Active Customers
E-commerce engagement metric – The count of individual customers who placed at least one order directly through a company's own app or website during the period, counted once per customer regardless of how many orders they placed. Coupang uses this as its headline growth indicator alongside net revenue per Active Customer (total net revenue ÷ Active Customers), since the two together show whether growth is coming from a larger customer base, higher spend per existing customer, or both. Found In: MD&A, Key Business Metrics disclosure
Adjusted EBITA
Non-GAAP segment profitability measure – A company-defined segment-level profit figure, similar to Adjusted EBITDA» but excluding amortization only (not depreciation), plus add-backs such as share-based compensation, impairment of goodwill, and one-time regulatory fines. Alibaba uses this as its primary segment-performance measure, reported per segment rather than only at the consolidated level - useful for comparing segment trends over time, but the specific add-back list is company-defined and excludes real costs (like goodwill writedowns) that still reduce a segment's fully-loaded profitability. Found In: Segment reporting (non-IFRS/non-GAAP reconciliation)
Adjusted EBITDA
Non-GAAP earnings measure – Net loss/income adjusted to exclude interest, taxes, depreciation, amortization, and a company-defined list of other items (stock-based comp, one-time listing costs, impairments, etc.). Used heavily by loss-making tech companies to show a "cleaner" profitability trend, but the add-back list varies company to company and can flatter results if taken at face value. Found In: Income Statement (non-IFRS/non-GAAP reconciliation)
Adjusted Net Income
Non-GAAP profitability measure – A company-defined add-back to IFRS/GAAP net income (loss), typically excluding share-based compensation expense (and its allocated tax effect) plus one-time IPO-related charges, meant to show "recurring" profitability without non-cash equity-comp costs. Useful for isolating operating trends from a compensation policy, but a company can swing from a large statutory net loss to a positive Adjusted Net Income purely by excluding a large stock-comp charge that is still a real cost to existing shareholders through dilution. Found In: MD&A (non-IFRS/non-GAAP reconciliation)
Adjusted Revenue
Non-GAAP Revenue Measure – A company-defined revenue figure that strips out a specific pass-through cost or relationship management wants excluded from the headline number. Square used this term in 2015 for total net revenue less transaction costs, further adjusted to remove the effect of its below-cost Starbucks payment-processing agreement, to show what its ordinary seller business looked like in isolation. Useful for isolating a distorting relationship, but still a company-defined figure, not a GAAP one, and should be read alongside (not instead of) total net revenue. Found In: MD&A (non-IFRS/non-GAAP reconciliation)
ADS
American Depositary Share – A U.S.-traded share representing a fixed number of shares of a foreign company's stock (for Alibaba, one ADS = eight ordinary shares), letting U.S. investors hold and trade a foreign stock through a U.S. exchange without dealing in the home-market shares directly. Found In: Market Data, Cover Page
B30 Cities
Indian mutual-fund distribution term – Shorthand for India's "Beyond Top 30" cities: every city outside the 30 largest urban centers (T30), used by India's mutual-fund regulator (SEBI) and asset managers to track how much retail investment is reaching smaller towns versus the already-penetrated metro markets. A high B30 share of AUM signals genuine geographic reach into under-penetrated markets, not just growth concentrated in existing metro customers. Found In: AMC disclosures, earnings calls (India asset management)
BDR
Brazilian Depositary Receipt – A Brazil-traded security representing shares of a foreign (or dually-listed) company's stock, letting Brazilian retail investors buy and hold a company's equity on B3 (Brazil's stock exchange) without dealing directly in a foreign-listed share. Functions the same way an ADS» does for U.S. investors holding a foreign company's stock. Found In: Market Data, Cover Page
ARPAC
Average Revenue Per Active Customer – Nu Holdings' preferred per-customer monetization metric: monthly average revenue (total revenue divided by months in the period) divided by the average number of individual active customers over that period. Functions like a Western bank's ARPU, but scoped to active (not total) customers, so it isolates monetization intensity from mere customer-count growth. Found In: MD&A, Earnings Presentation (non-IFRS/non-GAAP reconciliation)
Activity Rate
Monthly active customers ÷ total customers – The share of a company's total registered customer base that actually transacted in the last 30 days, as of a given measurement date. A rising activity rate on a growing total-customer base means engagement is compounding alongside acquisition, not just masking dormant sign-ups. Found In: MD&A, Earnings Presentation (non-IFRS/non-GAAP reconciliation)
ADTO
Average Daily Turnover – Cumulative trading volume (cash or derivatives) transacted through a broker's platform over a period, divided by the number of trading days in that period. Used by Indian brokers to show trading-activity trends independent of how many calendar days a quarter had, and to benchmark market share against exchange-wide industry turnover. Found In: Operating metrics disclosure (broking/investing platforms)
AGR
Adjusted Gross Revenue – The revenue base India's Department of Telecommunications uses to calculate the annual license fee and spectrum usage charges owed by a mobile operator, defined far more broadly than a telecom's own reported revenue (historically including non-telecom income like interest and asset sales, a definition upheld by India's Supreme Court in October 2019). Operators that under-paid dues for years based on a narrower self-defined AGR faced a retroactive liability spanning back to the 1990s, running into hundreds of billions of rupees industry-wide, which is why an "AGR liability due to Government" line can sit alongside ordinary bank debt on a telecom's balance sheet as a real, court-confirmed obligation rather than a mere contingency. Found In: Notes to Financial Statements (borrowings/net debt disclosures), MD&A
ARPAM
Average Revenue per Active Member – A neobank/consumer-fintech monetization metric: quarterly revenue annualized (×4), divided by the average of active members at the start and end of the quarter. Captures both transaction-volume-driven revenue (interchange) and product monetization (subscriptions, liquidity fees) per user, but each company defines "active" differently, so it isn't directly comparable across companies. Found In: Operating metrics disclosure (not a financial-statement line item)
ARPPU
Average Revenue Per Paying User – A gaming/digital-entertainment metric measuring average revenue generated per paying user only, rather than per total active user, so it's typically shown alongside a separate pay-user ratio (paying users ÷ total active users). Splitting ARPU» into these two components shows whether growth is coming from converting more users into payers, or from existing payers simply spending more. Found In: Operating metrics disclosure (not a financial-statement line item)
ARPU
Average Revenue Per User – A telecom/subscription-business metric measuring average monthly (or quarterly) revenue generated per subscriber, used to track pricing power and monetization trends independent of subscriber count. A telecom losing ARPU while gaining subscribers can still be losing revenue quality, not just growing. Found In: Operating metrics disclosure (not a financial-statement line item)
ATU
Annual Transacting Users – A super-app/e-commerce engagement metric counting the number of unique users who completed at least one transaction anywhere in the platform's ecosystem over the trailing twelve months (LTM), as distinct from MTU», which uses a one-month window. Because the window is a full year, LTM ATU moves more slowly than MTU and smooths out seasonality, but it also means a company deliberately shedding low-value users (via reduced incentives) shows up as a shrinking LTM ATU for several consecutive quarters even after the underlying monthly user count has already stabilized, since a user churned a year ago is still in the trailing-twelve-month count until that month finally rolls off. Found In: Operating metrics disclosure (not a financial-statement line item)
AUC
Assets Under Custody – A retail-brokerage metric summing the fair value of every equity, option, cryptocurrency, and cash balance held in customer accounts, net of margin balances owed back to the platform, as of a given date. Grows from two sources — net new customer deposits and market price gains on what customers already hold — so a rising AUC figure during a bull market can overstate how much of the growth is actually new customer acquisition versus the market simply going up. Found In: Operating metrics disclosure (not a financial-statement line item)
AUM
Assets Under Management – The total market value of the funds/portfolios a manager (a mutual fund AMC, wealth manager, or asset manager) invests and manages on behalf of clients, as of a given date. Grows from net new client inflows and market/price appreciation on existing holdings, so a rising AUM figure doesn't distinguish organic growth (new money in) from the market simply going up — the same caution that applies to AUC above. Found In: Operating metrics disclosure (not a financial-statement line item)
Assets
Assets – Resources owned by a company that have economic value, such as cash, loans, investments, or property.
Found In: Balance Sheet
Book Value
BVPS – The value of a company's assets minus its liabilities divided by the number of shares outstanding.
Found In: Balance Sheet
Formula:
Book Value = Total Assets - Total Liabilities
BVPS = (Total Assets - Total Liabilities) / Shares Outstanding
BOPO
Operating Expenses to Operating Income Ratio – The Indonesian banking regulator's standard efficiency ratio (Beban Operasional terhadap Pendapatan Operasional), comparing total operating expense (including interest expense and loan-loss provisioning) to total operating income (interest, syariah, and fee income combined). Runs on a broader definition than the more commonly used Cost-to-Income Ratio, so the two aren't directly comparable — a lower BOPO means a bank keeps more of every rupiah of operating income after interest costs and provisioning, not just after non-interest opex. Found In: Financial ratio disclosure (Indonesian OJK-format published statements) Formula:
BOPO = Total Operating Expense (incl. interest expense & provisioning) / Total Operating Income (incl. interest & fee income)
BNPL
Buy Now, Pay Later – A short-term consumer credit product that lets a shopper split a purchase into a small number of installments (often interest-free to the customer), typically underwritten instantly at checkout using the platform's own transaction data rather than a traditional credit-bureau application. For a payments company, BNPL is usually originated in partnership with a bank or NBFC» that carries the actual credit risk, letting the platform earn a fee or revenue share without holding the loan on its own balance sheet. Found In: Operating metrics disclosure, Notes to Financial Statements (lending partnerships)
MCA (Merchant Cash Advance)
Merchant Cash Advance – A short-term financing product where a business receives an upfront lump sum in exchange for a fixed portion of its future card-payment receivables, repaid automatically as an agreed percentage of each day's processing volume rather than on a fixed installment schedule. Structured as a purchase of future receivables rather than a loan, which is how a payments company (e.g. Square Capital) can originate one without the state lending licenses a traditional loan would require — a classification the company itself flags as a regulatory risk if the product ever shifts toward fixed-term merchant loans. Found In: Notes to Financial Statements (receivables), Operating metrics disclosure, Risk Factors
CAC
Customer Acquisition Cost – Total marketing/branding spend in a period divided by the number of new customers acquired in that same period. A platform reporting a rising CAC is paying more to acquire each incremental user, which compresses unit economics unless offset by higher revenue per user or lower churn. Found In: Operating metrics disclosure (not a financial-statement line item)
CASA Ratio
Current Account and Savings Account Ratio – A measure of how much of a bank’s deposits come from low-cost sources. Higher CASA means cheaper funding and better margins.
Found In: Balance Sheet
Formula:
CASA Ratio = (Current Account Deposits + Savings Account Deposits) / Total Deposits
CAR
Capital Adequacy Ratio – A measure of how much capital a bank holds relative to its risk-weighted assets, i.e. its buffer against unexpected losses. Regulators set a minimum; a higher CAR means more room to absorb losses before capital is impaired. Found In: Balance Sheet Formula:
CAR = (Tier 1 Capital + Tier 2 Capital) / Risk-Weighted Assets
CCCPS
Compulsorily Convertible Cumulative Preference Shares – A pre-IPO funding instrument common among Indian startups: preference shares that pay a cumulative dividend (if declared) and must convert into ordinary equity shares at a set ratio, usually triggered by an IPO or a specific date, rather than being redeemable for cash. Under Ind AS, these are often classified as a financial liability (not equity) until conversion, so a large CCCPS balance can make a pre-IPO company's balance sheet look far more leveraged than it will once the shares convert to equity around listing. Found In: Balance Sheet, Notes to Financial Statements (share capital)
CDI
Certificado de Depósito Interbancário – The benchmark overnight interbank interest rate in Brazil, functionally equivalent to SOFR» in the U.S., used as the reference rate for floating-rate retail deposits, loans, and corporate funding. A bank paying "100% of CDI" on a deposit product means the deposit's rate moves one-for-one with this benchmark, so a rising CDI (as Brazil's central bank raises rates) simultaneously raises a bank's funding cost and the yield it earns reinvesting that cash, rather than only squeezing margins one way. Found In: Notes to Financial Statements (funding/interest rate disclosures), MD&A
CGU (Cash-Generating Unit)
Cash-Generating Unit – Under IFRS/IAS 36, the smallest identifiable group of assets whose cash inflows are largely independent of other assets, used as the level at which goodwill is tested for impairment each year (rather than testing goodwill company-wide). Management builds a multi-year cash-flow forecast and discount rate for each CGU carrying goodwill; if the CGU's estimated recoverable value falls below its carrying amount, the shortfall is booked as an impairment charge — but if management's own growth and discount-rate assumptions stay optimistic enough, a CGU that's actually struggling can carry unimpaired goodwill for years. Found In: Notes to Financial Statements (goodwill/intangible assets)
CIC (Core Investment Company)
Core Investment Company – An RBI-regulated category of NBFC» whose business is mainly holding shares and securities in its own group companies (at least 90% of assets in group investments, with restrictions on external borrowing and lending). A large Indian holding company that ends up owning a big group shareholding through a demerger or restructuring is often required to register and convert to CIC status within a set regulatory deadline, rather than being treated as an ordinary lending NBFC. Found In: Notes to Financial Statements (regulatory registration), Corporate Actions disclosure
Cost of Credit
Provisioning Expense Ratio – Measures how much of a bank's loan book it's setting aside in a given period to cover expected credit losses, expressed as loan-loss provisioning expense over average loans. A falling cost of credit boosts net profit without any change in operating income, so it needs to be read alongside the trend in non-performing loans rather than taken as a sign the underlying lending business improved. Found In: Income Statement, Notes to Financial Statements (loan-loss provisioning) Formula:
Cost of Credit = Loan-Loss Provisioning Expense / Average Loans (annualized where quoted as an annual rate)
Cost-to-Income Ratio
Efficiency Ratio – Measures how efficiently a company, particularly a bank, is operating by comparing operating expenses to operating income.
Found In: Income Statement
Formula:
Cost-to-Income Ratio = Operating Expenses / Operating Income
Contribution Profit (Loss)
Unit Economics Measure – A non-GAAP measure some marketplace companies use to show gross profit after also subtracting sales and marketing spend, then adding back depreciation, stock-based compensation, and allocated overhead. Meant to isolate whether each order is profitable on a "direct" basis once acquisition/promotion costs are included, before general corporate overhead (R&D, G&A) is layered on top — useful for tracking whether a marketplace's core transaction economics are improving as it scales, but it excludes real costs the company still has to cover. Found In: MD&A (non-GAAP reconciliation) Formula:
Contribution Profit = Gross Profit - Sales & Marketing Expense + D&A (cost of revenue) + Stock-Based Comp (cost of revenue & S&M) + Allocated Overhead (cost of revenue & S&M)
Constant Currency
FX-Adjusted Growth Measure – Revenue (or revenue growth) recalculated using a prior period's exchange rate instead of the current period's, to strip out the effect of currency movements between the two periods being compared. Useful for seeing how much of a reported growth number came from the underlying business versus a weaker or stronger local currency against the reporting currency — but it's a supplementary, non-GAAP measure, not a substitute for the actual reported (as-converted) revenue figure. Found In: MD&A (non-GAAP reconciliation)
Credit Risk Metrics
Credit Quality Indicators – Measures of a bank’s loan quality and risk, such as Non-Performing Loans (NPLs), Loans at Risk (LAR), Loan Loss Provisions, and Loan Loss Coverage Ratio.
Found In: Balance Sheet, Income Statement
DART
Daily Average Revenue Trades – The total number of revenue-generating trades executed on a brokerage's platform during a period, divided by the number of trading days in that period. Tracked separately by asset class (equities, options, cryptocurrencies) since each carries a different take rate» per trade, so a jump in total trading volume can come from a shift toward (or away from) the asset class that actually monetizes best, not just from more customers trading. Found In: MD&A (operating metrics disclosure)
CCPS
Compulsorily Convertible Preference Shares – Preference shares, common in Indian startup financing rounds, that must convert into ordinary equity shares by a set date or trigger rather than being redeemable for cash. Lets a startup raise money across many funding rounds at different valuations without settling the exact final cap table until conversion, which is typically timed to just before an IPO. Found In: Statement of Changes in Equity, Notes to Financial Statements
CCD (Compulsorily Convertible Debenture)
Compulsorily Convertible Debenture – A debt instrument, common in Indian intra-group financing, that must convert into equity shares of the issuer by a set date rather than being redeemed for cash, often carrying a token coupon (sometimes as low as 0.001%) since the real return is expected to come from conversion, not interest. Structurally closer to equity than debt for this reason, even though it sits as a financial liability on the books until it converts. Found In: Notes to Financial Statements (related-party transactions, borrowings)
Convertible Promissory Notes
Pre-IPO Bridge Financing – A short-term debt instrument, common in the run-up to a startup's IPO, that converts into equity (often at a discount to the IPO price, or upon a qualifying financing event) rather than being repaid in cash. It sits on the balance sheet as a liability — and accrues interest expense — right up until the triggering event, so a large convertible-note balance can make a company issuing them into its own IPO look far more leveraged in its last pre-IPO quarter than it will once the notes convert to equity around listing. Found In: Balance Sheet (non-current liabilities), Notes to Financial Statements (debt/financing)
Deferred Revenue
Contract Liability – Cash already collected (or, for a games publisher, virtual-currency purchased) for a product or service the company hasn't yet delivered, booked as a liability rather than as revenue until the underlying obligation is fulfilled. For a live-service game, players buy in-game currency or items upfront but "consume" them over weeks or months, so revenue is recognized gradually as that balance is drawn down — meaning a quarter's GAAP revenue can lag well behind the actual cash a company took in, and a rising deferred-revenue balance can make gross-billings-style non-GAAP measures grow much faster than statutory revenue in the same period. Found In: Balance Sheet (liabilities), Notes to Financial Statements (revenue recognition)
DLG (Default Loss Guarantee)
Default Loss Guarantee – A contractual arrangement in which a loan-distribution platform (rather than the lender that actually books the loan) agrees to absorb a defined share of losses if borrowers default, in exchange for a fee. It lets a platform earn recurring "trail" revenue tied to a lending partner's book without itself holding the loan as an asset — but it also means the platform is carrying real credit risk on paper it doesn't originate or fund, which won't show up as a loan loss provision the way it would for a bank. Found In: MD&A, Notes to Financial Statements (contingent liabilities/guarantees)
Debt-to-Equity Ratio (DER)
DER – A leverage measure comparing a company's interest-bearing debt to its shareholder equity. A falling DER means the balance sheet is relying less on borrowed capital relative to owners' capital, whether from paying down debt or raising equity (or both at once). Found In: Balance Sheet Formula:
DER = Interest-Bearing Debt / Total Equity
DSCR / ISCR
Debt Service Coverage Ratio / Interest Service Coverage Ratio – SEBI-mandated leverage disclosures for Indian listed companies with outstanding non-convertible debentures (NCDs), showing how comfortably operating cash flow covers debt principal-plus-interest (DSCR) versus interest alone (ISCR). A rising ratio means more headroom before debt payments start straining cash flow; a company omitting these from a filing that discloses them in other years is worth a second look even if no explanation is given. Found In: Notes to Financial Statements (Regulation 52(4) disclosures)
Dividend Payout Ratio
Cash Return Ratio – Percentage of net income distributed to shareholders in the form of dividends.
Found In: Income Statement, Cash Flow Statement
Formula:
Dividend Payout Ratio = Dividends Paid / Net Income
DTH
Direct-to-Home – A satellite-based television broadcasting service that delivers channels straight to a subscriber's dish and set-top box without a local cable operator in between. Often reported as a separate, smaller segment for telecom operators that also sell mobile and broadband, monetized through subscription/recharge fees rather than usage-based mobile revenue. Found In: Segment disclosures (revenue by segment)
Dual-Class Shares
Super-Voting Structure – A share structure with two (or more) classes of common stock that carry identical economic rights but different voting power per share — commonly a founder-held class with 10-30+ votes per share versus one vote per share for the class sold to public investors. Lets a founder retain majority voting control of the company while owning a small minority of its actual economic value, which limits public shareholders' ability to influence board composition, executive pay, or major corporate transactions regardless of how many Class A shares they collectively hold. Found In: Cover Page, Notes to Financial Statements (equity), Risk Factors
Dwiwarna Share
Indonesian Golden Share – A single special class of share ("dwiwarna" means "two-colored" in Indonesian) that the Government of Indonesia retains in a former state monopoly after privatization, carrying no material economic stake but a veto right over specific corporate actions — commonly the election/removal of commissioners and directors, new share issuances, and amendments to the articles of association. Lets the state keep a permanent blocking vote over control-sensitive decisions even after selling down the vast majority of its economic ownership to public shareholders. Found In: Notes to Financial Statements (share capital), Cover Page
EBITDA
Earnings Before Interest, Tax, Depreciation and Amortization – A profitability measure that strips out financing costs, tax expense, and non-cash depreciation/amortization to show core operating cash-generating power before capital-structure and accounting-policy differences get in the way. Companies often define their own starting point and add-back list, so always check what's actually included before comparing one company's EBITDA to another's — see also Adjusted EBITDA. Found In: Income Statement (non-IFRS/non-GAAP reconciliation)
EBITDAaL
EBITDA after Lease payments – A variant of EBITDA that subtracts cash lease payments (rent for towers, real estate, network sites, etc.) before arriving at the profitability figure, rather than treating them as a financing cost below the line the way standard EBITDA does under IFRS 16/Ind AS 116 lease accounting. Telecom and retail companies with large leased-asset footprints (tower leases especially) increasingly disclose this measure because standard EBITDA can otherwise flatter a business that leases most of its physical network instead of owning it outright. Found In: Earnings Presentation, Press Release (non-IFRS/non-GAAP reconciliation)
ECL (Expected Credit Loss)
Expected Credit Loss – The IFRS 9 loan-loss provisioning model that requires a lender to book an estimated future credit loss on a loan or credit-card receivable at the moment it's originated, rather than waiting for the borrower to actually miss a payment. This creates a deliberate timing mismatch for a fast-growing lender: the provision expense on a new loan is recognized upfront, while the interest/fee revenue on that same loan accrues gradually over its life, so the faster a credit book grows, the more its near-term gross profit is depressed by provisioning that isn't really a sign of bad underwriting. Found In: Income Statement (credit loss allowance expense), Notes to Financial Statements (credit risk)
EV/EBITDA
Enterprise Value to EBITDA – Compares a company's total value (market capitalization plus debt, minus cash) to its core operating earnings, before financing costs. Useful precisely because it ignores capital structure — a company loaded up on debt to fund growth can look expensive on P/E (which is hit by interest expense) while still looking reasonably priced on EV/EBITDA, since the multiple sits above the finance-cost line. Found In: Income Statement, Balance Sheet Formula:
EV/EBITDA = (Market Capitalization + Total Debt - Cash) / EBITDA
EV/Revenue
Enterprise Value to Revenue – Compares a company's total value (market capitalization plus debt, minus cash) to its top-line revenue, without regard to profitability. Used mainly for growth companies that are still loss-making (where EV/EBITDA or P/E aren't meaningful because earnings are negative), but a high EV/Revenue multiple is only justified if margins are expected to improve substantially in the future — it says nothing on its own about whether that will actually happen. Found In: Income Statement, Balance Sheet, Market Data Formula:
EV/Revenue = (Market Capitalization + Total Debt - Cash) / Total Revenue
Equity Method
Investment in Associates Accounting – The accounting treatment used when a company owns a meaningful but non-controlling stake (typically 20-50%) in another business, called an "associate." Instead of consolidating the associate's full revenue and expenses, the investor books a single line — its share of the associate's net profit — inside its own income statement, and adjusts the investment's carrying value on the balance sheet by that same amount each period. A holding company can show most of its reported profit coming from this one line, even though none of the associate's actual revenue, cash, or debt appears anywhere else in the parent's own financial statements. Found In: Income Statement ("Share of Profit of Associates"), Balance Sheet ("Investment in Associates")
ESOP
Employee Stock Option Plan – A scheme granting employees (or, in some cases, a single named executive) the right to buy company shares at a fixed exercise price after vesting, expensed over the vesting period at the option's fair value on the grant date. A large, concentrated ESOP grant to one executive shortly before an IPO is a governance signal worth reading closely, distinct from a broad-based employee scheme meant to align an entire workforce with shareholders. Found In: Income Statement (share-based payment expense), Notes to Financial Statements
F&O
Futures & Options – Exchange-traded derivative contracts on an underlying stock or index. In Indian retail brokerage disclosure, F&O (also called "Derivatives" or "Equity Derivatives") activity is tracked and regulated separately from cash (delivery/intraday equity) trading because of its higher risk and leverage, and is usually the segment regulators tighten first when they act on retail speculation. Found In: Operating metrics disclosure (broking platforms)
FCCB
Foreign Currency Convertible Bond – A bond issued in a foreign currency (commonly US dollars) that can convert into the issuer's own equity shares at a pre-set conversion price, instead of being repaid in cash at maturity. Functions as debt on the balance sheet until conversion, at which point it quietly adds new shares outside of a normal rights issue or public offering — worth tracking separately from other dilution events since it can happen in small tranches across several quarters as bondholders exercise at their own discretion. Found In: Notes to Financial Statements (borrowings/subsequent events)
FDR
Financing to Deposit Ratio – The Sharia-banking equivalent of the Loan-to-Deposit Ratio»: a Sharia business unit's total financing (its interest-free lending equivalent) divided by the funds it holds from depositors. Measures the same liquidity concept as LDR, just for a Sharia unit whose "loans" and "deposits" are structured as financing and profit-sharing/wadiah arrangements rather than conventional interest-bearing products. Found In: Notes to Financial Statements (Sharia/Islamic business unit segment disclosure) Formula:
FDR = Total Sharia Financing / Total Sharia Deposits
Fee Income
Non-Interest Revenue – Income from services like wealth management, credit cards, remittances, and transaction banking.
Found In: Income Statement
Fiduciary Collateral
Jaminan Fidusia – Under Indonesian law, a security interest where a borrower keeps possession and use of a pledged asset (a vehicle, a receivable) while legal title transfers to the lender until the debt is repaid. Common in Indonesian multifinance/leasing bonds, where a company pledges a portion of its loan or lease receivables as fiduciary collateral for its own debt securities, rather than handing over a physical asset. Found In: Notes to Financial Statements (debt/commitments disclosures)
Finance Lease
Capital Lease – A lease structured so that substantially all the risks and rewards of owning the asset (heavy equipment, machinery, vehicles) transfer to the lessee, functioning economically like a loan secured by the asset rather than a rental. Contrasts with an operating lease, where the lessor keeps those risks and rewards. For a multifinance company, finance lease income is interest-like income earned over the lease term, not rental income. Found In: Income Statement, Balance Sheet (Notes to Financial Statements)
Free Cash Flow (FCF)
FCF – Cash a business generates after covering the capital expenditure needed to run and maintain it — what's actually left over for shareholders, debt paydown, or reinvestment. Most commonly operating cash flow minus capex; some companies use a simplified EBITDA-minus-capex proxy instead, which is a looser (and usually more flattering) version of the same idea. Found In: Cash Flow Statement
FTE
Full-Time Equivalent – A standardized headcount measure that converts part-time and full-time staff into the equivalent number of full-time positions, used to track workforce growth consistently regardless of how many people actually work part-time. Found In: Operating metrics disclosure (not a financial-statement line item)
GMV
Gross Merchandise Value – The total dollar value of transactions flowing through a platform (rides, deliveries, payments, etc.), including fees and taxes, before the platform's own take-rate is applied. A headline growth metric for marketplace/superapp companies, but it measures activity on the platform, not what the company actually keeps — see Revenue and Operating Income for that. Found In: Operating metrics disclosure (not a financial-statement line item)
GPV (Gross Payment Volume)
Gross Payment Volume – Square's own name for the same underlying concept as GMV», scoped to card payments: the total dollar amount of card payments it processes for sellers, net of refunds, excluding volume processed under its outsized Starbucks agreement and its peer-to-peer Square Cash service. Functions like GMV for a payments company — it measures transaction volume flowing through the platform, not the take-rate» revenue the company actually keeps from it. Found In: Operating metrics disclosure (not a financial-statement line item)
GOV (Gross Order Value)
Gross Order Value – DoorDash's own name for the same underlying concept as GMV» (total dollar value of orders, including taxes, tips, and fees), but scoped only to its Marketplace orders — it excludes the dollar value of orders fulfilled through its white-label Drive offering, since DoorDash charges Drive on a per-order fee basis and typically doesn't see the underlying order's dollar value. A company-specific label worth knowing so it isn't mistaken for a like-for-like GMV comparison against a competitor that includes its equivalent of Drive in the headline number. Found In: MD&A (non-GAAP/operating metrics disclosure)
Gross Bookings
Gross Bookings – Uber's own name for the same underlying concept as GMV»: the total dollar value of Ridesharing and New Mobility rides, Uber Eats meal deliveries, and amounts paid by Uber Freight shippers, including taxes, tolls, and fees, before any adjustment for consumer discounts, Driver/restaurant earnings, or Driver incentives. A company-specific label worth knowing so it isn't mistaken for a directly comparable GMV figure from a peer that scopes the underlying volume differently — and, like any gross metric, a headline Gross Bookings growth rate can outpace the net revenue growth rate the company actually keeps. Found In: MD&A (non-GAAP/operating metrics disclosure)
FVOCI
Fair Value through Other Comprehensive Income – An accounting classification for equity or debt investments where period-to-period changes in market value are booked directly to Other Comprehensive Income (OCI), not to the profit and loss statement, and (for an equity instrument designated this way) never "recycle" into profit even when the investment is eventually sold. A company holding a large FVOCI equity stake can show a small, stable reported profit while its actual comprehensive income (profit plus OCI) swings wildly from quarter to quarter as the stake's market value moves — a real economic gain or loss that a reader focused only on the profit line would miss entirely. Found In: Balance Sheet ("Investments"), Statement of Profit and Loss (Other Comprehensive Income), Notes to Financial Statements (financial instruments)
Home Passed
Fiber/Cable Network Coverage – The number of homes or buildings physically within reach of a fiber or cable operator's network (the cable runs past or near the premises), regardless of whether the occupant has actually subscribed to the service. A rising Home Passed count shows network buildout/coverage growth, not customer or revenue growth — a separate take-up or penetration rate is needed to know how many of those homes actually became paying subscribers. Found In: Operating metrics disclosure (not a financial-statement line item)
GTV (Gross Transaction Value)
Gross Transaction Value – Meituan's own name for the same underlying concept as GMV»: the total value of orders/transactions flowing through a given segment (food delivery, in-store, hotel & travel), before the take rate» is applied. A company-specific label worth knowing so it isn't mistaken for a directly comparable GMV figure from a peer that scopes or defines the underlying volume differently. Found In: Operating metrics disclosure (not a financial-statement line item)
Interchange Fee
Interchange Fee – A fee paid by a merchant's bank to a cardholder's issuing bank each time a debit or credit card is used, set as a percentage of the transaction value plus a small fixed amount, with rates set by the card network (Visa, Mastercard). For a card-issuing fintech, interchange is often the single largest revenue source, since it's earned every time a member spends without the company charging the member directly. Found In: Income Statement, Notes to Financial Statements (revenue recognition)
IOCC (Indian-Owned and Controlled Company)
Indian-Owned and Controlled Company – A designation under India's foreign-investment rules that restricts inventory-based e-commerce (a platform that owns and directly sells the stock, rather than running a marketplace connecting third-party sellers to customers) to companies majority-owned and controlled by Indian residents. A foreign-invested platform below that domestic-ownership threshold must operate as a marketplace instead; crossing the threshold (e.g., as foreign shareholders sell down or a domestic capital raise dilutes foreign ownership) is what lets such a company convert to an inventory-led model. Found In: Management commentary, Earnings call transcripts (foreign direct investment/ownership disclosures)
Joint Financing (Channeling)
Pembiayaan Bersama / Penerusan Pinjaman – An arrangement common among Indonesian multifinance companies where a bank funds most (commonly 95%) of a loan or lease originated by the finance company, which continues to handle origination, collections, and servicing for a fee. Structured "without recourse," the credit risk on the bank's portion sits with the bank, not the finance company, and the underlying receivables and matching bank funding are typically kept off the finance company's own balance sheet as a disclosed commitment rather than a reported loan and liability. Found In: Notes to Financial Statements (commitments disclosures)
KBMI
Kelompok Bank berdasarkan Modal Inti (Bank Group by Core Capital) – OJK's tiering system for Indonesian commercial banks based on Tier 1 core capital, replacing the older BUKU system. KBMI 1 covers banks with core capital up to Rp6 trillion, KBMI 2 from Rp6-14 trillion, KBMI 3 from Rp14-70 trillion, and KBMI 4 above Rp70 trillion. A higher KBMI tier generally permits a wider range of business activities and signals a larger capital buffer, but is a regulatory classification, not itself a measure of profitability or asset quality. Found In: Regulatory disclosures, OJK bank transparency filings
Lakh / Crore
Indian Numbering Units – The number scale used in Indian financial disclosures: one lakh = 100,000; one crore = 10 million (100 lakh). Indian regulatory filings, including NSE/BSE quarterly results, are typically reported in lakhs or crores rather than millions/billions, so a figure shown as "Rs. 2,65,239.01 lakhs" is Rs. 265.24 crore, or roughly Rs. 2.65 billion. Found In: Regulatory filings (NSE/BSE), Cover Page
LAR
Loans at Risk – Includes non-performing loans and special-mention loans that could become problematic, often used as a broader credit risk indicator.
Found In: Balance Sheet
LAS
Loan Against Securities – A lending product where a customer pledges existing holdings (mutual funds, stocks, bonds) as collateral for a loan rather than selling them. Lets a lender monetize an existing investor base by originating loans against assets it can already see, without underwriting a fresh unsecured borrower from scratch. Found In: Operating metrics disclosure, Loan Book disclosure (NBFC» subsidiaries)
Liabilities
Liabilities – Financial obligations or debts a company owes to others, including loans, bonds, or payable accounts.
Found In: Balance Sheet
Loan-to-Deposit Ratio
LDR – Measures a bank’s liquidity by comparing its total loans to its total deposits. A lower ratio indicates greater liquidity.
Found In: Balance Sheet
Formula:
Loan-to-Deposit Ratio = Total Loans / Total Deposits
MAPC
Monthly Active Platform Consumers – Uber's own name for the same underlying concept as MAU», scoped to its own platform: the number of unique consumers who completed a Ridesharing or New Mobility ride, or received an Uber Eats meal, at least once in a given month, averaged over each month in the period. Like any MAU-style metric, it measures how many people touched the platform at all, not how often — a separate Trips-per-MAPC figure is needed to see whether usage frequency is actually rising. Found In: MD&A (non-GAAP/operating metrics disclosure)
MAU
Monthly Active Users – The count of unique users who took some minimal qualifying action (opening the app, loading a page, making a transaction) at any point during a given calendar month. A common tech-platform engagement metric, but it measures reach, not depth or frequency of use — a company can grow MAU while the average user is engaging with the platform less often or for less time than before. Found In: Operating metrics disclosure (not a financial-statement line item)
MDR
Merchant Discount Rate – The fee a merchant pays (usually a small percentage of the transaction value) to accept a digital payment, split between the acquiring platform, the card/payment network, and the issuing bank. In India, MDR on UPI» transactions has been set to zero by regulation since 2020, which is why a payments company operating at scale on UPI rails needs other revenue lines (subscriptions, lending, advertising) to monetize a large share of the merchants and volume passing through its platform. Found In: Notes to Financial Statements (revenue recognition), Operating metrics disclosure
MTU
Monthly Transacting Users – The count of unique users who completed at least one successful transaction in a given calendar month, as distinct from MAU», which only requires opening the app or loading a page. A platform reporting MTU rather than MAU is using a stricter, transaction-based bar for engagement — a rising MTU means more people are actually paying or transacting, not just visiting. Found In: Operating metrics disclosure (not a financial-statement line item)
Mezzanine Equity
Temporary Equity – A balance-sheet category sitting between total liabilities and permanent stockholders' equity, used for instruments (typically preferred stock) that have equity-like features but also carry a redemption right outside the company's control — for example, preferred shares redeemable at the holder's option, or automatically upon a change of control. Because redemption isn't fully within management's control, accounting rules bar classifying the instrument as permanent equity, even though it behaves like equity in every other respect until redeemed or converted. Found In: Balance Sheet (between "Total Liabilities" and "Stockholders' Equity/Deficit")
Material Weakness (Internal Control)
ICFR Deficiency – A deficiency, or combination of deficiencies, in a company's internal control over financial reporting (ICFR) severe enough that there's a reasonable possibility a material misstatement in the financial statements wouldn't be prevented or caught in time. Common at newly-public companies that scaled up reporting obligations faster than their accounting systems and staffing — the SEC requires disclosure of known material weaknesses and a remediation plan, but disclosure itself doesn't mean the underlying numbers are wrong, only that the process producing them isn't yet reliably controlled. Found In: Controls and Procedures (10-Q/10-K Item 4), Risk Factors
MESOP
Management & Employee Stock Option Program – A stock option scheme, common among Indonesian listed companies, granting employees and management the right to buy new company shares at a fixed exercise price after a vesting period. Exercises increase shares outstanding (dilutive), and the difference between exercise price and par value flows into additional paid-in capital. Found In: Statement of Changes in Equity, Notes to Financial Statements
MIDI
Multimedia, Communication, Data, Internet – A telecom-reporting segment used by Indonesian operators (Indosat's own term) covering corporate data networking, internet access, leased-circuit, and satellite-leasing revenue — distinct from consumer cellular voice/SMS and fixed-line telephony. Typically smaller than the cellular segment by revenue but can carry meaningfully different growth and margin trends, since it's driven by corporate/enterprise connectivity demand rather than consumer subscriber pricing. Found In: Segment disclosures (revenue and profit by segment)
MSME
Micro, Small, and Medium Enterprises – The core borrower segment for many Southeast Asian retail/development banks, called UMKM in Indonesia (Usaha Mikro, Kecil, dan Menengah). Lending to this segment typically carries higher yields and higher credit risk than large-corporate lending, and usually depends on a bank building out a much larger branch/agent distribution network than a purely urban, transaction-banking-led competitor needs. Found In: Balance Sheet, Operating metrics disclosure
MTF
Margin Trading Facility – A regulated Indian stock-broking product where a broker or its NBFC» subsidiary lends a customer part of the purchase price of shares, holding the shares themselves as collateral. Lets a broker grow a lending book directly out of its existing trading customer base rather than acquiring borrowers separately. Found In: Operating metrics disclosure, Loan Book disclosure
NBFC
Non-Banking Financial Company – An India-regulated lender that can extend loans and credit like a bank but cannot accept retail demand deposits. Many fintech and broking groups run their lending business (personal loans, LAS», MTF») through a wholly-owned NBFC subsidiary rather than the listed parent entity itself. Found In: Subsidiary/segment disclosure, Notes to Financial Statements
Net Debt
Net Debt – Total debt (loans payable and other financial liabilities, current and non-current) minus cash, cash equivalents, and short/long-term investments. A negative figure means a company holds more cash and investments than it owes, i.e. a net cash position. Used here to bridge from market capitalization to enterprise value in the Target Valuation Range section of a post. Found In: Balance Sheet, MD&A liquidity discussion, Notes to Financial Statements Formula:
Net Debt = Total Debt - (Cash & Cash Equivalents + Short-Term Investments + Long-Term Investments)
NCD (Non-Convertible Debenture)
Non-Convertible Debenture – A fixed-income debt instrument issued by a company that cannot be converted into equity shares, used to raise debt capital from bond investors (often at a fixed coupon, sometimes secured against specific assets). Because exchange listing-disclosure rules require periodic financial reporting from any company with a listed security, equity or debt, a company that has listed NCDs can end up filing quarterly financial results years before it ever conducts an equity IPO. Found In: Notes to Financial Statements (borrowings), Cover Page (listed-security disclosures)
NCLT
National Company Law Tribunal – The Indian quasi-judicial body that approves corporate restructurings such as mergers, demergers, and schemes of arrangement between a company and its shareholders/creditors. A demerger (e.g. a company splitting off a business line into a separately listed entity) only becomes legally effective once the NCLT issues its approval order, which then sets the "appointed date" the restructuring is treated as effective from. Found In: Notes to Financial Statements (scheme of arrangement/demerger disclosures)
Net Income
Bottom Line – The total profit of a company after deducting all expenses, taxes, and costs.
Found In: Income Statement
Formula:
Net Income = Total Revenue - Total Expenses
Net Open Position (NOP)
NOP – A bank's net foreign-currency exposure (foreign-currency assets minus foreign-currency liabilities, plus off-balance-sheet positions) expressed as a percentage of capital. Indonesian regulation caps this at 20% of capital; a rising NOP signals growing currency risk even when it stays inside the regulatory limit. Found In: Financial Ratios disclosure (regulatory publication)
NIM
Net Interest Margin – The spread between interest income generated by banks and the amount of interest paid to their depositors, relative to their total interest-earning assets.
Found In: Income Statement, Balance Sheet
Formula:
NIM = (Interest Income - Interest Expense) / Average Earning Assets
NIMAL
Net Interest Margin After Losses – A credit-business profitability metric used by consumer-lending platforms: the annualized ratio of (credit revenue minus funding costs minus provision for doubtful accounts) to average gross loans receivable for the period. Unlike plain NIM, it nets out expected credit losses, so a declining NIMAL signals either pricing that hasn't kept pace with funding costs or a deteriorating loan book, not just a thinner spread. Found In: Income Statement, operational-metrics disclosures
Non-Controlling Interest (NCI)
Minority Interest – The portion of a consolidated subsidiary's equity and profit that belongs to shareholders other than the parent company, common when a parent owns (say) 53% of a subsidiary but consolidates 100% of its results and then carves out the other 47% of profit and equity as belonging to those outside shareholders. A large non-controlling-interest share of a reported "total profit" figure means a meaningful chunk of that headline number isn't actually available to the parent company's own shareholders. Found In: Income Statement, Balance Sheet (Statement of Changes in Equity)
Non-Performing Loan (NPL)
NPL – Loans on which the borrower is not making interest payments or repaying any principal.
Found In: Balance Sheet
NSFR
Net Stable Funding Ratio – A bank liquidity metric comparing available stable funding (deposits, long-term wholesale funding, capital) against required stable funding (the portion of assets, like long-term loans, that can't be quickly turned into cash). Meant to catch a bank funding illiquid assets with liquidity that could evaporate quickly. Indonesia's regulator (OJK) requires a minimum of 100%.
Found In: Financial Ratios disclosure (regulatory publication)
OFS (Offer for Sale)
Offer for Sale – The portion of an IPO where existing shareholders sell their own already-issued shares to new public investors, as opposed to a "fresh issue" where the company itself issues new shares and keeps the proceeds. Proceeds from an OFS go to the selling shareholder, not the company, so an IPO's total issue size can overstate how much new capital the company itself actually raised. Found In: Prospectus/Offer Document, Notes to Financial Statements (share capital)
Operating Expenses
OPEX – Costs incurred in the normal course of running a business, such as salaries, rent, IT costs, and marketing.
Found In: Income Statement
Operating Income
Operating Profit – Earnings before interest and taxes (EBIT); revenue minus operating expenses.
Found In: Income Statement
Formula:
Operating Income = Revenue - Operating Expenses
PAGA
Private Attorneys General Act – A California law letting an employee sue an employer on behalf of the state to recover civil penalties for labor-code violations, in addition to (or instead of) a standard class action. Frequently used alongside worker-misclassification claims against gig-economy platforms, since it lets a single plaintiff pursue penalties covering an entire California workforce without needing formal class certification. Found In: Notes to Financial Statements (commitments and contingencies), Legal Proceedings
PPOP (Pre-Provisioning Operating Profit)
Pre-Provisioning Operating Profit – The standard profitability checkpoint Indian banks and NBFCs» report between total income and net profit: total income minus operating expenses, calculated before setting aside provisions for bad loans/credit losses and before tax. Functions as this industry's rough equivalent of EBITDA» — a lender's PPOP can look healthy while net profit still swings on provisioning decisions, so the two numbers are worth reading together, not instead of each other. Found In: Income Statement (Indian bank/NBFC results format) Formula:
PPOP = Total Income - Operating Expenses (before provisions and tax)
PFOF
Payment for Order Flow – A payment a broker receives from a market maker in exchange for routing customer stock/option orders to that market maker for execution, rather than directly to an exchange. Lets a broker offer commission-free trading to customers while still earning revenue on every trade, but it also means the broker's execution-quality incentives depend on which market maker pays the most for its order flow, not necessarily which one gives the customer the best price — the core tension regulators scrutinize this revenue model for. Found In: Income Statement (revenue disaggregation), MD&A
P/B Ratio
Price to Book Ratio – A ratio used to compare a stock's market value to its book value.
Found In: Market Data, Balance Sheet
Formula:
P/B Ratio = Market Price per Share / Book Value per Share
P/E Ratio
Price to Earnings Ratio – A valuation metric comparing a company’s current share price to its per-share earnings.
Found In: Market Data, Income Statement
Formula:
P/E Ratio = Market Price per Share / Earnings per Share
Provisioning
Credit Cost Management – Amount set aside by a bank to cover potential loan losses.
Found In: Income Statement, Balance Sheet
QIP (Qualified Institutional Placement)
Qualified Institutional Placement – A fast-track way for an already-listed Indian company to raise fresh equity capital by selling new shares directly to institutional investors (mutual funds, insurers, foreign portfolio investors), without the longer public-offer process a follow-on public issue would require. Requires shareholder and board approval; dilutes existing shareholders in proportion to how many new shares are issued relative to the company's existing share count. Found In: Board meeting outcome disclosures, Earnings call commentary
QAU
Quarterly Active Users – A gaming-industry user metric counting unique users who engaged with a game or platform at least once during a full quarter, used alongside (or instead of) Monthly Active Users» because a single quarter smooths out month-to-month swings from new content launches. QAU growing more slowly than MAU in the same period can signal engagement becoming more concentrated in specific months rather than spread evenly across the quarter. Found In: Operating metrics disclosure (not a financial-statement line item)
RDN
Rekening Dana Nasabah (Customer Fund Account) – An Indonesian regulated account, held at a partner bank rather than a securities firm, that holds an investor's uninvested cash for stock-market trading. A bank licensed to hold RDN accounts earns cheap, sticky deposit funding from every securities-account holder that parks cash there before or after a trade. Found In: Operating metrics disclosure, Investor presentations (Indonesian banks/brokerages)
ROA
Return on Assets – An indicator of how profitable a company is relative to its total assets.
Found In: Income Statement, Balance Sheet
Formula:
ROA = Net Income / Average Total Assets
ROE
Return on Equity – A measure of profitability that calculates how much profit a company generates with the money shareholders have invested.
Found In: Income Statement, Balance Sheet
Formula:
ROE = Net Income / Average Shareholders' Equity
RSU (Restricted Stock Unit)
Restricted Stock Unit – A promise to deliver company shares to an employee once vesting conditions are met (commonly a time-based service period, sometimes paired with a "liquidity condition" satisfied only by an IPO or acquisition). Pre-IPO companies routinely defer all RSU expense until the liquidity condition is met, then recognize years of accumulated compensation cost in a single quarter once they go public — producing a large, non-cash accounting loss that isn't a sign of deteriorating operations. Found In: Income Statement (stock-based compensation), Notes to Financial Statements
SAMR
State Administration for Market Regulation – China's national market regulator, responsible for enforcing the PRC's Anti-Monopoly Law, including antitrust investigations and administrative penalty decisions against dominant internet platforms. A SAMR-imposed fine is a completed, quantified administrative penalty (a fixed number, once issued), not an open-ended legal contingency the way an ongoing lawsuit is. Found In: Notes to Financial Statements (other gains/losses, contingencies), Corporate Governance Report
Slump Sale
Business Transfer as a Going Concern – An Indian tax-law mechanism for transferring an entire business undertaking (all its assets and liabilities together) to another entity for a single lump-sum consideration, rather than valuing and transferring each asset individually. Common when a company carves a segment into its own subsidiary, since it preserves the business as an operating whole and is taxed differently from an itemized asset sale, but it's also the standard first legal step before a future stake sale, strategic investment, or spin-off of that segment. Found In: Notes to Financial Statements (subsequent events, corporate restructuring)
Shares Outstanding
Share Count – The total number of a company's shares that are currently owned by all its shareholders, including institutional investors and insiders.
Found In: Balance Sheet
SIP
Systematic Investment Plan – A recurring, typically monthly, fixed-amount investment into a mutual fund scheme. A platform's "SIP inflows" or "SIP book" measures the recurring, stickier side of mutual-fund flows, as distinct from one-off lump-sum investments that are more sensitive to short-term market sentiment. Found In: Operating metrics disclosure (mutual fund/wealth platforms)
SOFR
Secured Overnight Financing Rate – The benchmark U.S. dollar interest rate (based on overnight Treasury repo transactions) that replaced LIBOR as the standard reference rate for floating-rate loans and credit facilities. A company's revolving credit facility priced at "SOFR plus a margin" means its borrowing cost moves with this benchmark rather than being fixed. Found In: Notes to Financial Statements (indebtedness/credit facility disclosures)
Tier 1 Capital
Core Capital – A bank's own equity-funded capital base (common equity plus disclosed reserves, before Tier 2 supplementary items like subordinated debt and general provisions), used as the numerator of the Capital Adequacy Ratio». Regulators set a minimum Tier 1 ratio separately from the overall CAR minimum precisely because Tier 1 capital is what actually absorbs losses first — a bank can meet its overall CAR requirement while still being thinly capitalized on a pure Tier 1 basis if it leans heavily on Tier 2 instruments to fill the gap. Found In: Balance Sheet, Notes to Financial Statements (capital adequacy disclosure)
Take Rate
Monetization Rate – The percentage of the total transaction/processing volume flowing through a platform that the company actually keeps as revenue (or net revenue). A rising take rate means the company is extracting more value per dollar of volume processed; a falling one means volume is growing faster than monetization, however impressive the headline growth number looks. Found In: Operating metrics disclosure (not a financial-statement line item) Formula:
Take Rate = Net Revenue / Total Processed Volume (or GMV/TPV)
TPV
Total Payment Volume – The total dollar value of payment transactions processed through a company's platform (e.g. a digital wallet or payments business), analogous to GMV but specific to a financial-services/payments segment. Like GMV, it measures volume flowing through the platform, not revenue the company actually earns from it. Found In: Operating metrics disclosure (not a financial-statement line item)
UPI
Unified Payments Interface – India's real-time, bank-account-to-bank-account payment rail, built and governed by the National Payments Corporation of India (NPCI), that lets a user pay directly from any linked bank account via a mobile app without routing through a card network. Since MDR» on UPI transactions has been regulated to zero since 2020, UPI volume (GMV») itself carries no direct payments revenue for a platform — which is why a payments company's disclosures often separate out "non-UPI" volume (cards, wallets, EMI, and other instruments that do carry a take rate») as the more direct driver of revenue growth. Found In: Operating metrics disclosure (not a financial-statement line item)
USO
Universal Service Obligation – A mandatory contribution Indonesian telecom operators pay, set as a percentage of gross revenue (net of uncollectible receivables and interconnection expense), toward government-directed telecommunications infrastructure buildout in underserved areas. The required percentage is set by regulation and has changed over time (raised from 0.75% to 1.25% of gross revenue effective January 2009, alongside a cut to a separate telecommunications-license fee), so the same nominal contribution can represent a different real burden from one year to the next. Found In: Notes to Financial Statements (regulatory/tariff disclosures)
VIE
Variable Interest Entity – A structure where a company controls and consolidates the financial results of an entity it doesn't actually own, through contracts rather than equity — common for Chinese internet/tech companies, since foreign ownership of licensed businesses (internet content, payments, telecom) is restricted under PRC law. The controlling company books the VIE's revenue and assets as its own, but its "control" rests on contracts with the entity's actual (often insider) owners holding up, and on regulators continuing to tolerate the workaround rather than unwinding it. Found In: Notes to Financial Statements (risks and contingencies)
WVR
Weighted Voting Rights – A Hong Kong Stock Exchange-permitted share structure (similar to Dual-Class Shares») where designated "WVR Beneficiaries" hold a class of shares carrying multiple votes per share (commonly 10-to-1) versus the ordinary class sold to public investors, letting them control shareholder votes while owning a much smaller share of the company's actual economic value. Found In: Corporate Information/Cover Page, Notes to Financial Statements (share capital)
SPAC
Special Purpose Acquisition Company – A blank-check shell company with no underlying business, listed via its own IPO purely to raise cash into a Trust Account» and then merge with a private operating company within a fixed deadline (commonly 24 months), taking that target public without a traditional IPO process. If no deal closes in time, the SPAC must liquidate and return the trust funds to public shareholders. Found In: Cover Page, MD&A (blank-check company disclosures)
Trust Account
A SPAC's escrowed IPO proceeds – Substantially all of a SPAC»'s IPO gross proceeds, held in a segregated account and invested only in short-term U.S. government securities or money-market funds until a Business Combination closes or the SPAC liquidates and returns the funds pro rata to public shareholders. Structured so the sponsor cannot spend it before a deal, and shareholders who dislike the eventual merger target can redeem their shares for a pro-rata slice of it instead. Found In: Balance Sheet, Notes to Financial Statements (SPAC disclosures)
Two-Step Loan
Government On-Lending Facility – A loan structure where a government re-lends funds it has itself borrowed from an external development lender (a bilateral or multilateral agency) to a state-owned enterprise on matching terms, rather than the SOE borrowing directly from the foreign lender. Lets a state company access long-tenor, often concessional foreign-currency financing while the sovereign retains the direct credit relationship with the original lender. Found In: Notes to Financial Statements (borrowings/related-party disclosures)
Founder Shares (Sponsor Promote)
A SPAC sponsor's discounted founding stake – Shares purchased by a SPAC's sponsor for a nominal amount before its IPO, sized to equal 20% of total shares outstanding immediately after the IPO closes (a near-universal ratio across SPACs, commonly called "the promote"). These convert into the public share class after a Business Combination and usually carry a lock-up, but their value is largely fixed at that 20% stake regardless of which target is chosen or how the eventual merger performs. Found In: Statement of Changes in Shareholders' Equity, Notes to Financial Statements (related-party/equity disclosures)
Warrant (SPAC)
Right to buy a share at a fixed price later – A security giving its holder the right, but not the obligation, to purchase one share at a preset exercise price, typically bundled into SPAC IPO units at a fraction of a warrant per unit, with additional warrants sold separately to the sponsor in a private placement. SPAC warrants only become exercisable well after the IPO, are usually redeemable by the company once the stock trades above a set threshold, and dilute existing shareholders if exercised. Found In: Balance Sheet (warrant liabilities), Notes to Financial Statements (equity/derivative disclosures)
PIPE (Private Investment in Public Equity)
Anchor capital raised alongside a de-SPAC merger – A block of newly issued shares sold directly to institutional investors, typically at the SPAC's $10.00 reference price, arranged concurrently with a SPAC's Merger Agreement to fund the deal and signal outside conviction in the target's valuation. PIPE proceeds close alongside the merger itself and are separate from — and additive to — whatever cash remains in the SPAC's Trust Account» after any shareholder redemptions. Found In: MD&A, Notes to Financial Statements (subsequent events, subscription agreements)
Balance Sheet
Balance Sheet – A financial statement showing a company's assets, liabilities, and equity at a specific point in time. It answers: What do we own and what do we owe?
Cash Flow Statement
Cash Flow Statement – A financial report that tracks the inflow and outflow of cash and cash equivalents over a period. It shows operational, investing, and financing cash movements.
Income Statement
Income Statement – A financial statement summarizing revenues, expenses, and profits or losses over a period. It answers: Did we make money or lose money?
NII (Net Interest Income)
Interest earned minus interest paid – The difference between interest income a lender earns on its loan book/investments and the interest expense it pays on its own borrowings and deposits, before any other operating costs or provisions. For an NBFC or bank, this is the core spread-based profitability metric before fee income, staff costs, or credit losses are factored in. Found In: Statement of Profit and Loss, earnings presentations (segment/subsidiary financial highlights)
NFO (New Fund Offer)
A mutual fund's initial subscription window – The limited period during which a newly launched mutual fund scheme first accepts money from investors, before the fund closes to new units and begins normal ongoing trading/redemption. The scale of an NFO (assets raised, number of institutional and individual investors) is often cited as an early signal of an asset manager's market traction. Found In: Earnings presentations (AMC/asset-management business updates), fund house press releases