Glossary of Financial Terms


Scores

FRISK® score - A proprietary score indicating a company's level of financial stress, based on the probability of bankruptcy over a 12 month horizon. The CreditRiskMonitor FRISK® scores are a mathematically-derived opinion, calculated daily with the most recent information in the CreditRiskMonitor database, using a model created by Dr. Camilo Gomez. The model incorporates a number of powerful risk indicators including a “Merton” type model using stock-market-capitalization and volatility, financial ratios including those used in the Altman Z’’ score, and bond agency ratings from Fitch, Moody’s or S&P.

The model is a structural statistical model developed and backtested using company data and bankruptcies between 2003 and 2013. This period covers 9,600 unique businesses and includes 580 bankruptcies. The period includes the Great Recession.

The FRISK® score is intended as a first step in credit analysis. Those in need of in-depth details are invited to contact us at info@creditriskmonitor.com for more information.  The FRISK® model is updated and the CreditRiskMonitor implementation of it is improved from time to time, and may be modified without notice. The most recent major recalibration of the model was implemented on July 27, 2014. Historical FRISK® scores shown in the FRISK® graph page and in the Portfolio FRISK® History page may have been updated, based on new information or improvements to the model, more recently than the dates shown.

The FRISK® Score is reported on a 1 to 10 scale:


 FRISK®Probability of bankruptcy within 12 months
 From To 
Best  10 0.00% 0.12%
 9 0.12% 0.27%
 8 0.27% 0.34%
 7 0.34% 0.55%
 6 0.55% 0.87%
 5 0.87% 1.40%
 4 1.40% 2.10%
 3 2.10% 4.00%
 2 4.00%9.99%
Worst   19.99%50.00%

 

FRISK® Stress Index - The FRISK® Stress Index shows the collective probability of failure in a group of companies (such as an industry, country or portfolio) over the next 12 months.  It is designed to show trends in risk level across groups of companies and is shown on a zero to 50 scale, with 50 being the most risky. 

 

Altman's Z"-Score  The Z"-Score was developed by Dr. Edward I. Altman of New York University in the early-1990's.  This model is applicable to firms in the manufacturing, merchandising and service sectors.  The Z"-Score calculates and combines 4 financial ratios, assigning each a different weighting. 

Although the numbers that go into calculating the Z"-Score (and a company's financial soundness) are sometimes influenced by external factors, it provides a good tool for analyzing the ups and downs of a company's financial stability over time. The score is computed as follows:

EBIT Z" = ------ * 6.72 Total Assets

Total Equity + ----------- * 1.05 Total Liabilities

Working Capital + ------- * 6.56 Total Assets

Retained Earnings + -------- * 3.26 Total Assets

Likelihood of failure
Financially sound:   2.6 or higher
Neutral:   1.1 to 2.6
Fiscal danger:   less than 1.1

Note that the Z"-Score is different than the original Z-score, developed by Altman in the 1960's.  The original Z-Score has as one of its variables the asset turnover ratio.  As this variable is industry sensitive, the Z"-model, which omitted this variable, was developed. 

CreditRiskMonitor computes the Z"-score on a quarterly basis, provided the variables required by the scoring model are reported.  Previously, we used the company's quarterly EBIT in this calculation.  Now we use the company's EBIT for the twelve trailing months, as this provides a result that is less seasonal and less volatile.

One of the 4 variables used to compute Altman's Z"-Score is the ratio of working capital to total assets.  As many of the companies in the energy sector are highly leveraged, they generally have low working capital.  Thus, we have found that their Z"-Scores are adversely impacted and an abnormally high percentage of companies in this sector are in the neutral and fiscal danger ranges.

 

DBT Index - The Days Beyond Terms (DBT) Index is a calculated measurement of the on-time (or late) payment performance of a subject company fitted to a standardized 1-10 scale. 10 is the best performance while 1 is the worst per the following table:

DBT Index Legend

DBT Index
Meaning
10 No Past Due balances for six consecutive periods
9   0 -  10 Days Beyond Terms
8 11 -  20 Days Beyond Terms
7 21 -  30 Days Beyond Terms
6 31 -  45 Days Beyond Terms
5 46 -  60 Days Beyond Terms
4 61 -  75 Days Beyond Terms
3 76 -  90 Days Beyond Terms
2 91 - 105 Days Beyond Terms
1           106+ Days Beyond Terms

The days-beyond-terms calculation is based on data we collect from (mostly monthly) Trade A/R aging snapshots contributed to the CreditRiskMonitor database. Participation is encouraged, but voluntary. Trade Contributors benefit from our unique proprietary analysis of their trade, which isn't possible to provide non-Contributors, at no additional charge. Contributors also have the ability to improve their "collection effectiveness" because they can tell customers that they report both good and bad payment performance… as well as having the satisfaction of encouraging good behavior and supporting the work of fellow credit professionals.

Our Days-Beyond-Terms calculation is not based on the sale or invoice date, but as the name indicates, is intended to compare how the customer paid versus the terms of sale, which might have been 15 days, 90 days, or whatever else was agreed by the buyer and seller. Our calculation includes a dollar weighting to blend the payment performance of various trade lines in a way that accurately reflects how a company has paid its bills compared to terms, overall, in a specific period.

Using the DBT Index to standardize payment performance enables you to quickly assess and compare the timeliness with which various companies pay their bills, and quickly see the trend of timeliness for a particular company.

Because the DBT Index is based on information as-of a specific reporting month, it provides a more accurate snapshot - and a more accurate trend - of payment performance than systems which use "all most-recent trade lines" in the calculation. The latter method has the advantage of using "more trade lines," but it will blur the payment-performance trends because in any given month it will use lines that were reported as much as 12 or even 18 months earlier… and such a system will often use the same trade experiences for many months in a row, as long as each is "the most recent reported" for a trade line and is not "too old."

The monthly DBT Index is calculated based on the trade lines contributed pertaining to a specific month. The Average DBT Index summarizes all prior months, for a longer-term view. It is a dollar-weighted average of monthly DBT Indexes, and is also weighted to emphasize the more recent months, so that 70% of the monthly weight is on the most recent 6 months.

If your company is a Trade Contributor, the DBT indices are also calculated for your submitted trade lines and then for comparative purposes, calculated for only those trade lines contributed by other Trade Contributors.

Many A/R systems calculate a Days Beyond Terms (DBT) value based on various formulas, typically using dollar weighting. These calculations may yield a DBT value that is different than is reflected in our DBT Index. One reason for a difference may be that the data used in the calculation is for a different period-end-date, such as the end of the calendar month vs. the 15th of that month. Another possible reason would be that the formula is based on invoice-level data contained in internal systems, vs. our calculation based on an aged-trial-balance. Still another possible reason for differences in Days-Beyond-Terms is that the formulas used could be somewhat different (we find that the treatment of credit balances is often different from one system to another.). All methods should show similar trends, in most cases. If you are a Trade Contributor, and find differences, we would be pleased to discuss the sources of differences with you in detail. We do not want to misinterpret your files in any way.

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Performance Ratios
Net Sales - The dollar volume of transactions involving company products and services net of returns, allowances and sales discounts.

Gross Margin - Also known as gross profit. The value is computed by deducting cost of goods sold from net sales. Where cost of goods sold represents the cost of materials, labor and factory overhead needed to bring to a marketable state the goods that have been sold.

Selling, General and Administrative Expenses - Represent costs that are not specifically identifiable with or assigned to production. These include marketing, selling, research and development, and administrative expenses.

Operating Margin - The amount of revenue remaining after all operating expenses subtracted from net sales.

EBITDA - Earnings before interest, taxes, depreciation and amortization expense.

Pre-tax Income - Operating results before income taxes have been deducted.

Net Income - Also called net earnings and net profit. Represents the net operating results of the company for the period.

Tax Expense - The tax requirement estimated by management for the period.

Depreciation Expense - An allowance for wear or age made to the value of a fixed asset, allocating its cost over its estimated useful life.

Capital Expenditures - Represents the purchase of assets whose life expectancy is greater than one year. Examples are plant, property and equipment.

Interest Coverage Ratio - Also known as Times Interest Earned. Measures the number of times profits cover interest charges. Determines the ability of a company to meet current interest charges without impairing normal operations. The value is computed by dividing earnings before interest, taxes and depreciation by interest expense.

Free Cash Flow - This measure is very useful in assessing a company's financial health because it strips away all the accounting assumptions built into earnings. A company's earnings may be high and growing, but until you look at free cash flow, you don't know if the company has actually generated money in a given year or not. Free cash flows represent real cash, while earnings do not. It is cash from operations (also called operating cash flow) minus capital expenditures, which are investments in property, plant, and equipment. The formula for calculating free cash flow is Operating Cash Flow (OCF) - Capital Expenditures.

Effective Tax Rate - The net rate a taxpayer pays on pre-tax income. It is calculated by dividing the total tax paid by taxable income.


Liquidity Ratios
Current Assets - Are the resources of a company that are constantly changing form or being turned over in the normal course of business. These normally are cash, short-term marketable securities, accounts receivable, and merchandise inventory.

Current Liabilities - Are obligations maturing within one year from the date of the balance sheet. Also included are demand notes which, although carrying no maturity date, any be presented for payment any time at the option of the holder.

Working Capital - Measures a company's ability to pay off current obligations with current assets. The value is computed by subtracting total current liabilities from total current assets. Negative working capital could indicate a liquidity problem.

Cash - Money on deposit or on hand comprises cash. This includes currency, personal and bank checks, drafts and money orders.

Cash Ratio - Also known as the Liquidity Ratio. Measures a company's ability to pay its current bills. The value is computed by dividing cash and short-term marketable securities by total current liabilities.

Quick Assets - Also known as Liquid Assets. Consists of cash, short-term marketable securities and accounts receivable.

Quick Ratio - Also known as the Acid Test Ratio. Measures the number of dollars of liquid assets available to cover each dollar of current liabilities. The value is computed by dividing liquid assets by total current liabilities, where liquid assets is comprised of cash, short-term marketable securities and accounts receivable.

Current Ratio - Measures a company's ability to meet its current obligations (i.e., the degree of protection afforded short-term creditors by current assets). The value is computed by dividing current assets by total current liabilities.

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Efficiency Ratios
Accounts Receivable - Amounts customers owe a company from sales of goods or services that the company expects to collect within one year.

Accounts Receivable Turnover (Annualized) - Measures the number of times accounts receivable are collected during the year. This ratio measures the efficiency of credit and collection policies and the quality of outstanding average accounts receivable. The value is computed by dividing sales for the period by average accounts receivable for the period, multiplied by the applicable factor to annualize sales.

Days Sales Outstanding - Represents the average number of days to convert receivables into cash. The value is computed by dividing average accounts receivable for the period by annualized sales for the period, multiplied by 365.

Inventory - All goods and materials available for sale (in the case of wholesalers, retailers, and distributors) or raw materials and supplies, work in process, and finished goods (in the case of manufacturers).

Percent of Inventory Financed by Vendors - Measures the total amount of credit that vendors have extended to finance current inventory level. Computed as accounts payable balance at the end of the period divided by inventory balance at the end of the period, and multiplying the result by 100

Inventory Turnover (Annualized) - Measures how quickly inventory is sold. The value is computed by dividing the cost of goods sold for the period by the average inventory for the period, multiplied by the applicable factor to annualize cost of goods sold.

Number of Days Sales in Inventory - Measures the number of days required to sell the inventory balance at the end of the period. The value is computed by dividing 365 by inventory turnover.

Inventory to Working Capital Ratio - Is an indicator of whether a company can adequately finance its inventory. Ideally, the number should be less than 1. The value is computed by dividing the ending inventory balance by working capital at the end of the period.

Accounts Payable - Money owed to suppliers for purchases on credit.

Accounts Payable Turnover (Annualized) - Measures the number of times accounts payable are paid during the year. The value is computed by dividing cost of sales for the period by average accounts payable for the period, multiplied by the applicable factor to annualize sales.

Cash Conversion Cycle ("CCC") - Measures the time it takes a company to convert its investment in inventory and other resource inputs into cash. The CCC does this by following the cash as it is first converted into inventory and accounts payable, through sales and accounts receivable, and then back into cash. The cash conversion cycle can be viewed as a sales efficiency calculation as it shows how quickly and efficiently a company can buy, sell, and collect on its inventory. Generally, the lower this number is, the better for the company. The value is computed by adding days sales outstanding and days inventory outstanding and then subtracting days payables outstanding.

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Leverage & Debt Coverage
Total Debt - Measures the total liabilities of an entity that are evidenced by a written promise to pay. It excludes operating debt because it is a function of the firm's operations and its essential business and contractual relationship to its suppliers rather than external lenders. (NOTE: Many lenders define debt as equal to total liabilities.)

Stockholders' Equity - Measures the ownership equity in a business. The value is computed by subtracting total liabilities from total assets.

Total Debt to Equity Ratio - Measures a company's leverage or the safety of principal on long-term debt. The larger the ratio, the riskier the enterprise. The value is computed by dividing total debt by total equity.

Tangible Net Worth - Computed by subtracting intangible assets (i.e., anything nonphysical, such as goodwill, trademarks, and patents, that have value for a company) from stockholders' equity.

Total Debt to Tangible Net Worth Ratio - Measures a company's leverage or the safety of principal on long-term debt. The larger the ratio, the riskier the enterprise. The value is computed by dividing total debt by total equity minus intangible assets.

Total Assets - The total of all assets owned by a company. These things might be liquid assets such as cash and short-term investments, physical assets such as buildings, trucks, inventories of products and equipment or intangible assets such as goodwill, trademarks and patents

Total Debt to Assets Ratio - Also known as Debt Ratio. Measures the degree of protection from loss afforded the company's creditors by the total assets of the company. The value is computed by dividing total debt by total assets.

Tangible Assets - Computed by subtracting intangible assets from total assets.

Short-Term Debt - Obligations owing to banks or others and payable with the next 12 months.

Short-Term Debt as a Percent of Total Debt - Measures a company's short-term cash obligations by showing the proportion of overall debt coming due in the current year. The value is computed by dividing short-term debt by total debt, and multiplying the result by 100.

Short-Term Debt as a Percent of Working Capital - Measures a company's short-term cash obligations by showing the proportion of overall debt coming due in the current year versus its net current assets. The value is computed by dividing short-term debt by working capital, and multiplying the result by 100.

Total Liabilities - A company's debts to its lender, suppliers of goods and services, taxing authorities and others.

Total Liabilities to Equity Ratio - Measures the degree of protection that exists for creditors. The lower the ratio the better. The value is computed by dividing total liabilities by total equity.

Total Liabilities to Tangible Net Worth Ratio - (sometimes shortened to "Liabilities to Net Worth Ratio") - Measures the degree of protection that exists for creditors. The lower the ratio the better. The value is computed by dividing total liabilities by total equity minus intangible assets.

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Obligations
Long-term obligations - Payment obligations under long-term borrowing arrangements, usually owed to banks or bond holders.

Capital lease obligations - Payment obligations under leases classified as being capital leases pursuant to FASB Statement of Financial Accounting Standards #13, for accounting purposes the transaction is viewed as an installment purchase as title typically vests with the lessee at the expiration of the lease.

Operating lease obligations - Off-balance sheet obligations where title does not pass at expiration of lease term, usually for such items as real estate or equipment.

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Rate of Return
Return on Equity - A profitability ratio. Measures the after tax return on equity capital. This is an indication of management's performance. The value is computed by dividing net income available to common stockholders for the period by total equity as of the beginning of the period.

Return on Net Tangible Equity - A profitability ratio. Calculated by dividing a company's net earnings available to common stockholders for the period by total equity less intangible assets (both of these amounts are as of the beginning of the period).

Return on Total Assets - A useful indicator of how profitable a company is relative to its total assets. It also gives an idea as to how well the company is able to use its assets to generate earnings. Calculated by dividing a company's earnings for the period by its average total assets. Sometimes this ratio is referred to as "return on investment".

Return on Tangible Assets - A profitability ratio. Calculated by dividing a company's earnings available to common stockholders for the period by its average tangible assets (i.e., total assets less intangible assets).

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Banking
Assets - If on a bank balance sheet, something of value that a bank owns, including loans owed to the bank, reserves, investment securities and physical assets.


Assets 30-89 Days Delinquent - In banking, the total amount of assets in default by borrowers for which the default duration is 30 to 89 days past due. This is a moderately serious category of bad assets, and if rising may indicate the first sign of a dangerous trend.


Assets Over 90 Days Delinquent - In banking, the total amount of assets in default by borrowers for which the default duration is 90 or more days past due. The most serious category of bad assets, these amounts may already be written off and subject to partial recovery. Since most bank loans are secured, in good times banks generally recover a very large fraction of these bad debt amounts, but in bad economic times recoveries may be much lower. Large or increasing assets in this category are a negative indication of bank performance.


Bank Efficiency Ratio - According to IRA, this ratio is the most popular measure used by bankers for monitoring and benchmarking bank performance. It compares a bank's major income categories with its "cost of doing business," and so this measure infers how well management is using bank resources to make money.

The equation for efficiency is:

Efficiency = (Net Interest Income + Non-Interest Income)/Non-Interest Expense

An "ideal" bank efficiency ratio is around 65%. Higher ratios are not good, implying that the bank must spend more than other banks do to maintain market share. Lower efficiency numbers mean the bank is relying too much on "loyal" assets and may not have operations in place to replace those assets, should the need arise. Ratios significantly higher or lower than 65% are considered an indication of operational risk for a bank.


Bank Failure - The closing of an insolvent bank by a federal or state regulator. The Comptroller of the Currency has the power to close national banks; banking commissioners in the respective states close state-chartered banks. Banks close when they are unable to meet their obligations to depositors and others, or to meet regulatory guidelines. When a bank fails, the Federal Deposit Insurance Corporation (FDIC) covers the insured portion of a depositors balance. The unsecured creditors of a bank may be paid after the FHLB, depositors, the FDIC, government tax authorities, and any secured creditors are made whole, in the event that a bank failure results in a bankruptcy proceeding.


Bank Stress Index - See IRA Bank Stress Index.


Brokered Deposits - See also Deposits. This category of deposits, frequently evidenced as Certificates of Deposit (CDs), arise when a person acting as a "deposit broker" has facilitated the deposit of funds in the bank. Usually, a deposit broker helps to open the deposit account and/or sells the certificates, and takes a fee for bringing the bank and depositors together. Because most of these deposits are professionally managed money, brokered deposits are considered more likely to be moved quickly to another bank, if conditions change. A high or rapidly rising amount of brokered deposits indicates increased risk for a bank.


Brokered Deposits % of Assets - See Brokered Deposits. When brokered deposits are a high or rapidly rising percentage of assets, it indicates increased risk for a bank.


CERT - Stands for FDIC Certificate ID number. The FDIC uses this number to uniquely identify each individual banking institution unit that it regulates.


Counterparty - A "counterparty" is simply "the other party" that participates in a financial transaction; the other side of a trade or contract. This would of course include businesses who deposit cash or "clear" transactions via a bank, or who rely on a bank's letter of credit.

Vendors who provide business services to banks are also counterparties because they extend unsecured credit terms (in effect, "lend") to banking institutions. Unlike insured depositors, bank vendors are often directed to seek recovery of monies owed via the bankruptcy court process. Uninsured depositors also have similar risk exposure vis-à-vis institutions, although the FDIC frequently gives them a higher priority than is given to a failed bank's vendors.


Counterparty Quality Score - See IRA Counterparty Quality Score.


Current Defaults - In banking, the total amount of assets in default by borrowers for which the default duration is less than 30 days past due. The least serious category of bad assets. A large or rapidly rising value may indicate the start of a dangerous trend. See also Defaults [ann.].


Defaults [ann.] - In banking, realized losses or charge-offs from loan loss reserves, annualized. A large value is an indication of financial weakness, and a rapidly rising value is a negative trend.


Deposits - In banking, a deposit is the unpaid balance of money or its equivalent received or held by a bank or savings association in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a commercial, checking, savings, time, or thrift account, or which is evidenced by its certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar name, or a check or draft drawn against a deposit account and certified by the bank or savings association, or a letter of credit or a traveler's check on which the bank or savings association is primarily liable. Deposits are reported on the balance sheet of a bank as a liability.

Most deposits are a stable and relatively inexpensive source of funds for a bank. In general, except for brokered deposits, a large value for deposits is a positive indication for financial stability and strength. Deposits may be either insured or uninsured. Insured deposits are protected up to a maximum amount (the "statutory limit" is set per person per bank by law) by the FDIC. Uninsured deposits are subject to loss of principal in the event of a bank failure.


FDIC - The Federal Deposit Insurance Corporation (FDIC) is a U.S. bank regulator that oversees the Deposit Insurance Fund. This fund protects individual depositors from loss in the event of bank failure up to a maximum amount (the "statutory limit" is set per person per bank by law). Banks are assessed insurance premiums by the FDIC to pay for the program. The FDIC has regulatory authority over the banks it insures, and generally exercises significant powers when a bank fails. The FDIC has access by law to loans from the U.S. Treasury (in a theoretically unlimited amount), in the event the Deposit Insurance Fund becomes temporarily depleted.


FDIC Moral Hazard Score - See IRA FDIC Moral Hazard Score.


FHLB - The Federal Home Loan Banks (FHLBanks) are a cooperatively organized system of 12 regional banks created by the U.S. Congress, owned by their member banks, and designed to encourage affordable housing by creating a stable source of funds for banks "through all manner of credit cycles." Most U.S. banks and savings and loans are members of FHLB, as are many insurance companies. (See http://www.fhlbanks.com/)


FHLB Advances - According to the FHLBank website (see FHLB), loans to members - called "advances" - "…are a nearly instantaneous way for members to secure liquidity." FHLB advances are liabilities owed by the bank used in concert with deposits to support lending and other financing operations by the bank. See IRA FDIC Moral Hazard Score.


IRA - Institutional Risk Analytics (IRA) is a professional services company and a unit of division of Lord, Whalen LLC. See http://www.institutionalriskanalytics.com. IRA publishes financial risk benchmarks and analytics and provides business process and risk management consulting services. See also IRA Counterparty Quality Score.


IRA Bank Stress Index - Also (BSI), the Bank Stress Index is a letter grading system designed by IRA to quickly identify where institutions stand relative to the banking industry. BSI grades are leading indicators of bank stress. They were originally designed by IRA to alert bank officers and directors about operational stresses so proactive action could be taken to avoid future collapse of their institutions. See also IRA.

Following the collapse of IndyMac bank in 2008, IRA's scores were adapted for use by depositors and counterparties, to improve the transparency of the presence of underlying stresses within a bank, even in cases where the lagging stress indicators such as declining capital adequacy and/or the presence of legal consent decrees had not yet manifested. An IRA Stress Score is computed only for U.S. FDIC reporting bank units and for the bank business portions of U.S. Bank Holding Companies (BHCs).

Grading is based on a census of active FDIC reporting institutions. Factors included in the index are brought together into an overall index where the average on December 31, 1995 = 1.0. These factors include:

  • Profitability
  • Lending default experience
  • Capital adequacy
  • Loan and unused commitment exposure
  • Operational efficiency
IRA's Letter Grading System is as follows:

A+Overall Bank Stress less than 1995 1.0 index baseline. Banks with this grade tend to exhibit strong metrics across the board.
AStress slightly less than the industry average. Bank business practices are much more varied than people realize. Institutions in this category exhibit business model choices that allow them to operate with improved cushion against current systemic threats.
BStress slightly above the industry average. These banks begin to show sensitivity to systemic stresses but still have a business model that offers some degree of flexibility to resist crisis forces.
CStress levels moderately above industry average. In these banks, one or more key metric areas begin to show degradation(s) indicating a need for active attention by officers and directors.
DStress indicators well above the industry average. These institutions tend to show significant degradation in one or more of the key areas of measurement. Concern has likely begun to garner the attention of parties outside the bank.
FStress levels at the extreme range above industry average. At this degree of stress, one or more of the key elements of the business model have reached failure mode. What concerns exist are probably already public.


IRA Counterparty Quality Score - The score is an opinion of IRA, designed to identify the probability of failure among U.S. banks. It is based on a proprietary algorithm using fundamental banking data obtained from the Federal Financial Institutions Examination Council (FFIEC) and its related U.S. bank regulators. See http://www.ffiec.gov. It is not a bankruptcy score. It has been designed and back-tested to predict regulatory intervention (i.e.: resolution, closure) by U.S. bank regulators. See also IRA.

IRA's Counterparty Quality Score grading system is as follows-

8Superior rating. Institution exhibits strong overall characteristics. This institution is considered to be an excellent business credit risk.
7Good rating. May show some low to moderate operating stress and/or potential asset or liabilities issues. This institution is considered to be a good business credit risk.
6Borderline counterparty rating. While operationally stressed, and asset or liability issues may be present, this institution is not considered to be a credit risk. Periodic monitoring may be desirable.
5Indicates as stressed but operating. Net income issues are now present but overall troubled assets continue to be less than 10% of total assets. You may wish to inquire if the stresses are due to one time or short-term events. Monitoring is recommended.
4Watch Condition. A tangible risk of closure exists from unexpected events and/or as-yet unreported conditions. Active monitoring and detailed analysis are indicated.
3Elevated danger. This institution's troubled indicators have risen to significant levels. However other FDIC moral hazard warning flags have not yet been triggered. Active monitoring and detailed analysis is indicated. Actions to limit increased exposure and mitigate current counterparty exposure may be prudent.
2Extreme danger. This institution now exhibits trouble in multiple key areas. Monitoring continuously, detailed analysis and actions to actively reduce counterparty exposure are warranted. An FDIC Cease and Desist consent decree is likely to be in place.
1The counterparty is likely to be unviable. Key measures are deeply degraded. If the institution is still listed as active by the FDIC it may have essentially collapsed or be operating as a "zombie." In some cases the bank may be healthy but a merger or other "push-down accounting event" may have resulted in a transient low score. Regardless, the institution does not presently show characteristics indicating suitability as a counterparty.
N/AA score is not computed. Either the score can not be computed because one or more data elements are missing, or conditions exist that indicate that it would be inappropriate to compute a score. The institution may or may not be financially strong, but it is unlikely that this institution is a suitable banking counterparty in the U.S.


IRA FDIC Moral Hazard Score - This IRA score tracks a bank's degree of reliance on advances from a Federal Home Loan Bank (see FHLB). This is a specific worry by bank regulators because repayment of FHLB Advances is senior to all other obligations in the event of a bank failure. A bank that relies too much on advances may not have sufficient capital remaining to cover payment of all insured deposits. This creates what is known as a "moral hazard" to the Deposit Insurance Fund, a banking safety net backed by U.S. taxpayers. See also IRA.

Banks that rely too heavily on FHLB advances are considered to be operating unsafely and may be ordered to reduce these exposures by their examiners. Under the U.S. Banking Act, such corrective-action FDIC orders carry the force of law. A bank may be unable to find a new source of funds quickly or at reasonable cost to repay the advances. So, a high level of FHLB advances is an indication of increased risk, and a rapidly rising level is a negative trend.


IRA Stress Score - A numerical form of the IRA Bank Stress Index (BSI) letter grading system. See also IRA Bank Stress Index. An IRA Stress Score is computed only for U.S. FDIC reporting bank units and for the bank business portions of U.S. Bank Holding Companies (BHCs). The composite score is a proprietary index formula of IRA that baselines the banking industry against conditions beginning at the end of the December 1995 bank operating year. While IRA's bank stress index scores are designed to range from 0 to 100, it is possible in early stage de novo (bank startup) financing, or as a result of unusual events such as severe capital drains and negative equity conditions, that a bank may show a stress index score below zero. Negative IRA stress score numbers should be interpreted as indications of elevated to extreme distress. Because bank regulation is in continuous flux, the scoring system is adjusted as economic and/or regulatory conditions change. IRA also applies a range of business action "corner case" condition detectors that account for a number of naturally occurring discontinuities stemming from reporting procedure changes, mergers, failures, entry or withdrawal from U.S. accountability, and a number of other push-down accounting events. See also IRA.


IRA Troubled Asset Score - IRA tracks the percentage of total lending assets that are troubled, as a key indicator of the quality of a bank's assets. These include:
  • Current Loan Defaults
  • 30 to 89 Day Delinquent Assets
  • Over 90 Day Delinquent Assets
  • Non-Accrual Loans
  • Real Estate Owned (REO)
These are shown as a percentage of total loan and lease assets. Aggregate numbers are used for scoring computations. Loan category level of detail analysis is also available from IRA for supporting specific advisory analytics projects. A high Troubled Asset Score suggests financial weakness.


Lease - An agreement that transfers the right to use an asset, usually land, buildings, or equipment for a specified period of time. This financing device is essentially an extension of credit evidenced by an obligation between a lessee and a lessor.

Loan - An arrangement in which a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the money, usually along with interest, at some future point(s) in time. Usually, there is a predetermined time for repaying a loan, and generally the lender has to bear the risk that the borrower may not repay a loan.


Net Interest Income - In banking, sometimes abbreviated (NII), generally the difference between interest payments produced by a bank's assets (such as loans, mortgages, and securities) and the bank's cost of servicing its liabilities (such as deposits and bank borrowing)


Non-Accrual Assets - In banking, assets on which a bank does not accrue revenue and profit, because the collection of funds due for interest and principal is in doubt. Typically, such loans are already non-performing, with overdue payments for interest and/or principal.


Other Real Estate Owned (OREO) - The GAAP term Other Real Estate Owned (OREO), also known as Real Estate Owned (REO), is used on financial statements to distinguish real estate used by the bank in the normal course of business (i.e. bank locations) from "other" real estate not used by the bank's business operations. The term OREO is legally defined by the Office of the Comptroller of the Currency in 12 USC 29. OREO assets are generally properties that have been acquired by a bank through foreclosure (or other similar means), and not yet sold by the bank. Instead of producing the income expected by the bank from a mortgage loan, real estate may bring with it incremental expenses such as taxes and maintenance costs, prior to sale. Changes in the net valuation of each property, after selling costs, can also create quarterly charges or credits that affect a bank's P&L. Large or rising OREO is usually a negative indication for bank performance.


Real Estate Owned (REO) - In banking, Real Estate Owned (REO) assets, are also known more formally by the accounting term Other Real Estate Owned (OREO); see this definition.


Return On Assets (ann.) (ROA ann) - Quarterly net income annualized, and then divided by total assets. Significant negative or persistently low returns suggest financial weakness.


Return On Equity (ann.) (ROE ann) - Quarterly net income annualized, and then divided by total equity. Significant negative or persistently low returns suggest financial weakness.


Securities - Commonly, most securities are known as "stocks" or "bonds," but there are many other specialized types of securities such as those used in commodities and derivatives trading. Or more generally, a legal instrument which is an evidence of debt (usually greater than 9 months in original duration) or an evidence of property ownership, that can itself be bought or sold and which typically is one of many identical instruments. Banks categorize their securities as either "trading," "available-for-sale," or "held-to-maturity" and each category is subject to different accounting treatment.

Securities held for trading purposes by banks must be reported at fair value, with unrealized gains and losses recognized in current earnings and regulatory capital. Held-to-maturity securities are debt securities that an institution has the positive intent and ability to hold to maturity. Held-to-maturity securities are generally reported at amortized cost. Securities not categorized as trading or held-to-maturity must be reported as available-for-sale. An institution must report its available-for-sale securities at fair value on the balance sheet, but unrealized gains and losses are excluded from earnings and reported in "comprehensive income."

Trading activity includes active and frequent buying and selling of securities for the purpose of generating profits on short-term fluctuations in price and/or fees from the service of trading on behalf of customers. Bank business models are widely varied. For some banks trading is an important activity, whereas others do little or none of it


Total Troubled Assets - The total of those assets, such as loans that are 90 days or more past due; loans that are "non-accrual assets", "other real estate owned", and any securities, obligations or other instruments based on these categories of assets, that are delinquent in payment of interest and/or principal.


Troubled Asset Score - See IRA Troubled Asset Score.

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Pension Disclosures
Interest Cost - Domestic - Represents the increase in projected benefit obligation due to the passage of time for plans based in the company’s home country.

Service Cost - Domestic - Represents the present value of pension benefits attributed to current reporting period for plans based in the company’s home country.

Prior Service Cost - Domestic - Represents the cost of retroactive benefits granted in a plan amendment for plans based in the company’s home country.

Expected Return on Assets - Domestic - Represents the reporting company’s expected long term return on its pension plan assets.

Actuarial Gains and Losses - Domestic - Represents the change in the value of either the projected benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption.

Curtailments and Settlements - Domestic - Reflects the financial impact of the events that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some of all of their future services.

Transition Costs - Domestic - Represents the expenses associated with a change in plans. For example, costs associated with a change from publicly provided old age pensions to privately owned retirement accounts.

Other Pension, Net - Domestic - Represents other components of net periodic pension cost not classified as Service Cost, Interest Cost, Expected Return on Plan Assets, Actuarial Gains/Losses, Amortization of Unrecognized Prior Service Costs, Settlements, Curtailments or Transition Costs.

Domestic Pension Plan Expense - Consists of all incomes and expenses associated with the company’s Domestic pension plan.

Interest Cost - Foreign - Represents the increase in projected benefit obligation due to the passage of time for plans based in countries other than the company’s home country.

Service Cost - Foreign - Represents the present value of pension benefits attributed to current reporting period for plans based in countries other than the company’s home country.

Prior Service Cost - Foreign - Represents the cost of retroactive benefits granted in a plan amendment for plans based in countries other than the company’s home country.

Expected Return on Plan Assets - Foreign - Represents the reporting company’s expected long term return on its pension plan assets for plans based in countries other than the company’s home country.

Actuarial Gains and Losses - Foreign - Represents the change in the value of either the projected benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption.

Curtailments and Settlements - Foreign - Represents the financial impact of the events that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some of all of their future services.

Transition Costs - Foreign - Represents the expenses associated with a change in plans. For example, costs associated with a change from publicly provided old age pensions to privately owned retirement accounts.

Other Pension, Net - Foreign - Represents the other components of net periodic pension costs not classified as Service Costs, Interest Costs, Expected Return on Plan Assets, Actuarial Gains\Losses, Amortization of Unrecognized Prior Service Costs, Settlements, Curtailments, or Transition Costs.

Foreign Pension Plan Expense - Consists of all incomes and expenses associated with the company’s Foreign pension plan.

Interest Cost - Post-Retirement - Represents the increase in projected benefit obligation due to the passage of time, for Post-Retirement plans.

Service Cost - Post-Retirement - Represents the present value of pension benefits attributed to current reporting period for Post-Retirement plans.

Prior Service Cost - Post-Retirement - Represents the cost of retroactive benefits granted in a plan amendment for Post-Retirement plans.

Expected Return on Plan Assets - Post-Retirement - Represents the reporting company’s expected long term return on its pension plan assets for Post-Retirement plans.

Actuarial Gains and Losses - Post-Retirement - Represents the change in the value of either the projected benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption.

Curtailments and Settlements - Post-Retirement - Reflects the financial impact of the events that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some of all of their future services. Curtailments include: the termination of employee’s services earlier than expected, which may or may not involve closing a facility or discontinuing a segment of business; and the termination or suspension of a plan so that employees do not earn additional defined benefits for future services.

Transition Costs - Post-Retirement - Represents the expenses associated with a change in plans. For example, costs associated with a change from publicly provided old age pensions to privately owned retirement accounts.

Other Post-Retirement, Net - Represents the other components of net periodic pension costs not classified as Service Costs, Interest Costs, Expected Return on Plan Assets, Actuarial Gains\Losses, Amortization of Unrecognized Prior Service Costs, Settlements, Curtailments, or Transition Costs.

Post-Retirement Plan Expense - Consists of all incomes and expenses associated with the company’s Post-Retirement plan.

Defined Contribution Expense - Domestic - Represents funds contributed to benefit plans during reported period.

Defined Contribution Expense - Foreign - Represents funds contributed to benefit plans during reported period.

Defined Contribution Expense Post-Retirement - Represents funds contributed to benefit plans during reported period.

Total Pension Expense - Represents the total of the following: Defined Contribution Expense - Domestic; Defined Contribution Expense - Foreign; and Defined Contribution Expense - Post-Retirement.

Discount Rate - Domestic - Represents the rate used in determining the present value of plan obligations for plans based in the company’s home country.

Expected Rate of Return - Domestic - Represents the estimated return on plan assets for plans based in the company’s home country.

Compensation Rate - Domestic - Represents the projected increase in salaries used in calculation of future benefit obligations for plans based in the company’s home country.

Pension Payment Rate - Domestic - Represents the payment rate of pension plans for plans based in the company’s home country.

Discount Rate - Foreign - Represents the rate used in determining the present value of plan obligations for plans based in countries other than the company’s home country.

Expected Rate of Return - Foreign - Represents the estimated return on plan assets for plans based in countries other than the company’s home country.

Compensation Rate - Foreign - Represents the projected increase in salaries used in calculation of future benefit obligations for plans based in countries other than the company’s home country.

Pension Payment Rate - Foreign - Represents the payment rate of pension plans for plans based in countries other than the company’s home country.

Discount Rate - Post-Retirement - Represents the rate used in determining the present value of plan obligations for Post-Retirement plans.

Expected Rate of Return - Post-Retirement - Represents the estimated return on plan assets for Post-Retirement plans.

Compensation Rate - Post-Retirement - Represents the projected increase in salaries used in calculation of future benefit obligations for Post-Retirement plans.

Total Plan Interest Cost - Represents the total amount of interest costs paid on all of a company’s pension and post-retirement plans. Total Plan Interest Cost is calculated as the sum of: Interest Cost - Domestic, Interest Cost - Foreign, and Interest Cost - Post Retirement.

Total Plan Service Cost - Represents the total amount of service costs paid on all of a company’s pension and post-retirement plans. Total Plan Service Cost is calculated as the sum of: Service Cost - Domestic, Service Cost - Foreign, and Service Cost - Post Retirement.

Total Plan Expected Return - Represents the total amount of expected return on all of a company’s pension and post-retirement plans. Total Plan Expected Return is calculated as the sum of: Expected Return on Assets - Domestic, Expected Return on Assets - Foreign, and Expected Return on Assets - Post Retirement.

Total Plan Other Expense - Represents the total amount of other expenses on all of a company’s pension and post-retirement plans. Total Plan Other Expense is calculated as the sum of: Other Pension, Net - Domestic, Other Pension, Net - Foreign and Other Post Retirement, Net.

Pension Obligation - Domestic - Value of benefits for plans based in the company's home country.

Plan Assets - Domestic - Fair value of plan assets for plans based in the company’s home country.

Funded Status - Domestic - Represents funding status of plan. Funded Status is determined by deducting the Projected Benefit Obligation from the fair value of plan assets. This is the “headline” number cited when a company’s pension plan is considered “under funded”. A fully funded plan has sufficient assets to pay all current and future benefits. An underfunded plan does not have enough assets to pay all benefits. Unfunded benefit liability is the amount of promised pension benefits that exceed a plan’s assets.

Accumulated Obligation - Domestic - Present value of all plan obligations (both vested and non-vested) as of measurement date. Unlike the Projected Benefit Obligation, the ABO makes no assumptions about future compensation levels of plan participants.

Pension Obligation - Foreign - Value of benefits for plans based in countries other than the company’s home country.

Plan Assets - Foreign - Fair value of plan assets for plans based in countries other than the company’s home country.

Funded Status - Foreign - Represents funding status of plan. Funded Status is determined by deducting the Projected Benefit Obligation from the fair value of plan assets. This is the “headline” number cited when a company’s pension plan is considered “under funded”. A fully funded plan has sufficient assets to pay all current and future benefits. An underfunded plan does not have enough assets to pay all benefits. Unfunded benefit liability is the amount of promised pension benefits that exceed a plan’s assets.

Accumulated Obligation - Foreign - Present value of all plan obligations (both vested and non-vested) as of measurement date. Unlike the Projected Benefit Obligation, the ABO makes no assumptions about future compensation levels of plan participants.

Post-Retirement Obligation - Value of benefits for Post-Retirement plans based in countries other than the company’s home country.

Plan Assets - Post-Retirement - Represents the fair value of plan assets for Post-Retirement Plans.

Funded Status - Post-Retirement - Represents funding status of plan. Funded Status is determined by deducting the Projected Benefit Obligation from the fair value of plan assets. This is the “headline” number cited when a company’s pension plan is considered “under funded”. A fully funded plan has sufficient assets to pay all current and future benefits. An underfunded plan does not have enough assets to pay all benefits. Unfunded benefit liability is the amount of promised pension benefits that exceed a plan’s assets.

Accumulated Obligation - Post-Retirement - Present value of all plan obligations (both vested and non-vested) as of measurement date. Unlike the Projected Benefit Obligation, the ABO makes no assumptions about future compensation levels of plan participants.

Unfunded Plan Obligations - An underfunded plan does not have enough assets to pay all benefits. Unfunded benefit liability is the amount of promised pension benefits that exceed a plan’s assets (i.e. accumulated benefit obligation exceeds plan assets).

Total Funded Status - Is determined by deducting the Projected Benefit Obligation from the fair value of plan assets. A fully funded plan has sufficient assets to pay all current and future benefits. An underfunded plan does not have enough assets to pay all benefits. Unfunded benefit liability is the amount of promised pension benefits that exceed a plan’s assets.

Discount Rate - Domestic - Rate used in determining the present value of plan obligations for plans based in the company’s home country.

Expected Rate of Return - Domestic - Reflects the estimated return on plan assets for plans based in the company’s home country.

Compensation Rate - Domestic - Projected increase in salaries used in calculation of future benefit obligations for plans based in the company’s home country.

Pension Payment Rate - Domestic - Payment rate of pension plans for plans based in the company’s home country.

Discount Rate - Foreign - Rate used in determining the present value of plan obligations for plans based in countries other than the company’s home country.

Expected Rate of Return - Foreign - Reflects the estimated return on plan assets for plans based in countries other than the company’s home country.

Compensation Rate - Foreign - Projected increase in salaries used in calculation of future benefit obligations for plans based in countries other than the company’s home country.

Pension Payment Rate - Foreign - Payment rate of pension plans for plans based in countries other than the company’s home country.

Discount Rate - Post-Retirement - Rate used in determining the present value of plan obligations for Post-Retirement plans.

Expected Rate of Return - Post-Retirement - Reflects the estimated return on plan assets for Post-Retirement plans.

Compensation Rate - Post-Retirement - Projected increase in salaries used in calculation of future benefit obligations for Post-Retirement plans.

Prepaid Benefits - Domestic - Cumulative employer contributions in excess of accrued net pension cost for plans based in the company’s home country.

Intangible Assets - Domestic - Legal claims to future benefits for plans based in the company’s home country.

Accrued Liabilities - Domestic - Cumulative net pension cost accrued in excess of the employer’s contributions for plans based in the company’s home country.

Other Assets, Net - Domestic - Any items which do not have an associated line item for plans based in the company’s home country.

Net Domestic Pension Assets - Sum of assets and liabilities for Domestic Pension plans.

Prepaid Benefits - Foreign - Cumulative employer contributions in excess of accrued net pension cost for plans based in countries other than the company’s home country.

Intangible Assets - Foreign - Legal claims to future benefits for plans based in countries other than the company’s home country.

Accrued Liabilities - Foreign - Cumulative net pension cost accrued in excess of the employer’s contributions for plans based in countries other than the company’s home country.

Other Assets, Net - Foreign - Any items which do not have an associated line item for plans based in countries other than the company’s home country.

Net Foreign Pension Assets - Sum of assets and liabilities for Foreign Pension plans.

Prepaid Benefits - Post-Retirement - Cumulative employer contributions in excess of accrued net pension cost for Post-Retirement plans.

Intangible Assets - Post-Retirement - Legal claims to future benefits for Post-Retirement plans.

Accrued Liabilities - Post-Retirement - Cumulative net pension cost accrued in excess of the employer’s contributions for Post-Retirement plans.

Other Assets, Net - Post-Retirement - Any items which do not have an associated line item for Post-Retirement plans.

Net Post-Retirement Assets - Sum of assets and liabilities for Post-Retirement plans.

Net Assets Recognized on Balance Sheet - Sum of assets and liabilities.

Equity % - Domestic - Percentage of plan assets allocated to equity securities for Domestic pension plans.

Debt Securities % - Domestic - Percentage of plan assets allocated to debt securities for Domestic pension plans.

Real Estate % - Domestic - Percentage of plan assets allocated to real estate for Domestic pension plans.

Private Investments % - Domestic - Percentage of plan assets allocated to private investments for Domestic pension plans.

Other Investments % - Domestic - Percentage of plan assets allocated to other investments for Domestic pension plans.

Equity % - Foreign - Percentage of plan assets allocated to equity securities for Foreign pension plans.

Debt Securities % - Foreign - Percentage of plan assets allocated to debt securities for Foreign pension plans.

Real Estate % - Foreign - Percentage of plan assets allocated to real estate for Foreign pension plans.

Private Investments % - Foreign - Percentage of plan assets allocated to private investments for Foreign pension plans.

Other Investments % - Foreign - Percentage of plan assets allocated to other investments for Foreign pension plans.

Equity % - Post-Retirement - Percentage of plan assets allocated to equity securities for Post-Retirement plans.

Debt Securities % - Post-Retirement - Percentage of plan assets allocated to debt securities for Post-Retirement plans.

Real Estate % - Post-Retirement - Percentage of plan assets allocated to real estate for Post-Retirement plans.

Private Investments % - Post-Retirement - Percentage of plan assets allocated to private investments for Post-Retirement plans.

Other Investments % - Post-Retirement - Percentage of plan assets allocated to other investments for Post-Retirement plans.

Total Plan Obligation - Represents the total value of all pension, post-retirement and other plan obligations for a company.

Total Plan Assets - Represents the total value of all pension and post-retirement plan assets for a company.

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Operating Metrics
Airlines

Passengers, Total - Represents the number of persons on board a flight who is not a member of the flight or cabin crew.

Revenue Passengers - Represents the total number of paying passengers flown on all flight segments.

Enplaned Passengers - represents the total number of revenue passengers boarding aircraft.

Revenue Passengers Miles (RPM) - represents the number of miles flown by revenue passengers. This is a measure of passenger traffic for an airline, and is obtained by multiplying the number of passengers carried and the number of miles traveled by each passenger.

Revenue Passengers Kilometers (RPK) - represents the number of kilometers flown by revenue passengers. This is a measure of passenger traffic for an airline, and is obtained by multiplying the number of passengers carried and the number of kilometers traveled by each passenger.

Available Seat Miles (ASM) - represents a measure of an airline flight’s passenger capacity. It is obtained by multiplying the number of seats available for scheduled passengers and the number of miles those seats were flown.

Available Seat Kilometers (ASK) - represents a measure of an airline flight’s passenger capacity. It is obtained by multiplying the number of seats available for scheduled passengers and the number of kilometers those seats were flown.

Load Factor - % - represents the percentage of aircraft seating capacity that is actually utilized. It is obtained using revenue passenger miles/kilometers divided by available seat miles/kilometers.

Load Factor, Total - % - represents the Company level Load Factor percentage that is reported by the company. It represents the percentage of aircraft seating capacity that is actually utilized, and is obtained using revenue passenger miles/kilometers, divided by available seat miles/kilometers.

Breakeven Load Factor - % - represents the passenger load factor that will result in operating revenues being equal to operating expenses, assuming constant revenue per passenger mile and expenses.

Breakeven Load Factor, Total - % - represents the Company level Breakeven Load Factor as reported by the company. The Breakeven Load Factor is the passenger load factor that will result in operating revenues being equal to operating expenses, assuming constant revenue per passenger mile and expenses.

Passenger Haul, Average Length (Miles) - represents the average number of miles traveled by a scheduled fare paying passenger.

Passenger Haul, Average Length (Miles), Total - represents the Company level Average Passenger Haul Length in Miles, as reported by the company. It shows the average number of miles traveled by a scheduled fare paying passenger.

Passenger Haul, Average Length (Kilometers) - represents the average number of kilometers traveled by a scheduled fare paying passenger.

Passenger Haul, Average Length (Kilometers), Total - represents the Company level Average Passenger Haul Length in Kilometers, as reported by the company. It shows the average number of kilometers traveled by a scheduled fare paying passenger.

Aircraft Stage, Average Length (Miles) - represents the average number of miles flown per flight.

Aircraft Stage, Average Length (Miles), Total - represents the Company level Aircraft Stage in miles, as reported by the company. It shows the average number of miles flown per flight.

Aircraft Stage, Average Length (Kilometers) - represents the average number of kilometers flown per flight.

Aircraft Stage, Average Length (Kilometers), Total - represents the Company level Aircraft Stage in kilometers, as reported by the company. It shows the average number of kilometers flown per flight.

Number of Trips Flown (Departures) - represents the number of takeoffs made at an airport.

Aircraft Utilization (Hours per Day) - represents the average number of block hours operated per day per aircraft for the total fleet of aircraft.

Aircraft Utilization (Hours per Day), Total - represents the Company level Aircraft Utilization as reported by the company. It shows the average number of block hours operated per day per aircraft for the total fleet of aircraft.

Average Number of Operating Aircraft - represents the average number of aircrafts used by an airline during a period of time. This is obtained using the number of aircraft in use, divided by a given period of time.

Percentage of Sales via Internet - % - represents portion of sales obtained from the internet. It is obtained using the number of sales via Internet, divided by the total number of sales.

Percentage of Sales - Internet, Total - % - represents the Company level portion of sales that is made from the internet, as reported by the company. It is obtained using the number of sales via Internet, divided by the total number of sales.

Number of Hours Flown - represents the block hours or the number of hours which elapsed between the time the aircraft started to move to commence a flight, and the time the aircraft came to its final stop after the conclusion of a flight.

Size of Fleet - represents the number of aircraft operated by a single company or ownership as at the period end.

Revenue per Available Seat Miles - represents revenue divided by available seat miles. This is a common unit revenue used to compare airlines.

Revenue per Available Seat Miles, Total - represents the Company level Revenue per ASM as reported by the company. It is obtained using revenue divided by available seat miles.

Revenue per Available Seat Kilometers - represents revenue divided by available seat kilometers. This is a common unit revenue used to compare airlines.

Revenue per Available Seat Kilometers, Total - represents the Company level Revenues per ASK as reported by the company. It is obtained using revenue divided by available seat kilometers.

Average Passenger Fare - represents the average one-way fare paid per flight segment by a revenue passenger.

Average Passenger Fare, Total - represents the Company level Average Passenger Fare as reported by the company. It shows the average one-way fare paid per flight segment by a revenue passenger.

Passenger Revenue per Revenue Passengers Miles - represents passenger revenue divided by revenue passenger miles.

Passenger Revenue per Revenue Passengers Miles, Total - represents the Company level Passenger Revenue per RPM, as reported by the company. It is obtained using passenger revenue divided by revenue passenger miles.

Passenger Revenue per Revenue Passengers Kilometers - represents passenger revenue divided by revenue passenger kilometers.

Passenger Revenue per Revenue Passengers Kilometers, Total - represents the Company level Passenger Revenue per RPK, as reported by the company. It is obtained using passenger revenue divided by revenue passenger kilometers.

Passenger Revenue per Available Seat Miles - represents passenger revenue divided by available seat miles.

Passenger Revenue per Available Seat Miles, Total - represents the Company level Passenger Revenue per ASM, as reported by the company. It is obtained using passenger revenue divided by available seat miles.

Passenger Revenue per Available Seat Kilometers - represents passenger revenue divided by available seat kilometers.

Passenger Revenue per Available Seat Kilometers, Total - represents the Company level Passenger Revenue per ASK, as reported by the company. It is obtained using passenger revenue divided by available seat kilometers.

Operating Revenue per Available Seat Miles - represents operating revenues divided by available seat miles.

Operating Revenue per Available Seat Miles, Total - represents the Company level Operating Revenue per ASM, as reported by the company. It is obtained using operating revenues divided by available seat miles.

Operating Revenue per Available Seat Kilometers - represents operating revenues divided by available seat kilometers.

Operating Revenue per Available Seat Kilometers, Total - represents the Company level Operating Revenue per ASK, as reported by the company. It is obtained using operating revenues divided by available seat kilometers.

Operating Expense per Available Seat Mile - represents operating expenses divided by available seat miles.

Operating Expense per Available Seat Miles, Total - represents the Company level Operating Expense per ASM, as reported by the company. It is obtained using operating expenses divided by available seat miles.

Operating Expense per Available Seat Kilometers - represents operating expenses divided by available seat kilometers.

Operating Expense per Available Seat Kilometers, Total - represents the Company level Operating Expense per ASK, as reported by the company. It is obtained using operating expenses divided by available seat kilometers.

Operating Expense per Available Seat Miles, excluding Fuel - represents operating expenses, less aircraft fuel, divided by available seat miles.

Operating Expense per Available Seat Miles, excluding Fuel, Total - represents the Company level Operating Expense less Fuel costs per ASM, as reported by the company. It is obtained using operating expenses, less aircraft fuel, divided by available seat miles.

Operating Expense per Available Seat Kilometers, excluding Fuel - represents operating expenses, less aircraft fuel, divided by available seat kilometers.

Operating Expense per Available Seat Kilometers, excluding Fuel, Total - represents the Company level Operating Expense less Fuel costs per ASK, as reported by the company. It is obtained operating expenses, less aircraft fuel, divided by available seat kilometers.

Fuel Cost per US Gallon - represents the unit cost of each US gallon of fuel consumed. This is obtained using total aircraft fuel costs (excluding fuel taxes) divided by the total number of fuel US gallons consumed.

Fuel Cost per US Gallon, Total - represents the Company level unit cost of each US gallon of fuel consumed, as reported by the company. This is obtained using total aircraft fuel costs (excluding fuel taxes) divided by the total number of fuel US gallons consumed.

Fuel Cost per UK Gallon - represents the unit cost of each UK gallon of fuel consumed. This is obtained using total aircraft fuel costs (excluding fuel taxes) divided by the total number of fuel UK gallons consumed.

Fuel Cost per UK Gallon, Total - represents the Company level unit cost of each UK gallon of fuel consumed, as reported by the company. This is obtained using total aircraft fuel costs (excluding fuel taxes) divided by the total number of fuel UK gallons consumed.

Fuel Cost per Liter - represents the unit cost of each liter of fuel consumed. This is obtained using total aircraft fuel costs (excluding fuel taxes) divided by the total number of fuel liters consumed.

Fuel Cost per Liter, Total - represents the Company level unit cost of each liter of fuel consumed, reported by the company. This is obtained using total aircraft fuel costs (excluding fuel taxes) divided by the total number of fuel liters consumed.

Fuel Consumed, US Gallon - represents the amount of fuel consumed, in US gallons.

Fuel Consumed, UK Gallon - represents the amount of fuel consumed, in UK gallons.

Fuel Consumed, Liters - represents the amount of fuel consumed, in liters.

Banking & Brokerage

Net Interest Margin - % - represents the difference between interest income earned and the interest paid on borrowings by the bank, as a percentage of its earning assets. It is obtained using interest revenue less interest expense, divided by average interest-earning assets.

Net Interest Margin, Total - % - represents the Company level Net Interest Margin, as reported by the company. It shows the difference between interest income earned and the interest paid on borrowings by the bank, as a percentage of its earning assets.

Net Interest Spread - % - represents the difference in the borrowing and lending rates of the bank. It is obtained using the average yield on interest-earning assets, less the average cost of interest-bearing liabilities.

Net Interest Spread, Total - % - represents the Company level Net Interest Spread, as reported by the company. It shows the difference in the borrowing and lending rates of the bank. It is obtained using the average yield on interest-earning assets, less the average cost of interest-bearing liabilities.

Consumer Electronics

Number of Units Sold - represents the number of products sold by the electronics company.

Healthcare Facilities

Number of Hospitals - represents the number of hospitals owned by the company as at the end of the period.

Number of Licensed Beds - represents the maximum number of beds permitted in a facility under its license as at the end of the period, regardless of whether the beds are actually available for patient care.

Average Number of Licensed Beds - represents the average number of licensed D73beds owned by the hospital during the period. It is obtained by weighting the total number of licensed beds owned, by according to the periods owned.

Utilization of Licensed Beds - % - represents the average utilization of the licensed beds during the period. It is obtained using the average patient days divided by average licensed beds divided by number of days in the period.

Utilization of Licensed Beds, Total - % - represents the Company level average utilization of the licensed beds during the period, as reported by the company. It is obtained using the average patient days divided by average licensed beds divided by number of days in the period.

Patient Days - represents the total number of days of patient care provided by the hospital for the periods indicated.

Equivalent Patient Days - represents actual admissions/patient days adjusted to include outpatient services. It is obtained by multiplying actual admissions/patient days by the sum of gross inpatient revenues and outpatient revenues, and dividing the result by gross inpatient revenues.

Average Length of Stay (Days) - represents the average number of days an admitted patient stays in the facility.

Average Length of Stay (Days), Total - represents the Company level average number of days an admitted patient stays in the facility, as reported by the company.

Number of Visits per Admission - represents the average number of visits each patient admitted into the hospital has.

Number of Visits per Admission, Total - represents the Company level average number of visits each patient admitted into the hospital has, as reported by the company. It is obtained using the total number of visits divided by the number of admissions.

Number of Outpatient Visits - represents the number of individual visits to hospital outpatient departments located on the hospital campus, during the period.

Number of Discharges - represents the number of discharges in the hospital during the period.

Number of Cases per Scan - represents the number of patient visits per time they need a medical procedure/scan.

Number of Cases per Scan, Total - represents the Company level number of patient visits per time they need a medical procedure/scan, as reported by the company.

Number of Surgeries - represents the number of surgeries performed in the hospital during the period.

Revenue per Visit/Discharge/Case/Scan - represents the average revenue earned by the hospital for each visit, discharge, case or scan. It is obtained using total value billed divided by the total number of visits, discharges, cases and/or scans.

Revenue per Visit/Discharge/Case/Scan, Total - represents the Company level average revenue earned by the hospital for each visit, discharge, case or scan, as reported by the company. It is obtained using total value billed divided by the total number of visits, discharges, cases and/or scans.

Net Inpatient Revenues - represents the total billed value for the services provided by the hospital to its inpatients.

Net Outpatient Revenues - represents the total billed value for the services provided by the hospital to its outpatients.

Inpatient Revenue per Patient Day - represents the average inpatient revenues earned by the hospital for each patient day. It is obtained using total billed value of inpatient services divided by the total number of patient days.

Inpatient Revenue per Patient Day, Total - represents the Company level average inpatient revenues earned by the hospital for each patient day, as reported by the company. It is obtained using total billed value of inpatient services divided by the total number of patient days.

Inpatient Revenue per Admission - represents the average inpatient revenues earned by the hospital for each admission. It is obtained using the total billed value of inpatient services divided by the number of admissions.

Inpatient Revenue per Admission, Total - represents the Company level average inpatient revenues earned by the hospital for each admission, as reported by the company. It is obtained using the total billed value of inpatient services divided by the number of admissions.

Outpatient Revenue per Visit - represents the average outpatient revenue earned by the hospital for each hospital visit. It is obtained using the total billed value of outpatient services divided by the number of hospital visits.

Outpatient Revenue per Visit, Total - represents the Company level average outpatient revenue earned by the hospital for each hospital visit, as reported by the company. It is obtained using the total billed value of outpatient services divided by the number of hospital visits.

Hotels & Gaming

Number of Properties - represents the total number of properties that the company owns as of the period end date.

Number of Rooms - represents the total number of rooms owned by the company as of the period end date.

Occupancy - % - represents the percentage of rooms that are occupied or rented in a hotel at a given time.

Occupancy, Total - % - represents the Company level Occupancy percentage, as reported by the company. It shows the percentage of rooms that are occupied or rented in a hotel at a given time.

Average Daily Room Rate (ADR) - represents the average rental income per occupied room in a given time period. It is obtained using the total room revenues divided by the total number of rooms sold.

Average Daily Room Rate (ADR), Total - represents the Company level average rental income per occupied room in a given time period, as reported by the company. This item is used as the line item display for the Standard Format Financial Statements. It is obtained using the total room revenues divided by the total number of rooms sold.

Revenue per Available Room (REVPAR) - represents the average revenue earned per available room in a given time period. It is obtained using the total room revenues in a given period (net of discounts, sales taxes, and meals) divided by the number of available room in a given time period. Alternatively, it can also be obtained using the average daily room rate (ADR) multiplied by the occupancy rate.

Revenue per Available Room (REVPAR), Total - represents the Company level average revenue earned per available room in a given time period, as reported by the company. It is obtained using the total room revenues in a given period (net of discounts, sales taxes, and meals) divided by the number of available room in a given time period. Alternatively, it can also be obtained using the average daily room rate (ADR) multiplied by the occupancy rate.

Property-Level EBITDA - represents earnings before interest, other non-operating Income/Expense, Taxes, depreciation and amortization, and before any corporate expenses and stock compensation expense on properties that a company owns. Property EBITDA is different from Consolidated EBITDA, as Consolidated EBITDA may include other corporate and stock compensation expenses.

Value of Slot Handle - represents the total amount of coins, tokens, credits or currency placed into slot machines by patrons to play the slot machines.

Growth in Table Games Drop (Volume) - % - represents the percentage of change of the table games drop from the prior period. Table games drop refers to the amount of chips exchanged for cash or cash equivalents for table games.

Growth in Table Games Drop (Volume), Total - % - represents the Company level Growth in the volume of Table Games Drop. It shows the percentage of change of the table games drop from the prior period. Table games drop refers to the amount of chips exchanged for cash or cash equivalents for table games.

Percentage of Win or Hold - % - represents the gross win as a percentage of total slot handle or total table games drop.

Percentage of Win or Hold, Total - % - represents the Company level Percentage Win or Hold, as reported by the company. It shows gross win as a percentage of total slot handle or total table games drop.

Insurance

New Business Profit - represents the contribution of the total new business sales of an insurer during the period. The insurer’s new business sales can include premium income on new regular policies, and also single premium policies.

New Business Annual Premium Equivalent (APE) - represents the annual premium amount for regular premium contracts plus 10% of new single premiums. Due to the difference in the proportion of single premium policies between the insurers, New Business Annual Premium Equiv. enables a better comparison of the volume of the new business amongst the insurers.

New Business Margin - % - represents the profit from new business sales, expressed as a percentage of the Present Value of New Business Premiums for the period.

New Business Margin, Total - % - represents the Company level New Business Margin percentage, as reported by the company. It shows the profit from new business sales, expressed as a percentage of the Present Value of New Business Premiums for the period.

Underwriting Profit or Loss - represents the money earned or loss by an insurer in its underwriting operations. This is obtained by subtracting the sum of its losses, loss adjusting expenses and other underwriting expenses, from the total premiums earned.

Embedded Value - represents the present value of existing life insurance business at the valuation date and excluding any value attributable to future new business. The embedded value is an Actuarial science construct, which allows the uncertain future cash-flows of a life insurer to be valued, so as to give a more realistic picture of the company’s financial position, allowing for future contingencies.

Expense Ratio - % - represents the sum of the acquisition costs and other underwriting expenses in relation to the premium earned. This is obtained by using the total acquisition and underwriting expenses, divided by the total premiums earned. Expense Ratio - % reflects the insurance company’s expense ratio reported under the reported GAAP.

Expense Ratio, Total - % - represents the Company level Expense Ratio, as reported by the company. It shows the sum of the acquisition costs and other underwriting expenses in relation to the premium earned.

Loss Ratio - % - represents loss expenses incurred by an insurance company, in relation to the total premiums earned. This is obtained by using the total of incurred losses and loss adjustment expenses, divided by premium earned. The insurance company may report loss ratio under the reported GAAP and the Statutory Accounting Principle separately.

Loss Ratio, Total - % - represents the Company level Loss Ratio, as reported by the company. It shows the loss expenses incurred by an insurance company, in relation to the total premiums earned.

Combined Ratio - % - represents the combination of the loss ratio and the expense ratio. This is an indicator of the operational profitability of an insurance company. This is obtained by using the total operating expenses (includes acquisition and underwriting expenses) and incurred losses, divided by the total premiums earned. It can also be obtained by adding the Expense Ratio - % [MIBE] and Loss Ratio - % [MIBG].

Combined Ratio, Total - % - represents the Company level Combined Ratio, as reported by the company. It shows the combination of the loss ratio and the expense ratio, and is an indicator of the operational profitability of an insurance company.

Statutory Expense Ratio - % - represents the sum of the acquisition costs and other underwriting expenses in relation to the premium earned (under the Statutory Accounting Principle). This is obtained by using the total acquisition and underwriting expenses, divided by the total premiums earned – according to the Statutory Accounting Principle.

Statutory Expense Ratio, Total - % - represents the Company level Statutory Expense Ratio, as reported by the company. It shows the sum of the acquisition costs and other underwriting expenses in relation to the premium earned (under the Statutory Accounting Principle).

Weighted Average Cost of Capital (WACC) - % - represents the average cost of raising capital, by proportionately weighing the cost of each category of capital. The company may raise its capital by issuing equity or from borrowings.

Weighted Average Cost of Capital (WACC), Total - % - represents the Company level Weighted Average Cost of Capital, as reported by the company. It shows the average cost of raising capital, by proportionately weighing the cost of each category of capital. The company may raise its capital by issuing equity or from borrowings.

Internet Media

Query Market Share - % - represents the market share percentage specifically for query volumes of an Internet search company (Yahoo, Google etc.) It is an indicator of the search engine’s market position in the specified region, with respect to the totals search/query volume during the period.

Query Market Share, Total - % - represents the Company level Query Market Share percentage, as reported by the company. It shows the market share percentage specifically for query volumes of an Internet search company (Yahoo, Google etc.). It is an indicator of the search engine’s market position, with respect to the totals search/query volume during the period.

Click Rate - % - represents the frequency an advertisement downloaded with a webpage, is clicked on. This is obtained using the number of clicks on an ad on a webpage, divided by the total number of times that the ad was downloaded with a page. For example: if one in ten web-users who downloaded a page click on the ad, then the Click Rate would be 10%.

Click Rate, Total - % - represents the Company level Click Rate, as reported by the company. It shows the frequency an advertisement downloaded with a webpage, is clicked on. This is obtained using the number of clicks on an ad on a webpage, divided by the total number of times that the ad was downloaded with a page. For example: if one in ten web-users who downloaded a page click on the ad, then the Click Rate would be 10%.

Number of Page Views (User Traffic) - represents the number of hits (page views) that a website has received over the specified period of time. This is used to measure the user traffic of a particular website during the period.

Value of Paid Clicks - represents the total sales resulting from the click-paid activity for an internet media company.

Average Revenue per Click - represents the average revenue earned per click from each campaign. This is a measurement of the average revenue earned each time a visitor clicks on an advertisement displayed in a website.

Average Revenue per Click, Total - represents the Company level average revenue earned per click from each campaign, as reported by the company. This is a measurement of the average revenue earned each time a visitor clicks on an advertisement displayed in a website.

Average Revenue per Customer - represents the revenue generated by a customer per month. This item is commonly used by telephone carriers and other industries including consumer Internet services, to measure the rate of revenue generation. This term is also commonly known as Average Revenue per User.

Average Revenue per Customer, Total - represents the Company level revenue generated by a customer per month, as reported by the company. This item is commonly used by telephone carriers and other industries including consumer Internet services, to measure the rate of revenue generation. This term is also commonly known as Average Revenue per User.

Traffic Acquisition Costs (TAC) - represents the cost for a company to acquire traffic into their site. This cost is considered as the cost of revenue for many internet search company such as Yahoo, Google, etc.

Managed Care

Membership under Capitation -% - represents the percentage of membership under the capitation agreement. In a limited number of circumstances, the company contracts with hospitals and physicians to accept financial risk for a defined set of HMO membership. For transferring this risk, the company prepays these providers a monthly fixed-fee per member to coordinate substantially all of the medical care for their capitated HMO membership, including some health benefit administrative functions and claims processing.

Membership under Capitation, Total -% - represents the Company level Membership under Capitation Percentage, as reported by the company. It shows the percentage of membership under the capitation agreement. In a limited number of circumstances, the company contracts with hospitals and physicians to accept financial risk for a defined set of HMO membership. For transferring this risk, the company prepays these providers a monthly fixed-fee per member to coordinate substantially all of the medical care for their capitated HMO membership, including some health benefit administrative functions and claims processing.

Covered Lives - represents the total number of people covered by the insurance policies. For example: one man is a member of a health insurance plan, but then he adds his family (wife and 3 kids) as dependents. Covered Lives [MMKQ] in the above example will be 5 – the man (member), and his 4 dependants.

Enrollment or Membership - represents the total number of members acquired by the company, as at period end. For example: one man is a member of a health insurance plan, and he adds his family (wife and 3 kids) as dependents. Enrollment of Membership [MMKZ] in the above example will be one – the man who subscribed to the insurance plan.

Receipt Cycle Time (Days) - represents the average length of time (in number of days) that has lapsed between the time when a claim was initially incurred and when the claim form was received.

Receipt Cycle Time (Months) - represents the average length of time (in number of months) that has lapsed between the time when a claim was initially incurred and when the claim form was received.

Premiums Per Member Per Month - represents the total revenues earned by the company, divided by the total number of member months. A member is defined as each patient with insurance coverage under a health plan. Other terms used include enrollees and covered lives. Total number of member months is obtained by adding for all the members of the companies, the number of months for which they are a member.

Premiums Per Member Per Month, Total - represents the Company level Premiums per Member per Month, as reported by the company. It is obtained using the total revenues earned by the company, divided by the total number of member months.

Medical Costs per Member per Month - represents the total medical costs incurred by the company, divided by the total number of member months. This is also sometimes called Service Costs PMPM. A member is defined as each patient with insurance coverage under a health plan. Other terms used include enrollees and covered lives. Total number of member months is obtained by adding for all the members of the companies, the number of months for which they are a member.

Medical Costs Per Member Per Month, Total - represents the Company level Medical Costs incurred per Member per Month, as reported by the company. It is obtained using total medical costs incurred by the company, divided by the total number of member months. This is also sometimes called Service Costs PMPM.

SG&A Costs per Member per Month - represents SG&A costs incurred by the company, divided by the total number of member months. A member is defined as each patient with insurance coverage under a health plan. Other terms used include enrollees and covered lives. Total number of member months is obtained by adding for all the members of the companies, the number of months for which they are a member.

SG&A Costs Per Member Per Month, Total - represents the Company level Selling, General and Administrative costs incurred per Member per Month, as reported by the company. It is obtained using SG&A costs incurred by the company, divided by the total number of member months.

Medical Expense Ratio - % - represents the percentage of the premiums that are used to pay for the delivery of health care. It is obtained using the total medical expenses incurred by the company, divided by the total revenues earned.

Medical Expense Ratio, Total - % - represents the Company level Medical Expense Ratio, as reported by the company. It shows the percentage of the premiums that are used to pay for the delivery of health care. It is obtained using the total medical expenses incurred by the company, divided by the total revenues earned.

General & Administration Ratio - % - represents the percentage of total revenues that are used to administer the health plan. It is a measure of the efficiency of the company. It is obtained using the total General and Administration costs incurred by the company, divided by the total revenues earned.

General & Administration Ratio, Total - % - represents the Company level General & Administration Ratio, as reported by the company. It is obtained using the total General and Administration costs incurred by the company, divided by the total revenues earned. It shows the percentage of total revenues that are used to administer the health plan, and is a measure of the efficiency of the company.

Selling Costs Ratio - % - represents the percentage of total revenues that are used to complete the sales of the health plan. It is obtained using the total selling expenses incurred by the company, divided by the total premiums earned.

Selling Costs Ratio, Total - % - represents the Company level Selling Costs Ratio, as reported by the company. It shows the percentage of total revenues that are used to complete the sales of the health plan. It is obtained using the total selling expenses incurred by the company, divided by the total premiums earned.

Combined Ratio - % - represents the sum of the Loss ratio, LAE (Loss Adjustment Expenses) ratio, and Underwriting Expense and Policyholder dividends to premiums ratio. It is a measure of the efficiency of the company.

Combined Ratio, Total - % - represents the Company level Combined Ratio, as reported by the company. It is the sum of the Loss ratio, LAE (Loss Adjustment Expenses) ratio, and Underwriting Expense and Policyholder dividends to premiums ratio. It is a measure of the efficiency of the company.

Unprocessed Claims Inventories, Number - represents the claims count of claims received, but not yet fully processed. The inventory of unprocessed claims reflects the company’s ability to manage and process claims submissions made to the company.

Unprocessed Claims Inventories, Value - represents the estimated valuation of claims received but not yet fully processed. The inventory of unprocessed claims reflects the company’s ability to manage and process claims submissions made to the company.

Unprocessed Claims Inventories, Days - represents number of days on hand of the unprocessed claims inventories. The inventory of unprocessed claims reflects the company’s ability to manage and process claims submissions made to the company.

Days in Claims Payable (DCP) - represents the medical claim liabilities at the end of the period, divided by average medical expenses per day in the quarterly period.

Days in Claims Payable excluding Capitation - represents medical claim liabilities at the end of the period divided by average medical expenses per day in the quarterly period, excluding capitation. Companies may have some providers under capitation payment arrangements. Capitation refers to the system of payment for each customer served, rather than by service performed. Such capitation payment arrangements do not require a medical claim IBNR reserve. Hence, companies with such capitation payment arrangements will usually summarize the DCP metric excluding capitation expense.

Claims Reserves - represents the provisions set apart for future claims, as at the end of the period. The claims reserves include: Incurred but not reported claims; Received but unprocessed claims; and Reserves for loss adjustment expenses

Mining

Number of Mines - represents the number of mines the company is working on as at the period end.

Remaining Mine Life -Years - represents the number of years left remaining of the life of the productive mine as at the period end.

Developed Acreage - Mining - represents the number of acres that are allocated or assignable to productive mines or mines capable of production.

Developed Square Kilometers - Mining - represents the number of square kilometers that are allocated or assignable to productive mines or mines capable of production.

Average Production per Mine (Long Tons) - represents the average production volume of a mineral per mine, in Long Tons.

Average Production per Mine (Long Tons), Total - represents the Company level Average Production Volume per mine in Long Tons, as reported by the company.

Average Production per Mine (Metric Tonnes) - represents the average production volume of a mineral per mine, in Metric Tonnes.

Average Production per Mine (Metric Tonnes), Total - represents the Company level Average Production Volume per mine in Metric Tonnes, as reported by the company.

Average Production per Mine (US Tons) - represents the average production volume of a mineral per mine, in US Tons.

Average Production per Mine (US Tons), Total - represents the Company level Average Production Volume per mine in US Tons, as reported by the company.

Stripping Ratio - % - represents the amount of waste rock mined relative to the amount of ore mined. This is obtained using the volume of waste rock produced, divided by the volume of mineral mined for a mine. For example: a stripping ratio of 3 to 1 means that during the life of the pit, there will be three times as much waste rock mined as ore.

Stripping Ratio, Total - % - represents the Company level Stripping Ratio, as reported by the company. It shows the amount of waste rock mined relative to the amount of ore mined.

Undeveloped Acreage - Mining - represents the lease acreage on which mines have not been completed to a point that would permit the production of commercial quantities of minerals, regardless of whether such area contains proved reserves.

Undeveloped Square Kilometers - Mining - represents the lease square kilometers on which mines have not completed to a point that would permit the production of commercial quantities of minerals, regardless of whether such area contains proved reserves.

Copper Production (Long Tons) - represents the total production volume of Copper in Long Tons, by the mining company during the specified period of time.

Copper Production (Metric Tonnes) - represents the total production volume of Copper in Metric Tonnes, by the mining company during the specified period of time.

Copper Production (US Tons) - represents the total production volume of Copper in US Tons, by the mining company during the specified period of time.

Diamond Production (Carats) - represents the total production volume of Diamonds in Carats, by the mining company during the specified period of time.

Gold Production (Grams) - represents the total production volume of Gold in Grams, by the mining company during the specified period of time.

Gold Production (Ounces) - represents the total production volume of Gold in Ounces, by the mining company during the specified period of time.

Gold Production (Troy Ounces) - represents the total production volume of Gold in Troy Ounces, by the mining company during the specified period of time.

Iron Ore Production (Long Tons) - represents the total production volume of Iron Ore in Long Tons, by the mining company during the specified period of time.

Iron Ore Production (Metric Tonnes) - represents the total production volume of Iron Ore in Metric Tonnes, by the mining company during the specified period of time.

Iron Ore Production (US Tons) - represents the total production volume of Iron Ore in US Tons, by the mining company during the specified period of time.

Platinum Production (Grams) - represents the total production volume of Platinum in Grams, by the mining company during the specified period of time.

Platinum Production (Ounces) - represents the total production volume of Platinum in Ounces, by the mining company during the specified period of time.

Platinum Production (Troy Ounces) - represents the total production volume of Platinum in Troy Ounces, by the mining company during the specified period of time.

Silver Production (Grams) - represents the total production volume of Silver in Grams, by the mining company during the specified period of time.

Silver Production (Ounces) - represents the total production volume of Silver in Ounces, by the mining company during the specified period of time.

Silver Production (Troy Ounces) - represents the total production volume of Silver in Troy Ounces, by the mining company during the specified period of time.

Titanium Slag Production (Long Tons) - represents the total production volume of Titanium Slag in Long Tons, by the mining company during the specified period of time.

Titanium Slag Production (Metric Tonnes) - represents the total production volume of Titanium Slag in Metric Tonnes, by the mining company during the specified period of time.

Titanium Slag Production (US Tons) - represents the total production volume of Titanium Slag in US Tons, by the mining company during the specified period of time.

Zinc Production (Long Tons) - represents the total production volume of Zinc in Long Tons by the mining company, during the specified period of time.

Zinc Production (Metric Tonnes) - represents the total production volume of Zinc in Metric Tonnes by the mining company, during the specified period of time.

Zinc Production (US Tons) - represents the total production volume of Zinc in US Tons by the mining company, during the specified period of time.

Copper, Reserves (Long Tons) - represents the Copper reserves owned by the mining company in Long Tons, as at the period end.

Copper, Reserves (Metric Tonnes) - represents the Copper reserves owned by the mining company in Metric Tonnes, as at the period end.

Copper, Reserves (US Tons) - represents the Copper reserves owned by the mining company in US Tons, as at the period end.

Diamonds, Reserves (Carats) - represents the total Diamonds reserves owned by the mining company in Carats, as at the period end.

Gold, Reserves (Grams) - represents the total Gold reserves owned by the mining company in Grams, as at the period end.

Gold, Reserves (Ounces) - represents the total Gold reserves owned by the mining company in Ounces, as at the period end.

Gold, Reserves (Troy Ounces) - represents the total Gold reserves owned by the company in Troy Ounces, as at the period end.

Iron Ore, Reserves (Long Tons) - represents the Iron Ore reserves owned by the mining company in Long Tons, as at the period end.

Iron Ore, Reserves (Metric Tonnes) - represents the Iron Ore reserves owned by the mining company in Metric Tonnes, as at the period end.

Iron Ore, Reserves (US Tons) - represents the Iron Ore reserves owned by the mining company in US Tons, as at the period end.

Platinum, Reserves (Grams) - represents the total Platinum reserves owned by the mining company in Grams, as at the period end.

Platinum, Reserves (Ounces) - represents the total Platinum reserves owned by the mining company in Ounces, as at the period end.

Platinum, Reserves (Troy Ounces) - represents the total Platinum reserves owned by the company in Troy Ounces, as at the period end.

Silver, Reserves (Grams) - represents the total Silver reserves owned by the mining company in Grams, as at the period end.

Silver, Reserves (Ounces) - represents the total Silver reserves owned by the mining company in Ounces, as at the period end.

Silver, Reserves (Troy Ounces) - represents the total Silver reserves owned by the company in Troy Ounces, as at the period end.

Titanium Slag, Reserves (Long Tons) - represents the Titanium Slag reserves owned by the mining company in Long Tons, as at the period end.

Titanium Slag, Reserves (Metric Tonnes) - represents the Titanium Slag reserves owned by the mining company in Metric Tonnes, as at the period end.

Titanium Slag, Reserves (US Tons) - represents the Titanium Slag reserves owned by the mining company in US Tons, as at the period end.

Zinc, Reserves (Long Tons) - represents the Zinc reserves owned by the mining company in Long Tons, as at the period end.

Zinc, Reserves (Metric Tonnes) - represents the Zinc reserves owned by the mining company in Metric Tonnes, as at the period end.

Zinc, Reserves (US Tons) - represents the Zinc reserves owned by the mining company in US Tons, as at the period end.

Copper, Average Price per Long Ton - represents the average selling price of Copper per Long Ton, during the specified period of time.

Copper, Average Price per Long Ton, Total - represents the Company level Average Selling Price of Copper per Long Ton during the specified period of time, as reported by the company.

Copper, Average Price per Metric Tonne - represents the average selling price of Copper per Metric Tonne, during the specified period of time.

Copper, Average Price per Metric Tonne, Total - represents the Company level Average Selling Price of Copper per Metric Tonne during the specified period of time, as reported by the company.

Copper, Average Price per US Ton - represents the average selling price of Copper per US Ton, during the specified period of time.

Copper, Average Price per US Ton, Total - represents the Company level Average Selling Price of Copper per US Ton during the specified period of time, as reported by the company.

Diamonds, Average Price per Carat - represents the average selling price of Diamonds per Carat, during the specified period of time.

Diamonds, Average Price per Carat, Total - represents Company level Average Selling Price of Diamonds per Carat during the specified period of time, as reported by the company.

Gold, Average Price per Gram - represents the average selling price of Gold per Gram, during the specified period of time.

Gold, Average Price per Gram, Total - represents the Company level Average Selling Price of Gold per Gram during the specified period of time, as reported by the company.

Gold, Average Price per Ounce - represents the average selling price of Gold per Ounce, during the specified period of time.

Gold, Average Price per Ounce, Total - represents the Company level Average Selling Price of Gold per Ounce during the specified period of time, as reported by the company.

Gold, Average Price per Troy Ounce - represents the average selling price of Gold per Troy Ounce, during the specified period of time.

Gold, Average Price per Troy Ounce, Total - represents the Company level Average Selling Price of Gold per Troy Ounce during the specified period of time, as reported by the company.

Iron Ore, Average Price per Long Ton - represents the average selling price of Iron Ore per Long Ton, during the specified period of time.

Iron Ore, Average Price per Long Ton, Total - represents the Company level Average Selling Price of Iron Ore per Long Ton during the specified period of time, as reported by the company.

Iron Ore, Average Price per Metric Tonne - represents the average selling price of Iron Ore per Metric Tonne, during the specified period of time.

Iron Ore, Average Price per Metric Tonne, Total - represents the Company level Average Selling Price of Iron Ore per Metric Tonne during the specified period of time, as reported by the company.

Iron Ore, Average Price per US Ton - represents the average selling price of Iron Ore per US Ton, during the specified period of time.

Iron Ore, Average Price per US Ton, Total - represents the Company level Average Selling Price of Iron Ore per US Ton during the specified period of time, as reported by the company.

Platinum, Average Price per Gram - represents the average selling price of Platinum per Gram, during the specified period of time.

Platinum, Average Price per Gram, Total - represents the Company level Average Selling Price of Platinum per Gram, during the specified period of time.

Platinum, Average Price per Ounce - represents the average selling price of Platinum per Ounce, during the specified period of time.

Platinum, Average Price per Ounce, Total - represents the Company level Average Selling Price of Platinum per Ounce during the specified period of time, as reported by the company.

Platinum, Average Price per Troy Ounce - represents the average selling price of Platinum per Troy Ounce, during the specified period of time.

Platinum, Average Price per Troy Ounce, Total - represents the Company level Average Selling Price of Platinum per Troy Ounce during the specified period of time, as reported by the company.

Silver, Average Price per Gram - represents the average selling price of Silver per Gram, during the specified period of time.

Silver, Average Price per Gram, Total - represents the Company level Average Selling Price of Silver per Gram during the specified period of time, as reported by the company.

Silver, Average Price per Ounce - represents the average selling price of Silver per Ounce, during the specified period of time.

Silver, Average Price per Ounce, Total - represents the Company level Average Selling Price of Silver per Ounce during the specified period of time, as reported by the company.

Silver, Average Price per Troy Ounce - represents the average selling price of Silver per Troy Ounce, during the specified period of time.

Silver, Average Price per Troy Ounce, Total - represents the Company level Average Selling Price of Silver per Troy Ounce during the specified period of time, as reported by the company.

Titanium Slag, Average Price per Long Ton - represents the average selling price of Titanium Slag per Long Ton, during the specified period of time.

Titanium Slag, Average Price per Long Ton, Total - represents the Company level Average Selling Price of Titanium Slag per Long Ton during the specified period of time, as reported by the company.

Titanium Slag, Average Price per Metric Tonne - represents the average selling price of Titanium Slag per Metric Tonne, during the specified period of time.

Titanium Slag, Average Price per Metric Tonne, Total - represents the Company level Average Selling Price of Titanium Slag per Metric Tonne during the specified period of time, as reported by the company.

Titanium Slag, Average Price per US Ton - represents the average selling price of Titanium Slag per US Ton, during the specified period of time.

Titanium Slag, Average Price per US Ton, Total - represents the Company level Average Selling Price of Titanium Slag per US Ton during the specified period of time, as reported by the company.

Zinc, Average Price per Long Ton - represents the average selling price of Zinc per Long Ton, during the specified period of time.

Zinc, Average Price per Long Ton, Total - represents the Company level Average Selling Price of Zinc per Long Ton during the specified period of time, as reported by the company.

Zinc, Average Price per Metric Tonne - represents the average selling price of Zinc per Metric Tonne, during the specified period of time.

Zinc, Average Price per Metric Tonne, Total - represents the Company level Average Selling Price of Zinc per Metric Tonne during the specified period of time, as reported by the company.

Zinc, Average Price per US Ton - represents the average selling price of Zinc per US Ton, during the specified period of time.

Zinc, Average Price per US Ton, Total - represents the Company level Average Selling Price of Zinc per US Ton during the specified period of time, as reported by the company.

Oil & Gas

Crude Oil, Average Production (Barrels/Day) - represents the average production of crude oil on daily basis, in barrels.

Crude Oil, Average Sales Price per Barrel - represents the average sales price of crude oil per barrel.

Crude Oil, Average Sales Price per Barrel, Total - represents the Company level Average Sales Price of Crude Oil per Barrel, as reported by the company.

Crude Oil Production (Barrels) - represents the total production of crude oil in barrels.

Gas Liquids, Average Production (Barrels/Day) - represents the average production of gas liquids on daily basis, in barrels.

Gas Liquids, Average Sales Price per Barrel - represents the average sales price of Gas Liquids per barrel.

Gas Liquids, Average Sales Price per Barrel, Total - represents the Company level Average Sales Price of Gas Liquids per barrel, as reported by the company.

Gas Liquids Production (Barrels) - represents the total production of gas liquids in barrels.

Natural Gas, Average Production (Cubic Feet/Day) - represents the average production of Natural Gas on a daily basis, in cubic feet.

Natural Gas, Average Production (Cubic Feet/Day), Total - represents the Company level Daily Average Production of Natural Gas in cubic feet, as reported by the company.

Natural Gas, Average Production (Cubic Meters/Day) - represents the average production of Natural Gas on daily basis, in cubic meters.

Natural Gas, Average Production (Cubic Meters/Day), Total - represents the Company level Daily Average Production of Natural Gas in cubic meters, as reported by the company.

Natural Gas, Average Sales Price per Cubic Feet - represents the average sales price of Natural Gas per Cubic Feet.

Natural Gas, Average Sales Price per Cubic Feet, Total - represents the Company level Average Sales Price of Natural Gas per Cubic Feet, as reported by the company.

Natural Gas, Average Sales Price per Cubic Meter - represents the average sales price of Natural Gas per Cubic Meter.

Natural Gas, Average Sales Price per Cubic Meter, Total - represents the Company level Average Sales Price of Natural Gas per Cubic Meter, as reported by the company.

Natural Gas Production (Cubic Feet) - represents the total production of natural gas in cubic feet.

Natural Gas Production (Cubic Meters) - represents the total production of natural gas in cubic meters.

Average Production Costs per Barrel - represents the average cost incurred by the company to produce a barrel of oil or gas.

Average Production Costs per Barrel, Total - represents the Company level Average Cost incurred to produce a barrel of oil or gas, as reported by the company.

Oil Equivalent Production (Barrels/Day) - represents the total daily production (of natural gas) in Oil Equivalent Barrel. Oil Equivalent Barrel is a used to quantify crude oil and natural gas using the same unit of measure. Natural gas volumes are converted to barrels on the basis of energy content.

Production Growth - % - represents the average daily production growth of the oil/gas company. This item is used to collect the rate of growth of the production of Crude Oil, Gas Liquids and/or Natural Gas.

Production Growth, Total - % - represents the Company level Average Daily Production Growth, as reported by the oil/gas company. This item is used to collect the rate of growth of the production of Crude Oil, Gas Liquids and/or Natural Gas.

Exploration and Development Costs - represents the exploration and development costs incurred by the company for feasibility studies for new wells.

Recycle Ratio - % - represents the value created for each dollar invested in the oil/gas company. It is a measure of the capital efficiency of the company.

Recycle Ratio, Total - % - represents the Company level Recycle Ratio, as reported by the company. It shows the value created for each dollar invested in the oil/gas company, and is a measure of the capital efficiency of the company.

Developed Acreage - Oil & Gas - represents the number of acres that are allocated or assignable to productive wells or wells capable of production.

Developed Square Kilometers - Oil & Gas - represents the number of square kilometers that are allocated or assignable to productive wells or wells capable of production.

Undeveloped Acreage - Oil & Gas - represents the lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of natural gas and oil, regardless of whether such area contains proved reserves.

Undeveloped Square Kilometers - Oil & Gas - represents the lease square kilometers on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of natural gas and oil, regardless of whether such area contains proved reserves.

Number of Rigs - represents the number of Rigs the company is actively exploring for oil and natural gas as at the period end.

Number of Wells, New - represents the number of new wells explored by the company as at the period end.

Number of Wells, Total - represents the number of total wells owned by the company as at the period end.

Oil and LNG Reserves, Proved (Barrels) - represents the estimated quantities of oil and liquefied natural gas reserves which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions (in Barrels).

Natural Gas Reserves, Proved (Cubic Feet) - represents the estimated quantities of natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions (in Cubic Feet).

Natural Gas Reserves, Proved (Cubic Meters) - represents the estimated quantities of natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions (in Cubic Meters).

Oil and LNG Reserves, Probable (Barrels) - represents the estimated quantities of oil and liquefied natural gas reserves which is categorized as “reasonably probable" of being produced using current or likely technology at current prices, with current commercial terms and government consent.

Natural Gas Reserves, Probable (Cubic Feet) - represents the estimated quantities of gas reserves which is categorized as “reasonably probable" of being produced using current or likely technology at current prices, with current commercial terms and government consent.

Natural Gas Reserves, Probable (Cubic Meters) - represents the estimated quantities of gas reserves which is categorized as “reasonably probable" of being produced using current or likely technology at current prices, with current commercial terms and government consent.

Oil and LNG Reserves, Possible (Barrels) - represents the estimated quantities of oil and liquefied natural gas reserves that have a chance of being developed under favorable circumstances.

Natural Gas Reserves, Possible (Cubic Feet) - represents the estimated quantities of natural gas reserves that have a chance of being developed under favorable circumstances.

Natural Gas Reserves, Possible (Cubic Meters) - represents the estimated quantities of natural gas reserves that have a chance of being developed under favorable circumstances.

Pharmaceuticals

Number of Patents - represents the number of patents on drug compounds and manufacturing processes held by the company as at the period end.

Number of Patent References (Other) - represents the number of references to this company’s patents by other pharmaceutical/biotech companies in their patent filings.

Number of Products in Phase I - represents the number of products/compounds the company has in Phase 1 clinical trials. Phase 1 clinical trials investigate the safety and proper dose ranges of a product candidate in a small number of human subjects.

Number of Products in Phase II - represents the number of products/compounds the company has in Phase 2 clinical trials. Phase 2 clinical trials investigate side effect profiles and efficacy of a product candidate in a large number of patients who have the disease or condition under study.

Number of Products in Phase III - represents the number of products/compounds the company has in Phase 3 clinical trials. Phase 3 clinical trials investigate the safety and efficacy of a product candidate in a large number of patients who have the disease or condition under study.

Number of Products Launched - represents the number of products/compounds that have passed Phase 3 clinical trials, received all necessary regulatory approvals and have been launched for sale for the year.

Number of Products in Pre-Registration - represents the number of products/compounds that have passed Phase 3 clinical trials and are awaiting regulatory approval before being launched for sale.

REITs & Real Estate

Number of Operating Partnership Units - represents the total number of interests units issued for unit-holders, for ownership in the partnership that controls the REIT. This is similar to the concept of Common Stock in an equity company, and often appears as Minority Interests on the balance sheet of the REIT.

Net Asset Value (NAV) - represents the net “market value’ of all of a company’s assets. This includes but is not limited to its properties, after subtracting all its liabilities and obligations. This construct is used for valuation purposes of a REIT. Net Asset Value (NAV) [MRGN] is generally obtained using Net Assets, less liabilities and Preferred Stock.

Gross Asset Value (GNAV) - represents the market value of the net assets of the REIT, before any deductions for deferred tax on revaluation gains.

Triple Net Asset Value (NNNAV) - represents the net asset value when all of the assets and liabilities of the REIT are valued at their respective market values.

Total Number of Units or Properties - represents the total number of units (buildings) or properties controlled by the company as at the end of the period.

Total Square Meters Available for Lease - represents the total amount of space, in square meters, controlled by the company that’s available for lease as at the end of the period.

Total Square Feet Available for Lease - represents the total amount of space, in square feet, controlled by the company that’s available for lease as at the end of the period.

Occupancy Rate of Space Leased - % - represents the percentage of leased space that is occupied by tenants, as at the end of the period.

Occupancy Rate of Space Leased, Total - % - represents the Company level Occupancy Rate of Space Leased, as reported by the company. It shows the percentage of leased space that is occupied by tenants, as at the end of the period.

Average Square Feet Leased - represents the average amount of space per property, in square feet, leased by the company during the period.

Average Square Feet Leased, Total - represents the Company level Average Square Feet Leased per Property, as reported by the company.

Average Square Meters Leased - represents the average amount of space per property, in square meters, leased by the company during the period.

Average Square Meters Leased, Total - represents the Company level Average Square Meters Leased per Property, as reported by the company.

Average Rent per Square Foot - represents the average rent received from tenants per square foot of property controlled by the Real Estate company.

Average Rent per Square Foot, Total - represents Company level Average Rent received from tenants per Square Foot of property, as reported by the company.

Average Rent per Square Meter - represents the average rent received from tenants per square meter of property controlled by the Real Estate company.

Average Rent per Square Meter, Total - represents the Company level Average Rent received from tenants per Square Meter of property, as reported by the company.

Rent Growth (Sequential) - % - represents the percentage increase in rental rates from the previous period.

Rent Growth (Sequential), Total - % - represents the Company level sequential Rent Growth percentage, as reported by the company. It shows the percentage increase in rental rates from the previous period.

Funds from Operations per Share (Basic) - represents Funds from Operations (FFO) divided by the basic weighted average shares for the period. Funds from Operations (FFO) is used by real estate and other investment trusts to define the cash flow from trust operations.

Funds from Operations per Share (Diluted) - represents Funds from Operations (FFO) divided by the diluted weighted average shares for the period. Funds from Operations (FFO) is used by real estate and other investment trusts to define the cash flow from trust operations.

Adjusted Funds from Operations (AFFO) - represents Funds from Operations (FFO) adjusted for unusual and/or extraordinary items. Funds from Operations (FFO) is used by real estate and other investment trusts to define the cash flow from trust operations.

Adjusted Funds from Operations per Share (Basic) - represents Adjusted Funds from Operations (AFFO) divided by the basic weighted average shares for the period. AFFO represents Funds from Operations (FFO) adjusted for unusual and/or extraordinary items.

Adjusted Funds from Operations per Share (Diluted) - represents Adjusted Funds from Operations (AFFO) divided by the diluted weighted average shares for the period. AFFO represents Funds from Operations (FFO) adjusted for unusual and/or extraordinary items.

Funds Available for Distribution (FAD) - represents Funds from Operations (FFO) adjusted for non-real estate depreciation and the effect of straight-line rent, less capital investments in property.

Funds from Operations Payout Ratio - % - represents the dividend payout rate from the Funds from Operations (FFO) for each share. It is obtained using Dividends per Common share divided by Funds from Operations per share.

Funds from Operations Payout Ratio, Total - % - represents the Company level FFO Payout Ratio, as reported by the company. It shows the dividend payout rate from the Funds from Operations (FFO) for each share. It is obtained using Dividends per Common share divided by Funds from Operations per share.

Funds Available for Distribution Payout Ratio - % - represents the dividend payout rate from the Funds Available for Distribution (FAD) for each share. It is obtained using Dividends per Common share divided by Funds Available for Distribution per share.

Funds Available for Distribution Payout Ratio, Total - % - represents the Company level FAD Payout Ratio, as reported by the company. D222It shows the dividend payout rate from the Funds Available for Distribution (FAD) for each share. It is obtained using Dividends per Common share divided by Funds Available for Distribution per share.

Net Operating Income (NOI) - represents the underlying profitability of the operating properties of the REIT/ Real Estate company. Net Operating Income (NOI) [MRGE] is a non-GAAP measure that is generally equivalent to tenant revenues less labor and facility operating costs and management fees.

Fixed Charge Coverage Ratio - represents a measure of leverage of the REIT/ Real Estate company. It is obtained using EBITDA divided by fixed charges. Fixed charges generally include total interest expense, secured debt principal amortization and preferred stock dividends.

Fixed Charge Coverage Ratio, Total - represents the Company level Fixed Charge Coverage Ratio, as reported by the company. It is a measure of leverage of the REIT/ Real Estate company, and is obtained using EBITDA divided by fixed charges.

Restaurants

Number of Company Owned Restaurants - represents the total number of restaurants in operation owned by the company at the end of the period.

Number of Franchised Restaurants - represents the number of restaurants in operation owned by franchisees at the end of the period.

Number of Restaurants, End of Period - represents the total number of restaurants in operation at the end of the period. This includes both company owned and franchised restaurants.

Number of Restaurants Opened - represents the number of new restaurants opened during the period. This includes both company owned and franchised restaurants in all regions. This item includes the net number of restaurants opened during the period – number of restaurants opened, less the number of restaurants closed during the period.

Number of Restaurants Closed - represents the total number of new restaurants closed during the period. This includes both company owned and franchised restaurants in all regions.

Number of Stores per Region - represents the total number of restaurants (both company owned and franchised restaurants) in operation in a specified region as at the end of the period.

Comparable Store Sales Growth, Restaurants, Total - % - represents the Company level Growth in Comparable Store Sales, as reported by the company. It shows the period over period percentage change in total sales of the restaurants that are in operation in for both periods.

Comparable Store Sales Growth, Restaurants - % - represents the period over period percentage change in total sales of the restaurants that are in operation in for both periods. Comparable Store Sales are sales dollars generated by those restaurants that are open for a year or more, and have historical data to compare this year’s sales to the same time-frame in the previous year. It allows for meaningful historical comparison by taking restaurant closings and chain expansions out of the mix.

Comparable Store Sales, Restaurants (Value) - represents the total sales generated by all restaurants in operation in both this and the prior periods. Comparable Store Sales are sales dollars generated by those restaurants that are open for a year or more, and have historical data to compare this year’s sales to the same time-frame in the previous year. It allows for meaningful historical comparison by taking restaurant closings and chain expansions out of the mix.

Operating Margin - % - represents the restaurant-level operating margin. It is obtained using operating income divided by sales, excluding corporate and related expenses.

Operating Margin, Total - % - represents the Company level Operating Margin, as reported by the company.

Average Value per Transaction - represents the average customer check or bill per transaction during the period. This is a measurement of the average revenue earned for every customer transaction. It is obtained using the total revenues earned from customer checks, divided by the total number of transactions during the period.

Average Value per Transaction, Total - represents the Company level Average customer check or bill per transaction during the period, as reported by the company. It is obtained using the total revenues earned from customer checks, divided by the total number of transactions during the period. This is a measurement of the average revenue earned for every customer transaction.

Growth in Average Value per Transaction - % - represents the period over period percentage change in average customer check or bill per transaction. Average customer check represents the average revenue earned for every customer transaction during the period.

Growth in Average Value per Transaction, Total - % - represents the Company level Growth in Average Value per Transaction for the period, as reported by the company. It shows the period over period percentage change in average customer check or bill per transaction.

Growth in Guest Counts - % - represents the period over period percentage change in the total number of guest or customer visits to the restaurants.

Growth in Guest Counts, Total - % - represents Company level Growth in Guest Counts for the period, as reported by the company. It shows the period over period percentage change in the total number of guest or customer visits to the restaurants.

Weighted Average Weekly Sales per Restaurant - represents the weighted average weekly sales per restaurant during the period. One method of calculating Weighted Average Weekly Sales per Restaurant will be to use the total restaurant sales for the period, divided by the total number of days all restaurants were open for the period to obtain a daily sales average; then multiply the daily sales average by seven to obtain the weekly average sales.

Weighted Average Weekly Sales per Restaurant, Total - represents the Company level Weighted Average Weekly Sales per Restaurant during the period as reported by the company.

Retail

Number of Stores Opened - represents the total number of new stores opened in all regions during the period. This item includes the net number of stores opened during the period – number of stores opened, less the number of stores closed during the period.

Number of Stores Closed - represents the total number of new stores closed in all regions during the period.

Number of Stores, End of Period - represents the total number of stores operated by the company at the end of the period.

Selling Space, Square Feet (Gross) - represents the total gross footage of all the company’s stores at period end.

Selling Space, Square Meters (Gross) - represents the total gross area, in square meters, of all the company’s stores at period end.

Selling Space, Square Feet (Net) - represents the total net footage of all the company’s stores at period end.

Selling Space, Square Meters (Net) - represents the total net area, in square meters, of all the company’s stores at period end.

Average Store Size (Square Feet) - represents the average size, in square feet, of all the company’s stores at period end. It is obtained using the total square feet of all the stores owned by the company, divided by the total number of stores.

Average Store Size (Square Feet), Total - represents the Company level Average Store Size in Square Feet, as reported by the company. It is obtained using the total square feet of all the stores owned by the company, divided by the total number of stores.

Average Store Size (Square Meters) - represents the average size, in square meters, of all the company’s stores at period end.

Average Store Size (Square Meters), Total - represents the Company level Average Store Size in Square Meters, as reported by the company. It is obtained using the total area (in square meters) of all the stores owned by the company, divided by the total number of stores.

Traffic (Number of Customer Visits) - represents the total number of customer visits to all of the company’s stores during the period.

Comparable Store Sales, Retail, Total - % - represents the Company level Growth in Comparable Store Sales for the period, as reported by the company. It shows the period over period percentage change in total sales of stores in operation in both periods.

Comparable Store Sales Growth, Retail - % - represents the period over period percentage change in total sales of stores in operation in both periods. Comparable Store Sales are sales dollars generated by those stores that are open for a year or more, and have historical data to compare this year’s sales to the same timeframe in the previous year. It allows for meaningful historical comparison by taking store closings and chain expansions out of the mix.

Comparable Store Sales, Retail (Value) - represents the total sales generated by all stores in operation in both this and the prior periods. Comparable Store Sales are sales dollars generated by those stores that are open for a year or more, and have historical data to compare this year’s sales to the same timeframe in the previous year. It allows for meaningful historical comparison by taking store closings and chain expansions out of the mix.

Merchandise Margins - % - represents the percentage profit margin on product sales achieved during the period. It is generally the same as gross profit margin %, but some companies call this merchandise margin.

Merchandise Margins, Total - % - represents the Company level Merchandise Margins, as reported by the company. It shows the percentage profit margin on product sales achieved during the period. It is generally the same as gross profit margin %, but some companies call this merchandise margin.

Retail Sales - represents the total value of sales at retail locations (physical stores) during the period.

Catalog Sales - represents the total value of sales revenues earned by the company through catalogs (mail order) during the period.

Online Sales - represents the total value of sales generated over the Internet during the period.

Average Sales per Store - represents the average sales per store during the period. It is obtained using the total revenues earned from store sales, divided by the total number of stores during the period.

Average Sales per Store, Total - represents the Company level Average Sales per Store during the period, as reported by the company. It is obtained using the total revenues earned from store sales, divided by the total number of stores during the period.

Average Sales per Square Foot - represents the average sales-per-foot of retail space. It is obtained using the total revenues earned from store sales, divided by the total area of retail space (in square feet) during the period.

Average Sales per Square Foot, Total - represents the Company level Average sales-per-foot of retail space, as reported by the company. It is obtained using the total revenues earned from store sales, divided by the total area of retail space (in square feet) during the period.

Average Sales per Square Meter - represents the average sales-per-square meter of retail space. It is obtained using the total revenues earned from store sales, divided by the total area of retail space (in square meters) during the period.

Average Sales per Square Meter, Total - represents the Company level Average Sales-per-square meter of retail space, as reported by the company. It is obtained using the total revenues earned from store sales, divided by the total area of retail space (in square meters) during the period.

Average Rental Expense per Square Foot - represents the average rental expense-per-square foot of retail space. It is obtained using the total rental expenses incurred for store operations, divided by the total area of retail space (in square feet) during the period.

Average Rental Expense per Square Foot, Total - represents the Company level Average Rental Expense-per-square foot of retail space, as reported by the company. It is obtained using the total rental expenses incurred for store operations, divided by the total area of retail space (in square feet) during the period.

Average Rental Expense per Square Meter - represents the average rental expense-per-square meter of retail space. It is obtained using the total rental expenses incurred for store operations, divided by the total area of retail space (in square meters) during the period.

Average Rental Expense per Square Meter, Total - represents the Company level Average Rental Expense-per-square meter of retail space, as reported by the company. It is obtained using the total rental expenses incurred for store operations, divided by the total area of retail space (in square meters) during the period.

Average Rental Expense per Store - represents the average rental expense incurred per store during the period. It is obtained using the total rental expenses incurred for store operations, divided by the total number of stores during the period.

Average Rental Expense per Store, Total - represents the Company level Average Rental Expense incurred per store during the period, as reported by the company. It is obtained using the total rental expenses incurred for store operations, divided by the total number of stores during the period.

Semiconductors

Value of Bookings - represents the total value of new orders received by the company during the period.

Value of Backlog - represents the total order backlog of the company as of the end of the period.

Book to Bill Ratio - represents the ratio of the total orders received from the company’s customers to the total orders that have been shipped. A book-to-bill ratio greater than 1 indicates a company has more orders than it can deliver, while a ratio less than 1 indicates a company has fewer orders than it can deliver.

Book to Bill Ratio, Total - represents the Company level Book to Bill Ratio as reported by the company. It shows the ratio of the total orders received from the company’s customers to the total orders that have been shipped.

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Auditor Opinions
Unqualified - The Auditor's opinion on the financial statements is given without any reservations. Such an opinion generally consists of 3 paragraphs. The opening paragraph differentiates between the responsibilities of management and the auditor for the financial statements. The next or scope paragraph specifies that their audit was conducted in accordance with generally accepted auditing standards (GAAS). It contains an explanation of an audit and acknowledges that an audit provides only reasonable assurance about whether the financial statements are free of material misstatement. In the last or opinion paragraph, the auditor states that the company's financial statements were prepared in accordance with generally accepted accounting principles (GAAP) and present fairly, in all material respects, the results of operations and financial condition of the company for the period audited.

Unqualified with Explanation - Is an Unqualified opinion but includes comments by the auditors on matters they feel are important to the understanding of the financial statements or their audit. May cover one of the following explanatory issues:

  • Uncertainty as to Going Concern - where the auditor concludes that substantial doubt exists about the entity's ability to continue for a reasonable period of time
  • Part of audit was performed by another auditor - where the principal auditor does not accept full responsibility for the opinion on the consolidated financial statements, the opening paragraph is modified to explain the division of responsibility, and the scope and opinion paragraphs contain references to the other auditor
  • Inconsistent application of GAAP - a change to an acceptable accounting principle that has a material effect on comparability
  • Uncertainties exist - such uncertainties or contingencies (e.g., litigation valuation or realization of assets) may require an explanatory paragraph depending on the probability of loss and the ability to make a reasonable estimate
The inability to perform an audit in accordance with GAAS or a material departure from GAAP precludes the auditor from issuing an unqualified opinion.

Qualified - A departure from GAAP or the performance of an incomplete audit due to scope restrictions imposed by the client or by circumstances precludes the Auditor from issuing a non-qualified opinion. In this instance, the Auditor's opinion paragraph will include the appropriate qualifying language.

Disclaimer of Opinion (no opinion) - When a material uncertainty exists and the auditor believes that it so pervasive as to not be adequately communicable by the use of an explanatory emphasis paragraph, the auditor will issue a Disclaimer, stating that they are unable to form an opinion on the financial statements. They will also issue a disclaimer if there is a significant restriction on their audit scope, whether or not client-imposed.

Adverse Opinion - This type of opinion is used when there is an unjustified departure from GAAP, and the effect is major. It is also used for failure to comply with disclosure standards (not affecting the amounts reported in the financial statements).

Unaudited - Financial Statements which have not undergone a detailed Audit examination by an independent Certified Public Accountant (CPA).


Restatements and Reclassifications
Restated Income Statement - An income statement reporting period is "restated" if net income before extraordinary items, accounting changes and/or discontinued operations changes. Note that most restatements are routine and not the result of error.

Reclassified Income Statement - An income statement reporting period is "reclassified" if net income before extraordinary items, accounting changes and/or discontinued operations remains the same, but the values of other line items within the period change.

Restated Balance Sheet - A balance sheet is "restated" if total assets and total liabilities + stockholders' equity changes. Note that most restatements are routine and not the result of error.

Reclassified Balance Sheet - A balance sheet is "reclassified" if total assets and total liabilities + stockholders' equity remains the same but the values of other line items in these sections change.

Restated Cash Flow - A cash flow reporting period is "restated" if the net change in cash changes or if net income changes. Note that most restatements are routine and not the result of error.

Reclassified Cash Flow - A cash flow reporting period is "reclassified" if the net change in cash remains the same but other line items - excluding net income - in the cash flow statement change.

Superseded Periods - A reporting period may be "superseded" if new financial statements contain information which make previously-issued data obsolete.  For example, because of a decision to dispose of an operation in the 3rd quarter a company will treat this operation as "discontinued" and its 1st and 2nd quarter financials will eventually be restated.  When the company issues its 3rd quarter results it will also generally include a 9-month income statement, thus in this instance the previous 2 quarter's information is "superseded" by the new 9-month statement.


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Wednesday, April 26, 2017