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Understanding 10-Ks
Due to the depth and nature of the information they contain, 10-Ks are quite long and usually complex. But investors need to understand that this is one of the most complete and important documents a public company can publish each year. The more information they can gather from 10-K, the more they can understand about the company.
The government requires companies to issue 10-K forms so that investors have fundamental information about companies so that they can make informed investment decisions. This form gives a clearer idea of everything the company does and what types of risks it faces.
Investors who know know that 10-K can also be obtained using the company's search function through the EDGAR SEC database.
10-K includes five separate sections:
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Business. This provides an overview of the company's core operations, including its products and services (ie method of earnings).
Risk factors. They set out all the risks that the company faces or may face in the future. Risks are usually listed in order of importance.
Selected financial data. This section describes specific financial information about the company for the past five years. This section provides a brief overview of the company's recent performance.
Discussion and analysis by management of the financial condition and results of activities. Also known as MD&A, this gives the company the opportunity to explain its business results for the previous fiscal year. In this section, the company can tell its story in its own words.
Financial statements and additional data. These include the audited financial statements of the company, including the income statement, balance sheets and cash flow statement. This section also contains a letter from the company's independent auditor certifying the scope of their audit.
Declaration 10-K also includes signed letters from the CEO and CFO of the company. In it, executives swear under oath that the information included in 10-K is accurate. These letters became a requirement after several high-profile cases involving post-defeat accounting fraud.
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Where to find 10-K
It should be noted that 10-K applications are publicly available information and are readily available from a number of sources. In fact, the vast majority of companies include them in the "Investor Relations" section of their website. The information included in 10-K can be difficult to transfer, but the more familiar investors are about the layout and type of information included, the easier it will likely be to identify the most important details.
10-K is a comprehensive report published annually by state-owned companies on their financial results.
The report is required by the US Securities and Exchange Commission (SEC) and is much more detailed than the annual report.
The information in 10-K includes corporate history, financial statements, earnings per share and any other relevant data.
10-K is a useful tool for investors to make important decisions about their investments.
10-K application deadlines
The application deadlines for 10-K depend on the size of the company. According to the SEC, publicly traded publicly traded shares worth $ 700 million or more must file their 10-Ks within 60 days of the end of their fiscal year. Companies with a floating price of $ 75 million to $ 700 million have 75 days, while companies with less than $ 75 million have 90 days.
Forms 10-Q and 8-K
In addition to 10-K, the SEC requires state-owned companies to submit 10-Q and 8-K forms on a regular basis. https://www.freeforex-signals.com/
Form 10-Q must be submitted to the SEC quarterly. This form is a comprehensive report on the results of the company and contains relevant information about its financial condition. Unlike 10-K, the information in 10-Q is usually unaudited. The company only has to file it three times a year, as 10-K is filed in the fourth quarter.
Although Form 8-K is required by the SEC when companies announce important events that shareholders need to be informed about. These events may include (but are not limited to) sales, acquisitions, delisting, departures and executive elections, as well as changes in the status or control of the company, bankruptcy, information about transactions, assets and any other relevant news.
Amortization vs. Depreciation
Amortization
Amortization is the practice of allocating the value of an intangible asset over the useful life of that asset. Intangible assets are not in themselves physical assets. Examples of intangible assets that are amortized may include:
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Patents and trademarks
Franchise agreements
Patented processes such as copyright
The cost of issuing bonds to raise capital
Organizational costs
Unlike depreciation, depreciation is usually spent straight-line, ie the same amount is spent in each period during the useful life of the asset. In addition, depreciable assets generally do not have the value of resale or recovery, unlike depreciation.
It is important to pay attention to the context when using the term depreciation, as it has a different meaning. The amortization schedule is often used to calculate a series of loan payments, consisting of both the principal amount and interest on each payment, as in the case of a mortgage.
The term depreciation is used both in accounting and in lending with completely different definitions and uses.
Wear and tear
Depreciation is the cost of a fixed asset over its useful life. Fixed assets are tangible assets, ie they are physical assets that can be touched. Some examples of fixed or tangible assets that are normally depreciated include:
Houses
Equipment
Office furniture
Vehicles
Land
Cars https://www.freeforex-signals.com/
Because tangible assets may have a certain value at the end of their lives, depreciation is calculated by deducting the value of the asset or the resale value from its original value. The difference is depreciated evenly over the years of the expected useful life of the asset. In other words, the amortized amount spent annually is a tax deduction for the company until the useful life of the asset expires.
For example, an office building can be used for many years before it becomes worn out and sold. The cost of the building is distributed over the estimated life of the building, with part of the costs spent for each reporting year.
Depreciation of some fixed assets can be accelerated, which means that most of the value of the asset is spent in the first years of life of the asset. For example, vehicles are usually depreciated on an accelerated basis.
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Special considerations
Depletion is another way to determine the value of economic assets. It concerns the distribution of the value of natural resources over time. For example, an oil well has a limited service life before pumping all the oil. Therefore, the cost of installing an oil well is distributed over the estimated life of the well.
The two main forms of depletion aid are the percentage of depletion and the depletion of costs. The method of percentage depletion allows businesses to assign a fixed percentage of depletion to gross income derived from the extraction of natural resources. The cost reduction method takes into account the basis of the property, the total recoverable reserves and the number of units sold.
Taking into account depreciation, amortization and depletion, all three methods are non-cash costs without cash costs over the years of their costs. It is also important to note that in some countries, such as Canada, the terms depreciation and amortization are often used interchangeably to refer to both tangible and intangible assets.
Revenue vs. Profit
Income
Revenue is often referred to as the first line because it is at the top of the income statement. The revenue number is the revenue that the company receives before the costs are deducted.
For example, in a shoe retailer, the money he earns from selling shoes to accounting for any expenses is his income. If the company also has income from investments or a subsidiary, this income is not considered income; it doesn't come from selling shoes. Additional income streams and different types of expenses are accounted for separately.
Profit
Also called the total, profit is called net income in the income statement. In the income statement, there are variations in profit that are used to analyze the company's performance.
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However, there are other rates of return between the top line (income) and the bottom line (net profit); the term "profit" may arise in the context of gross profit and operating profit. These are steps towards a net profit.
Gross profit is the income less the value of goods sold (COGS), which are direct costs associated with the production of goods sold in the company. This amount includes the cost of materials used to create the product, as well as the direct labor costs used to produce the product.
Operating income is gross profit less all other fixed and variable costs associated with doing business, such as rent, utilities and payroll.
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Example: Income versus profit
Below are the figures and part of the 2017 profit and loss statement for J. C. Penny. These figures were reported in the annual report for 10 thousand, which closed on February 3, 2018.
Revenue or total net sales = $ 12.50 billion
Gross profit = $ 4.33 billion (total revenue $ 12.50 billion - COGS $ 8.17 billion)
Operating profit = $ 116 million (less all other fixed and variable costs associated with doing business, such as rent, utilities, and payroll)
Profit or net profit = - 116 million USD. USA (loss) 1
The main differences
When most people refer to the company's profit, they do not mean gross profit or operating profit, but rather net profit, which is the balance after expenses, or net profit. The company can make a profit, but have a net loss. We see that JK Penny suffered a loss of $ 116 million, despite a profit of $ 12.5 billion. Losses usually occur when debts or expenses exceed profits, as in the case of J. K. Penny.
Special considerations
Accrued revenue is the same as unrealized revenue. Accrued revenue is the income earned by a company for the delivery of goods or services that have not yet been paid by the customer.
For example, the company sells widgets for $ 5 each on a net-30 basis to all its customers, and in August sells 10 widgets. Because he invoices his customers on a net 30 basis, the company's customers will only have to pay in 30 days or on September 30. As a result, revenue for August will be considered accrued revenue until the company receives payment from the customer.
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In terms of accounting, the company recognizes $ 50 of income in its income statement of $ 50 as an asset on its balance sheet. When a company collects $ 50, the cash account in the income statement increases, the accrued income account decreases, and the $ 50 in the income statement remains unchanged.
It is important not to confuse accrued income with unearned income; unearned income can be perceived as the opposite of accrued income.
Unearned income is money paid by the customer for goods or services that were not delivered. If a company requires a prepayment for its goods, it recognizes revenue as unearned and will not recognize revenue in its income statement until the period during which the goods or services were delivered.
Bottom-Line Growth vs. Top-Line Growth
The result of growth
Management can apply strategies to increase results. For starters, the revenue increase, or top row, should filter and increase the bottom row. This can be done by increasing production, reducing the return on sales by improving products, expanding the product line or increasing prices. Other income, such as investment income, interest income, rent or accommodation fees charged, and the sale of property or equipment, also increase the result.
The company can increase its lower limit by reducing costs. The company's products can be manufactured using a variety of input products or using more efficient methods. Reducing wages and benefits, working with less expensive institutions, using tax breaks and limiting the cost of capital are ways to increase the result. For example, a company that finds a new supplier of raw materials, which would save millions of dollars, would contribute to the company's success. Conversely, if a company's bottom line shows a decrease from one period to the next, it indicates that the company has experienced a drop in revenue or a sharp increase in costs.
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In terms of accounting, the lower position of the company does not carry forward the income statement for one period. Accounting entries are made to close all temporary accounts, including all income and expense accounts. After closing these accounts, the net balance or total is transferred to retained earnings.
The company's management can spend the result or net profit in different ways. The result can be used for payments to shareholders in the form of dividends as an incentive to retain ownership. In addition, the bottom line can be used to repurchase shares and dispose of equity. Or, the company may retain all of the reported profits for use in product development, location expansion, or other means of improving the company.
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The highest growth
Companies that see a surge in growth tend to experience an increase in sales or revenue. There are various ways a company can grow its first lines. For example, a marketing team may launch a new advertising campaign that successfully attracts customers and increases sales by 20% compared to the previous quarter. The company may come up with a new product that brings in extra revenue, or the company may increase prices. A company can also increase its top line by acquiring another company. Strategic acquisitions can lead to an increase in market share, which in turn contributes to the growth of the upper level.
The top bar shows how effective the company is in generating sales. However, it does not take into account the inefficiency of work, which may affect the company's results. The term "top line" comes from the fact that the company reports its revenue numbers at the top of the income statement. The top line is a purely gross sales indicator that shows how much revenue the company has earned over a period of time. As such, it does not deduct costs, such as the value of goods sold (COGS), incurred by the enterprise for the production of its goods. It does not display discounts on discounts or returns.
Growth at the highest level is an increase in the revenue that a company receives from its core business operations. Companies may receive other types of income, such as interest and income from the sale of assets. These types of income are not included in the growth rates at the highest level. https://www.freeforex-signals.com/forex-signals/
The main differences
The most profitable companies tend to grow both their top and bottom lines. However, more established companies may have equal sales or revenues for a given reporting period, but can still increase their results by reducing costs. Cost-cutting measures are common during periods of sluggish economic activity or recession.
Understanding Terminal Value (TV)
The forecast becomes darker as the time horizon increases. This also applies to finances, especially when it comes to estimating the company's cash flows in the future. At the same time, business needs to be valued. To "solve" this, analysts use financial models, such as discounted cash flow (DCF), along with certain assumptions to obtain the total value of the business or project.
Discounted cash flow (discounted cash flow) is a popular method used in feasibility studies, corporate acquisitions and stock market valuations. This method is based on the theory that the value of an asset is equal to all future cash flows received from that asset. These cash flows must be discounted to their present value at a discount rate that represents the cost of capital, such as an interest rate.
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DCF consists of two main components: the forecast period and the final value. The estimated period is usually about five years. Anything longer than that and the accuracy of the forecasts suffer. Here, calculating the value of the terminal becomes important.
There are two commonly used methods for calculating the final cost: perpetual growth (Gordon's growth model) and multiple output. The first assumes that the business will continue to generate cash flow at a constant rate forever, while the second assumes that the business will be sold in multiples of some market indicators. Investment professionals prefer a multiple approach, while scientists prefer a model of perpetual growth.
Terminal value types (TV)
The method of eternity and free forex trading signals
The discount is necessary because the temporary value of money creates a mismatch between the current and future value of a given amount of money. When valuing a business, free cash flow or dividends can be forecast for a period of time, but estimating the results of current problems becomes more difficult as forecasts spread further into the future. Moreover, it is difficult to determine the exact time when the company may cease operations.
To overcome these limitations, investors can assume that cash flows will grow at a steady rate forever, starting at some point in the future. This is the ultimate value.
The cost of the terminal is calculated by dividing the last projected cash flow by the difference between the discount rate and the growth rate of the terminal. The terminal cost estimate estimates the value of the company after the forecast period. Formula for calculating the final value:
(FCF * (1 + g)) / (d - g)
Where:
FCF = Free cash flow for the last forecast period
g = terminal growth rate
d = discount rate (which is usually the weighted average cost of capital)
The final growth rate is the constant rate at which the company is expected to grow forever. This growth rate begins at the end of the last forecast period of cash flow according to the discounted cash flow model and passes into eternity. The final growth rate usually corresponds to a long-term inflation rate, but not higher than the historical growth rate of gross domestic product (GDP).
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Exit from several methods
If investors assume a limited transaction window, there is no need to use a model of indefinite growth. Instead, the final cost should reflect the net realizable value of the company's assets at that time. This often means that equity will be acquired by a larger firm, and the cost of acquisitions is often calculated with multiple yields. https://www.freeforex-signals.com/
Yield ratios measure the fair price by multiplying financial statistics, such as sales, earnings or interest income, taxes, depreciation and amortization (EBITDA), by a ratio that is common to similar firms that have recently been acquired. The formula for the value of a terminal using the multiple output method is the last metric (ie sales, EBITDA, etc.) multiplied by the accepted multiple (usually the average of the last multiple outputs for other transactions). Investment banks often use this valuation method, but some detractors are reluctant to use their own and relative valuation methods at the same time.