{ "schema": "aic.reverse-valuation/1", "researchDate": "2026-10-04", "issuerCalibrated": false, "scenarios": [ { "id": "ev500b", "targetEnterpriseValue": 500000000000, "valuePerAdditionalRevenue": 0.617671842244669, "intercept": -439526787.75175095, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 810202914494.3931, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 810202914494.3931, "initialInvestment": 3951014572.471966, "rows": [ { "year": 1, "revenue": 27902029144.94393, "operatingMargin": -0.2, "ebit": -5580405828.988787, "cashTax": 0, "nopat": -5580405828.988787, "netReinvestmentForNextPeriod": 11853043717.415897, "fcff": -17433449546.404686, "presentValue": -15565579952.14704, "cumulativeOperatingCash": -21384464118.87665 }, { "year": 2, "revenue": 51608116579.77573, "operatingMargin": -0.14444444444444446, "ebit": -7454505728.189828, "cashTax": 0, "nopat": -7454505728.189828, "netReinvestmentForNextPeriod": 19755072862.359825, "fcff": -27209578590.549652, "presentValue": -21691309463.1295, "cumulativeOperatingCash": -48594042709.4263 }, { "year": 3, "revenue": 91118262304.49538, "operatingMargin": -0.0888888888888889, "ebit": -8099401093.7329235, "cashTax": 0, "nopat": -8099401093.7329235, "netReinvestmentForNextPeriod": 27657102007.303764, "fcff": -35756503101.03669, "presentValue": -25450772638.196888, "cumulativeOperatingCash": -84350545810.46298 }, { "year": 4, "revenue": 146432466319.1029, "operatingMargin": -0.033333333333333354, "ebit": -4881082210.636766, "cashTax": 0, "nopat": -4881082210.636766, "netReinvestmentForNextPeriod": 35559131152.24768, "fcff": -40440213362.884445, "presentValue": -25700486686.661694, "cumulativeOperatingCash": -124790759173.34743 }, { "year": 5, "revenue": 217550728623.59827, "operatingMargin": 0.0222222222222222, "ebit": 4834460636.079956, "cashTax": 1208615159.019989, "nopat": 3625845477.059967, "netReinvestmentForNextPeriod": 43461160297.19162, "fcff": -39835314820.13165, "presentValue": -22603627434.94782, "cumulativeOperatingCash": -164626073993.47906 }, { "year": 6, "revenue": 304473049217.9815, "operatingMargin": 0.07777777777777778, "ebit": 23681237161.398563, "cashTax": 5920309290.349641, "nopat": 17760927871.048923, "netReinvestmentForNextPeriod": 51363189442.13553, "fcff": -33602261571.086605, "presentValue": -17023951453.8532, "cumulativeOperatingCash": -198228335564.56567 }, { "year": 7, "revenue": 407199428102.25256, "operatingMargin": 0.1333333333333333, "ebit": 54293257080.30033, "cashTax": 13573314270.075083, "nopat": 40719942810.22525, "netReinvestmentForNextPeriod": 59265218587.07956, "fcff": -18545275776.85431, "presentValue": -8388940945.866343, "cumulativeOperatingCash": -216773611341.41998 }, { "year": 8, "revenue": 525729865276.4117, "operatingMargin": 0.18888888888888888, "ebit": 99304530107.76665, "cashTax": 24826132526.94166, "nopat": 74478397580.82498, "netReinvestmentForNextPeriod": 67167247732.023346, "fcff": 7311149848.801636, "presentValue": 2952850801.1748805, "cumulativeOperatingCash": -209462461492.61835 }, { "year": 9, "revenue": 660064360740.4584, "operatingMargin": 0.2444444444444444, "ebit": 161349065958.7787, "cashTax": 40337266489.69467, "nopat": 121011799469.08401, "netReinvestmentForNextPeriod": 75069276876.96735, "fcff": 45942522592.11667, "presentValue": 16567334219.65997, "cumulativeOperatingCash": -163519938900.50168 }, { "year": 10, "revenue": 810202914494.3931, "operatingMargin": 0.3, "ebit": 243060874348.3179, "cashTax": 60765218587.079475, "nopat": 182295655761.23843, "netReinvestmentForNextPeriod": 27344348364.18576, "fcff": 154951307397.05267, "presentValue": 49890173956.58889, "cumulativeOperatingCash": -8568631503.449005 } ], "enterpriseValue": 500000000000, "explicitCashFlowPV": -70965324169.85071, "terminalValuePV": 570965324169.8507, "terminalShareOfEnterpriseValue": 1.1419306483397014, "terminal": { "nextRevenue": 834509001929.2249, "nextNopat": 187764525434.0756, "netReinvestment": 28164678815.11134, "reinvestmentRate": 0.15, "fcff": 159599846618.96426, "valueAtHorizon": 1773331629099.603, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 176773611341.41998, "peakYear": 7, "closingCashBeforeNewFinancing": 41431368496.550995, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.44795938631636956, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "ev1t", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.617671842244669, "intercept": -439526787.75175095, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1619694242742.3506, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1619694242742.3506, "initialInvestment": 7998471213.711754, "rows": [ { "year": 1, "revenue": 35996942427.42351, "operatingMargin": -0.2, "ebit": -7199388485.484702, "cashTax": 0, "nopat": -7199388485.484702, "netReinvestmentForNextPeriod": 23995413641.13526, "fcff": -31194802126.619965, "presentValue": -27852501898.767822, "cumulativeOperatingCash": -39193273340.33172 }, { "year": 2, "revenue": 83987769709.69403, "operatingMargin": -0.14444444444444446, "ebit": -12131566735.844694, "cashTax": 0, "nopat": -12131566735.844694, "netReinvestmentForNextPeriod": 39992356068.55876, "fcff": -52123922804.40346, "presentValue": -41552872133.61244, "cumulativeOperatingCash": -91317196144.73517 }, { "year": 3, "revenue": 163972481846.81155, "operatingMargin": -0.0888888888888889, "ebit": -14575331719.716585, "cashTax": 0, "nopat": -14575331719.716585, "netReinvestmentForNextPeriod": 55989298495.982285, "fcff": -70564630215.69887, "presentValue": -50226509981.79184, "cumulativeOperatingCash": -161881826360.43402 }, { "year": 4, "revenue": 275951078838.7761, "operatingMargin": -0.033333333333333354, "ebit": -9198369294.625875, "cashTax": 0, "nopat": -9198369294.625875, "netReinvestmentForNextPeriod": 71986240923.40576, "fcff": -81184610218.03163, "presentValue": -51594287481.80868, "cumulativeOperatingCash": -243066436578.46564 }, { "year": 5, "revenue": 419923560685.58765, "operatingMargin": 0.0222222222222222, "ebit": 9331634681.901937, "cashTax": 2332908670.4754844, "nopat": 6998726011.426453, "netReinvestmentForNextPeriod": 87983183350.82928, "fcff": -80984457339.40283, "presentValue": -45952755990.17438, "cumulativeOperatingCash": -324050893917.86847 }, { "year": 6, "revenue": 595889927387.2462, "operatingMargin": 0.07777777777777778, "ebit": 46346994352.34137, "cashTax": 11586748588.085342, "nopat": 34760245764.25603, "netReinvestmentForNextPeriod": 103980125778.25275, "fcff": -69219880013.99672, "presentValue": -35068945419.25076, "cumulativeOperatingCash": -393270773931.8652 }, { "year": 7, "revenue": 803850178943.7517, "operatingMargin": 0.1333333333333333, "ebit": 107180023859.16687, "cashTax": 26795005964.791718, "nopat": 80385017894.37515, "netReinvestmentForNextPeriod": 119977068205.67645, "fcff": -39592050311.3013, "presentValue": -17909432891.895947, "cumulativeOperatingCash": -432862824243.1665 }, { "year": 8, "revenue": 1043804315355.1046, "operatingMargin": 0.18888888888888888, "ebit": 197163037344.8531, "cashTax": 49290759336.21327, "nopat": 147872278008.63983, "netReinvestmentForNextPeriod": 135974010633.09967, "fcff": 11898267375.540161, "presentValue": 4805510634.994776, "cumulativeOperatingCash": -420964556867.62634 }, { "year": 9, "revenue": 1315752336621.304, "operatingMargin": 0.2444444444444444, "ebit": 321628348951.87427, "cashTax": 80407087237.96857, "nopat": 241221261713.9057, "netReinvestmentForNextPeriod": 151970953060.52332, "fcff": 89250308653.38239, "presentValue": 32184556033.109898, "cumulativeOperatingCash": -331714248214.24396 }, { "year": 10, "revenue": 1619694242742.3506, "operatingMargin": 0.3, "ebit": 485908272822.70514, "cashTax": 121477068205.67628, "nopat": 364431204617.0289, "netReinvestmentForNextPeriod": 54664680692.55433, "fcff": 309766523924.47455, "presentValue": 99736530295.41231, "cumulativeOperatingCash": -21947724289.76941 } ], "enterpriseValue": 1000000000000, "explicitCashFlowPV": -141429180047.4966, "terminalValuePV": 1141429180047.4966, "terminalShareOfEnterpriseValue": 1.1414291800474965, "terminal": { "nextRevenue": 1668285070024.621, "nextNopat": 375364140755.53973, "netReinvestment": 56304621113.330956, "reinvestmentRate": 0.15, "fcff": 319059519642.2088, "valueAtHorizon": 3545105773802.3203, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 392862824243.1665, "peakYear": 7, "closingCashBeforeNewFinancing": 28052275710.23059, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.5518162820418238, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "ev2t", "targetEnterpriseValue": 2000000000000, "valuePerAdditionalRevenue": 0.617671842244669, "intercept": -439526787.75175095, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 3238676899238.2656, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 3238676899238.2656, "initialInvestment": 16093384496.19133, "rows": [ { "year": 1, "revenue": 52186768992.38266, "operatingMargin": -0.2, "ebit": -10437353798.476532, "cashTax": 0, "nopat": -10437353798.476532, "netReinvestmentForNextPeriod": 48280153488.57399, "fcff": -58717507287.05052, "presentValue": -52426345792.00939, "cumulativeOperatingCash": -74810891783.24185 }, { "year": 2, "revenue": 148747075969.53064, "operatingMargin": -0.14444444444444446, "ebit": -21485688751.154427, "cashTax": 0, "nopat": -21485688751.154427, "netReinvestmentForNextPeriod": 80466922480.95663, "fcff": -101952611232.11105, "presentValue": -81275997474.57831, "cumulativeOperatingCash": -176763503015.3529 }, { "year": 3, "revenue": 309680920931.4439, "operatingMargin": -0.0888888888888889, "ebit": -27527192971.683907, "cashTax": 0, "nopat": -27527192971.683907, "netReinvestmentForNextPeriod": 112653691473.33936, "fcff": -140180884445.02325, "presentValue": -99777984668.98177, "cumulativeOperatingCash": -316944387460.37616 }, { "year": 4, "revenue": 534988303878.1226, "operatingMargin": -0.033333333333333354, "ebit": -17832943462.6041, "cashTax": 0, "nopat": -17832943462.6041, "netReinvestmentForNextPeriod": 144840460465.7219, "fcff": -162673403928.326, "presentValue": -103381889072.10263, "cumulativeOperatingCash": -479617791388.70215 }, { "year": 5, "revenue": 824669224809.5664, "operatingMargin": 0.0222222222222222, "ebit": 18325982773.545902, "cashTax": 4581495693.386476, "nopat": 13744487080.159428, "netReinvestmentForNextPeriod": 177027229458.1046, "fcff": -163282742377.9452, "presentValue": -92651013100.6275, "cumulativeOperatingCash": -642900533766.6473 }, { "year": 6, "revenue": 1178723683725.7756, "operatingMargin": 0.07777777777777778, "ebit": 91678508734.22699, "cashTax": 22919627183.556747, "nopat": 68758881550.67024, "netReinvestmentForNextPeriod": 209213998450.48718, "fcff": -140455116899.81696, "presentValue": -71158933350.0459, "cumulativeOperatingCash": -783355650666.4644 }, { "year": 7, "revenue": 1597151680626.75, "operatingMargin": 0.1333333333333333, "ebit": 212953557416.89996, "cashTax": 53238389354.22499, "nopat": 159715168062.675, "netReinvestmentForNextPeriod": 241400767442.87024, "fcff": -81685599380.19525, "presentValue": -36950416783.95515, "cumulativeOperatingCash": -865041250046.6597 }, { "year": 8, "revenue": 2079953215512.4905, "operatingMargin": 0.18888888888888888, "ebit": 392880051819.02594, "cashTax": 98220012954.75648, "nopat": 294660038864.2695, "netReinvestmentForNextPeriod": 273587536435.25232, "fcff": 21072502429.01715, "presentValue": 8510830302.6345415, "cumulativeOperatingCash": -843968747617.6426 }, { "year": 9, "revenue": 2627128288382.995, "operatingMargin": 0.2444444444444444, "ebit": 642186914938.0654, "cashTax": 160546728734.51636, "nopat": 481640186203.5491, "netReinvestmentForNextPeriod": 305774305427.63525, "fcff": 175865880775.91382, "presentValue": 63418999660.00975, "cumulativeOperatingCash": -668102866841.7288 }, { "year": 10, "revenue": 3238676899238.2656, "operatingMargin": 0.3, "ebit": 971603069771.4796, "cashTax": 242900767442.8699, "nopat": 728702302328.6097, "netReinvestmentForNextPeriod": 109305345349.29146, "fcff": 619396956979.3182, "presentValue": 199429242973.05914, "cumulativeOperatingCash": -48705909862.41052 } ], "enterpriseValue": 1999999999999.999, "explicitCashFlowPV": -282356891802.7886, "terminalValuePV": 2282356891802.7876, "terminalShareOfEnterpriseValue": 1.1411784459013943, "terminal": { "nextRevenue": 3335837206215.4136, "nextNopat": 750563371398.468, "netReinvestment": 112584505709.7702, "reinvestmentRate": 0.15, "fcff": 637978865688.6978, "valueAtHorizon": 7088654063207.753, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 825041250046.6597, "peakYear": 7, "closingCashBeforeNewFinancing": 1294090137.5894775, "interpretation": "Annual unlevered cash grid before debt service and financing fees; 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Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.6631589713212542, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "mature_margin20", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.29832252147243965, "intercept": -2346246364.7949963, "basePathEnterpriseValue": 3620204064.653797, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 3359941587438.601, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.2, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 3359941587438.601, "initialInvestment": 16699707937.193008, "rows": [ { "year": 1, "revenue": 53399415874.38602, "operatingMargin": -0.2, "ebit": -10679883174.877205, "cashTax": 0, "nopat": -10679883174.877205, "netReinvestmentForNextPeriod": 50099123811.579025, "fcff": -60779006986.45623, "presentValue": -54266970523.62163, "cumulativeOperatingCash": -77478714923.64923 }, { "year": 2, "revenue": 153597663497.54407, "operatingMargin": -0.15555555555555556, "ebit": -23892969877.395744, "cashTax": 0, "nopat": -23892969877.395744, "netReinvestmentForNextPeriod": 83498539685.965, "fcff": -107391509563.36075, "presentValue": -85611853924.87303, "cumulativeOperatingCash": -184870224487.00998 }, { "year": 3, "revenue": 320594742869.47406, "operatingMargin": -0.11111111111111112, "ebit": -35621638096.60823, "cashTax": 0, "nopat": -35621638096.60823, "netReinvestmentForNextPeriod": 116897955560.3511, "fcff": -152519593656.95935, "presentValue": -108560434169.55125, "cumulativeOperatingCash": -337389818143.96936 }, { "year": 4, "revenue": 554390653990.1763, "operatingMargin": -0.06666666666666665, "ebit": -36959376932.67841, "cashTax": 0, "nopat": -36959376932.67841, "netReinvestmentForNextPeriod": 150297371434.737, "fcff": -187256748367.4154, "presentValue": -119005048890.79683, "cumulativeOperatingCash": -524646566511.38477 }, { "year": 5, "revenue": 854985396859.6503, "operatingMargin": -0.022222222222222227, "ebit": -18999675485.770008, "cashTax": 0, "nopat": -18999675485.770008, "netReinvestmentForNextPeriod": 183696787309.123, "fcff": -202696462794.893, "presentValue": -115015416548.98816, "cumulativeOperatingCash": -727343029306.2778 }, { "year": 6, "revenue": 1222378971477.8962, "operatingMargin": 0.0222222222222222, "ebit": 27163977143.95322, "cashTax": 6790994285.988305, "nopat": 20372982857.964916, "netReinvestmentForNextPeriod": 217096203183.50903, "fcff": -196723220325.54413, "presentValue": -99666105675.1435, "cumulativeOperatingCash": -924066249631.822 }, { "year": 7, "revenue": 1656571377844.9143, "operatingMargin": 0.06666666666666671, "ebit": 110438091856.32768, "cashTax": 27609522964.08192, "nopat": 82828568892.24576, "netReinvestmentForNextPeriod": 250495619057.8954, "fcff": -167667050165.64963, "presentValue": -75844058580.28314, "cumulativeOperatingCash": -1091733299797.4717 }, { "year": 8, "revenue": 2157562615960.705, "operatingMargin": 0.1111111111111111, "ebit": 239729179551.18945, "cashTax": 59932294887.79736, "nopat": 179796884663.3921, "netReinvestmentForNextPeriod": 283895034932.281, "fcff": -104098150268.88892, "presentValue": -42043496957.28028, "cumulativeOperatingCash": -1195831450066.3606 }, { "year": 9, "revenue": 2725352685825.267, "operatingMargin": 0.15555555555555556, "ebit": 423943751128.3749, "cashTax": 105985937782.09372, "nopat": 317957813346.2811, "netReinvestmentForNextPeriod": 317294450806.667, "fcff": 663362539.6141357, "presentValue": 239215181.98209748, "cumulativeOperatingCash": -1195168087526.7466 }, { "year": 10, "revenue": 3359941587438.601, "operatingMargin": 0.2, "ebit": 671988317487.7202, "cashTax": 167997079371.93005, "nopat": 503991238115.79016, "netReinvestmentForNextPeriod": 75598685717.36852, "fcff": 428392552398.42163, "presentValue": 137930936627.0691, "cumulativeOperatingCash": -766775535128.325 } ], "enterpriseValue": 1000000000000, "explicitCashFlowPV": -578542941398.6797, "terminalValuePV": 1578542941398.6797, "terminalShareOfEnterpriseValue": 1.5785429413986798, "terminal": { "nextRevenue": 3460739835061.7593, "nextNopat": 519110975259.26385, "netReinvestment": 77866646288.88957, "reinvestmentRate": 0.15, "fcff": 441244328970.37427, "valueAtHorizon": 4902714766337.492, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 1155831450066.3606, "peakYear": 8, "closingCashBeforeNewFinancing": -716775535128.325, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.6692837787844665, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "mature_margin40", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.9362330701617334, "intercept": 1419907217.9816284, "basePathEnterpriseValue": 20144568621.216297, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1066593484685.9388, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.4, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1066593484685.9388, "initialInvestment": 5232967423.429695, "rows": [ { "year": 1, "revenue": 30465934846.85939, "operatingMargin": -0.2, "ebit": -6093186969.371879, "cashTax": 0, "nopat": -6093186969.371879, "netReinvestmentForNextPeriod": 15698902270.289085, "fcff": -21792089239.660965, "presentValue": -19457222535.411575, "cumulativeOperatingCash": -27025056663.09066 }, { "year": 2, "revenue": 61863739387.43756, "operatingMargin": -0.13333333333333333, "ebit": -8248498584.991674, "cashTax": 0, "nopat": -8248498584.991674, "netReinvestmentForNextPeriod": 26164837117.148468, "fcff": -34413335702.140144, "presentValue": -27434100527.854065, "cumulativeOperatingCash": -61438392365.230804 }, { "year": 3, "revenue": 114193413621.7345, "operatingMargin": -0.06666666666666665, "ebit": -7612894241.448965, "cashTax": 0, "nopat": -7612894241.448965, "netReinvestmentForNextPeriod": 36630771964.00787, "fcff": -44243666205.45684, "presentValue": -31491767695.8939, "cumulativeOperatingCash": -105682058570.68765 }, { "year": 4, "revenue": 187454957549.75024, "operatingMargin": 2.7755575615628914e-17, "ebit": 0.000005202920248796601, "cashTax": 0.0000013007300621991502, "nopat": 0.000003902190186597451, "netReinvestmentForNextPeriod": 47096706810.86725, "fcff": -47096706810.86724, "presentValue": -29930808611.63807, "cumulativeOperatingCash": -152778765381.5549 }, { "year": 5, "revenue": 281648371171.48474, "operatingMargin": 0.06666666666666671, "ebit": 18776558078.098995, "cashTax": 4694139519.524749, "nopat": 14082418558.574245, "netReinvestmentForNextPeriod": 57562641657.72662, "fcff": -43480223099.152374, "presentValue": -24671846279.095238, "cumulativeOperatingCash": -196258988480.70728 }, { "year": 6, "revenue": 396773654486.938, "operatingMargin": 0.13333333333333336, "ebit": 52903153931.59174, "cashTax": 13225788482.897936, "nopat": 39677365448.69381, "netReinvestmentForNextPeriod": 68028576504.586, "fcff": -28351211055.89219, "presentValue": -14363605843.981508, "cumulativeOperatingCash": -224610199536.59946 }, { "year": 7, "revenue": 532830807496.11, "operatingMargin": 0.20000000000000007, "ebit": 106566161499.22203, "cashTax": 26641540374.805508, "nopat": 79924621124.41652, "netReinvestmentForNextPeriod": 78494511351.4455, "fcff": 1430109772.9710236, "presentValue": 646909033.6490653, "cumulativeOperatingCash": -223180089763.62842 }, { "year": 8, "revenue": 689819830199.001, "operatingMargin": 0.2666666666666668, "ebit": 183951954719.73367, "cashTax": 45987988679.93342, "nopat": 137963966039.80026, "netReinvestmentForNextPeriod": 88960446198.30475, "fcff": 49003519841.495514, "presentValue": 19791699775.93427, "cumulativeOperatingCash": -174176569922.1329 }, { "year": 9, "revenue": 867740722595.6105, "operatingMargin": 0.3333333333333334, "ebit": 289246907531.87024, "cashTax": 72311726882.96756, "nopat": 216935180648.90268, "netReinvestmentForNextPeriod": 99426381045.16418, "fcff": 117508799603.7385, "presentValue": 42374851160.65955, "cumulativeOperatingCash": -56667770318.39441 }, { 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Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4883219713658593, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "capital_efficiency1", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.3591847981185373, "intercept": 4730214094.770882, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 2770912886955.679, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 1, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 2770912886955.679, "initialInvestment": 27509128869.556793, "rows": [ { "year": 1, "revenue": 47509128869.55679, "operatingMargin": -0.2, "ebit": -9501825773.91136, "cashTax": 0, "nopat": -9501825773.91136, "netReinvestmentForNextPeriod": 82527386608.6704, "fcff": -92029212382.58176, "presentValue": -82168939627.30513, "cumulativeOperatingCash": -119538341252.13855 }, { "year": 2, "revenue": 130036515478.22719, "operatingMargin": -0.14444444444444446, "ebit": -18783052235.74393, "cashTax": 0, "nopat": -18783052235.74393, "netReinvestmentForNextPeriod": 137545644347.78394, "fcff": -156328696583.52786, "presentValue": -124624279801.91951, "cumulativeOperatingCash": -275867037835.6664 }, { "year": 3, "revenue": 267582159826.0111, "operatingMargin": -0.0888888888888889, "ebit": -23785080873.423214, "cashTax": 0, "nopat": -23785080873.423214, "netReinvestmentForNextPeriod": 192563902086.89764, "fcff": -216348982960.32086, "presentValue": -153992932705.6766, "cumulativeOperatingCash": -492216020795.98724 }, { "year": 4, "revenue": 460146061912.90875, "operatingMargin": -0.033333333333333354, "ebit": -15338202063.763634, "cashTax": 0, "nopat": -15338202063.763634, "netReinvestmentForNextPeriod": 247582159826.01105, "fcff": -262920361889.7747, "presentValue": -167090643161.69238, "cumulativeOperatingCash": -755136382685.762 }, { "year": 5, "revenue": 707728221738.9198, "operatingMargin": 0.0222222222222222, "ebit": 15727293816.420424, "cashTax": 3931823454.105106, "nopat": 11795470362.315317, "netReinvestmentForNextPeriod": 302600417565.12463, "fcff": -290804947202.8093, "presentValue": -165010536818.70334, "cumulativeOperatingCash": -1045941329888.5713 }, { "year": 6, "revenue": 1010328639304.0444, "operatingMargin": 0.07777777777777778, "ebit": 78581116390.31458, "cashTax": 19645279097.578644, "nopat": 58935837292.73593, "netReinvestmentForNextPeriod": 357618675304.2383, "fcff": -298682838011.5023, "presentValue": -151322021098.19147, "cumulativeOperatingCash": -1344624167900.0737 }, { "year": 7, "revenue": 1367947314608.2827, "operatingMargin": 0.1333333333333333, "ebit": 182392975281.1043, "cashTax": 45598243820.27608, "nopat": 136794731460.82823, "netReinvestmentForNextPeriod": 412636933043.3523, "fcff": -275842201582.52405, "presentValue": -124777003442.65591, "cumulativeOperatingCash": -1620466369482.5977 }, { "year": 8, "revenue": 1780584247651.635, "operatingMargin": 0.18888888888888888, "ebit": 336332580111.97546, "cashTax": 84083145027.99387, "nopat": 252249435083.9816, "netReinvestmentForNextPeriod": 467655190782.4651, "fcff": -215405755698.4835, "presentValue": -86998771936.83888, "cumulativeOperatingCash": -1835872125181.081 }, { "year": 9, "revenue": 2248239438434.1, "operatingMargin": 0.2444444444444444, "ebit": 549569640506.1133, "cashTax": 137392410126.52832, "nopat": 412177230379.58496, "netReinvestmentForNextPeriod": 522673448521.5791, "fcff": -110496218141.99414, "presentValue": -39846043984.55456, "cumulativeOperatingCash": -1946368343323.0752 }, { "year": 10, "revenue": 2770912886955.679, "operatingMargin": 0.3, "ebit": 831273866086.7037, "cashTax": 207818466521.67593, "nopat": 623455399565.0278, "netReinvestmentForNextPeriod": 93518309934.75415, "fcff": 529937089630.2737, "presentValue": 170625559937.71292, "cumulativeOperatingCash": -1416431253692.8015 } ], "enterpriseValue": 999999999999.9996, "explicitCashFlowPV": -952714741509.3817, "terminalValuePV": 1952714741509.3813, "terminalShareOfEnterpriseValue": 1.952714741509382, "terminal": { "nextRevenue": 2854040273564.3496, "nextNopat": 642159061551.9786, "netReinvestment": 96323859232.7968, "reinvestmentRate": 0.15, "fcff": 545835202319.1818, "valueAtHorizon": 6064835581324.243, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 1906368343323.0752, "peakYear": 9, "closingCashBeforeNewFinancing": -1366431253692.8015, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.6374169723627292, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "capital_efficiency4", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.7469153643077346, "intercept": -3024397229.0130653, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1342888960596.8254, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 4, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1342888960596.8254, "initialInvestment": 3307222401.4920645, "rows": [ { "year": 1, "revenue": 33228889605.968258, "operatingMargin": -0.2, "ebit": -6645777921.193652, "cashTax": 0, "nopat": -6645777921.193652, "netReinvestmentForNextPeriod": 9921667204.476192, "fcff": -16567445125.669846, "presentValue": -14792361719.348076, "cumulativeOperatingCash": -19874667527.16191 }, { "year": 2, "revenue": 72915558423.87303, "operatingMargin": -0.14444444444444446, "ebit": -10532247327.892773, "cashTax": 0, "nopat": -10532247327.892773, "netReinvestmentForNextPeriod": 16536112007.460316, "fcff": -27068359335.35309, "presentValue": -21578730337.494488, "cumulativeOperatingCash": -46943026862.515 }, { "year": 3, "revenue": 139060006453.7143, "operatingMargin": -0.0888888888888889, "ebit": -12360889462.552383, "cashTax": 0, "nopat": -12360889462.552383, "netReinvestmentForNextPeriod": 23150556810.444458, "fcff": -35511446272.99684, "presentValue": -25276346028.40632, "cumulativeOperatingCash": -82454473135.51184 }, { "year": 4, "revenue": 231662233695.49213, "operatingMargin": -0.033333333333333354, "ebit": -7722074456.516409, "cashTax": 0, "nopat": -7722074456.516409, "netReinvestmentForNextPeriod": 29765001613.42856, "fcff": -37487076069.94497, "presentValue": -23823714548.987152, "cumulativeOperatingCash": -119941549205.45682 }, { "year": 5, "revenue": 350722240149.20636, "operatingMargin": 0.0222222222222222, "ebit": 7793827558.871244, "cashTax": 1948456889.717811, "nopat": 5845370669.153433, "netReinvestmentForNextPeriod": 36379446416.41269, "fcff": -30534075747.259254, "presentValue": -17325854593.540855, "cumulativeOperatingCash": -150475624952.71606 }, { "year": 6, "revenue": 496240025814.8571, "operatingMargin": 0.07777777777777778, "ebit": 38596446452.26666, "cashTax": 9649111613.066666, "nopat": 28947334839.199997, "netReinvestmentForNextPeriod": 42993891219.396805, "fcff": -14046556380.196808, "presentValue": -7116422607.579555, "cumulativeOperatingCash": -164522181332.91287 }, { "year": 7, "revenue": 668215590692.4443, "operatingMargin": 0.1333333333333333, "ebit": 89095412092.3259, "cashTax": 22273853023.081474, "nopat": 66821559069.24442, "netReinvestmentForNextPeriod": 49608336022.38104, "fcff": 17213223046.86338, "presentValue": 7786387938.667579, "cumulativeOperatingCash": -147308958286.0495 }, { "year": 8, "revenue": 866648934781.9685, "operatingMargin": 0.18888888888888888, "ebit": 163700354347.70517, "cashTax": 40925088586.92629, "nopat": 122775265760.77887, "netReinvestmentForNextPeriod": 56222780825.36505, "fcff": 66552484935.41382, "presentValue": 26879432445.763264, "cumulativeOperatingCash": -80756473350.63568 }, { "year": 9, "revenue": 1091540058083.4287, "operatingMargin": 0.2444444444444444, "ebit": 266820903087.0603, "cashTax": 66705225771.765076, "nopat": 200115677315.29523, "netReinvestmentForNextPeriod": 62837225628.34918, "fcff": 137278451686.94604, "presentValue": 49503985892.26216, "cumulativeOperatingCash": 56521978336.31036 }, { "year": 10, "revenue": 1342888960596.8254, "operatingMargin": 0.3, "ebit": 402866688179.0476, "cashTax": 100716672044.7619, "nopat": 302150016134.2857, "netReinvestmentForNextPeriod": 45322502420.142845, "fcff": 256827513714.14285, "presentValue": 82691585836.08392, "cumulativeOperatingCash": 313349492050.45325 } ], "enterpriseValue": 1000000000000, "explicitCashFlowPV": 53640739875.928406, "terminalValuePV": 946359260124.0715, "terminalShareOfEnterpriseValue": 0.9463592601240716, "terminal": { "nextRevenue": 1383175629414.7302, "nextNopat": 311214516618.3143, "netReinvestment": 46682177492.74714, "reinvestmentRate": 0.15, "fcff": 264532339125.56714, "valueAtHorizon": 2939248212506.302, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 124522181332.91287, "peakYear": 6, "closingCashBeforeNewFinancing": 363349492050.45325, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.5230038837005366, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "asset_light_margin_tradeoff", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.4275660435355055, "intercept": -4931116806.056313, "basePathEnterpriseValue": 3620204064.653797, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 2350352961840.399, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.2, "cashTaxRate": 0.25, "incrementalSalesToCapital": 4, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 2350352961840.399, "initialInvestment": 5825882404.600998, "rows": [ { "year": 1, "revenue": 43303529618.40399, "operatingMargin": -0.2, "ebit": -8660705923.6808, "cashTax": 0, "nopat": -8660705923.6808, "netReinvestmentForNextPeriod": 17477647213.802998, "fcff": -26138353137.483795, "presentValue": -23337815301.324814, "cumulativeOperatingCash": -31964235542.084793 }, { "year": 2, "revenue": 113214118473.61598, "operatingMargin": -0.15555555555555556, "ebit": -17611085095.89582, "cashTax": 0, "nopat": -17611085095.89582, "netReinvestmentForNextPeriod": 29129412023.00498, "fcff": -46740497118.9008, "presentValue": -37261238136.87882, "cumulativeOperatingCash": -78704732660.9856 }, { "year": 3, "revenue": 229731766565.6359, "operatingMargin": -0.11111111111111112, "ebit": -25525751840.626213, "cashTax": 0, "nopat": -25525751840.626213, "netReinvestmentForNextPeriod": 40781176832.20701, "fcff": -66306928672.83322, "presentValue": -47195962122.49539, "cumulativeOperatingCash": -145011661333.81882 }, { "year": 4, "revenue": 392856473894.4639, "operatingMargin": -0.06666666666666665, "ebit": -26190431592.964256, "cashTax": 0, "nopat": -26190431592.964256, "netReinvestmentForNextPeriod": 52432941641.40895, "fcff": -78623373234.3732, "presentValue": -49966575075.614685, "cumulativeOperatingCash": -223635034568.19202 }, { "year": 5, "revenue": 602588240460.0997, "operatingMargin": -0.022222222222222227, "ebit": -13390849788.002218, "cashTax": 0, "nopat": -13390849788.002218, "netReinvestmentForNextPeriod": 64084706450.61096, "fcff": -77475556238.61317, "presentValue": -43961711271.52577, "cumulativeOperatingCash": -301110590806.8052 }, { "year": 6, "revenue": 858927066262.5436, "operatingMargin": 0.0222222222222222, "ebit": 19087268139.167614, "cashTax": 4771817034.7919035, "nopat": 14315451104.37571, "netReinvestmentForNextPeriod": 75736471259.81296, "fcff": -61421020155.43725, "presentValue": -31117800305.20398, "cumulativeOperatingCash": -362531610962.24243 }, { "year": 7, "revenue": 1161872951301.7954, "operatingMargin": 0.06666666666666671, "ebit": 77458196753.45308, "cashTax": 19364549188.36327, "nopat": 58093647565.08981, "netReinvestmentForNextPeriod": 87388236069.01508, "fcff": -29294588503.925262, "presentValue": -13251384123.36777, "cumulativeOperatingCash": -391826199466.1677 }, { "year": 8, "revenue": 1511425895577.8557, "operatingMargin": 0.1111111111111111, "ebit": 167936210619.76175, "cashTax": 41984052654.94044, "nopat": 125952157964.82132, "netReinvestmentForNextPeriod": 99040000878.21686, "fcff": 26912157086.60446, "presentValue": 10869368876.025661, "cumulativeOperatingCash": -364914042379.56323 }, { "year": 9, "revenue": 1907585899090.7231, "operatingMargin": 0.15555555555555556, "ebit": 296735584303.0014, "cashTax": 74183896075.75035, "nopat": 222551688227.25104, "netReinvestmentForNextPeriod": 110691765687.41895, "fcff": 111859922539.83209, "presentValue": 40337809461.52639, "cumulativeOperatingCash": -253054119839.73114 }, { "year": 10, "revenue": 2350352961840.399, "operatingMargin": 0.2, "ebit": 470070592368.07983, "cashTax": 117517648092.01996, "nopat": 352552944276.0599, "netReinvestmentForNextPeriod": 52882941641.40897, "fcff": 299670002634.6509, "presentValue": 96485720657.42091, "cumulativeOperatingCash": 46615882794.91974 } ], "enterpriseValue": 1000000000000.0002, "explicitCashFlowPV": -104225469746.03925, "terminalValuePV": 1104225469746.0396, "terminalShareOfEnterpriseValue": 1.1042254697460392, "terminal": { "nextRevenue": 2420863550695.611, "nextNopat": 363129532604.3417, "netReinvestment": 54469429890.65125, "reinvestmentRate": 0.15, "fcff": 308660102713.6904, "valueAtHorizon": 3429556696818.7827, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 351826199466.1677, "peakYear": 7, "closingCashBeforeNewFinancing": 96615882794.91974, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.6106838685480007, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "capital_cost10", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 1.0017099727916026, "intercept": 93456384.50617981, "basePathEnterpriseValue": 20127655840.33823, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 998199649374.4762, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.1, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 998199649374.4762, "initialInvestment": 4890998246.872383, "rows": [ { "year": 1, "revenue": 29781996493.744766, "operatingMargin": -0.2, "ebit": -5956399298.748954, "cashTax": 0, "nopat": -5956399298.748954, "netReinvestmentForNextPeriod": 14672994740.617146, "fcff": -20629394039.3661, "presentValue": -18753994581.24191, "cumulativeOperatingCash": -25520392286.238483 }, { "year": 2, "revenue": 59127985974.97906, "operatingMargin": -0.14444444444444446, "ebit": -8540709085.274754, "cashTax": 0, "nopat": -8540709085.274754, "netReinvestmentForNextPeriod": 24454991234.361897, "fcff": -32995700319.63665, "presentValue": -27269173817.881523, "cumulativeOperatingCash": -58516092605.87514 }, { "year": 3, "revenue": 108037968443.70285, "operatingMargin": -0.0888888888888889, "ebit": -9603374972.773588, "cashTax": 0, "nopat": -9603374972.773588, "netReinvestmentForNextPeriod": 34236987728.10669, "fcff": -43840362700.88028, "presentValue": -32937913374.06481, "cumulativeOperatingCash": -102356455306.75542 }, { "year": 4, "revenue": 176511943899.91623, "operatingMargin": -0.033333333333333354, "ebit": -5883731463.330544, "cashTax": 0, "nopat": -5883731463.330544, "netReinvestmentForNextPeriod": 44018984221.85141, "fcff": -49902715685.18195, "presentValue": -34084226272.236828, "cumulativeOperatingCash": -152259170991.93738 }, { "year": 5, "revenue": 264549912343.61905, "operatingMargin": 0.0222222222222222, "ebit": 5878886940.969306, "cashTax": 1469721735.2423265, "nopat": 4409165205.726979, "netReinvestmentForNextPeriod": 53800980715.596176, "fcff": -49391815509.869194, "presentValue": -30668431434.68167, "cumulativeOperatingCash": -201650986501.80658 }, { "year": 6, "revenue": 372151873774.8114, "operatingMargin": 0.07777777777777778, "ebit": 28945145738.040886, "cashTax": 7236286434.5102215, "nopat": 21708859303.530663, "netReinvestmentForNextPeriod": 63582977209.34094, "fcff": -41874117905.81028, "presentValue": -23636847901.82797, "cumulativeOperatingCash": -243525104407.61685 }, { "year": 7, "revenue": 499317828193.4933, "operatingMargin": 0.1333333333333333, "ebit": 66575710425.79909, "cashTax": 16643927606.449772, "nopat": 49931782819.34932, "netReinvestmentForNextPeriod": 73364973703.08582, "fcff": -23433190883.736496, "presentValue": -12024932138.039165, "cumulativeOperatingCash": -266958295291.35333 }, { "year": 8, "revenue": 646047775599.6649, "operatingMargin": 0.18888888888888888, "ebit": 122031246502.15892, "cashTax": 30507811625.53973, "nopat": 91523434876.61919, "netReinvestmentForNextPeriod": 83146970196.83044, "fcff": 8376464679.788742, "presentValue": 3907682593.187607, "cumulativeOperatingCash": -258581830611.56458 }, { "year": 9, "revenue": 812341715993.3258, "operatingMargin": 0.2444444444444444, "ebit": 198572419465.03516, "cashTax": 49643104866.25879, "nopat": 148929314598.77637, "netReinvestmentForNextPeriod": 92928966690.5752, "fcff": 56000347908.20117, "presentValue": 23749614175.898666, "cumulativeOperatingCash": -202581482703.3634 }, { "year": 10, "revenue": 998199649374.4762, "operatingMargin": 0.3, "ebit": 299459894812.34283, "cashTax": 74864973703.08571, "nopat": 224594921109.25714, "netReinvestmentForNextPeriod": 33689238166.38857, "fcff": 190905682942.86856, "presentValue": 73602404972.58473, "cumulativeOperatingCash": -11675799760.494843 } ], "enterpriseValue": 1000000000000.0002, "explicitCashFlowPV": -83006816025.17523, "terminalValuePV": 1083006816025.1754, "terminalShareOfEnterpriseValue": 1.0830068160251751, "terminal": { "nextRevenue": 1028145638855.7104, "nextNopat": 231332768742.53485, "netReinvestment": 34699915311.380226, "reinvestmentRate": 0.15, "fcff": 196632853431.15463, "valueAtHorizon": 2809040763302.209, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 226958295291.35333, "peakYear": 7, "closingCashBeforeNewFinancing": 38324200239.50516, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4784911924715842, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "capital_cost15", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.31592729850394174, "intercept": -1079945014.7757988, "basePathEnterpriseValue": 5238600955.303036, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 3168703526904.2617, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.15, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 3168703526904.2617, "initialInvestment": 15743517634.521309, "rows": [ { "year": 1, "revenue": 51487035269.04262, "operatingMargin": -0.2, "ebit": -10297407053.808523, "cashTax": 0, "nopat": -10297407053.808523, "netReinvestmentForNextPeriod": 47230552903.56393, "fcff": -57527959957.37245, "presentValue": -50024313006.410835, "cumulativeOperatingCash": -73271477591.89377 }, { "year": 2, "revenue": 145948141076.17047, "operatingMargin": -0.14444444444444446, "ebit": -21081398155.446846, "cashTax": 0, "nopat": -21081398155.446846, "netReinvestmentForNextPeriod": 78717588172.60654, "fcff": -99798986328.05338, "presentValue": -75462371514.59613, "cumulativeOperatingCash": -173070463919.94714 }, { "year": 3, "revenue": 303383317421.38354, "operatingMargin": -0.0888888888888889, "ebit": -26967405993.011875, "cashTax": 0, "nopat": -26967405993.011875, "netReinvestmentForNextPeriod": 110204623441.6492, "fcff": -137172029434.66107, "presentValue": -90192835988.92815, "cumulativeOperatingCash": -310242493354.6082 }, { "year": 4, "revenue": 523792564304.68195, "operatingMargin": -0.033333333333333354, "ebit": -17459752143.48941, "cashTax": 0, "nopat": -17459752143.48941, "netReinvestmentForNextPeriod": 141691658710.69174, "fcff": -159151410854.18115, "presentValue": -90995335696.5884, "cumulativeOperatingCash": -469393904208.78937 }, { "year": 5, "revenue": 807175881726.0654, "operatingMargin": 0.0222222222222222, "ebit": 17937241816.13477, "cashTax": 4484310454.033692, "nopat": 13452931362.101078, "netReinvestmentForNextPeriod": 173178693979.73438, "fcff": -159725762617.6333, "presentValue": -79411933201.26456, "cumulativeOperatingCash": -629119666826.4226 }, { "year": 6, "revenue": 1153533269685.5342, "operatingMargin": 0.07777777777777778, "ebit": 89719254308.87488, "cashTax": 22429813577.21872, "nopat": 67289440731.65616, "netReinvestmentForNextPeriod": 204665729248.77698, "fcff": -137376288517.12082, "presentValue": -59391560549.8592, "cumulativeOperatingCash": -766495955343.5435 }, { "year": 7, "revenue": 1562864728183.0881, "operatingMargin": 0.1333333333333333, "ebit": 208381963757.74503, "cashTax": 52095490939.43626, "nopat": 156286472818.30878, "netReinvestmentForNextPeriod": 236152764517.81982, "fcff": -79866291699.51105, "presentValue": -30024697291.148445, "cumulativeOperatingCash": -846362247043.0544 }, { "year": 8, "revenue": 2035170257218.7278, "operatingMargin": 0.18888888888888888, "ebit": 384421048585.7597, "cashTax": 96105262146.43993, "nopat": 288315786439.31976, "netReinvestmentForNextPeriod": 267639799786.86218, "fcff": 20675986652.45758, "presentValue": 6759016712.708066, "cumulativeOperatingCash": -825686260390.5969 }, { "year": 9, "revenue": 2570449856792.452, "operatingMargin": 0.2444444444444444, "ebit": 628332187215.9326, "cashTax": 157083046803.98315, "nopat": 471249140411.94946, "netReinvestmentForNextPeriod": 299126835055.9048, "fcff": 172122305356.04468, "presentValue": 48927901686.41975, "cumulativeOperatingCash": -653563955034.5522 }, { "year": 10, "revenue": 3168703526904.2617, "operatingMargin": 0.3, "ebit": 950611058071.2784, "cashTax": 237652764517.8196, "nopat": 712958293553.4589, "netReinvestmentForNextPeriod": 106943744033.01881, "fcff": 606014549520.4401, "presentValue": 149797528328.7849, "cumulativeOperatingCash": -47549405514.11218 } ], "enterpriseValue": 999999999999.9995, "explicitCashFlowPV": -285762118155.4043, "terminalValuePV": 1285762118155.4038, "terminalShareOfEnterpriseValue": 1.2857621181554044, "terminal": { "nextRevenue": 3263764632711.3896, "nextNopat": 734347042360.0626, "netReinvestment": 110152056354.00938, "reinvestmentRate": 0.15, "fcff": 624194986006.0532, "valueAtHorizon": 5201624883383.777, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 806362247043.0544, "peakYear": 7, "closingCashBeforeNewFinancing": 2450594485.8878174, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.6595302041429045, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "terminal_return12", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.5275193359992741, "intercept": -439526787.75175095, "basePathEnterpriseValue": 10110859932.233732, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1896498305398.8533, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.12, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1896498305398.8533, "initialInvestment": 9382491526.99427, "rows": [ { "year": 1, "revenue": 38764983053.98854, "operatingMargin": -0.2, "ebit": -7752996610.7977085, "cashTax": 0, "nopat": -7752996610.7977085, "netReinvestmentForNextPeriod": 28147474580.982803, "fcff": -35900471191.78051, "presentValue": -32053992135.51831, "cumulativeOperatingCash": -45282962718.77478 }, { "year": 2, "revenue": 95059932215.95415, "operatingMargin": -0.14444444444444446, "ebit": -13730879097.860044, "cashTax": 0, "nopat": -13730879097.860044, "netReinvestmentForNextPeriod": 46912457634.97132, "fcff": -60643336732.83137, "presentValue": -48344496757.67806, "cumulativeOperatingCash": -105926299451.60614 }, { "year": 3, "revenue": 188884847485.8968, "operatingMargin": -0.0888888888888889, "ebit": -16789764220.968607, "cashTax": 0, "nopat": -16789764220.968607, "netReinvestmentForNextPeriod": 65677440688.9599, "fcff": -82467204909.92851, "presentValue": -58698527547.26825, "cumulativeOperatingCash": -188393504361.53467 }, { "year": 4, "revenue": 320239728863.8166, "operatingMargin": -0.033333333333333354, "ebit": -10674657628.793892, "cashTax": 0, "nopat": -10674657628.793892, "netReinvestmentForNextPeriod": 84442423742.94836, "fcff": -95117081371.74225, "presentValue": -60448624776.84559, "cumulativeOperatingCash": -283510585733.2769 }, { "year": 5, "revenue": 489124576349.7133, "operatingMargin": 0.0222222222222222, "ebit": 10869435029.993618, "cashTax": 2717358757.4984045, "nopat": 8152076272.4952135, "netReinvestmentForNextPeriod": 103207406796.93692, "fcff": -95055330524.44171, "presentValue": -53936947318.77614, "cumulativeOperatingCash": -378565916257.7186 }, { "year": 6, "revenue": 695539389943.5872, "operatingMargin": 0.07777777777777778, "ebit": 54097508106.72345, "cashTax": 13524377026.680862, "nopat": 40573131080.04259, "netReinvestmentForNextPeriod": 121972389850.92542, "fcff": -81399258770.88283, "presentValue": -41239397734.095215, "cumulativeOperatingCash": -459965175028.60144 }, { "year": 7, "revenue": 939484169645.438, "operatingMargin": 0.1333333333333333, "ebit": 125264555952.72504, "cashTax": 31316138988.18126, "nopat": 93948416964.54378, "netReinvestmentForNextPeriod": 140737372904.91418, "fcff": -46788955940.37041, "presentValue": -21164947506.05903, "cumulativeOperatingCash": -506754130968.97186 }, { "year": 8, "revenue": 1220958915455.2664, "operatingMargin": 0.18888888888888888, "ebit": 230625572919.3281, "cashTax": 57656393229.83202, "nopat": 172969179689.49606, "netReinvestmentForNextPeriod": 159502355958.90247, "fcff": 13466823730.593597, "presentValue": 5439024238.941311, "cumulativeOperatingCash": -493287307238.3783 }, { "year": 9, "revenue": 1539963627373.0713, "operatingMargin": 0.2444444444444444, "ebit": 376435553357.8618, "cashTax": 94108888339.46545, "nopat": 282326665018.39636, "netReinvestmentForNextPeriod": 178267339012.891, "fcff": 104059326005.50537, "presentValue": 37524836150.41161, "cumulativeOperatingCash": -389227981232.8729 }, { "year": 10, "revenue": 1896498305398.8533, "operatingMargin": 0.3, "ebit": 568949491619.656, "cashTax": 142237372904.914, "nopat": 426712118714.742, "netReinvestmentForNextPeriod": 106678029678.6855, "fcff": 320034089036.0565, "presentValue": 103042411466.29407, "cumulativeOperatingCash": -69193892196.8164 } ], "enterpriseValue": 999999999999.9998, "explicitCashFlowPV": -179263153447.5879, "terminalValuePV": 1179263153447.5876, "terminalShareOfEnterpriseValue": 1.179263153447588, "terminal": { "nextRevenue": 1953393254560.8188, "nextNopat": 439513482276.18427, "netReinvestment": 109878370569.04607, "reinvestmentRate": 0.25, "fcff": 329635111707.1382, "valueAtHorizon": 3662612352301.5356, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 466754130968.97186, "peakYear": 7, "closingCashBeforeNewFinancing": -19193892196.816406, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.5764937245971324, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "terminal_return40", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.6852862219287151, "intercept": -439526787.75175095, "basePathEnterpriseValue": 13266197650.822552, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1459885657662.937, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.4, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1459885657662.937, "initialInvestment": 7199428288.314686, "rows": [ { "year": 1, "revenue": 34398856576.62937, "operatingMargin": -0.2, "ebit": -6879771315.325874, "cashTax": 0, "nopat": -6879771315.325874, "netReinvestmentForNextPeriod": 21598284864.944057, "fcff": -28478056180.26993, "presentValue": -25426835875.24101, "cumulativeOperatingCash": -35677484468.58462 }, { "year": 2, "revenue": 77595426306.51749, "operatingMargin": -0.14444444444444446, "ebit": -11208228244.27475, "cashTax": 0, "nopat": -11208228244.27475, "netReinvestmentForNextPeriod": 35997141441.57341, "fcff": -47205369685.84816, "presentValue": -37631831701.09068, "cumulativeOperatingCash": -82882854154.43277 }, { "year": 3, "revenue": 149589709189.6643, "operatingMargin": -0.0888888888888889, "ebit": -13296863039.081274, "cashTax": 0, "nopat": -13296863039.081274, "netReinvestmentForNextPeriod": 50395998018.202835, "fcff": -63692861057.28411, "presentValue": -45335320427.29883, "cumulativeOperatingCash": -146575715211.7169 }, { "year": 4, "revenue": 250381705226.06998, "operatingMargin": -0.033333333333333354, "ebit": -8346056840.869004, "cashTax": 0, "nopat": -8346056840.869004, "netReinvestmentForNextPeriod": 64794854594.83214, "fcff": -73140911435.70114, "presentValue": -46482371488.39472, "cumulativeOperatingCash": -219716626647.41803 }, { "year": 5, "revenue": 379971414415.73425, "operatingMargin": 0.0222222222222222, "ebit": 8443809209.23853, "cashTax": 2110952302.3096325, "nopat": 6332856906.928898, "netReinvestmentForNextPeriod": 79193711171.46152, "fcff": -72860854264.53262, "presentValue": -41343205440.29483, "cumulativeOperatingCash": -292577480911.9507 }, { "year": 6, "revenue": 538358836758.6573, "operatingMargin": 0.07777777777777778, "ebit": 41872353970.11779, "cashTax": 10468088492.529448, "nopat": 31404265477.58834, "netReinvestmentForNextPeriod": 93592567748.09085, "fcff": -62188302270.50251, "presentValue": -31506529303.4188, "cumulativeOperatingCash": -354765783182.4532 }, { "year": 7, "revenue": 725543972254.839, "operatingMargin": 0.1333333333333333, "ebit": 96739196300.64517, "cashTax": 24184799075.161293, "nopat": 72554397225.48389, "netReinvestmentForNextPeriod": 107991424324.72046, "fcff": -35437027099.23657, "presentValue": -16029911402.21189, "cumulativeOperatingCash": -390202810281.68976 }, { "year": 8, "revenue": 941526820904.2799, "operatingMargin": 0.18888888888888888, "ebit": 177843955059.6973, "cashTax": 44460988764.924324, "nopat": 133382966294.77298, "netReinvestmentForNextPeriod": 122390280901.34955, "fcff": 10992685393.423431, "presentValue": 4439761260.857516, "cumulativeOperatingCash": -379210124888.26636 }, { "year": 9, "revenue": 1186307382706.979, "operatingMargin": 0.2444444444444444, "ebit": 289986249106.1504, "cashTax": 72496562276.5376, "nopat": 217489686829.6128, "netReinvestmentForNextPeriod": 136789137477.979, "fcff": 80700549351.63379, "presentValue": 29101427117.719845, "cumulativeOperatingCash": -298509575536.63257 }, { "year": 10, "revenue": 1459885657662.937, "operatingMargin": 0.3, "ebit": 437965697298.8811, "cashTax": 109491424324.72028, "nopat": 328474272974.1608, "netReinvestmentForNextPeriod": 24635570473.06206, "fcff": 303838702501.09875, "presentValue": 97827930445.79634, "cumulativeOperatingCash": 5329126964.466187 } ], "enterpriseValue": 999999999999.9999, "explicitCashFlowPV": -119586315101.89172, "terminalValuePV": 1119586315101.8916, "terminalShareOfEnterpriseValue": 1.1195863151018917, "terminal": { "nextRevenue": 1503682227392.8252, "nextNopat": 338328501163.3857, "netReinvestment": 25374637587.253925, "reinvestmentRate": 0.075, "fcff": 312953863576.1318, "valueAtHorizon": 3477265150845.9087, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 350202810281.68976, "peakYear": 7, "closingCashBeforeNewFinancing": 55329126964.46619, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.5357795651296546, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "later_revenue_ramp", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.6300582082257524, "intercept": -687254107.3734207, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1588245722447.3188, "withinDeclaredRevenueCap": null, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 3, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1588245722447.3188, "initialInvestment": 784122861.2236595, "rows": [ { "year": 1, "revenue": 21568245722.44732, "operatingMargin": -0.2, "ebit": -4313649144.489464, "cashTax": 0, "nopat": -4313649144.489464, "netReinvestmentForNextPeriod": 5488860028.565617, "fcff": -9802509173.05508, "presentValue": -8752240333.084892, "cumulativeOperatingCash": -10586632034.27874 }, { "year": 2, "revenue": 32545965779.578552, "operatingMargin": -0.14444444444444446, "ebit": -4701083945.939125, "cashTax": 0, "nopat": -4701083945.939125, "netReinvestmentForNextPeriod": 14898334363.249527, "fcff": -19599418309.188652, "presentValue": -15624536279.646563, "cumulativeOperatingCash": -30186050343.467392 }, { "year": 3, "revenue": 62342634506.07761, "operatingMargin": -0.0888888888888889, "ebit": -5541567511.651344, "cashTax": 0, "nopat": -5541567511.651344, "netReinvestmentForNextPeriod": 29012545865.275414, "fcff": -34554113376.92676, "presentValue": -24594935382.401623, "cumulativeOperatingCash": -64740163720.39415 }, { "year": 4, "revenue": 120367726236.62843, "operatingMargin": -0.033333333333333354, "ebit": -4012257541.22095, "cashTax": 0, "nopat": -4012257541.22095, "netReinvestmentForNextPeriod": 47831494534.64321, "fcff": -51843752075.86416, "presentValue": -32947641696.549664, "cumulativeOperatingCash": -116583915796.2583 }, { "year": 5, "revenue": 216030715305.91486, "operatingMargin": 0.0222222222222222, "ebit": 4800682562.353659, "cashTax": 1200170640.5884147, "nopat": 3600511921.765244, "netReinvestmentForNextPeriod": 71355180371.353, "fcff": -67754668449.58775, "presentValue": -38445818478.60575, "cumulativeOperatingCash": -184338584245.84607 }, { "year": 6, "revenue": 358741076048.62085, "operatingMargin": 0.07777777777777778, "ebit": 27902083692.67051, "cashTax": 6975520923.167627, "nopat": 20926562769.502884, "netReinvestmentForNextPeriod": 99583603375.40466, "fcff": -78657040605.90178, "presentValue": -39850104670.65805, "cumulativeOperatingCash": -262995624851.74786 }, { "year": 7, "revenue": 557908282799.4302, "operatingMargin": 0.1333333333333333, "ebit": 74387771039.92401, "cashTax": 18596942759.981003, "nopat": 55790828279.94301, "netReinvestmentForNextPeriod": 132516763546.79865, "fcff": -76725935266.85564, "presentValue": -34706916613.95142, "cumulativeOperatingCash": -339721560118.6035 }, { "year": 8, "revenue": 822941809893.0275, "operatingMargin": 0.18888888888888888, "ebit": 155444564090.90518, "cashTax": 38861141022.726295, "nopat": 116583423068.1789, "netReinvestmentForNextPeriod": 170154660885.53412, "fcff": -53571237817.355225, "presentValue": -21636524456.523876, "cumulativeOperatingCash": -393292797935.95874 }, { "year": 9, "revenue": 1163251131664.0957, "operatingMargin": 0.2444444444444444, "ebit": 284350276629.00116, "cashTax": 71087569157.25029, "nopat": 213262707471.75085, "netReinvestmentForNextPeriod": 212497295391.61157, "fcff": 765412080.1392822, "presentValue": 276015269.3402293, "cumulativeOperatingCash": -392527385855.81946 }, { "year": 10, "revenue": 1588245722447.3188, "operatingMargin": 0.3, "ebit": 476473716734.1956, "cashTax": 119118429183.5489, "nopat": 357355287550.6467, "netReinvestmentForNextPeriod": 53603293132.59701, "fcff": 303751994418.04974, "presentValue": 97800012763.65848, "cumulativeOperatingCash": -88775391437.76971 } ], "enterpriseValue": 1000000000000, "explicitCashFlowPV": -119266812739.64676, "terminalValuePV": 1119266812739.6467, "terminalShareOfEnterpriseValue": 1.1192668127396468, "terminal": { "nextRevenue": 1635893094120.7385, "nextNopat": 368075946177.16614, "netReinvestment": 55211391926.57492, "reinvestmentRate": 0.15, "fcff": 312864554250.5912, "valueAtHorizon": 3476272825006.569, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 353292797935.95874, "peakYear": 8, "closingCashBeforeNewFinancing": -38775391437.769714, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.5487765696115137, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "revenue_cap500b", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.617671842244669, "intercept": -439526787.75175095, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": 500000000000, "status": "exceeds_declared_revenue_cap", "requiredTerminalRevenue": 1619694242742.3506, "withinDeclaredRevenueCap": false, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.03, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1619694242742.3506, "initialInvestment": 7998471213.711754, "rows": [ { "year": 1, "revenue": 35996942427.42351, "operatingMargin": -0.2, "ebit": -7199388485.484702, "cashTax": 0, "nopat": -7199388485.484702, "netReinvestmentForNextPeriod": 23995413641.13526, "fcff": -31194802126.619965, "presentValue": -27852501898.767822, "cumulativeOperatingCash": -39193273340.33172 }, { "year": 2, "revenue": 83987769709.69403, "operatingMargin": -0.14444444444444446, "ebit": -12131566735.844694, "cashTax": 0, "nopat": -12131566735.844694, "netReinvestmentForNextPeriod": 39992356068.55876, "fcff": -52123922804.40346, "presentValue": -41552872133.61244, "cumulativeOperatingCash": -91317196144.73517 }, { "year": 3, "revenue": 163972481846.81155, "operatingMargin": -0.0888888888888889, "ebit": -14575331719.716585, "cashTax": 0, "nopat": -14575331719.716585, "netReinvestmentForNextPeriod": 55989298495.982285, "fcff": -70564630215.69887, "presentValue": -50226509981.79184, "cumulativeOperatingCash": -161881826360.43402 }, { "year": 4, "revenue": 275951078838.7761, "operatingMargin": -0.033333333333333354, "ebit": -9198369294.625875, "cashTax": 0, "nopat": -9198369294.625875, "netReinvestmentForNextPeriod": 71986240923.40576, "fcff": -81184610218.03163, "presentValue": -51594287481.80868, "cumulativeOperatingCash": -243066436578.46564 }, { "year": 5, "revenue": 419923560685.58765, "operatingMargin": 0.0222222222222222, "ebit": 9331634681.901937, "cashTax": 2332908670.4754844, "nopat": 6998726011.426453, "netReinvestmentForNextPeriod": 87983183350.82928, "fcff": -80984457339.40283, "presentValue": -45952755990.17438, "cumulativeOperatingCash": -324050893917.86847 }, { "year": 6, "revenue": 595889927387.2462, "operatingMargin": 0.07777777777777778, "ebit": 46346994352.34137, "cashTax": 11586748588.085342, "nopat": 34760245764.25603, "netReinvestmentForNextPeriod": 103980125778.25275, "fcff": -69219880013.99672, "presentValue": -35068945419.25076, "cumulativeOperatingCash": -393270773931.8652 }, { "year": 7, "revenue": 803850178943.7517, "operatingMargin": 0.1333333333333333, "ebit": 107180023859.16687, "cashTax": 26795005964.791718, "nopat": 80385017894.37515, "netReinvestmentForNextPeriod": 119977068205.67645, "fcff": -39592050311.3013, "presentValue": -17909432891.895947, "cumulativeOperatingCash": -432862824243.1665 }, { "year": 8, "revenue": 1043804315355.1046, "operatingMargin": 0.18888888888888888, "ebit": 197163037344.8531, "cashTax": 49290759336.21327, "nopat": 147872278008.63983, "netReinvestmentForNextPeriod": 135974010633.09967, "fcff": 11898267375.540161, "presentValue": 4805510634.994776, "cumulativeOperatingCash": -420964556867.62634 }, { "year": 9, "revenue": 1315752336621.304, "operatingMargin": 0.2444444444444444, "ebit": 321628348951.87427, "cashTax": 80407087237.96857, "nopat": 241221261713.9057, "netReinvestmentForNextPeriod": 151970953060.52332, "fcff": 89250308653.38239, "presentValue": 32184556033.109898, "cumulativeOperatingCash": -331714248214.24396 }, { "year": 10, "revenue": 1619694242742.3506, "operatingMargin": 0.3, "ebit": 485908272822.70514, "cashTax": 121477068205.67628, "nopat": 364431204617.0289, "netReinvestmentForNextPeriod": 54664680692.55433, "fcff": 309766523924.47455, "presentValue": 99736530295.41231, "cumulativeOperatingCash": -21947724289.76941 } ], "enterpriseValue": 1000000000000, "explicitCashFlowPV": -141429180047.4966, "terminalValuePV": 1141429180047.4966, "terminalShareOfEnterpriseValue": 1.1414291800474965, "terminal": { "nextRevenue": 1668285070024.621, "nextNopat": 375364140755.53973, "netReinvestment": 56304621113.330956, "reinvestmentRate": 0.15, "fcff": 319059519642.2088, "valueAtHorizon": 3545105773802.3203, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 392862824243.1665, "peakYear": 7, "closingCashBeforeNewFinancing": 28052275710.23059, "interpretation": "Annual unlevered cash grid before debt service and financing fees; 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Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.5518162820418238, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "growth_destroys_value", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": -1.708711554890516, "intercept": 46088141154.95195, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "nonpositive_growth_value_slope", "requiredTerminalRevenue": null, "projection": null }, { "id": "unknown_margin", "status": "incomplete_inputs", "targetEnterpriseValue": 1000000000000, "unknownInputs": [ "matureOperatingMargin" ], "requiredTerminalRevenue": null, "projection": null }, { "id": "unknown_opening_cash", "targetEnterpriseValue": 1000000000000, "valuePerAdditionalRevenue": 0.617671842244669, "intercept": -439526787.75175095, "basePathEnterpriseValue": 11913910057.141628, "revenueCap": null, "status": "solved_conditional_requirements", "requiredTerminalRevenue": 1619694242742.3506, "withinDeclaredRevenueCap": null, 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Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } } ], "fixedRevenueTerminalComparisons": [ { "id": "roc0.08_g0.01", "returnOnIncrementalCapital": 0.08, "growth": 0.01, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.01, "terminalReturnOnIncrementalCapital": 0.08, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1000000000000, "initialInvestment": 4900000000, "rows": [ { "year": 1, "revenue": 29800000000, "operatingMargin": -0.2, "ebit": -5960000000, "cashTax": 0, "nopat": -5960000000, "netReinvestmentForNextPeriod": 14700000000.000004, "fcff": -20660000000.000004, "presentValue": -18446428571.428574, "cumulativeOperatingCash": -25560000000.000004 }, { "year": 2, "revenue": 59200000000.00001, "operatingMargin": -0.14444444444444446, "ebit": -8551111111.111113, "cashTax": 0, "nopat": -8551111111.111113, "netReinvestmentForNextPeriod": 24499999999.999996, "fcff": -33051111111.111107, "presentValue": -26348143424.036274, "cumulativeOperatingCash": -58611111111.111115 }, { "year": 3, "revenue": 108200000000, "operatingMargin": -0.0888888888888889, "ebit": -9617777777.77778, "cashTax": 0, "nopat": -9617777777.77778, "netReinvestmentForNextPeriod": 34300000000.000015, "fcff": -43917777777.777794, "presentValue": -31259806750.080986, "cumulativeOperatingCash": -102528888888.88892 }, { "year": 4, "revenue": 176800000000.00003, "operatingMargin": -0.033333333333333354, "ebit": -5893333333.333338, "cashTax": 0, "nopat": -5893333333.333338, "netReinvestmentForNextPeriod": 44099999999.999985, "fcff": -49993333333.33332, "presentValue": -31771667133.05218, "cumulativeOperatingCash": -152522222222.22223 }, { "year": 5, "revenue": 265000000000, "operatingMargin": 0.0222222222222222, "ebit": 5888888888.888883, "cashTax": 1472222222.2222207, "nopat": 4416666666.666662, "netReinvestmentForNextPeriod": 53900000000, "fcff": -49483333333.333336, "presentValue": -28078172243.80868, "cumulativeOperatingCash": -202005555555.55557 }, { "year": 6, "revenue": 372800000000, "operatingMargin": 0.07777777777777778, "ebit": 28995555555.555557, "cashTax": 7248888888.888889, "nopat": 21746666666.666668, "netReinvestmentForNextPeriod": 63699999999.99997, "fcff": -41953333333.3333, "presentValue": -21254864303.792507, "cumulativeOperatingCash": -243958888888.88885 }, { "year": 7, "revenue": 500199999999.99994, "operatingMargin": 0.1333333333333333, "ebit": 66693333333.33331, "cashTax": 16673333333.333328, "nopat": 50019999999.999985, "netReinvestmentForNextPeriod": 73500000000.00009, "fcff": -23480000000.000107, "presentValue": -10621159576.110304, "cumulativeOperatingCash": -267438888888.88898 }, { "year": 8, "revenue": 647200000000.0001, "operatingMargin": 0.18888888888888888, "ebit": 122248888888.88892, "cashTax": 30562222222.22223, "nopat": 91686666666.66669, "netReinvestmentForNextPeriod": 83299999999.99994, "fcff": 8386666666.666748, "presentValue": 3387234005.320341, "cumulativeOperatingCash": -259052222222.22223 }, { "year": 9, "revenue": 813800000000, "operatingMargin": 0.2444444444444444, "ebit": 198928888888.88885, "cashTax": 49732222222.22221, "nopat": 149196666666.66663, "netReinvestmentForNextPeriod": 93100000000, "fcff": 56096666666.666626, "presentValue": 20229020368.049988, "cumulativeOperatingCash": -202955555555.5556 }, { "year": 10, "revenue": 1000000000000, "operatingMargin": 0.3, "ebit": 300000000000, "cashTax": 75000000000, "nopat": 225000000000, "netReinvestmentForNextPeriod": 28125000000, "fcff": 196875000000, "presentValue": 63388480953.79326, "cumulativeOperatingCash": -6080555555.555603 } ], "enterpriseValue": 496346000264.2286, "explicitCashFlowPV": -85675506675.14592, "terminalValuePV": 582021506939.3745, "terminalShareOfEnterpriseValue": 1.172612465154422, "terminal": { "nextRevenue": 1010000000000, "nextNopat": 227250000000, "netReinvestment": 28406250000, "reinvestmentRate": 0.125, "fcff": 198843750000, "valueAtHorizon": 1807670454545.4546, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 227438888888.88898, "peakYear": 7, "closingCashBeforeNewFinancing": 43919444444.4444, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. 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No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "roc0.08_g0.05", "returnOnIncrementalCapital": 0.08, "growth": 0.05, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.05, "terminalReturnOnIncrementalCapital": 0.08, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1000000000000, "initialInvestment": 4900000000, "rows": [ { "year": 1, "revenue": 29800000000, "operatingMargin": -0.2, "ebit": -5960000000, "cashTax": 0, "nopat": -5960000000, "netReinvestmentForNextPeriod": 14700000000.000004, "fcff": -20660000000.000004, "presentValue": -18446428571.428574, "cumulativeOperatingCash": -25560000000.000004 }, { "year": 2, "revenue": 59200000000.00001, "operatingMargin": -0.14444444444444446, "ebit": -8551111111.111113, "cashTax": 0, "nopat": -8551111111.111113, "netReinvestmentForNextPeriod": 24499999999.999996, "fcff": -33051111111.111107, "presentValue": -26348143424.036274, "cumulativeOperatingCash": -58611111111.111115 }, { "year": 3, "revenue": 108200000000, "operatingMargin": -0.0888888888888889, "ebit": -9617777777.77778, "cashTax": 0, "nopat": -9617777777.77778, "netReinvestmentForNextPeriod": 34300000000.000015, "fcff": -43917777777.777794, "presentValue": -31259806750.080986, "cumulativeOperatingCash": -102528888888.88892 }, { "year": 4, "revenue": 176800000000.00003, "operatingMargin": -0.033333333333333354, "ebit": -5893333333.333338, "cashTax": 0, "nopat": -5893333333.333338, "netReinvestmentForNextPeriod": 44099999999.999985, "fcff": -49993333333.33332, "presentValue": -31771667133.05218, "cumulativeOperatingCash": -152522222222.22223 }, { "year": 5, "revenue": 265000000000, "operatingMargin": 0.0222222222222222, "ebit": 5888888888.888883, "cashTax": 1472222222.2222207, "nopat": 4416666666.666662, "netReinvestmentForNextPeriod": 53900000000, "fcff": -49483333333.333336, "presentValue": -28078172243.80868, "cumulativeOperatingCash": -202005555555.55557 }, { "year": 6, "revenue": 372800000000, "operatingMargin": 0.07777777777777778, "ebit": 28995555555.555557, "cashTax": 7248888888.888889, "nopat": 21746666666.666668, "netReinvestmentForNextPeriod": 63699999999.99997, "fcff": -41953333333.3333, "presentValue": -21254864303.792507, "cumulativeOperatingCash": -243958888888.88885 }, { "year": 7, "revenue": 500199999999.99994, "operatingMargin": 0.1333333333333333, "ebit": 66693333333.33331, "cashTax": 16673333333.333328, "nopat": 50019999999.999985, "netReinvestmentForNextPeriod": 73500000000.00009, "fcff": -23480000000.000107, "presentValue": -10621159576.110304, "cumulativeOperatingCash": -267438888888.88898 }, { "year": 8, "revenue": 647200000000.0001, "operatingMargin": 0.18888888888888888, "ebit": 122248888888.88892, "cashTax": 30562222222.22223, "nopat": 91686666666.66669, "netReinvestmentForNextPeriod": 83299999999.99994, "fcff": 8386666666.666748, "presentValue": 3387234005.320341, "cumulativeOperatingCash": -259052222222.22223 }, { "year": 9, "revenue": 813800000000, "operatingMargin": 0.2444444444444444, "ebit": 198928888888.88885, "cashTax": 49732222222.22221, "nopat": 149196666666.66663, "netReinvestmentForNextPeriod": 93100000000, "fcff": 56096666666.666626, "presentValue": 20229020368.049988, "cumulativeOperatingCash": -202955555555.5556 }, { "year": 10, "revenue": 1000000000000, "operatingMargin": 0.3, "ebit": 300000000000, "cashTax": 75000000000, "nopat": 225000000000, "netReinvestmentForNextPeriod": 140625000000, "fcff": 84375000000, "presentValue": 27166491837.339966, "cumulativeOperatingCash": -118580555555.5556 } ], "enterpriseValue": 285599881768.50037, "explicitCashFlowPV": -121897495791.59921, "terminalValuePV": 407497377560.0996, "terminalShareOfEnterpriseValue": 1.4268121367445317, "terminal": { "nextRevenue": 1050000000000, "nextNopat": 236250000000, "netReinvestment": 147656250000, "reinvestmentRate": 0.625, "fcff": 88593750000, "valueAtHorizon": 1265625000000.0002, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 227438888888.88898, "peakYear": 7, "closingCashBeforeNewFinancing": -68580555555.5556, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4787576366283137, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "roc0.12_g0.01", "returnOnIncrementalCapital": 0.12, "growth": 0.01, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.01, "terminalReturnOnIncrementalCapital": 0.12, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1000000000000, "initialInvestment": 4900000000, "rows": [ { "year": 1, "revenue": 29800000000, "operatingMargin": -0.2, "ebit": -5960000000, "cashTax": 0, "nopat": -5960000000, "netReinvestmentForNextPeriod": 14700000000.000004, "fcff": -20660000000.000004, "presentValue": -18446428571.428574, "cumulativeOperatingCash": -25560000000.000004 }, { "year": 2, "revenue": 59200000000.00001, "operatingMargin": -0.14444444444444446, "ebit": -8551111111.111113, "cashTax": 0, "nopat": -8551111111.111113, "netReinvestmentForNextPeriod": 24499999999.999996, "fcff": -33051111111.111107, "presentValue": -26348143424.036274, "cumulativeOperatingCash": -58611111111.111115 }, { "year": 3, "revenue": 108200000000, "operatingMargin": -0.0888888888888889, "ebit": -9617777777.77778, "cashTax": 0, "nopat": -9617777777.77778, "netReinvestmentForNextPeriod": 34300000000.000015, "fcff": -43917777777.777794, "presentValue": -31259806750.080986, "cumulativeOperatingCash": -102528888888.88892 }, { "year": 4, "revenue": 176800000000.00003, "operatingMargin": -0.033333333333333354, "ebit": -5893333333.333338, "cashTax": 0, "nopat": -5893333333.333338, "netReinvestmentForNextPeriod": 44099999999.999985, "fcff": -49993333333.33332, "presentValue": -31771667133.05218, "cumulativeOperatingCash": -152522222222.22223 }, { "year": 5, "revenue": 265000000000, "operatingMargin": 0.0222222222222222, "ebit": 5888888888.888883, "cashTax": 1472222222.2222207, "nopat": 4416666666.666662, "netReinvestmentForNextPeriod": 53900000000, "fcff": -49483333333.333336, "presentValue": -28078172243.80868, "cumulativeOperatingCash": -202005555555.55557 }, { "year": 6, "revenue": 372800000000, "operatingMargin": 0.07777777777777778, "ebit": 28995555555.555557, "cashTax": 7248888888.888889, "nopat": 21746666666.666668, "netReinvestmentForNextPeriod": 63699999999.99997, "fcff": -41953333333.3333, "presentValue": -21254864303.792507, "cumulativeOperatingCash": -243958888888.88885 }, { "year": 7, "revenue": 500199999999.99994, "operatingMargin": 0.1333333333333333, "ebit": 66693333333.33331, "cashTax": 16673333333.333328, "nopat": 50019999999.999985, "netReinvestmentForNextPeriod": 73500000000.00009, "fcff": -23480000000.000107, "presentValue": -10621159576.110304, "cumulativeOperatingCash": -267438888888.88898 }, { "year": 8, "revenue": 647200000000.0001, "operatingMargin": 0.18888888888888888, "ebit": 122248888888.88892, "cashTax": 30562222222.22223, "nopat": 91686666666.66669, "netReinvestmentForNextPeriod": 83299999999.99994, "fcff": 8386666666.666748, "presentValue": 3387234005.320341, "cumulativeOperatingCash": -259052222222.22223 }, { "year": 9, "revenue": 813800000000, "operatingMargin": 0.2444444444444444, "ebit": 198928888888.88885, "cashTax": 49732222222.22221, "nopat": 149196666666.66663, "netReinvestmentForNextPeriod": 93100000000, "fcff": 56096666666.666626, "presentValue": 20229020368.049988, "cumulativeOperatingCash": -202955555555.5556 }, { "year": 10, "revenue": 1000000000000, "operatingMargin": 0.3, "ebit": 300000000000, "cashTax": 75000000000, "nopat": 225000000000, "netReinvestmentForNextPeriod": 18750000000, "fcff": 206250000000, "presentValue": 66406980046.83103, "cumulativeOperatingCash": 3294444444.444397 } ], "enterpriseValue": 527079809211.5222, "explicitCashFlowPV": -82657007582.10815, "terminalValuePV": 609736816793.6304, "terminalShareOfEnterpriseValue": 1.156820667643782, "terminal": { "nextRevenue": 1010000000000, "nextNopat": 227250000000, "netReinvestment": 18937500000.000004, "reinvestmentRate": 0.08333333333333334, "fcff": 208312500000, "valueAtHorizon": 1893750000000, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 227438888888.88898, "peakYear": 7, "closingCashBeforeNewFinancing": 53294444444.4444, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4787576366283137, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "roc0.12_g0.05", "returnOnIncrementalCapital": 0.12, "growth": 0.05, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.05, "terminalReturnOnIncrementalCapital": 0.12, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1000000000000, "initialInvestment": 4900000000, "rows": [ { "year": 1, "revenue": 29800000000, "operatingMargin": -0.2, "ebit": -5960000000, "cashTax": 0, "nopat": -5960000000, "netReinvestmentForNextPeriod": 14700000000.000004, "fcff": -20660000000.000004, "presentValue": -18446428571.428574, "cumulativeOperatingCash": -25560000000.000004 }, { "year": 2, "revenue": 59200000000.00001, "operatingMargin": -0.14444444444444446, "ebit": -8551111111.111113, "cashTax": 0, "nopat": -8551111111.111113, "netReinvestmentForNextPeriod": 24499999999.999996, "fcff": -33051111111.111107, "presentValue": -26348143424.036274, "cumulativeOperatingCash": -58611111111.111115 }, { "year": 3, "revenue": 108200000000, "operatingMargin": -0.0888888888888889, "ebit": -9617777777.77778, "cashTax": 0, "nopat": -9617777777.77778, "netReinvestmentForNextPeriod": 34300000000.000015, "fcff": -43917777777.777794, "presentValue": -31259806750.080986, "cumulativeOperatingCash": -102528888888.88892 }, { "year": 4, "revenue": 176800000000.00003, "operatingMargin": -0.033333333333333354, "ebit": -5893333333.333338, "cashTax": 0, "nopat": -5893333333.333338, "netReinvestmentForNextPeriod": 44099999999.999985, "fcff": -49993333333.33332, "presentValue": -31771667133.05218, "cumulativeOperatingCash": -152522222222.22223 }, { "year": 5, "revenue": 265000000000, "operatingMargin": 0.0222222222222222, "ebit": 5888888888.888883, "cashTax": 1472222222.2222207, "nopat": 4416666666.666662, "netReinvestmentForNextPeriod": 53900000000, "fcff": -49483333333.333336, "presentValue": -28078172243.80868, "cumulativeOperatingCash": -202005555555.55557 }, { "year": 6, "revenue": 372800000000, "operatingMargin": 0.07777777777777778, "ebit": 28995555555.555557, "cashTax": 7248888888.888889, "nopat": 21746666666.666668, "netReinvestmentForNextPeriod": 63699999999.99997, "fcff": -41953333333.3333, "presentValue": -21254864303.792507, "cumulativeOperatingCash": -243958888888.88885 }, { "year": 7, "revenue": 500199999999.99994, "operatingMargin": 0.1333333333333333, "ebit": 66693333333.33331, "cashTax": 16673333333.333328, "nopat": 50019999999.999985, "netReinvestmentForNextPeriod": 73500000000.00009, "fcff": -23480000000.000107, "presentValue": -10621159576.110304, "cumulativeOperatingCash": -267438888888.88898 }, { "year": 8, "revenue": 647200000000.0001, "operatingMargin": 0.18888888888888888, "ebit": 122248888888.88892, "cashTax": 30562222222.22223, "nopat": 91686666666.66669, "netReinvestmentForNextPeriod": 83299999999.99994, "fcff": 8386666666.666748, "presentValue": 3387234005.320341, "cumulativeOperatingCash": -259052222222.22223 }, { "year": 9, "revenue": 813800000000, "operatingMargin": 0.2444444444444444, "ebit": 198928888888.88885, "cashTax": 49732222222.22221, "nopat": 149196666666.66663, "netReinvestmentForNextPeriod": 93100000000, "fcff": 56096666666.666626, "presentValue": 20229020368.049988, "cumulativeOperatingCash": -202955555555.5556 }, { "year": 10, "revenue": 1000000000000, "operatingMargin": 0.3, "ebit": 300000000000, "cashTax": 75000000000, "nopat": 225000000000, "netReinvestmentForNextPeriod": 93750000000, "fcff": 131250000000, "presentValue": 42258987302.52884, "cumulativeOperatingCash": -71705555555.5556 } ], "enterpriseValue": 527079809211.5223, "explicitCashFlowPV": -106805000326.41034, "terminalValuePV": 633884809537.9326, "terminalShareOfEnterpriseValue": 1.2026353475504663, "terminal": { "nextRevenue": 1050000000000, "nextNopat": 236250000000, "netReinvestment": 98437500000, "reinvestmentRate": 0.4166666666666667, "fcff": 137812500000, "valueAtHorizon": 1968750000000.0002, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 227438888888.88898, "peakYear": 7, "closingCashBeforeNewFinancing": -21705555555.555603, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4787576366283137, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "roc0.2_g0.01", "returnOnIncrementalCapital": 0.2, "growth": 0.01, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.01, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1000000000000, "initialInvestment": 4900000000, "rows": [ { "year": 1, "revenue": 29800000000, "operatingMargin": -0.2, "ebit": -5960000000, "cashTax": 0, "nopat": -5960000000, "netReinvestmentForNextPeriod": 14700000000.000004, "fcff": -20660000000.000004, "presentValue": -18446428571.428574, "cumulativeOperatingCash": -25560000000.000004 }, { "year": 2, "revenue": 59200000000.00001, "operatingMargin": -0.14444444444444446, "ebit": -8551111111.111113, "cashTax": 0, "nopat": -8551111111.111113, "netReinvestmentForNextPeriod": 24499999999.999996, "fcff": -33051111111.111107, "presentValue": -26348143424.036274, "cumulativeOperatingCash": -58611111111.111115 }, { "year": 3, "revenue": 108200000000, "operatingMargin": -0.0888888888888889, "ebit": -9617777777.77778, "cashTax": 0, "nopat": -9617777777.77778, "netReinvestmentForNextPeriod": 34300000000.000015, "fcff": -43917777777.777794, "presentValue": -31259806750.080986, "cumulativeOperatingCash": -102528888888.88892 }, { "year": 4, "revenue": 176800000000.00003, "operatingMargin": -0.033333333333333354, "ebit": -5893333333.333338, "cashTax": 0, "nopat": -5893333333.333338, "netReinvestmentForNextPeriod": 44099999999.999985, "fcff": -49993333333.33332, "presentValue": -31771667133.05218, "cumulativeOperatingCash": -152522222222.22223 }, { "year": 5, "revenue": 265000000000, "operatingMargin": 0.0222222222222222, "ebit": 5888888888.888883, "cashTax": 1472222222.2222207, "nopat": 4416666666.666662, "netReinvestmentForNextPeriod": 53900000000, "fcff": -49483333333.333336, "presentValue": -28078172243.80868, "cumulativeOperatingCash": -202005555555.55557 }, { "year": 6, "revenue": 372800000000, "operatingMargin": 0.07777777777777778, "ebit": 28995555555.555557, "cashTax": 7248888888.888889, "nopat": 21746666666.666668, "netReinvestmentForNextPeriod": 63699999999.99997, "fcff": -41953333333.3333, "presentValue": -21254864303.792507, "cumulativeOperatingCash": -243958888888.88885 }, { "year": 7, "revenue": 500199999999.99994, "operatingMargin": 0.1333333333333333, "ebit": 66693333333.33331, "cashTax": 16673333333.333328, "nopat": 50019999999.999985, "netReinvestmentForNextPeriod": 73500000000.00009, "fcff": -23480000000.000107, "presentValue": -10621159576.110304, "cumulativeOperatingCash": -267438888888.88898 }, { "year": 8, "revenue": 647200000000.0001, "operatingMargin": 0.18888888888888888, "ebit": 122248888888.88892, "cashTax": 30562222222.22223, "nopat": 91686666666.66669, "netReinvestmentForNextPeriod": 83299999999.99994, "fcff": 8386666666.666748, "presentValue": 3387234005.320341, "cumulativeOperatingCash": -259052222222.22223 }, { "year": 9, "revenue": 813800000000, "operatingMargin": 0.2444444444444444, "ebit": 198928888888.88885, "cashTax": 49732222222.22221, "nopat": 149196666666.66663, "netReinvestmentForNextPeriod": 93100000000, "fcff": 56096666666.666626, "presentValue": 20229020368.049988, "cumulativeOperatingCash": -202955555555.5556 }, { "year": 10, "revenue": 1000000000000, "operatingMargin": 0.3, "ebit": 300000000000, "cashTax": 75000000000, "nopat": 225000000000, "netReinvestmentForNextPeriod": 11250000000, "fcff": 213750000000, "presentValue": 68821779321.26125, "cumulativeOperatingCash": 10794444444.444397 } ], "enterpriseValue": 551666856369.3572, "explicitCashFlowPV": -80242208307.67793, "terminalValuePV": 631909064677.0352, "terminalShareOfEnterpriseValue": 1.1454541040144588, "terminal": { "nextRevenue": 1010000000000, "nextNopat": 227250000000, "netReinvestment": 11362500000, "reinvestmentRate": 0.049999999999999996, "fcff": 215887500000, "valueAtHorizon": 1962613636363.6365, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 227438888888.88898, "peakYear": 7, "closingCashBeforeNewFinancing": 60794444444.4444, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4787576366283137, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } }, { "id": "roc0.2_g0.05", "returnOnIncrementalCapital": 0.2, "growth": 0.05, "projection": { "status": "hypothetical_projection", "inputs": { "evidenceClass": "hypothetical", "currency": "USD", "baseAnnualRevenue": 20000000000, "years": 10, "rampPower": 2, "firstYearOperatingMargin": -0.2, "matureOperatingMargin": 0.3, "cashTaxRate": 0.25, "incrementalSalesToCapital": 2, "costOfCapital": 0.12, "terminalGrowth": 0.05, "terminalReturnOnIncrementalCapital": 0.2, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000 }, "terminalRevenue": 1000000000000, "initialInvestment": 4900000000, "rows": [ { "year": 1, "revenue": 29800000000, "operatingMargin": -0.2, "ebit": -5960000000, "cashTax": 0, "nopat": -5960000000, "netReinvestmentForNextPeriod": 14700000000.000004, "fcff": -20660000000.000004, "presentValue": -18446428571.428574, "cumulativeOperatingCash": -25560000000.000004 }, { "year": 2, "revenue": 59200000000.00001, "operatingMargin": -0.14444444444444446, "ebit": -8551111111.111113, "cashTax": 0, "nopat": -8551111111.111113, "netReinvestmentForNextPeriod": 24499999999.999996, "fcff": -33051111111.111107, "presentValue": -26348143424.036274, "cumulativeOperatingCash": -58611111111.111115 }, { "year": 3, "revenue": 108200000000, "operatingMargin": -0.0888888888888889, "ebit": -9617777777.77778, "cashTax": 0, "nopat": -9617777777.77778, "netReinvestmentForNextPeriod": 34300000000.000015, "fcff": -43917777777.777794, "presentValue": -31259806750.080986, "cumulativeOperatingCash": -102528888888.88892 }, { "year": 4, "revenue": 176800000000.00003, "operatingMargin": -0.033333333333333354, "ebit": -5893333333.333338, "cashTax": 0, "nopat": -5893333333.333338, "netReinvestmentForNextPeriod": 44099999999.999985, "fcff": -49993333333.33332, "presentValue": -31771667133.05218, "cumulativeOperatingCash": -152522222222.22223 }, { "year": 5, "revenue": 265000000000, "operatingMargin": 0.0222222222222222, "ebit": 5888888888.888883, "cashTax": 1472222222.2222207, "nopat": 4416666666.666662, "netReinvestmentForNextPeriod": 53900000000, "fcff": -49483333333.333336, "presentValue": -28078172243.80868, "cumulativeOperatingCash": -202005555555.55557 }, { "year": 6, "revenue": 372800000000, "operatingMargin": 0.07777777777777778, "ebit": 28995555555.555557, "cashTax": 7248888888.888889, "nopat": 21746666666.666668, "netReinvestmentForNextPeriod": 63699999999.99997, "fcff": -41953333333.3333, "presentValue": -21254864303.792507, "cumulativeOperatingCash": -243958888888.88885 }, { "year": 7, "revenue": 500199999999.99994, "operatingMargin": 0.1333333333333333, "ebit": 66693333333.33331, "cashTax": 16673333333.333328, "nopat": 50019999999.999985, "netReinvestmentForNextPeriod": 73500000000.00009, "fcff": -23480000000.000107, "presentValue": -10621159576.110304, "cumulativeOperatingCash": -267438888888.88898 }, { "year": 8, "revenue": 647200000000.0001, "operatingMargin": 0.18888888888888888, "ebit": 122248888888.88892, "cashTax": 30562222222.22223, "nopat": 91686666666.66669, "netReinvestmentForNextPeriod": 83299999999.99994, "fcff": 8386666666.666748, "presentValue": 3387234005.320341, "cumulativeOperatingCash": -259052222222.22223 }, { "year": 9, "revenue": 813800000000, "operatingMargin": 0.2444444444444444, "ebit": 198928888888.88885, "cashTax": 49732222222.22221, "nopat": 149196666666.66663, "netReinvestmentForNextPeriod": 93100000000, "fcff": 56096666666.666626, "presentValue": 20229020368.049988, "cumulativeOperatingCash": -202955555555.5556 }, { "year": 10, "revenue": 1000000000000, "operatingMargin": 0.3, "ebit": 300000000000, "cashTax": 75000000000, "nopat": 225000000000, "netReinvestmentForNextPeriod": 56250000000, "fcff": 168750000000, "presentValue": 54332983674.67993, "cumulativeOperatingCash": -34205555555.555603 } ], "enterpriseValue": 720263751165.94, "explicitCashFlowPV": -94731003954.25925, "terminalValuePV": 814994755120.1992, "terminalShareOfEnterpriseValue": 1.131522659304889, "terminal": { "nextRevenue": 1050000000000, "nextNopat": 236250000000, "netReinvestment": 59062500000, "reinvestmentRate": 0.25, "fcff": 177187500000, "valueAtHorizon": 2531250000000.0005, "positiveDistributableCash": true }, "funding": { "known": true, "openingUsableCash": 50000000000, "minimumCashFloor": 10000000000, "peakAdditionalCashRequired": 227438888888.88898, "peakYear": 7, "closingCashBeforeNewFinancing": 15794444444.444397, "interpretation": "Annual unlevered cash grid before debt service and financing fees; no funding is assumed supplied. Not an intrayear maximum or an equity issuance amount." }, "impliedRevenueCAGR": 0.4787576366283137, "scope": "FCFF operating value before financing claims. Net reinvestment includes net capital spending and working capital, not gross capex on top of depreciation. Research and compute-service costs belong in margins. No loss carryforwards, separate lease capitalization, SBC addback, survival probability or issuer calibration is supplied." } } ], "transactionBridges": { "knownIllustration": { "equityValue": 1020000000000, "perShareValue": null, "interpretation": "Illustrative matching perimeter only. Do not subtract service commitments already reflected in operating cash a second time, or assume unverified class rights." }, "unknownIssuer": { "equityValue": null, "perShareValue": null, "interpretation": "Illustrative matching perimeter only. Do not subtract service commitments already reflected in operating cash a second time, or assume unverified class rights." }, "offering": { "status": "hypothetical_cash_bridge", "offeringGross": 100000000000, "issuerGross": 80000000000, "sellingHolderGross": 20000000000, "issuerFees": 3000000000, "issuerNetProceeds": 77000000000, "issuerCashAfterDebtRepayment": 57000000000, "debtReduction": 20000000000, "changeInCashLessDebt": 77000000000, "newShareFractionAtQuotedPrice": 0.04, "scope": "Same quoted price and economic class assumed; secondary sales create no new issuer cash or shares. Cash allocation is not business profit or proof of fair value." }, "unknownOffering": { "status": "incomplete_terms", "issuerNetProceeds": null, "issuerCashAfterDebtRepayment": null, "newShareFractionAtQuotedPrice": null }, "newEquityWithoutFees": { "incumbentOwnershipFraction": 0.8333333333333334, "postIssueAssetValue": 600000000000, "incumbentStakeValue": 500000000000, "scope": "One economic class at the selected pre-issue price; business value unchanged apart from cash and costs. No claim that these are available or fair transaction terms." }, "newEquityWithFees": { "incumbentOwnershipFraction": 0.8333333333333334, "postIssueAssetValue": 597000000000, "incumbentStakeValue": 497500000000, "scope": "One economic class at the selected pre-issue price; business value unchanged apart from cash and costs. No claim that these are available or fair transaction terms." } }, "interpretation": "Required conditions, not a share-price target. No actual Anthropic earnings, cash balance, capital claims, offering proceeds or dilution are estimated. Liquidity support must be executable; terminal value is not a cash receipt." }