fm21 - breakeven analyses
TRANSCRIPT
Company NameWebsite URL
FINANCIAL MODEL
Company NameWebsite URL
BREAKEVEN ANALYSES
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R1
Bas
edo
nC
on
serv
ativ
eM
od
el
AM
OU
NTS
SHO
WN
INU
.S.D
OLL
AR
S
SA
LE
SSA
LES
PR
ICE
PER
UN
IT$
2.1
50
4SA
LES
VO
LUM
EP
ERP
ERIO
D(U
NIT
S)2
87
,66
8T
OT
AL
SALE
S$
61
8,5
95
VA
RIA
BL
EC
OS
TS
(no
tw
eigh
ted
by
sale
sch
an
ne
l)
PR
OD
UC
TC
OST
SP
ERU
NIT
$0
.22
24
PA
CK
AG
ING
CO
STS
PER
UN
IT$
0.3
60
8C
O-P
AC
KER
FEES
PER
UN
IT$
0.2
62
5D
ISTR
IBU
TOR
FEES
PER
UN
IT$
0.2
01
2SH
IPP
ING
&W
AR
EHO
USI
NG
CO
STS
PER
UN
IT$
0.0
87
9V
AR
IAB
LEC
OST
SP
ERU
NIT
$1
.13
48
TO
TA
LV
AR
IAB
LEC
OST
S$
30
4,6
19
UN
ITC
ON
TR
IBU
TIO
NM
AR
GIN
1.0
15
6G
RO
SSM
AR
GIN
$3
13
,97
6
FIX
ED
CO
ST
SP
ER
PE
RIO
DSA
LES
AN
DM
AR
KET
ING
$1
,16
7,6
89
RES
EAR
CH
&D
EVEL
OP
MEN
T,P
LAC
EMEN
T$
76
1,8
99
PA
YRO
LL,F
RIN
GES
&P
AYR
OLL
TAX
ES$
1,2
65
,55
0H
EALT
HIN
SUR
AN
CE
$1
80
,00
0O
THER
FIX
EDC
OST
S$
36
2,9
00
PLA
NT
OP
ERA
TIO
NS
$1
40
,20
2C
ON
TIN
GEN
CIE
S$
53
0,4
81
TO
TA
LFI
XED
CO
STS
PER
PER
IOD
$4
,40
8,7
21
NET
PR
OFI
T(L
OSS
)($
4,0
94
,74
5)
RE
SU
LT
SB
REA
KEV
ENP
OIN
T(U
NIT
S):
4,3
41
,14
7
$0
.22
24
,19
%
$0
.36
08
,3
2%
$0
.26
25
,2
3%
$0
.20
12
,18
%
$0
.08
79
,8%
Va
ria
ble
Co
sts
pe
rU
nit
PR
OD
UC
TC
OST
SP
ERU
NIT
PA
CK
AG
ING
CO
STS
PER
UN
IT
CO
-PA
CK
ERFE
ESP
ERU
NIT
DIS
TRIB
UTO
RFE
ESP
ERU
NIT
SHIP
PIN
G&
WA
REH
OU
SIN
GC
OST
SP
ERU
NIT
$1
.13
48
,5
3%
1.0
15
6,
47
%
Un
itC
on
trib
uti
on
Ma
rgin
VA
RIA
BLE
CO
STS
PER
UN
IT
UN
ITC
ON
TRIB
UTI
ON
MA
RG
IN
Fin
anci
alM
od
el
12
/2/2
01
62
:33
PM
Bre
ake
ven
An
alys
is-
Yr1
1
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R1
Bas
edo
nC
on
serv
ativ
eM
od
el
NO
TE:
Spik
es
inth
e5
th,7
th,a
nd
9th
mo
nth
sar
ed
ue
toca
pit
alm
ach
ine
ryp
urc
has
es.
(80
0,0
00
)
(60
0,0
00
)
(40
0,0
00
)
(20
0,0
00
)0
20
0,0
00
40
0,0
00
60
0,0
00
80
0,0
00
1,0
00
,00
0
12
34
56
78
91
01
11
2
Bre
akev
en
An
alys
isC
har
t
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
VA
RIA
BLE
CO
STO
FG
OO
DS
SOLD
TOTA
LC
OST
STO
TAL
SALE
SN
ETP
RO
FIT
(LO
SS)
Fin
anci
alM
od
el
12
/2/2
01
62
:33
PM
Bre
ake
ven
An
alys
is-
Yr1
2
Po
pEn
joy,
Inc.
Co
nfi
den
tial
SA
LE
SV
OL
UM
EA
NA
LY
SIS
Jan
uar
y-1
5Fe
bru
ary-
15
Mar
ch-1
5A
pri
l-1
5M
ay-1
5Ju
ne
-15
July
-15
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
00
00
00
0SA
LES
PR
ICE
PER
UN
IT$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5V
AR
IAB
LEC
OST
OF
GO
OD
SSO
LD$
0$
0$
0$
0$
0$
0$
0O
PER
ATI
NG
EXP
ENSE
S$
19
5,5
78
$1
69
,12
8$
15
3,0
28
$1
79
,10
3$
21
4,1
78
$3
01
,23
3$
42
5,8
26
TOTA
LC
OST
S$
19
5,5
78
$1
69
,12
8$
15
3,0
28
$1
79
,10
3$
21
4,1
78
$3
01
,23
3$
42
5,8
26
TOTA
LSA
LES
$0
$0
$0
$0
$0
$0
$0
NET
PR
OFI
T(L
OSS
)($
19
5,5
78
)($
16
9,1
28
)($
15
3,0
28
)($
17
9,1
03
)($
21
4,1
78
)($
30
1,2
33
)($
42
5,8
26
)
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R1
Bas
edo
nC
on
serv
ativ
eM
od
el
Fin
anci
alM
od
el
12
/2/2
01
62
:33
PM
Bre
ake
ven
An
alys
is-
Yr1
3
Po
pEn
joy,
Inc.
Co
nfi
den
tial
Au
gust
-15
Sep
tem
be
r-1
5O
cto
be
r-1
5N
ove
mb
er-
15
De
cem
be
r-1
5YE
AR
TOTA
LS
AL
ES
VO
LU
ME
AN
AL
YS
IS1
1,5
07
25
,89
04
5,0
68
73
,83
51
31
,36
92
87
,66
8SA
LES
VO
LUM
EP
ERP
ERIO
D(U
NIT
S)$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5SA
LES
PR
ICE
PER
UN
IT$
12
,18
5$
27
,41
6$
47
,72
4$
78
,18
6$
13
9,1
10
30
4,6
19
FIX
EDC
OST
SP
ERP
ERIO
D$
55
5,5
43
$5
85
,49
8$
48
6,8
61
$4
94
,44
4$
64
8,3
01
$4
,40
8,7
21
VA
RIA
BLE
CO
STS
$5
67
,72
8$
61
2,9
13
$5
34
,58
5$
57
2,6
30
$7
87
,41
0$
4,7
13
,34
0TO
TAL
CO
STS
$2
4,7
44
$5
5,6
74
$9
6,9
13
$1
58
,77
3$
28
2,4
92
$6
18
,59
5TO
TAL
SALE
S($
54
2,9
84
)($
55
7,2
40
)($
43
7,6
72
)($
41
3,8
57
)($
50
4,9
18
)($
4,0
94
,74
5)
NET
PR
OFI
T(L
OSS
)
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R1
Bas
edo
nC
on
serv
ativ
eM
od
el
Fin
anci
alM
od
el
12
/2/2
01
62
:33
PM
Bre
ake
ven
An
alys
is-
Yr1
4
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R2
Bas
edo
nC
on
serv
ativ
eM
od
el
AM
OU
NTS
SHO
WN
INU
.S.D
OLL
AR
S
SA
LE
SSA
LES
PR
ICE
PER
UN
IT$
2.1
50
4SA
LES
VO
LUM
EP
ERP
ERIO
D(U
NIT
S)1
8,1
08
,07
7T
OT
AL
SALE
S$
38
,93
9,1
93
VA
RIA
BL
EC
OS
TS
(no
tw
eigh
ted
by
sale
sch
an
ne
l)
PR
OD
UC
TC
OST
SP
ERU
NIT
$0
.22
24
PA
CK
AG
ING
CO
STS
PER
UN
IT$
0.3
60
8C
O-P
AC
KER
FEES
PER
UN
IT*
($0
.00
00
)D
ISTR
IBU
TOR
FEES
PER
UN
IT$
0.2
01
2SH
IPP
ING
&W
AR
EHO
USI
NG
CO
STS
PER
UN
IT$
0.0
87
9V
AR
IAB
LEC
OST
SP
ERU
NIT
$0
.87
24
TO
TA
LV
AR
IAB
LEC
OST
S$
14
,04
8,6
63
UN
ITC
ON
TR
IBU
TIO
NM
AR
GIN
1.2
78
0G
RO
SSM
AR
GIN
$2
4,8
90
,53
0
FIX
ED
CO
ST
SP
ER
PE
RIO
DSA
LES
AN
DM
AR
KET
ING
$6
,97
3,4
53
RES
EAR
CH
&D
EVEL
OP
MEN
T,P
LAC
EMEN
T$
2,7
65
,72
7P
AYR
OLL
,FR
ING
ES&
PA
YRO
LLTA
XES
$1
,59
5,1
48
HEA
LTH
INSU
RA
NC
E$
90
0,9
00
OTH
ERFI
XED
CO
STS
$3
11
,40
0P
LAN
TO
PER
ATI
ON
S$
20
8,4
04
CO
NTI
NG
ENC
IES
$1
,60
5,2
26
TO
TA
LFI
XED
CO
STS
PER
PER
IOD
$1
4,3
60
,25
7
NET
PR
OFI
T(L
OSS
)$
10
,53
0,2
73
RE
SU
LT
SB
REA
KEV
ENP
OIN
T(U
NIT
S):
11
,23
6,2
98
*A
vera
geco
stb
ase
do
ne
nti
reru
n.
Po
pEn
joy
will
also
be
pac
kin
gin
ho
use
,re
du
cin
gth
ese
cost
s.
$0
.22
24
,26
%
$0
.36
08
,4
1%
($0
.00
00
),0
%
$0
.20
12
,23
%
$0
.08
79
,10
%
Va
ria
ble
Co
sts
pe
rU
nit
PR
OD
UC
TC
OST
SP
ERU
NIT
PA
CK
AG
ING
CO
STS
PER
UN
IT
CO
-PA
CK
ERFE
ESP
ERU
NIT
*
DIS
TRIB
UTO
RFE
ESP
ERU
NIT
SHIP
PIN
G&
WA
REH
OU
SIN
GC
OST
SP
ERU
NIT
$0
.87
24
,4
1%
1.2
78
0,
59
%
Un
itC
on
trib
uti
on
Ma
rgin
VA
RIA
BLE
CO
STS
PER
UN
IT
UN
ITC
ON
TRIB
UTI
ON
MA
RG
IN
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr2
1
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R2
Bas
edo
nC
on
serv
ativ
eM
od
el
NO
TE:
Spik
es
are
du
eto
pu
rch
ase
of
cap
ital
mac
hin
ery
.
(1,0
00
,00
0)0
1,0
00
,00
0
2,0
00
,00
0
3,0
00
,00
0
4,0
00
,00
0
5,0
00
,00
0
6,0
00
,00
0
7,0
00
,00
0
12
34
56
78
91
01
11
2
Bre
akev
en
An
alys
isC
har
t
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
VA
RIA
BLE
CO
STO
FG
OO
DS
SOLD
TOTA
LC
OST
STO
TAL
SALE
SN
ETP
RO
FIT
(LO
SS)
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr2
2
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R2
Bas
edo
nC
on
serv
ativ
eM
od
el
SA
LE
SV
OL
UM
EA
NA
LY
SIS
Jan
-16
Feb
ruar
y-1
6M
arch
-16
Ap
ril-
16
May
-16
Jun
e-1
6Ju
ly-1
6
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
24
6,4
36
47
6,5
70
70
6,7
05
93
6,8
40
1,1
66
,97
41
,39
5,7
50
1,6
24
,52
7SA
LES
PR
ICE
PER
UN
IT$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5V
AR
IAB
LEC
OST
OF
GO
OD
SSO
LD$
19
6,2
78
$3
79
,57
3$
54
7,6
71
$7
26
,01
7$
90
4,3
64
$1
,08
1,6
57
$1
,25
8,9
50
OP
ERA
TIN
GEX
PEN
SES
$5
66
,49
0$
70
9,9
85
$8
91
,38
5$
94
9,3
48
$1
,04
5,7
04
$1
,29
2,0
34
$1
,26
4,4
34
TOTA
LC
OST
S$
76
2,7
69
$1
,08
9,5
58
$1
,43
9,0
56
$1
,67
5,3
65
$1
,95
0,0
68
$2
,37
3,6
91
$2
,52
3,3
85
TOTA
LSA
LES
$5
29
,93
0$
1,0
24
,80
6$
1,5
19
,68
2$
2,0
14
,55
8$
2,5
09
,43
5$
3,0
01
,39
0$
3,4
93
,34
5N
ETP
RO
FIT
(LO
SS)
($2
32
,83
9)
($6
4,7
52
)$
80
,62
6$
33
9,1
93
$5
59
,36
7$
62
7,6
98
$9
69
,96
0
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr2
3
Po
pEn
joy,
Inc.
Co
nfi
den
tial
Au
gust
-16
Sep
tem
be
r-1
6O
cto
be
r-1
6N
ove
mb
er-
16
De
cem
be
r-1
6YE
AR
TOTA
LS
AL
ES
VO
LU
ME
AN
AL
YS
IS1
,85
3,3
03
2,0
82
,07
92
,31
0,8
55
2,5
39
,63
12
,76
8,4
07
18
,10
8,0
77
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
$2
.15
$2
.15
$2
.15
$2
.15
$2
.15
$2
.15
SALE
SP
RIC
EP
ERU
NIT
$1
,43
6,2
44
$1
,61
3,5
37
$1
,79
0,8
30
$1
,96
8,1
24
$2
,14
5,4
17
$1
4,0
48
,66
3FI
XED
CO
STS
PER
PER
IOD
$1
,33
3,5
49
$1
,50
1,5
64
$1
,49
9,6
09
$1
,59
1,1
49
$1
,71
5,0
04
$1
4,3
60
,25
7V
AR
IAB
LEC
OST
S$
2,7
69
,79
3$
3,1
15
,10
1$
3,2
90
,44
0$
3,5
59
,27
3$
3,8
60
,42
1$
28
,40
8,9
20
TOTA
LC
OST
S$
3,9
85
,30
0$
4,4
77
,25
5$
4,9
69
,21
0$
5,4
61
,16
5$
5,9
53
,12
0$
38
,93
9,1
93
TOTA
LSA
LES
$1
,21
5,5
07
$1
,36
2,1
53
$1
,67
8,7
70
$1
,90
1,8
92
$2
,09
2,6
98
$1
0,5
30
,27
3N
ETP
RO
FIT
(LO
SS)
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R2
Bas
edo
nC
on
serv
ativ
eM
od
el
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr2
4
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R3
Bas
edo
nC
on
serv
ativ
eM
od
el
AM
OU
NTS
SHO
WN
INU
.S.D
OLL
AR
S
SA
LE
SSA
LES
PR
ICE
PER
UN
IT$
2.1
50
4SA
LES
VO
LUM
EP
ERP
ERIO
D(U
NIT
S)5
2,9
67
,04
9T
OT
AL
SALE
S$
11
3,8
99
,12
7
VA
RIA
BL
EC
OS
TS
(no
tw
eigh
ted
by
sale
sch
an
ne
l)
PR
OD
UC
TC
OST
SP
ERU
NIT
$0
.22
24
PA
CK
AG
ING
CO
STS
PER
UN
IT$
0.3
60
8C
O-P
AC
KER
FEES
PER
UN
IT*
$0
.00
00
DIS
TRIB
UTO
RFE
ESP
ERU
NIT
$0
.20
12
SHIP
PIN
G&
WA
REH
OU
SIN
GC
OST
SP
ERU
NIT
$0
.08
79
VA
RIA
BLE
CO
STS
PER
UN
IT$
0.8
72
4T
OT
AL
VA
RIA
BLE
CO
STS
$4
0,0
42
,41
0
UN
ITC
ON
TR
IBU
TIO
NM
AR
GIN
1.2
78
0G
RO
SSM
AR
GIN
$7
3,8
56
,71
7
FIX
ED
CO
ST
SP
ER
PE
RIO
DSA
LES
AN
DM
AR
KET
ING
$1
0,3
25
,17
5R
ESEA
RC
H&
DEV
ELO
PM
ENT,
PLA
CEM
ENT
$3
,33
4,6
18
PA
YRO
LL,F
RIN
GES
&P
AYR
OLL
TAX
ES$
1,7
60
,35
1H
EALT
HIN
SUR
AN
CE
$1
,53
6,0
00
OTH
ERFI
XED
CO
STS
$3
32
,40
0P
LAN
TO
PER
ATI
ON
S$
27
1,0
04
CO
NTI
NG
ENC
IES
$2
,21
3,5
69
TO
TA
LFI
XED
CO
STS
PER
PER
IOD
$1
9,7
73
,11
7
NET
PR
OFI
T(L
OSS
)$
54
,08
3,6
00
RE
SU
LT
SB
REA
KEV
ENP
OIN
T(U
NIT
S):
15
,47
1,6
33
*A
vera
geco
stb
ase
do
ne
nti
reru
n.
Po
pEn
joy
will
also
be
pac
kin
gin
ho
use
,re
du
cin
gth
ese
cost
s.
$0
.22
24
,26
%
$0
.36
08
,4
1%
$0
.00
00
,0%
$0
.20
12
,23
%$0
.08
79
,10
%
Va
ria
ble
Co
sts
pe
rU
nit
PR
OD
UC
TC
OST
SP
ERU
NIT
PA
CK
AG
ING
CO
STS
PER
UN
IT
CO
-PA
CK
ERFE
ESP
ERU
NIT
*
DIS
TRIB
UTO
RFE
ESP
ERU
NIT
SHIP
PIN
G&
WA
REH
OU
SIN
GC
OST
SP
ERU
NIT
$0
.87
24
,4
1%
1.2
78
0,
59
%
Un
itC
on
trib
uti
on
Ma
rgin
VA
RIA
BLE
CO
STS
PER
UN
IT
UN
ITC
ON
TRIB
UTI
ON
MA
RG
IN
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr3
1
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R3
Bas
edo
nC
on
serv
ativ
eM
od
el
0
2,0
00
,00
0
4,0
00
,00
0
6,0
00
,00
0
8,0
00
,00
0
10
,00
0,0
00
12
,00
0,0
00
14
,00
0,0
00
12
34
56
78
91
01
11
2
Bre
akev
en
An
alys
isC
har
t
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
VA
RIA
BLE
CO
STO
FG
OO
DS
SOLD
TOTA
LC
OST
STO
TAL
SALE
SN
ETP
RO
FIT
(LO
SS)
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr3
2
Po
pEn
joy,
Inc.
Co
nfi
den
tial
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R3
Bas
edo
nC
on
serv
ativ
eM
od
el
SA
LE
SV
OL
UM
EA
NA
LY
SIS
Jan
-17
Feb
ruar
y-1
7M
arch
-17
Ap
ril-
17
May
-17
Jun
e-1
7Ju
ly-1
7
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
2,9
97
,18
43
,22
5,9
60
3,4
54
,73
63
,68
3,5
12
3,9
12
,28
84
,20
8,9
79
4,5
05
,67
1SA
LES
PR
ICE
PER
UN
IT$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5$
2.1
5V
AR
IAB
LEC
OST
OF
GO
OD
SSO
LD$
2,3
22
,71
1$
2,5
00
,00
4$
2,6
03
,00
8$
2,7
75
,38
1$
2,9
47
,75
5$
3,1
71
,30
0$
3,3
94
,84
6O
PER
ATI
NG
EXP
ENSE
S$
1,2
07
,56
6$
1,3
03
,85
0$
1,4
62
,19
4$
1,3
87
,65
4$
1,4
86
,07
4$
1,7
19
,79
3$
1,6
00
,46
3TO
TAL
CO
STS
$3
,53
0,2
76
$3
,80
3,8
54
$4
,06
5,2
02
$4
,16
3,0
35
$4
,43
3,8
29
$4
,89
1,0
93
$4
,99
5,3
08
TOTA
LSA
LES
$6
,44
5,0
75
$6
,93
7,0
30
$7
,42
8,9
85
$7
,92
0,9
40
$8
,41
2,8
95
$9
,05
0,8
93
$9
,68
8,8
90
NET
PR
OFI
T(L
OSS
)$
2,9
14
,79
8$
3,1
33
,17
6$
3,3
63
,78
3$
3,7
57
,90
4$
3,9
79
,06
6$
4,1
59
,79
9$
4,6
93
,58
2
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr3
3
Po
pEn
joy,
Inc.
Co
nfi
den
tial
Au
gust
-17
Sep
tem
be
r-1
7O
cto
be
r-1
7N
ove
mb
er-
17
De
cem
be
r-1
7YE
AR
TOTA
LS
AL
ES
VO
LU
ME
AN
AL
YS
IS4
,80
2,3
62
5,0
99
,05
35
,39
5,7
44
5,6
92
,43
55
,98
9,1
26
52
,96
7,0
49
SALE
SV
OLU
ME
PER
PER
IOD
(UN
ITS)
$2
.15
$2
.15
$2
.15
$2
.15
$2
.15
$2
.15
SALE
SP
RIC
EP
ERU
NIT
$3
,61
8,3
91
$3
,84
1,9
36
$4
,06
5,4
81
$4
,28
9,0
26
$4
,51
2,5
71
$4
0,0
42
,41
0FI
XED
CO
STS
PER
PER
IOD
$1
,72
5,6
22
$1
,90
0,4
62
$1
,85
6,9
86
$1
,94
4,3
68
$2
,17
8,0
87
$1
9,7
73
,11
7V
AR
IAB
LEC
OST
S$
5,3
44
,01
3$
5,7
42
,39
7$
5,9
22
,46
7$
6,2
33
,39
4$
6,6
90
,65
9$
59
,81
5,5
27
TOTA
LC
OST
S$
10
,32
6,8
88
$1
0,9
64
,88
6$
11
,60
2,8
84
$1
2,2
40
,88
2$
12
,87
8,8
80
$1
13
,89
9,1
27
TOTA
LSA
LES
$4
,98
2,8
76
$5
,22
2,4
89
$5
,68
0,4
17
$6
,00
7,4
88
$6
,18
8,2
21
$5
4,0
83
,60
0N
ETP
RO
FIT
(LO
SS)
BR
EA
KE
VE
NA
NA
LY
SIS
-Y
R3
Bas
edo
nC
on
serv
ativ
eM
od
el
Fin
anci
alM
od
el
12
/2/2
01
62
:34
PM
Bre
ake
ven
An
alys
is-
Yr3
4
Po
pEn
joy,
Inc.
Co
nfi
den
tial
Ratio:
Formula:Earnings Before
Interest and TaxesTotal Assets
Weighting
Factor
Weighted
Ratio
YEAR 1 (5,123,441)$ 14,389,571$ (1.17)
YEAR 2 7,368,588$ 27,969,064$ 0.87
YEAR 3 49,273,000$ 61,423,367$ 2.65
YEAR 4 101,176,940$ 122,249,628$ 2.73
YEAR 5 140,772,680$ 200,181,873$ 2.32
YEAR 6 158,123,201$ 283,408,898$ 1.84
Ratio:
Formula: Net Sales Total AssetsWeighting
Factor
Weighted
Ratio
YEAR 1 618,595$ 14,389,571$ 0.04
YEAR 2 38,939,193$ 27,969,064$ 1.39
YEAR 3 113,899,127$ 61,423,367$ 1.85
YEAR 4 202,584,175$ 122,249,628$ 1.66
YEAR 5 277,998,031$ 200,181,873$ 1.39
YEAR 6 310,408,874$ 283,408,898$ 1.09
Ratio:
Formula:Market Value of
EquityTotal Liabilities
Weighting
Factor
Weighted
Ratio
YEAR 1 75,000,000$ 12,013,011$ 3.75
YEAR 2 75,000,000$ 18,223,917$ 2.47
YEAR 3 75,000,000$ 25,855,260$ 1.74
YEAR 4 75,000,000$ 33,868,512$ 1.33
YEAR 5 75,000,000$ 38,397,964$ 1.17
YEAR 6 75,000,000$ 39,199,925$ 1.15
Ratio:
Formula: Working Capital Total AssetsWeighting
Factor
Weighted
Ratio
YEAR 1 927,305$ 14,389,571$ 0.08
YEAR 2 4,825,664$ 27,969,064$ 0.21
YEAR 3 23,366,312$ 61,423,367$ 0.46
YEAR 4 70,631,274$ 122,249,628$ 0.69
YEAR 5 141,833,730$ 200,181,873$ 0.85
YEAR 6 225,154,943$ 283,408,898$ 0.95
Z - S c o r e C a l c u l a t i o n s
Return on Total Assets
Sales to Total Assets
Equity to Debt
Working Capital to Total Assets
3.300
0.999
0.600
1.200
Financial Model
12/2/2016 2:35 PM
Z-Score
1
Pop Enjoy, Inc.
Confidential
Z - S c o r e C a l c u l a t i o n s
Ratio:
Formula: Retained Earnings Total AssetsWeighting
Factor
Weighted
Ratio
YEAR 1 (5,123,441)$ 14,389,571$ (0.50)
YEAR 2 7,368,588$ 27,969,064$ 0.37
YEAR 3 25,822,960$ 61,423,367$ 0.59
YEAR 4 52,813,009$ 122,249,628$ 0.60
YEAR 5 73,402,794$ 200,181,873$ 0.51
YEAR 6 82,425,064$ 283,408,898$ 0.41
Z-ScoreYEAR 1 2.19
YEAR 2 5.31
YEAR 3 7.29
YEAR 4 7.01
YEAR 5 6.24
YEAR 6 5.44
1.400
Retained Earnings to Total Assets
Financial Model
12/2/2016 2:35 PM
Z-Score
2
Pop Enjoy, Inc.
Confidential