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1	Main
2							8/31/2020	11/30/2020	2/28/2021	5/31/2021	8/31/2021	11/30/2021	2/28/2022	5/31/2022	8/31/2022	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/28/2024	5/30/2024		5/31/2017	5/31/2018	5/31/2019	5/31/2020	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025	5/31/2026	5/31/2027	5/31/2028	5/31/2029	5/31/2030
3			Q120	Q220	Q320	Q420	Q121	Q221	Q321	FQ421	Q122	Q222	Q322	FQ422	FQ123	FQ223	FQ323	FQ423	FQ124	FQ224	FQ324	FQ424		FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30
4		Cloud Services					6947	7112	7252	7389	7371	7554	7637	7612	8417	8598	8923							23800	26254	26707	27392	28700	30174
5		Cloud License					886	1092	1276	2144	813	1237	1289	2539	904	1435	1288							6418	6190	5855	5127	5399	5878
6		Hardware					814	844	820	882	763	767	798	856	763	850	811							4152	3993	3704	3443	3359	3183
7		Services					720	752	737	812	781	802	789	833	1361	1392	1376							3358	3394	3240	3106	3021	3205
8
9		Revenue					9367	9800	10085	11227	9728	10360	10513	11840	11445	12275	12398	12195.2						37728	39831	39506	39068	40479	42440	48313.2	49762.596	51255.47388	52793.1380964	54376.932239292	56008.240206470764	57688.48741266489	59419.14203504483
10		COGS					1880	1939	1915	2122	2103	2159	2218	2396	3037	3358	3439	2439.039999999999						7469	8081	7995	7938	7855	8877	12273.039999999999	9952.5192	10251.094776	10558.62761928	10875.3864478584	11201.648041294153	11537.697482532978	11883.828407008967
11		Gross Profit					7487	7861	8170	9105	7625	8201	8295	9444	8408	9820	8959	9756.160000000002						30259	31750	31511	31130	32624	33563	36040.159999999996	39810.076799999995	41004.379104	42234.51047712	43501.5457914336	44806.59216517661	46150.78993013191	47535.31362803587
12		S&M					1854	1836	1915	2077	1854	1954	2004	2238	2177	2216	2150	2238						8197	8431	8509	8094	7682	8047	8781	8956.62	9135.752400000001	9318.467448000001	9504.836796960002	9694.933532899202	9888.832203557185	10086.60884762833
13		R&D					1589	1601	1621	1715	1684	1754	1816	1965	2093	2158	2146	1965						6159	6091	6026	6067	6527	7219	8362	8445.62	8530.076200000001	8615.376962000002	8701.530731620001	8788.546038936202	8876.431499325563	8965.195814318819
14		G&A					295	324	330	306	298	319	335	364	411	366	402	364						1176	1289	1265	1181	1254	1317	1543	1558.43	1574.0143	1589.754443	1605.65198743	1621.7085073043	1637.925592377343	1654.3048483011164
15		Operating Expenses	0	0	0	0	3738	3761	3866	4098	3836	4027	4155	4567	4681	4740	4698	4567						15532	15811	15800	15342	15463	16583	18686	18960.670000000002	19239.8429	19523.598853000007	19812.019516010005	20105.188079139705	20403.18929526009	20706.109510248265
16		Operating Income	0	0	0	0	3749	4100	4304	5007	3789	4174	4140	4877	3727	5080	4261	5189.160000000002						14727	15939	15711	15788	17161	16980	17354.159999999996	20849.406799999993	21764.536204	22710.91162411999	23689.526275423596	24701.404086036906	25747.600634871822	26829.2041177876
17		Interest Expense					-614	-600	-585	-697	-705	-679	-667	-704	-967	-927	-908	-908						-1798	-2025	-2082	-1995	-2496	-2755	-3710	-794.03014	-623.55943839	-443.861135882315	-254.59120673229475	-55.39425864841869	154.09682488438347	374.26125329231115
18		Pretax Income					3135	3500	3719	4310	3084	3495	3473	4173	2760	4153	3353	4281.160000000002						12929	13914	13629	13793	14665	14225	13644.159999999996	20055.376659999994	21140.97676561	22267.050488237677	23434.935068691302	24646.009827388487	25901.697459756204	27203.465371079914
19		Taxes					344	530	0	124	224	0	521	435	108	403	322	642.1740000000002						2182	9066	1185	1928	0	932	1475.1740000000002	3008.306498999999	3171.1465148415	3340.0575732356515	3515.2402603036953	3696.901474108273	3885.2546189634304	4080.519805661987
20		Net Income					2791	2970	3719	4186	2860	3495	2952	3738	2652	3750	3031	3638.9860000000017						10747	4848	12444	11865	14665	13293	12168.985999999995	17047.070160999996	17969.8302507685	18926.992915002025	19919.694808387605	20949.108353280215	22016.442840792773	23122.945565417926	23354.175021072104	23587.716771282827	23823.593938995655	24061.82987838561	24302.448177169466	24545.472658941162	24790.927385530573	25038.836659385877	25289.225025979737	25542.117276239533	25797.538449001928	26055.513833491947	26316.068971826866	26579.229661545134	26845.021958160585	27113.47217774219	27384.606899519615	27658.45296851481	27935.03749819996	28214.38787318196	28496.53175191378	28781.497069432917	29069.312040127246	29360.00516052852	29653.605212133803	29950.14126425514	30249.642676897693	30552.13910366667	30857.660494703334	31166.237099650367	31477.89947064687	31792.67846535334	32110.605250006873	32431.71130250694	32756.02841553201	33083.58869968733	33414.4245866842	33748.56883255104	34086.054520876554	34426.91506608532	34771.18421674617	35118.89605891363	35470.08501950277	35824.78586969779	36183.033728394774	36544.864065678725	36910.31270633551	37279.41583339887	37652.20999173286	38028.73209165019	38409.0194125667	38793.109606692364	39181.04070275929	39572.85110978688	39968.57962088475	40368.2654170936	40771.94807126454	41179.66755197718	41591.46422749695	42007.37886977192	42427.45265846964	42851.72718505434	43280.24445690488	43713.04690147393	44150.177370488665	44591.67914419355	45037.59593563549	45487.97189499184	45942.851613941755	46402.28013008117	46866.30293138198	47334.9659606958	47808.31562030276	48286.39877650579	48769.26276427085	49256.95539191356	49749.524945832694	50247.02019529102	50749.490397243935	51256.98530121637	51769.55515422854	52287.25070577083	52810.123212828534	53338.22444495682	53871.606689406384	54410.32275630045	54954.42598386345	55503.97024370209	56059.009946139115
21		EPS					0.8982941744448021	0.9750492449113591	1.2421509686038743	1.4223581379544683	0.999650471862985	1.2973273942093542	1.0718954248366013	1.363238512035011	0.965416818347288	1.3656227239621268	1.0918587896253602	1.310873919308358						2.5484941901825944	1.1439358187824447	3.334405144694534	3.6020036429872495	4.852746525479815	4.771356783919598	4.4070569488456295	6.173678645903122	6.507860661210865	6.854501734722327	7.214013511412442	7.58682058968953	7.973360920160353	8.37408621653886
22		Shares					3107	3046	2994	2943	2861	2694	2754	2742	2747	2746	2776	2776						4217	4238	3732	3294	3022	2786	2761.25	2761.25	2761.25	2761.25	2761.25	2761.25	2761.25	2761.25
23		NGEPS												1.54	1.03	1.21													1.54
24
25		Revenue y/y									0.03853955375253548	0.05714285714285716	0.042439266236985684	0.05460051661173959	0.17650082236842102	0.18484555984555984	0.17930181679824986	0.030000000000000027									-0.01108692350529028	0.03611651479471689	0.04844487265001596	0.13838831291234688	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027	0.030000000000000027
26		Gross Margin					0.7992953987402583	0.8021428571428572	0.8101140307387209	0.8109913601140109	0.7838199013157895	0.7916023166023166	0.789023114239513	0.7976351351351352	0.7346439493228484	0.8	0.722616551056622	0.8								0.7976256771123373	0.7968158083341865	0.805948763556412	0.7908341187558907	0.7459692175223334	0.7999999999999999	0.8	0.8	0.8	0.8	0.8	0.8
27		Operating Margin																								0.39768642737811977	0.40411590048121226	0.42394822006472493	0.4000942507068803	0.3592012120911055	0.41897747456744405	0.42462852367642573	0.4301868091767908	0.4356539675900635	0.4410316052598113	0.44632129892210026	0.4515245962650218
28		Tax Rate									0.07263294422827497	0	0.15001439677512238	0.10424155283968368	0.0391304347826087	0.09703828557669154	0.09603340292275574	0.15								0.08694695135373101	0.13978104835786268	0	0.06551845342706503	0.10811761222383794	0.15	0.15	0.15	0.15	0.15	0.15	0.15
29
30		Net Cash												-53957	0	-83569	-83042	-79403.014												-79403.014	-62355.943839	-44386.1135882315	-25459.120673229474	-5539.425864841869	15409.682488438346	37426.125329231116	60549.07089464904		Terminal	0.01
31		Cash												21902		7350	8769																						ROIC	0.01
32		AR												5953		6197	6213																						Discount	0.06
33		Prepaids												3778		4014	3714																						NPV	362764.94873030286
34		PPE												9716		14351	16345																						Share	132.05859072817722
35		Goodwill												45251		73106	72206																						Delta	0.39419964873497904
36		DT												12782		12091	12153
37		ONCA												9915		11360	12220
38		Assets												109297	0	128469	131620
39
40		Debt												75859		90919	91811
41		AP												1317		1647	1610
42		Compensation												1944		1780	1736
43		DR												8357		8705	8598
44		OCL												4144		5228	5521
45		DT												18241		18293	18149
46		ONCL												5203		5673	6107
47		SE												-5768		-3776	-1912
48		L+SE												109297	0	128469	131620
49
50		Model NI																											13293
51		Reported NI																											6717
52		Depreciation																											1972
53		Intangibles																											1150
54		DT																											-1146
55		SBC																											2613
56		Other																											220
57		WC																											-1987
58		CFFO																									13139	15887	9539
59
60		CapEx																									-1564	-2135	-4511
61		Acquisitions																											-148
62		Investments																											15879
63																													11220