Profitable.

So a plus b have to be equal to 50.

So, not to confuse things, but if you want to focus on GNP, then you do care about the earnings of American nationals.

Tonight I am pleased to announce that ENCOM's last fiscal year was our most profitable ever.

So let's look at them over the course of one year.

So notice.

Invest financial assistance, but also management assistance.

And how they were going to create demand was through search ads, social media, and stadium promotions.

Maybe Abby made 50 and Ben earned 0.

And we can eyeball it right here.

Because when someone says earnings, are those the earnings last year?

This is a quote from Dame Cicely Saunders, whom I met when I was a medical student.

Finding Freedom 'By creating our own stories we learn to take the texts of our lives as seriously as we do 'official' narratives.' Davis 2009, TEDx Women

The reason why you are willing to pay a higher Price to

And what's left over for the equity?

So let me switch colors just to ease the monotony.

And they were male and female 18 30 and they were casual fans.

And the first thing we need to figure out is, what is our revenue model.

The earnings I just said, this is actually what happened to the company.

Everything on this line would be a valid combination of

So now we add an interesting line.

But they mostly are going to be rejected.

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

Evacuate Coast Guard personnel!

Abby earned 10 more than Ben.

And that's because they have the same exact asset.

Let's compare EBlT to operating profit.

And why don't you like them as much?

So the price would be 100.

Another type of revenue model is licensing.

It's time to monetise the thing.

And how they were going to create demand was through search ads, social media, stadium promotions.

Are you with me?

And the first one is that this whole idea about revenue stream, Steve, I get it.

And we add back the interest, at least in this example, we get to an operating profit number.

What does that tell us?

At the end of the month we count your clicks

This is Earnings Per Share, not total earnings.

It's just 10 because one, this is a nice round number.

It's the same plot.

How is it that you make money?

It's just a faster way of saying

When? I said it's time to monetise the site.

I say it's time to start making money from The Facebook, but Mark doesn't want advertising.

We've talked about value props, customer segments, channels, customer relationships, revenue streams, partners, resources, and activities, and now we get to cost structure.