Spreadsheet Simulation Schwartz Moon Model (2000)

Simulation of Rev

Parameters
Historical Sales (Rt)
Initial Revenue R0 355.8 million per quarter
Initial loss carry forward L0 559.0 million Simulated Sales (Rt)

revenues in $ million
Initial Cash Balance available X0 700.0 million Drift of (Rt)
Initial expected rate of revenue growth m0 11.0% per quarter Bankruptcy line
Initial volatility of revenues s0 10.0% per quarter
Initial volatility of expected rate of revenue growth h0 3.0% per quarter
Correlation between percentage change in r 0.0
revenue and change in expected rate of growth
Long-term rate of growth in revenues μ̄ mlt 1.5% per quarter
Long-term volatility of the rate of revenue growth slt 5.0% per quarter
2
Company's corporate tax rate tc 35.0%
Risk-free interest rate r -5 0 5 1
5.0% per year
Speed of adjustment for rate of growth process k 0.07 per quarter
Speed of adjustment for the volatility of revenue k1 0.07 per quarter Net Income and Tax
process
Speed of adjustment for the volatility of the rate of k2 0.07 per quarter
revenue growth process
COGS as % of revenues a 75.0%

revenues in $ million
Fixed component of other expenses F 75.0 million
Variable component of other expenses b 19.0%
Market price of risk for revenue factor l1 0.01 per quarter 2
Market price of risk for rate of revenue growth l2 - per quarter
factor
Horizon for estimation T 100.0 quarters
Time increment for discrete version of model Dt 1 quarter
-5 0 5 1
PRESS F9 (recalculate) to run new simulation
Ti
Results
Bankruptcy in period 4.00 yrs. Net income T
Final Cash Balance 89,827.0 million
10X EBITDA Multiple 18,732.6 million Cash Balance and Loss C
Present Value of Firm - million
revenues in $ million

180% Growth Rate of Revenues

160%
140%
120%
Historical
growth in %

100% mt
80%
Simulate
60% d mt 2
40%
Drift of -5 0 5 1
20% mt
0% Cash balance Xt
123412341234123123456789110111213141516171829202122232425262728393031323334353637384940414243444546474859505152535455565758696061626364656667687970717273747576777889808182838485868788999091929394959697989
996969696979797979898989899999
 160%

revenues in $
140%
120%
Historical

growth in %
100% mt
80%
Simulate
60% d mt
2
40%
Drift of -5 0 5 1
20% mt
0% Cash balance Xt
123412341234123123456789110111213141516171829202122232425262728393031323334353637384940414243444546474859505152535455565758696061626364656667687970717273747576777889808182838485868788999091929394959697989
996969696979797979898989899999
time period (quarter)

18% Growth Rate of Revenues

16%
14% Simulate
d mt
12%
growth in %

10%
Drift of
8%
mt
6%
4%
2%
0%
96 1
2
3
97 4
1
2
1
2
3
1
99 2
3
1
2
3
4
5
6
7
8
9
12

21
24
25
27
28
29
30
31
32
33
34

44
45
47
48
49
50
51
52
53
54
55
57
58

73
74
76
77
78
79
80
81
82
83
84
86
87
3
98 4
98 4

10
11
13
14
15
16
17
18
19
20
22
23
26

35
36
37
38
39
40
41
42
43
46

56
59
60
61
62
63
64
65
66
67
68
69
70
71
72
75

85
88
89
90
91
92
93
94
95
96
97
98
99
98
98
99
99
96
96
96
97
97
97

time period (quarter)

 Quarterly Sales & Costs for Am
Simulation of Revenues 40,000

35,000
Quarter
Historical Sales (Rt)
30,000
96 1
Simulated Sales (Rt) 96 2
Drift of (Rt) 25,000 96 3
Bankruptcy line 96 4
20,000
97 1
15,000 97 2

10,000 97 3
97 4
5,000
98 1
2 - 98 2
0 5 10 15 20 25 30 98 3
Time (years)
98 4
Net Income and Tax Expense 2,500
99 1
2,000
99 2
99 3
1,500
1
2
2 1,000 3

500 4
5
-
6
0 5 10 15 20 25 30 7
8
Time (years) (500)
9
10
Net income Tax expense Bankruptcy line
11
12
Cash Balance and Loss Carry Forward 13
100,000
14
90,000 15
80,000 16
70,000 17
18
60,000
19
50,000 20
40,000 21
30,000
22
23
20,000
24
10,000
2 -
5 0 5 10 15 20 25 30
Time (years)
Cash balance Xt Loss carry forward Lt Bankruptcy line
 50,000

40,000

30,000

20,000

10,000 25
2 - 26
5 0 5 10 15 20 25 30 27
Time (years) 28
Cash balance Xt Loss carry forward Lt Bankruptcy line 29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
 76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Quarterly Sales & Costs for Amazon
Time
scale in Historical Gross Interest Pretax Tax Net
years Sales (Rt) COGS profit SG&A EBITDA income profit expense income
-3.5 0.875 0.678 0.197 0.516 (0.319)
-3.25 2.230 1.725 0.505 1.253 (0.748)
-3 4.173 3.172 1.001 3.383 (2.382)
-2.75 8.468 6.426 2.042 4.286 (2.244)
-2.5 16.005 12.484 3.521 6.623 (3.102)
-2.25 27.855 22.641 5.214 13.067 (7.853)

-2 37.887 30.717 7.170 17.486 (10.316)

-1.75 66.040 53.127 12.913 24.237 (11.324)
-1.5 87.361 66.222 21.139 29.283 (8.144)
-1.25 116.044 89.793 26.251 44.651 (18.400)
-1 153.698 118.823 34.875 76.381 (41.506)
-0.75 252.893 199.476 53.417 95.486 (42.069)

-0.5 293.643 223.629 70.014 95.386 (25.372)

-0.25 314.377 246.846 67.531 190.005 (122.474)

0 355.800 285.300 70.500 260.945 (190.445)
0.25 297.66 99.220 150.41 (51.187) 8.805 (42.382) - (42.382)
0.5 359.72 119.906 166.13 (46.223) 8.272 (37.951) - (37.951)
0.75 416.95 138.982 180.63 (41.644) 7.794 (33.850) - (33.850)

1 483.01 161.005 197.36 (36.359) 7.369 (28.990) - (28.990)

1.25 581.81 193.936 222.39 (28.455) 7.004 (21.451) - (21.451)
1.5 641.03 213.677 237.39 (23.718) 6.734 (16.983) - (16.983)
1.75 623.42 207.805 232.93 (25.127) 6.521 (18.606) - (18.606)
2 688.58 229.526 249.44 (19.914) 6.287 (13.627) - (13.627)
2.25 852.72 284.238 291.02 (6.783) 6.115 (0.668) - (0.668)
2.5 910.67 303.557 305.70 (2.146) 6.107 3.960 - 3.960
2.75 1,001.80 333.932 328.79 5.144 6.157 11.300 - 11.300
3 1,136.48 378.827 362.91 15.919 6.299 22.217 - 22.217
3.25 1,418.19 472.730 434.28 38.455 6.578 45.033 - 45.033
3.5 1,611.22 537.072 483.17 53.897 7.145 61.042 - 61.042
3.75 1,749.44 583.146 518.19 64.955 7.912 72.867 - 72.867
4 2,149.36 716.452 619.50 96.948 8.829 105.777 - 105.777
4.25 2,587.25 862.416 730.44 131.980 10.159 142.139 - 142.139
4.5 2,903.40 967.800 810.53 157.272 11.947 169.219 - 169.219
4.75 3,268.40 ### 903.00 186.472 14.076 200.548 21.209 179.340
5 3,166.29 ### 877.13 178.304 16.332 194.635 68.122 126.513
5.25 3,603.61 ### 987.91 213.288 17.923 231.212 80.924 150.287
5.5 4,214.00 ### 1,142.55 262.120 19.813 281.933 98.677 183.257
5.75 4,167.60 ### 1,130.79 258.408 22.119 280.526 98.184 182.342
6 4,750.14 ### 1,278.37 305.011 24.412 329.423 115.298 214.125
 6.25 5,140.61 ### 1,377.29 336.249 27.105 363.354 127.174 236.180
6.5 5,630.71 ### 1,501.45 375.457 30.076 405.533 141.937 263.597
6.75 6,242.86 ### 1,656.52 424.429 33.392 457.821 160.237 297.584
7 6,437.92 ### 1,705.94 440.033 37.135 477.168 167.009 310.159
7.25 6,399.82 ### 1,696.29 436.986 41.036 478.022 167.308 310.714
7.5 6,148.46 ### 1,632.61 416.877 44.945 461.822 161.638 300.184
7.75 6,831.77 ### 1,805.72 471.542 48.720 520.262 182.092 338.170
8 7,232.07 ### 1,907.12 503.565 52.974 556.539 194.789 361.751
8.25 7,414.13 ### 1,953.25 518.130 57.524 575.655 201.479 374.176
8.5 7,681.11 ### 2,020.88 539.489 62.231 601.720 210.602 391.118
8.75 7,941.32 ### 2,086.80 560.306 67.151 627.457 219.610 407.847
9 8,516.97 ### 2,232.63 606.358 72.281 678.639 237.524 441.115
9.25 8,894.12 ### 2,328.18 636.530 77.829 714.359 250.026 464.333
9.5 9,170.70 ### 2,398.24 658.656 83.670 742.326 259.814 482.512
9.75 9,869.68 ### 2,575.32 714.575 89.739 804.314 281.510 522.804
10 ### ### 2,827.37 794.170 96.315 890.485 311.670 578.815
10.25 ### ### 3,086.98 876.150 103.596 979.746 342.911 636.835
10.5 ### ### 3,020.07 855.021 111.606 966.627 338.320 628.308
10.75 ### ### 3,014.44 853.245 119.509 972.754 340.464 632.290
11 ### ### 2,972.82 840.100 127.463 967.562 338.647 628.915
11.25 ### ### 3,301.16 943.787 135.373 ### 377.706 701.454
11.5 ### ### 3,683.55 ### 144.197 ### 423.059 785.681
11.75 ### ### 3,292.85 941.163 154.079 ### 383.335 711.907
12 ### ### 3,321.85 950.322 163.034 ### 389.675 723.682
12.25 ### ### 3,410.25 978.236 172.137 ### 402.630 747.742
12.5 ### ### 3,796.04 ### 181.542 ### 448.562 833.045
12.75 ### ### 3,720.38 ### 192.020 ### 443.868 824.326
13 ### ### 4,178.69 ### 202.389 ### 498.152 925.139
13.25 ### ### 4,429.22 ### 214.026 ### 529.915 984.128
13.5 ### ### 4,364.50 ### 226.405 ### 527.094 978.889
13.75 ### ### 4,726.12 ### 238.718 ### 571.373 ###
14 ### ### 4,617.17 ### 252.065 ### 564.002 ###
14.25 ### ### 4,584.50 ### 265.240 ### 565.003 ###
14.5 ### ### 5,012.84 ### 278.439 ### 616.965 ###
14.75 ### ### 5,101.11 ### 292.851 ### 631.765 ###
15 ### ### 5,134.21 ### 307.609 ### 640.588 ###
15.25 ### ### 5,090.53 ### 322.573 ### 640.998 ###
15.5 ### ### 4,844.36 ### 337.547 ### 619.031 ###
15.75 ### ### 5,243.85 ### 352.007 ### 668.246 ###
16 ### ### 5,161.95 ### 367.617 ### 664.658 ###
16.25 ### ### 4,795.15 ### 383.144 ### 629.551 ###
16.5 ### ### 5,121.16 ### 397.850 ### 670.731 ###
16.75 ### ### 5,001.29 ### 413.518 ### 662.966 ###
17 ### ### 5,418.59 ### 429.005 ### 714.509 ###
17.25 ### ### 5,906.63 ### 445.696 ### 774.292 ###
17.5 ### ### 6,238.88 ### 463.784 ### 817.345 ###
17.75 ### ### 6,406.83 ### 482.877 ### 842.591 ###
18 ### ### 7,026.62 ### 502.560 ### 917.983 ###
18.25 ### ### 7,061.55 ### 524.004 ### 929.349 ###
18.5 ### ### 6,902.13 ### 545.713 ### 919.328 ###
18.75 ### ### 6,564.81 ### 567.189 ### 889.561 ###
 19 ### ### 6,613.33 ### 587.969 ### 902.197 ###
19.25 ### ### 6,223.01 ### 609.044 ### 866.432 ###
19.5 ### ### 6,287.38 ### 629.284 ### 880.631 ###
19.75 ### ### 6,517.74 ### 649.856 ### 913.292 ###
20 ### ### 6,331.87 ### 671.190 ### 900.215 ###
20.25 ### ### 6,809.76 ### 692.219 ### 960.395 ###
20.5 ### ### 6,849.00 ### 714.654 ### 972.584 ###
20.75 ### ### 6,478.26 ### 737.374 ### 939.559 ###
21 ### ### 6,547.20 ### 759.322 ### 954.861 ###
21.25 ### ### 6,349.49 ### 781.627 ### 940.816 ###
21.5 ### ### 5,890.99 ### 803.605 ### 897.831 ###
21.75 ### ### 5,743.52 ### 824.578 ### 888.873 ###
22 ### ### 6,016.97 ### 845.342 ### 926.364 ###
22.25 ### ### 5,869.22 ### 866.982 ### 917.607 ###
22.5 ### ### 5,880.98 ### 888.417 ### 926.410 ###
22.75 ### ### 5,300.24 ### 910.058 ### 869.797 ###
23 ### ### 5,478.26 ### 930.376 ### 896.585 ###
23.25 ### ### 5,473.33 ### 951.321 ### 903.369 ###
23.5 ### ### 5,421.38 ### 972.423 ### 905.014 ###
23.75 ### ### 5,497.60 ### 993.564 ### 920.837 ###
24 ### ### 5,370.92 ### ### ### 914.365 ###
24.25 ### ### 5,674.85 ### ### ### 955.433 ###
24.5 ### ### 5,985.87 ### ### ### 997.620 ###
24.75 ### ### 5,976.88 ### ### ### ### ###
25 ### ### 6,244.49 ### ### ### ### ###
 Historical Simulate Drift of st ht
Loss carry Cash Bankruptcy Simulated mt d mt mt
forward Lt balance Xt flag Sales (Rt) Drift of (Rt)
4
154.9%
87.1%
102.9%
89.0%
74.0%

36.0%
74.3%
32.3%
32.8%
32.4%
64.5%

16.1%

7.1%
559.000 700.000 355.800 355.800 13.2% 11.0% 11.0% 10.0% 3.0%
601.382 657.618 - - 396.880 394.796 11.7% 10.4% 9.7% 2.8%
639.333 619.667 - - 479.624 435.421 12.3% 9.8% 9.3% 2.6%
673.183 585.817 - - 555.929 477.516 11.4% 9.2% 9.1% 2.4%

702.173 556.827 -- 644.018 520.922 13.6% 8.7% 8.8% 2.3%

723.624 535.376 -- 775.744 565.477 14.6% 8.2% 8.5% 2.1%
740.608 518.392 -- 854.708 611.020 14.0% 7.7% 8.3% 2.0%
759.214 499.786 -- 831.222 657.397 13.5% 7.3% 8.1% 1.8%
772.841 486.159 -- 918.104 704.459 15.2% 6.9% 7.9% 1.7%
773.509 485.491 -- 1,136.954 752.066 14.1% 6.6% 7.7% 1.6%
769.548 489.452 -- 1,214.229 800.085 15.4% 6.2% 7.5% 1.5%
758.248 500.752 -- 1,335.729 848.394 14.0% 5.9% 7.3% 1.4%
736.031 522.969 -- 1,515.309 896.883 14.1% 5.6% 7.2% 1.3%
690.997 568.003 -- 1,890.921 945.448 11.9% 5.3% 7.0% 1.2%
629.956 629.044 -- 2,148.287 994.002 10.2% 5.1% 6.9% 1.1%
557.088 701.912 -- 2,332.582 1,042.463 11.9% 4.8% 6.7% 1.0%
451.311 807.689 -- 2,865.808 1,090.763 12.0% 4.6% 6.6% 1.0%
309.172 949.828 -- 3,449.663 1,138.842 10.6% 4.4% 6.5% 0.9%
139.952 1,119.048 -- 3,871.201 1,186.651 9.9% 4.2% 6.4% 0.9%
- 1,298.387 -- 4,357.870 1,234.147 9.3% 4.0% 6.3% 0.8%
- 1,424.900 -- 4,221.727 1,281.300 9.1% 3.8% 6.2% 0.7%
- 1,575.188 -- 4,804.808 1,328.082 8.1% 3.7% 6.1% 0.7%
- 1,758.445 -- 5,618.667 1,374.476 7.6% 3.5% 6.1% 0.6%
- 1,940.787 -- 5,556.796 1,420.471 7.5% 3.4% 6.0% 0.6%
- 2,154.912 -- 6,333.518 1,466.059 7.5% 3.3% 5.9% 0.6%
- 2,391.092 -- 6,854.148 1,511.241 6.9% 3.2% 5.9% 0.5%
- 2,654.689 -- 7,507.618 1,556.019 6.5% 3.0% 5.8% 0.5%
- 2,952.272 -- 8,323.815 1,600.401 6.4% 2.9% 5.8% 0.5%
- 3,262.432 -- 8,583.890 1,644.398 6.0% 2.8% 5.7% 0.4%
- 3,573.146 -- 8,533.094 1,688.024 4.9% 2.7% 5.7% 0.4%
- 3,873.330 -- 8,197.952 1,731.295 3.8% 2.7% 5.6% 0.4%
- 4,211.501 -- 9,109.029 1,774.231 3.7% 2.6% 5.6% 0.3%
- 4,573.251 -- 9,642.753 1,816.851 3.9% 2.5% 5.5% 0.3%
- 4,947.427 -- 9,885.505 1,859.179 3.9% 2.4% 5.5% 0.3%
- 5,338.544 -- ### 1,901.237 3.4% 2.4% 5.5% 0.3%
- 5,746.391 -- ### 1,943.050 3.8% 2.3% 5.4% 0.3%
- 6,187.506 -- ### 1,984.642 4.1% 2.3% 5.4% 0.2%
- 6,651.840 -- ### 2,026.039 3.9% 2.2% 5.4% 0.2%
- 7,134.351 -- ### 2,067.267 3.5% 2.2% 5.3% 0.2%
- 7,657.155 -- ### 2,108.352 3.4% 2.1% 5.3% 0.2%
- 8,235.971 -- ### 2,149.320 3.5% 2.1% 5.3% 0.2%
- 8,872.806 -- ### 2,190.197 3.4% 2.0% 5.3% 0.2%
- 9,501.113 -- ### 2,231.008 3.3% 2.0% 5.3% 0.2%
- ### -- ### 2,271.780 3.1% 2.0% 5.2% 0.1%
- ### -- ### 2,312.538 2.8% 1.9% 5.2% 0.1%
- ### -- ### 2,353.306 3.0% 1.9% 5.2% 0.1%
- ### -- ### 2,394.109 3.1% 1.9% 5.2% 0.1%
- ### -- ### 2,434.972 3.0% 1.9% 5.2% 0.1%
- ### -- ### 2,475.917 2.8% 1.8% 5.2% 0.1%
- ### -- ### 2,516.968 2.6% 1.8% 5.2% 0.1%
- ### -- ### 2,558.147 2.4% 1.8% 5.2% 0.1%
- ### -- ### 2,599.477 2.4% 1.8% 5.1% 0.1%
- ### -- ### 2,640.979 2.3% 1.7% 5.1% 0.1%
- ### -- ### 2,682.673 2.2% 1.7% 5.1% 0.1%
- ### -- ### 2,724.582 2.2% 1.7% 5.1% 0.1%
- ### -- ### 2,766.724 2.1% 1.7% 5.1% 0.1%
- ### -- ### 2,809.120 2.1% 1.7% 5.1% 0.1%
- ### -- ### 2,851.788 2.0% 1.7% 5.1% 0.1%
- ### -- ### 2,894.747 1.9% 1.7% 5.1% 0.1%
- ### -- ### 2,938.015 1.9% 1.7% 5.1% 0.0%
- ### -- ### 2,981.610 2.0% 1.6% 5.1% 0.0%
- ### -- ### 3,025.550 1.9% 1.6% 5.1% 0.0%
- ### -- ### 3,069.851 1.9% 1.6% 5.1% 0.0%
- ### -- ### 3,114.529 1.9% 1.6% 5.1% 0.0%
- ### -- ### 3,159.602 1.9% 1.6% 5.1% 0.0%
- ### -- ### 3,205.085 1.8% 1.6% 5.1% 0.0%
- ### -- ### 3,250.994 1.7% 1.6% 5.0% 0.0%
- ### -- ### 3,297.343 1.7% 1.6% 5.0% 0.0%
- ### -- ### 3,344.149 1.7% 1.6% 5.0% 0.0%
- ### -- ### 3,391.425 1.7% 1.6% 5.0% 0.0%
- ### -- ### 3,439.186 1.6% 1.6% 5.0% 0.0%
- ### -- ### 3,487.446 1.6% 1.6% 5.0% 0.0%
- ### -- ### 3,536.220 1.6% 1.6% 5.0% 0.0%
- ### -- ### 3,585.522 1.6% 1.6% 5.0% 0.0%
- ### -- ### 3,635.364 1.6% 1.6% 5.0% 0.0%
- ### -- ### 3,685.761 1.6% 1.5% 5.0% 0.0%
- ### -- ### 3,736.726 1.6% 1.5% 5.0% 0.0%
- ### -- ### 3,788.272 1.6% 1.5% 5.0% 0.0%
- ### -- ### 3,840.412 1.6% 1.5% 5.0% 0.0%
- ### -- ### 3,893.159 1.6% 1.5% 5.0% 0.0%
- ### -- ### 3,946.526 1.6% 1.5% 5.0% 0.0%
- ### -- ### 4,000.526 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,055.172 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,110.476 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,166.451 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,223.109 1.6% 1.5% 5.0% 0.0%
- ### -- ### 4,280.464 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,338.527 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,397.311 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,456.830 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,517.094 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,578.117 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,639.911 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,702.490 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,765.865 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,830.050 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,895.056 1.5% 1.5% 5.0% 0.0%
- ### -- ### 4,960.898 1.5% 1.5% 5.0% 0.0%
- ### -- ### 5,027.588 1.5% 1.5% 5.0% 0.0%
- ### -- ### 5,095.138 1.5% 1.5% 5.0% 0.0%
- ### -- ### 5,163.563 1.5% 1.5% 5.0% 0.0%
e1 e2 r of
variates
generated Bankruptcy line
0.035874 4 - - 42.38
4 781.38 968.11

0.053 0.461
0.808 0.461
0.326 -0.046

0.420 1.218
0.624 0.815
-0.519 0.173
-1.979 0.179
-0.395 1.371
0.842 -0.050
-0.939 1.397
-0.742 -0.331
-0.146 0.666
1.173 -1.071
0.170 -0.827
-0.244 2.066
1.335 0.856
1.024 -0.762
0.184 -0.075
0.341 -0.085
-1.929 0.383
0.664 -0.684
1.276 0.019
-1.398 0.414
0.976 0.690
 0.113 -0.257
0.412 -0.064
0.693 0.418
-0.535 -0.161
-1.114 -1.923
-1.535 -2.187
1.233 0.057
0.397 0.965
-0.211 0.626
-0.028 -1.085
0.021 1.933
0.624 1.699
0.084 0.141
-0.126 -1.307
0.758 0.123
1.205 1.559
1.067 0.086
-1.037 -0.253
-0.618 -0.288
-0.824 -1.136
1.549 1.884
1.613 2.023
-2.770 -0.335
-0.366 -0.905
0.017 -0.690
1.647 -1.398
-0.833 0.300
1.875 -0.444
0.744 -0.969
-0.679 1.078
1.189 -0.216
-0.846 -0.437
-0.511 -0.198
1.422 -1.327
0.009 0.507
-0.210 1.835
-0.522 0.094
-1.339 -0.416
1.250 -0.278
-0.646 0.939
-1.813 -0.947
0.999 -1.572
-0.785 0.827
1.301 -0.538
1.428 -1.212
0.803 -1.144
0.245 1.118
1.563 0.125
-0.191 -0.039
-0.748 -0.063
-1.295 0.444
-0.139 -1.365
-1.506 2.231
-0.079 -1.153
0.443 -0.997
-0.862 -1.217
1.192 -0.562
-0.157 0.283
-1.395 0.714
-0.060 0.457
-0.893 0.640
-1.788 -1.074
-0.785 -0.695
0.669 0.784
-0.774 -0.648
-0.230 -1.625
-2.372 -0.843
0.402 1.112
-0.286 0.082
-0.461 0.327
0.015 0.793
-0.740 -1.040
0.847 -1.080
0.814 -0.975
-0.296 0.435
0.620 -0.831