Re: IAM Interview - Updated Q2/3, page-390

It's a reversed engineered calculation to come up with the amount needed to hit M1. There is enough information there to do the calculation quite close. The only variable is the expenditure for the next two quarters. There is no need to know the future margins for this calculation. I get what you are trying to say, but I don't think it's relevant at all in this particular discussion.

For this particular discussion, the two unknown future figures are the income and the expense for the next two quarters. This particular calculation we are trying to work out what actual income is required, so the only thing left is the expense - so this part is an assumption based on what IAM have provided.

The future margins are all determined by the data that I have used in the calculation, so I think it's a separately discussion altogether that you are trying to point out.

I may be totally reading your post incorrectly, so feel free to point it out.