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A presentation on how today's accounting principles do not add value to a firm's most competitive assets. Adapted from Wealth of Knowledge, Thomas Stewart
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Our 3rd annual State of SMB Software Report looking at all the VC, PE & exit activity in the SMB software space in North America.
If you don't know SurePath, we are the only investment bank focused exclusively on SMB Software.
Download it and get in touch with us if you have questions.
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I recently collaborated with Craig Hapelt and Kilian Berz at BCG on the link between digital transformation and sustained shareholder support. A key topic for public companies as they wrestle with the implications of transforming their business models.
Pleased that our transformation journey at D+H formed a backdrop for this work. Hats off to all my former colleagues that helped us on that journey.
As a tech startup, it's important to consider your acquisition strategy with the same energy you consider your funding strategy. Acquirers think a certain way. Do you know how they think? Tribal Advisors has years of being on the buy side of transactions. We bring that expertise to tech companies to help them appropriately strategize their options to maximize their exit opportunities.
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Pleased that our transformation journey at D+H formed a backdrop for this work. Hats off to all my former colleagues that helped us on that journey.
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Running head FINANCIAL STATEMENT ANALYSIS ON GOOGLE INC.1.docxcharisellington63520
Running head: FINANCIAL STATEMENT ANALYSIS ON GOOGLE INC.
1
FINANCIAL STATEMENT ANALYSIS ON GOOGLE INC.
8
A Comprehensive Financial Statement Analysis on (Company Name).
Nathan T. Thomas
ACC 205 Principals of Accounting
Instructor Name
Date
Introduction
The information from Financial statements is used widely by both external and internal users, including investors, creditors, managers, and executives. These users must analyze the information in order to make business decisions and making right decision about the investment opportunities in a company, so understanding financial statements is of great importance. Several methods of performing financial statement analysis exist. This paper is primarily aimed to provide a detailed analysis of the financial statements of Google Inc., selected as a publicly traded company in United States.
First of all a short discussion about the company’s history, its products and services, its industry and competitors is provided in the section named ‘Company Overview’. In the next section, the comprehensive three year income statement and balance sheet analysis is presented. The meaning and importance of horizontal analysis and a visual presentation of the horizontal analysis using the items of income statement and balance sheet of the company as Google Inc. is detailed.
As the ratio analysis is a fundamental necessity of evaluation a firm’s financial and operational soundness and overall performance, the successive section is dealt with ratio analysis of the company. The meaning of the ratios used for analysis and the implications of the results found is enclosed with this section. Finally an effective and meaningful recommendation about the company’s performance and its investment opportunities is provided to all individual and institutional investors.
Company Overview
Google Inc. is a technology company which builds products and provides services in order to organize the information and make it universally accessible and useful by the ultimate users. Google Inc. was founded in 1998 and is headquartered in Mountain View, California, United States. With its 44,777 full time employees the firm is conducting its business in the technology sector and belongs to the Internet Information Providers industry in United States. It provides a ‘Search service’ that delivers so many relevant search results in response to the user queries;‘Product Listing Ads’ that offer product information for customers; Search plus Your World; Google Now, a predictive search feature; and Google Knowledge Graph, which enhances Search service. The company also offers Ad-Words, an auction-based advertising program; AdSense, a program which enables Websites that are part of the Google Network to deliver ads; Google Display, a display advertising network; DoubleClick Ad Exchange, a marketplace for the trading display ad space; and YouTube that provides video, interactive, and other ad formats. In addition, it provides Google Mobile that .
The state of the financial services industry 2017.Bruno Gremez
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The knock on most business leaders is that they don’t take the.docxoreo10
The knock on most business leaders is that they don’t take the
long view—that they’re fixated on achieving short-term goals
to lift their pay. So which global CEOs actually delivered solid
results over the long run? The 2013 version of the CEO Scorecard
provides an objective answer.
by Morten T. Hansen, Herminia Ibarra, and Urs Peyer
100
The Best-Performing
CEOs in the World
hBr.Org
January–February 2013 harvard Business review 81
The BesT-Performing Ceos in The World
I
t’s no accident that chief executives so
often focus on short-term financial re-
sults at the expense of longer-term per-
formance. They have every incentive to
do so. If they don’t make their quarterly
or annual numbers, their compensa-
tion drops and their jobs are in jeopardy.
Stock analysts, shareholders, and often
their own boards judge them harshly if
they miss near-term goals. And without
equally strong pressure to manage for a future that
stretches beyond 90 or 180 days, CEOs’ behavior is
unlikely to change. Developing a simple yet rigorous
way to gauge long-term performance is crucial; after
all, in business, leaders default to managing what’s
measured.
Five years ago we launched a global project to ad-
dress that challenge. But we wanted to do more than
just devise the right metrics. Our goal was to imple-
ment a scorecard that would not only get people
talking about long-term performance but also alter
the way that boards, executives, consultants, and
management scholars thought about and assessed
CEOs. We wanted this innovation to shine a spotlight
on the CEOs worldwide who had created long-term
value for their companies, and we wanted to give ex-
ecutives around the world critical benchmarks they
could aim for.
Three years ago, in the January–February 2010 is-
sue of HBR, we introduced such a scorecard. It evalu-
ated chief executives on their entire tenure in office.
We used it to rank the performance of nearly 2,000
CEOs. This month we are publishing a new version of
that analysis. We have expanded it along two impor-
tant new dimensions—making the group of CEOs we
studied truly global, and examining which CEOs and
companies were able to do well not only financially
but also in terms of corporate social performance.
Judging Ceo Performance
For the most part, we used the same methodology
that we did three years ago. (See the sidebar “How
We Created the Scorecard,” page 92.) We wanted to
accomplish three things:
Assess the long-term performance of each
CEO, from the first day on the job to the last.
(Or for CEOs still in office, until August 31, 2012, our
last day of data collection.) To do this, we looked at
how much total shareholder returns had changed
over that time period (adjusting for country and in-
dustry effects), plus the overall increase in market
capitalization.
Reflect the global nature of business. In 2010
we drew candidates from the S&P Global 1200 and
BRIC 40 lists; this year we worked wi ...
The knock on most business leaders is that they don’t take the.docxcherry686017
The knock on most business leaders is that they don’t take the
long view—that they’re fixated on achieving short-term goals
to lift their pay. So which global CEOs actually delivered solid
results over the long run? The 2013 version of the CEO Scorecard
provides an objective answer.
by Morten T. Hansen, Herminia Ibarra, and Urs Peyer
100
The Best-Performing
CEOs in the World
hBr.Org
January–February 2013 harvard Business review 81
The BesT-Performing Ceos in The World
I
t’s no accident that chief executives so
often focus on short-term financial re-
sults at the expense of longer-term per-
formance. They have every incentive to
do so. If they don’t make their quarterly
or annual numbers, their compensa-
tion drops and their jobs are in jeopardy.
Stock analysts, shareholders, and often
their own boards judge them harshly if
they miss near-term goals. And without
equally strong pressure to manage for a future that
stretches beyond 90 or 180 days, CEOs’ behavior is
unlikely to change. Developing a simple yet rigorous
way to gauge long-term performance is crucial; after
all, in business, leaders default to managing what’s
measured.
Five years ago we launched a global project to ad-
dress that challenge. But we wanted to do more than
just devise the right metrics. Our goal was to imple-
ment a scorecard that would not only get people
talking about long-term performance but also alter
the way that boards, executives, consultants, and
management scholars thought about and assessed
CEOs. We wanted this innovation to shine a spotlight
on the CEOs worldwide who had created long-term
value for their companies, and we wanted to give ex-
ecutives around the world critical benchmarks they
could aim for.
Three years ago, in the January–February 2010 is-
sue of HBR, we introduced such a scorecard. It evalu-
ated chief executives on their entire tenure in office.
We used it to rank the performance of nearly 2,000
CEOs. This month we are publishing a new version of
that analysis. We have expanded it along two impor-
tant new dimensions—making the group of CEOs we
studied truly global, and examining which CEOs and
companies were able to do well not only financially
but also in terms of corporate social performance.
Judging Ceo Performance
For the most part, we used the same methodology
that we did three years ago. (See the sidebar “How
We Created the Scorecard,” page 92.) We wanted to
accomplish three things:
Assess the long-term performance of each
CEO, from the first day on the job to the last.
(Or for CEOs still in office, until August 31, 2012, our
last day of data collection.) To do this, we looked at
how much total shareholder returns had changed
over that time period (adjusting for country and in-
dustry effects), plus the overall increase in market
capitalization.
Reflect the global nature of business. In 2010
we drew candidates from the S&P Global 1200 and
BRIC 40 lists; this year we worked wi ...
2. Today, ARC is turning
the page. Last year revenues
crept up to $407 million, the
first top-line growth for the
company in five years. Net
income was still in the red,
at negative $15 million, but
that was the smallest loss
since 2009, while adjusted
net income (a non-GAAP
measure) entered the black,
at $4 million. ARC’s outlook
for 2014 includes cash from
operations in the range of
$51 million to $56 million,
compared with $47 million
for 2013.
The turnaround has
been engineered through a
change in strategy on one
hand and an ambitious re-
structuring on the other.
Regarding the strategic shift,
“our customers depend on
projects, but not only on
projects,” says John Toth,
who joined ARC as CFO in
July 2011. “They do tenant
improvements, remodeling,
pitches, and consulting. Pre-
viously, we focused only on
the ‘big project’ part. Now
we focus on the AEC enter-
prise and all of its activities
and document needs.
“If 20 years ago we were
a company that only print-
ed blueprints, in 5 years
we’re going to be an en-
terprise content manage-
ment company,” says Toth.
A reconfigured portfolio of
offerings includes online
data-management services,
other technical services, and
printer software.
Meanwhile, the restruc-
turing, launched in the sec-
ond half of 2012, has pro-
duced a quick payoff: a 260
basis-point improvement in
gross margins and a tripling
of the price of ARC’s stock,
which traded above $7 at the
beginning of April.
Regaining
Credibility
The restructuring was nec-
essary “to regain credibil-
ity,” says Toth. “Our stock
was trading at $2.50, and our
market value was less than
our debt.” From the outset,
the finance chief expected
that the results of the re-
structuring would be big.
“We said to the market and
Like many companies, ARC
Document Solutions was
knocked for a loop during
the recession. A 25-year-old
firm known for most of its life as
American Reprographics, ARC’s
main business is printing precise,
data-intensive documents like
blueprints and technical draw-
ings for large-scale construction
projects, such as sports stadiums
and hospitals. Three-fourths of
the company’s revenues depend
on the nonresidential segments
of the architecture, engineering,
and construction (AEC) industry,
and when those segments went
south, so did ARC, with sales
plummeting from a peak of $701
million in 2008 to $406 million
in 2012, accompanied by heavy
bottom-line losses and a sagging
stock price.
Blueprint For
A TurnaroundAn ambitious restructuring is helping ARC Document
Solutions recover from a four-year swoon. CFO John Toth
provides an inside look. BY DAVID McCANN
CASE
STUDY
3. the rating agencies, ‘We’re going to tell
you what we’re going to do, and then
we’re going to do it.’ The market kind
of said, ‘We’ll believe it when we see it.’
That was fine, because we were going
to deliver.”
Working alongside COO Dilantha
Wijesuriya, Toth set in motion a mas-
sive effort to identify operational in-
efficiencies at ARC’s 200-plus loca-
tions, which served local construction
markets. Essentially, the effort was a
complete revamping of the company’s
internal financial reporting. The goal
was to zero in on locations delivering
poor gross margins and either get them
to do things differently or shut them
down. Margins less than 25% contrib-
uted little or no profit; Toth sought a
35% standard.
The threat of being shut down was a
strong motivator for change. For Toth,
the ability to deliver that message and
back it up with action was important.
ARC Document
Solutions
CASE
STUDY
“It was actually very liberating, tak-
ing the approach that, ‘We will shut
you down. We’re going to restructure
with a capital R, so you’d better take
the gloves off and start looking around
your territory, because you’ve got to
have a 35% gross margin.’ ”
The Heat (Map) Is On
To help low-margin performers im-
prove, Toth’s team created a heat
map—a huge color-coded Excel chart
listing operating units in the rows and
financial metrics in the columns. The
map showed dozens of metrics for
each of 212 locations, including mix of
products sold and various costs as a
percentage of sales, such as labor, ma-
terials, and rent. Each metric was col-
or-flagged to indicate whether it was in
line with the overall company average
(green), out of line (red), or on the bor-
der (yellow).
Finance conducted monthly calls
with managers to teach them how to
read the map and identify action ar-
eas. Notes Toth, “We’d say, ‘Look at
your location, you have a 22% margin.’
They might say, ‘The rent is high in
this location.’ And we [might reply],
‘No, it’s not. Your rent is 9% of sales,
and the company average is 8%. Your
problem is labor. Your cost is 25% of
sales, while companywide it’s 14%.
You’ve got to tell us why.’ We were
able to get down into each location
very quickly and train them how to
look at their business.”
Becoming more aware of product
sales mix was an important learning
experience for the locations. Opera-
tions people don’t necessarily think
about the mix, or how much they’re
selling in various product lines, ex-
plains Toth. “You have to break it
down for them, show them that a soft-
ware sale is a 70% margin sale, while
a piece of equipment is a 20% margin
sale,” he says.
Also, expressing metrics in differ-
ent ways resonates with some opera-
tions staffers. For example, instead
of saying labor costs should be kept
to 14% of sales, it might be more ef-
fective to tell staffers that the cost of
goods sold should be about $5,000 per
0
2
4
6
8
10
12
Jan
’14
Apr’14
Sep
’13
M
ay
’13
Jan
’13
Sep
’12
M
ay
’12
Jan
’12
Sep
’11
M
ay
’11
Jan
’11
Documenting a Turnaround
The recent upturn in ARC’s stock reflects the improvement in
the company’s operations.
Source: Yahoo Finance
“We were able to evolve our
management reporting to be very
valuable, precise, granular, and
substantive. We put that reporting
in terms the operators could
understand and act on.”
John Toth, CFO of ARC Document Solutions