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'''Operating leverage''' is a measure of how revenue growth translates into growth in [[operating income]]. [[Leverage (finance)|Leverage]], and of how risky (volatile) a company's operating income is.
== 'goods in what place ==


==Definition==
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There are various measures of operating leverage,<ref>[http://www.westga.edu/~bquest/1998/leverage.html Operating and Financial leverage<!-- Bot generated title -->]</ref>
相关的主题文章：
which can be interpreted analogously to [[financial leverage]].
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===Costs===
== good leadership.' ==
One analogy is '''"fixed costs + variable costs = total costs ..similar to.. debt + equity = assets".''' This analogy is partly motivated because (for a given amount of debt) debt servicing is a fixed cost. This leads to two measures of operating leverage:


One measure is [[fixed costs]] to [[total costs]]:
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:<math>\frac{\text{FC}}{\text{TC}}=\frac{\text{FC}}{\text{FC}+\text{VC}}</math>
相关的主题文章：
Compare to [[Debt to equity ratio|debt to value]], which is
<ul>
:<math>\frac{\text{Debt}}{\text{Assets}}=\frac{\text{Debt}}{\text{Debt}+\text{Equity}}</math>
 
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</ul>


Another measure is [[fixed costs]] to [[variable costs]]:
== drug trafficking and sent her to the camp ==
:<math>\frac{\text{FC}}{\text{VC}}</math>
Compare to [[debt to equity ratio]]:
:<math>\frac{\text{Debt}}{\text{Equity}}</math>


Both of these measures depend on sales: if the unit variable cost is constant, then as sales increase, operating leverage (as measured by fixed costs to total costs or variable costs) decreases.
Once inserted, her body spasm, seemed nervous and pain that is not fitted out.<br><br>scare her [http://www.dmwai.com/webalizer/kate-spade-1.html ケイトスペード リボン バッグ] temper and character of all men [http://www.dmwai.com/webalizer/kate-spade-7.html ケイトスペード 財布 通販] tried to approach her, I knew that he was the first one crime.<br><br>can not blink of an eye, astringent women into brothels to master it? No experience can not do such a thing. I think the crime, they think of themselves, a deep sense of guilt felt.<br><br>he [http://www.dmwai.com/webalizer/kate-spade-15.html ケイトスペードニューヨーク 財布] dared to think himself in embarrassments, is filled with the sort of this strange 'defection' story.<br><br>right, the story itself is a problem, such a thing could not open process, especially before things not yet clear. Do so now nothing more than to tell all know Lin Yu Jing, she defected, she kill, everyone must keep a distance from her, there is timely to reflect.<br><br>Is it [http://www.dmwai.com/webalizer/kate-spade-11.html バッグ ケイトスペード] deliberately leaked false facts of her murder, drug [http://www.dmwai.com/webalizer/kate-spade-2.html マザーズバッグ ケイトスペード] trafficking and sent her to the camp?<br><br>seemingly reasonable, Lin Yu Jing is different, she is itself Narcotics Bureau officers in preparing such a high-profile investigation, could have been lower
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===Contribution===
== Lee Dong-laws coauthored two ==
[[Contribution margin]] is a measure of operating leverage: the higher the contribution margin is (the lower variable costs are as a percentage of total costs), the faster the profits increase with sales. Note that unlike other measures of operating leverage, in the linear [[Cost-Volume-Profit Analysis]] Model, contribution margin is a fixed quantity, and does not change with Sales.
Contribution  =  Sales - Variable Cost


===DOL and Operating income===
Sprinkle the person who, of course, the first choice is the police myself.<br><br>'? pulled a hair ah draw investment to frighten people, who do not know Chinese money, comparison, they are the hanging wire.' mouse Road, Lee Dong-laws coauthored two: 'Is ah, the world is not a kind [http://www.dmwai.com/webalizer/kate-spade-13.html ケイトスペードショルダーバッグ新作] of police not bad when the police are not. less is more strange. '<br><br>An Jialu and colleague has been gas laughed, I stared eye sin, let two foul mouth shut, they also have the ability Lie Lie you with your long-haired foreigner destabilize Yeah, can unexpectedly decline of voice, I really sin destabilize on, he refers to two big [http://www.dmwai.com/webalizer/kate-spade-0.html ケイトスペード バッグ] burly foreign guests, treated like [http://www.dmwai.com/webalizer/kate-spade-2.html ケイトスペード 財布 新作] suspects generally menacing authentic with: 'Tell them that we are Chinese police, our duties, not to accept their condemnation came ...... say Yeah, so the translation. '<br><br>two [http://www.dmwai.com/webalizer/kate-spade-2.html ケイトスペード トートバッグ] sparkle, words ringing in every word, [http://www.dmwai.com/webalizer/kate-spade-10.html ケイトスペード 財布 セール] like a bird An Jialu gas also affected by foot, Xinyi Heng, blurted out, translated this sentence, really effective, that they are preparing to send a foreigner to complain , abruptly straight eyes, I began to re-looked at the three men of sin, I sin continued.
Operating leverage can also be measured in terms of change in [[operating income]] for a given change in sales (revenue).
相关的主题文章：
 
<ul>
The '''Degree of Operating Leverage''' (DOL) can be computed in a number of equivalent ways; one way it is defined as the ratio of the percentage change in Operating Income for a given percentage change in Sales {{harv|Brigham|1995|p=426}}:
 
:<math>\text{DOL} = \frac{\%\text{ change in Operating Income}}{\% \text{ change in Sales}}</math>
  <li>[http://www.cavernousgroove.com/cgi-bin/dada/mail.cgi http://www.cavernousgroove.com/cgi-bin/dada/mail.cgi]</li>
 
 
This can also be computed as Total [[Contribution Margin]] over [[Operating Income]]:
  <li>[http://blacktr.co.vu/bbs/forum.php?mod=viewthread&tid=828899 http://blacktr.co.vu/bbs/forum.php?mod=viewthread&tid=828899]</li>
:<math>\text{DOL} = \frac{\text{Total Contribution}}{\text{Operating Income}} = \frac{\text{Total Contribution}}{\text{Total Contribution} - \text{Fixed Costs}} = \frac{(\text{P}-\text{V})\times \text{X}}{(\text{P}-\text{V})\times \text{X} - \text{FC}}</math>
 
 
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The above equivalence follows as the relative change in operating income with one more unit dX equals the contribution margin divided by operating income while the relative change in sales with one more unit dX equals price divided by revenue (or, in other words, 1 / X with X being the quantity).  
 
 
</ul>
Alternatively, as Contribution Margin Ratio over [[Operating Margin]]:
:<math>\text{DOL} = \frac{\text{Contribution Margin Ratio}}{\text{Operating Margin}}</math>
 
For instance, if a company has sales of 1,000,000 units, at price $50, unit variable cost of $10, and fixed costs of $10,000,000, then its unit contribution is $40, its Total Contribution is $40m, and its Operating Income is $30m, so its DOL is
:<math>\frac{\$\text{40m}}{\$\text{30m}} = 1 \frac{1}{3} \approx 1.33</math>
This could also be computed as 80%=$40m/$50m Contribution Margin Ratio divided by 60%=$30m/$50m Operating Margin.
 
It currently has Sales of $50m and Operating Income of $30m, so additional Unit Sales (say of 100,000 units) yield $5m more Sales and $4m more Operating Income: a 10% increase in Sales and a 10% <math>\times 1 \frac{1}{3}=</math> 13{{fraction|1|3}}% increase in Operating Income.
 
Assuming the model, for a given level of sales and profit, the DOL is higher the higher fixed costs are ([http://moneyterms.co.uk/operational_gearing/ an example]): for a given level of sales and profit, a company with higher fixed costs has a higher contribution margin, and hence its Operating Income increases more rapidly with Sales than a company with lower fixed costs (and correspondingly lower contribution margin).
 
If a company has no fixed costs (and hence breaks even at zero), then its DOL equals 1: a 10% increase in Sales yields a 10% increase in Operating Income, and its [[operating margin]] equals its  [[contribution margin]]:
:<math>\frac{\text{Operating Income}}{\text{Sales}}=\frac{\text{Unit Price} - \text{Unit Variable Cost}}{\text{Unit Price}}</math>
 
DOL is highest near the [[break-even point]]; in fact, at the break-even point, DOL is undefined, because it is infinite: an increase of 10% in sales, say, increases Operating Income for 0 to some positive number (say, $10), which is an infinite (or undefined) percentage change; in terms of margins, its Operating Margin is zero, so its DOL is undefined.
Similarly, for a very small positive Operating Income (say, $.1), a 10% increase in sales may increase Operating Income to $10, a 100x (or 9,900%) increase, for a DOL of 990; in terms of margins, its Operating Margin is very small, so its DOL is very large.
 
DOL is closely related to the rate of increase in the [[operating margin]]: as sales increase past the break-even point, operating margin rapidly increases from 0% (reflected in a high DOL), and as sales increase, asymptotically approaches the contribution margin: thus the rate of change in operating margin decreases, as does the DOL, which asymptotically approaches 1.
 
==Industry-specific==
Examples of companies with high operating leverage include companies with high R&D costs, such as pharmaceuticals: it can cost billions to develop a drug, but then pennies to produce it. Hence from a [[Whole-life cost|life cycle cost analysis]] perspective, the ratio of preproduction costs (e.g. design widgets) versus incremental production costs (e.g. produce a widget) is a useful measure of operating leverage.
 
===Outsourcing===
[[Outsourcing]] a product or service is a method used to change the ratio of [[fixed costs]] to [[variable costs]] in a business.  Outsourcing can be used to change the balance of this ratio by offering a move from fixed to variable cost and also by making variable costs more predictable.
==Operating Leverage (When There is a Change in both Quantity and Price)==
Hitherto, in all studies on Operating Leverage, price is deemed constant, while varying the quantity, which is in fact contrary to the Law of demand. Price Operating Leverage measures the sensitivity of operating profits to changes in Net Realizable Value. Total Operating Leverage in a scenario, where there is a simultaneous change in Price and Quantity, in accordance with the Law of Demand, will consist of Quantity Operating Leverage, Price Operating Leverage and Mix Operating Leverage. <ref>http://canirmalg.wordpress.com/2013/05/04/operatingleverage/</ref>
 
==See also==
*[[Cost accounting]]
*[[Efficiency ratio]]
*[[Operating margin]]
*[[Financial leverage]]
*[[Contribution margin]]
 
==References==
<references/>
{{Citation
|last=Brigham
|first=Eugene F.
|title=Fundamentals of Financial Management
|year=1995
}}
 
==External links==
*[http://www.investorwords.com/3462/operating_leverage.html operating leverage Definition]
*[http://www.investopedia.com/terms/o/operatingleverage.asp Operating Leverage]
*[http://pothi.com/pothi/book/sandip-sinha-corporate-leverage-revisited Operating Leverage]
 
[[Category:Financial ratios]]
[[Category:Management accounting]]

Revision as of 01:15, 4 March 2014

'goods in what place

What environmental, subconsciously place with smoke, Chi Chi smoking, burning bite a large portion of the rise time for a long while, only to find a ケイトスペード バッグ ショルダー room of people watching.

on abortion to be so, it makes the heart unwilling na.
'! burden calls'
Lin Yu Jing suddenly shouted, nervously picked up a flashing red light communicator, 许平秋 also anxious, direct way with: 'open channel kate spade ハンドバッグ sound.'

'Hey, identity code four two, what happened.' Lin Yu Jing call forward.

'Damn, was playing, the car did not narcotics, firearms parts.' sound coming out over sin, and hear the Lord of the intellectuals straight choke neck. At this point can not take into account other, and Xu Pingqiu grabbed Communicator asked: 'goods in what place?'

'You ask me, I ask to go? all cars are firearms parts.' phone I sin road.

a room of ケイトスペード 人気 財布 people laugh and cry, and there is this inside, Xu Pingqiu immediately aware of their ケイトスペード 財布 新作 culture is what stuff up, slowed ケイトスペードのバッグ down the voice asked: '? in the end what happened to you speak slowly.' 相关的主题文章：

good leadership.'

Away from the mouse, you somehow also led, not poor like this, right? ケイトスペード 財布 通販 '

'leadership came to power, morality is corrupt, this is not what ケイトスペードのバッグ the laws ケイトスペードニューヨーク 財布 of nature?' Mouse good authentic pride.

behind Puchi, someone laughed, 熊剑飞 and mouse back and see the inspector at the man known flaw ケイトスペード 財布 セール Wani female Director 熊剑飞 people honest, and quickly stood at attention, saluting, mouth praise:. 'Well Shaw Director'

mouse that can not shape a positive, a hunched, waved, like greeting like: 'yo, good leadership.'

say hello asked Okay, but this yin smiling face, chest pointing straight female leaders, it is not unsightly, Xiaomeng Qi know he on this stock se, automatic filtering, Favor Road with: 'How are you ...... you are very familiar? ah. '

'jing captain Xiong Jianfei punishment civilized way.' bear replied.

'Oh, I think ケイトスペードのバッグ of it, seen you took the time ...... work okay?' Xiaomeng Qi polite way, that punishment is processed inspectors at jing team, the class officers from captain to convert all the players 相关的主题文章：

drug trafficking and sent her to the camp

Once inserted, her body spasm, seemed nervous and pain that is not fitted out.

scare her ケイトスペード リボン バッグ temper and character of all men ケイトスペード 財布 通販 tried to approach her, I knew that he was the first one crime.

can not blink of an eye, astringent women into brothels to master it? No experience can not do such a thing. I think the crime, they think of themselves, a deep sense of guilt felt.

he ケイトスペードニューヨーク 財布 dared to think himself in embarrassments, is filled with the sort of this strange 'defection' story.

right, the story itself is a problem, such a thing could not open process, especially before things not yet clear. Do so now nothing more than to tell all know Lin Yu Jing, she defected, she kill, everyone must keep a distance from her, there is timely to reflect.

Is it バッグ ケイトスペード deliberately leaked false facts of her murder, drug マザーズバッグ ケイトスペード trafficking and sent her to the camp?

seemingly reasonable, Lin Yu Jing is different, she is itself Narcotics Bureau officers in preparing such a high-profile investigation, could have been lower 相关的主题文章：

Lee Dong-laws coauthored two

Sprinkle the person who, of course, the first choice is the police myself.

'? pulled a hair ah draw investment to frighten people, who do not know Chinese money, comparison, they are the hanging wire.' mouse Road, Lee Dong-laws coauthored two: 'Is ah, the world is not a kind ケイトスペードショルダーバッグ新作 of police not bad when the police are not. less is more strange. '

An Jialu and colleague has been gas laughed, I stared eye sin, let two foul mouth shut, they also have the ability Lie Lie you with your long-haired foreigner destabilize Yeah, can unexpectedly decline of voice, I really sin destabilize on, he refers to two big ケイトスペード バッグ burly foreign guests, treated like ケイトスペード 財布 新作 suspects generally menacing authentic with: 'Tell them that we are Chinese police, our duties, not to accept their condemnation came ...... say Yeah, so the translation. '

two ケイトスペード トートバッグ sparkle, words ringing in every word, ケイトスペード 財布 セール like a bird An Jialu gas also affected by foot, Xinyi Heng, blurted out, translated this sentence, really effective, that they are preparing to send a foreigner to complain , abruptly straight eyes, I began to re-looked at the three men of sin, I sin continued. 相关的主题文章：

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