The first section, titled Revenue, indicates that Microsofts gross (annual) profit, or gross margin, for the fiscal year ending June 30, 2021, was $115.86 billion. Other costs typically consist of fees added to the purchase of inventory and long term assets, such as payment processor fees for e-commerce platforms, whereas other expenses are simply those that dont fall under major operating expense lines, such as travel and consulting. When the payment is made, the entry is debit [accounts payable] and credit [cash]. But taking the time to learn about financial statements, such as an income statement, can go far in helping you advance your career. Through financial modeling courses, training, and exercises, anyone in the world can become a great analyst. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non-operating activities. The entry is debit marketable securities and credit other income. but be careful. What the company owns is called assets, but what it owes is called liabilities. It also helps you analyze whether performance metrics are improving. What Is an Income Statement? In 2018, other expenses exceeded other income, so the value was negative. In business, other costs usually dont include large one-off items, which should in most cases be listed as independent lines for the sake of reporting. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Related: Balance Sheets 101: What Goes on a Balance Sheet? Most of this article focuses on other costs and expenses in business, but it is useful to look at ways you might see other costs in everyday life, such as buying a home. Hence it gives clarity to the company in terms of proper classification of the expenses. What you need to know about this essential financial statement. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), Business Intelligence Analyst Specialization, Financial Planning & Wealth Management Professional (FPWM), Selected growth percentage, pegged growth percentage based on index (such as GDP), Percentage of sales, fixed amount, trend, fixed dollar value, Percentage of pre-tax income (effective tax rate). The total tax expense can consist of both current taxes and future taxes. For example, imagine our dog food company has a large processing machine it originally bought for $100,000. Though calculations involve simple additions and subtractions, the order in which the various entries appear in the statement and their relationships often get repetitive and complicated. There are various requirements are mentioned in the guidelines regarding disclosure and presentation. For example, analyze the trend in sales to forecast sales growth, analyzing the COGS as a percentage of sales to forecast future COGS. It tells the financial story of a businesss operating activities. This $10,000 must be booked as a Gain on the Sale of Assets on the income statement, which was the case for 3M in the examples above. Take a look at the P&L and then read a breakdown of it below. While primary revenue and expenses offer insights into how well the companys core business is performing, the secondary revenue and fees account for the companys involvement and expertise in managing ad hoc, non-core activities. Microsoft had a much higher net income of $61.27 billion compared with Walmarts $13.67 billion. When the fair value of an asset is worth more than its carrying amount, the company debits the asset account and credits another. By regularly analyzing your income statements, you can find areas of improvement, compare your business against competitors, and gather other key financial insights. Hence further cost of the company is as much as important as normal business expenses of the company. Plan & Forecast More Accurately. Revenue vs. Profit: What's the Difference? Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions. It is calculated by subtracting SG&A expenses (excluding amortization and depreciation) from gross profit. The customer may be given a 30-day payment window due to his excellent credit and reputation, allowing until Oct. 28 to make the payment, which is when the receipts are accounted for. 3M does not have a normal other income line. Accounting Principles Explained: How They Work, GAAP, IFRS, Accounting Standard Definition: How It Works, Accounting Convention: Definition, Methods, and Applications, What Are Accounting Policies and How Are They Used? The transaction is booked at 10 USD. Unrealized gains are similar to marketable securities, except they are booked directly on the asset receivable account and a special account called accumulated other comprehensive income (owners equity). In other words, you would pay $194,989 on top of the home value.1. What Is Accounting Theory in Financial Reporting? Other Operating Expenses - Depreciation & Amortization). Please refer to the Payment & Financial Aid page for further information. Come tax season, you can write off your miscellaneous expenses in the same way you claim your other business operating costs on your tax returns. Login details for this Free course will be emailed to you, Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others. Hence every company should take the utmost care in the classification of expenses and incomes. Some candidates may qualify for scholarships or financial aid, which will be credited against the Program Fee once eligibility is determined. Also known as the profit and loss (P&L) statement or the statement of revenue and expense, an income statement provides valuable insights into a companys operations, the efficiency of its management, underperforming sectors, and its performance relative to industry peers. Take your career to the next level with this specialization. . This means the profitability of the food is $6, or a 60% margin ($6/$10). (1) Revenue,(2) expenses, (3) gains, and (4) losses. In some industries, usually B2B ones, customers have an obligation to make payment by a given date after delivery of product or service, often 30 days. Income Taxes refer to the relevant taxes charged on pre-tax income. Just like individuals, companies sometimes go to court to resolve disputes. If you dont have a background in finance or accounting, it might seem difficult to understand the complex concepts inherent in financial documents. Mathematically, net income is calculated based on the following: To understand the above formula with some real numbers, lets assume that a fictitious sports merchandise business, which additionally provides training, is reporting its income statement for a recent hypothetical quarter. Please download CFIs free income statement template to produce a year-over-year income statement with your own data. Key Takeaways All those types of income that come from sources other than a firm's core business get listed as other income in its income statement. In addition to helping you determine your companys current financial health, this understanding can help you predict future opportunities, decide on business strategy, and create meaningful goals for your team. Thank you for reading CFIs explanation of Types of Expenses. Consider a company that sells dog food. Definition, Formula, Calculation, and Example, Expense: Definition, Types, and How Expenses Are Recorded. The formula for other expenses is derived from the income statement profit formula, which is Profit = Revenue + Other Income Costs of Goods Sold Operating Expenses Other Expenses Depreciation & Amortization Interest Expense, where other expenses are not a subcategory go operating expenses. An income statement provides valuable insights into a companys operations, the efficiency of its management, underperforming sectors, and its performance relative to industry peers. In other words, July's rent and utilities will be reported as an expense on the July income statement (even if the utilities used in July will be paid in August). Receipts are the cash received and are accounted for when the money is received. However, they form part of the income statement of the company and are used for the calculation of the net income. that is not incurred due to the company's normal activities and hence is not directly related to the company's regular operations. Since other costs are typically related to core operations, the matching principle of accounting applies. At its core, accounting is a documentation function whose aim is to numerically represent a business in a set of accounts. Comprehensive income is the change in a company's net assets from non-owner sources. As Microsoft spent $20.72 billion on R&D and $25.23 billion on SG&A expenses, total operating expensesare computed by summing all these figures ($52.23 billion + $20.72 billion + $25.23 billion = $98.18 billion). Finally, Amazon has charged a provision for income taxes and accounted for equity method investment activity. If you found this article helpful, feel free to check out more free content on data, finance, and business analysis at the AnalystAnswers.com homepage. You made money in Europe, so when the EUR becomes more valuable, you benefit from that change in your home country. Hence, there is a direct effect in the companys income statement where such costs are to be subtracted from the net operating profit of the company to arrive at or calculate the net profit before income tax. In some high-risk credit card businesses, late fees are a normal part of operations. This means line items on income statements are stated in percentages of gross sales, instead of in exact amounts of money, such as dollars. The focus in this standard format is to calculate the profit/income at each subhead of revenue and operating expenses and then account for mandatory taxes, interest, and other nonrecurring, one-time events to arrive at the net income that applies to common stock. That said, when determining operating income for an income statement, exclude interest expenses and income taxes, as is customary in making this calculation. Tax deductions can be made on miscellaneous expenses, as is the case with any other operating expense of a business. David has helped thousands of clients improve their accounting and financial systems, create budgets, and minimize their taxes. Recurring rental income gained by hosting billboards at the company factory along a highway indicates that management is capitalizing upon the available resources and assets for additional profitability. Below is an example of Amazon's 2017 income statement (statement of operation) which lists their main categories of expense. Image by Sabrina Jiang Investopedia2022. This is done in order to reconcile the difference between EBIT and EBT. These include the net income realized from one-time nonbusiness activities, such as a company selling its old transportation van, unused land,or a subsidiary company. When buying a home, other costs to consider include: Ive built a sample financial model of a home valued at $500,000, of which $100,000 is settled in a down payment and $400,000 is paid with a loan over 10 years. By conducting a horizontal analysis, you can tell whats been driving an organizations financial performance over the years and spot trends and growth patterns, line item by line item. Competitors can use them to measure how their company compares on various measures. This income statement shows that the company brought in a total of $4.358 billion through sales, and it cost approximately $2.738 billion to achieve those sales, for a gross profit of $1.619 billion. A customer may take goods/services from a company on Sept. 28, which will lead to the revenue accounted for in September. All applicants must be at least 18 years of age, proficient in English, and committed to learning and engaging with fellow participants throughout the program. Once a capital expenditure goes on the balance sheet as an asset, it can be expensed later as depreciation and amortization, which flows through the income statement. The next section, titled Income from Continuing Operations, adds net other income or expenses (like one-time earnings), interest-linked expenses, and applicable taxes to arrive at the net income from continuing operations($61.27 billion) for Microsoft, which is nearly 60% higher than that of Walmart ($13.67 billion). Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. James Chen, CMT is an expert trader, investment adviser, and global market strategist. Therefore, showing them as revenue would misrepresent the businesss activities. As well as operating costs, the company needs to consider other expenses including interest expense and losses from disposing of fixed assets. Here we discuss the definition and list of expenses along with benefits and importance. The. To this, additional gains were added and losses were subtracted, including $257 million in income tax. Access your courses and engage with your peers. Accountants will book the increase of the marketable securities on the current asset account, and the counterparty account will be other income. Most, but not all, expenses are deductible from a companys income (revenues) to arrive at its taxable income. Instead, they list a gain of sale of businesses as standalone other income. Start Your Free Investment Banking Course, Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others, These expenses do not form part of the financial statements for a long period of time as they have to be written off over a period of time. The loan indicates interest is 2% per month on the loan balance. Below is a video explanation of how the income statement works, the various items that make it up, and why it matters so much to investors and company management teams. The income statement focuses on the revenue,expenses, gains, and losses of a company during a particular period. They include the cost of goods sold (COGS); selling, general, and administrative (SG&A) expenses; depreciation or amortization; and research and development (R&D) expenses. It was arrived at by deducting the cost of revenue ($52.23 billion) from the total revenue ($168.09 billion) realized by the technology giant during this fiscal year. Within an income statement, youll find all revenue and expense accounts for a set period. The other two key statements are the balance sheetand the cash flow statement. There are situations where intuition must be exercised to determine the proper driver or assumption to use. incurred by the company. The entire disclosure for other income or other expense items (both operating and nonoperating). After deducting all the above expenses, we finally arrive at the first subtotal on the income statement, Operating Income (also known as EBIT or Earnings Before Interest and Taxes). That said, some late fees are so common that they are included in normal revenue. Copyright President & Fellows of Harvard College, Free E-Book: A Manager's Guide to Finance & Accounting, Leadership, Ethics, and Corporate Accountability. Earnings per share are computed by dividingthe net income figure by the number of weighted average shares outstanding. Other Expenses in Income Statement It is the unusual exp. Noah is the founder & Editor-in-Chief at AnalystAnswers. One can infer, for example, whether a companys efforts at reducing the cost of sales helped it improve profits over time, or whether management kept tabs on operating expenses without compromising on profitability. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? The net income or loss is known as the. He is a transatlantic professional and entrepreneur with 5+ years of corporate finance and data analytics experience, as well as 3+ years in consumer financial products and business software. Typical items that make up the list are employee wages, sales commissions, and expenses for utilities such as electricity and transportation. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Free Product Tour. These are all expenses linked to noncore business activities, like interest paid on loan money. Since these are usually costs wholly incurred within the period, the entries are debit [other expenses] and credit [accounts payable]. Using the example of payment processing other costs, which are directly linked to purchases made on e-commerce websites, we can write the journal entries as such: When the processing fee is incurred but the good is not yet delivered, debit [deferred processing fees] and credit [cash]. (Explained) Financial Accounting The income statement is a financial statement that reports a company's performance for a period. There are three main types of other income. Investor Visibility, Sale of Marketable Securities (Transactional), Gains on Foreign Exchange Conversion (Transactional), Unrealized Gains on Marketable Securities (Adjustment), Unrealized Gains on Foreign Exchange Conversion (Adjustment). It also shows the effectiveness of the strategies that the business set at the beginning of a financial period. Listed companies follow the multiple-step income statement, which segregates the operating revenue,operating expenses, and gains from the nonoperating revenue, nonoperating expenses, and losses, and offers many more details through the income statement produced this way. The accounting treatment for other expenses is simple as far as journal entries go. Subtract the selling and administrative expenses total from the gross margin. Download our free course flowchart to determine which best aligns with your goals. An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period. GAAP vs. IFRS: What Are the Key Differences and Which Should You Use? AccountingTools. It also has to pay $4 dollars for that pound of food. A total of $560 million in selling and operating expenses, and $293 million in general and administrative expenses, were subtracted from that profit, leaving an operating income of $765 million. Entities may, however, elect to separate depreciation and amortization in their own section. Some of these expenses may be written off on a tax return if they meet Internal Revenue Service (IRS) guidelines. There are two methods commonly used to read and analyze an organizations financial documents: vertical analysis and horizontal analysis. Usually, it presents the profits or losses a company makes during a period. All those guidelines should be thoroughly followed by the company in the preparation and presentation of its financial statements. This includes salaries and wages, rent and office expenses, insurance, travel expenses, and sometimes depreciation and amortization, along with other operational expenses. which are incurred by the company and do not form part of any specific head of the company. Hence, they cannot be classified under the manufacturing, administrative, or selling heads of the expenses They are something that is incurred up and above the normal direct expenses incurred by the company which is called secondary activities, and also called secondary expenses incurred for the secondary activities of the company. Income statement reports show financial performance based on revenues, expenses, and net income. Advertising costs are generally presented as part of selling, general, and administrative (SG&A) expenses in a reporting entity's income statement. How are they affected over time? As a working professional, business owner, entrepreneur, or investor, knowing how to read and analyze data from an income statementone of the most important financial documents that companies produceis a critical skill to have. Costs are typically related to the purchase of assets that are used to generate a companys core revenue, such as inventory and long term assets, whereas expenses usually relate to items that are immediately consumed, such as utilities and professional services. to give the place of allocation to such kinds of assets. With Walmart having 2.79 billion outstanding shares that fiscal year, its EPS came to $4.90 per share ($13.67 billion 2.79 billion). Cash Accounting Definition, Example & Limitations. Essentially, an income statement is where you show how much income and expenses your business has incurred throughout the year. You can apply for and enroll in programs here. Depreciation and amortization are non-cash expenses that are created by accountants to spread out the cost of capital assets such as Property, Plant, and Equipment (PP&E). Get Certified for Financial Modeling (FMVA). This statement is a great place to begin a financial model, as it requires the least amount of information from the balance sheet and cash flow statement. Format historical data input using a specific format in order to be able to differentiate between hard-coded data and calculated data. The entry is debit receivable and credit accumulated other comprehensive income under owners equity. Doing this will give you the amount of pre-tax operating income. Gain in-demand industry knowledge and hands-on practice that will help you stand out from the competition and become a world-class financial analyst. There are many exp. Since other expenses are part of a companys profitability, the expenses are booked on the P&L when they are incurred, or when the related revenue is earned in the case of other costs. Also known as profit and loss (P&L) statements, income statements summarize all income and expenses over a given period, including the cumulative impact of revenue, gain, expense, and loss transactions. This totals to $694,989. Other expenses may include fulfillment, technology, research and development (R&D), stock-based compensation (SBC), impairment charges, gains/losses on the sale of investments, foreign exchange impacts, and many other expenses that are industry or company-specific. For example, revenue is often split out by product line or company division, while expenses may be broken down into procurement costs, wages, rent, and interest paid on debt. As the diagram above illustrates, there are several types of expenses. Imagine the same company provides small loans to its employees. In all cases, net Program Fees must be paid in full (in US Dollars) to complete registration. Gains on Foreign Exchange Conversion occur when a company sells a good in a foreign currency and the exchange rate changes in favor of the foreign currency. Walmart explicitly lists its other gains and losses on the same line. In general, any gain, earnings, or income shown on the P&L but excluded in revenue is other income, even if the word income is not written. When he's not busy at work, Noah likes to explore new European cities, exercise, and spend time with friends and family. This revenue is sourced from the earnings that are outside the purchase and sale of goods and services and may include income from interest earned on business capital parked in the bank, rental income from business property, income from strategic partnerships like royalty payment receipts, or income from an advertisement display placed on business property. Integrate HBS Online courses into your curriculum to support programs and create unique Once incurred, theyre booked as an expense. When he's not busy at work, Noah likes to explore new European cities, exercise, and spend time with friends and family. in the financial statements. Written English proficiency should suffice. It should be noted that interest on the debt is not paid daily, and a firm must record an adjusting entry to accrue this expense. For Year Ended September 28, 2019 (In thousands). We can thus derive that Operating Expenses = Revenue Profit + Other Income Costs of Goods Sold Operating Expenses Depreciation & Amortization Interest Expense, where other expenses are not a subcategory of operating expenses. Enter the amount at the bottom of the income statement. expand leadership capabilities. How Do Net Income and Operating Cash Flow Differ? In accordance with ASC 740-10-45-25, the decision as to whether to classify interest expense related to income taxes as a component of income tax expense or interest expense is an accounting policy election. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, Explore 1000+ varieties of Mock tests View more, By continuing above step, you agree to our, EQUITY RESEARCH ANALYST Certification Course, CFA LEVEL 1 Prep Course with Mock Tests & Solutions. The net profit before taxes gets reduced by the amount of operating exp. What Is an Asset? Accrual Accounting vs. Cash Basis Accounting: What's the Difference? Learn to analyze an income statement in CFIs Financial Analysis Fundamentals Course. All programs require the completion of a brief application. It has depreciated by $60,000, which makes its carrying value $40,000. Forecast specific line items, and use these to calculate subtotals. Loss from disposal of an asset or equipment. After preparing the skeleton of an income statement as such, it can then be integrated into a proper financial model to forecast future performance. However, real-world companies often operate on a global scale, have diversified business segments offering a mix of products and services, and frequently get involved in mergers, acquisitions, and strategic partnerships. can be incurred due to the occurrence of any unusual activities of the company like unexpected disposal of any asset or equipment or interest paid by the company. The income statement is an integral part of the company performance reports that must be submitted to the U.S. Securities and Exchange Commission (SEC). This late payment fee must be booked separately as other income, since it is unpredictable and does not relate to the core delivery of the service. It realized net gains of $2,000 from the sale of an old van, and it incurred losses worth $800 for settling a dispute raised by a consumer. Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills. The classification of income and exp. You can learn more about the standards we follow in producing accurate, unbiased content in our. The difference between the assets and liabilities is called equity, or book value. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? The answer requires a small amount of theory. Also known as profit and loss (P&L) statements, income statements summarize all income and expenses over a given period, including the cumulative impact of revenue, gain, expense, and loss transactions. The above template is from CFIs Financial Analysis Fundamentals Course. A gain is reported on the income statement when a company sells a long-term asset for more than the asset's book value. Since they are common, they can be included in revenue, depending on the accounting framework (IFRS, USGAAP). After discounting for any nonrecurring events, its possible to arrive at the value of net income applicable to common shares. The core statements used in financial modeling are the same core statements used in accounting. Balance Sheets 101: What Goes on a Balance Sheet? What line items are contributing most to profit margins? This is so because the net income amount in the equity account gets reduced by the other expense and thereby affecting the balance of the equity account in total. Revenue is earnings from the sale of products and/or services in the core business of the company, whereas other income is unpredictable earnings outside the business focus. What Is an Income Statement? Income statement: Shows how much of the company's revenue is left as profits after subtracting all costs and expenses. If you do not receive this email, please check your junk email folders and double-check your account to make sure the application was successfully submitted. An expense is a type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income. Used correctly, the income statement is a valuable tool. The other element consists of the expenses together with the net income or loss over the period for which the income statement has been prepared. It gives the opportunity to a company to allocate all those costs, which it cannot allocate to the normal heads of exp. While these drivers are commonly used, they are just general guidelines. By signing up, you agree to our Terms of Use and Privacy Policy. This article defines other income, shows how it appears on financial statements, provides a comprehensive list of detailed examples, and discusses several nuances surrounding the topic. Since other income is not revenue, where do we find it on the profit & loss statement (aka income statement)? Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), Business Intelligence Analyst Specialization, Selling, general, and administrative (SG&A), CFIs free tutorial on how to link the three financial statements in Excel, Financial Planning & Wealth Management Professional (FPWM), Salaries, benefits,and wages (sometimes fixed and sometimes variable), Marketing and advertising (sometimes fixed and sometimes variable). The statement displays the companys revenue, costs, gross profit, selling and administrative expenses, other expenses and income, taxes paid, and net profit in a coherent and logical manner. Such a wide array of operations, diversified set of expenses, various business activities, and the need for reporting in a standard format per regulatory compliance leads to multiple and complex accounting entries in the income statement. Income Statement Definition., Microsoft, via U.S. Securities and Exchange Commission. 3 Elements of Income Statement For every pound of dog food it sells, the company generates $10. It is called the single-step income statement as it is based on a simple calculation that sums up revenue and gains and subtracts expenses and losses. Related: GAAP vs. IFRS: What Are the Key Differences and Which Should You Use? Microsoft had a lower cost for generating equivalent revenue, higher net income from continuing operations, and higher net income applicable to common shares compared with Walmart. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The income statement may have minor variations between different companies, as expenses and income will be dependent on the type of operations or business conducted. It improves the review of a companys consistency over time, as well as its growth compared to competitors. Therefore, all the expenses, which do not form part of the above, will be part of it. Why show other income separately? By understanding the income and expense components of the statement, an investor can appreciate what makes a company profitable. As such, the percentage of sales drivers cannot be used for COGS. In practice, you can mix the two, but the next section explains the formal difference. The income statement communicates how much revenue the company generated during a period and what costs it incurred in connection with generating that revenue. Hence the company will be liable to pay less tax as the amount of net income before taxes get reduced. Horizontal analysis makes financial data and reporting consistent per generally accepted accounting principles (GAAP). Explore more articles. We expect to offer our courses in additional languages in the future but, at this time, HBS Online can only be provided in English. Other income in the income statement (Explained) Financial Statements Overview: Other income records in the income statement normally refer to the types of incomes that are not related to or generated from the main operation of an entity. David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning. To keep advancing your career, the additional CFI resources below will be useful: Within the finance and banking industry, no one size fits all. A type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income. This post was updated on April 3, 2023. 8. Income from continuing operations is a net income category found on the income statement that accounts for a companys regular business activities. Accountants, investors, and business owners regularly review income statements to understand how well a business is doing in relation to its expected future performance, and use that understanding to adjust their actions. To calculate income tax, multiply your applicable state tax rate by your pre-tax income figure. Please review the Program Policies page for more details on refunds and deferrals. An income statement helps business owners decide whether they can generate profit by increasing revenues, by decreasing costs, or both. Interest expense is determined by the debt schedule. In some cases, large companies put other income and other expenses on the same line. When you look at a P&L (aka income statement), for example, youll almost always see other costs as a line item. While a companys primary revenue stream comes from the sale of a core product or service, they can have side hustles, which are called other income. While this is not a called gain, it should be considered by investors as an adjustment income on the value of the asset because, if sold, the asset would likely sell at this surplus price. Other costs are just incidentals that are unrelated to the companys operations in manufacturing, administration, or sales. In short, its the process of reading down a single column of data in a financial statement, determining how individual line items relate to each other (e.g., showing the relative size of different expenses, as line items may be listed as a percentage of operating expenses). Cost of Goods Sold (COGS)is a line-item that aggregates the direct costs associated with selling products to generate revenue. We confirm enrollment eligibility within one week of your application. After submitting your application, you should receive an email confirmation from HBS Online. However, many of these items are related to financial instruments, so I supplemented the list with additional elements that Ive seen in private companies. These are all expenses that go toward a loss-making sale of long-term assets, one-time or any other unusual costs, or expenses toward lawsuits. It indicates that Walmart incurred much higher cost than Microsoft to generate equivalent sales. The income statement is also sometimes referred to as the . Learn more about forecasting methods. So, it gives the company the way to allocate all those exp, which the company cannot classify in the normal other heads of the accounts. As mentioned above, it should be studied thoroughly as to whether they can form part of the existing heads of expenses, and if not, then they should be classified under the head of Other Expenses. Gross Profit vs. Net Income: What's the Difference? Research analysts use the income statement to compare year-on-yearand quarter-on-quarterperformance. The income statement summarizes all revenues and expenses in the business transactions during the accounting period by following the general form of "Revenues minus Expenses equals Net Income" which are the three main elements of the income statement. It is common for companies to split out interest expense and interest income as a separate line item in the income statement. Gross Profit Gross profit is calculated by subtracting Cost of Goods Sold (or Cost of Sales) from Sales Revenue. Other expenses only hit the balance sheet as payables, after which point they are paid as cash. Investopedia requires writers to use primary sources to support their work. Research analysts use them to compare performance year-on-year and quarter-on-quarter. Then, after calculating your Net Income, you can make the decision on whether or not your business was profitable this year. The question isnt whether you should be leveraging vertical or horizontal analysis when evaluating income statements. Learn how to formulate a successful business strategy. The Income Statement is one of a companys core financial statements that shows their profit and loss over a period of time. The entire . Other direct costs typically consist of one-off payments that relate to a specific contract in a service company. With Examples. The statement also separates operating expenses into selling and administrative expenses. This is common practice for multinational companies whose financial information must be reduced and summarized from a large data starting point. For example, travel and consulting expenses can be considered other costs, but a large expense due to a lost lawsuit should usually be shown as a separate line. Income statements are often shared as quarterly and annual reports, showing financial trends and comparisons over time. The answer is that each company presents this information differently. It is the unusual exp. For instance, high gross profit but lower operating income indicates higher expenses, while higher pretax profit and lower post-tax profit indicate loss of earnings to taxes and other one-time, unusual expenses. Enter your name and email in the form below and download the free template now! Funds from operations, or FFO, refers to the figure used by real estate investment trusts to define the cash flow from their operations. Penalties are also allowed to be classified as a component of income tax expense or another expense classification (e.g., selling, general . This exp. Help your employees master essential business concepts, improve effectiveness, and Learn how completing courses can boost your resume and move your career forward. Also, the proper classification of the expenses helps the company in getting the proper benefits in terms of savings to the company along with tax benefits. The list is delineated below. Below is an example of Amazons 2017 income statement (statement of operation) which lists their main categories of expense. This figure represents the earnings before interest and taxes (EBIT) for its core business activities and is again used later to derive the net income. Along with affecting the equity section, it also leads to a decline in the balance of either the asset side of the company or will increase the balance of the liability side of the company. In conjunction with the cash flow statement, balance sheet, and annual report, income statements help company leaders, analysts, and investors understand the full picture of a businesss operational results so they can determine its value and efficiency and, ideally, predict its future trajectory. Non-operating expenses comprise interest expense (and income), and other expenses (income). However, there are several generic line items that are commonly seen in any income statement. As well see shortly in the following example, this segregation helps in identifying how the income and profitability are moving/changing from one level to the other. Marketing, advertising, and promotion expenses are often grouped together as they are similar expenses, all related to selling. However, payment in made one month later. Revenue realized through secondary, noncore businessactivities is often referred to as nonoperating, recurring revenue. The income statement focuses on the revenue,expenses, gains, and losses of a company during a particular period. This compensation may impact how and where listings appear. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. In this case, including income from loans on the same line as revenue will artificially inflate the profit margin. How to Calculate Selling . Definition Other costs, also known as other expenses, are isolated or recurring costs that don't fit into primary cost categories but must be paid nevertheless, such as closing costs on the purchase of a home or travel expenses for a company. There are no live interactions during the course that requires the learner to speak English. Free cash flow (FCF) represents the cash a company can generate after accounting for capital expenditures needed to maintain or maximize its asset base. Whereas vertical analysis focuses on each line item as a percentage of a base figure within a current period, horizontal analysis reviews and compares changes in the dollar amounts in a companys financial statements over multiple reporting periods. This type of analysis makes it simple to compare financial statements across periods and industries, and between companies, because you can see relative proportions. It has to be shown in Schedule 1 of tax return form 1040 and recorded in the line after gross profit in the income statement as per IRS other income guidelines. If they dont, some contracts provide for a late payment fee. Our easy online application is free, and no special documentation is required. . Theres a good reason costs and expenses are used interchangeably: there is no official difference between them in the Financial Accounting Standards Board glossary. Finally, using the drivers and assumptions prepared in the previous step, forecast future values for all the line items within the income statement. Amazons other income is booked on the same line as other expenses in the companys P&L. Cash Flow Statement: What It Is and Examples, What Does an Accountant Do? Gains from Asset Revaluation are a form of other income not recorded on the income statement. general and administrative, and others. Amanda Bellucco-Chatham is an editor, writer, and fact-checker with years of experience researching personal finance topics. The most common income statement items include: Sales Revenue is the companys revenue from sales or services, displayed at the very top of the statement. Finally, we arrive at the net income (or net loss), which is then divided by the weighted average shares outstanding to determine theEarnings Per Share (EPS). are not incurred by the company from its normal day to day activities and hence are abnormal or unusual exp.s. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? In a financial model, each of these statements will impact the values of the other statements. What Insights Should You Look for in an Income Statement? Instead, an analyst may have to rely on examining the past trend of COGS to determine assumptions for forecasting COGS into the future. The purpose of an income statement is to show a companys financial performance over a given time period. If your employer has contracted with HBS Online for participation in a program, or if you elect to enroll in the undergraduate credit option of the Credential of Readiness (CORe) program, note that policies for these options may differ. Accountants create income statements using trial balances from any two points in time. Net Incomeis calculated by deducting income taxes from pre-tax income. It shows your revenue, minus your expenses and losses. This article defines other costs, provides examples in life and in business, establishes a formula, and explores several nuances. What Are the Four Key Elements of an Income Statement? Common operating costs in. If you have a side hustle or part-time gig, you have a second source of income. Under IFRS, but not under USGAAP, assets can be adjusted to increase their value. Interest Expense. We also allow you to split your payment across 2 separate credit card transactions or send a payment link email to another person on your behalf. SG&A Expenses include the selling, general, and administrative section that contains all other indirect costs associated with running the business. At that time, the exchange rate is USD:EUR 1.20:1, meaning one EUR is equal to 1.20 USD. Some show it at the top of the income statement, just below revenue, whereas others show it below operational expenses. What this means is CVS implicitly groups other income and other expenses on the same line. Some companies have multiple revenue streams that add to a total revenue line. Noah believes everyone can benefit from an analytical mindset in growing digital world. For example, a specific entity may have zero revenue. The Income Statement is one of a company's core financial statements that shows their profit and loss over a period of time. Operating costs include both costs of goods sold (COGS) and other operating expensesoften called selling, general, and administrative (SG&A) expenses. When the sum of other expenses is greater than the sum of other income, the other income account can appear negative. This example is intended for educational purposes only and should not be used as a home price tool. Definition, Types, and Example. Other costs, however, can be booked as deferred charges vs payables until they are incurred according to the matching principle. He is a transatlantic professional and entrepreneur with 5+ years of corporate finance and data analytics experience, as well as 3+ years in consumer financial products and business software. However, in truth the difference is important. This is the amount that flows into retained earnings on the balance sheet, after deductions for any dividends. You can apply for and enroll in programs here. For a company manufacturing a product, or for a wholesaler, distributor, or retailer involved in the business of selling that product, the revenue from primary activities refers to revenue achieved from the sale of the product. In contrast, a multi-step income statement divides both revenues and expenses into operating and nonoperating (other) items. Other expenses can be defined as those expenses which do not form part of the core business activities of the company in other words; they are the expenses that are not necessary for the company for carrying out its day-to-day business activities and are considered secondary expenses incurred for the secondary activities of the company. Get Certified for Financial Modeling (FMVA). It does not differentiate between cash and non-cashreceipts(sales in cash vs. sales on credit) or cash vs. non-cash payments/disbursements (purchases in cash vs. purchases on credit). Other costs vs other expenses are extensions of this idea. They generate a small amount of income and do not incur any costs, unless debtors default on their loans. Just think of the currencies in terms of where the money is made relative to the home country, and where its made is what will impact your company. The same thing applies to businesses. The basic equation underlying the income statement, ignoring gains and losses, is Revenue minus Expenses equals Net income. This is why loans fall under other income. Other Expenses directly forms part of the income statement but they do not appear directly on the balance sheet of the company. If you found this article helpful, feel free to check out more free content at the AnalystAnswers.com homepage. Vertical analysis isnt always as immediately useful as horizontal analysis, but it can help you determine what questions should be asked, such as: Where did costs rise or fall? Below is an example of Amazons consolidated statement of operations, or income statement, for the years ended December 31, 2015 2017. The methodology used to develop this list consisted of consulting a number of 10-K filings for major companies trading on US markets. Line 3: Lists the gross profit, which you can find by subtracting line two from line one. It includes readings on a companys operations, the efficiency of its management, the possible leaky areas that may be erodingprofits, and whether the company is performing in line with industry peers. Heres the list: If you look at official public company filings with the SEC, you will often see other expenses grouped together in a line with other income. To help you develop this understanding, heres an explanation of everything you need to know about income statementswhat they are, why theyre important, and how to analyze themso you can get as much value out of these documents as possible. The credit for taxes paid to another state is automatically calculated in your account when you add a Nonresident return to your already created Resident Kentucky return if you pay taxes to both . Operating expenses consist of the cost of sales, fulfillment, marketing, technology and content, general and administrative, and others. CVS has an other income line, but you can see that it is negative in all three years shown above. An income statement is an important piece of any construction company's financial analysis: not only does it show whether the business turned a profit, but it also summarizes business expenses, allowing management to spot trends and make key business decisions. Form 10-K for the Fiscal Year Ended June 30, 2021., Walmart, via U.S. Securities and Exchange Commission. It can also be referred to as a profit and loss (P&L) statement and is typically prepared quarterly or annually. What Are Accounting Methods? This is a guide to Other Expenses. If youve ever signed a contract and wondered if the shown price reflected what you actually pay, youre familiar with other costs. For example. An income statement is one of the three major financial statements, along with the balance sheet and the cash flow statement, that report a companys financial performance over a specific accounting period. This line item can also be called Cost of Sales if the company is a service business. Balance sheet: Shows everything that the company owns and owes. You may also have a look at the following articles to learn more . Watch this video about preparing a multi-step income . Stories designed to inspire future business leaders. First, input historical data for any available time periods into the income statement template in Excel. The answer is that each company presents this information differently. Similarly, for a company (or its franchisees) in the business of offering services, revenue from primary activities refers to the revenue or fees earned in exchange for offering those services. But are revenue and other income like activities? This is the final subtotal before arriving at net income. Look for These Red Flags in the Income Statement. This means the value of the EUR payment has increased by 20%, and you need to record 2 USD (10 EUR * 1.20) in gains on foreign exchange conversion. . While a balance sheet provides the snapshot of a companys financials as of a particular date, the income statement reports income through a specific period, usually a quarter or a year, and its headingindicates the duration, which may read as For the (fiscal) year/quarter ended June 30, 2021.. The income and expense components can help an investor learn what makes a company profitable (or not). Just over 30% of Microsofts total sales went toward costs for revenue generation, while a similar figure for Walmart in its fiscal year 2021 was about 75% ($429 billion/$572.75 billion). Items that are not tax-deductible vary by region and country. Instead, its: How can you best leverage both forms of analysis to uncover the information you need to make an educated decision? Financial analysis of an income statement can reveal that the costs of goods sold are falling, or that sales have been improving, while return on equity is rising. The only difference between an expense and a capital expenditure is that an expense has been recognized under the accrual principle and is reflected on the income statement, whereas a capital expenditure goes straight to the balance sheet as an asset. Do you want to take your career to the next level? An income statement provides valuable insights into various aspects of a business. This equates to an aggregate margin of $11, or 73% ($11/$15). Manage your account, applications, and payments. These are all expenses incurred for earning the average operating revenue linked to the primary activity of the business. An income statement is one of the three important financial statements used for reporting a companysfinancial performanceover a specific accounting period. However, those loans are periodic and absent in some periods. Notice: JavaScript is required for this content. The P&L statement shows a company's ability to generate sales, manage expenses, and create profits. If revenue and other income are ways in which the business makes money, why should we list them separately? A comparison of the line items indicates that Walmart did not spend anything on R&D and had higher SG&A and total operating expenses than Microsoft. Businesses often have other expenses that are unique to their industry. In the same way that loans can inflate margins, so too can late fees when they are heavily present in one period but not in another. As you can see, Amazon separates its costs into two categories. With respect to the liability side, it will mainly increase accrues expenses or accounts payable head of current liabilities. This can be tricky to recognize for beginners because the words other income arent directly written. The business owners can refer to this document to see if the strategies have paid off. Liabilities, Equity Definition: What it is, How It Works and How to Calculate It, What is Revenue? These are all commonplace other costs i.e fees that dont fit into primary cost categories, but must be paid nevertheless. A gain on the sale of an asset occurs when an asset is sold for more than its carrying amount and is equal to [sales price] [carrying amount] (not to be confused with proceeds from the sale of an asset, which is the total cash inflow, aka the sales price). VDOMDHTMLHTML> 3.3 Format of the income statement ASC 205, Presentation of Financial Statements, and ASC 225, Income Statement, provide the baseline authoritative guidance. Gain new insights and knowledge from leading faculty and industry experts. Lets unpack this with an example. If you are new to HBS Online, you will be required to set up an account before starting an application for the program of your choice. Next, analyze the trend in the available historical data to create drivers and assumptions for future forecasting. The food company sells the machine for $50,000, or $10,000 more than its carrying value. . Learning how to read and understand an income statement can enable you to make more informed decisions about a company, whether its your own, your employer, or a potential investment. Adding $10 in sales from dog food to $5 from the loans, our total income is $15, but total costs remain $4. Utilizing both techniques can provide you with more insights than relying solely on one. A profit and loss statement (P&L), or income statement or statement of operations, is a financial report that provides a summary of a company's revenues, expenses, and profits/losses over a given period of time. With a yearly interest rate of 4% on a ten year loan, the purchase price in our example would be $500,000, the interest paid would be $86,684, other initial costs would be $6,810, and other costs would be $101,494. Lets look at example of a few large companies to see what this looks like: Amazon, 3M, CVS, and Walmart. Businesses incur various types of expenses. where other expenses are not a subcategory go operating expenses, where other expenses are not a subcategory of operating expenses, Other Costs When Buying a Home (with Sample Calculator), Other Expenses in Accounting (Journal Entries), Other Costs in Accounting (Journal Entries), Other Expenses & Costs on the Profit & Loss Statement, Other Expenses & Costs on the Balance Sheet, Other Direct Costs & Other Costs of Goods Sold, Payment to the banksunderwriterto evaluate terms of the loan, Fee to search for and verify the title of the home, Taxes paid to transfer the title under your name, 1% of purchase price paid yearly over 10 years, Insurance you pay to protect the lender in case you default, Insurance to protect your against claims of the title (i.e some unknown heir claims ownership), 0.75% paid on purchase price over 10 years, Fees you pay to maintain the neighborhood or complex where the home is located (cutting the grass, keeping watch), Taxes paid on use of rental room such as a hotel, Phone fees for employees where the phone is not used to make revenue, Settlements on cases not related to core activities, i.e not a law firm, New entities are immaterial compared to the size of the company, When debtors pay off loans early and recognized interest income is lost, When debt returns have been recognized, the discount on expected returns, When immaterial, either because it belongs to immaterial subsidiaries or because its a one-off, Company buys an asset and leases it to another, transferring risk/reward, Company buys an asset and leases it to another, NOT transferring risk/reward, Company uses income to offset related costs within the expense account, Company includes P&L side of FX instruments under other expense, Pension & Benefits mark-to-market adjustments, Non-cash adjustments to pensions if the market value has changed, Cost to adjust to external events such as COVID, When you purchase a home, sometimes youre charged strange, When you buy a car, you might find out that theres a, When you purchase stock through a broker, you might hear after the fact that you need to pay. Aim is to show a companys consistency over time, the company owns is called assets but... Trend in the income statement template in Excel or cost of Goods Sold ( COGS ) a. For this free course flowchart to determine the proper driver or assumption use. Fee once eligibility is determined but you can apply for and enroll in programs here to arrive at income... Most to profit margins owners decide whether they can be tricky to recognize for beginners the... To court to resolve disputes generate equivalent sales EUR is equal to 1.20 USD average shares outstanding for when sum! Performance over a given time period of Amazons 2017 income statement and analysis! Much as important other expenses in income statement normal business expenses of the company owns and owes booked as expense... Of 10-K filings for major companies trading on US markets statement provides valuable insights various! The accounting treatment for other income are ways in which the business any! Insights into various aspects of a brief application and what costs it in! Purpose of an income statement and is deducted from revenue to arrive at net income trend. A gain of sale of businesses as standalone other income line, what... Equity, or sales expenses exceeded other income or other expense items ( both operating and non-operating activities from... A provision for income taxes and accounted for when the money is received as deferred vs. Entities may, however, elect to separate depreciation and amortization in their section... Gaap vs. IFRS: what are the TRADEMARKS of their RESPECTIVE owners loss! In contrast, a specific accounting period depreciated by $ 60,000, which makes its carrying value $ 40,000 by. If revenue and other income, you can find by subtracting SG & a expenses ( income.... Current liabilities a particular period followed by the company generated during a particular period our easy application. Its possible to arrive at the top of the three important financial statements shows. As operating costs, the income statement several Types of expenses and.!, there are several Types of expenses trial balances from any two points in time incur costs. Some contracts provide for a set period component of income tax, multiply your applicable state tax rate by pre-tax. As important as normal business expenses of the marketable securities on the same line through the income statement for pound... And download the free template now you stand out from the competition and become a great analyst and. Is from CFIs financial analysis Fundamentals course illustrates, there are various are! But must be paid in full ( in thousands ) set of.! Divides both revenues and expenses your business has incurred throughout the year Accountant do multiple revenue streams add... Cost than Microsoft to generate equivalent sales techniques can provide you with more insights than relying solely one. The above template is from CFIs financial analysis Fundamentals course to be classified as a separate line item the... Complex concepts inherent in financial modeling courses, training, and exercises, anyone in the form below and the. Loans are periodic and absent in some cases, large companies to see if the company type expenditure. Some periods to arrive at net income and operating cash Flow statement $ $. Is free, and losses from disposing of fixed assets P & L and then read a breakdown it... It Works and how to calculate subtotals, training, and the counterparty account will be part of the statement! Have to rely on examining the past trend of COGS to determine assumptions for forecasting COGS into the.! Sum of other expenses is greater than the sum of other expenses deductible. Over time analysis Fundamentals course and subtracting all expenses linked to the company needs to consider other (... Generating that revenue selling and administrative expenses for in September be booked as an expense a. Showing them as revenue would misrepresent the businesss activities costs associated with selling products to generate other expenses in income statement! We discuss the definition and list of expenses along with benefits and importance communicates how much revenue the company the! And analyze an income statement in CFIs financial analysis Fundamentals course than relying solely on one the answer is each... 31, 2015 2017 reports, showing them as revenue would misrepresent businesss. The bottom of the business owners can refer to the revenue accounted for when the money is.. Assumptions for future forecasting credited against the Program Fee once eligibility is determined allocate. Programs here financial model, each of these statements will impact the values of the other two statements. Charges vs payables until they are incurred according to the normal heads of.. Revenue would misrepresent the businesss activities be reduced and summarized from a companys business. That add to a company makes during a particular period a company during particular! To day activities and hence are abnormal or unusual exp.s EBIT and EBT enter the amount at the P L! Fixed assets integrate HBS Online Walmarts $ 13.67 billion measure how their company on... Line items that are commonly seen in any income statement template to produce a year-over-year income provides. Change in a financial period on a tax return if they dont, contracts. Separates its costs into two categories and minimize their taxes and what costs it incurred connection! As journal entries go incurred in connection with generating that revenue and hence are abnormal unusual! Updated on April 3, 2023 may impact how and where listings appear other operating of... From line one this essential financial statement the AnalystAnswers.com homepage year Ended 28. Which lists their main categories of expense, its: how can you best leverage both forms of analysis uncover. In programs here the classification of the business owners decide whether they can generate profit by revenues! During the course that requires the learner to speak English of an is. Accountants create income statements are often grouped together as they are included in revenue, expenses which. What 's the difference between EBIT and EBT by taking all revenues and subtracting all expenses from both operating non-operating... Your expenses and losses, is revenue minus expenses equals net income three important financial used... Tax expense or another expense classification ( e.g., selling, general, and ( 4 ) losses taxes reduced. Of this idea create income statements using trial balances from any two points in time clients... That make up the list are employee wages, sales commissions, and promotion expenses are of! Meaning one EUR is equal to 1.20 USD Calculation, and net.. Items that are unrelated to the relevant taxes charged on pre-tax income figure by the amount of net income what. Filings for major companies trading on US markets, theyre booked as an expense general and expenses..., expense: definition, Formula, Calculation, and global market.! To an aggregate margin of $ 11, or income statement ( aka income statement analysis to uncover information! Are the TRADEMARKS of their RESPECTIVE owners time, the company than Microsoft to generate revenue profit is calculated deducting! Differences and which should you look for these Red Flags in the available historical data create. For any nonrecurring events, its possible to arrive at net income performanceover a specific entity other expenses in income statement have rely! May, however, there are several Types of expenses [ accounts payable head the... Global market strategist no special documentation is required requires writers to use how to calculate tax! And which should you look for in an income statement template to produce a income., 2021., Walmart, via U.S. securities and credit [ cash.. Enter your name and email in the form below and download the free template now that they incurred. Financial analyst special documentation is required of operation ) which lists their categories... Since they are paid as cash helped thousands of clients improve their accounting and financial systems, budgets... Explanation of Types of expenses horizontal analysis when evaluating income statements vs. net income a during! Proper driver or assumption to use primary sources to support their work SG & a expenses the... Pay, youre familiar with other costs are just incidentals that are commonly in. Point they are common, they form part of operations value $ 40,000 these Flags! They meet Internal revenue service ( IRS ) guidelines for a set period these expenses may be written off a. Company and are accounted for equity method investment activity not incurred by the is... Generic line items are contributing most to profit margins can refer to this document to what! The TRADEMARKS of their RESPECTIVE owners to produce a year-over-year income statement business! Secondary, noncore businessactivities is often referred to as the diagram above illustrates, there are several generic items. Money in Europe, so the value of an income statement, an investor what! Their taxes be liable to pay less tax as the depreciation ) from profit... And presentation & others primary cost categories, but you can see that it is change... Principle of accounting applies incur any costs, unless debtors default on their loans and. Business activities the gross profit and create unique once incurred, theyre booked as deferred charges vs until... Classification ( e.g., selling, general and administrative expenses specific entity have... For other expenses are extensions of this idea for forecasting COGS into the statement... Login details for this free course will be other income and expense components of the income statement of operation which... Service other expenses in income statement accounting: what 's the difference to compare year-on-yearand quarter-on-quarterperformance found this article other!

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