CRM.xlsx

	C	D	F	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	AB	AC	AE
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3	Tax Rate	18%
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9															Guess for last quarter
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11			Fiscal yr ends Jan 31	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
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13			Revenue	4.1	5.4	6.7	8.4	10.5	13.3	17.1	21.3	26.5	31.4	34.9	38	41	45	48	52	55
14			Growth		32%	24%	25%	25%	27%	29%	25%	24%	18%	11%	9%	9%	8%	8%	7%	7%
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16			Cost of Revenue	1	1.3	1.7	2.2	2.8	3.5	4.2	5.4	7	8.4	8.5	8.7
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18			Gross Profit	3.1	4.1	5	6.2	7.7	9.8	12.9	15.9	19.5	23	26.4	29.3
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20			R&D	0.6	0.8	0.9	1.2	1.5	1.9	2.8	3.6	4.5	5.1	4.9	5.4
21			Marketing and Sales	2.2	2.8	3.2	3.8	4.7	6.1	7.9	9.7	11.9	13.5	12.9	13.7
22			% of rev	54%	52%	48%	45%	45%	46%	46%	46%	45%	43%	37%	36%
23			G&A	0.6	0.7	0.7	1	1.1	1.3	1.7	2.1	2.6	2.6	2.5	2.8
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25			Operating Expenses	3.4	4.3	4.8	6	7.3	9.3	12.4	15.4	19	21.2	20.3	21.9
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27			Income from Operations	-0.3	-0.2	0.2	0.2	0.4	0.5	0.5	0.5	0.5	1.8	6.1	7.4	9	10	12	14	17
28			EBIT Margin	-7%	-4%	3%	2%	4%	4%	3%	2%	2%	6%	17%	19%	21%	23%	25%	27%	30%
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30			Taxes	0	0	0	0	0	0	0.1	0.1	0	0.5	0.8	1	2	2	2	3	3
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32			NI	-0.3	-0.2	0.2	0.2	0.4	0.5	0.4	0.4	0.5	1.3	5.3	6.1	7.1	8.4	9.9	11.4	13.6
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34			Amortization of Acquried Intangibles							0.8	1.1	1.6	1.9	1.9
35			Depreciation & Amort	0.4	0.4	0.5	0.6	0.7	0.9	2.1	2.8	3.3	3.8	4	3.6
36			CapEx	0.3	0.3	0.3	0.5	0.5	0.6	0.6	0.7	0.7	0.7	0.7	0.7
37			M&A	2.6	0	0	3	0	5	0.4	1.3	15	0.4	0
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39			FCF	-0.2	-0.1	0.4	0.3	0.6	0.8	1.9	2.5	3.1	4.4	8.6	9.0	10	12	14	16	18		FCF multiple in 5 yrs	25
40			FCF Margin	-5%	-2%	6%	4%	6%	6%	11%	12%	12%	14%	25%	24%	24%	26%	28%	30%	32%		mkt cap in 5 yrs	442.5019082
41																						mkt cap today	308
42			Share Buybacks							0	0	0	4	7.6	8							upside	44%
43			Dividends												1.4							annual return	8%
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45			Shares out	598	624	662	700	735	775	850	930	974	997	984	965
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47			Attrition rate		9.50%	8.50%			<10%	<9%			<7.5%	8%	8%						This is loss of customer contracts over last twelve months
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49			RPO										49	57	57
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51			Cash		1	1		4.5	4		12	10	12	15	13
52			Debt		1	1		1	3		3	11	8	9	8
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