Fundamental Analysis, page-6

Granted, the income and cost types were restructured. There is, however, no way to assess the degree to which this effected each cost type and, because of this, there is no way to accurately determine Operational Costs adjusted for Marketplace supplier payments. To the contrary, as these supplier payments now decrease Receipts, any such adjustment of Operational Costs (which contribute to Net Costs) would incur an equal adjustment of Receipts (which contribute to Net Income). In this way, the relative reduction of Operational Costs from the previous quarter to this quarter would remain greater than that of Receipts even with such adjustment.

Regardless, as Profitability is dependent on both Operational Costs and Receipts, it would remain at ~74% even with such adjustment.

That being said, I did not include Leased Assets, another restructured cost type, in my calculations. Adjusting for such an inclusion results in a Change in Profitability of ~-4%, which is approximately equal to that of the previous financial year's third quarter. In this way, new assumptions can be made regarding the cost floor of the company's operations while a pattern of reduced Profitability forms in its third quarters.