{"text_format":"1","workbook":"xlsx","n_sheets":10,"sheets":["RIVN_DCF","RIVN_Forecast","RIVN_Forecast_Scenario","RIVN_Comps","Option_Value","Warrant_Value","Convertible_Debt","RIVN_IS","RIVN_BS","RIVN_CFS"],"not_rendered":{"charts":0,"images":1,"macros":1,"external_links":0,"defined_names":49,"comments":3,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"RIVN_DCF","index":0,"n_rows":180,"n_cols":27,"rows_kept":180,"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,{"$f":"C2&\" (\"&C3&\") DISCOUNTED CASH FLOWS MODEL\"","v":"Rivian Automotive (RIVN) DISCOUNTED CASH FLOWS MODEL"}]
[null,"Fiscal year ends in December USD in millions except per share data."]
[]
["x","FORECASTING CASH FLOWS"]
[]
[null,"  Cost of Revenues: Software Service",null,null,null,"Historical",null,null,null,null,"Projected"]
[]
[null,null,null,null,null,2020,{"$f":"F14+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O14+1","v":2030},{"$f":"P14+1","v":2031},{"$f":"Q14+1","v":2032},{"$f":"R14+1","v":2033},{"$f":"S14+1","v":2034},2035,2036,2037]
[null,"Revenues: Automotive",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":"-"},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1554},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":4132},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B15,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":4486},{"$f":"J15*(1+K37)","v":3647.4926011766806},5614.3839860937787,7999.013561528086,12292.702025758019,16150.973305421234,20164.093540969403,23519.049287551839,26970.666625671231,30557.765286885504,34621.948070041275,38084.142877045408,41130.874307209044,43187.418022569494]
[null,"Revenues: Software Service",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":"-"},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":"-"},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":104},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":302},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B16,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":484},{"$f":"J16*(1+K38)","v":1388},2082,3123,4684.5,6558.2999999999993,8525.7899999999991,10657.237499999999,13321.546875,16651.93359375,20814.9169921875,24977.900390625,29973.48046875,35968.176562499997]
[null,"  Total Revenues",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":55},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1658},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":4434},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B17,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":4970},{"$f":"K16+K15","v":5035.4926011766802},{"$f":"L16+L15","v":7696.3839860937787},11122.013561528085,16977.202025758019,22709.273305421233,28689.8835409694,34176.286787551842,40292.213500671234,47209.698880635508,55436.865062228775,63062.043267670408,71104.354775959044,79155.594585069484]
[null,"  Cost of Revenues: Automotive",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":520},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":4666},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":6150},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B18,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":5693},{"$f":"K15*K40","v":4012.2418612943488},5052.9455874844007,6799.1615272988729,10448.796721894316,12920.778644336988,16131.274832775523,18815.239430041471,21576.533300536987,24446.212229508405,27697.558456033021,30467.314301636328,32904.699445767234,34549.9344180556]
[null,"  Cost of Revenues: Software Service",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":0},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":115},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":314},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B19,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":477},{"$f":"K16*K41","v":1110.4000000000001},1457.3999999999999,2186.1,3044.9250000000002,3934.9799999999996,5115.4739999999993,6394.3424999999997,7992.9281249999995,9991.16015625,12488.9501953125,14986.740234375,17984.088281249999,21580.905937499996]
[null,"Gross Profit",null,null,null,{"$f":"F17-F18-F19","v":0},-465,-3123,-2030,-1200,-87.149260117668746,1186.0383986093782,2136.7520342292123,3483.4803038637028,5853.5146610842457,7443.1347081938775,8966.7048575103727,10722.752075134249,12772.326494877103,15250.356410883254,17607.988731659079,20215.567048941812,23024.754229513888]
[]
[null,"  Selling, General and Administrative",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":255},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":1242},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1789},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":1714},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B22,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":1876},{"$f":"K17*K42","v":1913.4871884471386},2308.9151958281336,2780.5033903820213,3395.440405151604,3406.3909958131849,3944.8589868832919,4272.0358484439794,4532.8740188255133,4720.9698880635506,4850.7256929450177,4729.6532450752802,4444.0221734974402,3957.7797292534742]
[null,"  Research and Development",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":766},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":1850},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":1944},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":1995},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B23,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":1613},{"$f":"K17*K43","v":1611.3576323765376},1924.0959965234447,2224.4027123056171,3395.440405151604,2270.9273305421234,2725.5389363920931,3075.8658108796658,3424.8381475570545,3776.77591045084,4157.7648796671574,4414.3430287369274,4621.7830604373357,4749.3356751041665]
[null,"EBIT",null,null,null,{"$f":"F20-F22-F23","v":-1021},{"$f":"G20-G22-G23","v":-3557},-6856,-5739,-4689,-3611.9940809413447,-3046.9727937422003,{"$f":"M20-M22-M23","v":-2868.1540684584261},{"$f":"N20-N22-N23","v":-3307.4005064395051},{"$f":"O20-O22-O23","v":176.19633472893747},{"$f":"P20-P22-P23","v":772.7367849184925},{"$f":"Q20-Q22-Q23","v":1618.8031981867275},{"$f":"R20-R22-R23","v":2765.0399087516812},{"$f":"S20-S22-S23","v":4274.5806963627128},{"$f":"T20-T22-T23","v":6241.8658382710792},8463.9924578468708,11149.761815007036,14317.638825156248]
[null,"NOL carryforward balance",null,null,null,null,null,null,12650,{"$f":"14552+739","v":15291},{"$f":"IF(K24<0,J25-K24*0.9,J25-MIN(0.8*K24,J25))","v":18541.794672847209},{"$f":"IF(L24<0,K25-L24*0.9,K25-MIN(0.8*L24,K25))","v":21284.070187215191},23865.408848827774,26842.069304623328,26701.112236840178,26082.922808905383,24787.880250356,22575.848323354654,19156.183766264483,14162.69109564762,7391.4971293701237,0,0]
[null,"Taxes",0.25,null,null,null,null,null,null,null,{"$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$26))","v":0},0,0,8.8098167364468747,38.636839245924627,80.940159909336387,138.25199543758407,213.72903481813566,312.09329191355397,423.19962289234354,939.56617140922799,{"$f":"IF(W24<0,0,IF(V25>W24,W24*0.2*$C$26,(W24-V25)*$C$26))","v":3579.4097062890619}]
[null,"Tax-effected EBIT",null,null,null,{"$f":"F24-F26","v":-1021},{"$f":"G24-G26","v":-3557},-6856,-5739,{"$f":"J24-J26","v":-4689},{"$f":"K24-K26","v":-3611.9940809413447},{"$f":"L24-L26","v":-3046.9727937422003},{"$f":"M24-M26","v":-2868.1540684584261},-3307.4005064395051,167.38651799249061,734.09994567256786,1537.8630382773911,2626.7879133140973,4060.8516615445774,5929.7725463575252,8040.7928349545273,10210.195643597808,10738.229118867186]
[]
[null,"Depreciation and amortization",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":29},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":197},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":652},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":937},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B29,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":1031},{"$f":"-K30*K45","v":1699.4787528971297},{"$f":"-L30*L45","v":2078.0236762453205},{"$f":"-M30*M45","v":3336.6040684584254},3734.9844456667647,3548.3239539720676,4130.8949504692655,4517.6779097295084,4869.6917410576862,5193.0668768699034,5522.0314808079411,5655.8770055691839,5705.0134652273327,5639.8361141861942]
[null,"Capex",null,null,null,{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!F$14,RIVN_IS!$A$14:$G$14,0))","v":-914},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!G$14,RIVN_IS!$A$14:$G$14,0))","v":-1794},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!H$14,RIVN_IS!$A$14:$G$14,0))","v":-1369},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!I$14,RIVN_IS!$A$14:$G$14,0))","v":-1026},{"$f":"INDEX(RIVN_IS!$A$14:$G$55,MATCH(RIVN_DCF!$B30,RIVN_IS!$A$14:$A$55,0),MATCH(RIVN_DCF!J$14,RIVN_IS!$A$14:$G$14,0))","v":-1141},{"$f":"-K44*K17","v":-1888.3097254412551},-2308.9151958281336,-3336.6040684584254,-3395.440405151604,-2838.6591631776541,-3406.9236704901159,-3844.8322635995819,-4281.0476844463183,-4720.9698880635497,-5197.2060995839465,-5517.9287859211581,-5777.2288255466692,-5936.6695938802077]
[null,"Change in Net Working Capital",null,null,null,null,{"$f":"-G83","v":313},-47,-1340,-186,-23.323890176502005,-399.13370773756481,{"$f":"-M83","v":-513.84443631514591},-878.27826963449002,-733.6480624749197,-704.47768101823794,-572.13219098338459,-591.61126452329972,-621.62480476968267,-697.55994962679506,{"$f":"-U83","v":-539.25943914779964},-498.56597438785411,{"$f":"-W83","v":-410.09978771127135}]
[null,"Unlevered free cash flows",null,null,null,{"$f":"SUM(F27:F31)","v":-1906},-4841,-7620,-7168,-4985,-3824.1489436619722,{"$f":"SUM(L27:L31)","v":-3676.9980210625781},-3381.9985047735718,-3846.1347355588341,143.40324631198428,753.59354463347927,1638.5764934239328,2623.8207054021659,3911.323845581248,5557.0379779547247,7639.4816154547534,9639.4143088906167,10031.295851461902]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F14","v":2020},{"$f":"F35+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O35+1","v":2030},{"$f":"P35+1","v":2031},{"$f":"Q35+1","v":2032},{"$f":"R35+1","v":2033},{"$f":"S35+1","v":2034},2035,2036,2037]
[null,"Assumptions"]
[null,"Automotive Growth",null,null,null,null,{"$f":"IFERROR(G15/F15-1,0)","v":0},0,1.6589446589446588,8.5672797676669799E-2,-0.18691649550230038,0.53924479086882304,0.42473574684965898,0.53677724524443604,0.31386681883109402,0.24847544229431201,0.16638267124509401,0.14675837003098,0.13300000000000001,0.13300000000000001,0.1,0.08,0.05,null,"Step"]
[null,"Software Services Growth",null,null,null,null,0,0,1.9038461538461537,0.60264900662251653,1.8677685950413223,0.5,0.5,0.5,0.4,0.3,0.25,0.25,0.25,0.25,0.2,0.2,0.2,null,"Step"]
[null,"Total Revenue Growth",null,null,null,null,0,29.145454545454545,1.6743063932448732,0.12088407758231834,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,{"$f":"IFERROR(F18/F15,0)","v":0},0,3.0025740025740024,1.4883833494675702,1.2690592955862683,1.1000000000000001,0.9,0.85,0.85,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8,null,"Step"]
[null,"COGS-Software Services (as a % of Software)",null,null,null,0,0,1.1057692307692308,1.0397350993377483,0.98553719008264462,0.8,0.7,0.7,0.65,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,0.6,null,"Step"]
[null,"SGA (as a % of total revenue)",null,null,null,{"$f":"IFERROR(F22/F17,0)","v":0},{"$f":"IFERROR(G22/G17,0)","v":22.581818181818182},{"$f":"IFERROR(H22/H17,0)","v":1.0790108564535585},{"$f":"IFERROR(I22/I17,0)","v":0.38655841226883175},{"$f":"IFERROR(J22/J17,0)","v":0.37746478873239436},0.38,0.3,0.25,0.2,0.15,{"$f":"O42+$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":0},{"$f":"IFERROR(G23/G17,0)","v":33.636363636363633},{"$f":"IFERROR(H23/H17,0)","v":1.1724969843184561},{"$f":"IFERROR(I23/I17,0)","v":0.44993234100135315},{"$f":"IFERROR(J23/J17,0)","v":0.32454728370221331},0.32,0.25,0.2,0.2,0.1,9.5000000000000001E-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":0},{"$f":"IFERROR(-G30/G17,0)","v":32.618181818181817},{"$f":"IFERROR(-H30/H17,0)","v":0.82569360675512671},{"$f":"IFERROR(-I30/I17,0)","v":0.23139377537212449},{"$f":"IFERROR(-J30/J17,0)","v":0.22957746478873239},0.375,0.3,0.3,0.2,0.125,0.11874999999999999,0.11249999999999999,0.10624999999999998,9.9999999999999978E-2,9.3749999999999972E-2,8.7499999999999967E-2,8.1249999999999961E-2,7.4999999999999956E-2,null,"Step",7.4999999999999997E-2,{"$f":"(Z44-O44)/($W$35-$O$35)","v":-6.2500000000000003E-3}]
[null,"Depreciation and amortization (as % of capex)",null,null,null,{"$f":"-F29/F30","v":3.1728665207877461E-2},{"$f":"-G29/G30","v":0.10981047937569677},{"$f":"-H29/H30","v":0.47626004382761139},{"$f":"-I29/I30","v":0.91325536062378165},{"$f":"-J29/J30","v":0.90359333917616125},0.9,0.9,1,1.1000000000000001,1.25,1.2124999999999999,1.1749999999999998,1.1374999999999997,1.0999999999999996,1.0624999999999996,1.0249999999999995,0.98749999999999949,0.94999999999999951,null,"Step",0.95,{"$f":"(Z45-O45)/($W$35-$O$35)","v":-3.7500000000000006E-2}]
[null,"Gross margin"]
[]
["x","TERMINAL VALUE AND EQUITY VALUE PER SHARE"]
[]
[null,null,null,null,null,"Terminal Value - Perpetuity Growth",null,null,null,null,"Terminal Value - Exit Multiple",null,null,null,null,"Option Drag"]
[null,null,null,null,null,"Unlevered FCF in terminal year",null,{"$f":"W32","v":10031.295851461902},null,null,"Terminal year EBITDA",null,null,{"$f":"W24+W29","v":19957.474939342443},null,"Implied Equity Value (Using PG)"]
[null,null,null,null,null,"Terminal growth rate",null,0.02,null,null,"Terminal year EBITDA multiple",null,null,9.1999999999999993,null,"Basic Shares"]
[null,null,null,null,null,"Terminal value",null,{"$f":"(H51*(1+H52))/(H54-H52)","v":137943.45766629666},null,null,"Terminal value",null,null,{"$f":"N52*N51","v":183608.76944195046},null,"Value of Options"]
[null,null,null,null,null,"WACC - current",null,{"$f":"F129","v":9.417475204401142E-2},null,null,"WACC - current",null,null,{"$f":"F129","v":9.417475204401142E-2},null,"Implied Equity Value per Share"]
[null,null,null,null,null,"PV of Terminal Value",null,{"$f":"H53/(1+H54)^(W14-J14)","v":42812.850795776874},null,null,"PV of Terminal Value",null,null,{"$f":"-PV(N54,W14-J14,,N53)","v":56985.775069744624}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Treasury Outstanding Options"]
[null,null,null,null,null,"PV of Unlevered Free Cash Flows",null,{"$f":"NPV(H54,K32:W32)","v":4073.8196978881988},null,null,"PV of Unlevered Free Cash Flows",null,null,{"$f":"NPV(N54,K32:W32)","v":4073.8196978881988},null,"Implied Equity Value"]
[null,null,null,null,null,"Total Enterprise Value",null,{"$f":"H57+H55","v":46886.670493665071},null,null,"Total Enterprise Value",null,null,{"$f":"N57+N55","v":61059.594767632821},null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Net debt + Preferred stock + NCI",null,{"$f":"RIVN_BS!G40+RIVN_BS!G42+RIVN_BS!G43-RIVN_BS!G19-RIVN_BS!G20","v":-2780},null,null,"Net debt + Preferred stock + NCI",null,null,{"$f":"RIVN_BS!G40+RIVN_BS!G42+RIVN_BS!G43-RIVN_BS!G19-RIVN_BS!G20","v":-2780},null,"Total Proceeds"]
[null,null,null,null,null,"Implied Equity Value",null,{"$f":"H58-H59","v":49666.670493665071},null,null,"Implied Equity Value",null,null,{"$f":"N58-N59","v":63839.594767632821},null,"Implied Equity Value per Share"]
[null,null,null,null,null,"Diluted Shares Outstanding",null,null,null,null,"Diluted Shares Outstanding"]
[null,null,null,null,null,"Value of Warrants & Convertible debt",null,null,null,null,"Value of Warrants & Convertible debt"]
[null,null,null,null,null,"Implied Equity Value per Share",null,null,null,null,"Implied Equity Value per Share"]
[]
[]
[]
["x","WORKING CAPITAL SCHEDULE"]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F14","v":2020},{"$f":"F71+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O71+1","v":2030},{"$f":"P71+1","v":2031},{"$f":"Q71+1","v":2032},{"$f":"R71+1","v":2033},{"$f":"S71+1","v":2034},2035,2036,2037]
[null," Total Current Assets",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":3016},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":18559},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":13130},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":12313},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B72,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":10583}]
[null,"  Cash and Cash Equivalents",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":2979},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":18133},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":11568},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":7857},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B73,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":5294}]
[null,"  Short-term Investments",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":1511},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B74,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":2406}]
[null,"Total non-cash current assets",null,null,null,{"$f":"F72-F73-F74","v":37},{"$f":"G72-G73-G74","v":426},1562,2945,2883]
[]
[null," Total Current Liabilities",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":611},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":1313},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":2424},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":2487},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B77,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":2251}]
[null,"  Current Portion of Long-term Debt",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":28},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":0},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B78,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":0}]
[null,"  Current portion of lease liabilities",null,null,null,{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!F$71,RIVN_BS!$A$14:$G$14,))","v":18},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!G$71,RIVN_BS!$A$14:$G$14,))","v":46},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!H$71,RIVN_BS!$A$14:$G$14,))","v":68},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!I$71,RIVN_BS!$A$14:$G$14,))","v":88},{"$f":"INDEX(RIVN_BS!$A$14:$G$54,MATCH(RIVN_DCF!$B79,RIVN_BS!$A$14:$A$54,0),MATCH(RIVN_DCF!J$71,RIVN_BS!$A$14:$G$14,))","v":100}]
[null,"Total non-debt current liabilities",null,null,null,{"$f":"F77-F78-F79","v":565},{"$f":"G77-G78-G79","v":1267},2356,2399,2151]
[]
[null,"Non-cash Net Working Capital",null,null,null,{"$f":"F75-F80","v":-528},{"$f":"G75-G80","v":-841},-794,546,732,{"$f":"K88*K17","v":755.323890176502},1154.4575979140668,1668.3020342292127,2546.5803038637027,3280.2283663386224,3984.7060473568604,4556.838238340245,5148.4495028635447,5770.0743076332274,6467.6342572600224,7006.8936964078221,7505.4596707956762,7915.5594585069475]
[null,"Change in NWC",null,null,null,null,{"$f":"G82-F82","v":-313},{"$f":"H82-G82","v":47},1340,186,{"$f":"K82-J82","v":23.323890176502005},{"$f":"L82-K82","v":399.13370773756481},513.84443631514591,878.27826963449002,733.6480624749197,704.47768101823794,572.13219098338459,591.61126452329972,621.62480476968267,697.55994962679506,539.25943914779964,498.56597438785411,410.09978771127135]
[]
[]
[null,null,null,null,null,"Historical",null,null,null,null,"Projected"]
[null,null,null,null,null,{"$f":"F71","v":2020},{"$f":"F87+1","v":2021},2022,2023,2024,2025,2026,2027,2028,2029,{"$f":"O87+1","v":2030},{"$f":"P87+1","v":2031},{"$f":"Q87+1","v":2032},{"$f":"R87+1","v":2033},{"$f":"S87+1","v":2034},2035,2036,2037]
[null,"Non-cash NWC as a % of Sale",null,null,null,{"$f":"IFERROR(F82/F17,\"\")","v":""},{"$f":"IFERROR(G82/G17,\"\")","v":-15.290909090909091},{"$f":"IFERROR(H82/H17,\"\")","v":-0.47889022919179736},{"$f":"IFERROR(I82/I17,\"\")","v":0.12313937753721245},{"$f":"IFERROR(J82/J17,\"\")","v":0.14728370221327969},0.15,0.15,0.15,0.15,{"$f":"N88+$AA$88","v":0.14444444444444443},0.13888888888888887,0.1333333333333333,0.12777777777777774,0.12222222222222219,0.11666666666666664,0.11111111111111109,0.10555555555555554,9.9999999999999992E-2,null,"Step",0.1,{"$f":"(Z88-N88)/(W87-N87)","v":-5.555555555555554E-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,"Class A Shares",null,null,null,"Basic share count",null,null,null,null,"Basic share count"]
[null,"Class B Shares",null,null,null,"Outstanding options",null,null,null,null,"Oustanding options"]
[null,"Voting Premium",0.05,null,null,"Exercise price",null,null,null,null,"Exercise price"]
[null,null,null,null,null,"Current share price"]
[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,"Unvested RSUs",null,null,null,null,"Unvested RSUs"]
[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,null,null,{"$f":"RIVN_BS!G40+RIVN_BS!G43+RIVN_BS!G42-Convertible_Debt!C3-Convertible_Debt!C14+Convertible_Debt!C10+Convertible_Debt!C21","v":4551.5448065012479}]
[null,"Share price",null,null,null,{"$f":"C4","v":14.68}]
[null,"Shares outstanding",null,null,null,{"$f":"I103","v":0},"***Note: Will update this with diluted shares. "]
[null,"Market value of equity",null,null,null,{"$f":"F112*F111+Convertible_Debt!C11+Convertible_Debt!C22","v":95.012693498751787}]
[]
[null,"Weight of debt",null,null,null,{"$f":"F110/(F113+F110)","v":0.97955202459051627}]
[null,"Weight of equity",null,null,null,{"$f":"F113/(F110+F113)","v":2.0447975409483642E-2}]
[]
[null,"Cost of debt"]
[null,"Default Spread",null,null,null,0.03]
[null,"Pre-tax cost of debt",null,null,null,{"$f":"F119+F124","v":7.1599999999999997E-2}]
[null,"Marginal tax rate",null,null,null,{"$f":"C26","v":0.25}]
[]
[null,"Cost of equity"]
[null,"Risk-free rate",null,null,null,4.1599999999999998E-2]
[null,"Market risk premium (Rm - Rf)",null,null,null,5.8099999999999999E-2]
[null,"Beta",null,null,null,{"$f":"D147","v":34.277133280367451}]
[null,"Cost of equity",null,null,null,{"$f":"F124+F125*F126","v":2.0331014435893486}]
[]
[null,"Weighted average cost of capital",null,null,null,{"$f":"F115*F120*(1-F121)+F116*F127","v":9.417475204401142E-2}]
[]
["x","BOTTOM UP BETA"]
[]
[]
[null,null,null,null,"MV","Book Value","Debt/","Reg","Unlevered",null,"Marginal "]
[null,"Company","Ticker",null,"Equity","Debt","Equity","Beta","Beta",null,"Tax Rate"]
[null,"Tesla, Inc. ","TSLA",null,1440089.6,13134,{"$f":"F136/E136","v":9.1202658501248809E-3},2.09,{"$f":"H136/(1+G136*(1-K136))","v":2.0758011065422632},null,0.25]
[null,"General Motors Company","GM",null,54516,135362,{"$f":"F137/E137","v":2.4829774745028983},1.34,{"$f":"H137/(1+G137*(1-K137))","v":0.46816592165344872},null,{"$f":"$K$136","v":0.25}]
[null,"Lucid Group, Inc. ","LCID",null,6762.6,2507.64,0.37081004347440327,0.82,0.64157356019034328,null,{"$f":"$K$136","v":0.25}]
[null,"Ford Motor Company","F",null,47439.9,159326,3.3584809411486956,1.54,0.43764164845592041,null,0.25]
[null,"THOR Industries, Inc.","THOR",null,5318.6,967.04000000000008,0.18182228405971496,1.35,1.1879967835231675,null,0.25]
[null,"Winnebago Industries, Inc.","WGO",null,842.6,580.9,0.6894137194398291,1.1499999999999999,0.7580450216111555,null,0.25]
[]
[null,"Average unlevered beta",null,{"$f":"AVERAGE(I136:I141)","v":0.92820400699604966}]
[null,"Average unlevered beta (Full industry)",null,1.39]
[null,{"$f":"C3&\" Debt/Equity ratio\"","v":"RIVN Debt/Equity ratio"},null,{"$f":"F110/F113","v":47.904597153232402}]
[null,{"$f":"C3&\" Tax Rate\"","v":"RIVN Tax Rate"},null,{"$f":"C26","v":0.25}]
[null,{"$f":"C3&\" Levered Beta\"","v":"RIVN Levered Beta"},null,{"$f":"D143*(1+D145*(1-D146))","v":34.277133280367451}]
[]
["x","SENSITIVITY ANALYSIS"]
[]
[]
[]
[null,"Beta Step"]
[]
[]
[]
[null,null,null,"Beta"]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Exit Multiple Step"]
[null,null,null,null,null,null,null,"Exit Multiple"]
[]
[]
[]
[]
[null,"WACC Step"]
[null,"Terminal Growth Rate Step"]
[null,null,null,null,null,null,null,"WACC"]
[]
[]
[]
[]
[]
[null,"Terminal Growth Rate"]

{"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]
[null,"Delivery",null,920,20332,50122,51579,44000,{"$f":"I7+I9+I11","v":81800},{"$f":"J7+J9+J11","v":121070},{"$f":"K7+K9+K11+K16","v":162154.5},190160.55499999999,216226.01425000001,244748.61567500001,269223.47724250006,296145.82496675005,325760.40746342507]
[null," R1",null,null,null,{"$f":"F6-F9","v":43332},{"$f":"G6-G9","v":40361},{"$f":"H6-H9","v":32000},35000,{"$f":"I7*(1+J8)","v":39200.000000000007},43904.000000000015,49172.480000000018,54089.728000000025,59498.700800000035,65448.570880000043,71993.427968000047,79192.770764800065]
[null,"  R1 Growth",null,null,null,null,null,null,null,0.12,0.12,0.12,0.1,0.1,0.1,0.1,0.1]
[null," RCV or EDV",null,null,null,{"$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,33000,66000,100000,{"$f":"K11*(1+L12)","v":120000},138000,158700,174570,192027.00000000003,211229.70000000004]
[null,"  R2 Growth",null,null,null,null,null,null,null,null,null,0.2,0.15,0.15,0.1,0.1,0.1]
[null," R3",null,null,null,null,null,null,null,null,33000,66000,100000,{"$f":"M13*(1+N14)","v":114999.99999999999},{"$f":"N13*(1+O14)","v":132249.99999999997},{"$f":"O13*(1+P14)","v":145474.99999999997},{"$f":"P13*(1+Q14)","v":160022.49999999997}]
[null,null,null,null,null,null,null,null,null,null,null,null,0.2,0.15,0.15,0.1,0.1]
[null,"Price Increases",0.03]
[]
[]
[]
[]
[null,"Rev per R1",null,null,null,null,{"$f":"C91/1000000","v":8.5999999999999993E-2},{"$f":"G20","v":8.5999999999999993E-2},{"$f":"H20*(1+$C$15)","v":8.8579999999999992E-2},9.1237399999999996E-2,9.3974522000000005E-2,9.6793757660000007E-2,9.9697570389800011E-2,0.10268849750149402,0.10576915242653884,0.10894222699933501,0.11221049380931505]
[null,"Rev per RCV",null,null,null,null,{"$f":"C92/1000000","v":6.0791050098056708E-2},{"$f":"G21","v":6.0791050098056708E-2},{"$f":"H21*(1+$C$15)","v":6.2614781600998412E-2},6.4493225049028366E-2,6.6428021800499212E-2,6.8420862454514189E-2,7.0473488328149619E-2,7.2587692977994112E-2,7.4765323767333941E-2,7.7008283480353962E-2,7.9318531984764587E-2]
[null,"Rev Per R2",null,null,null,null,null,null,0.05,{"$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":-0.18691649550230038},{"$f":"I26/H26-1","v":0.53924479086882271},0.42473574684965865,0.53677724524443615,0.31386681883109424,0.24847544229431229,0.16638267124509376,0.14675837003098025,0.13300000000000023,0.13300000000000023]
[null,"Revenues: Automotive",null,0,1554,4132,4486,{"$f":"H9*H21+(H6-H9)*H20+H44","v":3647.4926011766806},{"$f":"I7*I20+I9*I21+I11*I22","v":5614.3839860937778},{"$f":"J7*J20+J9*J21+J11*J22","v":7999.0135615280815},{"$f":"K7*K20+K9*K21+K11*K22+K13*K23","v":12292.702025758012},16150.973305421227,20164.093540969396,23519.049287551825,26970.666625671216,30557.765286885493,34621.948070041268]
[null,"Revenues: Software Service",null,"-",104,302,484,{"$f":"694*2","v":1388},{"$f":"H27*(1+I33)","v":2082},3123,4684.5,6558.2999999999993,8525.7899999999991,10657.237499999999,{"$f":"N27*(1+O33)","v":13321.546875},16651.93359375,20814.9169921875]
[null,"  Total Revenues",null,55,1658,4434,4970,{"$f":"H27+H26","v":5035.4926011766802},7696.3839860937778,11122.013561528081,16977.202025758012,22709.273305421226,28689.883540969393,34176.286787551828,{"$f":"O27+O26","v":40292.21350067122},47209.698880635493,55436.865062228768]
[]
[null,"% Automotive",null,null,{"$f":"E26/E$28","v":0.93727382388419778},{"$f":"F26/F$28","v":0.93188994136220116},0.90261569416498999,0.72435665982794706,0.72948335169322831,0.71920552130931559,0.72407114005637552,0.71120608256388451,0.70282939671661271,{"$f":"N26/N$28","v":0.68816865429974872},0.66937664333635871,0.64727727588662287,0.6245293277528875]
[null,"% Software",null,null,{"$f":"E27/E$28","v":6.2726176115802168E-2},{"$f":"F27/F$28","v":6.8110058637798829E-2},9.7384305835010065E-2,0.27564334017205305,0.27051664830677169,0.28079447869068441,0.27592885994362448,0.28879391743611549,0.29717060328338735,{"$f":"N27/N$28","v":0.31183134570025112},0.33062335666364118,0.35272272411337707,0.3754706722471125]
[]
[null,"Software",null,null,null,{"$f":"F27/E27-1","v":1.9038461538461537},{"$f":"G27/F27-1","v":0.60264900662251653},{"$f":"H27/G27-1","v":1.8677685950413223},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,{"$f":"(H27-349*2)/G27-1","v":0.42561983471074383}]
[]
[null,"Revenue/Vehicle",null,{"$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,{"$f":"(H26-H44)/H6*1000000","v":79124.831844924556},{"$f":"(I26-I44)/I6*1000000","v":68635.501052491163},66069.328169885863,75808.577780807886,84933.351742800849,93254.706705437027,96094.7183406447,{"$f":"(O26-O44)/O6*1000000","v":100179.47506627621},103184.85931826451,106280.40509781246]
[]
[]
[null,"Guidance (at beginning of year)"]
[null,"Production",null,null,25000,57000,"47000-49000"]
[null,"Delivery",null,null,null,null,"50500-52000"]
[]
[null,null,null,null,2022,2023,2024,2025]
[null,"Regulatory credits",null,null,0,73,333,166,0,0,0]
[]
[null,"Revenue Projection (CAPIQ)",null,null,null,null,null,5285.1,7022.88,11307.93,20094.37,28320.94,37384.86,42189.2,49914.9,56179,59490.85]
[null,"  Growth (%)",null,null,null,null,null,null,{"$f":"I46/H46-1","v":0.32880740194130653},{"$f":"J46/I46-1","v":0.61015566263413312},0.77701577565478375,0.40939676138142178,0.32004304941855755,0.12851031139343561,0.18312032463284456,0.12549559350013717,5.8951743534060741E-2]
[null,"EBITDA",null,null,null,null,null,-2130.59,-1760.91,-785.29,762.93,1777.95]
[]
[null,"Quarterly"]
[null,null,"2022Q1","2022Q2","2022Q3","2022Q4","2023Q1","2023Q2","2023Q3","2023Q4","2024Q1","2024Q2","2024Q3","2024Q4","2025Q1","2025Q2"]
[null,"Production",2553,4401,7363,10020,9395,13992,16304,17541,13980,9612,13157,12727,14611,5979]
[null,"Delivery",1227,4467,6584,8054,7946,12640,15564,13972,13588,13790,10018,14183,8640,10661]
[null,"Y-o-Y",null,null,null,null,{"$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},{"$f":"H53/D53-1","v":1.8296395791358853},1.3639125151883356,0.7347901663769556,0.71004278882456573,9.0981012658227778E-2,-0.35633513235672065,1.5101631835098717E-2,-0.36414483367677364,-0.22690355329949241]
[]
[null,"Estimated split of R1S and R1T and RSV (generated by ChatGPT)"]
[null,"RCV",0,0,0,0,397,1264,2335,2794,2718,3034,2204,3262,2074,2665]
[null,"R1S",25,223,527,966,3774,5460,5953,5589,5652,5378,3751,5460,3283,3998]
[null,"R1T",1202,4244,6057,7088,3775,5916,7276,5589,5218,5378,4063,5461,3283,3998]
[]
[null,"Guidance for 2025"]
[null,"As of ","2024Q4","2025Q1","2025Q2"]
[null,"Delivery","46000-51000","40000-46000","40000-46000"]
[null,"EBITDA","(1700)-(1900)","(1700)-(1900)","(2000-2520)"]
[null,"Capex","1600-1700","1800-1900","1800-1900"]
[]
[]
[null,"Normal Factory",2025,2026,2027,2028,2029]
[null,"Annual Production ",150000,215000,215000,215000,215000]
[null,"  R1",85000,85000,85000,85000,85000]
[null,"  RCV",65000,65000,65000,65000,65000]
[null,"  R2",null,155000,155000,155000,155000]
[null,null,null,"**Does not total as these are up to. "]
[]
[null,"Georgia Factory ***R2 and R3 models"]
[null,"Phase 1 ",null,null,null,200000]
[null,"Phase 2",null,null,null,null,400000]
[]
[null,"Total capacity",{"$f":"C78+C77+C70","v":150000},215000,215000,{"$f":"F78+F77+F70","v":415000},615000]
[]
[null,"RCV orders","Ordered","Delivered","Remaining"]
[null,"Amazon",100000,20000,80000]
[null,"Hello Fresh/Factor",70]
[null,"AT&T","Pilot program"]
[]
[]
[]
[]
[null,"Average Price"]
[null,"R1",86000]
[null,"RCV",{"$f":"(G26-G44-G20*(G6-G9))/G9*1000000","v":60791.050098056709}]
[null,"R2",50000]
[]
[null,"Midsize SUV Models sold in 2024"]
[null,null,null,2024,"RS2 Market","Projected"]
[null,null,"Tesla Model Y",313699,0.05,{"$f":"E97*D97","v":15684.95}]
[null,null,"Toyota RAV4",248295,0.01,{"$f":"E98*D98","v":2482.9500000000003}]
[null,null,"Honda CR-V",196204,0.01,1962.04]
[null,null,"Nissan Rogue",141160,0.01,1411.6000000000001]
[null,null,"Chevrolet Equinox",107468,0.01,1074.68]
[null,null,"Jeep Grand Cherokee",106751,0.01,1067.51]
[null,null,"Ford Explorer",104803,0.01,1048.03]
[null,null,"Subaru Forester",92849,0.01,928.49]
[null,null,"Hyundai Tucson",92146,0.01,921.46]
[null,null,"Chevrolet Trax",90463,0.01,904.63]
[null,null,"Subaru Outback",81703,0.01,817.03]
[null,null,"Kia Sportage",79853,0.01,798.53]
[null,null,"Subaru Crosstrek",79500,0.01,795]
[null,null,"Jeep Wrangler",77204,0.01,772.04]
[null,null,"Honda HR-V",76263,0.01,762.63]
[null,null,"Ford Escape",74538,0.01,745.38]
[null,null,"Mazda CX-5",70214,0.01,702.14]
[null,null,null,{"$f":"SUM(D97:D113)","v":2033113},null,{"$f":"SUM(F97:F113)","v":32879.090000000004}]

{"sheet":"RIVN_Forecast_Scenario","index":2,"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]
[null,"Delivery",null,920,20332,50122,51579,44000,{"$f":"I7+I9+I11","v":63200},{"$f":"J7+J9+J11","v":82320},{"$f":"K7+K9+K11+K16","v":106796},116659.12000000002,127443.23360000004,139235.21468800004,152130.20650304007,166232.41512728328,181655.97965186596]
[null," R1",null,null,null,{"$f":"F6-F9","v":43332},{"$f":"G6-G9","v":40361},{"$f":"H6-H9","v":32000},35000,{"$f":"I7*(1+J8)","v":37800},40824,44089.920000000006,47617.113600000012,51426.482688000018,55540.601303040021,59983.849407283225,64782.557359865888]
[null,"  R1 Growth",null,null,null,null,null,null,null,0.08,0.08,0.08,0.08,0.08,0.08,0.08,0.08]
[null," RCV or EDV",null,null,null,{"$f":"SUM(G58:J58)","v":6790},{"$f":"SUM(K58:N58)","v":11218},12000,{"$f":"H9*(1+I10)","v":13200.000000000002},14520.000000000004,15972.000000000005,17569.200000000008,19326.12000000001,21258.732000000011,23384.605200000013,25723.065720000017,28295.372292000022]
[null,"  RCV Growth",null,null,null,null,{"$f":"G9/F9-1","v":0.65213549337260668},{"$f":"H9/G9-1","v":6.9709395614191427E-2},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[null," R2",null,null,null,null,null,null,15000,30000,50000,{"$f":"K11*(1+L12)","v":55000.000000000007},60500.000000000015,66550.000000000015,73205.000000000029,80525.500000000044,88578.050000000061]
[null,"  R2 Growth",null,null,null,null,null,null,null,null,null,0.1,0.1,0.1,0.1,0.1,0.1]
[null," R3",null,null,null,null,null,null,null,null,15000,30000,50000,{"$f":"M13*(1+N14)","v":55000.000000000007},{"$f":"N13*(1+O14)","v":60500.000000000015},{"$f":"O13*(1+P14)","v":66550.000000000015},{"$f":"P13*(1+Q14)","v":73205.000000000029}]
[null,null,null,null,null,null,null,null,null,null,null,null,0.1,0.1,0.1,0.1,0.1]
[null,"Price Increases",0.03]
[]
[]
[]
[]
[null,"Rev per R1",null,null,null,null,{"$f":"C91/1000000","v":8.5999999999999993E-2},{"$f":"G20","v":8.5999999999999993E-2},{"$f":"H20*(1+$C$15)","v":8.8579999999999992E-2},9.1237399999999996E-2,9.3974522000000005E-2,9.6793757660000007E-2,9.9697570389800011E-2,0.10268849750149402,0.10576915242653884,0.10894222699933501,0.11221049380931505]
[null,"Rev per RCV",null,null,null,null,{"$f":"C92/1000000","v":6.0791050098056708E-2},{"$f":"G21","v":6.0791050098056708E-2},6.2614781600998412E-2,6.4493225049028366E-2,6.6428021800499212E-2,6.8420862454514189E-2,7.0473488328149619E-2,7.2587692977994112E-2,7.4765323767333941E-2,7.7008283480353962E-2,7.9318531984764587E-2]
[null,"Rev Per R2",null,null,null,null,null,null,0.05,5.1500000000000004E-2,5.3045000000000009E-2,5.4636350000000007E-2,5.627544050000001E-2,5.7963703715000009E-2,5.9702614826450014E-2,6.1493693271243516E-2,6.3338504069380824E-2]
[null,"Rev per R3",null,null,null,null,null,null,null,null,0.05,{"$f":"K23*(1+$C$15)","v":5.1500000000000004E-2},5.3045000000000009E-2,5.4636350000000007E-2,5.627544050000001E-2,5.7963703715000009E-2,5.9702614826450014E-2]
[]
[null,null,null,null,null,null,null,{"$f":"H26/G26-1","v":-0.18691649550230038},{"$f":"I26/H26-1","v":0.28220002848653869},0.26800294627576138,0.39955360196622625,0.20724644619642918,0.21422494282846083,0.12496178209668396,0.12505154011633723,0.12514092291836532,0.12522991789958682]
[null,"Revenues: Automotive",null,0,1554,4132,4486,{"$f":"H9*H21+(H6-H9)*H20+H44","v":3647.4926011766806},{"$f":"I7*I20+I9*I21+I11*I22","v":4676.8151171331792},{"$f":"J7*J20+J9*J21+J11*J22","v":5930.2153477118918},{"$f":"K7*K20+K9*K21+K11*K22+K13*K23","v":8299.654250325575},10019.72809836464,12166.203777393526,13686.514282768028,15398.033972652418,17324.958155118486,19494.561242497752]
[null,"Revenues: Software Service",null,"-",104,302,484,{"$f":"694*2","v":1388},{"$f":"H27*(1+I33)","v":2082},2914.7999999999997,3789.24,4547.0879999999997,5456.5055999999995,6547.8067199999996,7857.3680639999993,9428.8416767999988,11314.610012159997]
[null,"  Total Revenues",null,55,1658,4434,4970,{"$f":"H27+H26","v":5035.4926011766802},6758.8151171331792,8845.0153477118911,12088.894250325575,14566.816098364639,17622.709377393527,20234.321002768029,23255.402036652416,26753.799831918484,30809.171254657747]
[]
[null,"% Automotive",null,null,{"$f":"E26/E$28","v":0.93727382388419778},{"$f":"F26/F$28","v":0.93188994136220116},0.90261569416498999,0.72435665982794706,0.69195784114256087,0.67045845762675516,0.68655197724986727,0.68784613128256056,0.69037078901161331,0.67640096650121007,0.66212718870152654,0.64756999992386255,0.63275188681196848]
[null,"% Software",null,null,{"$f":"E27/E$28","v":6.2726176115802168E-2},6.8110058637798829E-2,9.7384305835010065E-2,0.27564334017205305,0.30804215885743913,0.3295415423732449,0.31344802275013273,0.3121538687174395,0.30962921098838658,0.32359903349878993,0.33787281129847357,0.35243000007613751,0.36724811318803158]
[]
[null,"Software",null,null,null,{"$f":"F27/E27-1","v":1.9038461538461537},{"$f":"G27/F27-1","v":0.60264900662251653},{"$f":"H27/G27-1","v":1.8677685950413223},0.5,0.4,0.3,0.2,0.2,0.2,0.2,0.2,0.2]
[null,"Non VW growth",null,null,null,null,null,{"$f":"(H27-349*2)/G27-1","v":0.42561983471074383}]
[]
[null,"Revenue/Vehicle",null,{"$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,{"$f":"(H26-H44)/H6*1000000","v":79124.831844924556},{"$f":"(I26-I44)/I6*1000000","v":74000.239195145245},72038.57322293357,77715.029123989429,85888.939487668322,95463.709086188173,98297.792792124717,101216.15112870246,104221.29848653681,107315.82455946699]
[]
[]
[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,5285.1,7022.88,11307.93,20094.37,28320.94,37384.86,42189.2,49914.9,56179,59490.85]
[null,"  Growth (%)",null,null,null,null,null,null,{"$f":"I46/H46-1","v":0.32880740194130653},{"$f":"J46/I46-1","v":0.61015566263413312},0.77701577565478375,0.40939676138142178,0.32004304941855755,0.12851031139343561,0.18312032463284456,0.12549559350013717,5.8951743534060741E-2]
[null,"EBITDA",null,null,null,null,null,-2130.59,-1760.91,-785.29,762.93,1777.95]
[]
[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,{"$f":"G53/C53-1","v":5.4759576202118989},1.8296395791358853,1.3639125151883356,0.7347901663769556,0.71004278882456573,9.0981012658227778E-2,-0.35633513235672065,1.5101631835098717E-2,-0.36414483367677364,-0.22690355329949241]
[]
[null,"Estimated split of R1S and R1T and RSV (generated by ChatGPT)"]
[null,"RCV",0,0,0,0,397,1264,2335,2794,2718,3034,2204,3262,2074,2665]
[null,"R1S",25,223,527,966,3774,5460,5953,5589,5652,5378,3751,5460,3283,3998]
[null,"R1T",1202,4244,6057,7088,3775,5916,7276,5589,5218,5378,4063,5461,3283,3998]
[]
[null,"Guidance for 2025"]
[null,"As of ","2024Q4","2025Q1","2025Q2"]
[null,"Delivery","46000-51000","40000-46000","40000-46000"]
[null,"EBITDA","(1700)-(1900)","(1700)-(1900)","(2000-2520)"]
[null,"Capex","1600-1700","1800-1900","1800-1900"]
[]
[]
[null,"Normal Factory",2025,2026,2027,2028,2029]
[null,"Annual Production ",150000,215000,215000,215000,215000]
[null,"  R1",85000,85000,85000,85000,85000]
[null,"  RCV",65000,65000,65000,65000,65000]
[null,"  R2",null,155000,155000,155000,155000]
[null,null,null,"**Does not total as these are up to. "]
[]
[null,"Georgia Factory ***R2 and R3 models"]
[null,"Phase 1 ",null,null,null,200000]
[null,"Phase 2",null,null,null,null,400000]
[]
[null,"Total capacity",{"$f":"C78+C77+C70","v":150000},215000,215000,{"$f":"F78+F77+F70","v":415000},615000]
[]
[null,"RCV orders","Ordered","Delivered","Remaining"]
[null,"Amazon",100000,20000,80000]
[null,"Hello Fresh/Factor",70]
[null,"AT&T","Pilot program"]
[]
[]
[]
[]
[null,"Average Price"]
[null,"R1",86000]
[null,"RCV",{"$f":"(G26-G44-G20*(G6-G9))/G9*1000000","v":60791.050098056709}]
[null,"R2",50000]
[]
[null,"Midsize SUV Models sold in 2024"]
[null,null,null,2024,"RS2 Market","Projected"]
[null,null,"Tesla Model Y",313699,0.05,{"$f":"E97*D97","v":15684.95}]
[null,null,"Toyota RAV4",248295,0.01,{"$f":"E98*D98","v":2482.9500000000003}]
[null,null,"Honda CR-V",196204,0.01,1962.04]
[null,null,"Nissan Rogue",141160,0.01,1411.6000000000001]
[null,null,"Chevrolet Equinox",107468,0.01,1074.68]
[null,null,"Jeep Grand Cherokee",106751,0.01,1067.51]
[null,null,"Ford Explorer",104803,0.01,1048.03]
[null,null,"Subaru Forester",92849,0.01,928.49]
[null,null,"Hyundai Tucson",92146,0.01,921.46]
[null,null,"Chevrolet Trax",90463,0.01,904.63]
[null,null,"Subaru Outback",81703,0.01,817.03]
[null,null,"Kia Sportage",79853,0.01,798.53]
[null,null,"Subaru Crosstrek",79500,0.01,795]
[null,null,"Jeep Wrangler",77204,0.01,772.04]
[null,null,"Honda HR-V",76263,0.01,762.63]
[null,null,"Ford Escape",74538,0.01,745.38]
[null,null,"Mazda CX-5",70214,0.01,702.14]
[null,null,null,{"$f":"SUM(D97:D113)","v":2033113},null,{"$f":"SUM(F97:F113)","v":32879.090000000004}]

{"sheet":"RIVN_Comps","index":3,"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":4,"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,null,{"$f":"RIVN_DCF!S54","v":0}]
[null,"Enter the strike price on the option ="]
[null,"Enter the expiration of the option ="]
[null,"Enter the standard deviation in stock prices =",null,null,null,"(volatility)"]
[null,"Enter the annualized dividend yield on stock ="]
[null,"Enter the treasury bond rate ="]
[null,"Enter the number of options outstanding ="]
[null,"Enter the number of shares outstanding =",null,null,{"$f":"RIVN_DCF!F112","v":0}]
[]
[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":"#NUM!"}},"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":"#NUM!"}}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":{"$error":"#NUM!"}}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":{"$error":"#NUM!"}}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":{"$error":"#NUM!"}}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":{"$error":"#NUM!"}}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":{"$error":"#NUM!"}}]

{"sheet":"Warrant_Value","index":5,"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,null,{"$f":"RIVN_DCF!H63","v":0}]
[null,"Enter the strike price on the option =",null,null,6.84]
[null,"Enter the expiration of the option =",null,null,4]
[null,"Enter the standard deviation in stock prices =",null,null,0.625,"(volatility)"]
[null,"Enter the annualized dividend yield on stock =",null,null,0]
[null,"Enter the treasury bond rate =",null,null,{"$f":"RIVN_DCF!F124","v":4.1599999999999998E-2}]
[null,"Enter the number of options outstanding =",null,null,12]
[null,"Enter the number of shares outstanding =",null,null,{"$f":"RIVN_DCF!F112","v":0}]
[]
[null,"Circuit Breaker","ON"]
[]
[null,"Do not input any numbers below this line"]
[null,"VALUING WARRANTS WHEN THERE IS DILUTION"]
[null,"Stock Price=",null,{"$f":"E3","v":0},"# Warrants issued=",null,{"$f":"E9","v":12}]
[null,"Strike Price=",null,{"$f":"E4","v":6.84},"# Shares outstanding=",null,{"$f":"E10","v":0}]
[null,"Adjusted S =",null,{"$f":"(D16*G17+D29*G16)/(G17+G16)","v":0},"T.Bond rate=",null,{"$f":"E8","v":4.1599999999999998E-2}]
[null,"Adjusted K =",null,{"$f":"D17","v":6.84},"Variance=",null,{"$f":"E6^2","v":0.390625}]
[null,"Expiration (in years) =",null,{"$f":"E5","v":4},"Annualized dividend yield=",null,{"$f":"E7","v":0}]
[null,null,null,null,"Div. Adj. interest rate=",null,{"$f":"G18-G20","v":4.1599999999999998E-2}]
[]
[null,"d1 = ",{"$f":"(LN(D18/D19)+(G21+(G19/2))*D20)/(((G19)^(0.5))*(D20^0.5))","v":{"$error":"#NUM!"}}]
[null,"N (d1) =",{"$f":"NORMSDIST(C23)","v":{"$error":"#NUM!"}}]
[]
[null,"d2 = ",{"$f":"C23-((G19^0.5)*(D20^(0.5)))","v":{"$error":"#NUM!"}}]
[null,"N (d2) =",{"$f":"NORMSDIST(C26)","v":{"$error":"#NUM!"}}]
[]
[null,"Value per option = ",null,{"$f":"IF(C12=\"OFF\",((EXP((0-G20)*D20))*D18*C24-D19*(EXP((0-G18)*D20))*C27),0)","v":0}]
[null,"Value of all options outstanding =",null,null,{"$f":"D29*E9","v":0}]

{"sheet":"Convertible_Debt","index":6,"n_rows":22,"n_cols":3,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
[]
[null,"2029 Green Convertible Debt"]
[null,"Face Value",1500]
[null,"Coupon Rate",4.6249999999999999E-2]
[null,"Last trade price",98.25]
[null,"Market Value of Debt",{"$f":"C3*C5/100","v":1473.75}]
[null,"Cost of debt",{"$f":"RIVN_DCF!F120","v":7.1599999999999997E-2}]
[null,"Time to Maturity",3.5]
[null,"Frequency",2]
[null,"Value of straight debt",{"$f":"-PV(C7/C9,C8*C9,C3*C4/C9,C3)","v":1384.0935195008551}]
[null,"Value of Equity Portion",{"$f":"C6-C10","v":89.656480499144891}]
[]
[null,"2030 Green Convertible Debt"]
[null,"Face Value",1725]
[null,"Coupon Rate",3.6249999999999998E-2]
[null,"Last trade price",85.67]
[null,"Market Value of Debt",{"$f":"C14*C16/100","v":1477.8074999999999}]
[null,"Cost of debt",{"$f":"RIVN_DCF!F120","v":7.1599999999999997E-2}]
[null,"Time to Maturity",5]
[null,"Frequency",2]
[null,"Value of straight debt",{"$f":"-PV(C18/C20,C19*C20,C14*C15/C20,C14)","v":1472.451287000393}]
[null,"Value of Equity Portion",{"$f":"C17-C21","v":5.3562129996068961}]

{"sheet":"RIVN_IS","index":7,"n_rows":55,"n_cols":7,"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]
["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"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Revenues"]
["Revenues: Automotive","-","-",null,1554,4132,4486]
["Revenues: Software Service","-","-","-",104,302,484]
["  Revenues","-","-",55,"-","-","-"]
["  Total Revenues",null,null,{"$f":"D21","v":55},1658,4434,4970]
[]
["Expenses",{"$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},{"$f":"-477*(-1)","v":477}]
["  Cost of Revenues: Automotive",0,0,{"$f":"-520*(-1)","v":520},{"$f":"-4666*(-1)","v":4666},{"$f":"-6150*(-1)","v":6150},{"$f":"-5693*(-1)","v":5693}]
["  Selling, General and Administrative",{"$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},{"$f":"-1876*(-1)","v":1876}]
["  Research and Development",{"$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},{"$f":"-1613*(-1)","v":1613}]
["  Other Expenses","-","-",{"$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}]
["  Interest Income",18,10,3,193,522,385]
["  Other Income/expense-net",-1,1,-1,18,6,-7]
["  Loss on Convertible Notes, Net","-","-",-441,"-","-",-112]
["  Earnings before Taxes",-426,-1018,-4688,-6748,-5431,-4741]
[]
["Taxes and Other Expenses"]
["  Provision for Income Tax","-","-","-",-4,-1,-5]
["  Minority Interest (After Tax)","-","-","-","-","-",-1]
["  Net Income (Loss)",-426,-1018,-4688,-6752,-5432,-4747]
[]
["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]
["  Operating Income (Loss)",-409,-1021,-4220,-6856,-5739,-4689]
["  Basic EPS - Continuing Operations",-4.3499999999999996,-10.09,-22.98,-7.4,-5.74,-4.6900000000000004]
["  Diluted EPS - Continuing Operations",-4.3499999999999996,-10.09,-22.98,-7.4,-5.74,-4.6900000000000004]
[]
["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]
["Capex",-199,-914,-1794,-1369,-1026,-1141]

{"sheet":"RIVN_BS","index":8,"n_rows":57,"n_cols":7,"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]
["Balance Sheet as of:\n","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Current Assets"]
["  Cash and Cash Equivalents",2264,2979,18133,11568,7857,5294]
["  Short-term Investments",null,null,null,null,1511,2406]
["  Accounts Receivable, Net","-",6,26,102,161,443]
["  Inventory",null,null,274,1348,2620,2248]
["  Other Current Assets",29,31,126,112,164,192]
[" Total Current Assets",2293,3016,18559,13130,12313,10583]
[]
["Non Current Assets"]
["  Operating Lease Assets – Net",null,80,228,330,356,416]
["  Property, Plant and Equipment, Net",313,1445,3183,3758,3874,3965]
["  Other Non-current Assets",27,61,324,658,235,446]
["  Total Assets",2633,4602,22294,17876,16778,15410]
[]
["Current Liabilities"]
["  Accounts Payable",27,90,483,1000,981,499]
["  Accrued Liabilities",137,443,667,1154,1145,835]
["  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]
[" Total Current Liabilities",185,611,1313,2424,2487,2251]
["  Current portion of lease liabilities",null,18,46,68,88,100]
["Non Current Liabilities"]
["  Noncurrent Portion of Long-term Debt",71,47,1226,1231,4431,4441]
["  Non Current Lease Liabilities","-",83,218,311,324,379]
["  Minority Interest","-","-","-","-","-",4]
["  Preferred Stock Convertible",2750,5244,"-","-","-","-"]
["  Other Non-current Liabilities",2,1,23,111,395,1777]
[]
["Shareholders' Equity"]
["  Common Stock - Par Value","-","-",1,1,1,1]
["  Additional Paid in Capital",293,302,25887,26926,27695,29866]
["  Accumulated Deficit",-668,-1686,-6374,-13126,-18558,-23305]
["  Accumulated Other Comprehensive Income (Loss)","-","-","-",-2,3,-4]
["  Total Shareholders Equity",-375,-1384,19514,13799,9141,6558]
["  Total Liabilities & Shareholders Equity",2633,4602,22294,17876,16778,15410]
[]
["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":9,"n_rows":57,"n_cols":7,"rows_kept":57,"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-31-2019","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"]
["Currency","USD","USD","USD","USD","USD","USD"]
["Units","Millions","Millions","Millions","Millions","Millions","Millions"]
["Operating Activities"]
["  Net Income",-426,-1018,-4688,-6752,-5432,-4746]
["  Depreciation and Amortization",7,29,197,652,937,1031]
["  Stock Based Compenation Expense","-","-",570,987,821,692]
["  Inventory LCNRV write-downs and losses on firm purchase Commitments","-","-",95,920,107,"-"]
["  Other Non-current Assets",-5,-8,-8,"-","-","-"]
["  Other Non-current Liabilities",-14,-1,18,"-","-","-"]
["  Other Expenses","-","-",643,"-","-","-"]
["  Other Non-cash Activities",37,41,36,82,115,28]
["  Loss on Convertible Notes, Net","-","-",441,"-","-",112]
["  Accounts Receivable",-16,11,-20,-76,-59,-282]
["  Inventory","-","-",-369,-1657,-1604,307]
["  Accounts Payable and Accrued Liabilities",43,121,461,623,105,-572]
["  Deferred Revenue","-","-","-",61,149,1619]
["  Other Liabilities",15,11,83,144,141,316]
["  Customer Deposits",14,"-","-","-","-","-"]
["  Other Current Assets",-8,-34,-81,-36,-146,-221]
["  Cash Flow from Operating Activities",-353,-848,-2622,-5052,-4866,-1716]
[]
["Investing Activities"]
["  Capital Expenditures",-199,-914,-1794,-1369,-1026,-1141]
["  Purchases of Short-term Investment","-","-","-","-",-2410,-4392]
["  Maturities of Short-term Investments","-","-","-","-",925,3553]
["  Cash Flow from Investing Activities",-199,-914,-1794,-1369,-2511,-1980]
[]
["Financing Activities"]
["  Proceeds from Issuance of Convertible Notes","-","-",2500,"-",3195,1000]
["  Proceeds from Issuance of Long - Term Debt, Net of Discount and Debt Issuance Costs",61,"-",1226,"-","-","-"]
["  Proceeds from Issuances of Capital Stock",2750,2506,2658,102,61,64]
["  Proceeds from Share Issuance Upon Initial Public Offering, Net of Underwriting Discounts and Commissions and Offering Costs","-","-",13530,"-","-","-"]
["  Other Financing Activities","-","-",-86,-3,-18,-7]
["  Purchase of Capped Call Option","-","-","-","-",-108,"-"]
["  Principal Payments and Other Financing Activities","-",-6,"-","-","-","-"]
["  Proceeds from funding of 50% interest in Rivian and VW Group Technology, LLC","-","-","-","-","-",79]
["  Cash Flow from Financing Activities",2811,2500,19828,99,3130,1136]
[]
["Other Adjustments"]
["  Foreign Exchange Rate Effect on Cash and Cash Equivalents","-","-","-",-2,5,-3]
["  Cash Flow Net Changes in Cash",2259,738,15412,-6324,-4242,-2563]
["\n               \n               \n               \n               \n               "]