Waterfall calculation example excel.
Sep 17, 2024 · Get the Excel Files.
Waterfall calculation example excel. Final Product. SaaS revenue waterfall model, deferred revenue waterfall model, and revenue waterfall chart sound similar but actually have different meanings to finance teams. Check Set as total. Let’s turn to an example. For baby food in our example, the change in portfolio share is 0. Jun 19, 2023 · Using Formulas and Functions to Calculate ROI in Excel. What is a distribution waterfall in private equity?Stages in Private Equity Distribution Waterfall -• Retu For this we must calculate breakpoints for each, and a “tranche” for the range of when equity classes would flow down the waterfall. The waterfall describes how much of the fund’s distributions each party receives, what the priorities are between them, and how those priorities Feb 22, 2024 · In private equity, the waterfall is the method used to allocate an investment’s distributable proceeds. For reference, the calculation refers to the second example cited in this Excel template: Distribution Waterfall with 5 Examples (related post). There are two common types of Oct 28, 2022 · Using The Waterfall Chart Object In Excel Waterfall Chart End Result. Below is a preview of the waterfall chart template. American Waterfall. By the end of this section, you’ll have an awesome-looking bridge chart using Excel’s built-in Waterfall Chart type. The calculation is typically based on a predetermined set of rules that outline how profits will be allocated at different stages of the investment. Distribution Waterfall - Catch-Up Calculation Whiteboard - Part 3 of 5 - YouTube. Building a waterfall calculation from scratch, starting with a blank worksheet. The file does not contain any macros. Aug 27, 2024 · Real Estate Equity Waterfall Offerings on A. Includes scenario analysis and separate cash flows for 10 underlying portfolio companies Click Insert > Insert Waterfall > Waterfall. Remove the legend to clean up the waterfall chart. He begins with a blank worksheet and details every input and formula. The Format Data Point toolbar will open. Step #5: Fine-tune the details. Normally, we’d start by looking at the data set we are going to use, but a waterfall chart is not a standard chart type in Excel. ; Drag the Fill Handle icon horizontally to AutoFill the data in the rest of the cells D10:H10. In order to distribute returns depending on parameters like preferred yield, hurdle rate, retained interest, catch-up rules, and clawback provisions, a distribution waterfall calculation technique is used to define the sequence of computations needed. Click on the Insert tab in the Excel ribbon. May 26, 2024 · A waterfall analysis combines the information from the cap table and the operating agreement into a third location, typically a financial model built in Excel. The waterfall model can be manipulated for various potential valuations or other data points to show the cap table and operating agreement would interact to affect the final value of Distribution Waterfall Calculation Methods. Examples. . Here is where ClickUp shines. Download the template here and start applying what you’ve learned directly in Excel. Start by selecting your data. (Note: This video moves quickly. It’s important to recognize the differences as you use these tools for analyzing and Jun 18, 2024 · Highlighting the data ensures Excel knows which information to use for the waterfall chart. Select the first bar and check Set as total. In this step by step tutorial to create a water-fall chart with connectors you will also find a downloadable excel template. The above Waterfall Chart in Excel example shows the increasing and decreasing values and the starting and ending revenues in different color columns. The above data shows a company’s quarterly revenue over a year. The file is zipped, and in xlsx format. Aug 10, 2009 · Learn how to make waterfall charts using Microsoft excel. Before Office 2016, creating waterfall charts in Excel was a notoriously difficult process. Here is the completed Excel file, which builds off of our preceding tutorials. LPs should calculate the waterfall on both a realized and an unrealized basis. A slower video for those following along in Excel is available at the bottom of this post. The return of capital ensures that LPs get their initial investment back before any profits are shared. We’ll be discussing the Equity Waterfall tab. This article breaks-down one of the most misunderstood components of a waterfall, the GP catch-up, and includes examples of the GP catch-up calculation. Note that I used "creating" and not "inserting". The calculation behind the catch-up provision that determines the general partner’s (GP) carried interest at a private equity fund can cause some confusion. Here is an example of calculating a waterfall analysis using excel: As excel is still the preferred method as used by many in the business field, this may be the easiest way to calculate and visualize the data for the company. Waterfall calculations are used to divide cash flow amongst two or more partners based on return parameters that they have agreed upon. Revenue Waterfall Chart. Regarding the inputs for the formula: Summarizing the investment parameters to be incorporated into a waterfall calculation. Think of a waterfall in which water flows from the top before reaching another level below, at which point it pools and then flows to the next level below it, and so on. It gives precedence to the distribution of initial capital investment and a preferred return to the investors over the distribution of profits to the general partner/manager. In this on-demand webcast, Excel expert David Ringstrom, CPA, brings his prior commercial real estate experience to the forefront by walking you through assembling a waterfall calculation from scratch. 🌍 Get unlimited training with Simo Download the Private Equity Profit Distribution Waterfall Model Excel template (XLSX). Key Assumptions. com This video explains how a distribution waterfall works and walks through several examples to make the math simple to follow. Practice the techniques discussed in real-time and master waterfall charts in Excel with a hands-on example. In this section, we will go through different examples that demonstrate the Tableau waterfall chart. Oct 30, 2022 · Distribution Waterfall Introduction & Calculation. To make this model accessible to everyone, it is offered on a “Pay What You’re Able” basis with no minimum (enter $0 if you’d like) or maximum (your support helps keep the content coming – similar real estate equity waterfall models sell for $100 – $300+ per license). Consider the dataset below. 26%. All 147 / General 0 / Market News 0 / RE Education 0 / Net Lease 0 / Careers 0 / Real Estate Financial Modeling 0 / Excel Tips 0 / Excel Models 0 / Argus 0 / Interesting Deals 0 / Leases 0 / Interviews 0 / Hotel 9 / Portfolio 2 / Apartment 16 / Office 15 / Retail 17 / Industrial 15 / Single Family 9 / Tutorial 45 / Equity Waterfall 17 / Modules A private equity waterfall example illustrates profit distribution in stages—return of capital, preferred return, catch-up, and carried interest—ensuring fair sharing and aligned incentives between investors and general partners, with customization for each deal's success. For calculating the first tranche , this would be the total liquidation amount each preference shareholder receives, or for Seed of $1,250,000 x 1 (Capital x liquidation multiple + Series A of $2,500,000 x 1 Jun 12, 2023 · Excel is a powerful tool that can help you calculate the return on investment (ROI) for your business. Oct 16, 2024 · Download WSO's free Private Equity Distribution Waterfall model template below! This template allows you to create your own PE distribution waterfall for returning capital to the LPs, GPs, etc with different fund structures. Once you’ve linked the waterfall model to your property-level model, using the waterfall model is simple. Here’s a step-by-step guide to creating a waterfall chart in Excel: Select the data you want to chart. Jun 24, 2024 · The basics of the waterfall calculation: At its core, the waterfall calculation is a method for distributing profits among different parties involved in an investment. The left table has a column of labels, then a column with just the initial and final values, then columns with increases and decreases in value. These charts are quite useful for analytical purposes. The Oct 3, 2023 · The distribution waterfall plays a crucial role in determining the allocation of profits between GPs and LPs, but its calculation can vary across funds and even among individual investors within the same fund. com/PrivateEquityTrainingTemplates are available for download at the following link:https://www. At the heart of a waterfall calculation are several key components that dictate the distribution of returns. Companies can use this to keep track of data at every stage. Here’s what we’ll be building in this section of the tutorial. Nov 3, 2023 · Factbird OEE waterfall calculation example. Sometimes, the waterfall calculations for a specific fund are adjusted over time because of changes in LPAs. If you’ve found this post, you’re likely needing help building your own waterfall model. Below is the overview of the waterfall we shared […] Jul 31, 2023 · A Better Way To Create an Excel Waterfall Chart. In the following table, we apply the three methods to calculate carried interest. Aug 21, 2024 · Here, we discuss its uses, how to create a waterfall chart in Excel, and Excel examples and downloadable Excel templates. Your chart will show negative values below the x-axis, making it easier to understand the changes in values over time. A general partner can often have funds in its portfolio with different parameters or different definitions of the waterfall. Then, we will tie it all together with a concise summary of the LP cash flows. It is through the remainder of the profit rise, ‘waterfall’ on the chart. Next, select the Waterfall Chart icon, choose your style (horizontal or vertical), and click the icon. Jan 16, 2022 · Below are examples of some typical real estate distribution waterfall structures: IRR Hurdle Waterfall Example: Let’s say the IRR hurdle is 15% which would mean that once the investors achieve their 15% IRR on capital invested in the deal in the form of cumulative cash distributions, refinance proceeds, and sale proceeds from the real estate Jun 10, 2019 · Example Equity Waterfall. The XNPV function in Excel provides an accur May 1, 2021 · Download the Real Estate Equity Waterfall Model with Catch Up and Clawback. May 20, 2023 · Here are some commonly asked questions regarding creating waterfall charts in Microsoft Excel: Can I create a waterfall chart with negative values? Yes, you can create a waterfall chart with negative values in Excel. Select Jun 23, 2023 · Step-by-Step Guide to Creating a Waterfall Chart in Excel. SaaS Revenue Waterfall Model vs. CRE. The instruction, which is broken down into five parts, alternates between whiteboard examples and Excel templates. Private Equity Waterfall Example Below is an illustration of a two-tiered waterfall with a 6% preferred return, an 8% hurdle, and a 50/50 residual split to the investor and general partner. Distribution waterfall example. In addition to IRR hurdles, a more advanced distribution waterfall would allow for the measurement of a specific IRR or multiple of invested capital (MOIC) at each hurdle. Apr 19, 2024 · American vs. It may include written-down and written-off investments. While not overly useful for our simplistic model, it can help conserve time in more complex builds at the per-asset level. We need to remove the Base stacks from the chart. The add-in will calculate the subtotals, and you will get the result ASAP. Make sure you include all relevant categories and their corresponding values. Set the sponsor contribution percentage (how much equity the sponsor will contribute) in cell C8. You may also look at these useful functions in Excel: - Gantt Chart Examples Jul 15, 2020 · Model Frequency:. Create a table with sample amounts of revenues, expenses, and net profit calculation. ) Dec 16, 2021 · It is much easier to use a profit-sharing plan template. Interpreting and modeling the waterfall is a complicated process and slight variations of interpretations can result in large differences. Apr 2, 2020 · This is a ready-to-use distribution waterfall made for those in private equity. American Waterfall Jun 7, 2023 · Generally, a Distribution Waterfall dispenses distributions based on a tier system. That's right - you did not insert a waterfall chart; you created it. European Waterfall Structures . Plus, we’ll give you step-by-step instructions to create a waterfall chart in Excel, from scratch. This is going to be a very interesting tutorial. In the definition of Capital Call or Distribution, most Limited Partnership Agreements (“LPA”) will specify when the capital activity is deemed to have been made. Creating a waterfall chart—a critical tool for visualizing the progressive impact of positive or negative values—requires meticulous planning. Jun 2, 2023 · Calculating the realized and unrealized waterfall. Step #4: Tailor the vertical axis ranges to your actual data. Excel model for calculating the distribution of funds between the Limited Partner (‘LP’) and General Partner (‘GP’) for a private equity investment or fund. Assume a GP contributes 5% of the equity required for a real estate investment and raises the remaining 95% of the equity with a 6. Waterfall charts are great, especially for visually showing the contribution of parts to a whole. How much carried interest would private equity fund managers earn on a $500 million dollar fund that triples in value? In this post we will walk through a basic distribution waterfall to explain how this calculation works. Select the end bar. com/reference/65/distribution-waterfall/). Creating a waterfall chart in Excel is actually quite simple. In this post we will explain the math in the Excel template available on ASM. In this presentation, Excel expert David Ringstrom, CPA, brings his prior commercial real estate experience to the forefront by walking you through assembling a waterfall calculation from scratch. Feel free to use this template to present the results of your financial analyses! Download CFI’s Free Excel Waterfall Chart Template. Double-click on any of the Base stacks on the chart. David . Jun 18, 2024 · Step 3 – Formatting the Stacked Column Chart into a Waterfall Chart. Step 3: Insert the Waterfall Chart. Utilizing Excel’s Name Manager feature to review and manage named ranges within a workbook. Oct 5, 2024 · How to create a waterfall chart in Excel. May 20, 2023 · Step 2: Insert a Waterfall Chart. Traditional tools like Excel often fall short when it comes to collaboration and handling extensive project data. The language for the second example cited in the Excel file is as follows: Templates are available for download at the following link (https://www. All you need is a set of data that shows the changes you want to visualize over time. Waterfall charts are also useful for visualizing budgets, project plans, financial statements, stock market trends, and many other types of data. Nov 1, 2023 · Now that we’ve dissected how a private equity waterfall operates, let’s explore the key differences between American waterfall and European waterfall models. Most likely, you’re either a student working on a school project, a prospective employee needing to bone up your skills for a real estate technical interview, or a professional with a live deal you need help modeling. A real estate waterfall is used to describe how different investors are repaid their investment through a share of the cash flow distributions. The easiest way: Aug 29, 2024 · In this tutorial, we will learn how to create waterfall charts in Excel in 2016 (and later versions) and older versions of Excel 🧓. The Feb 7, 2023 · In this ArticleWaterfall Chart – Free Template DownloadGetting StartedHow to Create a Waterfall Chart in Excel 2016+Step #1: Plot a waterfall chart. The real estate waterfall model establishes the order by which the distributable proceeds of a fund are issued to the investors of a fund (or limited partners). The European or global waterfall distribution is applied at an aggregate fund level. ASM Financial Modeling Courses After calculation, you can view a dynamic waterfall diagram, as well as return metrics for the project, investors, and the manager. Great, isn’t it? Let’s now look at different examples involving the Tableau waterfall chart in detail for better understanding. A real estate waterfall is similar. Insert a new column to calculate the cumulative totals for your data. Key Components of Waterfall Calculations. Select a cell, C12, where you want to keep the Net Present Value. Mar 22, 2023 · A waterfall chart is also known as an Excel bridge chart since the floating columns make a so-called bridge connecting the endpoints. See full list on adventuresincre. How to Insert a Waterfall Chart in Excel? Start with the data. In that scenario, the investor would receive their initial capital back at the ROC tier then receive an additional 7% in profits at the preferred Sep 17, 2024 · Get the Excel Files. Since Office 2016, the Waterfall chart has been added to the Excel chart type in the ribbon. ) In the second column, enter the calculated residual profit. Complete the form below to download our free Excel Waterfall Chart template! Fund Distribution Waterfall Model with Carried Interest Calculation. Mar 6, 2020 · This waterfall template can be easily integrated into any type of real estate financial model which has an annual cash flow calculation. Core exit waterfall example (also calleda liquidation waterfall or liquidation analysis), using a predistribution cap table and assumptions for exit prices to calculate equity distribution to each class of shareholder, using pari-passu or seniority by shareholder class, based on liquidation preferences, optional participation rights, optional Mar 4, 2016 · Using a template is the easiest way to create a waterfall chart. Note that we specified the text (or the x-axis values) in the first column and the revenue (or the y-axis values) in the second column. This Excel model, available to download immediately, will allow the user to define capital gains allocation between participants in an investment. Some of the most commonly used functions include: SUM – adds up all numbers in a range of cells; PRODUCT – multiplies numbers in a range of cells; AVERAGE – calculates the average of a range First Excel Example: The first Excel template excludes the 20% catch-up provision to make the math easy to follow. asimplemodel. How to Create a Waterfall Chart in Excel… European Waterfall vs. In this guide, we’ll go over some essential steps to help you set up your Excel worksheet for ROI calculation. Whether you’re an investor or a fund manager, understanding these can guide your investment strategies. Jul 9, 2020 · Introduction The previous post described our calculation of the asset management fee and the preferred distributions. Common issues for OEE calculations Oct 10, 2023 · Summary: This tutorial guides you through creating a Waterfall Chart in Excel, from data preparation to chart customisation. May 13, 2024 · Welcome to another Excel video! In this tutorial, I will guide you through the process of creating a Waterfall chart in Excel, perfect for presenting data in Oct 2, 2024 · First, calculate the change in the mix share (Mix AC - Mix PY). A detailed distribution waterfall outlines the cash flows on a yearly basis and performs annual cash flow checks. Navigate to the Insert tab on the ribbon at the top of Excel. The two primary models differ in their distribution patterns. Go to the Insert tab and click on the Waterfall Chart icon. Using range names to streamline formulas and bookmark key inputs within a workbook. A waterfall analysis shows the sequential breakdown of a starting value to a final result by exhibiting intermediate values and ‘leakage’ points. ; You can see the Net Cash Flow for all those given periods. The intrinsic value might be a forecasted notional value or market value or some other method of calculation like a DCF. You can also use the All Charts tab in Recommended Charts to create a waterfall chart. Aug 11, 2021 · To see an example of how this would work, consider a distribution waterfall that defines the preferred return at 7%. This is a good example of different calculation methods leading to the same result. This detailed model covers all the relevant concepts used in private equity cash flow models. If the subsequent value is positive, we can observe that it starts from the level where the previous data point ends. Learn how to build a private equity distribution waterfall with video instruction and an Excel template available for download. What you must do is to: 1) link the area which I highlighted in yellow to your cash flow; Apr 26, 2023 · In this Introduction to Data Analysis with Excel training, we show you how to create a waterfall chart in Microsoft Excel. With your data prepared, the next step is to insert a waterfall chart. The final calculation seems fairly complicated and reads as follows: Mix = SUM(Quantity AC) / (Price PY - Price PY / SUM(Price PY)) * Mix Change. Learn to insert the chart, adjust colours, and set end values for effective data visualisation. Apr 24, 2022 · We now start our waterfall calculation private equity example by modeling the required return of Hurdle 1 for the Limited Partners. Step #2: Set the subtotal and total columns. The sponsor might have terms in the agreement that promise them a 22% incentive. Go to the “Insert” tab on the ribbon, click on “Waterfall” chart, and then select the type of chart you want to use. ☀️ Cap Table | Startup Template + Calculation Example During the course we’ll walk through the basics of waterfall model structures, cover Excel formulas commonly used in waterfall models, and then we'll build three different waterfall models from scratch: a 3-Tier IRR waterfall model, a waterfall model with a catchup provision, and an equity multiple based waterfall model. The distribution waterfall model Excel we used to create the table can be found below. Step #3: Change the color scheme. If you need to evaluate a company profit or product earnings, make an inventory or sales analysis or just show how the number of your Facebook friends Jul 21, 2023 · How to Create a Waterfall Chart in Excel. This is the minimum time period a waterfall distribution model must be able to calculate IRR or preferred return balances for. Simplicity: Despite various sophisticated calculation formulas in Excel, our Excel template offers pleasant designs and layouts, aiding in quickly understanding the critical aspects of profit distribution Jan 24, 2022 · Create a Waterfall Chart in Excel If you have data that would fit perfectly into a waterfall chart for a useful visual, let's get right to it! For this tutorial, we'll use a checking account as an example. asimplemodel Sep 18, 2017 · This tutorial will show you how to build your own waterfall chart, complete with different colors for positive and negative values and connecting lines… Examining the Waterfall Chart. Preferred return calculations are easier to understand in an Excel template. The basic idea here is to calculate the average revenue per unit. This Private Equity Profit Distribution Waterfall Model allows for the distribution of funds between the Limited Partners (\\'LPs\\') and the General Partner (\\'GP\\') for investment or private equity funds. Here is some sample data showing how to construct a stacked-column waterfall chart. Waterfall Chart: To follow along with the video and written instructions, get the sample waterfall chart file. Nov 21, 2023 · Do you want to learn how to create a beautiful waterfall chart (sometimes called a bridge chart) in Excel? This video tutorial goes step-by-step through the Normally, when we calculate a "rolling" IRR of an investment, the last cash flow, just for the IRR calculation, reflects an intrinsic value as if the investment is liquidated at that time. In this article, you’ll find the best Excel waterfall chart template and we’ll show you how to customize the template to fit your needs. Oct 19, 2024 · First, let’s see another example that uses multiple subtotals that we want to calculate using Excel. Excel Depreciation Waterfall Schedule Calculation. Non-participating example Jul 7, 2011 · Floating Column Chart Data and Calculations. The LPs contribution percentage will automatically be calculated in cell C9. The purpose of including MOIC is to control for time horizon. Select the range, then click on the UDT Tab. Select B4:C12. The partnership agreement dictates that profits are allocated to each partner first to the extent of a 5% cumulative annual preferred return on unreturned capital and second 50% to A and 50% to B Jun 17, 2024 · Press ENTER. Step 3: Format data points Instead of considering the initial and ending data points as totals or subtotals, Excel identifies them as part of the sequential positives and negatives. Tip: Use the Chart Design (or just Design ) and Format tabs to customize the look of your chart. Level: Advanced Available Durations: 120 minutes Description: Waterfall calculations are used to allocate cash flow among two or more partners based on their agreed-upon return parameters. Mar 1, 2024 · The real estate waterfall model is a tier-based system used to illustrate the hierarchy in priority and allocation of fund proceeds. Here’s a step-by-step guide to creating a waterfall chart in Excel. You can also export the final private equity waterfall model to Microsoft Excel for further analysis. For the depreciation schedule, we will use the “OFFSET” function in Excel to grab the Capex figures for each year. Unlock the power of Excel's dynamic arrays for waterfall calculations in this comprehensive tutorial! Learn how to create a dynamic waterfall calculation for Aug 19, 2019 · There are also different types of parameters: for example, a hurdle with a fixed component and a floating component. Oct 18, 2016 · Enhance your learning experience by downloading our waterfall chart template. Criteria for tier distributions state the conditions that must be satisfied for a certain group of investors before additional money can be distributed to other investors. What is a private equity waterfall? A distribution waterfall in private equity is the methodology by which revenues and profits are split between the fund’s investors and the general partner. This post will focus on our calculation of the catch-up and the profit sharing. Select your data, including the starting and ending values, and the labels for each component. Example #1 – Highlighting the Tableau Waterfall Chart Using User Selections Example 1—traditional waterfall approach: Partner A of AB Partnership contributes $100,000 cash to AB, and partner B contributes $50,000 cash. Investment waterfall mechanics are detailed in the distribution section of the private placement memorandum (PPM). Waterfall calculations are used to allocate cash flow among… Jun 27, 2023 · For example, you might use a waterfall chart to show the monthly changes in revenue for a store, or to compare the net income of different departments within a company. Catch-Up Calculation Whiteboard Example: The language describing the catch-up provision in a distribution waterfall has resulted in many emails asking for clarification. IRR calculations are sensitive to time horizon and MOIC calculations are not. Aug 9, 2024 · Example 6 – Creating a Dynamic Waterfall Chart. This variability introduces the risk of errors that, if left unnoticed, can pose significant challenges later in the fund’s lifespan. Grab your free practice workbook for this tutorial now and slide right in to learn all about how to create a waterfall chart in Excel. Note that "Loss during operations" has been calculated as time losses in the waterfall calculation as opposed to unit-based scrap and quality losses. Example of waterfall analysis calculation for private equity Assume a general partner invests 5% of the required equity for a real estate project and raises the rest 95% with a 6. 00% preferred return Next, go to the Waterfall chart drop-down menu, pick Waterfall as the required chart type, and a waterfall chart will be inserted in your Excel spreadsheet. These include the return of capital, preferred return, catch-up, and carried interest. Go to the Insert tab >> click Waterfall, Funnel, Stock or Surface Chart >> select Waterfall Chart. The realized waterfall is calculated at the time of an actual distribution and allocates the actual cash proceeds from investments. 00 percent preferred return, both utilizing an IRR computation. Pocket Price Waterfall Chart: To see the Pocket Price Waterfall chart and data, get the sample Pocket Price Waterfall chart file. The waterfall will help to delineate the distributions to limited partners and general partners. Single sponsor deal; Sponsor uses preferred stock with an accruing hurdle rate; Preferred stock converts to common on a 1-1 basis; Management compensation structured with stock Private Equity Training:https://www. Jul 27, 2024 · Using the Equity Waterfall Model with Cash-on-Cash Return Hurdle. For example, with non-participating and capped participating clauses, there are scenarios where investors returns don’t change despite valuation: we call these valuation ranges “dead spots”. By setting up your Excel worksheet correctly, you can ensure that your calculations are accurate and easy to understand. For this, we forecast the invested capital account of the Limited Partners (90% of the invested capital) by increasing its balance by the required 8% return by year. Excel offers many formula and function options to help businesses calculate ROI accurately. Calculating the waterfall in private equity systems: Three approaches 143 Waterfall calculation in Investran 146 Waterfall calculation in eFront 146 Waterfall calculations in AltaReturn 147 Approach C: Example of an excel-based waterfall model 147 Implementation considerations 151 Feb 7, 2024 · 2. To avoid any mistakes, the value for the end of the month is a SUM formula =SUM(B1:B6) Step 1: Create the chart. Let’s use below examples in each scenario: with non-participating and capped participating clauses. Deferred Revenue Waterfall vs. Let's start with the process of creating a waterfall chart👇. (The table is formatted like an accountant’s. ceaarsxwbiefmjmulnibrwwrvmxiiyxjxzpghnesgjbvvtlngmoihul
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