PINS.xlsx

	D	E	H	J	K	L	M	N	O	P	Q	R	S	T	X	Z	AB
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3	Tax Rate	17%
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10				2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
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12			Revenue	1.1	1.7	2.6	2.8	3.1	3.6	4.1	4.7	5.3	6.0	6.6
13			Growth		55%	53%	8%	11%	16%	15%	14%	13%	12%	10%	This feels like a reaonable base case. Could be better
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15			Cost of Revenue	0.4	0.4	0.5	0.7	0.7	0.8
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17			Gross Profit	0.7	1.3	2.1	2.1	2.4	2.8	3.3	3.8	4.3	4.8	5.3
18			Margin	64%	76%	81%	75%	77%	78%	79%	80%	80%	80%	80%
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20			R&D	1.2	0.6	0.8	0.9	1.1	1.2	1.3	1.4	1.5	1.6	1.6	If the stock price blows out, costs are going to go up because of stock based comp
21			S&M	0.6	0.4	0.6	0.9	0.9	1	1.2	1.3	1.4	1.5	1.5
22			G&A	0.3	0.3	0.3	0.3	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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24			Total Operating expenses	2.1	1.3	1.7	2.1	2.5	2.7	3.0	3.2	3.3	3.5	3.6
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26			EBIT	-1.4	0	0.4	0	-0.1	0.1	0.3	0.6	0.9	1.2	1.7
27			Margin	-127%	0%	15%	0%	-3%	3%	7%	13%	17%	21%	25%
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29			Taxes				0	0	0	0.0	0.1	0.2	0.2	0.3
30			Net Income	-1.4	0	0.4	0	-0.1	0.1	0.2	0.5	0.8	1.0	1.4	NI Multiple in 5 yrs	25
31															mkt cap in 5 yrs	34
32															mkt cap today	27
33			Shares Out	420	596	640	666	675	698	698					upside	26%
34			Avg Share price	25	40	60	23	27	33	39					annual return	5%
35			Market Cap	11	24	38	15	18	23
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37			Stock based comp				0.5	0.6	0.8	0.9	1.0	1.1	1.2	1.3	If the stock goes up 10% a year, SBC will go up the same amout all else equal
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39			Cash					2.5	2.5
40			Debt					0	0						Downside Math
41															NI in 3 yrs	1
42															Multiple on NI	20	Assumes still growing 6-8%
43			Ad Impressions						43%						market cap	20
44			Ad Prices						-18%
45															Downside	27%
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