Company Fiscal Net Accounts Cash Number of YoY Change

Name Quarter Revenue Income Receivable Collected PP&E (gross) Employees in Revenue
Pawsome 2011Q1 318.492 27.545 251.902 241.102 12.000
Pawsome 2012Q1 339.508 30.005 286.800 304.610 384.560 12.000
Pawsome 2012Q2 308.770 11.438 228.900 366.670 396.355 12.000
Pawsome 2012Q3 250.724 9.007 220.972 258.652 431.275 12.000
Pawsome 2012Q4 303.518 0.061 216.195 308.295 449.428 12.000
Pawsome 2013Q1 229.709 6.620 266.705 179.199 469.285 9.000 -32.3%
Pawsome 2013Q2 253.896 2.762 228.749 291.852 489.865 9.000 -17.8%
Pawsome 2013Q3 231.770 -15.770 214.559 245.960 504.313 9.000 -7.6%
Pawsome 2013Q4 268.861 -190.283 213.438 269.982 356.342 9.000 -11.4%
Pawsome 2014Q1 253.500 20.600 296.716 170.222 332.411 7.500 10.4%
Pawsome 2014Q2 287.600 26.200 252.045 332.271 365.968 7.500 13.3%
Pawsome 2014Q3 289.000 34.600 309.095 231.950 327.048 7.500 24.7%
Pawsome 2014Q4 338.100 41.700 325.550 321.645 355.312 7.500 25.8%

Insight :
Beberapa rasio mengalami perubahan signfikan di Q akhir 2014
focus just on the winners, so they got rid of a lot of their loser products. Which allowed them to close 18
Backgorun of their 26 factories and cut their work force from 12,000 to 7,500 employees.
Strong Incentives turnaround expert pressure
Step 1 Analisis Rasio2 quarterly
Pahamin rumusnya
Step 2 Benchmark sama kompetitor, tapu Pawsome memang win even competitor loss
Sales to PP&E we can see for Pawsome, it's hard to see with the scale, but Pawsome, we see it going up whereas the
two competitors it's flat or down. And sales to employees, it's going up for all of these companies, but there's a
continued big increase for Pawsome at the point where their competitors seem to level out a little bit. So again, not
conclusive, but it does suggest that Pawsome was unique in terms of its growth in revenue versus its growth in AR and
in these revenue per capacity unit measures (naik padahal yang lain juga naik tapi melandai)
Jawaban : So it turned out Pawsome CEO engaged in a channel stuffing scheme in the last two quarters of 2014. Remember that
change in policy to going to the just in time inventory delivery system? Well, the CEO manipulated that system to
deliver extra goods to retailers just before the quarter end, increase revenue, but of course it's all noncash. The
retailers then returned all the excess inventory to Pawsome, but the returns happened in the next quarter. So that
allowed Pawsome to get the benefit of the sales and make their earnings target this quarter and then they took the
hit next quarter. But what it did was it kept their stock price high because they were meeting their earnings target
which allowed them to acquire two other companies which doubled the size of the company.
YoY Change
in Accounts YoY Change in Cash AR/TT TT TT Revenue
Receivable Collected Revenue Days AR Revenue /PPE /Employees

-7.0% -41.2% 24.4% 81.5 2.56 95.85

-0.1% -20.4% 22.0% 81.7 2.32 96.10
-2.9% -4.9% 21.1% 82.2 2.17 99.89
-1.3% -12.4% 21.7% 84.5 2.17 102.52
11.3% -5.0% 29.4% 88.4 2.34 115.87
10.2% 13.8% 24.2% 84.5 2.54 124.02
44.1% -5.7% 28.1% 85.4 2.91 135.67
52.5% 19.1% 27.9% 87.3 3.36 149.77

Seolah2
makin
produktif,
apakah
ada
karena AR naik, cash Makin lama nambah
naik banget Acollection turun penaihannya PPE?

Jadi seolah2 meet the target revenue this year

Company Fiscal Net Accounts Cash PP&E Number of YoY Change in
Name Quarter Revenue Income Receivable Collected (gross) Employees Revenue
Fidotronics 2011Q4 46.825 1.716 34.757 42.236 2.2
Fidotronics 2012Q1 61.398 4.403 53.077 43.078 42.236 2.2
Fidotronics 2012Q2 78.087 6.297 61.053 70.111 42.236 2.2
Fidotronics 2012Q3 39.624 1.75 34.586 66.091 42.236 2.2
Fidotronics 2012Q4 52.602 1.535 43.492 43.696 48.66 2.2
Fidotronics 2013Q1 73.897 5.093 64.226 53.163 50.253 2.5 20.4%
Fidotronics 2013Q2 97.45 7.456 86.612 75.064 50.253 2.5 24.8%
Fidotronics 2013Q3 61.916 1.572 55.809 92.719 60.814 2.5 56.3%
Fidotronics 2013Q4 80.601 0.118 74.103 62.307 70.054 2.5 53.2%
Fidotronics 2014Q1 99.65 5.276 90.583 83.170 73.222 2.5 34.8%
Fidotronics 2014Q2 121.566 8.594 98.439 113.710 75.119 2.5 24.7%
Fidotronics 2014Q3 74.828 -4.338 71.014 102.253 77.173 2.5 20.9%
Fidotronics 2014Q4 80.421 1.153 74.663 76.772 82.342 2.5 -0.2%
YoY Change in
Accounts YoY Change in AR/TT TT TT Revenue
Receivable Cash Collected Revenue Days AR Revenue /PPE /Employees

21.0% 23.4% 26.3% 76.7 5.41 108.06

41.9% 7.1% 32.9% 80.3 5.64 113.61
61.4% 40.3% 19.5% 72.7 5.67 120.11
70.4% 42.6% 23.6% 75.4 5.60 128.63
41.0% 56.4% 26.7% 79.8 5.57 135.85
13.7% 51.5% 27.1% 81.4 5.52 145.49
27.2% 10.3% 18.9% 75.6 5.28 150.66
0.8% 23.2% 19.8% 79.3 4.98 150.59
Company Fiscal Net Accounts Cash PP&E Number of YoY Change in
Name Quarter Revenue Income Receivable Collected (gross) Employees Revenue
Chienco 2011Q4 12.303 -1.402 11.152 8.012 1.07
Chienco 2012Q1 18.513 0.78 18.668 10.997 8.117 1.073
Chienco 2012Q2 28.652 1.589 27.623 19.697 9.283 1.073
Chienco 2012Q3 19.264 -0.665 16.857 30.030 9.474 1.073
Chienco 2012Q4 19.562 -1.053 18.475 17.944 10.34 1.073
Chienco 2013Q1 23.284 1.028 23.322 18.437 11.438 1.122 25.8%
Chienco 2013Q2 36.37 2.364 32.969 26.723 12.592 1.122 26.9%
Chienco 2013Q3 30.19 -0.705 29.982 33.177 13.201 1.122 56.7%
Chienco 2013Q4 29.358 1.908 27.871 31.469 14.6 1.122 50.1%
Chienco 2014Q1 34.862 1.129 34.316 28.417 15.516 1.175 49.7%
Chienco 2014Q2 48.837 3.977 47.931 35.222 16.373 1.175 34.3%
Chienco 2014Q3 41.69 -0.677 38.792 50.829 18.09 1.175 38.1%
Chienco 2014Q4 37.417 -0.03 36.752 39.457 19 1.175 27.5%
1 024537 1994 0.0700
2 024537 1995 0.0730
3 024537 1996 0.1220
4 024537 1996 .
5 024537 1997 0.1750
6 024537 1997 .
7 024537 1998 0.2190
8 024537 1998 .
9 024537 1999 1.1290
10 024537 2000 1.3950
YoY Change in
Accounts YoY Change in AR/TT TT TT Revenue
Receivable Cash Collected Revenue Days AR Revenue /PPE /Employees

24.9% 67.7% 25.7% 84.4 9.33 83.82

19.4% 35.7% 33.5% 88.4 9.27 90.13
77.9% 10.5% 27.4% 81.1 9.59 99.24
50.9% 75.4% 23.4% 81.2 9.59 107.18
47.1% 54.1% 26.2% 82.9 9.71 115.47
45.4% 31.8% 33.5% 88.2 9.91 125.30
29.4% 53.2% 25.1% 84.4 9.95 134.12
31.9% 25.4% 22.6% 83.2 9.74 139.82
 YoY Change in Revenue
80.0%

60.0%

40.0%

20.0%

0.0%
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
-20.0%

-40.0%

Pawsome Fidotronics Chienco

 YoY Change in AR
1

0.8

0.6

0.4

0.2

0
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
-0.2

Pawsome Fidotronics Chienco

 YoY Change in Cash Collected
100.0%

80.0%

60.0%

40.0%

20.0%

0.0%
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
-20.0%

-40.0%

-60.0%

Pawsome Fidotronics Chienco

 AR/TT Revenue
40.0%

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
Pawsome Fidotronics Chienco
 Days Receivable
100.0

95.0

90.0

85.0

80.0

75.0

70.0

65.0

60.0
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
Pawsome Fidotronics Chienco
 TT Sales/PP&E
12.00

10.00

8.00

6.00

4.00

2.00

0.00
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
Pawsome Fidotronics Chienco
 TT Sales/ Employees
160.00

150.00

140.00

130.00

120.00

110.00

100.00

90.00

80.00
2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4
Pawsome Fidotronics Chienco
 YoY Change in Sales YoY Change in AR
Pawsome FidotronicsChienco Pawsome FidotronicsChienco
2013Q1 -32.3% 20.4% 25.8% 2013Q1 -0.070066 21.0% 24.9%
2013Q2 -17.8% 24.8% 26.9% 2013Q2 -0.00066 41.9% 19.4%
2013Q3 -7.6% 56.3% 56.7% 2013Q3 -0.029022 61.4% 77.9%
2013Q4 -11.4% 53.2% 50.1% 2013Q4 -0.012752 70.4% 50.9%
2014Q1 10.4% 34.8% 49.7% 2014Q1 0.112525 41.0% 47.1%
2014Q2 13.3% 24.7% 34.3% 2014Q2 0.101841 13.7% 45.4%
2014Q3 24.7% 20.9% 38.1% 2014Q3 0.440606 27.2% 29.4%
2014Q4 25.8% -0.2% 27.5% 2014Q4 0.525267 0.8% 31.9%
 YoY Change in Cash Collected AR/SalesTT
Pawsome FidotronicsChienco Pawsome FidotronicsChienco
2013Q1 -41.2% 23.4% 67.7% 2013Q1 24.4% 26.3% 25.7%
2013Q2 -20.4% 7.1% 35.7% 2013Q2 22.0% 32.9% 33.5%
2013Q3 -4.9% 40.3% 10.5% 2013Q3 21.1% 19.5% 27.4%
2013Q4 -12.4% 42.6% 75.4% 2013Q4 21.7% 23.6% 23.4%
2014Q1 -5.0% 56.4% 54.1% 2014Q1 29.4% 26.7% 26.2%
2014Q2 13.8% 51.5% 31.8% 2014Q2 24.2% 27.1% 33.5%
2014Q3 -5.7% 10.3% 53.2% 2014Q3 28.1% 18.9% 25.1%
2014Q4 19.1% 23.2% 25.4% 2014Q4 27.9% 19.8% 22.6%
 Days AR SalesTT/PPE
Pawsome FidotronicsChienco Pawsome FidotronicsChienco
2013Q1 81.5 76.7 84.4 2013Q1 2.56 5.41 9.33
2013Q2 81.7 80.3 88.4 2013Q2 2.32 5.64 9.27
2013Q3 82.2 72.7 81.1 2013Q3 2.17 5.67 9.59
2013Q4 84.5 75.4 81.2 2013Q4 2.17 5.60 9.59
2014Q1 88.4 79.8 82.9 2014Q1 2.34 5.57 9.71
2014Q2 84.5 81.4 88.2 2014Q2 2.54 5.52 9.91
2014Q3 85.4 75.6 84.4 2014Q3 2.91 5.28 9.95
2014Q4 87.3 79.3 83.2 2014Q4 3.36 4.98 9.74
 SalesTT/PPE
Pawsome FidotronicsChienco
2013Q1 95.85 108.06 83.82
2013Q2 96.10 113.61 90.13
2013Q3 99.89 120.11 99.24
2013Q4 102.52 128.63 107.18
2014Q1 115.87 135.85 115.47
2014Q2 124.02 145.49 125.30
2014Q3 135.67 150.66 134.12
2014Q4 149.77 150.59 139.82