GoPro's Equity Story

October 1, 2017 | Author: BlueBook | Category: Accrual, Discounted Cash Flow, Valuation (Finance), Business Economics, Financial Economics
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This short deck tells the equity story behind GoPro - the high growth HD camera manufacturer and retailer. We look at...

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GOPRO A GLOBAL MEDIA BRAND

Tell the Story Behind the Numbers

Table of Contents •  Recent Capital Markets Activity •  Online Camera Market Overview •  Company Considerations –  Share price performance –  Recent Corporate Actions (eg. M&A, news announcements) –  Operating Performance –  Valuation

Executive Summary • 

GoPro, the manufacturer of high definition personal capture devices, is rapidly gaining market share in the digital capture market.

• 

Current and future revenues will come from “Virtuous Cycle” – 

People film content with social currency which is shared -> more people view content and are then compelled to buy a GoPro which repeats

• 

As a media platform it could have the ability to curate the best content and gain advertising/royalties etc.

• 

The market seems very optimistic about GoPro’s media platform opportunity which is at least 2-3 years from materialising. Based on our valuation analysis, the company is not trading on fundamentals: –  –  – 

• 

Based on forecasts, a 5-year discounted cash flow model yields a per share valuation of $21.30 GoPro currently trades at $68.2 on NYSE – an implied 3x market premium to the fundamental DCF value Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/ E multiple and an 88% premium on its EV/Sales

It is far too early for long-term investors to be able to tell whether GoPro will have staying power or will be out-competed by larger counterparts like Sony, Google, or Apple.

RECENT CAPITAL MARKETS ACTIVITY

Investor Sentiment Quotes •  “We believe GoPro is an atypical consumer electronics company, because it has successfully differentiated through the content and engaging experiences it enables, not through the wearable capture device itself.”(Citi) •  “One thing that surprised us is just how large and profitable the company already is for a “start-up.”” (Barclays) •  “If their cameras continue to evolve, then narcissistic thrill seekers might not be GoPro's ultimate market at all.”

Investor Sentiment Quotes •  “It is far too early for long-term investors to be able to tell whether GoPro will have staying power or will be outcompeted by larger counterparts like Sony, Google, or Apple.” •  “The social media video sharing aspect to GoPro is an interesting one, but far too early to consider it a viable revenue stream.” •  “The commoditization of action cams is inevitable, decreasing margins.”

CAMERA MARKET OVERVIEW

Camera Market Overview

•  • 

Camera & Camcorder Market Units shipped Comparison 5000 4000

100

2000

25.00%

5.00%

20.00%

4.00%

15.00%

3.00%

10.00%

2.00%

5.00%

1.00%

0.00%

0.00% 2011  

2012  

 camcorder  market  

2013   camera  Market    

50

1000 0

0 2011

1,000.0

Camera  market  

Camcorder  market  

6.00%

150

3000

GoPro Share of Camera & Camcorder market 30.00%

200

2012 GoPro

2013 total

Revenue by Geography (1000’s)

500.0

0.0 2011 Americas

2012 EMEA APEC

2013 total

Total (1000’s)

• 

GoPro is gaining market share in both the camera and camcorder markets, with 27% and 5% share respectively. The overall digital capture market has fallen by 44% - GoPro however has grown by 240%. Revenue growth in APAC has been slow. US and EMEA have been strong Camera market is trending towards the “selfie” culture

GoPro

• 

GoPro Market Overview •  •  • 

GoPro is among the most viewed brands on Top performing channels in Outdoor Youtube activities & adventure sports category (m) As a media platform it can curate the best content and gain advertising/royalties etc 875 Redbull is currently the leader in this genre 720 of branded marketing – 

•  • 

534

Partnerships such as Stratos jump

340

Only 36% of US have seen GoPro videos Youtube channel is consistently gaining in views and subscribers

redbull discovery gopro

Gopro channel - # Subscribers and Uploaded video views. 2014

subscribers

Uploaded Video views

dcshoes xtreme vid

Uploaded video views (mil)

Have you seen GoPro branded content? (Citi) 560 540 520 500 480 460 440 420 400

Subsrcibers (mil)

2.3 2.2 2.1 2 1.9 1.8 1.7 1.6 1.5

232

No, and I have never heard of GoPro before,

14% 50% 36%

Yes, I have seen GoPro content before, No, but I have heard of GoPro before,

Competitive Landscape •  Cameras –  Sony –  Garmin –  Polaroid –  Ion –  JVC –  Panasonic –  Drift

•  Consumer –  iRobot Corp –  Lululemon athletica –  Chipotle Mexican Grill –  Michael Kors Holdings –  Hain Celestial Group –  Annies inc

•  Online –  RedBull –  Discovery Channel

COMPANY CONSIDERATIONS

Key Company Considerations •  • 

Hardware will lead growth in near term Possible upside should media platform deliver (2016 expected) –  –  –  – 

• 

Advertising opportunities Licensing (Getty images platform) Software and studio initiatives (investments in video editing) Secured deals with Virgin Atlantic, Microsoft Xbox and BMW iDrive

Current and future revenues will come from “Virtuous Cycle” –  People film content with social currency which is shared -> more people view content and are then compelled to buy a GoPro which repeats –  Citi research suggests only 36% of US consumers have seen GoPro videos suggesting the market still offers significant upside

• 

Strong management team. –  Nicholas Woodman – Highly regarded CEO, holds a majority stake –  Tony Bates hired just prior before IPO. Ex-Microsoft/Skype and former board member of Youtube –  Jack Lazar – Corporate development and general manager at QUALCOMM

Key Company Considerations • 

Highly competitive market –  Direct competitors are established and have the revenue and influence to gain back market share.

•  • 

GoPro market share will fall as low end category growth increases. Action cameras will only be adopted by so many people. –  Google glass style technology and better mobile phones will limit mainstream sales. •  GoPro suggests mobile might actually be complementary so this is contentious.

• 

“Cool” factor may not work on mainstream –  Consumer may rather just look at price and ease of use.

• 

To break APAC market a lower cost unit needed which will depress margins –  Likely product model similar to Apple – Ipod touch/nano/shuffle

• 

Media will be difficult to monetize as they do not own content

Share Price Performance vs Competitors (Last 12 Months) Price index (re-based September)

200 180 160

Garmin

Sony

Apple

Netgear

Nike

GPRO IPO – 26/6/2014

Current date – 12/09/2014

IPO Price - $24

High – $70.9

Peer group growth- 8.4%

GPRO growth – 184.5%

Tesla

UnderArmour

140 120 100 80 60 40 Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

GoPro Financial Forecasts Sales & Growth (‘14-’18)

•  Lower cost units required to penetrate mass market eg. APAC

3.0

Sales

Growth (%)

36

35

2.5

•  Sales growth should continue in near term due to strong market presence

EBIT  (1000’s)  

14%

250 11% 200 150

12%

13% 201

15% 275

16% 14%

235

12%

170

10%

134

8% 6%

100

4% 50

2%

0

0% 2014E

2015E

2016E

2017E

2018E

27

2.0

2.0 25

1.7 1.5

20

1.3

18 17

17 15

1.0 10 0.5 5

-

0 2014E

2015E

2016E

2017E

2018E

Growth  in  sales  

Units    sold  (mil)  

300

EBIT  margin  

EBIT Margin (%)

2.3 30

EBIT & Margin (‘14-’18) EBIT

40

2.8

Media Platform as Potential Catalyst •  •  •  • 

Media Platform could prove lucrative if online viewership continues its growth The two main revenue sources we forecast for this business model is advertising and licensing GoPro’s demographic is 18-34 YO which is the most sought after from advertisers Based on a forecast 4 billion video views at $10 and 40,000 videos sold at $500, incremental $60 million annual revenues can be achieved from the media opportunity.

Revenues from advertising.($millions)  

Number of views Billions

1 2 3 4 5 6 7

$6.00 $6.00 $12.00 $18.00 $24.00 $30.00 $36.00 $42.00

Net revenue per 1000 views (CPM $ ) Avg $7.60 $8.00 $10.00 $12.00 $7.60 $8.00 $10.00 $12.00 $15.20 $16.00 $20.00 $24.00 $22.80 $24.00 $30.00 $36.00 $30.40 $32.00 $40.00 $48.00 $38.00 $40.00 $50.00 $60.00 $45.60 $48.00 $60.00 $72.00 $53.20 $56.00 $70.00 $84.00

Revenues from licencing based on Getty images ($ millions) Average price per video ($)   100 200 500 1000 10,000 $1.00 $2.00 $5.00 $10.00 20,000 $2.00 $4.00 $10.00 $20.00 30,000 $3.00 $6.00 $15.00 $30.00 Number of videos sold 40,000 $4.00 $8.00 $20.00 $40.00 50,000 $5.00 $10.00 $25.00 $50.00 60,000 $6.00 $12.00 $30.00 $60.00

$14.00 $14.00 $28.00 $42.00 $56.00 $70.00 $84.00 $98.00

2500 $25.00 $50.00 $75.00 $100.00 $125.00 $150.00

$16.00 $16.00 $32.00 $48.00 $64.00 $80.00 $96.00 $112.00

5000 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00

Key Financial Metrics - Gearing Net Debt / EBITDA 2013A -0.03x

2014E

2015E

2016E

•  GoPro’s down payment of long standing debt of $53,315 using the proceeds of the IPO means its financing will become cash and equity based.  

2017E

-0.63x -1.11x -1.46x -1.81x

Net Debt / (Cash) (1000’s $) 12

69

56 -34 -194 -395

2013A

2014E

2015E

2016E

2017E

2018E

Key Financial Metrics - Liquidity Payables Days • 

The company overall has demonstrated positive liquidity management metrics since 2012 which is forecast to continue

138 134

134 130

129

• 

Payables days has been falling but is forecast to rise

• 

Receivables are expected to increase slightly

141

124

2012A 2013A 2014E 2015E 2016E 2017E 2018E

Inventory Days

Receivables Days

74 66

62

59

56

98 53

51

2012A 2013A 2014E 2015E 2016E 2017E 2018E

72

78

82

81

2012A 2013A 2014E 2015E 2016E

86

88

2017E 2018E

Headline Operational Metrics •  Profit margins are forecast to rise and meet the 40-42% margin target •  R&D is growing as competition increases

Sales Growth Americas

EMEA

APEC

Total

3000000

R&D Spend $000s

•  GoPro is showing robust growth, and has potential for this to continue, especially in the US

80000 60000 40000 20000 0

2010

Net income

Profit Margin (%) 50%

35%

38%

40%

100000

1000000

42%

43% 192785

164652

150000

1500000

2013

300000

200000

2000000

2012

Net Profit ($m) and Margins (%)

250000

2500000

2011

118893

30%

140761

20%

91517

10%

50000

500000

0

0% 2014E

0 2011 2012 2013 2014 2015 2016 2017 2018

40%

2015E

2016E

2017E

2018E

Acquisition History Announced Date March 30th 2011 October 2013

Target

Description

CineForm

Codec Software

$9.9 million

GeneralThings

Web development

$2.9 million

(content management)

Cost

Potential M&A Target Fullscreen •  • 

Buying out a network such as Fullscreen could accelerate the push towards a full-scale content platform Headquarters – 

• 

Founded Date – 

• 

International

Sales Channels – 

• 

>150

Geographic Mix – 

• 

Jan 2011

No. Employees – 

• 

Culver City, California

Youtube

Product Overview –  – 

A network of content creators and brands on Youtube. Over 3 billion monthly views.

COMPANY VALUATION

Discounted Cash Flow Analysis Years Financial Year (Dec. Year end) Total Turnover growth (%)   EBIT margin (%)   Depreciation & Amortisation   Tax @ 30.0% Capital Expenditure Capex/Sales (%)   Working Capital Working Capital / Sales (%)   Free Cash Flow   Discount Factor   Terminal Value   Present Value Enterprise Value (m) Net Debt as at Market Capitalisation (m) No. Shares (m) Share Price ($)

0 2013 985,737

1 2014 1,335,981 35.5%

2 2015 1,696,251 27.0%

3 2016 2,008,230 18.4%

4 2017 2,349,086 17.0%

5 2018 2,750,466 17.1%

98,703 10.0%

101,450 7.6%

201,151 11.9%

295,247 14.7%

412,150 17.5%

521,674 19.0%

10,900.0

12,844.4

23,738.4

54,953.1

89,202.3

128,692.1

(29610.9) 18325.6 -1.9%

(30435.0) 40079.4 -3.0%

(60345.4) 101775.1 -6.0%

(88574.1) 140576.1 -7.0%

(123645.0) 187926.9 -8.0%

(156502.2) 247541.9 -9.0%

32582.0 -3.3%

(87461.2) 6.5%

(40974.7) 2.4%

(23648.9) 1.2%

(24254.0) 1.0%

(40508.1) 1.5%

94248.5

-43681.3

21794.5

97400.9

165526.3

205814.0

0.8939

0.7990

0.7142

0.6384

0.5707

-39045.96

17414.39

69567.25

105679.21

117456.78

2,851 172.5 2,678 126 21.30

 

 

 

 

 

5 Terminal Period                               205814.0   0.5707   4,520,624   2,579,892          

Relative Valuation - Trading Competitor

Market Cap

Enterprise Value ($m)

EV/Sales

P/E

2014

2015

2016

2014

2015

2016

880.44

1.6x

1.4x

1.2x

33.0x

25.8x

21.5x

iRobot Corp

1076

Garmin Ltd

11026

8154

2.9x

2.8x

2.8x

19.1x

17.6x

16.5

Lululemon athletica

5644

4946

3.1x

2.8x

2.4x

19.9x

22.2x

18.6

Chipotle Mexican Grill

18414

18090

4.7x

4.1x

3.7x

47.9x

37.3x

31.9

Michael Kors Holdings

16589

15643

4.7x

3.7x

3.0x

25.2x

20.5x

17.3

Hain Celestial Group

4303

4927

2.3x

2.0x

1.9x

27.2x

23.2x

21.5

Annies inc

537

520

2.2x

1.9x

1.6x

35.0x

27.9x

27.8

Mean

3.1x

2.7x

2.4x

29.6x

24.9x

22.2x

Median

3.0x

2.8x

2.4x

27.2x

23.2x

21.5x

Mean

3,931

4,359

4,590

1,916

3,462

4,564

Median

3,835

4,577

4,647

1,760

3,222

4,429

Current Market Cap

7400

Gopro Implied Market Cap

Min

1,760

Max

4,647

Market Premium (%)

88%

70%

61%

286%

114%

62%

93%

62%

59%

321%

130%

67%

$34.66

$36.50

$15.24

$27.53

$36.30

# of shares

126

Share price

$31.26

Valuation Commentary • 

Based on above forecasts, a 5-year discounted cash flow model yields a per share valuation of $21.30

• 

GoPro currently trades at $68.2 on NYSE – an implied 3.2x market premium to fundamental DCF value

• 

Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/E multiple and an 88% premium on its EV/Sales

• 

Only 14% of total shares were floated, creating an implicit valuation premium – an effect which may be eliminated if insiders such as CEO Woodman sell their shares

• 

The market seems very optimistic about GoPro and is not trading on fundamentals

APPENDIX

Income Statement GoPro Income Statement Net Sales

Hist.

Hist.

Hist

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

234,238.0

526,016.0

985,737.0

1,335,981.1

1,696,251.4

2,008,230.2

2,349,086.0

2,750,465.8

COGS

111,683

298,530

623,953

868,387.7

1,051,675.9

1,204,938.1

1,362,469.9

1,567,765.5

SG&A

83,776

173,869

263,081

366,143.5

443,424.3

508,045.2

574,466.3

661,026.3

EBIT

38,779.0

53,617.0

98,703.0

101,449.9

201,151.2

295,246.9

412,149.9

521,674.0

600.0

2,800.0

10,900.0

12,844.4

23,738.4

54,953.1

89,202.3

128,692.1

 

 

 

 

 

 

 

 

56,417.0

109,603.0

114,294.3

224,889.6

350,200.0

501,352.2

650,366.2

0.0 0.0 2,781.2

0.0 172.2 1,127.3

0.0 1,143.7 0.0

0.0 2,944.1 0.0

198,370.0

294,291.8

413,293.5

524,618.2

Depreciation Amortization EBITDA

-32

-392

-6020

0.0 507.1 7,398.7

38,855.0

54,055.0

97,351.0

94,558.3

Non-recurring items

0.0

0.0

7,374.0

Interest Income

44

46

2

Interest Expense Profit before taxes Taxes Profit after tax Discountinued Operations (Profit) Net income

14,179

20,948

30,751

29,868.8

59,511.0

88,287.5

123,988.1

157,385.5

24,676.0

33,107.0

66,600.0

64,689.4

138,859.0

206,004.3

289,305.5

367,232.7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

24,676.0

33,107.0

66,600.0

64,689.4

138,859.0

206,004.3

289,305.5

367,232.7

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

$0.73

$0.51

$1.10

$1.64

$2.30

$2.92

$0.00

Shareholder information Diluted weighted average shares outstanding Diluted earnings per share

0.0

0.0

0.0

$0.00 0.0

$0.00 0.0

$0.00 0.0

$0.00 0.0

$0.00 0.0

52.3%

43.2% 38.3%

36.7% 84.1%

35.0% 2.8%

38.0% 98.3%

40.0% 46.8%

42.0% 39.6%

43.0% 26.6%

Dividends per share Dividends

Gross Margin EBIT Growth

Balance sheet Balance Sheet   Cash and cash equivalents Accounts receivable Inventories Prepaids Total current assets

Net PP&E Goodwill & Intangibles Other intangibles

Hist. 31-Dec-11

Hist. 31-Dec-12 36,485 80,197 60,412 21,724 198,818.0

Hist. 31-Dec-13 101,410 122,669 111,994 21,967 358,040.0

Proj. 31-Dec-14 0.0 173,677.5 156,309.8 33,399.5 363,386.9

Proj. 31-Dec-15 0.0 220,512.7 199,818.4 50,887.5 471,218.6

Proj. 31-Dec-16 34,439.8 261,069.9 240,987.6 64,263.4 600,760.7

Proj. 31-Dec-17 194,290.4 305,381.2 286,118.7 79,868.9 865,659.2

Proj. 31-Dec-18 394,539.0 357,560.6 344,908.4 99,016.8 1,196,024.8

22,440 8,449 0.0

32,111 17,365 0.0

59,346.0 17,365.0 0.0

137,382.7 17,365.0 0.0

223,005.7 17,365.0 0.0

321,730.3 17,365.0 0.0

440,580.1 17,365.0 0.0

Other assets

16,958

32,155

44,087.4

55,976.3

66,271.6

77,519.8

90,765.4

Total assets

246,665.0

439,671.0

484,185.3

681,942.6

907,403.1

1,282,274.3

1,744,735.3

Short term debt Accounts payable and accruals Accrued income taxes Total current liabilities

15,782 109,840.0 3,578 129,200.0

60,297 220,595.0 19,702 300,594.0

16,052.4 240,476.6 19,116.1 275,645.1

56,364.9 288,362.7 38,087.0 382,814.7

0.0 341,399.1 56,504.0 397,903.2

0.0 399,344.6 79,352.4 478,697.0

0.0 467,579.2 100,726.7 568,305.9

Total long-term debt Other long-term liabilities Total liabilities

113,613 6,455 249,268.0

53,315 13,930 367,839.0

53,315.0 18,703.7 347,663.8

0.0 23,747.5 406,562.2

0.0 28,115.2 426,018.4

0.0 32,887.2 511,584.2

0.0 38,506.5 606,812.4

Common stock Retained earnings Treasury stock

77,617.0 (80,220.0) 0.0

91,716.0 (19,884.0) 0.0

91,716.0 44,805.4 0.0

91,716.0 183,664.4 0.0

91,716.0 389,668.7 0.0

91,716.0 678,974.1 0.0

91,716.0 1,046,206.9 0.0

Total equity

(2,603.0)

71,832.0

136,521.4

275,380.4

481,384.7

770,690.1

1,137,922.9

Total Liab.& Equity

246,665.0

439,671.0

484,185.3

681,942.6

907,403.1

1,282,274.3

1,744,735.3

OK

OK

OK

OK

OK

OK

OK

Balance?

Cash Flow Statement GoPro

 

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

Cash Flow Statement

 

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

24676

Net Income

33107

66600

64689

138859

206004

289305

367233

Depreciation

2800

10900

12844

23738

54953

89202

128692

Amortisation

0

0

0

0

0

0

0

Change in OWC

-48915

32582

-87461

-40975

-23649

-24254

-40508

Change in other assets

-16958

-15197

-11932

-11889

-10295

-11248

-13246

Change in other liabilities

6455

7475

4774

5044

4368

4772

5619

Cash from Operating Activities

-23511

102360

-17086

114778

231381

347777

447791

Capex

0

18326

40079

101775

140576

187927

247542

Cash from Investing Activities

0

-18326

-40079

-101775

-140576

-187927

-247542

Change in Common Stock

77617

14099

0

0

0

0

0

Change in Treasury Stock

0

0

0

0

0

0

0

Dividends

0

0

0

0

0

0

0

Long Term Debt Repayment

113613

-60298

0

-53315

0

0

0

Cash from Financing Activities

191230

-46199

0

-53315

0

0

0

Net Cash Flow

167719

37835

-57165

-40312

90805

159851

200249

41113

-16052

-56365

34440

194290

-16052

-56365

34440

194290

394539

Beginning Cash Ending Cash

41,113

Financial Assumptions  

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

 

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

Sales growth

124.6%

87.4%

35.5%

27.0%

18.4%

17.0%

17.1%

47.7%

56.8%

63.3%

65.0%

62.0%

60.0%

58.0%

57.0%

0.0%

0.0%

40.0%

40.0%

40.0%

40.0%

40.0%

35.8%

33.1%

26.7%

27.0%

27.0%

27.0%

27.0%

27.0%

Amortization of other intangibles amount

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Non-recurring items amount

0.0

0.0

7,374.0

0.0

0.0

0.0

0.0

0.0

36.5%

38.8%

31.6%

30.0%

30.0%

30.0%

30.0%

30.0%

0.0

0.0

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

0.0%

0.0%

0.0%

0.0%

0.0%

COGS as % of sales Annual depr. as % of previous PPE SG&A as % of sales

Effective tax rate Diluted weighted average shares outstanding Dividend per share growth rate Accounts receivable as % of sales

0.0%

15.2%

12.4%

13.0%

13.0%

13.0%

13.0%

13.0%

Inventories % of COGS

0.0%

20.2%

17.9%

18.0%

19.0%

20.0%

21.0%

22.0%

Prepaids % of sales

0.0%

4.1%

2.2%

2.5%

3.0%

3.2%

3.4%

3.6%

Capital expenditures % of sales

0.0%

0.0%

1.9%

3.0%

6.0%

7.0%

8.0%

9.0%

Other assets % of sales

0.0%

3.2%

3.3%

3.3%

3.3%

3.3%

3.3%

3.3%

Accounts payable and accruals % of COGS

0.0%

20.9%

22.4%

18.0%

17.0%

17.0%

17.0%

17.0%

Accrued income taxes % of tax expense

0.0%

17.1%

64.1%

64.0%

64.0%

64.0%

64.0%

64.0%

Other long-term liabilities % of sales

0.0%

1.2%

1.4%

1.4%

1.4%

1.4%

1.4%

1.4%

0.0

77,617.0

91,716.0

91,716.0

91,716.0

91,716.0

91,716.0

91,716.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Common stock amount Share repurchases $ amount (show as positive) Loans due for repayment

0.0

0.0

0.0

53,315.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Short term debt

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

Loans due for repayment

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

Other long-term debt repayment

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

Cash

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

Other long-term debt repayment

Revenue forecasts Revenue Growth

 

  2011

 

 

2012a

2013a

Americas

86.5%

77.4%

EMEA

207.0%

97.8%

APEC

275.5%

115.1%

Total

124.6%

87.4%

2011

2012a

168,450

EMEA

 

 

 

 

2014e

2015e

2016e

2017e

2018e

30%

25%

20%

20%

20%

40%

25%

15%

15%

15%

50%

40%

20%

10%

10%

36%

27%

18%

17%

17%

2013a

2014e

2015e

2016e

2017e

2018e

314,135

557,285

724,471

905,588

1,086,706

1,304,047

1,564,856

51,328

157,587

311,674

436,344

545,430

627,244

721,331

829,530

APEC

14,460

54,294

116,778

175,167

245,234

294,281

323,709

356,079

Total

234,238

526,016

985,737

1,335,981

1,696,251

2,008,230

2,349,086

2,750,466

Revenue Forecasts Americas

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