Research and development was Uber's biggest operating expense on its income statement.
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United and Delta, in filings earlier this month, reported significant operating expense spikes as well.
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It charges a total annual fund operating expense of 0.72 percent, per the KraneShares website.
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Fitch also believes there is execution risk, particularly in operating expense savings assumptions given little branch overlap.
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In addition to increased sales, Lilly said it would achieve long-term targets through operating expense management.
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It is estimated that the ELD rule could add $85033 billion in operating expense for the industry.
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Total operating expense including cost of revenue rose by 18 percent from the first quarter a year ago.
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Ralph Lauren's adjusted operating expense rate in the second quarter was 46.6%, 0.3% below the prior year period.
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Including fuel, JetBlue's operating expense per available seat mile rose by 5.2 percent in the quarter to 10.50 cents.
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The company lowered the top end of its 2017 adjusted operating expense guidance to $1.30 billion from 1.31 billion.
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"Oath expects to realize more than $1 billion in cumulative operating expense synergies through 2020," the company noted today.
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It maintained 2018 investments at $15-$17 billion, with an operating expense target of $5.5 per barrel of oil equivalent.
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The increase was due to growth in non-interest income, better operating expense management and improvement in cost of credit.
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Headcount growth in cloud was the biggest driver of the company's increase in operating expense, Porat said on the call.
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Total operating expense including cost of revenue, rose by 18 percent to $693 million from the first quarter a year ago.
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HaaS transforms an up-front capital expenditure into an ongoing operating expense, which also allows for more accurate cost/value comparisons: e.g.
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For the international division, "at first glance it looks like the miss is solely explained by high opex (operating expense)," he added.
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Overcapacity in the shipping industry is weighing on charter rates, keeping them stuck below operating expense levels and leaving hundreds of ships idle.
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JetBlue expects operating expense per available seat mile, excluding fuel, to go up between 5003 percent and 7 percent in the fourth quarter.
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Slack's minimum AWS spending is equivalent to 12% of annual revenue and about 10% of its operating expense for the year ended Jan.
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But, we think the market would look upon this more favorably than the new CEO fully scrapping Mr. Sloan's ongoing operating expense targets.
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We have been able to reduce last year, I believe, more than about 15 percent of our operating expense in the upstream sector.
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The company raised its full-year earnings per share outlook range and reaffirmed its 2019 guidance for net revenue and operating expense growth.
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In 2017, fulfillment costs, which make up Amazon's biggest operating expense, surged 43 percent to $25.2 billion, while total sales rose 31 percent.
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Fitbit said it is cutting its non-GAAP operating expense target to about $640 million, below the $660 million to $690 million previously projected.
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Huawei's operating expense ratio was also lower by 2.3 percent, as Huawei reported that it has increased efficiency through better management and higher investments.
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Profitability and FCF profile will benefit from significant restructuring over recent years and high operating expense leverage, although Fitch believes incremental restructuring will be limited.
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But programmatic enables performance advertising to be an "always on" expense, therefore reclassifying it from a discretionary operating expense to a cost of goods sold.
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"We think higher opex (operating expense) could be a new norm for Hon Hai, due to its business diversification," Nomura analysts said in a report.
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Fuel constitutes a large part of cruise operators' operating costs, accounting for about 15 percent of Carnival's total operating expense in its latest fiscal year.
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Changing flight paths can be costly for airlines if it means flying longer routes and subsequently using more fuel, often their biggest single operating expense.
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"For a business locked in competition with industry giants and under siege from regulators, reported operating expense growth has been amazingly low," the analyst wrote.
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Even with the modest debit reforms, credit swipe fees have continued to rise and the combined credit and debit fees are merchants' second-highest operating expense.
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For the first two quarters of 2018, Twitter has reported operating expense growth at an impressive 0 percent and 3 percent, respectively, analyst Michael Nathanson wrote.
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USB's other key differentiator relative to peers is that management operates a very efficient bank where operating expense management is ingrained in the company's corporate culture.
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USB's other key differentiator relative to peers is that management operates a very efficient bank where operating expense management has been ingrained in the company's corporate culture.
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"In the absence of significant topline growth, the company has started to focus on operating expense control, but breakeven remains at least 2 years out, in our view."
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"RINs continue to be an egregious tax on our business and have become our single largest operating expense, exceeding labor, maintenance and energy costs," CVR Refining LP CVRR.
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We expect that going forward, our roadmap coupled with a lower operating expense model will enable GoPro to return to profitability and growth in the second half of 2018.
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At the same time, Services is less profitable than hardware on a gross margin basis, which may be offset with lower operating expense to sustain operating EBITDA margins going forward.
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The company said it would report a separate operating expense line on its income statement in its upcoming second quarter earnings to reflect the charge, which is not tax deductible.
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Analysts at NCB said in a note lower than expected operating expense and higher income from its associate were the key drivers for the earning's coming ahead of their forecast.
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Air Canada's operating expense per available seat mile dropped about 3.3 percent in the first quarter, as lower fuel costs more than offset the impact of a weaker national currency.
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The improvements will be driven by realised cost savings and synergies, as well as improvements in the respective digital businesses following continued top line growth in this segment surpassing operating expense development.
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He highlighted the quarterly report that Intuitive Surgical, the company that markets the Da Vinci robotic assisted surgery platform for minimally invasive procedures, released last Thursday and its cuts to operating expense forecast.
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But we must face that existing security tech is often mere cyber speed bumps while the operating expense of protecting digital assets is fast outgrowing the value of what we attempt to secure.
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The U.S. Securities and Exchange Commission alleged Penn West Petroleum, which this week changed its name to Obsidian Energy, moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts.
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"RINs continue to be an egregious tax on our business and have become our single largest operating expense, exceeding labor, maintenance and energy costs," CVR Refining Chief Executive Jack Lipinski said last month.
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ING analyst Marc Hesselink said the mixed market reaction reflected the fact that while TomTom's underlying position was good, the company's shift to operating expense from capital expense-based accounting blurred the financial picture.
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" Rent for the offices was the party's biggest operating expense, and Hawks wrote to party leadership in a Thursday email that they were making "some difficult decisions to ensure we get back on track.
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The SEC accused them of helping to move hundreds of millions of dollars to capital expense accounts from operating expense accounts, reducing reported operating costs and making oil extraction activities appear more profitable and efficient.
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"For shipping customers fuel costs are a major operating expense, and a critical element in all engines deals," he said, adding however that he believed the issue should not have a significant impact on Wartsila.
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The shift to a subscription model, or operating expense (OPEX), means manufacturing companies and OEM providers can now generate recurring, long-term revenue from the successful operation of, rather than the sale of, their products.
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Restructuring Led Margin Expansion: Fitch expects profitability will improve from manufacturing footprint and operating expense reductions, resulting in operating EBITDA margin expansion to the low 20s from the mid- to high-teens through the cycle.
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The U.S. Securities and Exchange Commission alleged that Penn West Petroleum, which changed its name earlier this week to Obsidian Energy, had moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts.
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In addition to core financial metrics like spend on outside counsel and performance against budget and spend as a percentage of overall operating expense, general counsels focus on tracking items like deal terms and risk exposure.
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The number of ETFs has surged in recent years, thanks to the growing popularity of the funds, whose oft-touted benefits generally include low management fees (or operating expense ratios), liquidity and transparency with regard to current holdings.
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The SEC said Penn West artificially reduced its operating costs by as much as 20 percent and improved metrics for oil extraction efficiency by moving hundreds of millions of dollars from operating expense accounts to capital expenditure accounts.
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MPPA continued to suffer from negative same-store sales growth of -6.9% in 13Q17 (2016: -4.5%) and a higher operating expense ratio of 20.9% (2016: 15.8%), leading to negative EBITDA of -IDR126 billion in 1Q17 (0003Q16: -IDR23 billion).
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The U.S. Securities and Exchange Commission in a statement alleged that Penn West Petroleum, which changed its name earlier this week to Obsidian Energy, had moved hundreds of millions of dollars from operating expense accounts to capital expenditure accounts.
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Earlier this year, the SEC alleged the company had artificially reduced its operating costs by as much as 20 percent and improved metrics for oil extraction efficiency by moving hundreds of millions of dollars from operating expense accounts to capital expenditure accounts.
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While that massive number of retail locations might've made sense in a previous decade, it's become a liability for the game retail giant as consumers increasingly buy digital games: Each of those over 5,700 stores has a quarterly operating expense of approximately $100,000.
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Pre-tax profit in International Wealth Management (IWM) fell 3% yoy to CHF291 million due to CHF36 million restructuring charges booked in 1Q17, but underlying performance was sound, reflecting contained operating expense growth and higher revenues as commission and fee income rose.
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RATING SENSITIVITIES Negative rating actions could result from expectations for total leverage sustained above 2.5x due to: --Serial acquisitions that are substantially debt- funded; --Operating EBITDA margin contraction from gross margin contraction related to a higher services mix more than offsetting operating expense-driven leverage.
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The company said its shift in the mix of business operations to segments with lower operating expense rates, cost-saving initiatives and gains on sales of real estate was partially offset the reinvestment of some of our tax savings and certain higher operating expenses.
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This slide has happened as sensitivity towards fees continued as a key theme with only 20 percent of investors saying they are currently satisfied with their funds' expenses, despite a drop in the average operating expense ratio from 1.95 percent in 2015 to 1.84 percent this year.
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In the Schwab survey, a lower total operating expense ratio was the most important reason to choose an ETF for investors across all generations — ETF experts advise investors to not only look at the management fee but other costs that go into the expense ratio, including trading costs.
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Before the T-Mobile deal, the spectrum holdings were accounted for as an asset-held-for-sale, meaning that analysts and accountants could carry it on the balance sheet simply as assets Dish planned to sell at a future date and omit from certain operating expense cost calculations.
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These fees cost consumers hundreds of dollars a year for the average family even if they don't use a card, unfairly burden small retailers for whom the fees are their second-largest operating expense after labor, and hurt the entire economy because they siphon off money Main Street businesses could otherwise use to invest and expand.
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Announces corporate reorganization and senior management changes * Bonanza creek energy says executive vice president and cfo, and executive vice president and general counsel will separate from their positions * Bonanza creek energy sees annual general and administrative expense and lease operating expense to be reduced by approximately $7.6 million and $3.1 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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Reports first quarter 28780 financial results * Q1 adjusted non-gaap loss per share $0.17 excluding items * Q1 GAAP loss per share $0.49 * Q1 earnings per share view $-0.17 — Thomson Q6463 gaap loss per share $0.49Reuters I/B/E/S * Sees fy 2016 revenue $115 million to $125 million * 2016 non-gaap operating expense guidance lowered to $125 - $135 million * Fy2016 revenue view $118.3 million — Thomson Reuters I/B/E/S Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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ANNOUNCE NEW LONG-TERM PROCESSING ARRANGEMENT AT ALTAGAS' DEEP CUT PROCESSING FACILITY IN GORDONDALE * IS UPDATING ITS GUIDANCE RANGE FOR ITS 2018 ANNUAL AVERAGE OPERATING EXPENSE TO $3.40/BOE TO $3.60/BOE * TERM OF PROCESSING ARRANGEMENT IS FOR AT LEAST 15 YEARS, SUBJECT TO EXTENSION IN ACCORDANCE WITH TERMS OF AGREEMENT * NEW PROCESSING ARRANGEMENT WILL BE EFFECTIVE FROM JAN 1 AND WILL REPLACE CO AND ALTAGAS' EXISTING GORDONDALE PROCESSING ARRANGEMENT * BIRCHCLIFF, ALTAGAS AND CERTAIN AFFILIATES OF ALTAGAS HAVE ALSO ENTERED INTO A PRODUCT PURCHASE AND SALE AGREEMENT * PURSUANT TO THE PRODUCT PURCHASE AND SALE AGREEMENT, BIRCHCLIFF WILL SELL PROPANE TO ALTAGAS PARTIES Source text for Eikon: Further company coverage:
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Announces accretive entry into the delaware basin, increases 2016 production outlook and provides operational update * Diamondback energy inc says deal valued at $560 million * Diamondback is increasing its 2016 production guidance to a range of 6463 to 40.0 mboe/d * To acquire leasehold interests and related assets in southern delaware basin * Increasing its 2016 capital expenditure guidance to $350 to $425 million * Company is decreasing its full year 2016 lease operating expense ("loe") guidance to $5.50 to $6.25 per boe * If commodity prices continue to strengthen, diamondback could add a fifth rig in q4 of 2016 * Intends to finance acquisitions through combination of cash on hand and proceeds from one or more capital markets transactions Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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Public Service Comm'n of Missouri (S.Ct. 1923). Hence, litigation involving operating expense issues has been light.
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Today, the Forest Preserve District owns or manages nearly 25,000 acres (100 km²) and has an annual operating expense of approximately $65 million.
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Organizations can just perceive interest cost as they acquire costs to develop the asset. The counterpart of capital expenditure is operating expense or operational cost (opex).
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Whether it is the goal or a necessary condition, understanding how to make sound financial decisions based on throughput, inventory, and operating expense is a critical requirement.
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For a system manufacturing a physical item, the operating expense is the investment cost minus the cost of raw materials but including the cost of maintenance, rent and taxes.
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In 2007 the cost of jet fuel, while highly variable from one airline to another, averaged 26.5% of total operating costs, making it the single largest operating expense for most airlines.
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The hospital billed patients $141 million in 2010, and collected $76.5 million. Their operating expense was $75 million. The chief executive officer is Brian Nall. The hospital had 605 employees in 2011.
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Interest on debt is the cost incurred by an entity for borrowed funds. This is a non-operating expense shown on the income statement and it represents the interest payable on any borrowings – bonds, loans, convertible debt or lines of credit.
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This is a list of ships of the line of the United States Navy. Because of the operating expense, a number of these were never launched. These ships were maintained on the stocks, sometimes for decades, in case of an urgent need.
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A feeder canal to feed the Georgetown level of the Chesapeake and Ohio Canal. One main concern to the engineer was the canal's water supply. Pumping would contribute greatly to operating expense, especially at the summit level, hence gravity fed water is preferred. Feeder canals could be 20 to 30 miles in length, if needed.
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Taking note of this success, the Denver Tramway decided to build an electric street car line into South Denver and set up a subsidiary, the South Denver Cable Railway, to operate it. This line proved to be so successful that the Denver Tramway decided to electrify all of its cable lines even though they had years of life left in them. King writes, "The operating expense of the Tramway when using electricity was 2.2 cents per passenger as compared with an operating expense of 3.4 cents for each passenger carried on its competitor's cable system." Denver Tramway began to expand into the suburbs and buy up independent operators such as the Denver and Berkeley Rapid Transit Company and the Highlands Street Railway Company which operated in Berkeley and Highland respectively.
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Holistic thinking applied to the finance application has been termed throughput accounting. Throughput accounting suggests that one examine the impact of investments and operational changes in terms of the impact on the throughput of the business. It is an alternative to cost accounting. The primary measures for a TOC view of finance and accounting are: throughput, operating expense and investment.
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Members each contribute to the operating expense of the trust, and hold funds in escrow for the purchase of patents. Each member's escrow funds are used for the purchase of only those patents that they are interested in. The members involved in the purchase are then licensed to the patents. After a certain period of time, the patents are sold or donated.
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In a period of static costs or no inflation, an original cost valuation may be sufficient. With a period of inflation, a rate base which values plant and equipment at original cost substantially undervalues the plant. In these circumstances, utilities argue in favor of reproduction cost valuations. In either case, depreciation on plant and equipment is subtracted from the rate base and carried as an operating expense.
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The Patton Motor Company was based in 340 and 342 Dearborn St., Chicago, where it manufactured around 1898 patented electric street cars. These were used as a feeder for trolley lines, for nightwork or for long distance work. They were particularly adapted for service where, because of operating expense, the trolley equipment was unsatisfactory. They required no poles, no wires, no power house, no bonding of rails but only ordinary track.
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A firm's operating expenses, such as wages, salaries, supplies, maintenance, taxes, and research and development, must be recouped if the utility is to stay operational. Operating costs are most often the largest component of the revenue requirement, and the easiest to determine. Occasionally, operating expense items have caught the attention of regulatory agencies and courts, and these items have been examined more closely. Regulators must make two determinations.
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Interest expense relates to the cost of borrowing money. It is the price that a lender charges a borrower for the use of the lender's money. On the income statement, interest expense can represent the cost of borrowing money from banks, bond investors, and other sources. Interest expense is different from operating expense and CAPEX, for it relates to the capital structure of a company, and it is usually tax-deductible.
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Regardless of type, drill bits must satisfy two primary design goals: maximize the rate of penetration (ROP) of the formation and provide a long service life. The reason for this is a direct consequence of the rotary drilling method. Modern oilfield drilling operations require substantial capital and operating expense. It might cost hundreds of thousands of dollars to mobilize the equipment and manpower resources required for drilling to the site.
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The tracks reached Buffalo Creek on June 17. The following year, on May 19, 1879, the tracks reached to the summit of Kenosha Pass and on June 27 they reached Como. Klondike Kate #4 in front of the Como, CO, roundhouse, July, 2018 The railroad was earning about $1,200 a day, with only a daily operating expense of $480. This made the railroad very profitable, while also allowing a steady flow of money to help with construction cost.
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At the same time many companies have successfully performed such deployments with Plex Systems and other providers. SaaS applications are deployed atop the platform layer of the cloud computing stack. These applications tend to be sold as a subscription, shifting the burden of the software cost across the useful life of the software, and tend to be accounted as an operating expense (OpEx). This is in contrast to traditional methods that require upfront payment or financing and tend to be accounted as a capital expense (CapEx).
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The city borrowed $33.7 million for the center's construction through certificates of participation ("COPs"), instruments commonly used to finance municipal facilities. Debt service payments on COPs are subject annual appropriation by the city, and as such are considered an annual operating expense rather than a long-term capital obligation. Accordingly, a voter referendum was not required for the issuance of the COPs. Additional sources of funds for the project include facility naming rights, a Duke University contribution, an operator loan, and several other sources.
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The economics of automated trains tend to reduce the scale so tied to "mass" transit (the largest operating expense is the driver's salary, which is only affordable if very large numbers of passengers are paying fares), so that small-scale installations are feasible. Thus cities normally thought of as too small to build a metro (e.g. Rennes, Lausanne, Brescia, etc.) are now doing so. On September 30, 2006, the Peachliner in Komaki, Aichi Prefecture, Japan became that nation's first people mover to cease operations.
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Founded in 1990 and recognized by Gartner, XSi helps companies deploy a hybrid hardware support model to save important hardware operating expense budget dollars. As an Independent Hardware Support Provider (an industry also known as Third Party Maintenance), XSi provides hardware support options for networking hardware, servers and data storage assets. In addition to servicing enterprise accounts, it also supports Systems Integrators and federal agencies (XSi is ISO9001:2015 Certified, meets SAE AS5553 Standards, currently supports 42 federal agencies and all of the Top 10 Federal Systems Integrators).
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A single lease expense is recognized for an operating lease, representing a combination of amortizing the asset and the liability. This is considered an operating expense, just as ASC 840 rent expense is, so there is usually no difference in a company's income statement or statement of cash flows compared to ASC 840. Sale-leaseback accounting is no longer permitted if the seller-lessee has a continuing right of control, such as an option to purchase back the asset at a fixed price. A failed sale- leaseback transaction is treated as a financing.
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One rule was that player shares would come from a portion of the gate receipts for the first four games only. This was to discourage teams from fixing early games in order to prolong the series and make more money. Receipts for later games would be split among the two clubs and the National Commission, the governing body for the sport, which was able to cover much of its annual operating expense from World Series revenue. Most importantly, the now-official and compulsory World Series matches were operated strictly by the National Commission itself, not by the participating clubs.
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August 2005 photo of the former WVBN transmitter site atop Gomer Hill in Turin, NY, now occupied by a cable TV microwave relay facility. A self-supporting tower, topped with an RCA four- section FM transmitting antenna, once stood behind the building. Utility power became available on the hilltop after a nearby air traffic control communications site was established. In an attempt to provide maximum regional coverage at minimum operating expense, RRN's consulting engineers recommended that the network's six transmitting sites should be spaced roughly 80 km (50 mi) apart and built on "commanding elevations" at least 610 m (2000 ft) AMSL.
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Lease administration is a department that usually falls under an organization's real estate department. Lease administration involves receiving rents from facilities they own and paying rent for the facilities they lease, and other activities. It has become an integral part of the accounting, administrative, and legal requirements normally associated with a real estate portfolio. Job responsibilities for lease administrators and real estate professionals include: lease review and abstracting, accounting and processing, lease audits, CAM charges, lease renewal options, repairs and maintenance, information management and reporting, occupancy cost analysis, operating expense review, and document storage and maintenance.
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Many other airlines are replicating Southwest's hedging policy to control their fuel costs. Operating costs for US major airlines are primarily aircraft operating expense including jet fuel, aircraft maintenance, depreciation and aircrew for 44%, servicing expense for 29% (traffic 11%, passenger 11% and aircraft 7%), 14% for reservations and sales and 13% for overheads (administration 6% and advertising 2%). An average US major Boeing 757-200 flies stages 11.3 block hours per day and costs $2,550 per block hour: $923 of ownership, $590 of maintenance, $548 of fuel and $489 of crew; or $13.34 per 186 seats per block hour.
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Early models included the 5-door hatchback with a 1.6-litre I-4 Ecotec (115PS) engine, and a 6-speed automatic transmission with TAPshift. The base model is based on the equivalent of North American LTZ trim level, while the LT model includes alloy wheels and metallic paint. The smaller engines allow some operating expense relief with regards to the annual Japanese road tax obligation. The Sonic is also assembled at the GM Colmotores plant in Bogotá, Colombia, where it was initially introduced for the domestic market only and later also exported to countries in the Andean region.
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Ryse Energy Small Wind Turbine & Solar PV on a telecom tower An off-grid cell site is not connected to the public electrical grid. Usually the system is off-the-grid because of difficult access or lack of infrastructure. Fuel cell or other backup power systems are added to critical cell sites to provide day-today and emergency power. Traditionally sites have used internal-combustion-engine-driven generator sets,Ballard fuel cells to power telecom backup power units for motorola however, being less efficient than public power, they increase operating expense and are a source of pollution (atmospheric, acoustic, etc.) and some are in areas protected by environment and landscape conservation.
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Crops are purchased through O.T.B. (Option to Buy) cards usually referencing "Neighbor Sells Out: 10 Acres Grain", the crops are grouped into Hay, Grain (Wheat and Corn), Fruit (Apples and Cherries), and Livestock (Cattle). While hay is the cheapest to purchase and most often harvested, just as in real life, the chance for large profit is much smaller than with livestock or fruit. What balances this game, and provides the most difficulty for real life farmers, are operating expenses. In The Farming Game, whenever a player harvests a crop, he draws a card entitled Operating Expense, examples of which are "Pay $500 for Irrigation" or "Seed Bill Due: Pay $1,000".
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This usually necessitates a turning loop or triangle. On the other hand, the single cab and controls and fewer door spaces make the tram lighter, increases passenger accommodation (including many more seats) and effects reductions in equipment, weight, first-cost, maintenance cost, and operating expense. A single-ended tram has operator's controls at only one end, and can safely be driven at speed in the forward direction but is also capable of reverse movement, typically at slower speed, using a small set of controls at the rear. The configuration of the doors is usually asymmetrical, favouring the side expected to be closest to the street kerb and footpath.
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In January 2009, Luczo was asked by the Seagate Board to return as CEO of the company, replacing Bill Watkins. As of the date of his hiring, Seagate was losing market share, facing rapidly declining revenues, was lagging in product delivery with high manufacturing costs, had an excessive operating expense structure and had a balance sheet that was burdened with $2 billion of debt that was due within 2 years. The company's market value was less than $1.5 billion. Luczo revamped the entire management team, and quickly reorganized the company back to a functional structure after a failed attempt to organize by business units in 2007.
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Throughput Accounting is thus part of the management accountants' toolkit, ensuring efficiency where it matters as well as the overall effectiveness of the organization. It is an internal reporting tool. Outside or external parties to a business depend on accounting reports prepared by financial (public) accountants who apply Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board (FASB) and enforced by the U.S. Securities and Exchange Commission (SEC) and other local and international regulatory agencies and bodies such as International Financial Reporting Standards (IFRS). Throughput Accounting improves profit performance with better management decisions by using measurements that more closely reflect the effect of decisions on three critical monetary variables (throughput, investment (AKA inventory), and operating expense — defined below).
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In June 2016, the MBTA Fiscal and Management Control Board voted unanimously to indefinitely extend a pilot program of discounted passes for low-income youths and to increase the maximum age for participation in the program to 25. In July 2016, after the Fiscal and Management Control Board completed its first year, Baker addressed the status of MBTA operations and financial management. There was significant progress, including a leveling of the MBTA operating expense budget between the 2015 and 2016 fiscal years (after a 5 percent per year increase over the previous 15 years), a 25 percent decline in operator absenteeism, a 30 percent decline in overtime expenses, a one-third decline in dropped bus runs, and improvements to system infrastructure.
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Designers had to balance the cheapness of war-surplus engines against their poor fuel efficiency and the operating expense of their total-loss lubrication system, and by the mid-1920s, rotaries had been more or less completely displaced even in British service, largely by the new generation of air-cooled "stationary" radials such as the Armstrong Siddeley Jaguar and Bristol Jupiter. Experiments with the concept of the rotary engine continued. The first version of the 1921 Michel engine, an unusual opposed-piston cam engine, used the principle of a rotary engine, in that its "cylinder block" rotated. This was soon replaced by a version with the same cylinders and cam, but with stationary cylinders and the cam track rotating in lieu of a crankshaft.
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In line with its venture into coal, the company changed its name from Cleveland-Cliffs to Cliffs Natural Resources in October 2008. On January 11, 2011 it was reported that Consolidated Thompson Iron Mines Limited agreed to a US$4.9 billion takeover by Cliffs Natural Resources ($200 million of that was already owned, the cost includes debt (In September 2011 Thompson reported $230.56 million in long term with $566.07 million in total liabilities). The deal saved both companies a combined US$75 million in operating expense (partly due to many of their facilities being adjacent to one another). The deal gives Cliffs the large Bloom Lake iron ore mine in the province of Quebec, very close to Labrador. On May 5, 2011, Cliffs Natural Resources was added to the Fortune 500 list of companies.
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