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Right Here Waiting
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For the Chinese pop song, see Right Here Waiting for You 2010.
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"Right Here Waiting"
Single by Richard Marx
from the album Repeat Offender
B-side
"Wait for the Sunrise"
Released
June 29, 1989 (1989-06-29)
Format
7-inch single
CD single
cassette
12-inch 45 rpm maxi single
Recorded
December 11, 1988
Studio
Magic Record, Salt Lake City, Utah
Genre
Soft rock[1]
Length
4:24
Label
EMI
Songwriter(s)
Richard Marx
Producer(s)
Richard Marx
David Cole
Richard Marx singles chronology
"Satisfied"
(1989) "Right Here Waiting"
(1989) "Angelia"
(1989)
Music video
"Right Here Waiting" on YouTube
"Right Here Waiting" is a song by American singer and songwriter Richard Marx. It was released in June 29, 1989, as the second single from his second album, Repeat Offender. The song was a global hit, topping charts throughout the world, including the U.S. where it reached number one on the Billboard Hot 100.[2] It was certified Platinum by the RIAA.[3] The song has been covered by many artists, including Monica for her album The Boy Is Mine.
Contents
1 Original version
1.1 Background and writing
1.2 Chart performances
1.3 Track listings
1.4 Charts and sales
1.4.1 Weekly charts
1.4.2 Year-end charts
1.4.3 Certifications
2 Monica cover
2.1 Charts
3 References
4 External links
Original version[edit]
Background and writing[edit]
"Right Here Waiting" was the second single from Repeat Offender, after "Satisfied". Marx wrote the song on the road as a love letter to his wife, the actress Cynthia Rhodes, who was in South Africa shooting on a film.[4] The track was arranged by Marx with Jeffery (C.J.) Vanston to feature none of the heavy drums and synthesizers popular at the time, with Marx's vocal accompanied only by classical guitar (by Bruce Gaitsch) and keyboards (by Vanston). It is one of Marx's most frequently covered compositions.
Chart performances[edit]
"Right Here Waiting" entered the Billboard Hot 100 singles chart at number 44 in the week of July 8, 1989, and became Marx's third consecutive number one single on August 12, 1989.[2] Certified Gold on August 21, the record spent three consecutive weeks at number one, replaced by Paula Abdul's "Cold Hearted" in the week of September 2, 1989. The song was Marx's first of several to go to number one on the Hot Adult Contemporary Chart. Certified Platinum on October 16, 1989, "Right Here Waiting" is Marx's best selling single. It is also his most enduring, charting in the top 15 of Billboard's Hot Adult Contemporary Recurrents chart for four years running, from 2000 to 2003, more than ten years after its release. The song also reached #1 on the Radio & Records CHR/Pop Airplay chart on August 4, 1989 staying on the top of the chart for three weeks and remained on the chart for thirteen weeks.[5]
In the United Kingdom, the song was released in September 1989 and peaked at #2.[6]
Track listings[edit]
7" single
"Right Here Waiting" — 4:23
"Wait for the Sunrise" — 4:13
3" single
"Right Here Waiting" — 4:23
"Wait for the Sunrise" — 4:13
"Hold on to the Nights" (live at the Palace Theatre, Los Angeles, CA) — 4:48
CD single
"Right Here Waiting"
"Hold on to the Nights" (live)
"That Was Lulu" (live)
"Wild Life"
Cassette
"Right Here Waiting" — 4:23
"Wait for the Sunrise" — 4:13
"Right Here Waiting" — 4:23
"Wait for the Sunrise" — 4:13
Charts and sales[edit]
Weekly charts[edit]
Chart (1989–1990)
Peak
position
Australia (ARIA)[7] 1
Austria (Ö3 Austria Top 40)[8] 19
Belgium (Ultratop 50 Flanders)[9] 3
Canada (The Record)[10] 1
Canada Top Singles (RPM) 1
France (SNEP)[11] 19
Germany (Official German Charts)[12] 12
Ireland (IRMA)[13] 1
Italy (FIMI)[14] 48
Netherlands (Dutch Top 40)[15] 3
New Zealand (Recorded Music NZ)[16] 1
Norway (VG-lista)[17] 4
Spain (AFYVE)[18] 17
Sweden (Sverigetopplistan)[19] 7
Switzerland (Schweizer Hitparade)[20] 6
UK Singles (Official Charts Company)[21] 2
US Billboard Hot 100[22] 1
US Radio & Records CHR/Pop Airplay Chart[5][23] 1
US Adult Contemporary (Billboard)[24] 1
Chart (2000)
Peak
position
US Adult Contemporary Recurrents (Billboard)[25] 10
Year-end charts[edit]
Chart (1989)
Rank
Australia (ARIA)[26] 14
Canada Top Singles (RPM)[27] 2
New Zealand [28] 35
UK [29] 30
US Billboard Hot 100 11
Certifications[edit]
Country
Certification
Date
Sales certified
Canada[30] Gold September 27, 1989 50,000
UK[31] Silver September 1, 1989 200,000
U.S.[3] Platinum October 16, 1989 1,000,000
Monica cover[edit]
This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (March 2018) (Learn how and when to remove this template message)
"Right Here Waiting"
Single by Monica featuring 112
from the album The Boy is Mine
Released
December 14, 1999 (1999-12-14) (R&B radio)
Format
7-inch single
Recorded
1998
Genre
R&B
Length
4:29
Label
Arista
Songwriter(s)
Richard Marx, Bruce Gaitsch
Producer(s)
David Foster
Monica singles chronology
"Gone Be Fine"
(1999) "Right Here Waiting"
(1999) "I've Got to Have It"
(2000)
"Right Here Waiting" was covered by the American R&B artist Monica. It was only released in the United States in December 1999 as the seventh and final single from her second studio album, The Boy Is Mine, and features the R&B band 112. No music video was made for the song.
Charts[edit]
Chart (1999)
Peak
position
US Billboard Bubbling Under R&B/Hip-Hop Singles 1
References[edit]
Jump up ^ Jon O'Brien (November 1, 2010). "Stories to Tell - Richard Marx". AllMusic. Retrieved June 23, 2014.
^ Jump up to: a b Billboard Allmusic.com (Retrieved September 8, 2008)
^ Jump up to: a b U.S. certifications riaa.com (Retrieved September 8, 2008)
Jump up ^ "Right Here Waiting by Richard Marx Songfacts".
^ Jump up to: a b "Right here waiting".
Jump up ^ "Right Here Waiting", UK Singles Chart Chartstats.com (Retrieved September 8, 2008)
Jump up ^ "Australian-charts.com – Richard Marx – Right Here Waiting". ARIA Top 50 Singles.
Jump up ^ "Austriancharts.at – Richard Marx – Right Here Waiting" (in German). Ö3 Austria Top 40.
Jump up ^ "Ultratop.be – Richard Marx – Right Here Waiting" (in Dutch). Ultratop 50.
Jump up ^ [ Nanda Lwin (1999). Top 40 Hits: The Essential Chart Guide. Music Data Canada. ISBN 1-896594-13-1.
Jump up ^ "Lescharts.com – Richard Marx – Right Here Waiting" (in French). Les classement single.
Jump up ^ "Musicline.de – Richard Marx Single-Chartverfolgung" (in German). Media Control Charts. PhonoNet GmbH.
Jump up ^ Irish Single Chart Irishcharts.ie Archived 2009-06-03 at WebCite (Retrieved February 15, 2008)
Jump up ^ "Hit Parade Italia - Indice per Interprete: M".
Jump up ^ "Nederlandse Top 40 – Richard Marx" (in Dutch). Dutch Top 40.
Jump up ^ "Charts.nz – Richard Marx – Right Here Waiting". Top 40 Singles.
Jump up ^ "Norwegiancharts.com – Richard Marx – Right Here Waiting". VG-lista.
Jump up ^ Salaverri, Fernando (September 2005). Sólo éxitos: año a año, 1959–2002 (1st ed.). Spain: Fundación Autor-SGAE. ISBN 84-8048-639-2.
Jump up ^ "Swedishcharts.com – Richard Marx – Right Here Waiting". Singles Top 100.
Jump up ^ "Swisscharts.com – Richard Marx – Right Here Waiting". Swiss Singles Chart.
Jump up ^ "Richard Marx: Artist Chart History". Official Charts Company. Retrieved April 23, 2017.
Jump up ^ "Richard Marx Chart History (Hot 100)". Billboard. Retrieved April 23, 2017.
Jump up ^ "Richard Marx".
Jump up ^ "Richard Marx Chart History (Adult Contemporary)". Billboard. Retrieved April 23, 2017.
Jump up ^ "Richard Marx chart history for Adult Contemporary Recurrents". Billboard. Retrieved May 30, 2017.
Jump up ^ 1989 Australian Singles Chart aria.com Archived June 11, 2011, at the Wayback Machine. (Retrieved September 8, 2008)
Jump up ^ "Top Singles - Volume 51, No. 8, December 23, 1989". RPM. December 23, 1999. Archived from the original on September 7, 2017. Retrieved November 22, 2017.
Jump up ^ Official New Zealand Music Charts - End Of Year Chart 1989
Jump up ^ "Year-End Charts '89 – Top 100 Singles". Music Week. London, England: Spotlight Publications. 3 March 1990. p. 16.
Jump up ^ Canada certifications cria.ca Archived May 1, 2010, at the Wayback Machine. (Retrieved September 8, 2008)
Jump up ^ UK certifications Bpi.co.uk (Retrieved September 8, 2008)
External links[edit]
Lyrics of this song at MetroLyrics
hide
v
t
e
Richard Marx
Studio albums
Richard Marx
Repeat Offender
Rush Street
Paid Vacation
Flesh and Bone
Days in Avalon
My Own Best Enemy
Emotional Remains
Sundown
Christmas Spirit
Beautiful Goodbye
Compilations
Ballads
Greatest Hits (1997)
The Best of Richard Marx
The Essential Richard Marx
Timeline
Duo
Stories to Tell
Hits & Ballads
Inside My Head
Seven & Seven
The Ultimate Collection
Promo compilations
Greatest Hits (1993)
The Music of Richard Marx: 1987–2009
Live albums
Live in USA 1988/92
Live Music Hall Koln 1992
Channel V at the Hard Rock Live
Duo Live
A Night Out with Friends
Singles
"Don't Mean Nothing"
"Should've Known Better"
"Endless Summer Nights"
"Hold On to the Nights"
"Satisfied"
"Right Here Waiting"
"Angelia"
"Nothin' You Can Do About It"
"Children of the Night"
"Keep Coming Back"
"Hazard"
"Take This Heart"
"Now and Forever"
"At the Beginning"
"Everybody"
"Santa Claus Is Comin' to Town"
"The Little Drummer Boy"
"O Holy Night"
"Dance with My Father"
Songs written
"What About Me" (Kenny Rogers, James Ingram, Kim Carnes/1984)
"The Best of Me" (Cliff Richard/1989)
"If You Ever Leave Me" (Barbra Streisand, Vince Gill/1999)
"One More Time" (Laura Pausini/1999)
"This I Promise You" (NSYNC/2000)
"To Where You Are" (Josh Groban/2002)
"Dance with My Father" (Luther Vandross/2003)
"Better Life" (Keith Urban/2005)
"Everybody" (Keith Urban/2007)
Musicals
Beauty and the Beast
Related articles
Discography
Songwriting/Production
Sessions
show
v
t
e
Monica songs
Discography
Miss Thang
"Before You Walk Out of My Life"
"Don't Take It Personal (Just One of Dem Days)"
"Let's Straighten It Out"
"Like This and Like That"
"Why I Love You So Much"
The Boy Is Mine
"Angel of Mine"
"Gone Be Fine"
"Inside"
"Misty Blue"
"Right Here Waiting"
"Street Symphony"
"The Boy Is Mine"
"The First Night"
All Eyez on Me
"All Eyez on Me"
"Too Hood"
After the Storm
"Get It Off"
"Knock Knock"
"So Gone"
"U Should've Known Better"
The Makings of Me
"A Dozen Roses (You Remind Me)"
"Everytime tha Beat Drop"
"Hell No (Leave Home)"
"Sideline Ho"
Still Standing
"Everything to Me"
"Here I Am"
"Love All Over Me"
"Still Standing"
New Life
"Anything (To Find You)"
"It All Belongs to Me"
"Until It's Gone"
"Without You"
Code Red
"Just Right for Me"
As featured artist
"Always"
"Freedom (Theme from Panther)"
"Hold On"
"I Ain't Trying to Hear It"
"I'll Give All My Love to You"
"Slow Jam"
"Somebody Bigger Than You and I"
"Trust"
"Wake Up Everybody"
"What's Going On (Dupri R&B Mix)"
Other songs
"Ain't Nobody"
"For You I Will"
"Grown-Up Christmas List"
"Have Yourself a Merry Little Christmas"
"I've Got to Have It"
"Just Another Girl"
show
v
t
e
112
Quinnes Parker (Q)
Michael Keith (Mike)
Marvin Scandrick (Slim)
Daron Jones
Albums
112
Room 112
Part III
Hot & Wet
Pleasure & Pain
Singles
"Only You"
"Come See Me"
"Cupid"
"Love Me"
"Anywhere"
"Love You Like I Did"
"Your Letter"
"It's Over Now"
"Peaches & Cream"
"Dance with Me"
"Na Na Na Na"
"Hot & Wet"
"Right Here for U"
"U Already Know"
"What If"
Featured singles
"I'll Be Missing You"
"All Cried Out"
"Sky's the Limit"
"Right Here Waiting"
See also
Discography
Bad Boy Records
show
v
t
e
Julio Iglesias
Discography
Studio albums
Yo canto (1969)
Un canto a Galicia (1972)
Soy (1973)
A flor de piel (1974)
A México (1975)
El amor (1975)
America (1976)
A mis 33 años (1977)
Emociones (1978)
Sono un pirata, sono un signore (1978)
À vous les femmes (1979)
Hey! (1980)
De niña a mujer (1981)
Zartlichkeiten (1981)
Momentos (1982)
Momenti (1982)
Amor (1982)
Et l'amour crea la femme (1982)
1100 Bel Air Place (1984)
Libra (1985)
Un hombre solo (1987)
Tutto l'amore che ti manca (1987)
Non Stop (1988)
Raíces (1989)
Starry Night (1990)
Calor (1992)
Crazy (1994)
La carretera (1995)
Tango (1996)
Noche de cuatro lunas (2000)
Ao Meu Brasil (2001)
Divorcio (2003)
Romantic Classics (2006)
1 (2011)
México (2015)
Live albums
En concierto (1983)
Compilation albums
Da Manuela a Pensami (1978)
Minhas canções preferidas (1981)
Julio (1983)
My Life: The Greatest Hits (1998)
Mi vida: Grandes éxitos (1998)
Love Songs (2003)
1: The Collection (2014)
Singles
"Chiquilla" (1970)
"Gwendolyne" (1970)
"Cucurrucucú paloma" (1975)
"Pauvres Diables" (1979)
"Begin the Beguine" (1981)
"Yours (Quiéreme Mucho)" (1981)
"Amor" (1984)
"All of You" (1984)
"The Air That I Breathe" (1984)
"To All the Girls I've Loved Before" (1984)
"I've Got You Under My Skin" (1985)
"We Are the World" (1985)
"Lo Mejor de Tu Vida" (1987)
"Que No Se Rompa la Noche" (1987)
"Bamboléo" (1989)
"Vincent" (1990)
"Can't Help Falling in Love" (1990)
"Crazy" (1994)
"Oye Como Va" (1994)
"When You Tell Me That You Love Me" (1994)
"El Choclo" (1996)
"La Gota Fría" (1998)
"Everybody's Talkin'" (2006)
Family
Julio Iglesias Sr. (father)
Julio Iglesias Jr. (son)
Enrique Iglesias (son)
Chabeli Iglesias (daughter)
Isabel Preysler (first wife)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Right_Here_Waiting&oldid=855552399"
Categories:
112 (band) songs
1989 singles
1990 singles
1999 singles
Billboard Adult Contemporary number-one singles
Billboard Hot 100 number-one singles
Irish Singles Chart number-one singles
Leif Bloms songs
Monica (singer) songs
Number-one singles in Australia
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Rock ballads
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text:
LA Gear
From Wikipedia, the free encyclopedia
Jump to: navigation, search
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (February 2010) (Learn how and when to remove this template message)
LA Gear
Type
Public
Founded
1978; 40 years ago (1978)
Founder
Robert Greenberg
Headquarters
Manhattan Beach, California, United States
Key people
Robert Greenberg
(Co-founder, CEO)
Michael Greenberg
(Co-founder, Chairman)
Products
Footwear, Apparel
Website
lagear.com
LA Gear (or L.A. Gear) is an American shoe company based in Los Angeles, California. Founded by Robert Greenberg in 1979 and currently owned by ACI International.
Contents
[hide]
1 History
1.1 Endorsements
1.2 1990s
1.3 Popularity fades
1.4 Comeback
2 References
3 External links
History[edit]
Endorsements[edit]
One of the original athletes to endorse L.A. Gear shoes was NBA player Kareem Abdul-Jabbar, who ended a long association with Adidas to sign with the upstart company toward the end of his playing career. Other NBA players to wear the brand were Karl Malone and Hakeem Olajuwon. San Francisco 49ers quarterback Joe Montana signed an endorsement deal with L.A. Gear in 1990 after working with Mizuno for most of his career and quickly became the company's feature athlete. Hockey star Wayne Gretzky was also signed as an endorser while he was still playing with the Los Angeles Kings, and eventually would have his own line of street hockey shoes before his endorsement contract expired.
In addition to Abdul-Jabbar several other NBA stars wore L.A. Gear shoes, perhaps the most notable being Karl Malone who appeared in several commercials for the brand beginning in the early 1990s. Hakeem Olajuwon was another L.A. Gear-endorsed basketball player who after being signed stayed with the brand until 1994 when he was contracted by Spalding to endorse a line of basketball shoes with his name and number.
Unlike other athletic shoe companies of the day L.A. Gear was not averse to going outside of sports to find endorsement contracts. One of the earliest celebrities to sign an endorsement deal with the company was singer Belinda Carlisle, who appeared in a series of print ads for L.A. Gear when the brand first began to become popular (as seen in this ad). Two of the most notable celebrities to endorse the shoes were Michael Jackson, who promoted shoes for both men and women, and Paula Abdul, who was signed away from Reebok in 1991 and whose shoe [1] became one of the biggest sellers of the early 1990s.[2][3][4]
1990s[edit]
As the 1990s began L.A. Gear's popularity continued to rise. Although its original lines were typically featured in high-end department stores such as Macy's, as the decade turned L.A. Gear shoes became easier to find in other stores. Discount retailer Caldor began carrying L.A. Gear shoes designed specifically for the store and its clientele.
The improved accessibility helped L.A. Gear's sales, and the company responded by coming out with more shoe lines to accommodate buyers. As the decade continued L.A. Gear began aggressively promoting its performance athletic shoe line.
For the newer shoes, some of the designs included:
Catapult: The LA Gear equivalent of Air Jordans, a high-end basketball shoe and training shoe line. The original spokesman for the line was Karl Malone, as noted above.
Regulator: The inflatable shoe craze of the early 1990s spawned this shoe, L.A. Gear's answer to the Reebok Pump.[5][6] The shoe featured a large pumping button on the tongue (much larger than the Reebok Pump's was) and a switch on top that deflated the shoe when pushed to the right.[7]
L.A. Lights: was one of L.A. Gear's most successful lines, which came out in 1992. The line of kids LA Lights was launched at Foot Locker and Kids Foot Locker at $50 retail by LA Gear national account manager Jim Stroesser working closely with New York-based BBC International, who owned the original patent for the light technology. LA Gear was selling over 5 million pairs of Kids "LA Lights" per year in the 1990s despite other brands selling lighted technology in the lower distribution channels. Light technology for kids has been one of the most successful launches in the athletic shoe industry with over a 100 million pairs sold in all distribution channels. The shoes were also used as survival gear to locate stranded individuals and children during blizzards, leading to increased demand prior to storms.[8]
LA Tech:'step. L.A. Gear went further in 1993 by introducing the Leap Gear line of performance basketball shoes, which would light up when the player would jump off the ground. LA Tech's lighted technology was launched at Foot Locker by LA Gear national account manager Jim Stroesser, and at Champs by account manager Kyle Coburn. The program's success led to an exclusive national television advertising campaign with over 2000 doors at Foot Locker Inc.
Flak: A brand similar to popular Nike and Adidas products during the mid-1990s.
Although they had de-emphasized them by this time, L.A. Gear continued to market shoes towards women. One of L.A. Gear's more popular lines during this time for women was the Dancer line, which was a high-top shoe almost identical to the Reebok Freestyle in design. In addition, L.A. Gear consolidated one of its other sneaker designs into a complete women's design and renamed it Street Shots, featuring both high top and low top sneakers sold primarily in white with silver trim (although other colors were featured).
As part of this change L.A. Gear once again changed their logo for their women's line, using a gray diamond shape with the company name inside it.
Popularity fades[edit]
By 1993 L.A. Gear's popularity was beginning to wane. Within a year the company began restricting access to the shoes, returning to higher-end department stores to market the brand. By doing this L.A. Gear hoped to gain a more upscale clientele for their shoes. However, in doing so the company was so desperate to sell the remaining inventory that L.A. Gear shoes began showing up at flea markets, swap meets, and supermarkets.
In 1994, L.A. Gear abandoned their men's performance footwear line and began marketing the lifestyle brands for women and children more aggressively. They also tried to acquire the Rykä brand of women's shoes, but the deal failed as Ryka, which was struggling as much as L.A. Gear was, continued its downward decline.
In 1995 Wal-Mart and L.A. Gear agreed to a three-year contract where the shoe company would design lower-valued and specific-to-store shoes for Wal-Mart. Since Wal-Mart was such a large retailer L.A. Gear felt they could not pass up an opportunity that lucrative (despite an apparent contradiction in strategy), but the venture failed as sales for L.A. Gear shoes at Wal-Mart had declined.
The company filed for Chapter 11 bankruptcy in 1998, in the process greatly reducing the lines of shoes it was selling.
Comeback[edit]
Since the bankruptcy filing L.A. Gear has made three concerted attempts at coming back. The first was in 1999, with an emphasis on casual shoes for men and women and the return of the popular L.A. Lights line for children. However, the brand failed to catch on after Shaw declined to back them.
In 2003 L.A. Gear again went through a relaunch, this time with an emphasis on men's performance footwear as the Catapult line was reintroduced. Los Angeles Laker rookie Luke Walton was signed on as the brand's spokesman and appeared in several print ads. His contract eventually ran out. (Ron Artest also was endorsed by L.A. Gear for a brief period in 2004 and 2005 in conjunction with his "Tru Warrier" persona, but the company dropped him as spokesman following the infamous Pacers–Pistons brawl.) L.A. Gear primarily marketed fashion athletic shoes for women and continues to do so to this day, although a recent relaunch of the brand has result in the de-emphasis of these lines (with L.A. Gear discontinuing the new Catapult line for men altogether).
In 2008 L.A. Gear re-released its Unstoppable retro range, which saw sneaker lines such as the K.A.J and Starshooter High available in a variety of fashionable and brash colour schemes. Chris Brown even wore a pair of black and white K.A.J in one of his music videos, and later the movie Pain & Gain also featured subtle product placement of them. L.A. Gear rereleased its Stardust women's fashion line in 2009 and later released a new version of the popular L.A. Lights.[9] L.A. Gear also joined the rocker bottom shoe craze that year by releasing the Walk N Tone sneaker line for women.[10]
L.A. Gear released its Hollywood men's sneaker in 2012 alongside the Unstoppable range. In October 2014, L.A. Gear underwent another revamp of some of its product lines and announced its 2015 spring/summer launch with new sneakers such as the L.A. Lights Liquid gold edition and the T Raww Runner, endorsed by American rapper Tyga.[11][12][13][14]
References[edit]
Jump up ^ "Photogrpahi image : Sunblossoms For Paula" (JPG). Tias.com. Retrieved 2017-04-05.
Jump up ^ "Michael Jackson Starts Selling L.A. Gear's Soles - latimes". Articles.latimes.com. 1990-08-06. Retrieved 2017-04-05.
Jump up ^ "COMPANY NEWS - L.A. Gear's Banks Revamp Its Credit". NYTimes.com. 1991-08-01. Retrieved 2017-04-05.
Jump up ^ Michael Lev (1991-01-22). "COMPANY NEWS - Shares of L.A. Gear Drop on News of Loss". NYTimes.com. Retrieved 2017-04-05.
Jump up ^ "COMPANY NEWS - L.A. GEAR PAYS REEBOK $1 MILLION TO SETTLE 'PUMP' SUIT". NYTimes.com. 1992-11-13. Retrieved 2017-04-05.
Jump up ^ "Company News - Reebok Gets Patent For 'Pump' Shoe And Sues L. A. Gear". NYTimes.com. 1992-10-29. Retrieved 2017-04-05.
Jump up ^ "LA Gear Regulator - 25 Sneakers That Influenced Other Sneakers | Complex UK". Uk.complex.com. Retrieved 2017-04-05.
Jump up ^ Henry Fountain (1999-10-07). "Inside the Flashy Shoe That Encourages Children to Step on It". The New York Times. Retrieved 2017-04-05.
Jump up ^ "LA Gear Shoes and Sneakers". Web.archive.org. 3 July 2009. Archived from the original on 3 July 2009. Retrieved 29 August 2017.
Jump up ^ [1] Archived 2010-04-06 at the Wayback Machine.
Jump up ^ "L.A. Gear Relaunches For Spring 2015 With New Styles And Old Classics, Including Michael Jackson Sneakers". Lipstickalley.com. Retrieved 2017-04-05.
Jump up ^ "Out of Step : L.A. Gear, in Athletic Shoe Race, Seeks to Regain Foothold". Articles.latimes.com. 2002-08-19. Retrieved 2017-04-05.
Jump up ^ "LA Gear Shoes Relaunch Photos". Glamour. Retrieved 2017-04-05.
Jump up ^ "L.A. Lights were the first wearables—and they could have killed you". Dailydot.com. Retrieved 2017-04-05.
External links[edit]
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2018 NRL Grand Final
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2018 (2018) NRL Grand Final ()
1
Total
0 0
0 0
Date
30 September 2018
Stadium
ANZ Stadium
Location
Sydney, New South Wales, Australia
Broadcast partners
Broadcasters
Nine Network (Live)
Fox League (Delayed)
Commentators
James Bracey (telecast host)
Ray Warren (match caller)
Peter Sterling (commentator/analysis)
Wally Lewis (commentator/analysis)
Phil Gould (commentator)
Andrew Johns (analysis)
Darren Lockyer (analysis/sideline)
Brad Fittler (sideline)
NRL Grand Final
← 2017
2019 →
The 2018 NRL Grand Final will be the conclusive and premiership-deciding game of the 2018 National Rugby League season and will be played on Sunday September 30 at Sydney's ANZ Stadium.[1]
Contents
1 Background
2 Pre-match entertainment
3 Teams
4 Match summary
5 Opening games
6 Aftermath
7 See also
8 References
Background[edit]
See also: 2018 NRL Finals Series
Pre-match entertainment[edit]
Teams[edit]
Position
Fullback
Wing
Centre
Centre
Wing
Five-eighth
Halfback
Prop
Hooker
Prop
2nd Row
2nd Row
Lock
Interchange
Interchange
Interchange
Interchange
Coach
Match summary[edit]
Opening games[edit]
NRL Women's Grand Final 2018 NRL State Championship
Aftermath[edit]
See also: 2019 World Club Challenge
See also[edit]
NRL Premiership winners
2018 NRL Finals Series
References[edit]
Jump up ^ "2017 Telstra Premiership draw launched". Retrieved 31 January 2017.
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Net present value
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This article may be too technical for most readers to understand. Please help improve it to make it understandable to non-experts, without removing the technical details. (November 2014) (Learn how and when to remove this template message)
In finance, the net present value (NPV) or net present worth (NPW)[1] is a measurement of profit calculated by subtracting the present values (PV) of cash outflows (including initial cost) from the present values of cash inflows over a period of time.[2] Incoming and outgoing cash flows can also be described as benefit and cost cash flows, respectively.[3]
Time value of money dictates that time affects the value of cash flows. For example, a lender may offer 99 cents for the promise of receiving $1.00 a month from now, but the promise to receive that same dollar 20 years in the future would be worth much less today to that same person (lender), even if the payback in both cases was equally certain. This decrease in the current value of future cash flows is based on the market dictated rate of return. More technically, cash flows of nominal equal value over a time series result in different effective value cash flows that make future cash flows less valuable over time. If for example there exists a time series of identical cash flows, the cash flow in the present is the most valuable, with each future cash flow becoming less valuable than the previous cash flow. A cash flow today is more valuable than an identical cash flow in the future[4] because a present flow can be invested immediately and begin earning returns, while a future flow cannot.
Net present value (NPV) is determined by calculating the costs (negative cash flows) and benefits (positive cash flows) for each period of an investment. The period is typically one year, but could be measured in quarter-years, half-years or months. After the cash flow for each period is calculated, the present value (PV) of each one is achieved by discounting its future value (see Formula) at a periodic rate of return (the rate of return dictated by the market). NPV is the sum of all the discounted future cash flows. Because of its simplicity, NPV is a useful tool to determine whether a project or investment will result in a net profit or a loss. A positive NPV results in profit, while a negative NPV results in a loss. The NPV measures the excess or shortfall of cash flows, in present value terms, above the cost of funds.[5] In a theoretical situation of unlimited capital budgeting a company should pursue every investment with a positive NPV. However, in practical terms a company's capital constraints limit investments to projects with the highest NPV whose cost cash flows, or initial cash investment, do not exceed the company's capital. NPV is a central tool in discounted cash flow (DCF) analysis and is a standard method for using the time value of money to appraise long-term projects. It is widely used throughout economics, finance, and accounting.
In the case when all future cash flows are positive, or incoming (such as the principal and coupon payment of a bond) the only outflow of cash is the purchase price, the NPV is simply the PV of future cash flows minus the purchase price (which is its own PV). NPV can be described as the "difference amount" between the sums of discounted cash inflows and cash outflows. It compares the present value of money today to the present value of money in the future, taking inflation and returns into account.
The NPV of a sequence of cash flows takes as input the cash flows and a discount rate or discount curve and outputs a price. The converse process in DCF analysis—taking a sequence of cash flows and a price as input and inferring as output a discount rate (the discount rate which would yield the given price as NPV)—is called the yield and is more widely used in bond trading.
Contents
[hide]
1 Formula
2 The discount rate
3 Use in decision making
4 Interpretation as integral transform
5 Example
6 Common pitfalls
7 History
8 Alternative capital budgeting methods
9 See also
10 References
Formula[edit]
Each cash inflow/outflow is discounted back to its present value (PV). Then all are summed. Therefore, NPV is the sum of all terms,
R t ( 1 + i ) t {\displaystyle {\frac {R_{t}}{(1+i)^{t}}}}
where
t {\displaystyle t} – the time of the cash flow
i {\displaystyle i} – the discount rate, i.e. the return that could be earned per unit of time on an investment with similar risk
R t {\displaystyle R_{t}} – the net cash flow i.e. cash inflow – cash outflow, at time t. For educational purposes, R 0 {\displaystyle R_{0}} is commonly placed to the left of the sum to emphasize its role as (minus) the investment.
The result of this formula is multiplied with the Annual Net cash in-flows and reduced by Initial Cash outlay the present value but in cases where the cash flows are not equal in amount, then the previous formula will be used to determine the present value of each cash flow separately. Any cash flow within 12 months will not be discounted for NPV purpose, nevertheless the usual initial investments during the first year R0 are summed up a negative cash flow.[6]
Given the (period, cash flow) pairs ( t {\displaystyle t} , R t {\displaystyle R_{t}} ) where N {\displaystyle N} is the total number of periods, the net present value N P V {\displaystyle \mathrm {NPV} } is given by:
N P V ( i , N ) = ∑ t = 0 N R t ( 1 + i ) t {\displaystyle \mathrm {NPV} (i,N)=\sum _{t=0}^{N}{\frac {R_{t}}{(1+i)^{t}}}}
Many computer-based spreadsheet programs have built-in formula for PV and NPV.
The discount rate[edit]
Main article: Annual effective discount rate
The rate used to discount future cash flows to the present value is a key variable of this process.
A firm's weighted average cost of capital (after tax) is often used, but many people believe that it is appropriate to use higher discount rates to adjust for risk, opportunity cost, or other factors. A variable discount rate with higher rates applied to cash flows occurring further along the time span might be used to reflect the yield curve premium for long-term debt.
Another approach to choosing the discount rate factor is to decide the rate which the capital needed for the project could return if invested in an alternative venture. If, for example, the capital required for Project A can earn 5% elsewhere, use this discount rate in the NPV calculation to allow a direct comparison to be made between Project A and the alternative. Related to this concept is to use the firm's reinvestment rate. Re-investment rate can be defined as the rate of return for the firm's investments on average. When analyzing projects in a capital constrained environment, it may be appropriate to use the reinvestment rate rather than the firm's weighted average cost of capital as the discount factor. It reflects opportunity cost of investment, rather than the possibly lower cost of capital.
An NPV calculated using variable discount rates (if they are known for the duration of the investment) may better reflect the situation than one calculated from a constant discount rate for the entire investment duration. Refer to the tutorial article written by Samuel Baker[7] for more detailed relationship between the NPV value and the discount rate.
For some professional investors, their investment funds are committed to target a specified rate of return. In such cases, that rate of return should be selected as the discount rate for the NPV calculation. In this way, a direct comparison can be made between the profitability of the project and the desired rate of return.
To some extent, the selection of the discount rate is dependent on the use to which it will be put. If the intent is simply to determine whether a project will add value to the company, using the firm's weighted average cost of capital may be appropriate. If trying to decide between alternative investments in order to maximize the value of the firm, the corporate reinvestment rate would probably be a better choice.
Using variable rates over time, or discounting "guaranteed" cash flows differently from "at risk" cash flows, may be a superior methodology but is seldom used in practice. Using the discount rate to adjust for risk is often difficult to do in practice (especially internationally) and is difficult to do well. An alternative to using discount factor to adjust for risk is to explicitly correct the cash flows for the risk elements using rNPV or a similar method, then discount at the firm's rate.
Use in decision making[edit]
NPV is an indicator of how much value an investment or project adds to the firm. With a particular project, if R t {\displaystyle R_{t}} is a positive value, the project is in the status of positive cash inflow in the time of t. If R t {\displaystyle R_{t}} is a negative value, the project is in the status of discounted cash outflow in the time of t. Appropriately risked projects with a positive NPV could be accepted. This does not necessarily mean that they should be undertaken since NPV at the cost of capital may not account for opportunity cost, i.e., comparison with other available investments. In financial theory, if there is a choice between two mutually exclusive alternatives, the one yielding the higher NPV should be selected. A positive net present value indicates that the projected earnings generated by a project or investment (in present dollars) exceeds the anticipated costs (also in present dollars). Generally, an investment with a positive NPV will be a profitable one and one with a negative NPV will result in a net loss. This concept is the basis for the Net Present Value Rule, which dictates that the only investments that should be made are those with positive NPV values.
If...
It means...
Then...
NPV > 0 the investment would add value to the firm the project may be accepted
NPV < 0 the investment would subtract value from the firm the project may be rejected
NPV = 0 the investment would neither gain nor lose value for the firm We should be indifferent in the decision whether to accept or reject the project. This project adds no monetary value. Decision should be based on other criteria, e.g., strategic positioning or other factors not explicitly included in the calculation.
Interpretation as integral transform[edit]
The time-discrete formula of the net present value
N P V ( i , N ) = ∑ t = 0 N R t ( 1 + i ) t {\displaystyle \mathrm {NPV} (i,N)=\sum _{t=0}^{N}{\frac {R_{t}}{(1+i)^{t}}}}
can also be written in a continuous variation
N P V ( i ) = ∫ t = 0 ∞ ( 1 + i ) − t ⋅ r ( t ) d t {\displaystyle \mathrm {NPV} (i)=\int _{t=0}^{\infty }(1+i)^{-t}\cdot r(t)\,dt}
where
r(t) is the rate of flowing cash given in money per time, and r(t) = 0 when the investment is over.
Net present value can be regarded as Laplace-[8][9] respectively Z-transformed cash flow with the integral operator including the complex number s which resembles to the interest rate i from the real number space or more precisely s = ln(1 + i).
F ( s ) = { L f } ( s ) = ∫ 0 ∞ e − s t f ( t ) d t {\displaystyle F(s)=\left\{{\mathcal {L}}f\right\}(s)=\int _{0}^{\infty }e^{-st}f(t)\,dt}
From this follow simplifications known from cybernetics, control theory and system dynamics. Imaginary parts of the complex number s describe the oscillating behaviour (compare with the pork cycle, cobweb theorem, and phase shift between commodity price and supply offer) whereas real parts are responsible for representing the effect of compound interest (compare with damping).
Example[edit]
A corporation must decide whether to introduce a new product line. The company will have immediate costs of 100,000 at t = 0. Recall, a cost is a negative for outgoing cash flow, thus this cash flow is represented as -100,000. The company assumes the product will provide equal benefits of 10,000 for each of 12 years beginning at t = 1. For simplicity, assume the company will have no outgoing cash flows after the initial 100,000 cost. This also makes the simplifying assumption that the net cash received or paid is lumped into a single transaction occurring on the last day of each year. At the end of the 12 years the product no longer provides any cash flow and is discontinued without any additional costs. Assume that the effective annual discount rate is 10%.
The present value (value at t = 0) can be calculated for each year:
Year
Cash flow
Present value
T = 0 − 100 , 000 ( 1 + 0.10 ) 0 {\displaystyle {\frac {-100,000}{(1+0.10)^{0}}}} −100,000
T = 1 10 , 000 ( 1 + 0.10 ) 1 {\displaystyle {\frac {10,000}{(1+0.10)^{1}}}} 9,090.91
T = 2 10 , 000 ( 1 + 0.10 ) 2 {\displaystyle {\frac {10,000}{(1+0.10)^{2}}}} 8,264.46
T = 3 10 , 000 ( 1 + 0.10 ) 3 {\displaystyle {\frac {10,000}{(1+0.10)^{3}}}} 7,513.15
T = 4 10 , 000 ( 1 + 0.10 ) 4 {\displaystyle {\frac {10,000}{(1+0.10)^{4}}}} 6,830.13
T = 5 10 , 000 ( 1 + 0.10 ) 5 {\displaystyle {\frac {10,000}{(1+0.10)^{5}}}} 6,209.21
T = 6 10 , 000 ( 1 + 0.10 ) 6 {\displaystyle {\frac {10,000}{(1+0.10)^{6}}}} 5,644.74
T = 7 10 , 000 ( 1 + 0.10 ) 7 {\displaystyle {\frac {10,000}{(1+0.10)^{7}}}} 5,131.58
T = 8 10 , 000 ( 1 + 0.10 ) 8 {\displaystyle {\frac {10,000}{(1+0.10)^{8}}}} 4,665.07
T = 9 10 , 000 ( 1 + 0.10 ) 9 {\displaystyle {\frac {10,000}{(1+0.10)^{9}}}} 4,240.98
T = 10 10 , 000 ( 1 + 0.10 ) 10 {\displaystyle {\frac {10,000}{(1+0.10)^{10}}}} 3,855.43
T = 11 10 , 000 ( 1 + 0.10 ) 11 {\displaystyle {\frac {10,000}{(1+0.10)^{11}}}} 3,504.94
T = 12 10 , 000 ( 1 + 0.10 ) 12 {\displaystyle {\frac {10,000}{(1+0.10)^{12}}}} 3,186.31
The total present value of the incoming cash flows is 68,136.91. The total present value of the outgoing cash flows is simply the 100,000 at time t = 0. Thus:
N P V = P V ( B e n e f i t s ) − P V ( C o s t s ) {\displaystyle \mathrm {NPV} =PV(Benefits)-PV(Costs)}
In this example:
N P V = 68 , 136.91 − 100 , 000 {\displaystyle \mathrm {NPV} =68,136.91-100,000}
N P V = − 31 , 863.09 {\displaystyle \mathrm {NPV} =-31,863.09}
Observe that as t increases the present value of each cash flow at t decreases. For example, the final incoming cash flow has a future value of 10,000 at t = 12 but has a present value (at t = 0) of 3,186.31. The opposite of discounting is compounding. Taking the example in reverse, it is the equivalent of investing 3,186.31 at t = 0 (the present value) at an interest rate of 10% compounded for 12 years, which results in a cash flow of 10,000 at t = 12 (the future value).
The importance of NPV becomes clear in this instance. Although the incoming cash flows (10,000 x 12 = 120,000) appear to exceed the outgoing cash flow (100,000), the future cash flows are not adjusted using the discount rate. Thus, the project appears misleadingly profitable. When the cash flows are discounted however, it indicates the project would result in a net loss of 31,863.09. Thus, the NPV calculation indicates that this project should be disregarded because investing in this project is the equivalent of a loss of 31,863.09 at t = 0. The concept of time value of money indicates that cash flows in different periods of time cannot be accurately compared unless they have been adjusted to reflect their value at the same period of time (in this instance, t = 0).[4] It is the present value of each future cash flow that must be determined in order to provide any meaningful comparison between cash flows at different periods of time. There are a few inherent assumptions in this type of analysis:
The investment horizon of all possible investment projects considered are equally acceptable to the investor (e.g. a 3-year project is not necessarily preferable vs. a 20-year project.)
The 10% discount rate is the appropriate (and stable) rate to discount the expected cash flows from each project being considered. Each project is assumed equally speculative.
The shareholders cannot get above a 10% return on their money if they were to directly assume an equivalent level of risk. (If the investor could do better elsewhere, no projects should be undertaken by the firm, and the excess capital should be turned over to the shareholder through dividends and stock repurchases.)
More realistic problems would also need to consider other factors, generally including: smaller time buckets, the calculation of taxes (including the cash flow timing), inflation, currency exchange fluctuations, hedged or unhedged commodity costs, risks of technical obsolescence, potential future competitive factors, uneven or unpredictable cash flows, and a more realistic salvage value assumption, as well as many others.
A more simple example of the net present value of incoming cash flow over a set period of time, would be winning a Powerball lottery of $500 million. If one does not select the "CASH" option they will be paid $25,000,000 per year for 20 years, a total of $500,000,000, however, if one does select the "CASH" option, they will receive a one-time lump sum payment of approximately $285 million, the NPV of $500,000,000 paid over time. See "other factors" above that could affect the payment amount. Both scenarios are before taxes.
Common pitfalls[edit]
If, for example, the Rt are generally negative late in the project (e.g., an industrial or mining project might have clean-up and restoration costs), then at that stage the company owes money, so a high discount rate is not cautious but too optimistic. Some people see this as a problem with NPV. A way to avoid this problem is to include explicit provision for financing any losses after the initial investment, that is, explicitly calculate the cost of financing such losses.
Another common pitfall is to adjust for risk by adding a premium to the discount rate. Whilst a bank might charge a higher rate of interest for a risky project, that does not mean that this is a valid approach to adjusting a net present value for risk, although it can be a reasonable approximation in some specific cases. One reason such an approach may not work well can be seen from the following: if some risk is incurred resulting in some losses, then a discount rate in the NPV will reduce the effect of such losses below their true financial cost. A rigorous approach to risk requires identifying and valuing risks explicitly, e.g., by actuarial or Monte Carlo techniques, and explicitly calculating the cost of financing any losses incurred.
Yet another issue can result from the compounding of the risk premium. R is a composite of the risk free rate and the risk premium. As a result, future cash flows are discounted by both the risk-free rate as well as the risk premium and this effect is compounded by each subsequent cash flow. This compounding results in a much lower NPV than might be otherwise calculated. The certainty equivalent model can be used to account for the risk premium without compounding its effect on present value.[citation needed]
Another issue with relying on NPV is that it does not provide an overall picture of the gain or loss of executing a certain project. To see a percentage gain relative to the investments for the project, usually, Internal rate of return or other efficiency measures are used as a complement to NPV.
Non-specialist users frequently make the error of computing NPV based on cash flows after interest. This is wrong because it double counts the time value of money. Free cash flow should be used as the basis for NPV computations.
History[edit]
Net present value as a valuation methodology dates at least to the 19th century. Karl Marx refers to NPV as fictitious capital, and the calculation as "capitalising," writing:[10]
The forming of a fictitious capital is called capitalising. Every periodically repeated income is capitalised by calculating it on the average rate of interest, as an income which would be realised by a capital at this rate of interest.
In mainstream neo-classical economics, NPV was formalized and popularized by Irving Fisher, in his 1907 The Rate of Interest and became included in textbooks from the 1950s onwards, starting in finance texts.[11][12]
Alternative capital budgeting methods[edit]
Adjusted present value (APV): adjusted present value, is the net present value of a project if financed solely by ownership equity plus the present value of all the benefits of financing.
Accounting rate of return (ARR): a ratio similar to IRR and MIRR
Cost-benefit analysis: which includes issues other than cash, such as time savings.
Internal rate of return (IRR): which calculates the rate of return of a project while disregarding the absolute amount of money to be gained.
Modified internal rate of return (MIRR): similar to IRR, but it makes explicit assumptions about the reinvestment of the cash flows. Sometimes it is called Growth Rate of Return.
Payback period: which measures the time required for the cash inflows to equal the original outlay. It measures risk, not return.
Real option: which attempts to value managerial flexibility that is assumed away in NPV.
Equivalent annual cost (EAC): a capital budgeting technique that is useful in comparing two or more projects with different lifespans.
See also[edit]
Profitability index
References[edit]
Jump up ^ Lin, Grier C. I.; Nagalingam, Sev V. (2000). CIM justification and optimisation. London: Taylor & Francis. p. 36. ISBN 0-7484-0858-4.
Jump up ^ Kurt, Daniel (2003-11-24). "Net Present Value (NPV) Definition | Investopedia". Investopedia. Retrieved 2016-05-05.
Jump up ^ Berk, Johnathan; DeMarzo, Peter; Stangeland, David (2015). Corporate Finance (3rd Canadian ed.). Toronto: Pearson Canada. p. 64. ISBN 978-0133552683.
^ Jump up to: a b Berk, DeMarzo, and Stangeland, p. 94.
Jump up ^ erk, DeMarzo, and Stangeland, p. 64.
Jump up ^ Khan, M.Y. (1993). Theory & Problems in Financial Management. Boston: McGraw Hill Higher Education. ISBN 978-0-07-463683-1.
Jump up ^ Baker, Samuel L. (2000). "Perils of the Internal Rate of Return". Retrieved January 12, 2007.
Jump up ^ Grubbström, Robert W. (1967). "On the Application of the Laplace Transform to Certain Economic Problems". Management Science. 13: 558–567. doi:10.1287/mnsc.13.7.558.
Jump up ^ Steven Buser: LaPlace Transforms as Present Value Rules: A Note, The Journal of Finance, Vol. 41, No. 1, March, 1986, pp. 243-247.
Jump up ^ Karl Marx, Capital, Volume 3, 1909 edition, p. 548
Jump up ^ Bichler, Shimshon; Nitzan, Jonathan (July 2010), Systemic Fear, Modern Finance and the Future of Capitalism (PDF), Jerusalem and Montreal, pp. 8–11 (for discussion of history of use of NPV as "capitalisation")
Jump up ^ Nitzan, Jonathan; Bichler, Shimshon (2009), Capital as Power. A Study of Order and Creorder., RIPE Series in Global Political Economy, New York and London: Routledge
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