This spreadsheet supports student analysis of the case

Spotfire: Managing a Multinational Start-up HBS 899-078

1998 Harvard Business School (Rev. October 25, 2001)
Exhibit 3 Spotfire Historic and Projected Profit and Loss Statement

1997 1998E 1999E 2000E

000s of $ Q1 Q2 Q3 Q4 Year Year Year Year

Sales 80 126 224 328 758 3,050 7,800 20,000

Cost of Sales (2) (4) (7) (10) (23) (153) (390) (1,000)
Gross Margin 78 122 217 318 735 2,897 7,410 19,000
Gross Margin (%) 98% 97% 97% 97% 97% 95% 95% 95%
Development Expenses (97) (104) (118) (138) (457) (809) (1,079) (1,798)
Direct Customer 0 (14) (14) (19) (47) (186) (247) (495)
Service
Marketing (51) (42) (51) (70) (214) (1,869) (3,092) (6,784)
SG&A (76) (121) (152) (209) (558) (2,014) (3,457) (5,683)
Operating Income (146) (159) (118) (118) (541) (1,981) (465) 4,240
Interest Income/ 1 0 (1) (1) (1) (79) (19) 170
(Expense)
Net Income (145) (159) (119) (119) (542) (2,060) (484) 4,410

Source: Spotfire
Figures may not balance due to rounding. Estimates based on report to the Board on 1/98

Exhibit 4 Spotfire Historic and Projected Statement of Cash Flows

1997 1998E 1999E 2000E

000s of $ Q1 Q2 Q3 Q4 Year Year Year Year

Opening Balance 255 128 3,256 3,089 255 2,981 3,030 2,372
Net Income (145) (159) (119) (119) (542) (2,060) (484) 4,410
Depreciation 9 11 12 12 44 72 85 123
Cash from Operations (136) (148) (107) (107) (498) (1,988) (399) 4,533
Change in Working 9 43 (60) 13 5 131 (146) (443)
Capital
Purchase of Fixed (28) (14) (42) (72) (91) (182)
Change in Borrowings 261 261 (22) (22) (22)
Other Sources/Uses 3,000 3,000 2,000
Closing Balance 128 3,256 3,089 2,981 2,981 3,030 2,372 6,258

Source: Spotfire
Exhibit 7 Share Ownership and Financing Details

Shares at July 10, 1997 First Round, August 1, 1997 Ownership After First Round
New Money Convertibles Shares
Shareholder Total % ($000s) Issued Issued Options %

Innovations Kapital 828,000 46% $616 271,580 1,099,580 28.0%

C. Ahlberg 256,000 14% 256,000 6.5%
CR&T 181,000 10% 181,000 4.6%
Other Employees 521,000 29% 521,000 13.3%
Atlas Ventures $2,466 1,086,319 1,086,319 27.6%
Options 785,975 20.0%
Total 1,786,000 100% 3,929,874 100.0%
(incld. Options)

Source: Spotfire
Exhibit 8 Sample of Software Companies and Most Recent VC Financings

Amount Date Post-Money

Company Business Brief Founded Employees Raised Raised Valuation
Success Factor Provider of integrated skill-based
Systems and competency-based HR
management software products Oct-95 15 6.3 Jun-97 26.50
Pavilion Developer of data mining and
Technologies real-time, online analytical
processing software for process
optimization and control. Jan-92 100 10.0 Sep-97 N/A
Wisdom Ware Developer of knowledge transfer
solutions for sales, marketing and
customer service. Jul-96 16 4.0 Dec-97 7.50
Conduit
Software Developer of Software designed
for human resource professionals Jan-85 38 1.8 Nov-97 9.00
Digital Tools Developer of enterprise-wide
project management software
solutions Jan-85 115 6.5 Apr-98 23.50
Seeker Producer of innovative employee
Software self-use HR applications for the
Web Jan-96 90 7.5 N/A 25.70

Source: Compiled from VentureSource database.

All dollar amounts are in millions.
Exhibit 9 Spotfire Headcount Projections

Employed at Year-End
1997 1998E 1999E 2000E

Management 2 4 6 6
Administration 1 2 4 8
Sales 5 10 18 34
Marketing 1 3 4 8
Customer Service 2 3 4 8
Development 7 9 12 20
Total 18 31 48 84

Source: Spotfire.
Exhibit 10 Valuation Comparisons of Publicly Listed Software Firms (dollars in millions)

Net Market
Income/ Value
(Loss) Net Sales June 24,
Company Name 1997 1997 1998
Sterling Software (133.00) 489.00 2,282.00
Award Software Intl., Inc. 4.70 23.40 78.00
Parametric Technology 219.20 808.80 9,418.00

Source: Compiled Standard & Poor's Compustat, Thomson Financial Datastream International data.