Stock Analysis on Net

Twenty-First Century Fox Inc. (NASDAQ:FOX)

This company has been moved to the archive! The financial data has not been updated since February 6, 2019.

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Twenty-First Century Fox Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Turnover Ratios
Inventory turnover 5.10 5.21 5.39 5.19 6.09 6.39 5.73 5.21 5.00 5.26 5.20 4.74 5.01 5.75 6.75 6.67 6.67 6.41 6.83 5.94 5.87 5.62 6.28
Receivables turnover 3.84 4.17 4.27 4.23 3.89 4.38 4.40 3.93 4.02 4.55 4.37 3.98 3.87 4.50 4.90 4.92 4.89 5.15 4.93 4.86 4.64 5.13 5.07
Working capital turnover 1.19 2.70 2.74 3.05 3.14 3.29 3.15 3.06 3.13 3.70 3.47 3.66 3.51 3.31 2.87 2.70 2.50 5.64 4.89 5.17 4.12 3.77 3.88
Average No. Days
Average inventory processing period 72 70 68 70 60 57 64 70 73 69 70 77 73 63 54 55 55 57 53 61 62 65 58
Add: Average receivable collection period 95 87 85 86 94 83 83 93 91 80 84 92 94 81 74 74 75 71 74 75 79 71 72
Operating cycle 167 157 153 156 154 140 147 163 164 149 154 169 167 144 128 129 130 128 127 136 141 136 130

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Twenty-First Century Fox Inc. inventory turnover ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Receivables turnover An activity ratio equal to revenue divided by receivables. Twenty-First Century Fox Inc. receivables turnover ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Twenty-First Century Fox Inc. working capital turnover ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Twenty-First Century Fox Inc. number of days of inventory outstanding deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Twenty-First Century Fox Inc. number of days of receivables outstanding deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Twenty-First Century Fox Inc. operating cycle deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Inventory Turnover

Twenty-First Century Fox Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Selected Financial Data (US$ in millions)
Operating expenses 6,005 4,424 5,047 4,581 5,760 4,381 4,185 4,763 4,912 3,915 4,227 4,472 4,757 3,673 3,786 4,357 5,366 5,052 5,635 5,475 5,551 4,447 4,637 4,826 4,518 3,515
Inventories, net 3,934 3,804 3,669 3,645 3,132 2,856 3,101 3,418 3,507 3,300 3,291 3,522 3,305 2,987 2,749 3,062 3,226 3,385 3,092 3,387 3,316 3,278 2,784 3,476 3,282 2,856
Short-term Activity Ratio
Inventory turnover1 5.10 5.21 5.39 5.19 6.09 6.39 5.73 5.21 5.00 5.26 5.20 4.74 5.01 5.75 6.75 6.67 6.67 6.41 6.83 5.94 5.87 5.62 6.28
Benchmarks
Inventory Turnover, Competitors2
Walt Disney Co. 23.41 24.31 23.51

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

1 Q2 2019 Calculation
Inventory turnover = (Operating expensesQ2 2019 + Operating expensesQ1 2019 + Operating expensesQ4 2018 + Operating expensesQ3 2018) ÷ Inventories, net
= (6,005 + 4,424 + 5,047 + 4,581) ÷ 3,934 = 5.10

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Twenty-First Century Fox Inc. inventory turnover ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Receivables Turnover

Twenty-First Century Fox Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Selected Financial Data (US$ in millions)
Revenues 8,499 7,177 7,941 7,420 8,037 7,002 6,748 7,564 7,682 6,506 6,646 7,228 7,375 6,077 6,205 6,840 8,055 7,887 8,424 8,219 8,163 7,061 7,212 7,353 7,107 6,003
Receivables, net 8,083 7,326 7,120 6,905 7,554 6,619 6,477 7,219 6,983 6,099 6,258 6,756 6,842 6,034 5,912 6,345 6,669 6,350 6,468 6,314 6,424 5,605 5,459 7,136 7,760 6,634
Short-term Activity Ratio
Receivables turnover1 3.84 4.17 4.27 4.23 3.89 4.38 4.40 3.93 4.02 4.55 4.37 3.98 3.87 4.50 4.90 4.92 4.89 5.15 4.93 4.86 4.64 5.13 5.07
Benchmarks
Receivables Turnover, Competitors2
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Walt Disney Co. 4.10 5.87 6.37

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

1 Q2 2019 Calculation
Receivables turnover = (RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018) ÷ Receivables, net
= (8,499 + 7,177 + 7,941 + 7,420) ÷ 8,083 = 3.84

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Twenty-First Century Fox Inc. receivables turnover ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Working Capital Turnover

Twenty-First Century Fox Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Selected Financial Data (US$ in millions)
Current assets 34,017 19,128 19,333 18,661 17,402 16,998 16,286 16,738 15,705 14,921 14,949 15,620 14,826 15,193 17,376 19,049 20,264 14,950 15,376 15,649 16,721 16,543 15,567 20,793 19,744 22,267
Less: Current liabilities 7,935 7,802 8,244 9,099 8,055 8,176 7,238 7,456 6,749 7,422 7,068 8,276 7,268 6,992 7,262 7,490 7,239 9,158 8,856 9,715 9,484 8,913 8,435 11,053 10,260 10,045
Working capital 26,082 11,326 11,089 9,562 9,347 8,822 9,048 9,282 8,956 7,499 7,881 7,344 7,558 8,201 10,114 11,559 13,025 5,792 6,520 5,934 7,237 7,630 7,132 9,740 9,484 12,222
 
Revenues 8,499 7,177 7,941 7,420 8,037 7,002 6,748 7,564 7,682 6,506 6,646 7,228 7,375 6,077 6,205 6,840 8,055 7,887 8,424 8,219 8,163 7,061 7,212 7,353 7,107 6,003
Short-term Activity Ratio
Working capital turnover1 1.19 2.70 2.74 3.05 3.14 3.29 3.15 3.06 3.13 3.70 3.47 3.66 3.51 3.31 2.87 2.70 2.50 5.64 4.89 5.17 4.12 3.77 3.88
Benchmarks
Working Capital Turnover, Competitors2
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Netflix Inc.
Walt Disney Co.

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

1 Q2 2019 Calculation
Working capital turnover = (RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018) ÷ Working capital
= (8,499 + 7,177 + 7,941 + 7,420) ÷ 26,082 = 1.19

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Twenty-First Century Fox Inc. working capital turnover ratio deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Average Inventory Processing Period

Twenty-First Century Fox Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Selected Financial Data
Inventory turnover 5.10 5.21 5.39 5.19 6.09 6.39 5.73 5.21 5.00 5.26 5.20 4.74 5.01 5.75 6.75 6.67 6.67 6.41 6.83 5.94 5.87 5.62 6.28
Short-term Activity Ratio (no. days)
Average inventory processing period1 72 70 68 70 60 57 64 70 73 69 70 77 73 63 54 55 55 57 53 61 62 65 58
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Walt Disney Co. 16 15 16

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

1 Q2 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.10 = 72

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Twenty-First Century Fox Inc. number of days of inventory outstanding deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Average Receivable Collection Period

Twenty-First Century Fox Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Selected Financial Data
Receivables turnover 3.84 4.17 4.27 4.23 3.89 4.38 4.40 3.93 4.02 4.55 4.37 3.98 3.87 4.50 4.90 4.92 4.89 5.15 4.93 4.86 4.64 5.13 5.07
Short-term Activity Ratio (no. days)
Average receivable collection period1 95 87 85 86 94 83 83 93 91 80 84 92 94 81 74 74 75 71 74 75 79 71 72
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Alphabet Inc.
Comcast Corp.
Meta Platforms Inc.
Walt Disney Co. 89 62 57

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

1 Q2 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 3.84 = 95

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Twenty-First Century Fox Inc. number of days of receivables outstanding deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Operating Cycle

Twenty-First Century Fox Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Selected Financial Data
Average inventory processing period 72 70 68 70 60 57 64 70 73 69 70 77 73 63 54 55 55 57 53 61 62 65 58
Average receivable collection period 95 87 85 86 94 83 83 93 91 80 84 92 94 81 74 74 75 71 74 75 79 71 72
Short-term Activity Ratio
Operating cycle1 167 157 153 156 154 140 147 163 164 149 154 169 167 144 128 129 130 128 127 136 141 136 130
Benchmarks
Operating Cycle, Competitors2
Walt Disney Co. 105 77 73

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

1 Q2 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 72 + 95 = 167

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Twenty-First Century Fox Inc. operating cycle deteriorated from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.