PDD Accounting Analysis

AF5115

Accounting for

Business

Analysis

Lecture 8

Accounting Analysis

Agenda

• Introduction to Accounting Analysis

• Basic Investment Concepts

• The Underpinnings of Accounting

• Limitations of Accounting Information

• Reasons for Accounting Distortions

• Case Exercises

2

Framework for Business Analysis and Valuation

Chapter 1 Introduction

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changes in future business activities. The second step involves using our analysis of the past in forecasting the future. This step is structured around forecasting the future financial statements, from which we will derive our estimates of future cash distributions to equity holders. The third step comprises valuation. In this step, we convert our estimates of future distributions to equity holders into a single estimate of firm value. In the rest of this section, we summarize how the remaining chapters in this book guide you through these three steps.

FIGURE 1.1: The Three Steps of Equity Valuation

Understanding the Past The first step involves examining relevant information about the business. This step begins with the systematic collection of pertinent information, which we refer to in Figure 1.1 as information collection. If the equity security is publicly traded on a major exchange in the United States, then the usual starting point for information collection is the firm’s financial filings with the Securities and Exchange Commission (SEC). However, there are a myriad of other information sources that should be investigated, ranging from company press releases to industry and macroeconomic data. Today, much of this information is available

STEP 1 Understanding

the Past 1. Information

Collection

2. Understanding

the Business

3. Accounting

Analysis

4. Financial Ratio

Analysis

5. Cash Flow

Analysis

STEP 2

Forecasting the

Future 1. Structured

Forecasting

a. Income

Statement

Forecasts

b. Balance

Sheet

Forecasts

c. Cash Flow

Forecasts

STEP 3

Valuation

1. Cost of Capital

2. Valuation

Models

a. Residual

Income

Models

b. Discounted

Cash Flow

Models

3. Valuation

Ratios

4. Complications

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Introduction - Accounting Analysis

• How to forecast future cash flow?

▪ Is the past cash flow a good indicator of past performance or future cash

flows?

• Problem with cash flow

▪ Cash flow measure the distribution of value, not the creation of value.

• Financial Statements provide useful information about the value

creation of business

▪ Financial statements provide a language for evaluating a firm’s past

performance and forecasting future performance.

• However, financial statements are not designed to provide a direct

valuation of a company, but to provide information that is useful in

helping others to conduct their own valuations.

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Introduction - Accounting Analysis

• Our job is to convert the information about past transactions into

forecasts of future transactions

• To do so, we should answer to following questions!

1. What information do financial statement provide?

2. What are the key limitations of this information?

3. How do we overcome these limitations?

Information about Past

Transaction

Information about Future

Transaction

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Purpose of Accounting Analysis

• Evaluate how well the accounting reflects the underlying

economics of the business

▪ We discuss the nature of the information provided in the financial

statements and how this information relates to firm value

• We will describe the limitations of financial statement

information and providing guidelines for addressing these

limitations.

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Basic Investment Concepts

• Other factors to consider in investment

• Risk

• Liquidity

• The primary purpose of investing cash and other financial resources is to

generate a periodic return on that investment.

• Return on Investment (ROI)

Invest $1 mil

Good state: $150 mil (1%)

Bad state: $0 (99%)

Expected payoff =

$150*1% + $0*99% = $1.5 mil

Invest $1 mil

Good state: $3 mil (40%)

Bad state: $0.5 (60%)

Expected payoff =

$3*40% + $0.5*60% = $1.5 mil

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Simple Example

• I put $100 in a bank account at the beginning of the year.

At the end of the year, with interest added, it has grown to

$105. What is my return on investment?

• Earnings = $105 - $100 = $5

• Beginning Investment = $100

• ROI = $5/$100 = 5%

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Other Common Specialized Performance Measures

• Internal Rate of Return (IRR) on an investment project

• Investment is made and/or return is received over multiple period

• Yield to Maturity (YTM) on a fixed income security

• IRR on a fixed income securities (bond)

• Yield curve: plots the YTM on a class of securities against the time to maturity

• US treasury yield curve:

• Good benchmark to evaluate ROI of investments

• Low credit risk and high liquidity

• Return on Equity (ROE)

• ROI for the common equity holders in a company

• Earnings belonging to common equity holders / beginning book value of the

common equity

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ROE - Example with Leverage

• I start with $25, borrow $75 for a year at an interest rate of 4% and

invest the resulting $100 in a bank account paying an interest rate of 5%

per year. What is my return for the year on my initial $25?

• Earnings = (5% of $100) – (4% of $75) = $2

• Beginning Investment = $25

• ROE = $2/$25 = 8%

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ROE and ROI

• ROE = (Investment x ROI – Debt x i )/Equity

= ((Debt + Equity) x ROI – Debt x i)/Equity

= ((Debt/Equity) + 1) x ROI –(Debt/Equity) x i

=(Debt/Equity) x ROI + ROI – (Debt/Equity) x i

= ROI + (ROI-i) x (Debt /Equity)

• Leverage = Debt/Equity

• Spread = (ROI – i)

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Example – Cont’d

• The initial $25 is my equity

• The 8% return is my return on equity (ROE)

• The 4% rate of interest on by borrowings is my borrow cost (i)

• My leverage is borrowings/equity=$75/$25=3

• The relation between ROE and ROI is:

ROE = ROI + ROI − i × Leverage

Spread

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Leverage and Return on Equity

• Some important implications:

• With no borrowings, leverage=0 and so ROE=ROI

• With borrowings, if Spread>0 then ROE>ROI

• BUT, if Spread<0 then ROE<ROI

• Higher leverage magnifies these effects

ROE = ROI + Spread × Leverage

8% = 5% + (5% - 4%) * 3

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Take Away - ROE

• To compute ROE, we need to know followings:

• The amount of the investment

• Equity versus other sources of capital

• Duration of investment and earnings

• Cost of borrowing

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The Underpinnings of Accounting - Investment

• A real company has lots of investments:

• Cash, inventory, receivables, equipment, land, marketable securities

and etc.

• Economic resources of the business that are expected to provide

future benefits → Assets

• FASB definition of Assets

Assets are probable future economic benefits obtained or controlled

by a particular entity as a result of past transactions or events.

Are R&D investments expensed or capitalized? Why or Why not?

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The Underpinnings of Accounting - Equity

• The common way to measure equity is to start with the total assets and

then deduct the value of all the other obligations of the business.

• Definition of Equity by FASB

Equity or net assets is the residual interest in the assets of an entity that

remains after deducting its liabilities

• The obligations are called liabilities

• Definition of Liabilities by FASB

Liabilities are probable future sacrifices of economic benefits arising from

present obligations of a particular entity to transfer assets or provide services

to other entities in the future as a result of past transactions or events

• Accountants have rules for identifying and measuring these assets and

liabilities (generally accepted accounting principles or GAAP)

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The Underpinnings of Accounting – Cont’d

Equity = Assets - Liabilities

• Assets are probable future economic benefits under the control of the firm arising from prior transactions

• Liabilities are probable future economic sacrifices that are obligations of the firm arising from past events

• Income (Earnings) is the increase in equity arising from providing goods and services

• Earnings to Equity Owners = Ending Equity – Beginning Equity +

Withdrawals by Equity Owners during the period– Contributions from

Equity Owners during the period

• Earnings to Equity Owners = Ending Equity – Beginning Equity + Net

Equity Distributions

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Earnings from Income Statement

• Revenues (sales) are increases in assets or reductions of liabilities arising from providing goods or services

• Expenses (costs) are reductions in assets or increases in liabilities resulting from providing goods or services

• Finally, subtract any earnings that do not belong to the owners (other capital

providers, such as interest owed to debtholders, and income taxed owing to

government bodies)

Earnings to Equity Owner

= Revenue – Expenses – (Interest + Income Taxes )

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Statement of Owners’ Equity

• What Statement of Owners’ Equity does is following equation

Ending Equity = Beginning Equity + earnings to equity owners – Net

equity distribution

• Reconciliation between beginning and ending balance of equity

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Overview of Basic Building Blocks of Accounting

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Example - Salesforce

• Let’s look at annual financial statements of Salesforce.com ending January

31, 2017!

• Focus

• The Balance sheets (page 58 of the 2016 Form 10-K)

• Assets: Goodwill, A/R, PPE

• Liabilities: $7B to $10B (Deferred revenue and A/P)

• Equity: $7.5B, up from $5B (Additional paid-in capital due to new equity injection)

• Decreasing Accumulated deficit

• Income statement (Statement of Operations) (page 59 of the 2016 Form 10-K)

• Revenue ($8.4B) - COGS ($2.2B) – operating expenses ($6.1B) – interest ($0.1B) +

a tax benefit ($0.2B) = $0.2B

• Statement of Stockholders’ Equity (page 62 of the 2016 Form 10-K)

• Share issuance → additional paid-in capital

• Net Income ($0.2B) added back to the Accumulated Deficit

• Accumulated Deficit (Retained Earnings)

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Limitation of Accounting Information

• Limitation of Accounting Information → Past Transaction

• Historical Value and Fair Value (book value)

▪ If all items in BS would be at fair value → economic earnings in income statement

• Makes the information reliable and verifiable

• Accounting system misses a lot of information about fair value

▪ Example: Goodwill

❑ Recognized at fair value at the time of the acquisition

❑ Problem of Goodwill

o No adjustment when fair value goes up

o Subjectivity in goodwill impairment

o Internal goodwill is not recognized

• Primary Role of Accounting Analysis

• To determine which benefits and obligations have been ignored in the financial statements

• To determine which have been recognized but incorrectly valued

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Limitations - Assets

• We start with accounting rules governing the recognition and measurement of assets

and liabilities

• Assets: probable future economic benefits obtained or controlled by a particular

entity as a result of past transactions or events

• Future benefit must be expected

▪ What is not deemed to be probable?

o Benefits associated with most research and development and marketing

• Future benefit must have resulted from past transactions or events

▪ Realized revenue / Expected revenue from Pharmaceutical companies

• What future benefits are recognized then?

▪ Cash and cash equivalent

▪ Trade Receivables

▪ Future benefits acquired by the firm as part of a past transactions ( marketable

securities, inventory, PP&E, and acquired intangibles)

o Financial assets (marketable securities) – generally at fair value

o Non-financial assets (properties) – generally at historical cost and adjusted with

deprecation/amortization and impairment loss

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Limitations - Liabilities

• Liabilities : Future probable sacrifices of economic benefits arising from

present obligations as a result of past transactions or events.

▪ Future sacrifices must be probable

• What are usually not deemed probable?

o Expected costs associated with unsettled litigation and third-party loan

guarantees

• Future sacrifices must arise from present obligations as a result of past

transactions or events

▪ Promised future payment

• Most of Liabilities are (1) Monetary in nature and (2) Valued based on the

present value of the promised payments

▪ Exception: Obligations to provide future goods and services to customers → valued

at the price paid by customers to receive the future goods/services (Deferred

Revenue)

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Examples of Assets and Liabilities

⚫ I buy goods for $50 that I eventually hope to sell to customers

Inventory $50

⚫ I invest $300 in research and development to develop a new drug. The

drug is working well in trials, but not yet approved for sale.

Not an asset

⚫ I buy goods from a supplier for $50, but I don’t have to pay until next

year.

Accounts Payable $50

⚫ Another company is suing me for breach of contract. I am vigorously

defending myself, but it is possible that I could lose the case and be

forced to pay a large settlement.

No liability

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Limitations - Earnings, Revenue, Expenses

• Earnings to Equity Owner = Change in Equity + Net Equity Distribution

• Changes in Equity = Change in assets – change in liabilities

• Earnings inherit all shortcomings of assets and liabilities

• Key components of the income statements

▪ Revenue

▪ Operating Expenses

▪ Operating Income

▪ Gains/Losses from non-operating activities

▪ Income Taxes

▪ Discontinued Operation

▪ Extraordinary Items (Eliminated from US GAAP & IFRS)

• Non-Recurring Items

▪ Other Comprehensive Income (OCI)

• Unrealized Investment Gain/Losses, Foreign Exchange Translation

Gains/Losses, Pension Plan Gains/Losses, Pension Prior Service Costs

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Limitations - Earnings, Revenue, Expenses

• Earnings to Equity Owner = Change in Equity + Net Equity Distribution

• Changes in Equity = Change in assets – change in liabilities

• Earnings inherit all shortcomings of assets and liabilities

• Key components of the income statements

• Revenue

• Operating Expenses

• Operating Income

• Gains/Losses from non-operating activities

• Income Taxes

• Discontinued Operation

• Extraordinary Items (Eliminated from US GAAP)

• Non-Recurring Items

• Other Comprehensive Income (OCI)

• Unrealized Investment Gain/Losses, Foreign Exchange Translation Gains/Losses, Pension

Plan Gains/Losses, Pension Prior Service Costs

REVENUE

Increase in assets or decrease in liabilities that arise from the

provisions of goods and services in the course of a firm’s

operating activities

When do revenue should be earned?

Realization principle:

- an exchange transaction has taken place

- the earnings process is substantially complete, and

- the collection has taken place

Still leave room for interpretation:

Consider a company that purchases land, does some minor

improvements, subdivides it and then sells plots to customers

who pay 10 percent of the selling price and sign a 10-year

mortgage for the balance.

1. when the firm purchases the land,

2. when it finishes the minor improvements

3. when a customer pays the initial 10 percent, or

4. when the customer pays off the mortgage?

Revenue recognition is the kick-off event for the

measurement of earnings and, because of this, plays a

central role in ratio analysis and forecasting.

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Earnings, Revenue, Expenses

• Earnings to Equity Owner = Change in Equity + Net Equity Distribution

• Changes in Equity = Change in assets – change in liabilities

• Earnings inherit all shortcomings of assets and liabilities

• Key components of the income statements

• Revenue

• Operating Expenses

• Operating Income

• Gains/Losses from non-operating activities

• Income Taxes

• Discontinued Operation

• Extraordinary Items (Eliminated from US GAAP)

• Non-Recurring Items

• Other Comprehensive Income (OCI)

• Unrealized Investment Gain/Losses, Foreign Exchange Translation Gains/Losses, Pension

Plan Gains/Losses, Pension Prior Service Costs

OPERATING EXPENSES

Decrease in assets or increases in liabilities

that arise from the provision of goods and

services in the course of a firm’s operating

activities.

Match the consumption of specific assets to

the production of specific revenues but these

rules frequently have to resort to ad hoc

allocations of costs

Cost of the raw materials to produce finished

goods

1. how much PP&E was consumed to

convert the raw materials into finished

goods?

2. How much of the corporate jet was

consumed in the production of the

goods?

3. What about the cost of deferred

compensation to the sales force? 28

Accounting Distortions

• Underlying Economic Rate of Return (ERR)

• ERR = Economic earnings/Beginning Investment

• Beginning ε = Accounting Equity - Beginning Investment

Where ε is the measurement error in equity

• Error in Accounting Earnings = Accounting Earnings – Economic earnings

= Change in 𝛿

ROE = 𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠

𝐴𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝐸𝑞𝑢𝑖𝑡𝑦

ROE = 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝐼𝑛𝑐𝑜𝑚𝑒 + 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝛿

𝐵𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 + 𝐵𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 휀

Accounting Distortions = Measurement Errors

• Analysts should be able to identify and quantify these distortions

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Accounting Distortions

• Accounting Distortions have a two-pronged effect on ROE

1. Changes in the measurement error during the period are reflected in the numerator

2. The level of error at the beginning of the period is reflected in the denominator

• The effect of accounting distortions on investment - straightforward

1. Overstating (understating) assets → overstating (understating) investment

2. Overstating (understating) liabilities → understating (overstating) investment

• The Effect of accounting distortions on earnings - Distortion depends on three

characteristics of the error

1. Does the error relate to an asset or a liability?

2. Does the error result in an overstatement or an understatement of the asset or

liability?

3. Is the error originating (i.e. getting bigger) or reversing (i.e., getting smaller)

during the period?

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Assets and Earnings Quality

Asset

Overstatement

Asset

Understatement

Originating

Earnings Overstated

Example:

Failing to write down

obsolete inventory

Earnings Understated

Example:

Failing to capitalize

R&D expenditure

Reversing

Earnings Understated

Example:

Subsequent write down

of obsolete inventory

Earnings Overstated

Example:

Realization of benefits

from R&D expenditure

ROE = 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝐼𝑛𝑐𝑜𝑚𝑒 + 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝛿

𝐵𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 + 𝐵𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 휀

31

Liabilities and Earnings Quality

Liability

Overstatement

Liability

Understatement

Originating

Earnings

Understated

Example:

Excessive revenue

deferral

Earnings Overstated

Example:

Failure to accrue future

retirement benefits

Reversing

Earnings Overstated

Example:

Subsequent

recognition of deferred

revenue

Earnings

Understated

Example:

Subsequent

recognition of

retirement benefits

ROE = 𝐸𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝐼𝑛𝑐𝑜𝑚𝑒 + 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝛿

𝐵𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡 + 𝐵𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 휀

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Example – Understated Assets for Salesforce

• Salesforce reports significant research and development expenses on its

income statement.

• Since R&D are expected to create future benefits, there is an missing

asset on Salesforce’ BS.

• Assume the future benefits from Salesforce’s R&D start at the

beginning of the fiscal year immediately following the one in which

they are incurred and are realized evenly over the subsequent two-year

period.

• Determine the missing R&D assets for the 2015 and 2016 fiscal

years (i.e. the fiscal years ending on 31 January 2015 and 2016

respectively)

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Example – Understated Assets for Salesforce

34

Example – Understated Assets for Salesforce

• 2015 Missing R&D Asset = 2015 R&D Expenditure

+1/2 2014 R&D Expenditure

= 792,917 + ½ 623,798

= 1,104,816

• 2016 Missing R&D Asset = 2016 R&D Expenditure

+1/2 2015 R&D Expenditure

= 946,300 + ½ 792,917

= 1,342,759

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Example – Understated Assets for Salesforce

• The earnings will be understated by the amount of the increase in

error:

2016 Earnings Understatement = 1,342,759 – 1,104,816= 237,943

• The alternative method is to net the new error that originated in

2016 from the old error that reversed in 2016.

▪ Originating error = 946,300 (capitalized in 2016)

▪ Reversing error = half the 2015 & 2014 expenditures should have

been amortized in 2016.

2016 Earnings Understatement = Originating Error – Reversing Error

= 946,300 - ½ (792,917 + 623,798) = 237,943

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Reasons for Accounting Distortions

• You should now realize the accounting assets and liabilities can

represent economic resources and obligations with considerable errors.

• The only way to identify these errors is to:

▪ understand the underlying economics of the business,

▪ understand how much of this is reflected in the accounting system, and

▪ do your best to quantify the resulting distortions.

• Distortions can be divided into three categories:

1. Distortions caused by GAAP,

2. Distortions caused by lack of perfect foresight in the use of accounting

estimates, and

3. Distortions caused by management’s intentional manipulation of

accounting estimates.

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Reasons for Accounting Distortions

1. GAAP ≠ Economic Reality (Unintentional Errors)

• Immediate expensing of internally generated intangibles

▪ R&D Expenditure

▪ GAAP requires immediate expensing

▪ Systematic understatement of equity

• Depreciation/Amortization of capitalized nonfinancial assets

▪ Systematic understatement of equity→ Conservative Accounting

▪ Old plant trap → don’t be tricked by high economic rate of return

▪ Exception: Goodwill

o Management typically defers impairments until there is overwhelming

evidence of a substantial decline in the value of the asset. → assets

overstatement & aggressive accounting

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Reasons for Accounting Distortions

1. GAAP ≠ Economic Reality (Unintentional Errors) – Cont’d

• Asset impairment

▪ GAAP require that nonfinancial assets to be carried at their amortized

historical costs and after impairment loss if necessary. An asset gets

revalued upward based on its estimated fair value, but if the asset’s value

significantly exceeds its carrying amount, no upward revaluation is

allowed.

• Omission of contingent Liabilities

▪ Contingent liabilities are not recognized on the balance sheet as they are so

uncertain that they cannot be reliably measured. Because liabilities are not

recognized, net assets and equity are overstated.

▪ Example: Manufacturers of tobacco products represent good examples of

companies with unrecognized liabilities. They ignore the cost of future

litigation stemming from tobacco-related illness. → Profits are overstated.

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Reasons for Accounting Distortions

2. Uncertain Forecasts (Unintentional Errors)

• GAAP require that future amounts to be measured with some minimum

level of reliability before qualifying for recognition in the financial

statements

• Employee post-retirement obligations

3. Managerial Manipulation (Intentional Errors)

• Revenue Manipulation

▪ Channel stuffing/Trade loading – products are shipped to customer before the

customers really needs it.

▪ Understating the allowance for uncollectible account

▪ Accelerating revenue recognition (deferred revenue or unearned revenue) –

customers pays in advance for a product or service. If the cash is not recorded

as a liabilities, the current period equity and earnings will be overstated.

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Reasons for Accounting Distortions

3. Managerial Manipulation (Intentional Errors) – cont’d

• Expense Manipulation

▪ Capitalization of operating costs

▪ Capitalization of Software Development cost

▪ Inventory Costing

▪ Depreciation/Amortization/Impairment of Long-Lived Assets

▪ Understating liabilities

▪ Employee pensions and other retirement benefits

• Related Party Transaction – Shame Transaction (reverse transaction)

• Off balance sheet entities

• Off balance sheet financing

• Aggressive use of special charges (non-GAAP earnings)

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Non-GAAP Earnings

42

Case Exercises - Salesforce

Exercise 1.

Summarize the accounting policy used by Salesforce for commission

payments to their direct sales force.

• Item 7 - MD&A Section - P.45 of 10-K of FY2016

43

Case Exercises - Salesforce

Exercise 2.

Assume that instead of using its current accounting policies for deferring

the recognition of both revenues and commissions on subscription

contracts, Salesforce instead recognized all non-cancelable future billings

and any associated commission costs at the inception of the associated

subscription contract. Estimate the Income (loss) from operations that

Salesforce would have reported for the fiscal year ended January 31, 2016.

44

45

Case Exercises - Salesforce

46

Case Exercises - Salesforce

47

Case Exercises - Salesforce

48

Case Exercises - Salesforce

Answers to Exercise 2

Assume that instead of using its current accounting policies for deferring

the recognition of both revenues and commissions on subscription

contracts, Salesforce instead recognized all non-cancelable future billings

and any associated commission costs at the inception of the associated

subscription contract. Estimate the Income (loss) from operations that

Salesforce would have reported for the fiscal year ended January 31, 2016.

Answers:

• 114,923 + (7,100,000 - 5,700,000) + (4,267,667 + 23,886 – 3,286,768 -

34,681) – (259,187 + 189,943 - 225,386 – 162,796)

= 2,424,079

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Case Exercises - Salesforce

Exercise 3.

Assume that instead of using its current accounting policy for ‘marketing

and sales’ costs, Salesforce instead capitalized these costs in the fiscal year

the costs are incurred and then amortized the costs on a straight-line basis

over the subsequent two fiscal years. Estimate the Income (Loss) from

operations that Salesforce would have reported for fiscal year ended

January 31, 2016.

Answers:

• 114,923 + 3,239,824 - ½(2,757,096+2,168,132)

• = 892,133

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Case Exercises - Salesforce

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Case Exercises - Salesforce

Exercise 4.

Which of the above two accounting methods for marketing and sales costs

do you think better reflects the underlying economics of the expenditures?

Briefly explain your answer.

Answers:

• Capitalizing and amortizing over 2 years, because the marketing and

sales costs help to generate subscription contracts that typically have

terms of at least a year and have high renewal rates.

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Case Exercises - Salesforce

End of Lecture 8

Thank You

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AF5115