And at least it'll give you a sense of how revenues, gross profit, operating profit, pre tax income and net income really are different.

Minus 500,000.

Utilities are still rewarded when their customers waste energy.

This is what the owners of the company get before they pay the government.

(Laughter) But I know it's the bottom line, or one's perception of it, that motivates people in the end.

Reserved

But here you see it means very, very different things.

This is really important to pay attention to, because so many people say, oh, a company made this much.

I'll just abbreviate that as Nl.

And the last point I want to make is Zipcar would never be possible without technology.

Go ahead, eat.

And when people talk about earnings of a company, this is what they're talking about.

Reserved Keyword

I want to reserve a seat.

Our interests clash with theirs.

Have you booked?

Kill the goose that lays the golden eggs.

The taxes will be 153,000.

I'm not a charity commissioner.

A benefit to both our worlds.

We are assuming a very simple world, were the is no taxes, we have no debt, we have no intrest or things

What time is your appointment?

So you've probably heard not only the term earnings, you've probably also heard the term earnings per share.

They buy more of your service and they tell more of their friends, which leads to more profit.

So that's a nice thing to keep in the back of your mind, this return on asset concept, and it's very closely tied to operating profits and the actual assets of a firm.

And that's what these brands did.

FDlC insured.

And that's my dad found that.

The rewards would be... enormous.

And let's say, assume if I inherited this million dollars, I didn't finance it.

I have a reservation.

Reserved Shortcut

I booked passage on the first boat going out

My name's Bigelow, I have a reservation.

My name's Bigelow, I have a reservation. It's a very nice room on the sixth floor, facing the Bay.

Yeah?

Dexter, we have an appointment.

Before Interest and Taxes.

The reason this is happening boils down, in my mind, to one basic problem, which is our inability to perceive the difference between public benefits and private profits.

This is 350,000 of net income.

This was interest. This was non op income.

This guy makes what is this?

And then I was left with 1 million.

It's good for everybody.

Fair enough.