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better yet, where do all of you get your financials for academic projects?
Use sec.gov (http://sec.gov/edgar/searchedgar/companysearch.html). Type in company name/ticker. Search for 10-K or 10-Q, which are the annual or quarterly filings, and they will have their financials in there for the reported period.
Okay, great, so If I recall, for pro formas IS, the line items should be
Revenues (COGS) Gross Profit Gross Profit Margin (SG&A) D&A Operating Income Operating Margin Nonoperating income Nonoperating expenses Income Before Taxes Income Taxes NI
Now, on the 10K, it's obviously not classified like that, it goes as listed below. Am I supposed to reorganize/transform the below IS to the above? If so, I guess I have to calculate SG&A, etc, by myself? Any suggestions on how to start? big baffled.Thanks!
REVENUES
OPERATING EXPENSES:
Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Impairment and other charges Other
OPERATING INCOME
OTHER INCOME (EXPENSE):
Interest expense Interest income
Other, net
INCOME BEFORE INCOME TAXES
PROVISION FOR INCOME TAXES
NET INCOME
You should be using public filings.
SEC.gov
so i am supposed to reorganize them in the above mentioned manner?
No, organize them in the manner that makes most sense. If a company/industry is reporting it in a certain format, it most likely is for a specific reason. You can consolidate certain items so its not as granular but generally speaking... stick to the format prescribed by the company in their filings with minimal and only as necessary consolidation and adjustments.
Think about it this way, if you consolidate as described above and come back to the same model 6 months later... are you going to remember how and why you rolled which things into whatever line items? Probably not. Especially since there are multiple 'right' ways to do it.... and commenting in every cell to describe the roll-up/adjustments is not one of them.
got it, so just make every one of the line items in the reported FS a percentage of sales, and work from there?
(with the exception of tax, Operating Income/Ebit, Net Income, interest, etc)
also, i take out any events that are not lilkely to happen in the future, such as equity impairments?
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