Coupons.com (COUP) went public in 2014. This exercise asks you to forecast the company's free cash flow and discuss risks the company is facing. You may use and modify if necessary the template below or you may create your own template.

a) Download 2011-2013 historical financial data for the company, using one of the sources listed in Course Content (you may enter numbers in the template below or create your own). I suggest using the SEC Edgar website (http://www.sec.gov/edgar/searchedgar/companysearch.html) and download S-1 or form 424B from there;
b) Based on historical financial data calculate ratios that to be used later in pro-forma financial statements (revenue growth, gross margin etc., see chapter 6 for details);
c) Using historical data from a) and ratios from b) create pro-forma statements (see chapter 6 for details);
d) Estimate free cash flows FCF for 2014-2017 (see chapters 2 and 6 for details);
e) What are risks the company is facing? Discuss, how its tornado diagram would look like (see chapter 3 for details). You don't have to build the diagram itself, unless you want to earn bonus points (5 points maximum);

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Assets Current assets: Cash and cash equivalents Accounts receivable Prefunded coupons cash deposits Prepaid expenses and other current assets Total current assets Property and equipment, net Intangible assets, net If available 38,972 $ 42,185 $ 2$ 100,462 19,399 778 2$ 58,395 $ 29,206 $ 1,066 $ 920 $ 3,100 $ 85,177 $ 29,942 $ 2$ 2$ 2,153 $ 90,820 $ 27,282 $ 2,731 $ 2,482 123,121 12,370 2,355 1,813 $ 2$ Goodwill Deferred tax assets Other assets Total Assets 9,874 $ 282 $ 903 $ 9,887 $ 195 $ 9,846 168 7,222 $ $ 134,236 $ 131,892 $ 2$ 888 148,748 Liabilities Current liabilities: Accounts payable Accrued compensation and benefits Other current liabilities 5,589 $ 11,322 $ 11,315 $ 14,288 $ 1,066 $ 7,406 $ 2$ 24 45,397 $ 14,743 $ 114 $ 24 4,610 9,238 6,517 24 13,721 $ %24 13,699 $ Prefunded coupons cash obligations 920 $ 778 6,751 $ 7,500 $ Deferred revenues 24 4,870 Debt obligations, current Debt obligations, related party Total current liabilities Debt obligations, related party 2$ 24 15,577 $ 2$ 63,757 S 26,013 24 24 Other non-current liabilities 1,046 $ 1,222 $ 152 Deferred rent %24 1,476 $ 282 $ 1,557 403 Deferred tax liabilities 24 195 $ 66,220 S $ 270,262 S 270,262 $ 24 Total Liabilities %24 62,012 $ 28,125 270,262 Convertible preferred stock Stockholders’ equity (deficit): Common stock, par value Additional paid-in capital Treasury stock, at cost Accumulated other comprehensive income (loss) Accumulated deficit 2$ %24 10,564 -61,935 19,015 $ -61,935 $ 40 $ $ -168,751 $ -157,502 $ $ - 202,246 's -200,382 '$ 134,236 $ 131,892 $ 24 28,403 $ 24 -61,935 $ 24 37 $ Total stockholders' equity (deficit) Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) -98,268 -149,639 148,748 24