RNG - RingCentral Inc Stock Price, Fair Value and News

34.38USD+4.39 (+14.64%)Market Closed

Market Summary

USD34.38+4.39

Market Closed

14.64%

RNG Alerts

Big jump in Earnings (Y/Y)

Losses in recent quarter

RNG Stock Price

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RNG RSI Chart

RNG Valuation

Market Cap

3.2B

Price/Earnings (Trailing)

-22.98

Price/Sales (Trailing)

1.42

EV/EBITDA

22.99

Price/Free Cashflow

8.74

RNG Price/Sales (Trailing)

RNG Profitability

Operating Margin

94.25%

EBT Margin

-5.80%

Return on Equity

26.67%

Return on Assets

-7.44%

Free Cashflow Yield

11.44%

RNG Fundamentals

RNG Revenue

Revenue (TTM)

2.3B

Rev. Growth (Yr)

9.47%

Rev. Growth (Qtr)

2.27%

RNG Earnings

Earnings (TTM)

-139.3M

Earnings Growth (Yr)

47.62%

Earnings Growth (Qtr)

39.69%

Breaking Down RNG Revenue

Last 7 days

1.3%

Last 30 days

-7.5%

Last 90 days

-8.9%

Trailing 12 Months

12.4%

How does RNG drawdown profile look like?

RNG Financial Health

Current Ratio

1.09

Debt/Equity

-2.6

Debt/Cashflow

0.28

RNG Investor Care

Buy Backs (1Y)

2.69%

Diluted EPS (TTM)

-1.49

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	2.3B	0	0	0
2023	2.1B	2.1B	2.2B	2.2B
2022	1.7B	1.8B	1.9B	2.0B
2021	1.3B	1.4B	1.5B	1.6B
2020	968.9M	1.0B	1.1B	1.2B
2019	724.8M	779.1M	838.6M	902.9M
2018	541.7M	582.6M	626.2M	673.6M
2017	405.4M	433.5M	466.9M	503.6M
2016	317.4M	338.6M	358.7M	379.7M
2015	236.9M	254.8M	274.7M	296.2M
2014	173.2M	188.3M	203.3M	219.9M
2013	125.2M	135.9M	148.3M	160.5M
2012	87.8M	96.7M	105.6M	114.5M
2011	0	0	0	78.9M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

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Tracking the Latest Insider Buys and Sells of RingCentral Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Apr 01, 2024	agarwal vaibhav	sold	-68,539	34.546	-1,984	deputy chief financial officer
Mar 15, 2024	agarwal vaibhav	sold	-491,655	34.837	-14,113	deputy chief financial officer
Mar 08, 2024	goldman kenneth a	sold	-46,368	36.056	-1,286	-
Mar 07, 2024	goldman kenneth a	sold	-44,357	34.4659	-1,287	-
Mar 01, 2024	bhatt prat	acquired	-	-	-	-
Mar 01, 2024	bhatt prat	acquired	-	-	4,465	-
Feb 28, 2024	segal ned d.	acquired	-	-	7,718	-
Feb 23, 2024	parekh sonalee elizabeth	sold	-630,729	30.8349	-20,455	chief financial officer
Feb 22, 2024	shmunis vladimir	sold	-4,169,570	30.312	-137,555	ceo and chairman
Feb 22, 2024	marlow john h	sold	-1,725,340	30.3154	-56,913	svp, cao & general counsel

Which funds bought or sold RNG recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
May 07, 2024	Swiss National Bank	reduced	-0.93	70,101	5,172,790	-%
May 07, 2024	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-5.53	-84,000	4,818,000	0.01%
May 07, 2024	49 WEALTH MANAGEMENT, LLC	reduced	-5.3	-13,724	219,445	0.05%
May 07, 2024	SEI INVESTMENTS CO	added	2.35	36,851	815,858	-%
May 07, 2024	PANAGORA ASSET MANAGEMENT INC	sold off	-100	-4,068,700	-	-%
May 07, 2024	ASSETMARK, INC	sold off	-100	-170	-	-%
May 07, 2024	Susquehanna Portfolio Strategies, LLC	unchanged	-	91,280	4,014,030	0.09%
May 07, 2024	Arizona State Retirement System	reduced	-2.78	-3,720	720,264	-%
May 07, 2024	RIVER GLOBAL INVESTORS LLP	reduced	-1.14	4,381	391,490	0.10%
May 07, 2024	Strengthening Families & Communities, LLC	unchanged	-	-349	6,000	-%

Are Funds Buying or Selling RNG?

Are funds buying RNG calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own RNG

No. of Funds

Unveiling RingCentral Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	ameriprise financial inc	5.50%	4,610,276	SC 13G
Feb 14, 2024	lytton laurence w	1.8%	1,528,157	SC 13G/A
Feb 13, 2024	alkeon capital management llc	1.8%	1,528,157	SC 13G/A
Feb 13, 2024	vanguard group inc	12.37%	10,371,224	SC 13G/A
Feb 09, 2024	capital world investors	13.5%	11,314,238	SC 13G/A
Feb 06, 2024	shmunis vladimir	5.3%	4,680,010	SC 13G/A
Feb 01, 2024	pictet asset management sa	6.3%	5,239,898	SC 13G/A
Jan 31, 2024	pictet asset management sa	6.2%	4,514,733	SC 13G
Jan 29, 2024	blackrock inc.	6.3%	5,263,100	SC 13G/A
May 26, 2023	sylebra capital ltd	8.68%	7,437,154	SC 13D

Recent SEC filings of RingCentral Inc

View All Filings

Date Filed	Form Type	Document
May 07, 2024	10-Q	Quarterly Report
May 07, 2024	8-K	Current Report
Apr 24, 2024	10-K/A	Annual Report
Apr 03, 2024	4	Insider Trading
Apr 01, 2024	144	Notice of Insider Sale Intent
Mar 15, 2024	144	Notice of Insider Sale Intent
Mar 15, 2024	144	Notice of Insider Sale Intent
Mar 15, 2024	4	Insider Trading
Mar 14, 2024	144	Notice of Insider Sale Intent
Mar 08, 2024	4	Insider Trading

Peers (Alternatives to RingCentral Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CRM	270.6B	34.9B	-8.21%	40.03%	65.42	7.76	11.18%	1888.46%
UBER	137.9B	37.3B	-8.76%	81.30%	73.09	3.7	16.95%	120.64%
ADSK	45.8B	5.3B	-12.38%	11.70%	49.91	8.56	9.15%	48.14%
ANSS	28.6B	2.2B	-4.94%	10.42%	65.72	12.82	3.59%	-21.47%
ZM	18.4B	4.5B	-1.27%	-1.26%	28.89	4.07	3.06%	514.65%
MID-CAP
APPF	8.8B	671.8M	7.08%	80.52%	115.49	13.15	33.64%	185.98%
LYFT	6.9B	4.4B	-7.01%	94.26%	-20.13	1.56	7.53%	78.52%
ALRM	3.4B	881.7M	0.94%	51.68%	42.65	3.89	4.64%	44.42%
AYX	3.4B	970.0M	0.90%	-15.87%	-19.13	3.53	13.46%	43.89%
AI	2.9B	296.4M	-1.51%	28.86%	-10.83	9.93	11.14%	-3.59%
AGYS	2.2B	228.1M	-1.05%	5.96%	25.27	9.67	18.99%	599.09%
SMALL-CAP
AVID	1.2B	413.5M	0.63%	-1.64%	92.02	2.88	-1.65%	-71.35%
AEYE	222.2M	31.6M	107.65%	183.16%	-37.84	7.03	2.76%	43.72%
APPS	217.3M	572.4M	-0.46%	-81.88%	-1.1	0.38	-19.38%	-489.49%
ASUR	186.9M	117.7M	-2.80%	-45.81%	-18.95	1.59	12.54%	11.24%

RingCentral Inc News

Latest updates

RingCentral Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	2.3%	584	571	558	539	534	525	509	487	468	448	415	379	352	335	304	278	268	253	233	215	201
Gross Profit	3.2%	414	401	389	375	373	364	342	329	312	312	304	274	255	243	221	201	194	186	174	162	151
Operating Expenses	-4.8%	425	446	443	420	428	620	524	436	416	416	387	348	297	272	251	231	220	206	184	169	158
S&GA Expenses	0.0%	273	273	271	264	260	275	262	265	254	246	225	203	179	162	153	138	131	126	110	104	100
R&D Expenses	-5.1%	81.00	85.00	85.00	80.00	85.00	89.00	87.00	97.00	90.00	87.00	84.00	76.00	63.00	57.00	48.00	44.00	41.00	39.00	35.00	33.00	30.00
EBITDA Margin	63.9%	0.08*	0.05*	-0.05*	-0.18*	-0.25*	-0.31*	-0.29*	-0.22*	-0.20*	-0.12*	-0.07*	0.01*	0.09*	0.04*	-0.02*	-0.02*	-0.05*	0.00*	0.01*	0.01*	0.01*
Interest Expenses	-1.5%	16.00	17.00	12.00	5.00	2.00	1.00	1.00	1.00	1.00	16.00	16.00	16.00	16.00	17.00	13.00	13.00	8.00	5.00	5.00	5.00	5.00
Income Taxes	55.8%	3.00	2.00	-3.78	7.00	3.00	2.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.23	-0.10	0.00	-3.10
Earnings Before Taxes	44.1%	-25.21	-45.11	-45.90	-14.53	-51.31	-281	-283	-158	-149	-117	-146	-110	0.00	-1.70	-20.53	1.00	-60.51	-25.47	-12.90	-9.13	-9.44
EBT Margin	18.5%	-0.06*	-0.07*	-0.18*	-0.30*	-0.38*	-0.44*	-0.37*	-0.31*	-0.31*	-0.23*	-0.17*	-0.10*	-0.02*	-0.07*	-0.10*	-0.10*	-0.11*	-0.06*	-0.04*	-0.04*	-0.05*
Net Income	39.7%	-28.49	-47.24	-42.12	-21.48	-54.40	-284	-284	-159	-150	-118	-146	-110	-0.19	-1.83	-20.96	1.00	-60.72	-25.26	-12.75	-9.24	-6.36
Net Income Margin	17.6%	-0.06*	-0.08*	-0.19*	-0.31*	-0.38*	-0.44*	-0.37*	-0.32*	-0.31*	-0.24*	-0.18*	-0.10*	-0.02*	-0.07*	-0.10*	-0.10*	-0.11*	-0.06*	-0.04*	-0.04*	-0.04*
Free Cashflow	-16.6%	90.00	108	82.00	86.00	100	30.00	34.00	42.00	52.00	40.00	36.00	19.00	28.00	-12.11	-91.23	18.00	6.00	-12.57	20.00	16.00	13.00

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	-3.7%	1,873	1,945	2,182	1,960	2,046	2,074	2,316	2,519	2,568	2,579	1,966	1,969	2,070	2,185	2,116	1,965	1,872	1,451	1,059	1,012	966
Current Assets	-2.1%	831	849	1,052	804	851	796	775	739	721	651	694	648	744	926	993	1,002	972	536	765	735	704
Cash Equivalents	-8.6%	203	222	432	225	275	270	305	306	302	267	345	325	463	640	746	774	762	344	583	568	549
Inventory	40.0%	2.00	1.00	1.00	1.00	1.00	1.00	1.00	5.00	6.00	6.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00
Net PPE	-0.9%	183	184	184	186	187	185	182	178	173	167	159	153	146	142	133	114	98.00	89.00	84.00	79.00	74.00
Goodwill	-0.7%	67.00	67.00	66.00	55.00	55.00	54.00	53.00	54.00	55.00	55.00	56.00	57.00	56.00	57.00	56.00	55.00	55.00	55.00	55.00	56.00	55.00
Liabilities	-2.3%	2,196	2,248	2,468	2,233	2,319	2,357	2,361	2,358	2,320	2,041	1,920	1,876	1,853	1,872	1,817	1,416	1,381	705	690	657	634
Current Liabilities	20.8%	764	633	605	592	591	653	639	622	576	526	476	447	444	438	369	371	308	281	268	246	229
Long Term Debt	-10.8%	1,360	1,525	1,781	1,559	-	1,638	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
LT Debt, Current	804.6%	181	20.00	20.00	20.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
LT Debt, Non Current	-100.0%	-	1,525	1,781	1,559	-	1,638	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shareholder's Equity	-3.9%	-522	-502	-	-	-471	-482	-	-	49.00	339	45.00	92.00	213	308	298	542	490	746	369	356	331
Retained Earnings	-1.7%	-1,727	-1,699	-1,651	-1,609	-1,588	-1,533	-1,249	-965	-805	-748	-630	-483	-372	-372	-370	-349	-350	-289	-264	-251	-242
Additional Paid-In Capital	0.5%	1,210	1,205	1,171	1,143	1,123	1,060	1,023	937	856	1,087	673	571	582	674	665	890	840	1,033	633	605	571
Accumulated Depreciation	5.8%	353	333	314	298	278	259	240	224	209	193	179	165	151	138	127	116	107	99.00	92.00	86.00	80.00
Shares Outstanding	-1.9%	93.00	95.00	95.00	96.00	96.00	95.00	95.00	95.00	95.00	92.00	91.00	91.00	91.00	89.00	88.00	88.00	87.00	83.00	82.00	82.00	81.00
Float	-	-	-	-	2,800	-	-	-	4,500	-	23,900	-	23,900	-	-	-	22,600	-	-	-	8,400	-

Cashflow (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Cashflow (Quarterly)																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	-15.6%	96.00	114	87.00	91.00	109	39.00	42.00	51.00	59.00	48.00	43.00	25.00	37.00	-2.48	-72.82	27.00	13.00	-6.16	27.00	24.00	20.00
Share Based Compensation	-21.4%	88.00	112	112	105	98.00	92.00	96.00	101	98.00	103	104	95.00	55.00	52.00	52.00	49.00	37.00	30.00	27.00	25.00	19.00
Cashflow From Investing	2.9%	-19.41	-19.98	-31.34	-17.80	-21.32	-22.98	-18.52	-23.78	-21.93	-333	-19.57	-16.77	-26.84	-45.64	-29.44	-18.35	-14.25	-236	-10.23	-12.19	-38.27
Cashflow From Financing	69.1%	-94.66	-306	153	-122	-82.73	-53.44	-22.85	-20.00	-1.93	208	-3.06	-145	-186	-58.77	73.00	3.00	420	3.00	-1.12	7.00	1.00
Buy Backs	32.2%	81.00	61.00	75.00	101	75.00	55.00	20.00	25.00	-	-	-	-	-	-	-	-	-	-	-	-	-

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RNG Income Statement

2024-03-31

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 584,211	$ 533,689
Cost of revenues
Total cost of revenues	170,479	160,676
Gross profit	413,732	373,013
Operating expenses
Research and development	80,528	85,241
Sales and marketing	272,730	260,212
General and administrative	71,373	82,091
Total operating expenses	424,631	427,544
Loss from operations	(10,899)	(54,531)
Other income (expense), net
Interest expense	(16,254)	(2,212)
Other income	1,944	5,429
Other income (expense), net	(14,310)	3,217
Loss before income taxes	(25,209)	(51,314)
Provision for income taxes	3,285	3,085
Net loss	$ (28,494)	$ (54,399)
Net loss per common share
Basic (in dollars per share)	$ (0.31)	$ (0.57)
Diluted (in dollars per share)	$ (0.31)	$ (0.57)
Weighted-average number of shares used in computing net loss per share
Basic (in shares)	93,142	95,720
Diluted (in shares)	93,142	95,720
Subscriptions
Revenues
Total revenues	$ 557,487	$ 508,294
Cost of revenues
Total cost of revenues	143,650	136,425
Other
Revenues
Total revenues	26,724	25,395
Cost of revenues
Total cost of revenues	$ 26,829	$ 24,251

RNG Balance Sheet

2024-03-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 203,130	$ 222,195
Accounts receivable, net	371,357	364,438
Deferred and prepaid sales commission costs	184,816	184,620
Prepaid expenses and other current assets	71,728	77,396
Total current assets	831,031	848,649
Property and equipment, net	182,736	184,390
Operating lease right-of-use assets	39,615	42,989
Deferred and prepaid sales commission costs, non-current	381,175	395,724
Goodwill	66,903	67,370
Acquired intangibles, net	358,850	393,767
Other assets	12,793	12,024
Total assets	1,873,103	1,944,913
Current liabilities
Accounts payable	24,030	53,295
Accrued liabilities	312,405	325,632
Current portion of long-term debt, net	180,923	20,000
Deferred revenue	246,690	233,619
Total current liabilities	764,048	632,546
Long-term debt, net	1,360,457	1,525,482
Operating lease liabilities	25,616	28,178
Other long-term liabilities	45,901	61,827
Total liabilities	2,196,022	2,248,033
Commitments and contingencies (Note 9)
Series A convertible preferred stock	199,449	199,449
Stockholders’ deficit
Common stock	9	9
Additional paid-in capital	1,210,366	1,204,781
Accumulated other comprehensive loss	(5,113)	(8,223)
Accumulated deficit	(1,727,630)	(1,699,136)
Total stockholders’ deficit	(522,368)	(502,569)
Total liabilities, temporary equity and stockholders’ deficit	$ 1,873,103	$ 1,944,913

About RingCentral Inc

RingCentral, Inc. provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone (MVP) that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI powered omni-channel and workforce engagement solution with integrated RingCentral MVP; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers. The company's products also comprise RingCentral Engage Voice, a cloud-based outbound/blended customer engagement platform for midsize and enterprise companies; RingCentral Video, a video meeting service which includes the company's RCV video and team messaging capabilities and offers video and audio conferencing, file sharing, contact, task, and calendar management. In addition, it offers RingCentral professional services. The company serves a range of industries, including financial services, education, healthcare, legal services, real estate, retail, technology, insurance, construction, hospitality, and state and local government, as well as others. It sells its products through a network of direct sales representatives, as well as sales agents, resellers, and channel partners. The company was incorporated in 1999 and is headquartered in Belmont, California.

CEO	Mr. Tarek A. Robbiati M.B.A., M.Sc.
WEBSITE	ringcentral.com
INDUSTRY	Software - Apps
EMPLOYEES	3902

RingCentral Inc Frequently Asked Questions

What is the ticker symbol for RingCentral Inc? What does RNG stand for in stocks?

RNG is the stock ticker symbol of RingCentral Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of RingCentral Inc (RNG)?

As of Tue May 07 2024, market cap of RingCentral Inc is 2.79 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of RNG stock?

You can check RNG's fair value in chart for subscribers.

What is the fair value of RNG stock?

You can check RNG's fair value in chart for subscribers. The fair value of RingCentral Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of RingCentral Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for RNG so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is RingCentral Inc a good stock to buy?

The fair value guage provides a quick view whether RNG is over valued or under valued. Whether RingCentral Inc is cheap or expensive depends on the assumptions which impact RingCentral Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for RNG.

What is RingCentral Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Tue May 07 2024, RNG's PE ratio (Price to Earnings) is -20.05 and Price to Sales (PS) ratio is 1.24. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. RNG PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on RingCentral Inc's stock?

In the past 10 years, RingCentral Inc has provided 0.084 (multiply by 100 for percentage) rate of return.