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Looks like we determine cost of sales and cash and equivalents differently.

You've added all expenses other than occupancy to determine cost of sales. I've seen some sources that would take only comp and related costs. I can see adding the int'l investment research fees I definitely exclude other opertating expenses and think that advertising & promo expense should be excluded as well. Once you do that gross margin is over 50%.

On the balance sheet we are probably looking at things differently as well. Zacks' only includes the cash and receivables as current assets. I'd say that it's possible that the investments in sponsored mutual funds and partnership and other investments could possibly be included in current as well as that would be consistent with how we treat other marketable security holdings (but I can't say for sure as the footnote doesn't give me enough information).

Doint that would improve the flowie as well.

Now that I've said that, I'll also say that as a financial company, I'm not sure that the way we traditionally look at Makers is the best way to look at T. Rowe.

Phil
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