Exhibit 99.1
 
Crexendo Reports Financial Results for the Third Quarter of 2017
 
PHOENIX, AZ—(Marketwired – November 1, 2017)
 
Crexendo, Inc. (OTCQX: CXDO), a next generation CLEC and an award-winning leader and provider of UCaaS cloud telecom services, broadband internet services, and other cloud business services that are designed to provide enterprise-class cloud services to any size business at affordable monthly rates, today reported financial results for its third quarter ended September 30, 2017.
 
Financial highlights for the three months ended September 30, 2017
 
Consolidated total revenue for the third quarter of 2017 increased 15% to $2.7 million compared to $2.3 million for the third quarter of 2016.
 
Consolidated service revenue for the third quarter of 2017 increased 18% to $2.3 million compared to $1.9 million for the third quarter of 2016.
 
Cloud Telecommunications Segment UCaaS service revenue for the third quarter of 2017 increased 26% to $2.0 million compared to $1.6 million for the third quarter of 2016.
 
Web Services Segment service revenue for the third quarter of 2017 decreased 18% to $263,000, compared to $320,000 for the third quarter of 2016.
 
Consolidated product revenue for the third quarter of 2017 decreased less than 1% to $385,000 compared to $387,000 for the third quarter of 2016.
 
Consolidated operating expenses for the third quarter of 2017 decreased 7% to $2.7 million compared to $2.9 million for the third quarter of 2016.
 
On a GAAP basis, the Company reported a $(189,000) net loss for the third quarter of 2017, or $(0.01) loss per diluted common share, compared to a net loss of $(621,000) or $(0.05) loss per diluted common share for the third quarter of 2016.
 
Non-GAAP net income was $56,000 for the third quarter of 2017, or $0.00 per diluted common share, compared to a non-GAAP net loss of $(340,000) or $(0.03) loss per diluted common share for the third quarter of 2016.
 
EBITDA for the third quarter of 2017 was a $(28,000) loss compared to a $(573,000) loss for the third quarter of 2016. Adjusted EBITDA for the third quarter of 2017 was $61,000 compared to a $(362,000) loss for the third quarter of 2016.
 
Financial highlights for the nine months ended September 30, 2017
 
Consolidated total revenue for the nine months ended September 30, 2017 increased 11% to $7.5 million compared to $6.8 million for the nine months ended September 30, 2016.
 
Consolidated service revenue for the nine months ended September 30, 2017 increased 17% to $6.6 million compared to $5.6 million for the nine months ended September 30, 2016.
 
Cloud Telecommunications Segment UCaaS service revenue for the nine months ended September 30, 2017 increased 26% to $5.7 million compared to $4.5 million for the nine months ended September 30, 2016.
 
Web Services Segment service revenue for the nine months ended September 30, 2017 decreased 23% to $815,000, compared to $1.1 million for the nine months ended September 30, 2016.
 
 
1
 
 
Consolidated product revenue for the nine months ended September 30, 2017 decreased 17% to $967,000 compared to $1.2 million for the nine months ended September 30, 2016.
 
Consolidated operating expenses for the nine months ended September 30, 2017 decreased 8% to $8.3 million compared to $9.0 million for the nine months ended September 30, 2016.
 
On a GAAP basis, the Company reported a $(1.0) million net loss for the nine months ended September 30, 2017, or $(0.07) loss per diluted common share, compared to a net loss of $(2.3) million or $(0.17) loss per diluted common share for the nine months ended September 30, 2016.
 
Non-GAAP net loss was $(223,000) for the nine months ended September 30, 2017, or $(0.02) loss per diluted common share, compared to a non-GAAP net loss of $(1.4) million or $(0.11) loss per diluted common share for the nine months ended September 30, 2016.
 
EBITDA for the nine months ended September 30, 2017 was a $(727,000) loss compared to a $(2.1) million loss for the nine months ended September 30, 2016. Adjusted EBITDA for the nine months ended September 30, 2017 was a $(208,000) loss compared to a $(1.5) million loss for the nine months ended September 30, 2016.
 
Total cash and cash equivalents, excluding restricted cash of $100,000 for both periods, at September 30, 2017 was $1.2 million compared to $619,000 at December 31, 2016.
 
Cash provided by operating activities for the nine months ended September 30, 2017 was $177,000 compared to cash used for operating activities of $(737,000) for the nine months ended September 30, 2016. Cash provided by investing activities for the nine months ended September 30, 2017 was $252,000 compared to $11,000 for the nine months ended September 30, 2016. Cash provided by financing activities for the nine months ended September 30, 2017 was $159,000 compared to $83,000 for the nine months ended September 30, 2016.
 
Steven G. Mihaylo, Chief Executive Officer commented, “As expected we reached positive cash flow in the third quarter. This is a major accomplishment and testament to the entire team which has continued to execute on our plans. While this is highly impressive it is only the first step in our growth strategy, and we will not rest on this accomplishment as we work toward reaching GAAP profitability. The results were highly impressive on multiple levels, we achieved an 11% increase in total revenue for the first nine months of 2017 compared to the first nine months of 2016. Our Cloud Telecommunications Segment UCaaS service revenue had a very substantial 26% increase compared to the first nine months of 2016. We have also done a remarkable job of controlling costs; even with these stellar results we still reduced our operating expenses for the first nine months of 2017 8% compared to the first nine months of 2016. We have also had a dramatic reduction in GAAP loss. We had a GAAP loss of $(0.07) loss per diluted common share for the first nine months of 2017, compared to a net GAAP loss of $(0.17) per diluted common share for the nine months ended September 30, 2016. On a non-GAAP basis the improvement was also impressive with a $(0.02) net loss per diluted common share for the first nine months of 2017, compared to $(0.11) net loss per diluted common share for the nine months ended September 30 2016.”
 
Mihaylo added, “As we have discussed we have been working to bring changes to the sales process. We have upgraded certain segments and are working very hard to find the right mix. We thought now was the right time to bring in an experienced industry executive as EVP of Sales. Adding Neil Lichtman in this role with his experience and proven track record should accelerate our sales growth and bring us to GAAP profitability. While we have obviously needed to increase certain costs in the revamping of the sales team we believe this is a long-term investment rather than an expense. With our changes in the sales team we are not changing what distinguishes Crexendo from its competition, we have a fully integrated sales and engineering system which work very well together to provide solutions for customers who need five or five thousand phones. We work every day to make sure our customers continue to receive the best service, the best products and the best support in the industry. We know our award-winning Ride The Cloud ® services are second to none and will save our customers substantial amounts of money, while increasing their productivity. As more and more companies move to the cloud we know we are in the right space at the right time.”
 
 
2
 
 
Doug Gaylor, President and COO, stated, "I am very proud of our team and the fact we have met the first goal in our plan of being cash flow positive in the third quarter. As Steve indicated this is only the first step and we realize we are going to be judged by our future results. We work tirelessly to improve every day and achieve the results we and our shareholders expect. I am very excited about the changes we have made, and I expect our team to deliver excellence across the board. We believe that our momentum will continue in 2018 and we will continue to accelerate our growth and profitability.”
 
Conference Call
 
The Company is hosting a conference call today, November 1, 2017 at 5:30 PM EST. The telephone dial-in number is 866-548-4713 for domestic participants and 323-794-2093 for international participants. The conference ID to join the call is 8417990. Please dial in five to ten minutes prior to the beginning of the call at 5:30 PM EST.
 
About Crexendo
 
Crexendo, Inc. (CXDO) is a next generation CLEC cloud telecom-services company that provides award winning cloud telecommunications UCaaS services, broadband internet services and other cloud business services. Our solutions are designed to provide enterprise-class cloud services to any size businesses at affordable monthly rates.
 
Safe Harbor Statement
 
This press release contains forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "will" and other similar statements of expectation identify forward-looking statements. Specific forward-looking statements in this press release include information about Crexendo (i) reaching cash flow break-even being a major accomplishment and testament to the entire team who has continued to execute on plans; (ii) cash flow break-even being highly impressive and being only the first step in growth strategy; (iii) l not resting on this accomplishment and working toward reaching GAAP profitability. (iv) doing a remarkable job of controlling costs; (vi) working on bringing changes to the sales process with upgrading certain segments and working very hard to find the right mix; (vii) thinking now being the right time to bring in an experienced industry executive as EVP of Sales which should accelerate sales growth and bring GAAP profitability; (viii) increasing expenses in the revamping of the sales team being a long-term investment rather than an expense; (ix) not changing what distinguishes Crexendo from its competition having a fully integrated sales and engineering system which provides solutions for customers; (x) working every day to make sure customers continue to receive the best service, the best products and the best support in the industry; (xi) believing the award-winning Ride The Cloud ® services are second to none and will save customers substantial amounts of money, while increasing their productivity; (xii) being in the right space at the right time; (xiii) being very proud of the team; (xiv) working tirelessly to improve every day and achieve the results shareholders expect; (xv) being very excited about the changes made and (xvi) expecting to deliver excellence across the board and believing that momentum will continue in 2018 and with accelerated growth and profitability.
 
For a more detailed discussion of risk factors that may affect Crexendo’s operations and results, please refer to the company's Form 10-K for the year ended December 31, 2016, and quarterly Forms 10-Q as filed. These forward-looking statements speak only as of the date on which such statements are made and the company undertakes no obligation to update such forward-looking statements, except as required by law.
 
 
3
 
 
CREXENDO, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except par value and share data)
 
 
September 30,
2017
 
 
December 31,
2016
 
Assets
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
Cash and cash equivalents
 $1,207 
 $619 
Restricted cash
  100 
  100 
Trade receivables, net of allowance for doubtful accounts of $28
    
    
as of September 30, 2017 and $34 as of December 31, 2016
  387 
  346 
Inventories
  153 
  170 
Equipment financing receivables
  126 
  121 
Prepaid expenses
  469 
  686 
Other current assets
  8 
  8 
Total current assets
  2,450 
  2,050 
 
    
    
Certificate of deposit
  - 
  252 
Long-term trade receivables, net of allowance for doubtful accounts
    
    
of $10 as of September 30, 2017 and $13 as of December 31, 2016
  33 
  43 
Long-term equipment financing receivables
  78 
  176 
Property and equipment, net
  10 
  18 
Intangible assets, net
  262 
  335 
Goodwill
  272 
  272 
Long-term prepaid expenses
  171 
  251 
Other long-term assets
  122 
  136 
Total assets
 $3,398 
 $3,533 
 
    
    
Liabilities and Stockholders' Equity
    
    
 
    
    
Current liabilities:
    
    
Accounts payable
 $63 
 $116 
Accrued expenses
  936 
  997 
Notes payable, current portion
  98 
  66 
Income taxes payable
  9 
  5 
Deferred revenue, current portion
  984 
  809 
Total current liabilities
  2,090 
  1,993 
 
    
    
Deferred revenue, net of current portion
  33 
  43 
Notes payable, net of current portion
  43 
  966 
Other long-term liabilities
  - 
  16 
Total liabilities
  2,166 
  3,018 
 
    
    
Stockholders' equity:
    
    
Preferred stock, par value $0.001 per share - authorized 5,000,000 shares; none issued
   
   
Common stock, par value $0.001 per share - authorized 25,000,000 shares, 14,275,555
    
    
shares issued and outstanding as of September 30, 2017 and 13,578,556 shares issued and
    
    
outstanding as of December 31, 2016
  14 
  14 
Additional paid-in capital
  60,446 
  58,716 
Accumulated deficit
  ( 59,228)
  ( 58,215)
Total stockholders' equity
  1,232 
  515 
 
    
    
Total Liabilities and Stockholders' Equity
 $3,398 
 $3,533 
 
 
4
 
 
CREXENDO, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share and share data)
 
 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Service revenue
 $2,305 
 $1,946 
 $6,552 
 $5,606 
Product revenue
  385 
  387 
  967 
  1,168 
Total revenue
  2,690 
  2,333 
  7,519 
  6,774 
 
    
    
    
    
Operating expenses:
    
    
    
    
Cost of service revenue
  709 
  776 
  2,106 
  2,279 
Cost of product revenue
  152 
  156 
  384 
  483 
Selling and marketing
  734 
  681 
  2,133 
  1,927 
General and administrative
  955 
  1,140 
  3,135 
  3,705 
Research and development
  194 
  189 
  569 
  634 
Total operating expenses
  2,744 
  2,942 
  8,327 
  9,028 
 
    
    
    
    
Loss from operations
  ( 54)
  ( 609)
  ( 808)
  ( 2,254)
 
    
    
    
    
Other income/(expense):
    
    
    
    
Interest income
  3 
  4 
  8 
  12 
Interest expense
  ( 135)
  (39)
  ( 206)
  (105)
Other income, net
  5 
  27 
  9 
  91 
Total other income/(expense), net
  ( 127)
  ( 8)
  ( 189)
  ( 2)
 
    
    
    
    
Loss before income tax
  ( 181)
  ( 617)
  ( 997)
  ( 2,256)
 
    
    
    
    
Income tax provision
  ( 8)
  ( 4)
  ( 16)
  ( 11)
 
    
    
    
    
Net loss
 $(189)
 $(621)
 $(1,013)
 $(2,267)
 
    
    
    
    
Net loss per common share:
    
    
    
    
Basic
 $(0.01)
 $(0.05)
 $(0.07)
 $(0.17)
Diluted
 $(0.01)
 $(0.05)
 $(0.07)
 $(0.17)
 
    
    
    
    
Weighted-average common shares outstanding:
    
    
    
    
Basic
  13,951,480 
  13,411,569 
  13,824,307 
  13,316,277 
Diluted
  13,951,480 
  13,411,569 
  13,824,307 
  13,316,277 
 
 
5
 
 
CREXENDO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
 
 
 
Nine Months Ended
September 30,
 
 
 
2017
 
 
2016
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
 
Net loss
 $(1,013)
 $(2,267)
Adjustments to reconcile net loss to net cash used for operating activities:
    
    
Amortization of prepaid rent
  54 
  242 
Depreciation and amortization
  81 
  110 
Non-cash interest expense
  198 
  18 
Share-based compensation
  481 
  504 
Amortization of deferred gain
  (16)
  (70)
Changes in assets and liabilities:
    
    
Trade receivables
  (31)
  96 
Equipment financing receivables
  93 
  119 
Inventories
  17 
  10 
Prepaid expenses
  244 
  81 
Other assets
  14 
  38 
Accounts payable and accrued expenses
  (114)
  361 
Income tax payable
  4 
  4 
Deferred revenue
  165 
  17 
Net cash (used for)/provided by operating activities
  177 
  ( 737)
 
    
    
CASH FLOWS FROM INVESTING ACTIVITIES
    
    
Sale of long-term investment
  252 
  - 
Purchase of long-term investment
  - 
  (1)
Release of restricted cash
  - 
  12 
Net cash provided by investing activities
  252 
  11 
 
    
    
CASH FLOWS FROM FINANCING ACTIVITIES
    
    
Proceeds from notes payable
  111 
  150 
Repayments made on notes payable
  ( 1,092)
  (119)
Proceeds from exercise of options
  1,140 
  9 
Proceeds from exercise of warrants
  - 
  102 
Payment of contingent consideration
  - 
  (59)
Net cash provided by financing activities
  159 
  83 
 
    
    
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
  588 
  ( 643)
 
    
    
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
  619 
  1,497 
 
    
    
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
 $1,207 
 $854 
 
    
    
Supplemental disclosure of cash flow information:
    
    
Cash used during the period for:
    
    
Income taxes, net
 $(12)
 $(2)
Supplemental disclosure of non-cash investing and financing information:
    
    
Issuance of common stock for prepayment of interest on related-party note payable
 $109 
 $101 
Issuance of common stock for contingent consideration related to business acquisition
 $- 
 $40 
Prepaid assets financed through notes payable
 $111 
 $- 
 
 
6
 
 
CREXENDO, INC. AND SUBSIDIARIES
Supplemental Segment Financial Data
(In thousands)
 
 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
 
Cloud telecommunications
 $2,427 
 $2,013 
 $6,704 
 $5,711 
Web services
  263 
  320 
  815 
  1,063 
Consolidated revenue
  2,690 
  2,333 
  7,519 
  6,774 
 
    
    
    
    
Income/(loss) from operations:
    
    
    
    
Cloud telecommunications
  (196)
  (716)
  (1,185)
  (2,551)
Web services
  142 
  107 
  377 
  297 
Total operating loss
  (54)
  (609)
  (808)
  (2,254)
Other income/(expense), net:
    
    
    
    
Cloud telecommunications
  (122)
  (11)
  (184)
  (21)
Web services
  (5)
  3 
  (5)
  19 
Total other income/(expense), net
  (127)
  (8)
  (189)
  (2)
Income/(loss) before income tax provision
    
    
    
    
Cloud telecommunications
  (318)
  (727)
  (1,369)
  (2,572)
Web services
  137 
  110 
  372 
  316 
Loss before income tax provision
 $(181)
 $(617)
 $(997)
 $(2,256)
 
 
7
 
 
Use of Non-GAAP Financial Measures
 
To evaluate our business, we consider and use non-generally accepted accounting principles (Non-GAAP) net income (loss) and Adjusted EBITDA as a supplemental measure of operating performance. These measures include the same adjustments that management takes into account when it reviews and assesses operating performance on a period-to-period basis. We consider Non-GAAP net income (loss) to be an important indicator of overall business performance because it allows us to evaluate results without the effects of share-based compensation, rent expense paid with common stock, interest expense paid with common stock, and amortization of intangibles. We define EBITDA as U.S. GAAP net income (loss) before interest income, interest expense, other income and expense, provision for income taxes, and depreciation and amortization. We believe EBITDA provides a useful metric to investors to compare us with other companies within our industry and across industries. We define Adjusted EBITDA as EBITDA adjusted for share-based compensation, and rent expense paid with stock. We use Adjusted EBITDA as a supplemental measure to review and assess operating performance. We also believe use of Adjusted EBITDA facilitates investors’ use of operating performance comparisons from period to period, as well as across companies.
 
In our November 1, 2017 earnings press release, as furnished on Form 8-K, we included Non-GAAP net loss, EBITDA and Adjusted EBITDA. The terms Non-GAAP net loss, EBITDA, and Adjusted EBITDA are not defined under U.S. GAAP, and are not measures of operating income, operating performance or liquidity presented in analytical tools, and when assessing our operating performance, Non-GAAP net loss, EBITDA, and Adjusted EBITDA should not be considered in isolation, or as a substitute for net loss or other consolidated income statement data prepared in accordance with U.S. GAAP. Some of these limitations include, but are not limited to:
 
EBITDA and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
 
they do not reflect changes in, or cash requirements for, our working capital needs;
 
they do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt that we may incur;
 
they do not reflect income taxes or the cash requirements for any tax payments;
 
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will be replaced sometime in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements;
 
while share-based compensation is a component of operating expense, the impact on our financial statements compared to other companies can vary significantly due to such factors as the assumed life of the options and the assumed volatility of our common stock; and
 
other companies may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.
 
We compensate for these limitations by relying primarily on our U.S. GAAP results and using Non-GAAP net income (loss), EBITDA, and Adjusted EBITDA only as supplemental support for management’s analysis of business performance. Non-GAAP net income (loss), EBITDA and Adjusted EBITDA are calculated as follows for the periods presented.
 
Reconciliation of Non-GAAP Financial Measures
 
In accordance with the requirements of Regulation G issued by the SEC, we are presenting the most directly comparable U.S. GAAP financial measures and reconciling the unaudited Non-GAAP financial metrics to the comparable U.S. GAAP measures.
 
 
8
 
 
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Income/(Loss)
(Unaudited)
 
 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
 
 
(In thousands)
 
 
(In thousands)
 
U.S. GAAP net loss
 $(189)
 $(621)
 $(1,013)
 $(2,267)
Share-based compensation
  89 
  153 
  481 
  504 
Amortization of rent expense paid in stock, net of deferred gain
  - 
  58 
  38 
  172 
Amortization of intangible assets
  24 
  33 
  73 
  98 
Non-cash interest expense
  132 
  37 
  198 
  94 
Non-GAAP net income/(loss)
 $56 
 $(340)
 $(223)
 $(1,399)
 
    
    
    
    
Non-GAAP net income/(loss) per common share:
    
    
    
    
Basic
 $0.00 
 $(0.03)
 $(0.02)
 $(0.11)
Diluted
 $0.00 
 $(0.03)
 $(0.02)
 $(0.11)
 
    
    
    
    
Weighted-average common shares outstanding:
    
    
    
    
Basic
  13,951,480 
  13,411,569 
  13,824,307 
  13,316,277 
Diluted
  14,278,141 
  13,411,569 
  13,824,307 
  13,316,277 
 
 
Reconciliation of U.S. GAAP Net Loss to EBITDA to Adjusted EBITDA
(Unaudited)
 
 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
 
2017
 
 
2016
 
 
2017
 
 
2016
 
 
 
(In thousands)
 
 
(In thousands)
 
U.S. GAAP net loss
 $(189)
 $(621)
 $(1,013)
 $(2,267)
Depreciation and amortization
  26 
  36 
  81 
  110 
Interest expense
  135 
  39 
  206 
  105 
Interest and other income
  (8)
  (31)
  (17)
  (103)
Income tax provision
  8 
  4 
  16 
  11 
EBITDA
  (28)
  (573)
  (727)
  (2,144)
Share-based compensation
  89 
  153 
  481 
  504 
Amortization of rent expense paid in stock, net of deferred gain
  - 
  58 
  38 
  172 
Adjusted EBITDA
 $61 
 $(362)
 $(208)
 $(1,468)
 
Contact:
Crexendo, Inc.
Steven G. Mihaylo
CEO
602-345-7777
Smihaylo@crexendo.com
 
 
9

The following information was filed by Crexendo, Inc. (CXDO) on Wednesday, November 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
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Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

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Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Financial Ratios
Available Financial Ratios
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See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

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