| INPUTS | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 |
|---|---|---|---|---|---|
| Points accrual and redemption | |||||
| Points accumulated | |||||
| Points redeemed | |||||
|
|
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| Revenues and Cost | |||||
| Yield per points | |||||
| Cost per points | |||||
| Implied margin | |||||
|
|
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| Breakage | |||||
| Breakage rate | |||||
|
|
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| Cost structure | |||||
| Operating expenses (SG&A, as a % of Gross Billings) | |||||
| INPUTS | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 |
|---|---|---|---|---|---|
| Gross billings (GB) | 150,000.00 | 300,000.00 | 450,000.00 | 600,000.00 | 750,000.00 |
| Cash revenue from points issued - Redemption bucket | 120,000.00 | 240,000.00 | 360,000.00 | 480,000.00 | 600,000.00 |
| Cash revenue from points issued - Breakage bucket | 30,000.00 | 60,000.00 | 90,000.00 | 120,000.00 | 150,000.00 |
| YoY Growth in GB | n/a | 100% | 50% | 33% | 25% |
| Cost of goods sold (COGS) | |||||
| Cost of goods sold (COGS) | 72,000.00 | 144,000.00 | 216,000.00 | 288,000.00 | 360,000.00 |
|
|
|||||
| Gross profit | 72,000.00 | 144,000.00 | 216,000.00 | 288,000.00 | 360,000.00 |
| Gross margin (as a % of GB) | 52% | 52% | 52% | 52% | 52% |
| Operating expenses (SG&A) | 30,000.00 | 60,000.00 | 90,000.00 | 120,000.00 | 150,000.00 |
|
|
|||||
| EBITDA | 48,000.00 | 96,000.00 | 144,000.00 | 192,000.00 | 240,000.00 |
| EBITDA margin (as a % of GB) | 40% | 40% | 40% | 40% | 40% |
| Future redemption cost adjustment | - | - | - | - | - |
| Breakage re-evaluation | - | - | - | - | - |
|
|
|||||
| Adjusted EBITDA | 48,000.00 | 96,000.00 | 144,000.00 | 192,000.00 | 240,000.00 |
| Adjusted EBITDA margin (as a % of GB) | 32% | 32% | 32% | 32% | 32% |
| INPUTS | YEAR 1 | YEAR 2 | YEAR 3 | YEAR 4 | YEAR 5 |
|---|---|---|---|---|---|
| Recognized revenue (RR) | 150,000.00 | 300,000.00 | 450,000.00 | 600,000.00 | 750,000.00 |
| Recognized revenue from points redeemed | 120,000.00 | 240,000.00 | 360,000.00 | 480,000.00 | 600,000.00 |
| Recognized revenue from breakage | 30,000.00 | 60,000.00 | 90,000.00 | 120,000.00 | 150,000.00 |
| YoY Growth in GB | n/a | 100% | 50% | 33% | 25% |
| Cost of goods sold (COGS) | |||||
| Costs from points redeemed | 72,000.00 | 144,000.00 | 216,000.00 | 288,000.00 | 360,000.00 |
|
|
|||||
| Gross profit | 78,000.00 | 156,000.00 | 234,000.00 | 312,000.00 | 390,000.00 |
| Gross margin (as a % of GB) | 52.0% | 52.0% | 52.0% | 52.0% | 52.0% |
| Operating expenses (SG&A) | 30,000.00 | 60,000.00 | 90,000.00 | 120,000.00 | 150,000.00 |
|
|
|||||
| EBITDA | 48,000.00 | 96,000.00 | 144,000.00 | 192,000.00 | 240,000.00 |
| EBITDA margin (as a % of GB) | 32.0% | 32.0% | 32.0% | 32.0% | 32.0% |