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Financial Planning/Budgeting - Entrepreneurship 101

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MaRS Discovery District
MaRS Discovery District

This lecture will help you build a realistic financial plan for your startup. It‘s important to have a detailed plan that identifies how you spend money and how you make money. To do this, you need to be familiar with the basic tools of financial planning, including income statements, cash-flow forecasts, expense statements and balance sheets. We use case studies to examine the financial plans of both successful and failed companies, focusing on their ability to forecast realistic scenarios for business growth and cash flow.

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For the startup CEO! Presented by: Andrew Graham
 
 March 2015!
Memory at Work Pg 2! Better borrowing for responsible Canadians
Memory at Work Pg 3!
Memory at Work Pg 4!
Memory at Work Pg 5! Why  money   ma*ers  in  a   startup   Have  to  pay   the  bills   Sign  of  a   sustainable   business   model   Desirable   outcome!!  
Memory at Work ¨  Income Statement! ¨  Cash Flow Forecast! ¨  Balance Sheet! Pg 6!
Memory at Work ¨  Financial performance over a period of time! ¨  Usually for a year, quarter or month! Pg 7!
Memory at Work Pg 8! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Revenue! ! Money brought into a company by its business activities! Revenue Forecasting! ! Top-down! vs! Bottom-up! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Cost of Sales! ! Costs that go into creating the products and services that a company sells! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Gross Margin! ! Revenue minus cost of sales! Amazon! Linkedin! Toyota ! !29%! !81%! !13%! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Operating Expenses! ! Business costs NOT related to producing goods & services for sale! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Selling, General and Administrative Expenses (SG&A)! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Research & Development! (“Technology & Content”)! ! Activities with the intention of making a discovery that can lead to new or improved products! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Depreciation & Amortization! ! Reduction in the capital value of an asset over time to account for wear & tear! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Interest & Other income and expenses! ! Income from interest payments, dividends, etc! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Taxes! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 8! Net income! ! Profit!!! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
Memory at Work Pg 9! Example: Tom’s Solar Power Company, Inc.! Input Cost: !$50! Sell for: !$100!
Memory at Work Pg 10! Units Sold! - ! 50 ! 150 ! 250 ! 400 ! 550 ! 750 ! 1,050 ! 1,400 ! 1,900 ! 2,500 ! 3,500 ! Unit Price! $100/unit! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! 75,000 ! 105,000 ! 140,000 ! 190,000 ! 250,000 ! 350,000 !  $-­‐      $100,000      $200,000      $300,000      $400,000     Jan   Feb   Mar   Apr   May   Jun   Jul   Aug   Sep   Oct   Nov   Dec   Revenue  
Memory at Work Pg 11! Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)!
Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
Memory at Work Pg 11! Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)!
Memory at Work Pg 12!
Memory at Work Pg 12! If you don’t forecast cash flows, you’re flying blind!!
Memory at Work ¨  Earnings Before Interest, Taxes, Depreciation and Amortization! ¨  A measure of a company’s cash flow from operations! Pg 13!
Memory at Work ¨  Snapshot of assets and liabilities at a point in time! Pg 14!
Memory at Work Pg 15! Tom's Solar Power Co, Inc! Balance Sheet! February 29, 2012! $! Assets! Cash! $ 13,000 ! Accounts Receivable! 5,000 ! Inventory (prepaid)! 7,500 ! Building and Equipment! 50,000 ! Land!  ! 100,000 ! Total Assets! 175,500 ! Liabilities! Accounts Payable! - ! Loan!  ! 25,000 ! Total Liabilities! 25,000 ! Owner's Equity!  ! 150,500 ! Total Liabilities and Owner's Eq.!  ! 175,500 ! Tom's Solar Power Co, Inc! Monthly Income Statement! February 2012! $! Feb! Revenue! 5,000 ! Cost of Sales! 2,500 ! Gross Margin! 2,500 ! SG&A! 1,000 ! Net Income! 1,500 ! Cash Projection! Starting Cash! 21,500 ! Plus: Revenue (1 month delayed)! - ! Minus: Cost of sales (1 month ahead)! 7,500 ! Minus: SG&A! 1,000 ! Cash gain/(loss)! (8,500)! Ending Cash! 13,000 !
Memory at Work ¨  It’s all about cash!! ¨  Forecast from the bottom! ¨  Create multiple scenarios: how sensitive is your business to changes:! –  In revenue! –  In expenses! ¨  Get expert advice when you need it! Pg 16!
Andrew Graham
 
 agraham@marsdd.com!

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Financial Planning/Budgeting - Entrepreneurship 101

  • 1. For the startup CEO! Presented by: Andrew Graham
 
 March 2015!
  • 2. Memory at Work Pg 2! Better borrowing for responsible Canadians
  • 5. Memory at Work Pg 5! Why  money   ma*ers  in  a   startup   Have  to  pay   the  bills   Sign  of  a   sustainable   business   model   Desirable   outcome!!  
  • 6. Memory at Work ¨  Income Statement! ¨  Cash Flow Forecast! ¨  Balance Sheet! Pg 6!
  • 7. Memory at Work ¨  Financial performance over a period of time! ¨  Usually for a year, quarter or month! Pg 7!
  • 8. Memory at Work Pg 8! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 9. Memory at Work Pg 8! Revenue! ! Money brought into a company by its business activities! Revenue Forecasting! ! Top-down! vs! Bottom-up! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 10. Memory at Work Pg 8! Cost of Sales! ! Costs that go into creating the products and services that a company sells! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 11. Memory at Work Pg 8! Gross Margin! ! Revenue minus cost of sales! Amazon! Linkedin! Toyota ! !29%! !81%! !13%! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 12. Memory at Work Pg 8! Operating Expenses! ! Business costs NOT related to producing goods & services for sale! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 13. Memory at Work Pg 8! Selling, General and Administrative Expenses (SG&A)! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 14. Memory at Work Pg 8! Research & Development! (“Technology & Content”)! ! Activities with the intention of making a discovery that can lead to new or improved products! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 15. Memory at Work Pg 8! Depreciation & Amortization! ! Reduction in the capital value of an asset over time to account for wear & tear! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 16. Memory at Work Pg 8! Interest & Other income and expenses! ! Income from interest payments, dividends, etc! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 17. Memory at Work Pg 8! Taxes! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 18. Memory at Work Pg 8! Net income! ! Profit!!! Amazon.com! Income Statement! For the year ended Dec 31, 2014! millions of USD! Revenue! $ 88,988! Cost of sales! 62,752 ! Gross margin! 26,236! Operating expenses! Selling, general & admin.! 16,650 ! Technology & Content! 4,529! Depreciation & Amortization! 4,746! Total operating expenses! 25,925! Income from operations! 311 ! Interest & Other income and expenses! (385)! Taxes! 167 ! Net income! (241) ! Source: Company filings.! Simplified for teaching purposes; not all lines match actual results!
  • 19. Memory at Work Pg 9! Example: Tom’s Solar Power Company, Inc.! Input Cost: !$50! Sell for: !$100!
  • 20. Memory at Work Pg 10! Units Sold! - ! 50 ! 150 ! 250 ! 400 ! 550 ! 750 ! 1,050 ! 1,400 ! 1,900 ! 2,500 ! 3,500 ! Unit Price! $100/unit! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! 75,000 ! 105,000 ! 140,000 ! 190,000 ! 250,000 ! 350,000 !  $-­‐      $100,000      $200,000      $300,000      $400,000     Jan   Feb   Mar   Apr   May   Jun   Jul   Aug   Sep   Oct   Nov   Dec   Revenue  
  • 21. Memory at Work Pg 11! Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)!
  • 22. Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
  • 23. Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
  • 24. Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
  • 25. Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
  • 26. Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)! Memory at Work Pg 11!
  • 27. Memory at Work Pg 11! Tom's Solar Power Co, Inc! Monthly Income Statement! January-June, 2012! $! Jan! Feb! Mar! Apr! May! Jun! Revenue! $ - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! 55,000 ! Cost of Sales! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! Gross Margin! - ! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Net Income! (1,000)! 1,500 ! 6,500 ! 11,500 ! 19,000 ! 26,500 ! Cash Projection! Starting Cash! $25,000 ! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! Plus: Revenue (1 month delayed)! - ! 5,000 ! 15,000 ! 25,000 ! 40,000 ! Minus: Cost of sales (1 month ahead)! 2,500 ! 7,500 ! 12,500 ! 20,000 ! 27,500 ! 37,500 ! Minus: SG&A! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! 1,000 ! Cash gain/(loss)! (3,500)! (8,500)! (8,500)! (6,000)! (3,500)! 1,500 ! Ending Cash! 21,500 ! 13,000 ! 4,500 ! (1,500)! (5,000)! (3,500)!
  • 29. Memory at Work Pg 12! If you don’t forecast cash flows, you’re flying blind!!
  • 30. Memory at Work ¨  Earnings Before Interest, Taxes, Depreciation and Amortization! ¨  A measure of a company’s cash flow from operations! Pg 13!
  • 31. Memory at Work ¨  Snapshot of assets and liabilities at a point in time! Pg 14!
  • 32. Memory at Work Pg 15! Tom's Solar Power Co, Inc! Balance Sheet! February 29, 2012! $! Assets! Cash! $ 13,000 ! Accounts Receivable! 5,000 ! Inventory (prepaid)! 7,500 ! Building and Equipment! 50,000 ! Land!  ! 100,000 ! Total Assets! 175,500 ! Liabilities! Accounts Payable! - ! Loan!  ! 25,000 ! Total Liabilities! 25,000 ! Owner's Equity!  ! 150,500 ! Total Liabilities and Owner's Eq.!  ! 175,500 ! Tom's Solar Power Co, Inc! Monthly Income Statement! February 2012! $! Feb! Revenue! 5,000 ! Cost of Sales! 2,500 ! Gross Margin! 2,500 ! SG&A! 1,000 ! Net Income! 1,500 ! Cash Projection! Starting Cash! 21,500 ! Plus: Revenue (1 month delayed)! - ! Minus: Cost of sales (1 month ahead)! 7,500 ! Minus: SG&A! 1,000 ! Cash gain/(loss)! (8,500)! Ending Cash! 13,000 !
  • 33. Memory at Work ¨  It’s all about cash!! ¨  Forecast from the bottom! ¨  Create multiple scenarios: how sensitive is your business to changes:! –  In revenue! –  In expenses! ¨  Get expert advice when you need it! Pg 16!