P&G 2011 June
sales $ 82 billion
Income from operating $ 15.8 bil
Net income $11.7 bil
Weak Cash flows from operating activities
Surge in Inventories
=> manipulate?
COGS reverse effect
=> SG&A 25,973 / 82,559 = 31.4%
Fabric Care 22%
Beauty 20%
Baby Care & Family Care 18%
Accruals to Total Assets 1.35%
Operating accruals to CA 5.33%
2012年2月11日土曜日
2012年2月10日金曜日
Note: Facebook Form S-1 Registration Statement
Facebook is ready for IPO
S-1 Registration Statement
Facebook
$3 billion sales =>$2 billion income from operation=> $1 billion net income
Google
$37.9 bil sales => 11.7 bil income from operation => $9.7 bil net income
Facebook
845 mil MAU from 608 mil, 100 bil (google+ 90mil)
65 mil per day compared with American idol 29 mil watchers
P&G 9% 27 consecutive months ad
588 bil Advertising
363 bil off the internet 62%
on the Internet 68 bil => 120 bil
Google
Foreign exchange rate
129 mil Google Britain 3.2% lower, 834mil the rest of the world 5.1% lower
Sales & Marketing 9.5% => 12.1% labor cost
The number of employee (from this site)
Google : 26k
Facebook: 2.25k
Executive compensation
Zuckerberg 1,487k 57.1% voting power (Stock B's voting power is ten times as Stock A)
Sandberg 30,873k
Ebersman 18,676k
S-1 Registration Statement
$3 billion sales =>$2 billion income from operation=> $1 billion net income
$37.9 bil sales => 11.7 bil income from operation => $9.7 bil net income
845 mil MAU from 608 mil, 100 bil (google+ 90mil)
65 mil per day compared with American idol 29 mil watchers
P&G 9% 27 consecutive months ad
588 bil Advertising
363 bil off the internet 62%
on the Internet 68 bil => 120 bil
Foreign exchange rate
129 mil Google Britain 3.2% lower, 834mil the rest of the world 5.1% lower
Sales & Marketing 9.5% => 12.1% labor cost
The number of employee (from this site)
Google : 26k
Facebook: 2.25k
Executive compensation
Zuckerberg 1,487k 57.1% voting power (Stock B's voting power is ten times as Stock A)
Sandberg 30,873k
Ebersman 18,676k
2012年2月7日火曜日
Why do excellent managers fail if they listen to consultants and bankers?
Last week, I read "The Innovator's Dilemma."
It's about why successful companies cannot catch up with new innovation.
The main thesis is that a company always needs to create new customers from new technology.
It is unique that he uses a lot of actual examples of the hard disk industry, the excavator industry,
the steel industry and so on to reveal how successful companies lost their outstanding ranking.
According to the author, the better management executives are, the more probable their companies fail
to catch up with the new technology.
He refers to such a new technology as "disruptive technology", because it creates new customers and new markets. It consists of three elements: cheep, plain, and the function not for mainstream customers.
When it comes to disruptive technology, it is fetal to enter the market of this technology. It is too late to
wait for this emerging market to enlarge enough.
However, excellent firms tend to overlook this opportunity though they have sufficient or much better
technology compared with start-ups.
Why?
Mainly, there are two reasons.
They're said from the point of view of consultants and of investment bankers.
Firstly, successful companies are inclined to listen to their main customers too carefully.
It is widely believed thought especially in terms of marketing consultants,
but it makes managers blind about step out to create new customers.
They keep inventing additional functions just for their mainstream customers.
The author calls this kind of network as Value Network.
Secondly, the pressure from investors forces managers to concentrate on only big and profitable markets.
This is because they need to retain their growth rate of sales or income to satisfy investors.
However, it makes it hard for them to try new market even if sometimes followed by failure.
At first, the market of disruptive technology is unknown to anybody and it is usually small.
Then, what do they do to keep up with disruptive innovation?
The author introduced RPV model.
RPV represents Resource, Process and Value.
Resource: Human resource, funding resource
Process: How to make a decision
Value: New value network
Then the author says it is appropriate to make suitable organization whose RPV is fitted to the disruptive technology market.
>>>
It is paradoxical and interesting.
Especially, I think it is objective that the author just observes a lot of cases of HD companies
and analyze it in a scientific way.
However, in terms of actual strategy, it seems far-fetched because he thinks just in his mind and
he does not introduce other point of view such as engineers, sales person or usual office workers.
Maybe he could not push his boundaries of top-down management of the US.
It's about why successful companies cannot catch up with new innovation.
The main thesis is that a company always needs to create new customers from new technology.
It is unique that he uses a lot of actual examples of the hard disk industry, the excavator industry,
the steel industry and so on to reveal how successful companies lost their outstanding ranking.
According to the author, the better management executives are, the more probable their companies fail
to catch up with the new technology.
He refers to such a new technology as "disruptive technology", because it creates new customers and new markets. It consists of three elements: cheep, plain, and the function not for mainstream customers.
When it comes to disruptive technology, it is fetal to enter the market of this technology. It is too late to
wait for this emerging market to enlarge enough.
However, excellent firms tend to overlook this opportunity though they have sufficient or much better
technology compared with start-ups.
Why?
Mainly, there are two reasons.
They're said from the point of view of consultants and of investment bankers.
Firstly, successful companies are inclined to listen to their main customers too carefully.
It is widely believed thought especially in terms of marketing consultants,
but it makes managers blind about step out to create new customers.
They keep inventing additional functions just for their mainstream customers.
The author calls this kind of network as Value Network.
Secondly, the pressure from investors forces managers to concentrate on only big and profitable markets.
This is because they need to retain their growth rate of sales or income to satisfy investors.
However, it makes it hard for them to try new market even if sometimes followed by failure.
At first, the market of disruptive technology is unknown to anybody and it is usually small.
Then, what do they do to keep up with disruptive innovation?
The author introduced RPV model.
RPV represents Resource, Process and Value.
Resource: Human resource, funding resource
Process: How to make a decision
Value: New value network
Then the author says it is appropriate to make suitable organization whose RPV is fitted to the disruptive technology market.
>>>
It is paradoxical and interesting.
Especially, I think it is objective that the author just observes a lot of cases of HD companies
and analyze it in a scientific way.
However, in terms of actual strategy, it seems far-fetched because he thinks just in his mind and
he does not introduce other point of view such as engineers, sales person or usual office workers.
Maybe he could not push his boundaries of top-down management of the US.
2012年1月24日火曜日
英語の壁と授業について
“May I buy this?”
買い物のときはいつも胸の鼓動が速くなる。ネイティヴのカジュアルな英語に上手く合わせられるかドキドキするからだ。
ロサンゼルスでのお店で私はこう言うと店員はちゃんと分かってくれたが、ちょっと時間差があって不思議に思った。
「『これ買います』を訳したからいいはず」、と思い、疑問に思ったが、とりあえずはこの胃の痛くなる関門を今日も通り抜けられたことに感謝して、放っておくことにした。
だが、割と早くその謎は解けた。その次の日に、友達と買い物の話になったときである。彼曰く、
“May I take it?”
その方が自然らしい。どうも彼も同じ間違いをしたらしく、その際は親切な店員が直してくれたらしい。
これは9月の頃の話だが、このように英語の壁と言っても単純に難しい英文を読めるようになれば良いのではなく、むしろ日常会話の陰に潜む困難な魔物と戦わなければいけないのが、英語でコミュニケーションができる、ということに関して肝要だと思える。
この魔物が少しやっかいなところは3つあるのかなぁと今のところ思っている。
第一にスピードである。いちいち日本語を英語に訳すのでは会話についていけないし、リスニングでも同様である。
第二に、広い意味でのボキャブラリーである。これは単純な意味が分かるだけでなく使うシチュエーションや含蓄についても把握している必要があるということである。丁度最初の挿話はこれを説明している。
第三に、量である。これは第一、第二を支えるものでもあるが、やはり言語は場数と一定の関係性があるのは事実なので、非ネイティヴは具体的な場面での経験をこなす必要がある。
自分自身、3ヶ月を振り返って、課題だった英語の上達具合を考えると、英文の速読やゆっくりとしたコミュニケーションに関しては上達を感じるのだけれど、特にウェイターとのやりとりや電話での応対など、日常生活での「コミュニケーション」では、英語力の無さをまだまだ痛感する。
実際、こちらで会った英語が上手い人達に上達方法を聞くと、アメリカの映画やドラマが好きな人が多く、スピードに乗った英語を聞けたり話せたりするようになるのが滑らかなコミュニケーションをするのに重要なのかなと思う。考えてみると日本で受けていた英語教育は、内容が難しくなってもスピードが増すことは稀だった気がしますし。
こちらでは、幸いなことにDVDが安かったり、Huluというドラマをタダで見られるサイトがあったりするので、gleeやthe officeといったコメディを見て、笑いつつ聞き取りに勤しんでいます。
さて、授業の方の報告になります。
まず、追加料金を払い、UCLAでの実際の授業を1つ取りました。
"Financial Statement Analysis":
財務諸表分析、金融でいうCorporate Finance ”Valuation”を会計の視点もいれつつ学ぶという授業。先生は会計士出身でウォール街でのアナリスト、The White Houseでの経済顧問を経て今年からThe Anderson school。
英語がとんでもなく速いですが、valuationという内容自体は日本での専攻と一緒だったので、どうにかなりました。その上でC/Fを利用したExcelでの財務モデリングや、”cookie jar reserve”といった粉飾手口、それを暴く為のC/F財務指標、など新たな発見もあったので面白かったです。
ミニテストや中間テストではよく満点を取って先生にも褒められましたし、ケースディスカッションも数字を詰められながらもやりきったので、成績はA+(95%以上)でした。これは、クラスで1番の成績だと思います。
改めて私は自分なりの視点で会社を分析していくのが好きなのだなぁと思いました。
UCLA extension: こちらは語学学校の方です。
先生はプリンストン大卒のLeighという人でした。
課題が多くて、明後日までに小説を30頁読みつつ、明日の為に記事1つ読むのと作文1つ書くこと、みたいなことは結構ありました。
小説を1冊読むことになっていて、テストもここから出ました。私は”the lovely bones”を読みました。他にも、非ネイティブには難しい”aとthe”の違いや、英語でのロジカルな文章の進め方も習えて、意外と収穫が多かったです。
また、午後の授業ではこれとは別に選択の授業があるのですが、そこでは"Street Talk"を取りました。freak me out, tacky, screw upとか学校では学ばないけど日常生活で多用する俗語を学べて、有意義でした。
成績は全てAでした。
カリフォルニアのディズニー「カリフォルニアアドベンチャーランド」には絶叫系観覧車があるとか、Holly Woodは実際のところ何も無くてしょっぱいとか積もる話もありますが、今回はここでclosing journal entriesです。次回は田舎のサンディエゴからお送りします！
2012年1月17日火曜日
Diving
Though some people want to go on a trip to Las Vegas or Grand Canyon,
I'm interested in scuba diving.
Therefore, now I'm looking for a nice driving school in San Diego.
What is difficult is that I don't have a car.
There are many good schools in La Jolla beach, but it takes several hours from here
to go there.
So, I have to find a driving school close to Mission Bay.
Anyway, my home stay father said that I can go diving all the year around,
so first of all, I wanna try a beginner's try course!
Recently, I saw some articles dealing with Bain Capital who founded by Mitt Romney.
Some say Bain Capital is a representative of greed wall street economy in the US,
but I think they help existent companies hire more people than if they hadn't invested money.
That's because in general, private equity funds put their money into companies who have got into trouble.
Accordingly, Bain capital failed in recovering 20% of companies they invested,
but it's more appropriate to say they saved as much as 80% of companies concerned.
Romney's career is extraordinary: he graduated from HBS as one of the top students and he succeeded in gaining huge returns from Bain Capital.
Some pundit say he is the richest candidate ever in the US, and enormous amount of money sent by Wall Street banks get his back.
I look forward to seeing the battle between Obama, who is the advocates of social warfare, versus Romney, who is the one of the most successful businessperson in the world.
>>>
I don't know why, but these days, I tend to find difficulty in speaking English fluently.
Several reasons come up with me.
But the biggest problem is that I'm rash in being good at English.
Due to it, I try to speak English faster than I can. Then I often stutter during speaking.
My primary purpose is improving my oral English skill, but I don't need to feel obsession about it.
It reminds me of the importance of "Take it easy."
I'm interested in scuba diving.
Therefore, now I'm looking for a nice driving school in San Diego.
What is difficult is that I don't have a car.
There are many good schools in La Jolla beach, but it takes several hours from here
to go there.
So, I have to find a driving school close to Mission Bay.
Anyway, my home stay father said that I can go diving all the year around,
so first of all, I wanna try a beginner's try course!
Recently, I saw some articles dealing with Bain Capital who founded by Mitt Romney.
Some say Bain Capital is a representative of greed wall street economy in the US,
but I think they help existent companies hire more people than if they hadn't invested money.
That's because in general, private equity funds put their money into companies who have got into trouble.
Accordingly, Bain capital failed in recovering 20% of companies they invested,
but it's more appropriate to say they saved as much as 80% of companies concerned.
Romney's career is extraordinary: he graduated from HBS as one of the top students and he succeeded in gaining huge returns from Bain Capital.
Some pundit say he is the richest candidate ever in the US, and enormous amount of money sent by Wall Street banks get his back.
I look forward to seeing the battle between Obama, who is the advocates of social warfare, versus Romney, who is the one of the most successful businessperson in the world.
>>>
I don't know why, but these days, I tend to find difficulty in speaking English fluently.
Several reasons come up with me.
But the biggest problem is that I'm rash in being good at English.
Due to it, I try to speak English faster than I can. Then I often stutter during speaking.
My primary purpose is improving my oral English skill, but I don't need to feel obsession about it.
It reminds me of the importance of "Take it easy."
2012年1月16日月曜日
Classes in UCSD
First of all,
the grade of the class I took last quarter, "Financial Statement Analysis" in UCLA came out.
That was great, so I restored my confidence a little.
Compared with UCLA, UCSD seems very rural from both good and bad meanings.
I'm slightly tired of that almost all buses do not run at night, but thanks to this desert of entertainment, I can concentrate on my studying more than in LA.
Now, at my home stay house, two students, except me, stay.
I freaked out when only me stayed here because I found every attention from home stay family paid to me. Thus, since other two students arrived, I feel less uneasy.
The home stay family consist of Father, Mother, daughter(19), son(17) and some pets.
I was astounded about some idiosyncrasies of typical american family, and I'll talk about it someday.
I winced a little at having difficulty in eating vegetable, and I have to work out every day not to get fat.
So far, I truly enjoy classes in UCSD.
UPS program is very organized and Megan, a academic advisor (she's quite nice and perspicacious!) helps kindly all of the students choose classes they want to take,
we can take classes just like a UCSD students.
Though some troubles lurked and I was forced to flip-flopped a little,
I've decided on what class I take!!!
1st "Intermediate Accounting A"
with Intermediate Accounting B in the next quarter, covers all realms which needed for the USCPA exam
2nd "Innovation to Market A"
Fosters entrepreneurship. I dare to experience discussion and giving a presentation which freak me out, but contribute to my oral English skill.
3rd "Behavior Modification"
From the psychology department. The psychology that focuses on human behavior, and the instructor teaches how to change human behavior to utilize for the society.
As a result,
I'm enourmously satisfied with these classes because I'm into all of these classes.
These days, I felt bummed about my poor English speaking,
but through accomplishing assignments given in these classes, I wanna improve my English level!!
the grade of the class I took last quarter, "Financial Statement Analysis" in UCLA came out.
That was great, so I restored my confidence a little.
Compared with UCLA, UCSD seems very rural from both good and bad meanings.
I'm slightly tired of that almost all buses do not run at night, but thanks to this desert of entertainment, I can concentrate on my studying more than in LA.
Now, at my home stay house, two students, except me, stay.
I freaked out when only me stayed here because I found every attention from home stay family paid to me. Thus, since other two students arrived, I feel less uneasy.
The home stay family consist of Father, Mother, daughter(19), son(17) and some pets.
I was astounded about some idiosyncrasies of typical american family, and I'll talk about it someday.
I winced a little at having difficulty in eating vegetable, and I have to work out every day not to get fat.
So far, I truly enjoy classes in UCSD.
UPS program is very organized and Megan, a academic advisor (she's quite nice and perspicacious!) helps kindly all of the students choose classes they want to take,
we can take classes just like a UCSD students.
Though some troubles lurked and I was forced to flip-flopped a little,
I've decided on what class I take!!!
1st "Intermediate Accounting A"
with Intermediate Accounting B in the next quarter, covers all realms which needed for the USCPA exam
2nd "Innovation to Market A"
Fosters entrepreneurship. I dare to experience discussion and giving a presentation which freak me out, but contribute to my oral English skill.
3rd "Behavior Modification"
From the psychology department. The psychology that focuses on human behavior, and the instructor teaches how to change human behavior to utilize for the society.
As a result,
I'm enourmously satisfied with these classes because I'm into all of these classes.
These days, I felt bummed about my poor English speaking,
but through accomplishing assignments given in these classes, I wanna improve my English level!!
2012年1月11日水曜日
Arrived in San Diego
Hi, it seems a long time since I wrote the last post...
I traveled in this winter vacation, and I arrived in San Diego on December 29th in 2011.
Now, I take a UPS program, in which I can take classes in UCSD along with UCSD students.
I feel San Diego is a very comfortable place. In a good meaning, it is rural compared with Los Angeles.
It's safe to walk at night, everyone is kind(when I say "thank you" to a bus driver, every bus driver says "you're welcome"), and natural landscape is beautiful.
This week, I gotta choose which lectures I'm gonna take.
The process is the same way in UCLA.
Firstly, I got a signature from a in structure, and also some of departments need their stamp to permit enrollment.
Though I had small troubles, everything's all right so far.
I wanna take "Intermediate Accounting",
and I succeeded in getting approval of Management Department (Rady school of Management)
I couldn't get permission of more classes related to USCPA, but I'm relieved that I fulfill my minimum wish.
In UPS, we're supposed to take 12 units practically 3 lectures.
Therefore, I need to take another 2 lectures.
I'm interested in
"The Information Age: Facts & Fictn"
"Behavioral Modification"
"Innovation to Market"
Anyway, I'll decide on what I'm gonna take by this Friday.
(I took this picture during my travel)
I traveled in this winter vacation, and I arrived in San Diego on December 29th in 2011.
Now, I take a UPS program, in which I can take classes in UCSD along with UCSD students.
I feel San Diego is a very comfortable place. In a good meaning, it is rural compared with Los Angeles.
It's safe to walk at night, everyone is kind(when I say "thank you" to a bus driver, every bus driver says "you're welcome"), and natural landscape is beautiful.
This week, I gotta choose which lectures I'm gonna take.
The process is the same way in UCLA.
Firstly, I got a signature from a in structure, and also some of departments need their stamp to permit enrollment.
Though I had small troubles, everything's all right so far.
I wanna take "Intermediate Accounting",
and I succeeded in getting approval of Management Department (Rady school of Management)
I couldn't get permission of more classes related to USCPA, but I'm relieved that I fulfill my minimum wish.
In UPS, we're supposed to take 12 units practically 3 lectures.
Therefore, I need to take another 2 lectures.
I'm interested in
"The Information Age: Facts & Fictn"
"Behavioral Modification"
"Innovation to Market"
Anyway, I'll decide on what I'm gonna take by this Friday.
(I took this picture during my travel)
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