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{"sheet":"RIVN_DCF","index":0,"n_rows":147,"n_cols":27,"rows_kept":147,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Company Name","Rivian Automotive"]
[null,"Ticker","RIVN"]
[null,"Share Price",14.68]
[null,"Valuation Date ","2025-09-30"]
[]
[null,{"$f":"C2&\" (\"&C3&\") DISCOUNTED CASH FLOWS MODEL\"","v":"Rivian Automotive (RIVN) DISCOUNTED CASH FLOWS MODEL"}]
[null,"Fiscal year ends in December USD in millions except per share data."]
[]
["x","FORECASTING CASH FLOWS"]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[]
[null,null,null,null,null,2021,{"$f":"F14+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,{"$f":"O14+1","v":2031},{"$f":"P14+1","v":2032},{"$f":"Q14+1","v":2033},{"$f":"R14+1","v":2034},{"$f":"S14+1","v":2035},2036,2037,2038]
[null,"Revenues: Automotive",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":1554},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":4132},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":4486},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":3830},{"$f":"J15*(1+K37)","v":4569.7230112319494},6601.9616068042451,10293.334558359627,13592.230077145279,17033.411252610069,19904.673124277357,22843.220054393743,25881.368321628117,29323.590308404655,32255.949339245122,34836.425286384736,36578.246550703974,38407.158878239177]
[null,"Revenues: Software Service",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":"-"},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":104},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":302},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":484},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":1557},{"$f":"J16*(1+K38)","v":2335.5},3503.25,5254.875,7356.8249999999998,9563.8724999999995,11954.840624999999,14943.550781249998,18679.438476562496,23349.298095703121,29186.622619628903,35023.94714355468,42028.736572265618,50434.483886718743]
[null,"  Total Revenues",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":55},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":1658},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":4434},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":4970},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":5387},{"$f":"K16+K15","v":6905.2230112319494},{"$f":"L16+L15","v":10105.211606804245},15548.209558359627,20949.05507714528,26597.28375261007,31859.513749277357,37786.770835643743,44560.806798190613,52672.888404107776,61442.571958874025,69860.372429939423,78606.983122969599,88841.642764957913]
[null,"  Cost of Revenues: Automotive",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":520},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":4666},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":6150},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":5693},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":4262},{"$f":"K15*K40","v":4341.2368606703521},5941.7654461238208,8749.3343746056835,11553.395565573486,13626.729002088055,15923.738499421886,18274.576043514997,20705.094657302496,23458.872246723724,25804.759471396101,27869.14022910779,29262.59724056318,30725.727102591343]
[null,"  Cost of Revenues: Software Service",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":115},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":314},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":477},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":981},{"$f":"K16*K41","v":1401.3},2101.9499999999998,3152.9249999999997,4414.0949999999993,5738.3234999999995,7172.9043749999992,8966.1304687499978,11207.663085937498,14009.578857421873,17511.97357177734,21014.368286132809,25217.241943359371,30260.690332031245]
[null,"Gross Profit",null,null,null,{"$f":"F17-F18-F19","v":-465},-3123,-2030,-1200,144,1162.6861505615973,2061.4961606804245,3645.9501837539442,4981.5645115717944,7232.2312505220152,8762.8708748554709,10546.064323378749,12648.049054950619,15204.437299962179,18125.838915700584,20976.863914698824,24127.143939047051,27855.225330335325]
[]
[null,"  Selling, General and Administrative",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":1242},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":1789},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":1714},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":1876},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":2061},{"$f":"K17*K42","v":2416.8280539311822},3031.5634820412733,3887.0523895899069,4189.8110154290562,3989.5925628915102,4380.6831405256362,4723.346354455467,5013.0907647964432,5267.2888404107771,5376.2250464014769,5239.5279322454562,4912.9364451856,4442.0821382478962]
[null,"  Research and Development",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":1850},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":1944},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":1995},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":1613},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":1668},{"$f":"K17*K43","v":1726.3057528079873},2021.0423213608492,3109.6419116719258,4189.8110154290562,2659.7283752610074,3026.653806181349,3400.8093752079367,3787.668577846202,4213.8310723286213,4608.1928969155506,4890.2260700957586,5109.453902993022,5330.498565897472]
[null,"EBIT",null,null,null,{"$f":"F20-F22-F23","v":-3557},{"$f":"G20-G22-G23","v":-6856},-5739,-4689,-3585,-2980.4476561775723,-2991.109642721698,{"$f":"M20-M22-M23","v":-3350.7441175078884},{"$f":"N20-N22-N23","v":-3398.057519286318},{"$f":"O20-O22-O23","v":582.91031236949766},{"$f":"P20-P22-P23","v":1355.5339281484858},{"$f":"Q20-Q22-Q23","v":2421.908593715345},{"$f":"R20-R22-R23","v":3847.2897123079742},{"$f":"S20-S22-S23","v":5723.3173872227799},{"$f":"T20-T22-T23","v":8141.4209723835575},10847.10991235761,14104.753590868431,18082.644626189955]
[null,"NOL carryforward balance",null,null,null,null,null,12650,{"$f":"14552+739","v":15291},{"$f":"19044+733","v":19777},{"$f":"IF(K24<0,J25-K24*0.9,J25-MIN(0.8*K24,J25))","v":22459.402890559817},{"$f":"IF(L24<0,K25-L24*0.9,K25-MIN(0.8*L24,K25))","v":25151.401569009344},28167.071274766444,31225.323042124131,30758.994792228532,29674.567649709745,27737.04077473747,24659.20900489109,20080.555095112868,13567.418317206022,4889.7303873199344,0,0]
[null,"Taxes",0.25,null,null,null,null,null,null,null,{"$f":"IF(K24<0,0,IF(J25>K24,K24*0.2*$C$26,(K24-J25)*$C$26))","v":0},{"$f":"IF(L24<0,0,IF(K25>L24,L24*0.2*$C$26,(L24-K25)*$C$26))","v":0},0,0,29.145515618474885,67.776696407424296,121.09542968576726,192.36448561539873,286.16586936113902,407.07104861917787,542.35549561788048,2303.7558008871242,{"$f":"IF(W24<0,0,IF(V25>W24,W24*0.2*$C$26,(W24-V25)*$C$26))","v":4520.6611565474886}]
[null,"Tax-effected EBIT",null,null,null,{"$f":"F24-F26","v":-3557},{"$f":"G24-G26","v":-6856},-5739,-4689,{"$f":"J24-J26","v":-3585},{"$f":"K24-K26","v":-2980.4476561775723},{"$f":"L24-L26","v":-2991.109642721698},{"$f":"M24-M26","v":-3350.7441175078884},-3398.057519286318,553.7647967510228,1287.7572317410616,2300.8131640295778,3654.9252266925755,5437.151517861641,7734.3499237643791,10304.754416739728,11800.997789981308,13561.983469642466]
[]
[null,"Depreciation and amortization",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":197},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":652},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":937},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":1031},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":784},{"$f":"-K30*K45","v":1242.9401420217509},{"$f":"-L30*L45","v":2021.0423213608492},{"$f":"-M30*M45","v":2332.2314337539442},2304.396058485981,3324.6604690762592,3621.5306644686366,3884.9523765396211,4118.3933158015216,4345.5132933388886,4488.1878735583723,4475.4301087929898,4366.3722656586979,4219.9780313354977]
[null,"Capex",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$H$14,0))","v":-1794},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$H$14,0))","v":-1369},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$H$14,0))","v":-1026},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$H$14,0))","v":-1141},{"$f":"INDEX(RIVN_IS!$A$14:$H$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$H$14,0))","v":-1710},{"$f":"-K44*K17","v":-2071.5669033695849},-2526.3029017010613,-2332.2314337539442,-2094.9055077145281,-2659.7283752610074,-2986.829413994752,-3306.3424481188272,-3620.5655523529867,-3950.4666303080821,-4224.1768221725879,-4366.2732768712121,-4421.6428006670385,-4442.0821382478944]
[null,"Change in Net Working Capital",null,null,null,null,{"$f":"-G83","v":-47},-1340,-186,1802,-724.73884943840244,-850.52173090180986,{"$f":"-M83","v":-1049.5603754957506},-1587.537305735829,-625.59027004796781,-479.98663495055462,-475.41118788515359,-475.41443866677037,-507.46878398943772,-438.02761877572721,{"$f":"-U83","v":-259.61027685704448},-146.71445416968618,{"$f":"-W83","v":-112.54128045771085}]
[null,"Unlevered free cash flows",null,null,null,{"$f":"SUM(F27:F31)","v":-5154},-7620,-7168,-4985,-2709,-4533.8132669638089,{"$f":"SUM(L27:L31)","v":-4346.89195396372},-4400.3044930036394,-4776.1042742506943,593.10662051830695,1442.4718472643917,2404.0119045652177,3677.3385514743395,5324.7293969030097,7560.3333563744363,10154.30097180446,11599.012800803281,13227.338082272359]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F14","v":2021},{"$f":"F35+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,{"$f":"O35+1","v":2031},{"$f":"P35+1","v":2032},{"$f":"Q35+1","v":2033},{"$f":"R35+1","v":2034},{"$f":"S35+1","v":2035},2036,2037,2038]
[null,"Assumptions"]
[null,"Automotive Growth",null,null,null,null,{"$f":"IFERROR(G15/F15-1,0)","v":0},1.6589446589446588,8.5672797676669799E-2,-0.14623272403031651,0.19313916742348547,0.44471811323733279,0.55913275044661059,0.32048851614431273,0.2531726696747858,0.16856646206010661,0.14763100663694373,0.13300000000000023,0.13300000000000001,0.1,0.08,0.05,0.05,null,"Step"]
[null,"Software Services Growth",null,null,null,null,0,1.9038461538461537,0.60264900662251653,2.2169421487603307,0.5,0.5,0.5,0.4,0.3,0.25,0.25,0.25,0.25,0.25,0.2,0.2,0.2,null,"Step"]
[null,"Total Revenue Growth",null,null,null,null,29.145454545454545,1.6743063932448732,0.12088407758231834,8.3903420523138816E-2,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Step"]
[null,"COGS-Automotive (as a % of Automotive)",null,null,null,{"$f":"IFERROR(F18/F15,0)","v":0},3.0025740025740024,1.4883833494675702,1.2690592955862683,1.1127937336814622,0.95,0.9,0.85,0.85,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,null,"Step"]
[null,"COGS-Software Services (as a % of Software)",null,null,null,0,1.1057692307692308,1.0397350993377483,0.98553719008264462,0.63005780346820806,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,null,"Step"]
[null,"SGA (as a % of total revenue)",null,null,null,{"$f":"IFERROR(F22/F17,0)","v":22.581818181818182},{"$f":"IFERROR(G22/G17,0)","v":1.0790108564535585},{"$f":"IFERROR(H22/H17,0)","v":0.38655841226883175},{"$f":"IFERROR(I22/I17,0)","v":0.37746478873239436},{"$f":"IFERROR(J22/J17,0)","v":0.38258771115648782},0.35,0.3,0.25,0.2,0.15,{"$f":"O42+$AA42","v":0.13749999999999998},0.12499999999999999,0.11249999999999999,9.9999999999999992E-2,8.7499999999999994E-2,7.4999999999999997E-2,6.25E-2,0.05,null,"Step",0.05,{"$f":"(Z42-O42)/($W$35-$O$35)","v":-1.2499999999999999E-2}]
[null,"R&D (as a % of total revenue)",null,null,null,{"$f":"IFERROR(F23/F17,0)","v":33.636363636363633},{"$f":"IFERROR(G23/G17,0)","v":1.1724969843184561},{"$f":"IFERROR(H23/H17,0)","v":0.44993234100135315},{"$f":"IFERROR(I23/I17,0)","v":0.32454728370221331},{"$f":"IFERROR(J23/J17,0)","v":0.3096343048078708},0.25,0.2,0.2,0.2,0.1,9.5000000000000001E-2,0.09,8.4999999999999992E-2,7.9999999999999988E-2,7.4999999999999983E-2,6.9999999999999979E-2,6.4999999999999974E-2,5.999999999999997E-2,null,"Step",0.06,{"$f":"(Z43-O43)/($W$35-$O$35)","v":-5.000000000000001E-3}]
[null,"Capex (as a % of total revenue)",null,null,null,{"$f":"IFERROR(-F30/F17,0)","v":32.618181818181817},{"$f":"IFERROR(-G30/G17,0)","v":0.82569360675512671},{"$f":"IFERROR(-H30/H17,0)","v":0.23139377537212449},{"$f":"IFERROR(-I30/I17,0)","v":0.22957746478873239},{"$f":"IFERROR(-J30/J17,0)","v":0.31743085205123445},0.3,0.25,0.15,0.1,0.1,9.375E-2,8.7499999999999994E-2,8.1249999999999989E-2,7.4999999999999983E-2,6.8749999999999978E-2,6.2499999999999979E-2,5.6249999999999981E-2,4.9999999999999982E-2,null,"Step",0.05,{"$f":"(Z44-O44)/($W$35-$O$35)","v":-6.2500000000000003E-3}]
[null,"Depreciation and amortization (as % of capex)",null,null,null,{"$f":"-F29/F30","v":0.10981047937569677},{"$f":"-G29/G30","v":0.47626004382761139},{"$f":"-H29/H30","v":0.91325536062378165},{"$f":"-I29/I30","v":0.90359333917616125},{"$f":"-J29/J30","v":0.45847953216374271},0.6,0.8,1,1.1000000000000001,1.25,1.2124999999999999,1.1749999999999998,1.1374999999999997,1.0999999999999996,1.0624999999999996,1.0249999999999995,0.98749999999999949,0.94999999999999951,null,"Step",0.95,{"$f":"(Z45-O45)/($W$35-$O$35)","v":-3.7500000000000006E-2}]
[null,"Gross margin"]
[]
["x","TERMINAL VALUE AND EQUITY VALUE PER SHARE"]
[]
[null,null,null,null,null,"Terminal Value - Perpetuity Growth",null,null,null,null,"Terminal Value - Exit Multiple",null,null,null,null,"Option Drag"]
[null,null,null,null,null,"WACC - for terminal value"]
[null,null,null,null,null,"Unlevered FCF in terminal year",null,null,null,null,"Terminal year EBITDA",null,null,null,null,"Implied Equity Value (Using TV)"]
[null,null,null,null,null,"Terminal growth rate",null,null,null,null,"Terminal year EBITDA multiple",null,null,null,null,"Basic Shares"]
[null,null,null,null,null,"Terminal value",null,null,null,null,"Terminal value",null,null,null,null,"Value of Options"]
[null,null,null,null,null,"WACC - current",null,null,null,null,"WACC - current",null,null,null,null,"Implied Equity Value per Share"]
[null,null,null,null,null,"PV of Terminal Value",null,null,null,null,"PV of Terminal Value"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Treasury Outstanding Options"]
[null,null,null,null,null,"PV of Unlevered Free Cash Flows",null,null,null,null,"PV of Unlevered Free Cash Flows",null,null,null,null,"Implied Equity Value"]
[null,null,null,null,null,"Total Enterprise Value",null,null,null,null,"Total Enterprise Value",null,null,null,null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Net debt + Preferred stock + NCI",null,null,null,null,"Net debt + Preferred stock + NCI",null,null,null,null,"Total Proceeds"]
[null,null,null,null,null,"Implied Equity Value",null,null,null,null,"Implied Equity Value",null,null,null,null,"Implied Equity Value per Share"]
[null,null,null,null,null,"Diluted Shares Outstanding",null,null,null,null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Implied Equity Value per Share",null,null,null,null,"Implied Equity Value per Share"]
[]
[]
[]
["x","WORKING CAPITAL SCHEDULE"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F14","v":2021},{"$f":"F71+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,{"$f":"O71+1","v":2031},{"$f":"P71+1","v":2032},{"$f":"Q71+1","v":2033},{"$f":"R71+1","v":2034},{"$f":"S71+1","v":2035},2036,2037,2038]
[null," Total Current Assets",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$H$14,))","v":18559},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$H$14,))","v":13130},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$H$14,))","v":12313},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$H$14,))","v":10583},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$H$14,))","v":8592}]
[null,"  Cash and Cash Equivalents",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$H$14,))","v":18133},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$H$14,))","v":11568},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$H$14,))","v":7857},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$H$14,))","v":5294},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$H$14,))","v":3579}]
[null,"  Short-term Investments",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$H$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$H$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$H$14,))","v":1511},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$H$14,))","v":2406},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$H$14,))","v":2503}]
[null,"Total non-cash current assets",null,null,null,{"$f":"F72-F73-F74","v":426},{"$f":"G72-G73-G74","v":1562},2945,2883,2510]
[]
[null," Total Current Liabilities",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$H$14,))","v":1313},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$H$14,))","v":2424},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$H$14,))","v":2487},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$H$14,))","v":2251},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$H$14,))","v":3693}]
[null,"  Current Portion of Long-term Debt",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$H$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$H$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$H$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$H$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$H$14,))","v":0}]
[null,"  Current portion of lease liabilities",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$H$14,))","v":46},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$H$14,))","v":68},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$H$14,))","v":88},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$H$14,))","v":100},{"$f":"INDEX(RIVN_BS!$A$14:$H$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$H$14,))","v":113}]
[null,"Total non-debt current liabilities",null,null,null,{"$f":"F77-F78-F79","v":1267},{"$f":"G77-G78-G79","v":2356},2399,2151,3580]
[]
[null,"Non-cash Net Working Capital",null,null,null,{"$f":"F75-F80","v":-841},{"$f":"G75-G80","v":-794},546,732,-1070,{"$f":"K88*K17","v":-345.2611505615975},505.2605803402123,1554.8209558359629,3142.3582615717919,3767.9485316197597,4247.9351665703143,4723.3463544554679,5198.7607931222383,5706.229577111676,6144.2571958874032,6403.8674727444477,6550.5819269141339,6663.1232073718447]
[null,"Change in NWC",null,null,null,null,{"$f":"G82-F82","v":47},{"$f":"H82-G82","v":1340},186,-1802,{"$f":"K82-J82","v":724.73884943840244},{"$f":"L82-K82","v":850.52173090180986},1049.5603754957506,1587.537305735829,625.59027004796781,479.98663495055462,475.41118788515359,475.41443866677037,507.46878398943772,438.02761877572721,259.61027685704448,146.71445416968618,112.54128045771085]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F71","v":2021},{"$f":"F87+1","v":2022},2023,2024,2025,2026,2027,2028,2029,2030,{"$f":"O87+1","v":2031},{"$f":"P87+1","v":2032},{"$f":"Q87+1","v":2033},{"$f":"R87+1","v":2034},{"$f":"S87+1","v":2035},2036,2037,2038]
[null,"Non-cash NWC as a % of Sale",null,null,null,{"$f":"IFERROR(F82/F17,\"\")","v":-15.290909090909091},{"$f":"IFERROR(G82/G17,\"\")","v":-0.47889022919179736},{"$f":"IFERROR(H82/H17,\"\")","v":0.12313937753721245},{"$f":"IFERROR(I82/I17,\"\")","v":0.14728370221327969},{"$f":"IFERROR(J82/J17,\"\")","v":-0.19862632262855021},-0.05,0.05,0.1,0.15,{"$f":"N88+$AA$88","v":0.14166666666666666},0.13333333333333333,0.125,0.11666666666666667,0.10833333333333334,0.1,9.1666666666666674E-2,8.3333333333333343E-2,7.5000000000000011E-2,null,"Step",7.4999999999999997E-2,{"$f":"(Z88-N88)/(W87-N87)","v":-8.3333333333333332E-3}]
[]
[]
["x","DILUTED SHARES"]
[]
[]
[null,null,null,null,null,"Treasury with a Twist- All Outstanding Options",null,null,null,null,"Treasury Method- All Outstanding Options"]
[null,null,null,null,null,"Basic share count",null,null,null,null,"Basic share count"]
[null,null,null,null,null,"Outstanding options",null,null,null,null,"Oustanding options"]
[null,null,null,null,null,"Exercise price",null,null,null,null,"Exercise price"]
[null,null,null,null,null,"Current share price",null,null,{"$f":"C4","v":14.68}]
[null,null,null,null,null,"In-the-money options"]
[null,null,null,null,null,"Total proceeds",null,null,null,null,"Total proceeds"]
[null,null,null,null,null,"Total shares repurchased"]
[null,null,null,null,null,"Diluted shares outstanding",null,null,null,null,"Diluted shares outstanding"]
[]
[]
["x","WACC"]
[]
[null,null,null,null,null,"Current"]
[null,"Percent of Capital"]
[null,"Total debt"]
[null,"Share price",null,null,null,{"$f":"C4","v":14.68}]
[null,"Shares outstanding"]
[null,"Market value of equity"]
[]
[null,"Weight of debt"]
[null,"Weight of equity"]
[]
[null,"Cost of debt"]
[null,"Pre-tax cost of debt"]
[null,"Marginal tax rate"]
[]
[null,"Cost of equity"]
[null,"Risk-free rate"]
[null,"Market risk premium (Rm - Rf)"]
[null,"Beta"]
[null,"Cost of equity"]
[]
[null,"Weighted average cost of capital"]
[]
["x","BOTTOM UP BETA"]
[]
[]
[null,null,null,null,"MV","Book Value","Debt/","Reg","Unlevered",null,"Marginal "]
[null,"Company","Ticker",null,"Equity","Debt","Equity","Beta","Beta",null,"Tax Rate"]
[]
[]
[]
[]
[]
[]
[]
[null,"Average unlevered beta"]
[null,"Average unlevered beta (Full industry)"]
[null,{"$f":"C3&\" Debt/Equity ratio\"","v":"RIVN Debt/Equity ratio"}]
[null,{"$f":"C3&\" Tax Rate\"","v":"RIVN Tax Rate"}]
[null,{"$f":"C3&\" Levered Beta\"","v":"RIVN Levered Beta"}]
[]
["x","SENSITIVITY ANALYSIS"]

{"sheet":"RIVN_Forecast","index":1,"n_rows":114,"n_cols":17,"rows_kept":114,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Key Metrics (Annual)"]
[null,"Dollars in millions",null,"Actual",null,null,null,"Projected"]
[null,null,null,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034]
[null,"Production",null,1015,24337,57232,49476,42284]
[null,"Delivery",null,920,20332,50122,51579,42247,{"$f":"I7+I9+I11","v":69800},{"$f":"J7+J9+J11","v":103170},{"$f":"K7+K9+K11+K13","v":166915.5},{"$f":"L7+L9+L11+L13","v":219086.32499999998},269939.44874999998,306063.23549999995,340185.39301874989,372461.80798781244,407878.7582371406]
[null," R1",null,null,null,{"$f":"F6-F9","v":43332},{"$f":"G6-G9","v":40361},{"$f":"H6-H9","v":30247},26000,{"$f":"I7*(1+J8)","v":27300},28665,30098.25,31603.162500000002,33183.320625,34842.486656250003,36584.610989062501,38413.841538515626]
[null,"  R1 Growth",null,null,null,null,{"$f":"G7/F7-1","v":-6.8563648112249576E-2},{"$f":"H7/G7-1","v":-0.25058843933500163},{"$f":"I7/H7-1","v":-0.14041061923496545},0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null," RCV or EDV",null,null,null,{"$f":"SUM(G58:J58)","v":6790},{"$f":"SUM(K58:N58)","v":11218},12000,{"$f":"H9*(1+I10)","v":13799.999999999998},15869.999999999996,18250.499999999993,20988.07499999999,24136.286249999986,26549.914874999988,29204.906362499987,32125.396998749988,35337.936698624988]
[null,"  RCV Growth",null,null,null,null,{"$f":"G9/F9-1","v":0.65213549337260668},{"$f":"H9/G9-1","v":6.9709395614191427E-2},0.15,0.15,0.15,0.15,0.15,0.1,0.1,0.1,0.1]
[null," R2",null,null,null,null,null,null,30000,60000,90000,{"$f":"K11*(1+L12)","v":108000},124199.99999999999,142829.99999999997,157112.99999999997,172824.3,190106.73]
[null,"  R2 Growth",null,null,null,null,null,null,null,null,null,0.2,0.15,0.15,0.1,0.1,0.1]
[null," R3",null,null,null,null,null,null,null,null,30000,60000,90000,{"$f":"M13*(1+N14)","v":103499.99999999999},{"$f":"N13*(1+O14)","v":119024.99999999997},{"$f":"O13*(1+P14)","v":130927.49999999999},{"$f":"P13*(1+Q14)","v":144020.25}]
[null,null,null,null,null,null,null,null,null,null,null,null,0.2,0.15,0.15,0.1,0.1]
[null,"Price Increases",0.03]
[]
[]
[]
[]
[null,"Rev per R1",null,null,null,null,{"$f":"C91/1000000","v":0.09},{"$f":"G20","v":0.09},{"$f":"H20*(1+$C$15)","v":9.2700000000000005E-2},9.548100000000001E-2,9.8345430000000011E-2,0.10129579290000001,0.10433466668700002,0.10746470668761002,0.11068864788823832,0.11400930732488547,0.11742958654463204]
[null,"Rev per RCV",null,null,null,null,{"$f":"C92/1000000","v":4.6399536459261918E-2},{"$f":"G21","v":4.6399536459261918E-2},{"$f":"H21*(1+$C$15)","v":4.7791522553039777E-2},4.922526822963097E-2,5.0702026276519901E-2,5.2223087064815502E-2,5.378977967675997E-2,5.5403473067062774E-2,5.7065577259074657E-2,5.8777544576846898E-2,6.0540870914152306E-2]
[null,"Rev Per R2",null,null,null,null,null,null,0.05,{"$f":"I22*(1+$C$15)","v":5.1500000000000004E-2},5.3045000000000009E-2,5.4636350000000007E-2,5.627544050000001E-2,5.7963703715000009E-2,5.9702614826450014E-2,6.1493693271243516E-2,6.3338504069380824E-2]
[null,"Rev per R3",null,null,null,null,null,null,null,null,0.05,{"$f":"K23*(1+$C$15)","v":5.1500000000000004E-2},{"$f":"L23*(1+$C$15)","v":5.3045000000000009E-2},5.4636350000000007E-2,5.627544050000001E-2,{"$f":"O23*(1+$C$15)","v":5.7963703715000009E-2},5.9702614826450014E-2]
[]
[null,null,null,null,null,null,null,{"$f":"H26/G26-1","v":-0.14623272403031651},{"$f":"I26/H26-1","v":0.19313916742348547},0.41755556975386288,0.54657490665306785,0.31114115053319868,0.24539672807579782,0.15965233789120759,0.13867053027140042,0.12380534437601698,0.12415147466854348]
[null,"Revenues: Automotive",null,0,1554,4132,4486,3830,{"$f":"I7*I20+I9*I21+I11*I22","v":4569.7230112319494},{"$f":"J7*J20+J9*J21+J11*J22","v":6477.8363068042436},{"$f":"K7*K20+K9*K21+K11*K22+K13*K23","v":10018.459081509627},13135.613966700304,16359.050655395311,18970.811338209864,21601.503806158122,24275.885423919372,27289.772398183562]
[null,"Revenues: Software Service",null,"-",104,302,484,1557,{"$f":"H27*(1+I33)","v":2335.5},3503.25,5254.875,7356.8249999999998,9563.8724999999995,11954.840624999999,{"$f":"N27*(1+O33)","v":14943.550781249998},18679.438476562496,23349.298095703121]
[null,"  Total Revenues",null,55,1658,4434,4970,{"$f":"H27+H26","v":5387},6905.2230112319494,9981.0863068042436,15273.334081509627,20492.438966700305,25922.92315539531,30925.651963209864,{"$f":"O27+O26","v":36545.054587408122},42955.323900481868,50639.070493886684]
[]
[null,"% Automotive",null,null,{"$f":"E26/E$28","v":0.93727382388419778},{"$f":"F26/F$28","v":0.93188994136220116},0.90261569416498999,0.71097085576387598,0.66177775921196103,0.64901115045846403,0.65594447342301543,0.64099807680507648,0.63106504452953716,{"$f":"N26/N$28","v":0.61343286669519992},0.59109239403355784,0.56514264634952616,0.53890745094695358]
[null,"% Software",null,null,{"$f":"E27/E$28","v":6.2726176115802168E-2},{"$f":"F27/F$28","v":6.8110058637798829E-2},9.7384305835010065E-2,0.28902914423612402,0.33822224078803897,0.35098884954153603,0.34405552657698457,0.35900192319492347,0.36893495547046284,{"$f":"N27/N$28","v":0.38656713330480003},0.4089076059664421,0.4348573536504739,0.46109254905304642]
[]
[null,"Software",null,null,null,{"$f":"F27/E27-1","v":1.9038461538461537},{"$f":"G27/F27-1","v":0.60264900662251653},{"$f":"H27/G27-1","v":2.2169421487603307},0.5,0.5,0.5,0.4,0.3,0.25,0.25,0.25,0.25]
[null,"Non VW growth",null,null,null,null,null,{"$f":"(H27-836)/G27-1","v":0.4896694214876034}]
[]
[null,"Revenue/Vehicle",null,{"$f":"D28/D6*1000000","v":59782.608695652176},{"$f":"(E26-E44)/E6*1000000","v":76431.241392878233},{"$f":"(F26-F44)/F6*1000000","v":80982.402936834114},80517.264778301251,{"$f":"(H26-H44)/H6*1000000","v":86728.051695978415},{"$f":"(I26-I44)/I6*1000000","v":65468.811049168326},62787.983976003132,60021.142922674204,59956.338975973536,60602.667491352768,61983.306512519266,{"$f":"(O26-O44)/O6*1000000","v":63499.210281987376},65176.844721523019,66906.579092597167]
[]
[]
[null,"Guidance (at beginning of year)"]
[null,"Production",null,null,25000,57000,"47000-49000"]
[null,"Delivery",null,null,null,null,"50500-52000"]
[]
[null,null,null,null,2022,2023,2024,2025]
[null,"Regulatory credits",null,null,0,73,333,166,0,0,0]
[]
[null,"Revenue Projection (CAPIQ)",null,null,null,null,null,null,6938,11499,16411,26781,34777,33268,38246,42882,47965]
[null,"  Growth (%)",null,null,null,null,null,null,null,{"$f":"J46/I46-1","v":0.65739406168924752},0.42716757978954689,0.63189324233745658,0.29856988163250064,-4.3390746757914767E-2,0.14963328123121311,0.12121529048789426,0.11853458327503374]
[null,"EBITDA",null,null,null,null,null,null,-2003,-960,170,2329,4540]
[]
[null,"Quarterly"]
[null,null,"2022Q1","2022Q2","2022Q3","2022Q4","2023Q1","2023Q2","2023Q3","2023Q4","2024Q1","2024Q2","2024Q3","2024Q4","2025Q1","2025Q2"]
[null,"Production",2553,4401,7363,10020,9395,13992,16304,17541,13980,9612,13157,12727,14611,5979]
[null,"Delivery",1227,4467,6584,8054,7946,12640,15564,13972,13588,13790,10018,14183,8640,10661]
[null,"Y-o-Y",null,null,null,null,{"$f":"G52/C52-1","v":2.6799843321582451},{"$f":"H52/D52-1","v":2.1792774369461485},1.2143148173298925,0.75059880239520949,0.48802554550292698,-0.31303602058319036,-0.19302011776251227,-0.274442734165669,4.5135908440629535E-2,-0.37796504369538075]
[null,"Y-o-Y",null,null,null,null,{"$f":"G53/C53-1","v":5.4759576202118989},{"$f":"H53/D53-1","v":1.8296395791358853},1.3639125151883356,0.7347901663769556,0.71004278882456573,9.0981012658227778E-2,-0.35633513235672065,1.5101631835098717E-2,-0.36414483367677364,-0.22690355329949241]
[]
[null,"Estimated split of R1S and R1T and RSV (generated by ChatGPT)"]
[null,"RCV",0,0,0,0,397,1264,2335,2794,2718,3034,2204,3262,2074,2665]
[null,"R1S",25,223,527,966,3774,5460,5953,5589,5652,5378,3751,5460,3283,3998]
[null,"R1T",1202,4244,6057,7088,3775,5916,7276,5589,5218,5378,4063,5461,3283,3998]
[]
[null,"Guidance for 2025"]
[null,"As of ","2024Q4","2025Q1","2025Q2","2026Q1"]
[null,"Delivery","46000-51000","40000-46000","40000-46000","62000-67000","(9000-11000 in Q1 and Q2)"]
[null,"EBITDA","(1700)-(1900)","(1700)-(1900)","(2000-2520)","(1800)-(2100)"]
[null,"Capex","1600-1700","1800-1900","1800-1900","1950-2050"]
[]
[]
[null,"Normal Factory",2025,2026,2027,2028,2029]
[null,"Annual Production ",150000,215000,215000,215000,215000]
[null,"  R1",85000,85000,85000,85000,85000]
[null,"  RCV",65000,65000,65000,65000,65000]
[null,"  R2",null,155000,155000,155000,155000]
[null,null,null,"**Does not total as these are up to. "]
[]
[null,"Georgia Factory ***R2 and R3 models"]
[null,"Phase 1 ",null,null,null,200000]
[null,"Phase 2",null,null,null,null,400000]
[]
[null,"Total capacity",{"$f":"C78+C77+C70","v":150000},215000,215000,{"$f":"F78+F77+F70","v":415000},615000]
[]
[null,"RCV orders","Ordered","Delivered","Remaining"]
[null,"Amazon",100000,30000,{"$f":"C83-D83","v":70000}]
[null,"Hello Fresh/Factor",70]
[null,"AT&T","Pilot program"]
[]
[]
[]
[]
[null,"Average Price"]
[null,"R1",90000]
[null,"RCV",{"$f":"(G26-G44-G20*(G6-G9))/G9*1000000","v":46399.536459261915}]
[null,"R2",50000]
[]
[null,"Midsize SUV Models sold in 2024"]
[null,null,null,2024,2025,"%Change","RS2 Market","Projected"]
[null,null,"Tesla Model Y",313699,255801,{"$f":"E97/D97-1","v":-0.18456545924596512},0.05,{"$f":"G97*E97","v":12790.050000000001}]
[null,null,"Toyota RAV4",475193,479288,{"$f":"E98/D98-1","v":8.6175511844661656E-3},5.0000000000000001E-3,{"$f":"G98*E98","v":2396.44}]
[null,null,"Honda CR-V",402791,403768,2.4255755466233708E-3,5.0000000000000001E-3,{"$f":"G99*E99","v":2018.8400000000001}]
[null,null,"Nissan Rogue",245723,217898,-0.11323726309706461,5.0000000000000001E-3,{"$f":"G100*E100","v":1089.49}]
[null,null,"Chevrolet Equinox",207732,299441,0.44147748060000391,5.0000000000000001E-3,{"$f":"G101*E101","v":1497.2049999999999}]
[null,null,"Jeep Grand Cherokee",216148,210081,-2.8068730684530974E-2,5.0000000000000001E-3,{"$f":"G102*E102","v":1050.405}]
[null,null,"Ford Explorer",206981,222706,7.5973156956435695E-2,5.0000000000000001E-3,{"$f":"G103*E103","v":1113.53}]
[null,null,"Subaru Forester",175521,175070,-2.5694931090866069E-3,5.0000000000000001E-3,{"$f":"G104*E104","v":875.35}]
[null,null,"Hyundai Tucson",206126,234230,0.13634378972085037,5.0000000000000001E-3,{"$f":"G105*E105","v":1171.1500000000001}]
[null,null,"Chevrolet Trax",200688,203341,1.3219524834569008E-2,5.0000000000000001E-3,{"$f":"G106*E106","v":1016.705}]
[null,null,"Subaru Outback",168771,157716,-6.5502959631690283E-2,5.0000000000000001E-3,{"$f":"G107*E107","v":788.58}]
[null,null,"Kia Sportage",161917,182823,0.129115534502245,5.0000000000000001E-3,{"$f":"G108*E108","v":914.11500000000001}]
[null,null,"Subaru Crosstrek",181811,191724,5.452365368432055E-2,5.0000000000000001E-3,{"$f":"G109*E109","v":958.62}]
[null,null,"Jeep Wrangler",151164,167349,0.10706914344685248,5.0000000000000001E-3,{"$f":"G110*E110","v":836.745}]
[null,null,"Honda HR-V",151468,148771,-1.7805741146644793E-2,5.0000000000000001E-3,{"$f":"G111*E111","v":743.85500000000002}]
[null,null,"Ford Escape",157331,139396,-0.11399533467657363,5.0000000000000001E-3,{"$f":"G112*E112","v":696.98}]
[null,null,"Mazda CX-5",134088,136333,1.6742736113597001E-2,5.0000000000000001E-3,{"$f":"G113*E113","v":681.66499999999996}]
[null,null,null,{"$f":"SUM(D97:D113)","v":3757152},{"$f":"SUM(E96:E113)","v":3827761},{"$f":"SUMPRODUCT(F97:F113,E97:E113)/E114","v":3.5531442330049914E-2},null,{"$f":"SUM(H97:H113)","v":30639.725000000002}]

{"sheet":" _Comps","index":2,"n_rows":26,"n_cols":17,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[]
[null,{"$f":"RIVN_DCF!C2&\"Valuation with Public Comparables\"","v":"Rivian AutomotiveValuation with Public Comparables"}]
[null,{"$f":"RIVN_DCF!B8","v":"Fiscal year ends in December USD in millions except per share data."}]
[null,"Valuation for period ended "]
[null,"Ticker",{"$f":"RIVN_DCF!C3","v":"RIVN"}]
[null,"Valuation Date"]
[null,"Company Name",{"$f":"RIVN_DCF!C2","v":"Rivian Automotive"},null,null,null,null,"Enterprise Value Multiples",null,null,null,null,null,"Equity Value Multiples"]
[null,null,null,null,null,"Market Value","Enterprise",null,null,null,"Forward","5 year growth","BV","Forward","Forward","Price(Market)-","Cash/MS as "]
[null,"Company","Ticker","Share price",null,"of Equity","Value","EV/Sales","EV/EBIT","EV/EBITDA","EPS","rate","Equity","P/E","PEG","to-Book","% of TA"]
[null,{"$f":"RIVN_DCF!C2","v":"Rivian Automotive"},{"$f":"C5","v":"RIVN"},{"$f":"RIVN_DCF!C4","v":14.68}]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,"High"]
[null,null,null,null,null,null,"Mean"]
[null,null,null,null,null,null,"Median"]
[null,null,null,null,null,null,"Low"]
[]
[]
[null,null,null,"Implied price per share","Diluted shares outstanding","Implied Equity Value","Implied Enterprise Value","Range of EV/Sales","Range of EV/EBIT","Range of EV/EBITDA",null,null,null,"Range of Forward P/E","Range of Forward PEG","Range of Price-to-Book","Excess Cash"]
[null,{"$f":"RIVN_DCF!C2","v":"Rivian Automotive"}]

{"sheet":"Option_Value","index":3,"n_rows":30,"n_cols":7,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Valuing Options or Warrants"]
[null,"Enter the current stock price ="]
[null,"Enter the strike price on the option ="]
[null,"Enter the expiration of the option ="]
[null,"Enter the standard deviation in stock prices =",null,null,null,"(volatility)"]
[null,"Enter the annualized dividend yield on stock ="]
[null,"Enter the treasury bond rate ="]
[null,"Enter the number of options outstanding ="]
[null,"Enter the number of shares outstanding ="]
[]
[null,"Circuit Breaker","OFF"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":0},"# Warrants issued=",null,{"$f":"E9","v":0}]
[null,"Strike Price=",null,{"$f":"E4","v":0},"# Shares outstanding=",null,{"$f":"E10","v":0}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":{"$error":"#DIV/0!"}},"T.Bond rate=",null,{"$f":"E8","v":0}]
[null,"Adjusted K =",null,{"$f":"D17","v":0},"Variance=",null,{"$f":"E6^2","v":0}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":0},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":0}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":{"$error":"#DIV/0!"}}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":{"$error":"#DIV/0!"}}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":{"$error":"#DIV/0!"}}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":{"$error":"#DIV/0!"}}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":{"$error":"#DIV/0!"}}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":{"$error":"#DIV/0!"}}]

{"sheet":"RIVN_IS","index":4,"n_rows":55,"n_cols":8,"rows_kept":55,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Rivian Automotive, Inc. (NasdaqGS:RIVN) > Financials > Income Statement"]
[]
[null,"Template:","As Presented"," ","Restatement:","Latest Filings"]
[null,"Period Type:","Annual"," ","Order:","Latest on Right"]
[null,"Currency:","Reported Currency"," ","Conversion:","Historical"]
[null,"Units:","S&P Capital IQ (Default)"," ","Decimals:","Capital IQ (Default)"]
[null,"Source:","Capital IQ & Proprietary Data"," "]
[]
[]
["Income Statement",2019,2020,2021,2022,2023,2024,2025]
["For the Fiscal Period Ending\n","12 months\nDec-31-2019","12 months\nDec-31-2020","12 months\nDec-31-2021","12 months\nDec-31-2022","12 months\nDec-31-2023","12 months\nDec-31-2024","12 months\nDec-31-2025"]
["Currency","USD","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions","Millions"]
["Revenues"]
["Revenues: Automotive","-","-",null,1554,4132,4486,3830]
["Revenues: Software Service","-","-","-",104,302,484,1557]
["  Revenues","-","-",55,"-","-","-","-"]
["  Total Revenues",null,null,{"$f":"D21","v":55},1658,4434,4970,5387]
[]
["Expenses",{"$f":"0*(-1)","v":0},0,0,0,0,0]
["  Cost of Revenues",{"$f":"0*(-1)","v":0},0,{"$f":"-520*(-1)","v":520},{"$f":"0*(-1)","v":0},{"$f":"0*(-1)","v":0},{"$f":"0*(-1)","v":0},"-"]
["  Cost of Revenues: Software Service",0,0,{"$f":"0*(-1)","v":0},{"$f":"-115*(-1)","v":115},{"$f":"-314*(-1)","v":314},{"$f":"-477*(-1)","v":477},{"$f":"-981*(-1)","v":981}]
["  Cost of Revenues: Automotive",0,0,{"$f":"-520*(-1)","v":520},{"$f":"-4666*(-1)","v":4666},{"$f":"-6150*(-1)","v":6150},{"$f":"-5693*(-1)","v":5693},{"$f":"-4262*(-1)","v":4262}]
["  Selling, General and Administrative",{"$f":"-108*(-1)","v":108},{"$f":"-255*(-1)","v":255},{"$f":"-1242*(-1)","v":1242},{"$f":"-1789*(-1)","v":1789},{"$f":"-1714*(-1)","v":1714},{"$f":"-1876*(-1)","v":1876},{"$f":"-2061*(-1)","v":2061}]
["  Research and Development",{"$f":"-301*(-1)","v":301},{"$f":"-766*(-1)","v":766},{"$f":"-1850*(-1)","v":1850},{"$f":"-1944*(-1)","v":1944},{"$f":"-1995*(-1)","v":1995},{"$f":"-1613*(-1)","v":1613},{"$f":"-1668*(-1)","v":1668}]
["  Other Expenses","-","-",{"$f":"-663*(-1)","v":663},"-","-","-","-"]
["  Interest Expense",{"$f":"-34*(-1)","v":34},{"$f":"-8*(-1)","v":8},{"$f":"-29*(-1)","v":29},{"$f":"-103*(-1)","v":103},{"$f":"-220*(-1)","v":220},{"$f":"-318*(-1)","v":318},{"$f":"-274*(-1)","v":274}]
["  Interest Income",18,10,3,193,522,385,{"$f":"293*(-1)","v":-293}]
["  Other Income/expense-net",-1,1,-1,18,6,-7,{"$f":"-54*(-1)","v":54}]
["  Loss on Convertible Notes, Net","-","-",-441,"-","-",-112,"-"]
["  Earnings before Taxes",-426,-1018,-4688,-6748,-5431,-4741,-3620]
[]
["Taxes and Other Expenses"]
["  Provision for Income Tax","-","-","-",-4,-1,-5,-6]
["  Minority Interest (After Tax)","-","-","-","-","-",-1,-20]
["  Net Income (Loss)",-426,-1018,-4688,-6752,-5432,-4747,-3646]
[]
["Charges on Net Income"]
["  Premiums on Preferred Stock Redemption","-",-1,"-","-","-","-","-"]
["  Net Income Available to Common Shareholders",-426,-1019,"-","-","-","-","-"]
[]
["Supplementary Info"]
["  Gross Profit/loss","-","-",-465,-3123,-2030,-1200,144]
["  Operating Income (Loss)",-409,-1021,-4220,-6856,-5739,-4689,-3585]
["  Basic EPS - Continuing Operations",-4.3499999999999996,-10.09,-22.98,-7.4,-5.74,-4.6900000000000004,-3.07]
["  Diluted EPS - Continuing Operations",-4.3499999999999996,-10.09,-22.98,-7.4,-5.74,-4.6900000000000004,-3.07]
[]
["Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent."]
["\n               \n               \n               \n               \n               "]
["Depreciation and amortization",7,29,197,652,937,1031,784]
["Capex",-199,-914,-1794,-1369,-1026,-1141,-1710]

{"sheet":"RIVN_BS","index":5,"n_rows":57,"n_cols":8,"rows_kept":57,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Rivian Automotive, Inc. (NasdaqGS:RIVN) > Financials > Balance Sheet"]
[]
[null,"Template:","As Presented"," ","Restatement:","Latest Filings"]
[null,"Period Type:","Annual"," ","Order:","Latest on Right"]
[null,"Currency:","Reported Currency"," ","Conversion:","Historical"]
[null,"Units:","S&P Capital IQ (Default)"," ","Decimals:","Capital IQ (Default)"]
[null,"Source:","Capital IQ & Proprietary Data"," "]
[]
[]
["Balance Sheet",2019,2020,2021,2022,2023,2024,2025]
["Balance Sheet as of:\n","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31"]
["Currency","USD","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions","Millions"]
["Current Assets"]
["  Cash and Cash Equivalents",2264,2979,18133,11568,7857,5294,3579]
["  Short-term Investments",null,null,null,null,1511,2406,2503]
["  Accounts Receivable, Net","-",6,26,102,161,443,555]
["  Inventory",null,null,274,1348,2620,2248,1594]
["  Other Current Assets",29,31,126,112,164,192,361]
[" Total Current Assets",2293,3016,18559,13130,12313,10583,8592]
[]
["Non Current Assets"]
["  Operating Lease Assets – Net",null,80,228,330,356,416,571]
["  Property, Plant and Equipment, Net",313,1445,3183,3758,3874,3965,5119]
["  Other Non-current Assets",27,61,324,658,235,446,582]
["  Total Assets",2633,4602,22294,17876,16778,15410,14864]
[]
["Current Liabilities"]
["  Accounts Payable",27,90,483,1000,981,499,595]
["  Accrued Liabilities",137,443,667,1154,1145,835,1438]
["  Current Portion of Long-term Debt",null,28]
["  Customer Deposits",18,28]
["  Current portion of lease liabilities and other Current liabilities",3,22,163,270]
["  Current portion of deferred revenues, lease liabilities, and other liabilities","-","-","-","-",361,917,1660]
[" Total Current Liabilities",185,611,1313,2424,2487,2251,3693]
["  Current portion of lease liabilities",null,18,46,68,88,100,113]
["Non Current Liabilities"]
["  Noncurrent Portion of Long-term Debt",71,47,1226,1231,4431,4441,4440]
["  Non Current Lease Liabilities","-",83,218,311,324,379,551]
["  Minority Interest","-","-","-","-","-",4,28]
["  Preferred Stock Convertible",2750,5244,"-","-","-","-","-"]
["  Other Non-current Liabilities",2,1,23,111,395,1777,1586]
[]
["Shareholders' Equity"]
["  Common Stock - Par Value","-","-",1,1,1,1,1]
["  Additional Paid in Capital",293,302,25887,26926,27695,29866,31508]
["  Accumulated Deficit",-668,-1686,-6374,-13126,-18558,-23305,-26951]
["  Accumulated Other Comprehensive Income (Loss)","-","-","-",-2,3,-4,8]
["  Total Shareholders Equity",-375,-1384,19514,13799,9141,6558,4566]
["  Total Liabilities & Shareholders Equity",2633,4602,22294,17876,16778,15410,14864]
[]
["Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent."]
["\n               \n               \n               \n               \n               "]

{"sheet":"RIVN_CFS","index":6,"n_rows":62,"n_cols":7,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
["Rivian Automotive, Inc. (NasdaqGS:RIVN) > Financials > Cash Flow"]
[]
[null,"Template:","As Presented"," ","Restatement:","Latest Filings"]
[null,"Period Type:","Annual"," ","Order:","Latest on Right"]
[null,"Currency:","Reported Currency"," ","Conversion:","Historical"]
[null,"Units:","S&P Capital IQ (Default)"," ","Decimals:","Capital IQ (Default)"]
[null,"Source:","Capital IQ & Proprietary Data"," "]
[]
[]
["Cash Flow"]
["For the Fiscal Period Ending\n","12 months\nDec-31-2020","12 months\nDec-31-2021","12 months\nDec-31-2022","12 months\nDec-31-2023","12 months\nDec-31-2024","12 months\nDec-31-2025"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Operating Activities"]
["  Net Income",-1018,-4688,-6752,"-","-","-"]
["  Net Loss","-","-","-",-5432,-4746,-3626]
["  Depreciation and Amortization",29,197,652,937,1031,784]
["  Gain on Equity Method Investment","-","-","-","-","-",-101]
["  Stock Based Compenation Expense","-",570,987,821,692,741]
["  Inventory LCNRV write-downs and losses on firm purchase Commitments","-",95,920,"-","-","-"]
["  Other Non-current Assets",-8,-8,"-","-","-","-"]
["  Other Non-current Liabilities",-1,18,"-","-","-","-"]
["  Other Expenses","-",643,"-","-","-","-"]
["  Other Non-cash Activities",41,36,82,222,28,-17]
["  Loss on Convertible Notes, Net","-",441,"-","-",112,"-"]
["  Accounts Receivable",11,-20,-76,-59,-282,-112]
["  Inventory","-",-369,-1657,-1604,307,522]
["  Accounts Payable and Accrued Liabilities",121,461,623,105,-572,571]
["  Deferred Revenue","-","-",61,149,1619,503]
["  Other Liabilities",11,83,144,141,316,-53]
["  Other Current Assets",-34,-81,-36,-146,-221,9]
["  Cash Flow from Operating Activities",-848,-2622,-5052,-4866,-1716,-779]
[]
["Investing Activities"]
["  Capital Expenditures",-914,-1794,-1369,-1026,-1141,-1710]
["  Maturities of Short-term Investments","-","-","-",925,3553,2980]
["  Sale of Equity Securities and Short-term Investments","-","-","-","-","-",108]
["  Purchases of Equity Securities and Short-term Investments","-","-","-",-2410,-4392,-3206]
["  Cash Flow from Investing Activities",-914,-1794,-1369,-2511,-1980,-1828]
[]
["Financing Activities"]
["  Repayment of Long-term Debt","-","-","-","-","-",-1250]
["  Proceeds from Issuance of Convertible Notes","-",2500,"-",3195,1000,"-"]
["  Proceeds from Issuance of Long - Term Debt, Net of Discount and Debt Issuance Costs","-",1226,"-","-","-",1250]
["  Proceeds from Issuances of Capital Stock",2506,2658,102,"-","-",750]
["  Proceeds from Share Issuance Upon Initial Public Offering, Net of Underwriting Discounts and Commissions and Offering Costs","-",13530,"-","-","-","-"]
["  Proceeds from Stock-based Compensation Programs","-","-","-",60,62,61]
["  Purchase of Capped Call Option","-","-","-",-108,"-","-"]
["  Other Financing Activities","-",-86,-3,-17,-5,-37]
["  Principal Payments and Other Financing Activities",-6,"-","-","-","-","-"]
["  Proceeds from funding of 46.5% interest in Mind Robotics, Inc","-","-","-","-","-",112]
["  Proceeds from funding of 50% interest in Rivian and Volkswagen Group Technologies, LLC","-","-","-","-",79,"-"]
["  Cash Flow from Financing Activities",2500,19828,99,3130,1136,886]
[]
["Other Adjustments"]
["  Foreign Exchange Rate Effect on Cash and Cash Equivalents","-","-",-2,5,-3,6]
["  Cash Flow Net Changes in Cash",738,15412,-6324,-4242,-2563,-1715]
["\n               \n               \n               \n               \n               "]