Cost/Car

Car Cost/Member
Contribution
Margin/Member

Members/Car

Total Contribution
Margin per Month

Monthly fee

Revenues/Member
Monthly Usage

Monthly Interest

# Members

Forecast
Lease
Access
Insurance
Parking
Maintenance
Fuel
Hours Used/Month
Utilization Rate
Monthly fee

Hourly Usage Member

Daily Usage Member

Uses/Member
$/Hour
Hours/Use
$/Mile
Miles/Use
Uses/Member
$/Hour
Hours/Use
$/Mile
Miles/Use
$/Member
I rate (monthly)
Beginning Members
New Members (sept)

Attrition

Actual

Car Cost/Member
39.45
67.14
Contribution
Margin/Member
91.00
26.10

Cost/Car
723.33

778.16

Members/Car
18.33
11.59
220/12 P. 15

Total Contribution
Margin per Month
15,469.23 4,437.41

5,088/439 P. 20

Monthly fee
6.25
6.25

Revenues/Member
130.45
93.24

Monthly Usage
123.2
86.34
(92,928+232,320)
(12*220)

Monthly Interest
1
0.65
# Members
170.00
170.00
Exb 8A

Lease
Access
Insurance
Parking
Maintenance
Fuel
Hours Used/Month
Utilization Rate
Monthly fee

Hourly Usage
54.99

Daily Usage Member

31.35

400.00
41.67
141.67
62.50
33.33
99.00

16.00
40.0%

19.00
30.6%

6.25

6.25

Uses/Member
$/Hour
Hours/Use
$/Mile
Miles/Use

1.29
5.34
6.20
0.39
24.50

Uses/Member
$/Hour
Hours/Use
$/Mile
Miles/Use

0.69
2.75
16.00
0.02
94.00

$/Member
I rate (monthly)

Attrition
1.69
2.96

366.67
41.67
141.67
50.00
33.33
90.00

300.00
0.33

300.00
0.37

Beginning Members
141.00
New Members (sept) 101.00

141.00
101.00

0.01
141.00

0.02
141.00

1
4400/12 Page 15, 4800/12 Page 11

500/12 Page 15

1700/12 Page 15

600/12 Page 15, 750/12 Page 11

400/12 Page 15

1080/12 Page 15, 10% higher Page 11

7
8

4x4 Page 15, Page 20

Page 5

9
10
11

75/12 Note B Exb 8B

12
13

218/169.6 Page 20

14

7,220.5/1,351 Page 20

15

1,351/218 Page 20

16

2,106/5,341 Page 20

17

5,341/218 Page 20

18
19

117/169.6 Page 20

20

5,148/1,872 Page 20

21

1,872/117 Page 20

22

169.6/10,998 Page 20

23

10,998/117 Page 20

24
25
26
27
28

Exb 8A

29

Exb 8A

30
31
32
33

Car Cost/Member
17.00
18.00
Contribution
Margin/Member
27.00
27.00

Cost/Car
9.00

9.00

Members/Car
15.00
16.00
15

Total Contribution
Margin per month
29
29.00

16.00

Monthly fee
19
19.00

Revenues/Member
26
26.00

Monthly Usage
23
23.00
23
23

Monthly Interest
25
25.00
# Members
28
28.00
28.00
28

Lease
Access
Insurance
Parking
Maintenance
Fuel

Hourly Usage
21.00

Daily Usage Member

22.00

Attrition
28
28.00

1.00
3.00
4.00
5.00
7.00
8.00

2.00
3.00
4.00
6.00
7.00
9.00

Hours Used/Month
Utilization Rate

16.00
16.00

16.00
16.00

Monthly fee

19.00

19.00

Uses/Member
$/Hour
Hours/Use
$/Mile
Miles/Use

19.00
19.00
19.00
19.00
19.00

Uses/Member
$/Hour
Hours/Use
$/Mile
Miles/Use

20.00
20.00
20.00
20.00
20.00

$/Member
I rate (monthly)

24.00
24.00

24.00
24.00

Beginning Members
New Members (sept)

28.00
28.00

28.00
28.00

28.00
28.00

28.00
28.00

2.00
3.00
4.00
6.00
7.00
9.00
16.00

19.00
19.00
19.00
19.00
19.00
19.00
20.00
20.00
20.00
20.00
20.00

28.00
28.00

Assumption
Beginning Members
Attrition
Ending members
New Members
Avg # of Members
Uses/Member
$/Mile

Miles/Use
$/Hour

Hours/Use
TOTAL Hourly Usage
$/Mile

Miles/Use
$/Hour

Hours/Use
TOTAL Monthly Usage
Application Fee (per new member)
Annual Fees (per avg member)
Security Deposits (Avg Balance)

Year 1
440
440
220

Year 2
440
66
856
482
648

Year 3
856
128.4
908
180.4
882

32,782

96,558

131,426

112,395
145,177

331,053
427,611

450,600
582,026

4,919

14,489

19,721

25
75

149,309
154,228
11,000
16,500

439,784
454,273
12,050
48,600

598,595
618,316
4,510
66,150

0.15

Year 0

1.29
0.39

24.50
5.34

6.20
0.02

94.00
2.75

16.00

300.00

66,000

194,400

264,600

Interest income (On Avg. sec dep. Balance)

TOTAL Other Revenues
TOTAL REVENUES

0.37%

243
27,743
327,148

715
61,365
943,249

974
71,634
1,271,976

Contribution Margin/Member

26.10

38
19
- 91,113
- 9,491
- 32,269
- 14,236
- 7,592
- 22,551
- 177,252

38
74
56
- 268,370
- 27,955
- 95,048
- 41,933
- 22,362
- 66,422
- 522,089

74
78
76
- 365,281
- 38,050
- 129,370
- 57,075
- 30,437
- 90,407
- 710,621

- 800
- 2,895
- 100,000
- 20,000
- 1,000
- 1,200
- 125,895

- 800
- 3,160
- 100,000
- 20,000
- 1,000
- 1,800
- 126,760
0.7%

- 800
- 12,000
- 100,000
- 20,000
- 5,000
- 1,000
- 1,800
- 140,600
10.9%

- 5,280
- 24,000
- 4,800
-

- 15,552
- 24,000
- 24,780
-

- 21,168
- 24,000
- 24,780
- 5,000

Variable Costs / Car

Beginning Cars
Ending Cars
Avg # of Cars
Lease costs (car/year)
Access equp. (car/year)
Insurance (car/year)
Parking (car/year)
Maintenance (car/year)
Fuel (car/year)
TOTAL VARIABLE COSTS
Fixed Costs - Corp. Level
Corporate Insurance
Reservation System
Administration - Corp.
Benefits
Office Space
Office Equipmen. & Supplies
Phone
TOTAL CORP. OVERHEAD
Fixed Costs - Per Office
Billing (member/year)
Administration - local
Benefits
Office Space

11.59
- 4,800
- 500
- 1,700
- 750
- 400
- 1,188

20%

24
20%

Office equip. & supply

Telephone and Datalines
Marketing
Background checks (per new member)
TOTAL BOSTON OVERHEAD

- 1,000
- 1,200
- 10,000
- 8,800
- 55,080

- 1,000
- 1,800
- 12,000
- 9,640
- 88,772
61.2%

- 1,000
- 1,800
- 12,000
- 3,608
- 93,356
5.2%

TOTAL OVERHEAD COSTS

- 180,975

- 215,532

- 233,956

Net Income Before Taxes

- 338,946

- 436,770

- 503,151

WACC
TOTAL REVENUES [Thousands]
PV Revenues
TOTAL VARIABLE COSTS [Thousands]
PV Variable Costs
TOTAL CORP. OVERHEAD [Thousands]
PV Corp. Overhead
TOTAL OFFICE OVERHEAD [Thousands]
PV Office Overhead
FCF [Thousands]
NPV

20

13%
-

327

943

1,272

- 177

- 522

- 711

- 126

- 127

- 141

- 55

- 89

- 93

- 31

206

327

3,801.5
- 2,113.8
- 468.3
- 303.1
916.3

NPV(WACC=13%, 1 Office)

916

Year 4
908
136.2
1,180
408.2
1,044

Year 5
1,180
177
1,196
193
1,188

155,566

177,023

533,363
688,929

606,931
783,954

23,343

26,562

708,541
731,884
10,205
78,300

806,271
832,833
4,825
89,100

313,200

356,400

1,153
89,658
1,510,471

1,312
95,237
1,712,024

78
102
90
- 432,374
- 45,039
- 153,132
- 67,558
- 36,028
- 107,012
- 841,143

102
103
103
- 492,011
- 51,251
- 174,254
- 76,877
- 40,997
- 121,773
- 957,163

- 800
- 6,000
- 100,000
- 20,000
- 5,000
- 1,000
- 1,800
- 134,600
-4.3%

- 800
- 7,000
- 100,000
- 20,000
- 5,000
- 1,000
- 2,500
- 136,300
1.3%

- 25,056
- 24,000
- 24,780
- 5,000

- 28,512
- 24,000
- 24,780
- 5,000

- 1,000
- 1,800
- 12,000
- 8,164
- 101,800
9.0%

- 1,000
- 2,500
- 12,000
- 3,860
- 101,652
-0.1%

- 236,400

- 237,952

- 523,214

- 547,461

1,510

1,712

- 841

- 957

- 135

- 136

- 102

- 102

433

517

Revenue Usage
1,300
1,200

NPV(WACC=13%, 1 Office)

916
102

1,100
102

1,000
900

93

800

141

700

89

600

127

135

500

957
841

400
300
200
100

136

31
55
126

711
522

177

Year 1

Year 2

Year 3

Year 4

Year 5

- 100

Variable Costs

Corp. Overhead Costs

Office Overhead Costs

FCF

NPV Vs Citis Launched

# Cities
1

10

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

Dolars [Thousands]

Year 1
177
126
55
31

1
Variable Costs
Corp. Overhead Costs
Office Overhead Costs
FCF
# Offices
10
8
6
4
2
1

TOTAL REVENUES [Thousands]

TOTAL VARIABLE COSTS [Thousands]
TOTAL CORP. OVERHEAD [Thousands]
TOTAL OFFICE OVERHEAD [Thousands]
FCF [Thousands]

Year 3
711
141
93
(327)

Year 4
841
135
102
(433)

Year 5
957
136
102
(517)

NPV
FCF Year 1 FCF Year 2
$62,652
5,720.7 15,667.9
$50,215
4,601.7 12,559.6
$37,779
3,482.8
9,451.4
$25,342
2,363.8
6,343.2
$12,905
1,244.9
3,235.0
$6,687
685.4
1,680.9

FCF Year 3
20,900.1
16,748.2
12,596.3
8,444.4
4,292.5
2,216.6

FCF Year 4
24,668.7
19,761.9
14,855.1
9,948.3
5,041.4
2,588.0

Year 4
1510
841
135
102
-433

Year 5
1712
957
136
102
-517

Year 1
327
177
126
55
31

Year 2
522
127
89
(206)

Year 2
943
522
127
89
-206

Year 3
1272
711
141
93
-327

TOTAL VARIABLE COSTS [Thousands]

TOTAL CORP. OVERHEAD [Thousands]
TOTAL OFFICE OVERHEAD [Thousands
FCF [Thousands]
FCF Year 5
27,844.7
22,303.0
16,761.3
11,219.7
5,678.0
2,907.1

TOTAL VARIABLE COSTS [Thousands]

TOTAL CORP. OVERHEAD [Thousands]
TOTAL OFFICE OVERHEAD [Thousands]
FCF [Thousands]

Assumption

Trips/member/month
Miles/trip
Hours/trip
Beginning Members
Attrition
Ending members
New Members
Avg # of Members
Application Fee (per new member)
Annual Fees (per avg member)
Per mile charge
Per hour charge
Security Deposits (Avg Balance)
Interest income (On Avg. sec dep. Balance)
TOTAL REVENUE
Costs

Variable Costs / Car

Beginning Cars
Ending Cars
Avg # of Cars
Lease costs (car/year)
Access equp. (car/year)
Fuel (car/year)
Insurance (car/year)
Maintenance (car/year)
Parking (car/year)
TOTAL VARIABLE COSTS
Fixed Costs - Corp. Level
Corporate Insurance
Reservation System
Administration - Corp.
Benefits
Office Space
Office Equipmen. & Supplies
Phone
TOTAL CORP. OVERHEAD
Fixed Costs - Boston Office
Billing (member/year)
Administration - local
Benefits
Office Space
Office equip. & supply
Telephone and Datalines
Marketing
Background checks (per new member)
TOTAL BOSTON OVERHEAD

Year 1

Year 2

Year 3

4
22
4

0.15

25
75
0.4
5.5
300
4%

- 4,400
- 500
- 1,080
- 1,700
- 400
- 600

20%

24
20%

20

440
440
220

440
66
856
482
648

856
128.4
908
180.4
882

11,000
16,500
92,928
232,320
66,000
2,640
355,388

12,050
48,600
273,715
684,288
194,400
7,776
1,026,429

4,510
66,150
372,557
931,392
264,600
10,584
1,385,193

24
12
- 52,800
- 6,000
- 12,960
- 20,400
- 4,800
- 7,200
- 104,160

24
48
36
- 158,400
- 18,000
- 38,880
- 61,200
- 14,400
- 21,600
- 312,480

48
50
49
- 215,600
- 24,500
- 52,920
- 83,300
- 19,600
- 29,400
- 425,320

- 800
- 2,895
- 100,000
- 20,000
- 1,000
- 1,200
- 125,895

- 800
- 3,160
- 100,000
- 20,000
- 1,000
- 1,800
- 126,760

- 800
- 12,000
- 100,000
- 20,000
- 5,000
- 1,000
- 1,800
- 140,600

- 5,280
- 24,000
- 4,800
- 1,000
- 1,200
- 10,000
- 8,800
- 55,080

- 15,552
- 24,000
- 24,780
- 1,000
- 1,800
- 12,000
- 9,640
- 88,772

- 21,168
- 24,000
- 24,780
- 5,000
- 1,000
- 1,800
- 12,000
- 3,608
- 93,356

61.2%

5.2%

TOTAL OVERHEAD COSTS

- 180,975

- 215,532

- 233,956

Net Income Before Taxes

70,253

498,417

725,917

Year 4

Year 5

908
136.2
1,180
408.2
1,044

1,180
177
1,196
193
1,188

10,205
78,300
440,986
1,102,464
313,200
12,528
1,644,483

4,825
89,100
501,811
1,254,528
356,400
14,256
1,864,520

50
66
58
- 255,200
- 29,000
- 62,640
- 98,600
- 23,200
- 34,800
- 503,440

66
66
66
- 290,400
- 33,000
- 71,280
- 112,200
- 26,400
- 39,600
- 572,880

- 800
- 6,000
- 100,000
- 20,000
- 5,000
- 1,000
- 1,800
- 134,600

- 800
- 7,000
- 100,000
- 20,000
- 5,000
- 1,000
- 2,500
- 136,300

- 25,056
- 24,000
- 24,780
- 5,000
- 1,000
- 1,800
- 12,000
- 8,164
- 101,800

- 28,512
- 24,000
- 24,780
- 5,000
- 1,000
- 2,500
- 12,000
- 3,860
- 101,652

9.0%

-0.1%

- 236,400

- 237,952

904,643

1,053,688

September
Overhead Expenses
Boston
Corporate
Application & Membership
Beginning members
Applications
Application Aproved
New members
Attrition
Ending Members
Total "member days"
Application fees
Annual member fees received
Annual member fees Booked

14,000
30,000

141
112
105
101
3
239
5,088
2,800
7,575
1,512

Deposits
Deposits recceived in September
Total Deposits balance month end
Average deposit balance
Interest earned on total deposits

42,300
71,700
42,090
155

Usage
Available "car days"
Total Trips taken (uses)
Hour uses
Daily uses
Total miles driven
Mile Driven - hourly uses
Mile Driven - daily uses
Total Hours used
Hours Driven - hourly uses
Hours Driven - daily uses
Trips - night & weekend %
Hours of uses - night & weekend %

439
335
218
117
16,339
5,341
10,998
3,223
1,351
1,872
60%
53%

Revenue
Total Miles billed
Miles billed - hourly uses
Miles billed - daily uses
Total hours billed
Hours billed - hourly uses
Hours billed - daily uses
Total miles billed
Miles revenue - hourly uses
Miles revenue - daily uses
Total hours revenue
Hourly revenue - hourly uses
Hourly revenue - daily uses
Total usage revenue
Revenue from hourly usage

5,765
5,341
424
2,287
1,351
936
2,276
2,106
170
12,369
7,221
5,148
14,645
9,327

Revenue from daily usage

5,318

Beta
June
July
Ausgust
September

New MembersAttrition Ending Members

14
0
14
20
0
34
49
3
80
64
3
141
101
3
239