首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
(1)Too often, investors focus on figures that supposedly offer insight into a company’s performance without shedding light on ho
(1)Too often, investors focus on figures that supposedly offer insight into a company’s performance without shedding light on ho
admin
2021-08-05
81
问题
(1)Too often, investors focus on figures that supposedly offer insight into a company’s performance without shedding light on how it actually makes its money.
(2)Graphic-design and printing-services company VistaPrint is a case in point. Investors have pushed the shares down over the past month because the company’s most recent quarterly results raised concerns about slowing revenue growth and narrowing gross margins.
(3)But on that score, investors may be worrying about the wrong issue: VistaPrint appears to generate a big portion of its operating profit from fees it receives for "referring" customers to outside parties that "offer" rewards programs.
(4)That calls into question whether the stock, even after its recent fall, deserves to trade at 20 times expected earnings for the fiscal year ending in June 2009, according to estimates from Thomson Reuters.
(5)VistaPrint’s customers often don’t realize that they are purchasing the referred services. The services are offered through a screen that pops up at the end of the VistaPrint buying process. That screen purports to offer the customer $10 off their most recent purchase. But customers who sign up for this are actually enrolling in a program that charges them $14.95 a month for what are supposed to be discounts on amusement parks and movies, among other things.
(6)In a statement, VistaPrint said, "We don’t ’trick’ our customers into a service that they don’t want. Customers are smarter than that. We go to great lengths to ensure that only those customers that want that particular service or offering pay for that service or offering."
(7)The company declined to say what portion of operating profit comes from referral fees, adding that it doesn’t give product-by-product breakdowns.
(8)In regulatory filings, VistaPrint acknowledges the risk associated with referral fees. The company said some of the programs that pay it referral fees "have been the subject of consumer complaints and litigation alleging that their enrollment and billing practices violate various consumer protection laws or are otherwise deceptive."
(9)A careful read of the fine print in VistaPrint’s financial filings shows that referral fees are an important driver of profit.
(10)In the fiscal quarter ended March 31, VistaPrint said 6.7% of its $106 million in revenue came from referral fees. Such disclosures about referral fees came only after prodding last year from the Securities and Exchange Commission.
(11)But the SEC didn’t force VistaPrint to disclose how this revenue affected operating profit. To figure that out, one has to read lower in the footnote, which says that referral-fee revenues "have minimal corresponding direct cost of revenue."
(12)In other words, they are pretty much pure profit. But assuming, say, that the company racked up an 80% margin on these revenues, me fees would have accounted for about half of operating profit in me most recent quarter.
(13)The contribution, though, could be even higher, given VistaPrint’s own description of me costs tied to mem as "minimal". Analysts note mat referral revenue is declining as an overall slice of me business. But it still makes up a big piece of profit.
(14)Until that changes, investors should remember mat VistaPrint prints business cards—not money.
The relationship between the ninth and tenth paragraphs is that_____.
选项
A、each presents one side of company’s performance
B、me ninth generalizes and the tenth specifies it
C、me tenth is the logical result of the ninth
D、both illustrate VistaPrint’s driver of profit
答案
B
解析
第9段提到,referral fees是公司利润的重要驱动力,而第10段列举具体的数据证明这一点,因此,第9段为总述,而第10段为例证,应选B。此题容易误选D。注意,此处问的是两个段落之间的关系,D只给出了两个段落讲述的内容而没有提到两段间的关系。
转载请注明原文地址:https://kaotiyun.com/show/yHIK777K
0
专业英语八级
相关试题推荐
Culturesaredifferentbecausethelocationstheyexistinaredifferent.Somepeoplelivinginthedesert,aregoingtolived
Culturesaredifferentbecausethelocationstheyexistinaredifferent.Somepeoplelivinginthedesert,aregoingtolived
Thereareseveralpossiblerelationshipsbetweenlanguageandsociety.Oneisthatsocialstructuremayeitherinfluenceorde
Asincreasingnumbersofmyfriends’childrenprescribedmedications—stimulantstodealwithinattentivenessatschooloranti
HereintheUnitedStates,beforeagriculturalactivitiesdestroyedthenaturalbalance,thereweregreatmigrationsofRocky
Thehealth-careeconomyisrepletewithunusualandevenuniqueeconomicrelationships.Oneoftheleastunderstanding【S1】______
Manyofthecompanieswithcommercialproductsareexperiencingtheunusualhard-timeofpioneers,includingproductionkinks,c
(1)Afteralongdayattheoffice,manyofusfindourselvestakingoutourstressonfriends,children,orsignificantothers.
(1)Oneoftheobviousproblemswithpredictingthefutureeffectsofclimatechangeisthattheyhaven’thappened.Thismakesc
PASSAGEONEWhatdidyoungGandhi’sbehavior,liketakingdancinglesson,indicate?
随机试题
前牙简单桩冠的牙体预备包括哪些内容?
风湿性肉芽肿常见于
SABC法的基本原理是
背景材料:某山区桥梁工程,桥梁墩高110m。施工单位根据相关法规要求,对该项目进行了施工安全风险评估。首先进行了总体风险评估,评估结果显示桥梁总体风险评估等级为Ⅳ级。根据规定,进行了进一步的专项风险评估,并形成了风险评估报告,主要内容包括:评估依
在进行施工成本核算时,根据成本开支范围对施工费用进行归集和分配,可以计算出()。
下列各项内部控制中,不属于针对管理层和治理层凌驾于控制之上的风险而设计的控制的是()。
星云湖位于云南省西北部和四川省西南部的两省交界处,是中国第三大深水湖泊。()
运动技能的形成,是由于大脑皮质上各感觉中枢之间产生了暂时性神经联系。( )
(62)制订了令牌总线访问控制方法的标准。
Whydoestheprofessorsaythis:
最新回复
(
0
)