Detective Analysis: Identify Companies Using

Financial Statement Information

Instructions
Use the information provided to match the attached selected financial statement and ratio
information to the following companies:
• Amazon
• Bank of America
• Campbell Soup
• Facebook
• Microsoft
• Southwest Airlines
• Starbucks

Before trying to match the statements to the company, take 20-30 minutes to consider whether
each company would have higher/lower percentages of:
• Cash and Marketable Securities
• Accounts Receivable
• Inventory
• Property, Plant and Equipment
• Long-Term Debt
• Research and Development
• Intangible Assets (patents, trademarks, goodwill, rights, etc.)
• Deferred Revenue (when the company is paid in advance of the sale)
• Multiple Revenue Streams

Advanced – you may also consider the following:

• Return on Assets
• Profit Margin
• Total Asset Turnover
• Expense Ratios (COGS/revenue, R&D/revenue, SGA/revenue, etc.)
• Days Sales Outstanding
• Days Inventory Held
• PPE Turnover
• Debt to Equity Ratios
• Interest Coverage Ratio
• Dividend Payout Ratio
• Other

Page 1
 Company Descriptions
Amazon:
Amazon (NASDAQ: AMZN) seeks to be Earth’s most customer-centric company. We are guided
by four principles: customer obsession rather than competitor focus, passion for invention,
commitment to operational excellence, and long-term thinking. In each of our segments, we serve
our primary customer sets, consisting of consumers, sellers, developers, enterprises, and content
creators. In addition, we provide services, such as advertising.

We have organized our operations into three segments: North America, International, and
Amazon Web Services (“AWS”). These segments reflect the way the Company evaluates its
business performance and manages its operations.

We serve consumers through our online and physical stores and focus on selection, price, and
convenience.

Bank of America:
Bank of America (NYSE: BAC) is one of the world’s leading financial institutions, serving individual
consumers, small and middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk management products and
services.

As of December 31, 2020, we served clients through operations across the U.S., its territories
and approximately 35 countries. Our retail banking footprint covers all major markets in the U.S.,
and we serve approximately 66 million consumer and small business clients with approximately
4,300 retail financial centers, approximately 17,000 ATMs, and leading digital banking platforms
(www.bankofamerica.com) with more than 39 million active users, including approximately 31
million active mobile users. We offer industry-leading support to approximately three million small
business households. Our GWIM businesses, with client balances of $3.3 trillion, provide tailored
solutions to meet client needs through a full set of investment management, brokerage, banking,
trust and retirement products. We are a global leader in corporate and investment banking and
trading across a broad range of asset classes serving corporations, governments, institutions and
individuals around the world.

Campbell Soup Company:

Campbell Soup Company (NYSE:CPB) is a multi-national food company headquartered in
Camden, N.J. We are a manufacturer and marketer of high-quality, branded food and beverage
products. We operate in a highly competitive industry and experience competition in all of our
categories. Campbell is driven and inspired by our purpose: Real food that matters for life’s
moments. For generations, people have trusted Campbell to provide authentic, flavorful and
readily available foods and beverages that connect them to each other, to warm memories, and
to what’s important today. Our portfolio is focused on two distinct businesses in our core North
American market: Meals & Beverages and Snacks. This focus enables us to leverage iconic
brands and strong positions in the market where we have the greatest presence.

Page 2
Facebook:
Founded in 2004, Facebook’s (NASDAQ: FB) mission is to give people the power to build
community and bring the world closer together.

We build useful and engaging products that enable people to connect and share with friends and
family through mobile devices, personal computers, virtual reality headsets, and in-home devices.
We also help people discover and learn about what is going on in the world around them, enable
people to share their opinions, ideas, photos and videos, and other activities with audiences
ranging from their closest family members and friends to the public at large, and stay connected
everywhere by accessing our products, including: Facebook, Instagram, Messenger, WhatsApp,
Facebook Reality Labs.

Microsoft:
Microsoft (NASDAQ: MSFT) is a technology company whose mission is to empower every person
and every organization on the planet to achieve more. We strive to create local opportunity,
growth, and impact in every country around the world. Our platforms and tools help drive small
business productivity, large business competitiveness, and public-sector efficiency. They also
support new startups, improve educational and health outcomes, and empower human ingenuity.

Founded in 1975, we develop and support software, services, devices, and solutions that deliver
new value for customers and help people and businesses realize their full potential.

We offer an array of services, including cloud-based solutions that provide customers with
software, services, platforms, and content, and we provide solution support and consulting
services. We also deliver relevant online advertising to a global audience.

Our products include operating systems; cross-device productivity applications; server

applications; business solution applications; desktop and server management tools; software
development tools; and video games. We also design, manufacture, and sell devices, including
PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related
accessories.

Southwest Airlines:
Southwest Airlines Co. (NYSE: LUV) operates Southwest Airlines, a major passenger airline that
provides scheduled air transportation in the United States and near-international markets.

Southwest commenced service on June 18, 1971, with three Boeing 737 aircraft serving three
Texas cities: Dallas, Houston, and San Antonio.

At December 31, 2020, Southwest had a total of 718 Boeing 737 aircraft in its fleet and 107
destinations in 40 states, the District of Columbia, the Commonwealth of Puerto Rico, and ten
near-international countries: Mexico, Jamaica, The Bahamas, Aruba, Dominican Republic, Costa
Rica, Belize, Cuba, the Cayman Islands, and Turks and Caicos.

Page 3
Starbucks:
Starbucks is the premier roaster, marketer, and retailer of specialty coffee in the world, operating
in 78 markets. Formed in 1985, Starbucks Corporation’s common stock trades on the NASDAQ
Global Select Market (“NASDAQ”) under the symbol “SBUX.” We purchase and roast high-quality
coffees that we sell, along with handcrafted coffee, tea and other beverages and a variety of high-
quality food items through company-operated stores. We also sell a variety of coffee and tea
products and license our trademarks through other channels such as licensed stores, grocery,
and foodservice through our Global Coffee Alliance with Nestlé S. A. (“Nestlé”). In addition to our
flagship Starbucks Coffee brand, we sell goods and services under the following brands:
Teavana, Seattle’s Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve and Princi.

Our objective is to maintain Starbucks standing as one of the most recognized and respected
brands in the world. To achieve this, we are continuing the disciplined expansion of our global
store base, adding stores in both existing, developed markets such as the U.S. and in newer,
higher growth markets such as China, as well as optimizing the mix of company-operated and
licensed stores around the world. In addition, by leveraging the experience gained through our
traditional store model, we continue to offer consumers new coffee and other products in a variety
of forms, across new categories, diverse channels and alternative store formats.

Page 4
 Financial Statements

Fiscal Year 2020

Balance Sheet
(in $ millions) (1) (2) (3) (4) (5) (6) (7)
Cash and Cash Equivalents 17,576 11,063 42,122 13,576 380,463 859 4,351
Short Term Investments 44,378 2,271 42,274 122,951 - 281
Accounts Receivable 11,335 1,130 24,542 32,011 575 883
Financial Assets 556,637
Loans and Leases Receivable 1,593,909
Inventory 23,795 1,895 871 1,551
Other Current Assets 2,381 709 11,482 80 740
Total Current Assets 75,670 15,173 132,733 181,915 2,531,009 2,385 7,806
Property Plant and Equipment 45,633 15,831 113,114 44,151 11,000 2,368 6,241
Operating Lease Assets 9,348 1,892 37,553 8,753 8,134
Goodwill 19,050 970 15,017 43,351 68,951 3,986 3,597
Intangible Assets 623 7,038 3,350 552
Other Non Current Assets 8,992 722 22,778 16,103 208,667 283 3,043
Total Assets 159,316 34,588 321,195 301,311 2,819,627 12,372 29,375
Accounts Payable 1,331 931 72,539 12,530 1,049 998
Accrued Expenses and Other Payables 12,245 6,049 44,138 10,004 181,799 824 1,955
Deposits 1,795,480
Short-Term Debt and Current Portion of LTD 220 3,749 19,321 1,202 1,689
Current Operating Lease Liabilities 1,023 306 1,249
Financial Obligations 287,169
Current Portion of Unearned Revenue 382 9,708 36,000 1,457
Other Current Liabilities 10,027
Total Current Liabilities 14,981 7,506 126,385 72,310 2,283,769 3,075 7,347
Non-Current Operating Lease Liabilities 9,631 1,562 52,573 7,671 7,662
Non-Current Portion of Unearned Revenue 3,180 6,599
Long-Term Debt 10,111 31,816 59,578 262,934 4,994 14,660
Long-Term and Deferred Income Taxes 1,634 29,636 914
Other Non-Current Liabilities 6,414 4,899 17,017 10,632 820 907
Total Liabilities 31,026 25,712 227,791 183,007 2,546,703 9,803 37,174
Contributed Capital 50,018 5,079 42,870 80,552 110,492 406 375
Treasury Stock (10,875) (1,837) (1,023)
Retained Earnings 77,345 14,777 52,551 34,566 164,088 3,190 (7,816)
Accumulated Other Comprehensive Income 927 (105) (180) 3,186 (1,656) (4) (359)
Total Shareholders' Equity 128,290 8,876 93,404 118,304 272,924 2,569 (7,799)
Total Liabilities and Shareholders' Equity 159,316 34,588 321,195 301,311 2,819,627 12,372 29,375

Page 5
 Fiscal Year 2020
Common Size Balance Sheet
(expressed as % of total assets) (1) (2) (3) (4) (5) (6) (7)
Cash and Cash Equivalents 11% 32% 13% 5% 13% 7% 15%
Short Term Investments 28% 7% 13% 41% 0% 1%
Accounts Receivable 7% 3% 8% 11% 5% 3%
Financial Assets 20%
Loans and Leases Receivable 57%
Inventory 7% 1% 7% 5%
Other Current Assets 1% 2% 4% 1% 3%
Total Current Assets 47% 44% 41% 60% 90% 19% 27%
Property Plant and Equipment 29% 46% 35% 15% 0% 19% 21%
Operating Lease Assets 6% 5% 12% 3% 28%
Goodwill 12% 3% 5% 14% 2% 32% 12%
Intangible Assets 0% 2% 27% 2%
Other Non Current Assets 6% 2% 7% 5% 7% 2% 10%
Total Assets 100% 100% 100% 100% 100% 100% 100%
Accounts Payable 1% 3% 23% 4% 8% 3%
Accrued Expenses and Other Payables 8% 17% 14% 3% 6% 7% 7%
Deposits 64%
Short-Term Debt and Current Portion of LTD 1% 1% 1% 10% 6%
Current Operating Lease Liabilities 1% 1% 4%
Financial Obligations 10%
Current Portion of Unearned Revenue 0% 3% 12% 5%
Other Current Liabilities 3%
Total Current Liabilities 9% 22% 39% 24% 81% 25% 25%
Non-Current Operating Lease Liabilities 6% 5% 16% 3% 26%
Non-Current Portion of Unearned Revenue 1% 22%
Long-Term Debt 29% 10% 20% 9% 40% 50%
Long-Term and Deferred Income Taxes 5% 10% 7%
Other Non-Current Liabilities 4% 14% 5% 4% 7% 3%
Total Liabilities 19% 74% 71% 61% 90% 79% 127%
Contributed Capital 31% 15% 13% 27% 4% 3% 1%
Treasury Stock -31% -1% -8%
Retained Earnings 49% 43% 16% 11% 6% 26% -27%
Accumulated Other Comprehensive Income 1% 0% 0% 1% 0% 0% -1%
Total Shareholders' Equity 81% 26% 29% 39% 10% 21% -27%
Total Liabilities and Shareholders' Equity 100% 100% 100% 100% 100% 100% 100%

Page 6
 Fiscal Year 2020
Income Statement
(in $ millions) (1) (2) (3) (4) (5) (6) (7)
Revenue 1 85,965 7,665 215,915 68,041 51,585 8,691 19,164
Revenue 2 161 170,149 74,974 42,168 2,327
Revenue 3 1,222 2,026
Net Revenue 85,965 9,048 386,064 143,015 93,753 8,691 23,518
Cost of Goods/Services Sold 1 16,692 16,017 5,692
233,307 50,215
Cost of Goods/Services Sold 2 9,683 30,061 7,695
Cost of Goods/Services Sold 3
Total COS 16,692 9,683 233,307 46,078 50,215 5,692 7,695
Research and Development 18,447 42,740 19,269 93
Fulfillment 58,517
Marketing and Sales 11,591 22,008 19,598 1,701 947
General and Administrative 6,564 6,668 5,111 622 1,680
Depreciation and Amortization 1,255 1,431
Provision for Credit Losses 11,320
Other Operating Expenses 1,926 (75) - 3,297 230 11,151
Operating Income 32,671 (3,816) 22,899 52,959 27,220 1,107 1,562
Net Interest Expense (Revenue) (509) 282 1,092 8,225 341 397
Other Expense (Income) - 158 (2,387) (77) (1,036)
Net Income Before Taxes 33,180 (4,256) 24,194 53,036 18,995 1,802 1,164
Income Tax Expense (Benefit) 4,034 (1,182) 2,863 8,755 1,101 174 240
Net Income 29,146 (3,074) 21,331 44,281 17,894 1,628 925
Dividends - 188 - 15,137 7,727 426 1,924

Fiscal Year 2020

Common Size Income Statement
(expressed as % of net revenue) (1) (2) (3) (4) (5) (6) (7)
Net Revenue 100% 100% 100% 100% 100% 100% 100%
Cost of Goods/Services Sold 1 19% 11% 65%
60% 54%
Cost of Goods/Services Sold 2 107% 21% 33%
Cost of Goods/Services Sold 3
Total COS 19% 107% 60% 32% 54% 65% 33%
Research and Development 21% 11% 13% 1%
Fulfillment 15%
Marketing and Sales 13% 6% 14% 2% 11%
General and Administrative 8% 2% 4% 7% 7%
Depreciation and Amortization 14% 6%
Provision for Credit Losses 12%
Other Operating Expenses 21% 0% 0% 4% 3% 47%
Operating Income 38% -42% 6% 37% 29% 13% 7%
Net Interest Expense (Revenue) -1% 3% 0% 9% 4% 2%
Other Expense (Income) 0% 2% -1% 0% -12%
Net Income Before Taxes 39% -47% 6% 37% 20% 21% 5%
Income Tax Expense (Benefit) 5% -13% 1% 6% 1% 2% 1%
Net Income 34% -34% 6% 31% 19% 19% 4%

Page 7
 Financial Statement Ratios

Fiscal Year 2019

Financial Statement Analysis
(1) (2) (3) (4) (5) (6) (7)
ROA 21% 11% 7% 16% 2% 7% 19%
Operating Profit Margin 34% 13% 5% 34% 49% 12% 15%
Total Asset Turnover 0.61 0.86 1.45 0.46 0.05 0.59 1.22

COS/Revenue 18% 68% 59% 34% 42% 67% 32%

R&D/Revenue 19% 13% 13% 1%
SG&A/Revenue 29% 23% 18% 2% 18% 7%
D&A/Revenue 5% 5%
Other Opex/Revenue 13% 0% 0% 8% 2% 40%

Sales/AR 8.27 27.12 14.96 4.49 14.26 33.72

Days Sales Outstanding 44.16 13.46 24.39 81.22 25.60 10.82
COGS/Inventory 8.79 18.16 6.19 5.82
Days Inventory Held 41.53 20.10 58.99 62.71
Sales/(PPE + Operating Lease Asset) 2.04 1.18 3.51 3.15 11.10 3.29 4.29

Current Assets/Current Liabilities 4.40 0.67 1.10 2.53 1.12 0.58 0.92
Operating Income/Interest Expense 18.93 2.47 2.77 17.39
Total Liabilities/Total Assets 0.24 0.62 0.72 0.64 0.89 0.92 1.32
Total Liabilities/Shareholders' Equity 0.32 1.63 2.63 1.80 8.19 10.82 -4.08
Accounts Payable Turnover 11.70 10.18 3.96 4.70 7.10 7.31
Days to Pay Supplier 31.20 35.84 92.27 77.64 51.43 49.95

Payout Ratio 0% 13% 0% 32% 18% 117% 39%

Cash Cycle 12.96 -22.38 -26.35 23.68 0.00 33.15 23.58

Fiscal Year 2020

Financial Statement Analysis
(1) (2) (3) (4) (5) (6) (7)
ROA 22% -13% 8% 18% 1% 9% 6%
Operating Profit Margin 38% -42% 6% 37% 29% 13% 7%
Total Asset Turnover 0.59 0.30 1.41 0.49 0.04 0.68 0.97

COS/Revenue 19% 107% 60% 32% 54% 65% 33%

R&D/Revenue 21% 11% 13% 1%
SG&A/Revenue 21% 23% 17% 2% 18% 7%
D&A/Revenue 14% 6%
Other Opex/Revenue 21% 0% 0% 16% 3% 47%

Sales/AR 8.24 8.17 17.02 4.65 15.13 26.69

Days Sales Outstanding 44.27 44.70 21.44 78.52 24.13 13.68
COGS/Inventory 10.53 23.28 6.57 5.00
Days Inventory Held 34.65 15.68 55.60 73.07
Sales/(PPE + Operating Lease Asset) 1.72 0.50 3.11 2.96 8.70 3.60 2.26

Current Assets/Current Liabilities 5.05 2.02 1.05 2.52 1.11 0.78 1.06
Operating Income/Interest Expense -13.53 20.97 3.31 3.25 3.93
Total Liabilities/Total Assets 0.19 0.74 0.71 0.61 0.90 0.79 1.27
Total Liabilities/Shareholders' Equity 0.24 2.90 2.44 1.55 9.33 3.82 -4.77
Accounts Payable Turnover 12.39 7.73 3.95 4.19 6.12 7.06
Days to Pay Supplier 29.45 47.21 92.34 87.10 59.65 51.74

Payout Ratio 0% -4% 0% 29% 41% 24% 165%

Cash Cycle 14.82 -2.52 -36.26 7.10 0.00 20.08 35.01

Page 8
 FY2019 Financial Statements

Fiscal Year 2019

Balance Sheet
(in $ millions) (1) (2) (3) (4) (5) (6) (7)
Cash and Cash Equivalents 19,079 2,548 36,092 11,356 161,560 31 2,687
Short Term Investments 35,776 1,524 18,929 122,463 - 71
Accounts Receivable 9,518 1,086 20,816 29,524 574 879
Financial Assets 552,015
Loans and Leases Receivable 1,446,207
Inventory 20,497 2,063 863 1,529
Other Current Assets 1,852 816 10,146 499 488
Total Current Assets 66,225 5,974 96,334 175,552 2,159,782 1,967 5,654
Property Plant and Equipment 35,323 17,025 72,705 36,477 10,561 2,455 6,432
Operating Lease Assets 9,460 1,349 25,141 7,379
Goodwill 18,715 970 14,754 42,026 68,951 4,017 3,491
Intangible Assets 894 7,750 3,415 782
Other Non Current Assets 2,759 577 16,314 17,372 194,785 1,294 2,861
Total Assets 133,376 25,895 225,248 286,556 2,434,079 13,148 19,220
Accounts Payable 1,363 1,574 47,183 9,382 814 1,190
Accrued Expenses and Other Payables 12,621 6,206 32,439 12,495 182,798 731 3,710
Deposits 1,434,803
Short-Term Debt and Current Portion of LTD 819 5,516 24,204 1,371 -
Current Operating Lease Liabilities 800 353
Financial Obligations 286,608
Current Portion of Unearned Revenue 269 8,190 32,676 1,269
Other Current Liabilities 9,351 469
Total Current Liabilities 15,053 8,952 87,812 69,420 1,928,413 3,385 6,169
Non-Current Operating Lease Liabilities 9,524 978 39,791 6,188
Non-Current Portion of Unearned Revenue 4,530 6,744
Long-Term Debt 1,846 23,414 66,662 240,856 7,103 11,167
Long-Term and Deferred Income Taxes 29,845 924
Other Non-Current Liabilities 7,745 4,287 12,171 7,581 624 1,371
Total Liabilities 32,322 16,063 163,188 184,226 2,169,269 12,036 25,451
Contributed Capital 45,851 2,389 33,663 78,520 115,124 384 42
Treasury Stock (10,441) (1,837) (1,076)
Retained Earnings 55,692 17,945 31,220 24,150 156,319 1,993 (5,771)
Accumulated Other Comprehensive Income (489) (61) (986) (340) (6,633) (189) (502)
Total Shareholders' Equity 101,054 9,832 62,060 102,330 264,810 1,112 (6,231)
Total Liabilities and Shareholders' Equity 133,376 25,895 225,248 286,556 2,434,079 13,148 19,220

Page 9
 Fiscal Year 2019
Common Size Balance Sheet
(expressed as % of total assets) (1) (2) (3) (4) (5) (6) (7)
Cash and Cash Equivalents 14% 10% 16% 4% 7% 0% 14%
Short Term Investments 27% 6% 8% 43% 0% 0%
Accounts Receivable 7% 4% 9% 10% 4% 5%
Financial Assets 23%
Loans and Leases Receivable 59%
Inventory 9% 1% 7% 8%
Other Current Assets 1% 3% 4% 4% 3%
Total Current Assets 50% 23% 43% 61% 89% 15% 29%
Property Plant and Equipment 26% 66% 32% 13% 0% 19% 33%
Operating Lease Assets 7% 5% 11% 3%
Goodwill 14% 4% 7% 15% 3% 31% 18%
Intangible Assets 1% 3% 26% 4%
Other Non Current Assets 2% 2% 7% 6% 8% 10% 15%
Total Assets 100% 100% 100% 100% 100% 100% 100%
Accounts Payable 1% 6% 21% 3% 6% 6%
Accrued Expenses and Other Payables 9% 24% 14% 4% 8% 6% 19%
Deposits 59%
Short-Term Debt and Current Portion of LTD 3% 2% 1% 10% 0%
Current Operating Lease Liabilities 1% 1%
Financial Obligations 12%
Current Portion of Unearned Revenue 0% 4% 11% 7%
Other Current Liabilities 3% 4%
Total Current Liabilities 11% 35% 39% 24% 79% 26% 32%
Non-Current Operating Lease Liabilities 7% 4% 18% 2%
Non-Current Portion of Unearned Revenue 2% 35%
Long-Term Debt 7% 10% 23% 10% 54% 58%
Long-Term and Deferred Income Taxes 10% 7%
Other Non-Current Liabilities 6% 17% 5% 3% 5% 7%
Total Liabilities 24% 62% 72% 64% 89% 92% 132%
Contributed Capital 34% 9% 15% 27% 5% 3% 0%
Treasury Stock -40% -1% -8%
Retained Earnings 42% 69% 14% 8% 6% 15% -30%
Accumulated Other Comprehensive Income 0% 0% 0% 0% 0% -1% -3%
Total Shareholders' Equity 76% 38% 28% 36% 11% 8% -32%
Total Liabilities and Shareholders' Equity 100% 100% 100% 100% 100% 100% 100%

Page 10
 Fiscal Year 2019
Income Statement
(in $ millions) (1) (2) (3) (4) (5) (6) (7)
Revenue 1 70,697 20,776 160,408 66,069 71,236 8,107 21,544
Revenue 2 172 120,114 59,774 42,353 2,875
Revenue 3 1,480 2,089
Net Revenue 70,697 22,428 280,522 125,843 113,589 8,107 26,509
Cost of Goods/Services Sold 1 12,770 16,273 5,414
165,536 47,570
Cost of Goods/Services Sold 2 15,226 26,637 8,527
Cost of Goods/Services Sold 3
Total COS 12,770 15,226 165,536 42,910 47,570 5,414 8,527
Research and Development 13,600 35,931 16,876 91
Fulfillment 40,232
Marketing and Sales 9,876 18,878 18,213 1,934 842
General and Administrative 10,465 5,203 4,885 610 1,824
Depreciation and Amortization 1,219 1,377
Provision for Credit Losses 3,590
Other Operating Expenses 3,026 201 - 5,396 171 10,702
Operating Income 23,986 2,957 14,541 42,959 55,099 979 4,078
Net Interest Expense (Revenue) (826) (8) 768 22,345 354 235
Other Expense (Income) - 8 (189) (729) 263 (623)
Net Income Before Taxes 24,812 2,957 13,962 43,688 32,754 362 4,466
Income Tax Expense (Benefit) 6,327 657 2,374 4,448 5,324 151 872
Net Income 18,485 2,300 11,588 39,240 27,430 211 3,595
Dividends - 372 - 13,811 5,934 423 1,761

Fiscal Year 2019

Common Size Income Statement
(expressed as % of net revenue) (1) (2) (3) (4) (5) (6) (7)
Net Revenue 100% 100% 100% 100% 100% 100% 100%
Cost of Goods/Services Sold 1 18% 13% 67%
59% 42%
Cost of Goods/Services Sold 2 68% 21% 32%
Cost of Goods/Services Sold 3
Total COS 18% 68% 59% 34% 42% 67% 32%
Research and Development 19% 13% 13% 1%
Fulfillment 14%
Marketing and Sales 14% 7% 14% 2% 10%
General and Administrative 15% 2% 4% 8% 7%
Depreciation and Amortization 5% 5%
Provision for Credit Losses 3%
Other Operating Expenses 13% 0% 0% 5% 2% 40%
Operating Income 34% 13% 5% 34% 49% 12% 15%
Net Interest Expense (Revenue) -1% 0% 0% 20% 4% 1%
Other Expense (Income) 0% 0% 0% -1% 3% -2%
Net Income Before Taxes 35% 13% 5% 35% 29% 4% 17%
Income Tax Expense (Benefit) 9% 3% 1% 4% 5% 2% 3%
Net Income 26% 10% 4% 31% 24% 3% 14%

Page 11