Pelham Associates, Inc.
Business Coaching, Consulting and Management Education
Tel: (914) 826-5509
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Finance and Accounting Programs
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Leadership, Management & Strategy Programs
Topic 1: Financial Statement Integretion
Review: Financial Statements and the purpose of:
1.Balance Sheet = Statement of Financial Position 2.Income Statement = Statement of Operations 3.Statement of Cash Flows 4.Statement of Stockholders' Equity
Topic 2: Detailed Income Statement and Adjustments to EBIT,
EBITDA and Net Income
Emphasizing understanding the effect of and adjustments for:
1.Unusual Items, Pre-tax - e.g., Restructuring charges, Merger charges 2.Non-recurring items 3.Other income and expenses 4.Discontinued operations 5.Extraordinary items 6.Cumulative effects of accounting changes 7.Impact of Purchase and pooling on Income statement revenues and expenses - general characteristics 8.Operating revenues and expenses - Margins & Adjustments 9.EBIT & EBITDA — adjustments to be made for analysis
Topic 3: Capital Structure: Debt Versus Equity Recording - Financial Reorganizations
1.Capital Structure: Debt & Equity Recording 2.Financial Reorganization and the WACC 3.Transaction Expenses Debt Issuances 4.Transaction Expenses - Equity issuances 5.Transaction Expenses - Equity issuances 6.Financial alternatives - Balance sheet and income statement effects 7.Accounting for recapitalizations 8.Financial Reorganization — Lowering WACC 9.Liquidity ratios 10.Debt/Equity ratios
Topic 4: Cash Flow Statement
1.Review statement of cash flows 2.Analyze and interpret cash flows
3. Cash Flows and Acquisitions
Topic 5: Earnings vs. Cash Flows
1.EBIT & EBITDA & Operating Cash Flows
2. Quality of Earnings - Deception in the earnings numbers
Topic 6: Using basic ratios for trend analysis (e.g., level of receivables needed to support an increase in sales)
1.Sustainable Growth 2.Performance Measures: Return on Invested Capital, Return on Net Assets, Residual Income, Return on Common equity, Operating ROA 3.Days of receivables, Days of inventory, Days of Payables, Cash Flow/Debt 4.Integrated Ratio Analysis: Review link between operating assets and liabilities and income 5.Operating Return on Net Assets 6.Profit Margins 7.Asset Turnover 8.Effect of operating performance 9.Financial Leverage and Tax 10.Capital structure leverage — level of debt v. equity 11.Percentage of Sales 12.Trend Analysis — use of % of Sales and Ratios