Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Time Warner Cable Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Time Warner Cable Inc. gross profit margin ratio deteriorated from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Time Warner Cable Inc. operating profit margin ratio deteriorated from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Time Warner Cable Inc. net profit margin ratio deteriorated from Q3 2015 to Q4 2015 but then slightly improved from Q4 2015 to Q1 2016. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Time Warner Cable Inc. ROE deteriorated from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
| ROA | A profitability ratio calculated as net income divided by total assets. | Time Warner Cable Inc. ROA deteriorated from Q3 2015 to Q4 2015 but then slightly improved from Q4 2015 to Q1 2016. |
Gross Profit Margin
Time Warner Cable Inc., gross profit margin calculation (quarterly data)
| 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 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross profit | 4,640) | 4,626) | 4,461) | 4,437) | 4,358) | 4,472) | 4,388) | 4,385) | 4,273) | 4,346) | 4,308) | 4,316) | 4,200) | 2,920) | 2,864) | 2,930) | 2,730) | 2,710) | 2,625) | 2,647) | 2,555) | |||||||
| Revenue | 6,191) | 6,072) | 5,922) | 5,926) | 5,777) | 5,790) | 5,714) | 5,726) | 5,582) | 5,577) | 5,518) | 5,550) | 5,475) | 5,485) | 5,363) | 5,404) | 5,134) | 4,993) | 4,911) | 4,944) | 4,827) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | 75.33% | 75.46% | 75.71% | 76.08% | 76.51% | 76.79% | 76.96% | 77.28% | 77.58% | 77.62% | 71.47% | 65.38% | 59.44% | 53.51% | 53.77% | 53.79% | 53.61% | 53.56% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q1 2016 Calculation
Gross profit margin = 100
× (Gross profitQ1 2016
+ Gross profitQ4 2015
+ Gross profitQ3 2015
+ Gross profitQ2 2015)
÷ (RevenueQ1 2016
+ RevenueQ4 2015
+ RevenueQ3 2015
+ RevenueQ2 2015)
= 100 × (4,640 + 4,626 + 4,461 + 4,437)
÷ (6,191 + 6,072 + 5,922 + 5,926)
= 75.33%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Time Warner Cable Inc. gross profit margin ratio deteriorated from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
Operating Profit Margin
Time Warner Cable Inc., operating profit margin calculation (quarterly data)
| 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 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating income | 1,145) | 1,125) | 1,001) | 1,029) | 1,084) | 1,226) | 1,151) | 1,163) | 1,092) | 1,173) | 1,160) | 1,187) | 1,060) | 1,169) | 1,094) | 1,140) | 1,042) | 1,029) | 1,002) | 1,063) | 975) | |||||||
| Revenue | 6,191) | 6,072) | 5,922) | 5,926) | 5,777) | 5,790) | 5,714) | 5,726) | 5,582) | 5,577) | 5,518) | 5,550) | 5,475) | 5,485) | 5,363) | 5,404) | 5,134) | 4,993) | 4,911) | 4,944) | 4,827) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | 17.83% | 17.89% | 18.54% | 19.35% | 20.10% | 20.31% | 20.26% | 20.48% | 20.75% | 20.71% | 20.77% | 20.62% | 20.54% | 20.78% | 20.60% | 20.61% | 20.70% | 20.68% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q1 2016 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2016
+ Operating incomeQ4 2015
+ Operating incomeQ3 2015
+ Operating incomeQ2 2015)
÷ (RevenueQ1 2016
+ RevenueQ4 2015
+ RevenueQ3 2015
+ RevenueQ2 2015)
= 100 × (1,145 + 1,125 + 1,001 + 1,029)
÷ (6,191 + 6,072 + 5,922 + 5,926)
= 17.83%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Time Warner Cable Inc. operating profit margin ratio deteriorated from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
Net Profit Margin
Time Warner Cable Inc., net profit margin calculation (quarterly data)
| 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 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to TWC shareholders | 494) | 486) | 437) | 463) | 458) | 554) | 499) | 499) | 479) | 540) | 532) | 481) | 401) | 513) | 808) | 452) | 382) | 564) | 356) | 420) | 325) | |||||||
| Revenue | 6,191) | 6,072) | 5,922) | 5,926) | 5,777) | 5,790) | 5,714) | 5,726) | 5,582) | 5,577) | 5,518) | 5,550) | 5,475) | 5,485) | 5,363) | 5,404) | 5,134) | 4,993) | 4,911) | 4,944) | 4,827) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | 7.80% | 7.78% | 8.17% | 8.51% | 8.74% | 8.90% | 8.93% | 9.15% | 9.14% | 8.83% | 8.75% | 10.07% | 10.01% | 10.08% | 10.56% | 8.58% | 8.62% | 8.46% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q1 2016 Calculation
Net profit margin = 100
× (Net income attributable to TWC shareholdersQ1 2016
+ Net income attributable to TWC shareholdersQ4 2015
+ Net income attributable to TWC shareholdersQ3 2015
+ Net income attributable to TWC shareholdersQ2 2015)
÷ (RevenueQ1 2016
+ RevenueQ4 2015
+ RevenueQ3 2015
+ RevenueQ2 2015)
= 100 × (494 + 486 + 437 + 463)
÷ (6,191 + 6,072 + 5,922 + 5,926)
= 7.80%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Time Warner Cable Inc. net profit margin ratio deteriorated from Q3 2015 to Q4 2015 but then slightly improved from Q4 2015 to Q1 2016. |
Return on Equity (ROE)
Time Warner Cable Inc., ROE calculation (quarterly data)
| 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 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to TWC shareholders | 494) | 486) | 437) | 463) | 458) | 554) | 499) | 499) | 479) | 540) | 532) | 481) | 401) | 513) | 808) | 452) | 382) | 564) | 356) | 420) | 325) | |||||||
| Total TWC shareholders’ equity | 9,357) | 8,995) | 8,745) | 8,508) | 8,140) | 8,013) | 7,905) | 7,410) | 7,094) | 6,943) | 6,662) | 6,708) | 6,938) | 7,279) | 7,609) | 7,357) | 7,518) | 7,530) | 7,647) | 8,041) | 8,632) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | 20.09% | 20.50% | 21.86% | 23.20% | 24.69% | 25.35% | 25.52% | 27.67% | 28.64% | 28.14% | 28.93% | 32.84% | 31.33% | 29.61% | 28.99% | 23.84% | 22.91% | 22.11% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q1 2016 Calculation
ROE = 100
× (Net income attributable to TWC shareholdersQ1 2016
+ Net income attributable to TWC shareholdersQ4 2015
+ Net income attributable to TWC shareholdersQ3 2015
+ Net income attributable to TWC shareholdersQ2 2015)
÷ Total TWC shareholders’ equity
= 100 × (494 + 486 + 437 + 463)
÷ 9,357 = 20.09%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Time Warner Cable Inc. ROE deteriorated from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
Return on Assets (ROA)
Time Warner Cable Inc., ROA calculation (quarterly data)
| 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 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net income attributable to TWC shareholders | 494) | 486) | 437) | 463) | 458) | 554) | 499) | 499) | 479) | 540) | 532) | 481) | 401) | 513) | 808) | 452) | 382) | 564) | 356) | 420) | 325) | |||||||
| Total assets | 49,751) | 49,277) | 48,721) | 48,886) | 48,330) | 48,501) | 48,636) | 48,456) | 49,153) | 48,273) | 47,431) | 49,228) | 49,299) | 49,809) | 50,085) | 49,937) | 49,296) | 48,276) | 48,113) | 45,904) | 45,139) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | 3.78% | 3.74% | 3.92% | 4.04% | 4.16% | 4.19% | 4.15% | 4.23% | 4.13% | 4.05% | 4.06% | 4.48% | 4.41% | 4.33% | 4.40% | 3.51% | 3.49% | 3.45% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Q1 2016 Calculation
ROA = 100
× (Net income attributable to TWC shareholdersQ1 2016
+ Net income attributable to TWC shareholdersQ4 2015
+ Net income attributable to TWC shareholdersQ3 2015
+ Net income attributable to TWC shareholdersQ2 2015)
÷ Total assets
= 100 × (494 + 486 + 437 + 463)
÷ 49,751 = 3.78%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Time Warner Cable Inc. ROA deteriorated from Q3 2015 to Q4 2015 but then slightly improved from Q4 2015 to Q1 2016. |