.6%) 10.0% 11.7% 0.4% (6.7%) 29.3% 20.7%
4.3% -29.2% 29.4% 5.0% -3.0% -1.9% 20.8%

18.0 17.0 27.0 85.0 23.1 22.4 22.0 26.6

9.0% 8.6% 11.5% 10.1% 10.0% 10.0% 10.0% 10.0%
(37.9%) (5.6%) 35.0% -2.3% 0.4% 24.4% 29.3% (1.6%)
-21.7% -5.6% 58.8% -14.4% -3.0% -1.9% 20.8%

19.0 23.0 24.0 86.0 23.1 22.4 22.0 26.6

9.5% 11.6% 10.2% 10.2% 10.0% 10.0% 10.0% 10.0%
(5.0%) (8.0%) 20.0% 3.6% 15.5% 17.9% (4.4%) 10.6%
-5.0% 21.1% 4.3% -3.7% -3.0% -1.9% 20.8%

3.0 8.0 6.0 23.0 6.9 6.7 6.6 8.0

1.5% 4.0% 2.6% 2.7% 3.0% 3.0% 3.0% 3.0%
(57.1%) 33.3% (33.3%) -25.8% 15.5% 124.0% (17.6%) 32.8%
-50.0% 166.7% -25.0% 15.5% -3.0% -1.9% 20.8%

134.0 126.0 144.0 556.0 157.1 152.3 149.5 180.6

67.0% 63.6% 61.3% 66.0% 68.0% 68.0% 68.0% 68.0%
-10.7% -14.3% 3.6% -2.3% 3.3% 13.7% 18.6% 25.4%
 66.0 72.0 91.0 287.0 73.9 71.7 70.3 85.0
33.0% 36.4% 38.7% 34.0% 32.0% 32.0% 32.0% 32.0%
69.0 80.0 97.0 310.0 80.9 78.4 76.9 92.9
34.5% 40.4% 41.3% 36.8% 35.0% 35.0% 35.0% 35.0%
9.0 12.0 10.0 41.0 11.0 12.0 13.0 10.0
4.5% 6.1% 4.3% 4.9% 4.8% 5.4% 5.9% 3.8%
75.0 84.0 101.0 328.0 84.9 83.7 83.3 95.0
37.5% 42.4% 43.0% 38.9% 36.8% 37.4% 37.9% 35.8%
18.0 22.0 24.0 83.0 21.2 20.9 20.8 23.7
24.0% 26.2% 23.8% 25.3% 25.0% 25.0% 25.0% 25.0%

$ 57.0 $ 62.0 $ 77.0 $ 245.0 $ 63.7 $ 62.8 $ 62.5 $ 71.2

28.5% 31.3% 32.8% 29.1% 27.6% 28.0% 28.4% 26.8%
$ 0.57 $ 0.62 $ 0.77 $ 2.45 $ 0.64 $ 0.63 $ 0.62 $ 0.71
(5.0%) (16.2%) (16.3%) -11.2% 30.0% 10.1% 0.8% (7.5%)
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

$0.59 $0.68 $0.82 $2.62 $0.69 $0.68 $0.67 $0.77

-9.4% -13.6% -17.6% -12.5% 29.2% 14.4% -0.7% -5.4%

2023
940.3
11.5%

329.1
35.0%
611.2
65.0%

94.0
10.0%
9.3%

94.0
10.0%
10.6%

94.0
10.0%
9.3%

28.2
3.0%
22.7%

639.4
68.0%
15.0%
 300.9
32.0%
329.1
35.0%
40.0
4.3%
340.9
36.3%
86.7
25.4%

$ 254.2
27.0%
$ 2.54
3.7%
100.0

$2.75

5.0%
 2024 2025 2026 2027
1,034.4 1,137.8 1,251.6 1,376.7
14.1% 14.1% 14.1% 14.1%

362.0 398.2 438.1 481.9

35.0% 35.0% 35.0% 35.0%
672.3 739.6 813.5 894.9
65.0% 65.0% 65.0% 65.0%

103.4 113.8 125.2 137.7

10.0% 10.0% 10.0% 10.0%
10% 10% 10% 10%

103.4 113.8 125.2 137.7

10.0% 10.0% 10.0% 10.0%
10% 10% 10% 10%

103.4 113.8 125.2 137.7

10.0% 10.0% 10.0% 10.0%
10% 10% 10% 10%

31.0 34.1 37.5 41.3

3.0% 3.0% 3.0% 3.0%
10% 10% 10% 10%

703.4 773.7 851.1 936.2

68.0% 68.0% 68.0% 68.0%
10.0% 10.0% 10.0% 10.0%
 331.0 364.1 400.5 440.6
32.0% 32.0% 32.0% 32.0%
362.0 398.2 438.1 481.9
35.0% 35.0% 35.0% 35.0%
46.5 51.2 56.3 62.0
4.5% 4.5% 4.5% 4.5%
377.5 415.3 456.8 502.5
36.5% 36.5% 36.5% 36.5%
94.4 103.8 114.2 125.6
25.0% 25.0% 25.0% 25.0%

$ 283.2 $ 311.5 $ 342.6 $ 376.9

27.4% 27.4% 27.4% 27.4%
$ 2.83 $ 3.11 $ 3.43 $ 3.77
11.4% 10.0% 10.0% 10.0%
100.0 100.0 100.0 100.0

$3.06 $3.37 $3.71 $4.08

13.7% 13.7% 13.7% 13.7%

View Tips: For more space on your screen, please minimize the ribbon by clicking on the "^" on the
top right-hand corner of your screen or zoom out using the view controls on the bottom-right hand
corner of your screen.

2018 - 2027 Annual TREND Sparklines

Note from Chris: Please make sure to close the groups by clicking on "1" to the left
and slightly above column A or you will see quarterly numbers in this sparkline
column.

Annual Revenue Sparkline (top line in $ change and bottom line in % change):

Annual COGS Sparkline (top line in $ change and bottom line in % of revenue):

Annual Sales and Marketing Sparkline (top line in $ change and bottom line in % of revenue):

Annual Research and Development Sparkline (top line in $ change and bottom line in % of revenue):

Annual General and Administrative Sparkline (top line in $ change and bottom line in % of revenue):

Annual Depreciation Sparkline (top line in $ change and bottom line in % of revenue):

Annual Total Expenses Sparkline (top line in $ change and bottom line in % of revenue):
 Annual EBITDA Sparkline (top line in $ change and bottom line in % of revenue):

Annual Tax Rate Sparkline:

Annual GAAP Net income (loss) Sparkline (top line in $ change and bottom line in % of revenue):

Annual Non-GAAP EPS (excludes depreciation) Sparkline (Share Count)

 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

Welcome to Financial Modeling and Valuation Step 4 of 7!

Change only the BLUE fonts, then go to Step 5 on the next tab.
Orange Shaded Cells = Sparklines (for trend analysis)
Blue Fonts = hard coded (not calculated)
Click to Watch a Video on How to Na
Green = links to data from another tab
BALANCE SHEET $ Value in 000's 1Q18 2Q18 3Q18

Current assets
Cash and cash equivalents 20.0 103.0 128.0
Short-term investments 6.0 5.0 6.0
Accounts receivable 12.0 11.0 13.0
Accounts Receivable as a % of revenue 12.0% 8.9% 9.8%
Inventory 5.0 3.0 7.0
Inventory as a % of revenue 5.0% 2.4% 5.3%
Total Current Assets 43.0 122.0 154.0
Long Term Assets
**Equipment we own, net of accumulated depreciation and inclusive of capex. 25.0 86.0 90.0
Here is How We Calculate Capex (same as Purchase of Equipment)
Depreciation (linked to the Income Statement) 5.0 6.0 8.0
Capex (we need to calculate this here as it feeds into the C.F. Statement) 30.0 67.0 12.0
Capex as a % of revenue 30.0% 54.5% 9.1%

Total Long Term Assets 25.0 86.0 90.0

TOTAL ASSETS 68.0 208.0 244.0

Current liabilities
Accounts payable 13.0 12.0 15.0
Accounts Payable as a % of revenue 13.0% 9.8% 11.4%
Short-term debt 8.0 5.0 7.0
Total Current Liabilities 21.0 17.0 22.0
Long Term Liabilities
Long-term debt 28.0 31.0 17.0
Total Long Term Liabilities 28.0 31.0 17.0
TOTAL LIABILITIES 49.0 48.0 39.0

Retained Earnings 19.0 60.0 105.0

Common Shares 0.0 100.0 100.0
Additional Paid-in-Capital 50.0 50.0 50.0
TOTAL SHAREHOLDER'S EQUITY 19.0 160.0 205.0

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 68.0 208.0 244.0

Do Assets = Liabilities + Equity? YES YES YES
- - -
** The equipment that we own is equal to the amount of equipment we owned
in the previous quarter minus the amount that the equipment has depreciated
since the previous quarter PLUS the capex we spent to buy more equipment.
Please see the math/logic in the cells in the Equipment section above under Long
Term Assets. Thanks

Next Step: Please click on the tab called Step 5 Cash Flow Statement (or use th
tion, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Studies

ncome Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation 7: Other Valuati

View Tips: For more space on your screen

minimize the ribbon by clicking on the "^
right-hand corner of your screen or zoom
view controls on the bottom-right hand c
screen.
Video on How to Navigate Step 4
4Q18 2018 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20

127.0 127.0 114.0 159.0 239.0 235.0 235.0 300.0 292.0

5.0 5.0 7.0 6.0 4.0 8.0 8.0 7.0 8.0
14.0 14.0 13.0 14.0 17.0 16.0 16.0 17.0 16.0
10.4% 2.9% 7.9% 10.4% 9.1% 8.0% 8.0% 9.6% 8.9%
6.0 6.0 8.0 9.0 6.0 9.0 9.0 8.0 9.0
4.5% 4.5% 4.8% 6.7% 3.2% 4.5% 4.5% 4.5% 5.0%
152.0 152.0 142.0 188.0 266.0 268.0 268.0 332.0 325.0

142.0 142.0 206.0 209.0 201.0 262.0 262.0 255.0 328.0

5.0 24.0 4.0 7.0 8.0 9.0 28.0 7.0 5.0

57.0 57.0 68.0 10.0 0.0 70.0 70.0 0.0 78.0
42.5% 11.7% 41.2% 7.4% 0.0% 35.0% 10.2% 0.0% 43.3%

142.0 142.0 206.0 209.0 201.0 262.0 262.0 255.0 328.0

294.0 294.0 348.0 397.0 467.0 530.0 530.0 587.0 653.0

18.0 18.0 17.0 18.0 19.0 17.0 17.0 23.0 21.0

13.4% 3.7% 10.3% 13.3% 10.2% 8.5% 8.5% 12.9% 11.7%
4.0 4.0 3.0 7.0 5.0 6.0 6.0 6.0 5.0
22.0 22.0 20.0 25.0 24.0 23.0 23.0 29.0 26.0

30.0 30.0 28.0 26.0 27.0 32.0 32.0 31.0 30.0

30.0 30.0 28.0 26.0 27.0 32.0 32.0 31.0 30.0
52.0 52.0 48.0 51.0 51.0 55.0 55.0 60.0 56.0

142.0 142.0 200.0 246.0 316.0 375.0 375.0 427.0 497.0

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0
242.0 242.0 300.0 346.0 416.0 475.0 475.0 527.0 597.0

294.0 294.0 348.0 397.0 467.0 530.0 530.0 587.0 653.0

YES YES YES YES YES YES YES YES YES
- - - - - - - - -
ement (or use the buttons at the top). Please remember to only change blue shaded tex
Client Case Studies.
What We Will Case Studies
Learn in Other on Our Client:
7: Other Valuations Excel Exercises Shark Virtual Reality

more space on your screen, please

bbon by clicking on the "^" on the top
ner of your screen or zoom out using the
on the bottom-right hand corner of your

3Q20 4Q20 2020 1Q21 2Q21 3Q21 4Q21 2021 1Q22

357.0 410.0 410.0 403.0 458.0 525.0 569.0 569.0 601.0

5.0 7.0 7.0 9.0 7.0 4.0 8.0 8.0 9.0
15.0 19.0 19.0 11.0 15.0 18.0 20.0 20.0 18.0
7.1% 8.1% 8.1% 5.8% 7.0% 7.7% 8.2% 8.2% 8.6%
6.0 8.0 8.0 9.0 8.0 6.0 7.0 7.0 8.0
2.9% 3.4% 3.4% 4.7% 3.7% 2.6% 2.9% 2.9% 3.8%
383.0 444.0 444.0 432.0 488.0 553.0 604.0 604.0 636.0

330.0 347.0 347.0 414.0 419.0 420.0 468.0 468.0 475.0

7.0 4.0 23.0 9.0 7.0 6.0 9.0 31.0 6.0

9.0 21.0 21.0 76.0 12.0 7.0 57.0 57.0 13.0
4.3% 9.0% 2.6% 39.8% 5.6% 3.0% 23.3% 6.4% 6.2%

330.0 347.0 347.0 414.0 419.0 420.0 468.0 468.0 475.0

713.0 791.0 791.0 846.0 907.0 973.0 1072.0 1072.0 1111.0

19.0 25.0 25.0 23.0 24.0 20.0 24.0 24.0 23.0

9.0% 10.7% 3.1% 12.0% 11.2% 8.5% 9.8% 9.8% 11.0%
7.0 4.0 4.0 6.0 5.0 7.0 8.0 8.0 6.0
26.0 29.0 29.0 29.0 29.0 27.0 32.0 32.0 29.0

29.0 28.0 28.0 33.0 34.0 28.0 30.0 30.0 23.0

29.0 28.0 28.0 33.0 34.0 28.0 30.0 30.0 23.0
55.0 57.0 57.0 62.0 63.0 55.0 62.0 62.0 52.0

558.0 634.0 634.0 684.0 744.0 818.0 910.0 910.0 959.0

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0
658.0 734.0 734.0 784.0 844.0 918.0 1,010.0 1,010.0 1,059.0

713.0 791.0 791.0 846.0 907.0 973.0 1,072.0 1,072.0 1,111.0

YES YES YES YES YES YES YES YES YES
- - - - - - - - -
blue shaded text. Thanks
 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023

574.0 574.0 641.0 641.0 658.5 670.5 689.4 699.2 699.2

6.0 7.0 8.0 8.0 5.0 7.0 8.0 9.0 9.0
19.0 20.0 21.0 21.0 20.8 20.2 19.8 23.9 23.9
9.5% 10.1% 8.9% 8.9% 9.0% 9.0% 9.0% 9.0% 9.0%
9.0 6.0 8.0 8.0 9.0 8.0 5.0 7.0 7.0
4.5% 3.0% 3.4% 3.4% 3.9% 3.6% 2.3% 2.6% 2.6%
608.0 607.0 678.0 678.0 693.2 705.7 722.1 739.1 739.1

561.0 631.0 645.0 645.0 695.0 743.5 791.1 848.6 848.6

3.0 8.0 6.0 23.0 6.9 6.7 6.6 8.0 28.2

89.0 78.0 20.0 20.0 56.9 55.2 54.2 65.5 65.5
44.5% 39.4% 8.5% 2.4% 24.6% 24.6% 24.6% 24.6% 7.0%

561.0 631.0 645.0 645.0 695.0 743.5 791.1 848.6 848.6

1169.0 1238.0 1323.0 1323.0 1388.3 1449.2 1513.2 1587.7 1587.7

22.0 19.0 27.0 27.0 26.6 25.8 25.3 30.5 30.5

11.0% 9.6% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% 3.2%
7.0 4.0 5.0 5.0 7.0 6.0 8.0 6.0 6.0
29.0 23.0 32.0 32.0 33.6 31.8 33.3 36.5 36.5

24.0 37.0 36.0 36.0 36.0 36.0 36.0 36.0 36.0

24.0 37.0 36.0 36.0 36.0 36.0 36.0 36.0 36.0
53.0 60.0 68.0 68.0 69.6 67.8 69.3 72.5 72.5

1,016.0 1,078.0 1,155.0 1,155.0 1,218.7 1,281.5 1,343.9 1,415.2 1,415.2

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0
1,116.0 1,178.0 1,255.0 1,255.0 1,318.7 1,381.5 1,443.9 1,515.2 1,515.2

1,169.0 1,238.0 1,323.0 1,323.0 1,388.3 1,449.2 1,513.2 1,587.7 1,587.7

YES YES YES YES YES YES YES YES YES
- - - - - - - - -
 2024 2025 2026 2027

848.7 1,105.8 1,388.6 1,699.7

9.0 9.0 9.0 9.0
93.1 102.4 112.6 123.9
9.0% 9.0% 9.0% 9.0%
31.0 34.1 37.5 41.3
3.0% 3.0% 3.0% 3.0%
981.8 1,251.3 1,547.8 1,873.9

889.5 934.6 984.2 1,038.7

31.0 34.1 37.5 41.3

72.0 79.2 87.1 95.8
7.0% 7.0% 7.0% 7.0%

889.5 934.6 984.2 1,038.7

1871.4 2185.9 2532.0 2912.6

31.0 34.1 37.5 41.3

3.0% 3.0% 3.0% 3.0%
6.0 6.0 6.0 6.0
37.0 40.1 43.5 47.3

36.0 36.0 36.0 36.0

36.0 36.0 36.0 36.0
73.0 76.1 79.5 83.3

1,698.3 2,009.8 2,352.4 2,729.3

100.0 100.0 100.0 100.0
50.0 50.0 50.0 50.0
1,798.3 2,109.8 2,452.4 2,829.3

1,871.4 2,185.9 2,532.0 2,912.6

YES YES YES YES
- - - -
View Tips: For more space on your screen, please minimize the
ribbon by clicking on the "^" on the top right-hand corner of your
screen or zoom out using the view controls on the bottom-right hand
corner of your screen.

2018 - 2027 Annual TREND Sparklines

Note from Chris: Please make sure to close the groups by
clicking on "1" to the left and slightly above column A
or you will see quarterly numbers in this sparkline
column.
 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

Welcome to Financial Modeling and Valuation Step 5 of 7!

Nothing to do here! Please move on to Step 6 on the ne
The Cash Flow Statement Forecasts are mainly from the B
Orange Shaded Cells = Sparklines (for trend analysis) capital', capex, debt and equity) and the Income Statemen
Green = links to data from another tab

CASH FLOW STATEMENT $ Value in 000's 1Q18 2Q18 3Q18 4Q18

Operating Activities
Net Income 19.0 41.0 45.0 37.0
Increase in Depreciation (+) 5.0 6.0 8.0 5.0
Increase in Accounts Receivable (-) (12.0) 1.0 (2.0) (1.0)
Increase in Inventory (-) (5.0) 2.0 (4.0) 1.0
Increase in Accounts Payable (+) 13.0 (1.0) 3.0 3.0
Net Cash From Operating Activities 20.0 49.0 50.0 45.0

Investing Activities
Purchases of equipment (same here as 'Capex') (36.0) (66.0) (13.0) (56.0)
Net Cash From Investing Activities (36.0) (66.0) (13.0) (56.0)

Financing Activities
Increase in Short Term Debt (+) 8.0 (3.0) 2.0 (3.0)
Increase in Long Term Debt (+) 28.0 3.0 (14.0) 13.0
Increase in Common Shares (+) 0.0 100.0 0.0 0.0
Net Cash From Financing Activities 36.0 100.0 (12.0) 10.0

Net Increase (Decrease) in Cash 20.0 83.0 25.0 (1.0)

Cash at beginning of period N/A 20.0 103.0 128.0

Cash at ending of period 103.0 128.0 127.0
Cash From Our Balance Sheet 20.0 103 128 127
Does $ from Our Balance Sheet reflected in our $ here? Yes Yes Yes

1Q18 2Q18 3Q18 4Q18

Free Cash Flow (this is Net Cash from Operating Activities - Capex)
(16.0) (17.0) 37.0 (11.0)

Next Step: Please click on the tab called Step 6 DCF Valuation (or use the butto
Valuation, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case S

3: Income Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation

t Forecasts are mainly from the Balance Sheet (i.e., 'working

equity) and the Income Statement (net income and depreciation).
Click to Watch a Video on How to Navigate Step 5
2018 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21

142.0 58.0 46.0 70.0 59.0 233.0 52.0 70.0 61.0 76.0 259.0 50.0
24.0 4.0 7.0 8.0 9.0 28.0 7.0 5.0 7.0 4.0 23.0 9.0
0.0 1.0 (1.0) (3.0) 1.0 0.0 (1.0) 1.0 1.0 (4.0) 0.0 8.0
0.0 (2.0) (1.0) 3.0 (3.0) 0.0 1.0 (1.0) 3.0 (2.0) 0.0 (1.0)
0.0 (1.0) 1.0 1.0 (2.0) 0.0 6.0 (2.0) (2.0) 6.0 0.0 (2.0)
164.0 60.0 52.0 79.0 64.0 255.0 65.0 73.0 70.0 80.0 288.0 64.0

(171.0) (70.0) (9.0) 2.0 (74.0) (151.0) 1.0 (79.0) (6.0) (23.0) (107.0) (78.0)
(171.0) (70.0) (9.0) 2.0 (74.0) (151.0) 1.0 (79.0) (6.0) (23.0) (107.0) (78.0)

4.0 (1.0) 4.0 (2.0) 1.0 2.0 0.0 (1.0) 2.0 (3.0) (2.0) 2.0
30.0 (2.0) (2.0) 1.0 5.0 2.0 (1.0) (1.0) (1.0) (1.0) (4.0) 5.0
100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
134.0 (3.0) 2.0 (1.0) 6.0 4.0 (1.0) (2.0) 1.0 (4.0) (6.0) 7.0

127.0 (13.0) 45.0 80.0 (4.0) 108.0 65.0 (8.0) 65.0 53.0 175.0 (7.0)

0.0 127.0 114.0 159.0 239.0 127.0 235.0 300.0 292.0 357.0 235.0 410.0
127.0 114.0 159.0 239.0 235.0 235.0 300.0 292.0 357.0 410.0 410.0 403.0
127 114 159 239 235 235 300 292 357 410 410 403
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

2018 1Q19 2Q19 3Q19 4Q19 2019 1Q20 2Q20 3Q20 4Q20 2020 1Q21
(7.0) (10.0) 43.0 81.0 (10.0) 104.0 66.0 (6.0) 64.0 57.0 181.0 (14.0)

ation (or use the buttons at the top). Please remember to only change blue shaded text.
al Reality Client Case Studies.
What We Will Case Studies
Learn in Other on Our Client:
CF Valuation 7: Other Valuations Excel Exercises Shark Virtual Reality

avigate Step 5
2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23

60.0 74.0 92.0 276.0 49.0 57.0 62.0 77.0 245.0 63.7 62.8 62.5
7.0 6.0 9.0 31.0 6.0 3.0 8.0 6.0 23.0 6.9 6.7 6.6
(4.0) (3.0) (2.0) 0.0 2.0 (1.0) (1.0) (1.0) 0.0 0.2 0.6 0.4
1.0 2.0 (1.0) 0.0 (1.0) (1.0) 3.0 (2.0) 0.0 (1.0) 1.0 3.0
1.0 (4.0) 4.0 0.0 (1.0) (1.0) (3.0) 8.0 0.0 (0.4) (0.8) (0.5)
65.0 75.0 102.0 306.0 55.0 57.0 69.0 88.0 269.0 69.4 70.3 72.0

(10.0) (4.0) (61.0) (153.0) (14.0) (86.0) (79.0) (21.0) (200.0) (53.9) (57.2) (55.2)
(10.0) (4.0) (61.0) (153.0) (14.0) (86.0) (79.0) (21.0) (200.0) (53.9) (57.2) (55.2)

(1.0) 2.0 1.0 4.0 (2.0) 1.0 (3.0) 1.0 (3.0) 2.0 (1.0) 2.0
1.0 (6.0) 2.0 2.0 (7.0) 1.0 13.0 (1.0) 6.0 0.0 0.0 0.0
0.0 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) 3.0 6.0 (9.0) 2.0 10.0 0.0 3.0 2.0 (1.0) 2.0

55.0 67.0 44.0 159.0 32.0 (27.0) 0.0 67.0 72.0 17.5 12.1 18.8

403.0 458.0 525.0 410.0 569.0 601.0 574.0 574.0 569.0 641.0 658.5 670.5
458.0 525.0 569.0 569.0 601.0 574.0 574.0 641.0 641.0 658.5 670.5 689.4
458 525 569 569 601 574 574 641 641 658 671 689
Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

2Q21 3Q21 4Q21 2021 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23
55.0 71.0 41.0 153.0 41.0 (29.0) (10.0) 67.0 69.0 15.5 13.1 16.8

blue shaded text. Thanks

 Case Studies
on Our Client:
Shark Virtual Reality

4Q23 2023 2024 2025 2026 2027

71.2 260.2 283.2 311.5 342.6 376.9

8.0 28.2 31.0 34.1 37.5 41.3
(4.1) 0.0 (69.2) (9.3) (10.2) (11.3)
(2.0) 0.0 (24.0) (3.1) (3.4) (3.8)
5.3 0.0 0.5 3.1 3.4 3.8
78.3 288.4 221.5 336.3 369.9 406.9

(66.5) (65.5) (72.0) (79.2) (87.1) (95.8)

(66.5) (65.5) (72.0) (79.2) (87.1) (95.8)

(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 0.0
(2.0) 0.0 0.0 0.0 0.0 0.0

9.9 58.2 149.5 257.1 282.8 311.1

689.4 641.0 699.2 848.7 1,105.8 1,388.6

699.2 699.2 848.7 1,105.8 1,388.6 1,699.7
699 699 849 1,106 1,389 1,700
Yes Yes Yes Yes Yes Yes

4Q23 2023 2024 2025 2026 2027

11.9 57.2 149.5 257.1 282.8 311.1
View Tips: For more space on your screen, please minimize
the ribbon by clicking on the "^" on the top right-hand corner
of your screen or zoom out using the view controls on the
bottom-right hand corner of your screen.

2018 - 2027 Annual TREND Sparklines

Note from Chris: Please make sure to close the

groups by clicking on "1" to the left and slightly
above column A or you will see quarterly
numbers in this sparkline column.

2016 - 2025 Annual Sparklines

 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast

Welcome to Financial Modeling and Valuation Step 6 of 7!

Change only the BLUE fonts, then go to Step 7 on the next tab.
Blue Fonts = hard coded (not calculated)
Green = links to data from another tab
Discounted Cash Flow Price Target Model $ Value in 000's

DCF Calculation Step 1: Get FCF from Cash Flow Statement Tab.

2023 2024
Free Cash Flow (FCF): $57 $149

Step 2: Calculate the Weighted Average Cost of Capital (which is the discount rate we will use to discount our FCFs).

Weighted Average Cost of Capital:

=
Cost of Equity x % of the Capital Structure that is Equity (Market Cap)
+
Cost of Debt x % of the Capital Structure that is Debt
=
4.4%
+
2.6683%
=
7.02%

Step 2.1: Calculate Cost of Equity.

Cost of Equity:
=
Risk Free Rate
+
Beta * (Stock Market Return - Risk Free Rate)
=
14.5%

Step 2.2: Calculate Cost of Debt.

Cost of Debt:
=
Cost of Debt * (1-tax rate)
=
 3.8%

Step 3: Calculate Net

Present Value.
NPV = $831

Step 4: Calculate Terminal Value.

Long Term Growth =
Terminal Value =
TV Discounted =

Step 5: Calculate Target Firm Value.

Target Equity Value = 565146%

Less Debt = $43
Target Value = $5,608
Shares = 100
Target Price Per Share 56

Extra Step: Sensitivity Analysis Value.

1.0%
1% $16,482
2% ($301)
wth
Gro

3% ($146)

Green = Bullish

Next Step: Please click on the tab called Step 7 Other Valuations+Compare (o
eation and Valuation, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Cl

ue Forecast 3: Income Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation

Click to Watch a Video on How

2025 2026 2027

$257 $283 $311

we will use to discount our FCFs).

that is Equity (Market Cap)

that is Debt

% of Capital Structure that is Eq 30%

% of Capital Structure that is D 70%

Market Cap today = $5,000

Stock Price today = $50

Assume Risk Free Rate = 2.5%

Assume Beta= 2.00 Assume Stock Market Return = 8.5%

Assume Cost of Debt = 5.0% Tax Rate = 23.8%

 2%
$6,323 Assume Long Term Growth = 2%
482050%

WACC
4.0% 7.0% 10.0% 13.0%
$98 $48 $31 $22
$143 $56.08 $34 $24
$278 $69 $38 $26

Orange = Base Case Red = Bearish Case

Other Valuations+Compare (or use the buttons at the top). Please remember to only ch
ark Virtual Reality Client Case Studies.
What We Will Case Stud
Learn in Other on Our Clie
6: DCF Valuation 7: Other Valuations Excel Exercises Shark Virtual Rea

Watch a Video on How to Navigate Step 6

= Bearish Case

ember to only change blue shaded text. Thanks

 Case Studies
on Our Client:
Shark Virtual Reality
 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

Welcome to Financial Modeling and Valuation Step 7 of 7

Nothing to do here except enter the current share price here: 50.00
Green = links to data from another tab
Additional Valuation Methodologies

Price to Revenue Multiple Valuation

VALUATION METHODOLOGY 1 OF 3: P/R
2023 2024 2025
Revenue $940 $1,034 $1,138
Yearly Growth % 12% 14% 14%

Bulllish Price Target

@ 10x's Revenue
Price Target that Year $ 94.03 $ 103.44 $ 113.78
Market Cap Target that Year $9,403 $10,344 $11,378
Bearish Price Target
@ 5x's Revenue
Price Target that Year $ 47.02 $ 51.72 $ 56.89
Market Cap Target that Year $4,702 $5,172 $5,689
'Just Right' Price Target
@ 7.5x's Revenue
Price Target that Year $ 70.52 $ 77.58 $ 85.33
Market Cap Target that Year $7,052 $7,758 $8,533
Discount 2027 'Just Right' Price Target to Today's Target Price $ 78.72

VALUATION METHODOLOGY 3 OF 3: DCF DCF Valuation Price Per Share Target $

Bullish Case ($145.50)
Bearish Case $22.47
Just Right Case $56.08

% to
BOTTOM LINE - HERE IS OUR TARGET PRICE Price Target Target
VALUATION METHODOLOGY 1 OF 3 (P/R) $ 78.72 57%
VALUATION METHODOLOGY 2 OF 3 (P/E) $ 64 28%
VALUATION METHODOLOGY 3 OF 3 (DCF) $ 56.08 12%
AVERAGE OF ALL 3 'JUST RIGHT' PRICE TARGETS $ 66 32% O

Congratulations; you are finished with your modeling and valuation!

tion, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Studies

ncome Statement 4: Balance Sheet 5: Cash Flow Statement 6: DCF Valuation 7: Other Valuati

Implied Market Cap. 5,000.0

Click to Watch a Video on How to Navigate Step

nue Multiple Valuation Price to Earni

VALUATION METHODOLOGY 2 OF 3: P/E
2026 2027 2023
$1,252 $1,377 EPS $ 2.75
14% 14% Yearly Growth % 5%

Bulllish Price Target

@ 2x PEG that year
$ 125.16 $ 137.67 Price Target that Year $27
$12,516 $13,767 Market Cap Target that Year $6,955
Bearish Price Target
@ 1x PEG that year
$ 62.58 $ 68.84 Price Target that Year $14
$6,258 $6,884 Market Cap Target that Year $3,477
'Just Right' Price Target
@ 1.5x PEG that year
$ 93.87 $ 103.26 Price Target that Year $21
$9,387 $10,326 Market Cap Target that Year $5,216
Discount 2027 'Just Right' Price Target to Today's Target Price $ 64

Price Per Share Target $

($145.50)
$22.47
$56.08

OUR TARGET PRICE

y Client Case Studies.
What We Will Case Studies
Learn in Other on Our Client:
7: Other Valuations Excel Exercises Shark Virtual Reality

How to Navigate Step 7

Price to Earnings Multiple Valuation

2024 2025 2026 2027
$ 3.06 $ 3.37 $ 3.71 $ 4.08
14% 14% 14% 14%

$84 $92 $101 $112

$23,733 $28,717 $34,747 $42,044

$42 $46 $51 $56

$11,866 $14,358 $17,374 $21,022

$63 $69 $76 $84

$17,800 $21,538 $26,061 $31,533
e Studies
r Client:
al Reality
Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast

Exercise #
Exercise #2
Exercise #3
Exercise #4
Exercise #5
Exercise #6
Exercise #7
Exercise #8
Exercise #9
Exercise #10
atement Creation and Valuation, which we will cover in Sections 39 through 52 as part of our Shark Virtu

2: Revenue Forecast 3: Income Statement 4: Balance Sheet 5: Cash Flow Statement

What Finance Concepts Are Covered?

GDP & IMF Data
World Bank & Inflation Data
Unemployment
Portfolio Dashboarding: Your Finance Radar
Screen!

Portfolio Dashboard
Dashboard Help &
Data Builder
Stock Markets, Indexes, Valuation, Recessions
and Bull Markets
Stock Market Sector Analysis, Market Caps, Risk
Management Concepts
Stock Portfolio Creation and Accessing Domestic
and International Stock Information.
Foreign Exchange Impact on a Portfolio, Share
Counts, Research Analyst Tracking.
 Identifying Sector Drivers, Populating Stock
Market Tables, Calculating Sector Exposure (for
Risk Management). Investing Position Sizing
Analysis.
 Beta (measures stock volatility), Additions to
our Portfolio Management Dashboard, including
48 types of data inputs.
ons 39 through 52 as part of our Shark Virtual Reality Client Case Studies.
What
Learn
5: Cash Flow Statement 6: DCF Valuation 7: Other Valuations Excel

What Excel Concepts are Covered?

Basics, Charting, Filtering and Forecasting, Making Cool Navigation Icons
/ Buttons in Excel the incredibly easy way!
More Advanced Charting & Filtering
Formulas Intro & Additional Charting
Advanced Formatting, Adding Buttons, Dashboard Navigation Ideas and
More (Your Manager & Clients Will Love this!)

Dashboard
Help & Find Correct
Data Builder Ticker Help
Advanced Formulas, Conditional Formatting, If Statements, Naming
Inputs in Complex Formulas and More Advanced Charting & Filtering
Accessing Live Stock Market Data Feeds, Pivot Tables, Advanced
Conditional Formatting and Filtering, Excel Add-Ins, Data Analysis etc.
Introducing the Yahoo Finance API! Don't worry, I will explain exactly
how to use this unbelievable FREE resource over the next few lectures.
Spinners (very cool feature), Goal Seek, Advanced Formatting, Misc.
Portfolio Calculation Using Excel Formulas
Vlookup Function, Arrays, Automatic Data Insertion, More Advanced
Conditional Formatting.
Grouping, Paste Special, Summary Formulas,
 What We Will Case Studies
Learn in Other on Our Client:
Excel Exercises Shark Virtual Reality
 Templates: 7 Steps for Modeling, Financial Statement Creation and Valuation, which we will

1: Modeling Best Practices 2: Revenue Forecast 3: Income Statement

Please only do theses cases when asked to do so in the course (meaning sta
Section # and
Case #
Section Title that the Case # is In
Case #1
Section 40:
"Forecasting Revenue and Case Study #1: Projecting Shark VR’s Revenue"
Case #2
Section 41:

"Intro to the Income Statement & Case #2: Making Shark VR’s Income
Statement"
Case #3
Section 42:

"Intro to the Balance Sheet & Case #3: Making Shark VR’s Balance Sheet"

Case #4
Section 43:

"Intro to the Cash Flow Statement & Case #4: Making Shark VR’s CF
Statement"

Case #5
Section 45:
Case #5

"The IPO of Shark Virtual Reality Part 1 (Case #5 Modeling Shark VR)"

Case #6
Section 47:
"Valuation Using DCF & Case #6: Valuing Shark VR Using DCF"

Case #7
Section 48:
"Valuation Using Price/Revenue (P/R) & Case #7: Valuing Shark VR Using
P/R"

Case #8
Section 49:
Valuation Using Price/Earnings (P/E) & Case #8: Valuing Shark VR Using
P/E"
Case #9 Section 51:
How Hedge Funds & Mutual Funds Model and Value Shark
VR (Case #9 and #10)"

Case #10
Section 51:
How Hedge Funds & Mutual Funds Model and Value Shark
VR (Case #9 and #10)"
luation, which we will cover in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Stud

3: Income Statement 4: Balance Sheet

urse (meaning starting in S

Case Questions Video
Explanation Link
Click HERE for a video explanation of the questions for Case #1
Click HERE for a video explanation of the questions for Case #2
Click HERE for a video explanation of the questions for Case #3

Click HERE for a video explanation of the questions for Case #4

Click HERE for a video explanation of the questions for Case #5

Click HERE for a video explanation of the questions for Case #5

Click HERE for a video explanation of the questions for Case #6

Click HERE for a video explanation of the questions for Case #7

Click HERE for a video explanation of the questions for Case #8

Click HERE for a video explanation of the questions for Case #9

Click HERE for a video explanation of the questions for Case #10
over in Sections 39 through 52 as part of our Shark Virtual Reality Client Case Studies.

Balance Sheet 5: Cash Flow Statement 6: DCF Valuation 7: Other Valuations

Case Questions (please watch the video referenced in the cell to the left before asnwering these
questions. Thanks)

Tony’s uncle Wayne Bruce gave him $100k to start his company in December of 2012. Wayne Bruce
owns 10% of the company, resulting in a valuation of $1 million.
Case Study #1: Completing the Revenue Forecast Tab (called Step 2 Revenue Forecast):

The date is January 1st of 2013. Your friend Tony Shark approaches you and wants you to help
him forecast his revenue estimates from 2013 through 2022. Use the below assumptions to populate
quarterly revenue forecasts for 2013-2018, and annual forecasts from 2019-2022.

1. The two revenue line items should be called License Revenue and Maintenance Revenue.

1.1: Each license comes with a recurring mandatory maintenance revenue portion equal to 20% of the
license contract value.

1.2: Seasonality for license sales is as follows: Q4 accounts for 50% of revenue for the year, Q2 is 30% of
revenue for the year, Q1 and Q3 are at 10% each.

2. Assume no revenue in 2013 as the company is still developing its product.

3. 2014 expects to sell 1,200 licenses at $100 each plus 20% mandatory maintenance every year
(regardless of when the customer buys it in the calendar year). No churn (meaning no customer
turnover in 2014).

4. 2015 expects to sell 700% more licenses than 2014 for $100 each plus the 20% annual maintenance.
Assume churn of 5% of customers from the previous year.

5. 2016 expects to sell 800% more licenses than 2015 for $100 each. Churn of 3% from customers that
bought in previous years.

6. 2017 is a phenomenal growth year and the company expects to sell 900% more licenses than 2016 for
$100 each. Churn of 2% from customers now in previous years.
7. In 2018, new competitors are winning/taking away customers from Shark Virtual Reality. The
company expects to sell only 500% more licenses at the new, lower price of $95 each. Churn jumps to
5% of previous years’ customers, given new VR technology vendors for customers to choose from.

8. Forecast 2019 through 2022 by decreasing License revenue growth by 200%

annually in 2019 and another 200% decrease in 2020 and keeping it constant at
50% year over year growth in 2021 and also 50% year over year growth in 2022 (as
the company’s growth stabilizes). Keep churn constant at 5% of previous years’
customers. Keep the new price of $95 constant from 2019-2022.

9. Forecast 2019-2022 Maintenance growth by calculating the % change year-over year in your quarterly
sales allocation chart.

Case Study #2: Completing the Income Statement Forecast Tab (called Step 3 Income Statement Tab):

The date is January 2nd of 2013 and Tony asks you to forecast the income statement.

1. Revenue was already completed in Case #1.

2. COGS Decrease every year from 12% in 2014 to 9% in 2017, where they remain constant.

3. Forecasting costs:

3.1: Sales and Marketing is 30% of revenue in 2014, 32% in 2015, 33% in 2016, and then decreases
annually by 1%

3.2: General and Administrative increases from 10% of revenue in 2014, to 15% in 2015, 18% in 2016,
22% in 2017, and then decreases by 1% annually going forward

3.3: Research and Development increases from 33% of revenue in 2014, to 34% in 2015, 35% in 2016,
and then decreases by 1% annually

3.4: Depreciation expense is held constant at 1% of revenue.

4. Assume a tax rate of 30% on GAAP profits.

5. Assume GAAP shares outstanding to remain constant at 200 million from 2013-2017, and add another
100 million in 1Q18 as the result of the IPO. (The cash proceeds from the IPO, and how to document
them, will be discussed later.)
6. In 2013 make Sales and Marketing, R&D and G&A all have 1 for expenses in Q1-Q3 and then they all
have 2 for expenses in Q4 of 2013.

Case Study #3: Completing the Balance Sheet Forecast Tab (called Step 4 Balance Sheet Forecast Tab):

The date is January 3rd of 2013 and Tony asks you to forecast the balance sheet.

1. The cash and cash equivalents line item on the balance sheet is the result of the initial $100k cash
investment and each period’s increase or decrease in cash as reported in the Cash Flow statement tab.

2. Tony Shark makes his first equipment purchase in 4Q13A using $80k.

3. Capex is held constant at 2% of revenue.

4. Accounts Receivable is held constant at 15% of revenue, as is Accounts Payable.

5. The company purchases $100k worth of short-term investments spread evenly throughout 2016, and
sells them all in Q1 of 2017.

6. Ensure that the cells in row 44 displays “YES” to ensure that the Assets equals Liabilities and Equity.

Case Study #4: Completing the Cash Flow Statement Forecast Tab (called Step 5 Cash Flow Forecast):

The date is January 4th of 2013 and Tony asks you to forecast the cash flow statement (it's
already done!). Please answer the following questions

1. Using only the Cash Flow Statement, what was the Cash Balance at the beginning and at the ending of
2016?

2. Using only the Balance Sheet, what was the Cash Balance in 2015 and in 2016?

3. Using only the Cash Flow Statement, what was the Net Income in 2014?

4. Using only the Income Statement, what was the Net Income in 2014?

Case Study #5: The date is now January 1st, 2018 and our firm of Morgan, Haroun Sachs Company is
doing the IPO.
Please find the S-1 on the SharkVirtualReality.com in the Investor Relations portion of the website and
answer the following questions:

1. How many shares are being offered?

2. What are 3 risk factors?

3. What is the background of the CMO and why are they a critical part of the management team?

4. What is a competitive advantage for Shark’s technology?

5. What is the background of the CFO?

6. How much does the company expect to increase headcount by?

Case Study #6: Completing the DCF Tab (called Step 6 DCF Tab):

The date is January 1st, 2018 and Tony asks you to forecast the DCF valuation. This tab is already
complete, and ready for you to analyze. Ensure that cost of capital does not take debt into account, as
there is no debt in the capital structure.

Assume Risk Free Rate = 2.0%

Use the following inputs:
Assume Beta= 2
Assume Stock Market Return = 8.0%
Assume Long Term Growth = 2%

Case Study #7: Completing the P/R target (called Step 7 Compare Valuations Tab):

The date is January 1st, 2018 and Tony asks you to forecast the P/R valuation. This tab is already
complete, and ready for you to analyze.

Remember to research where other, similar, software companies are valued at. For example, Splunk
(SPLK) trades at 8X revenue, whereas Workday (WDAY) trades at 11X.

Case Study #8: Completing the P/E target (called Step 7 Compare Valuations Tab):

The date is January 1st, 2018 and Tony asks you to forecast the P/E based valuation. This tab
is already complete, and ready for you to analyze.
Remember: the higher the PEG, the higher the P/E. A higher P/E means greater bullishness in the stock.

Case Study #9: The Date is now January 10th of 2018 and you work for a hedge fund.

Your portfolio manager at the hedge fund that you work at is interested in investing in Shark Virtual
Reality Software as either a short or as a long. She says she is willing to pay a PEG of 1.5x and P/R of 10x
on estimated 2019 earnings growth and revenue. Using the Step 7 tab you have already built, what
should be the average target price in 2019? Please don't forget to discount your target price to 2018
using the WACC you used in the DCF Exercise. If the stock is now at $400, how much upside (or
downside) do you predict there is to your target price?

Case Study #10: the date is January 11th of 2018 and you work for a mutual fund.

Your manager is interested in potentially investing in Shark Virtual Reality Software. However, he says
he doesn't know much about the valuation of the company. He is willing to pay a PEG of 1x on estimated
2022 earnings growth.

Additionally, we know that the mutual fund portfolio manager is more value focused and less aggressive
on the growth forecasts than a hedge fund manager. Change the long-term growth rate from 2% to 1%.
Take the average of the PEG of 1x price target, and the DCF implied price per share.

Using the Step 7 tab you have already built, what should be the target price in 2022? Should he start a
long position?
 What We Will Case Studies
Learn in Other on Our Client:
Excel Exercises Shark Virtual Reality

Case Answer Video

Explanation Link
Click HERE for a video explanation of the answers to Case #1
Click HERE for a video explanation of the answers to Case #2
Click HERE for a video explanation of the answers to Case #3

Click HERE for a video explanation of the answers to Case #4

Click HERE for a video explanation of the answers to Case #5

Click HERE for a video explanation of the answers to Case #5

Click HERE for a video explanation of the answers to Case #6

Click HERE for a video explanation of the answers to Case #7

Click HERE for a video explanation of the answers to Case #8

Click HERE for a video explanation of the answers to Case #9

Click HERE for a video explanation of the answers to Case #10