{"id":21247,"date":"2023-12-19T00:14:31","date_gmt":"2023-12-19T05:14:31","guid":{"rendered":"https:\/\/breakingintowallstreet.com\/biws\/?post_type=biws_kb&#038;p=21247"},"modified":"2024-09-02T17:59:51","modified_gmt":"2024-09-02T22:59:51","slug":"operating-leverage","status":"publish","type":"biws_kb","link":"https:\/\/breakingintowallstreet.com\/kb\/financial-statement-analysis\/operating-leverage\/","title":{"rendered":"Operating Leverage: Meaning, Formulas, and Example Calculations"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Operating Leverage: Meaning, Formulas, and Example Calculations<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/breakingintowallstreet.com\/kb\/financial-statement-analysis\/operating-leverage\/#Operating_Leverage_Definition\">Operating Leverage Definition<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/breakingintowallstreet.com\/kb\/financial-statement-analysis\/operating-leverage\/#Operating_Leverage_Formula_How_to_Calculate_Operating_Leverage\">Operating Leverage Formula: How to Calculate Operating Leverage<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/breakingintowallstreet.com\/kb\/financial-statement-analysis\/operating-leverage\/#Is_High_Operating_Leverage_%E2%80%9CGood%E2%80%9D\">Is High Operating Leverage \u201cGood\u201d?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/breakingintowallstreet.com\/kb\/financial-statement-analysis\/operating-leverage\/#How_to_Interpret_Operating_Leverage_in_Real_Life\">How to Interpret Operating Leverage in Real Life<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"Operating_Leverage_Definition\"><\/span>Operating Leverage Definition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Operating Leverage tells you how much of a company\u2019s expenses are <strong>fixed <\/strong>(i.e., they do not change with production volume) vs. <strong>variable<\/strong> (i.e., they <em>do<\/em> change with production volume); higher operating leverage means that as sales grow, more of these sales \u201ctrickle down\u201d into a company\u2019s Operating Income.<\/p>\n<p>For example, <strong>software companies<\/strong> tend to have <strong>high operating leverage<\/strong> because most of their spending is upfront in product development.<\/p>\n<p>Selling each additional copy of a software product costs little since the distribution is almost free, and no \u201craw materials\u201d are required (just support costs, infrastructure\/bandwidth, etc.).<\/p>\n<p>On the other hand, <strong>consulting or services companies<\/strong> have <strong>low operating leverage<\/strong> because most of their spending is variable: as sales increase, their spending increases in lockstep, and as sales decrease, their spending also decreases.<\/p>\n<p>This is because whenever they charge a client for a billable hour, they must pay one of their employees to deliver the service.<\/p>\n<p>Here\u2019s a quick comparison to illustrate the concept for two $1 billion revenue companies, one in software and one in services:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27152 size-full\" title=\"Operating Leverage Summary\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204215\/01-Operating-Leverage-Summary.jpg\" alt=\"Operating Leverage Summary\" width=\"1103\" height=\"592\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204215\/01-Operating-Leverage-Summary.jpg 1103w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204215\/01-Operating-Leverage-Summary-300x161.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204215\/01-Operating-Leverage-Summary-1024x550.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204215\/01-Operating-Leverage-Summary-768x412.jpg 768w\" sizes=\"(max-width: 1103px) 100vw, 1103px\" \/><\/p>\n<p>Microsoft could sell 50,000 copies of Windows or 10 million copies, and their <strong>expenses<\/strong> would be almost the same because it costs very little to \u201cdeliver\u201d each copy.<\/p>\n<p>But if a consulting firm bills clients for 1,000 hours vs. 100 hours, <strong>their expenses would be ~10x higher<\/strong> because they would need to pay their employees for 10x the hours.<\/p>\n<div class='code-block code-block-2' style='margin: 8px 0; clear: both;'>\n<div class=\"kb-adinsert-modal\">\n    <div class=\"kb-adinsert-top\">\n      <div class=\"media\">\n          <img decoding=\"async\" class=\"alignnone size-full wp-image-28448\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/04\/24164120\/adv-fm-tile.png\" alt=\"PowerPoint Pro\" width=\"128\" height=\"128\" \/>\n      <\/div>\n      <div class=\"content\">\n          <h3>Master Financial Modeling for Investment Banking With <strong>BIWS Core Financial Modeling<\/strong><\/h3>\n      <\/div>\n    <\/div>\n    \n    <div class=\"full_text\">\n    \t<ul>\n        \t<li>\n            \t<h4>Become a financial modeling pro<\/h4>\n              <p>158 videos, detailed written guides, Excel files, quizzes, and more<\/p>\n\t\t\t    <\/li>\n          <li>\n          \t<h4>Complete 10+ detailed global case studies<\/h4>\n            <p>These include both the theory and the practical applications<\/p>\n\t\t\t    <\/li>\n          <li>\n          \t<h4>Prepare for your internship or full-time job<\/h4>\n            <p>Gain the skills you need to \u201chit the ground running\u201d on Day 1\n\n<\/p>\n\t\t\t  <\/li>\n      <\/ul>\n        \n      <a class=\"cta-link orange-button-medium\" href=\"https:\/\/breakingintowallstreet.com\/core-financial-modeling\/\" target=\"_blank\">Full Details<\/a>\n      \n      <a class=\"cta-link orange-button-medium bg-blue\" href=\"https:\/\/biws-support.s3.us-east-1.amazonaws.com\/Course-Outlines\/Core-Financial-Modeling-Course-Outline.pdf\" target=\"_blank\" rel=\"noopener\">Short Outline<\/a>\n    <\/div>\n<\/div><\/div>\n\n<h3><strong>Files &amp; Resources:<\/strong><\/h3>\n<p><a href=\"https:\/\/youtube-breakingintowallstreet-com.s3.amazonaws.com\/105-16-Operating-Leverage.pdf\" target=\"_blank\" rel=\"noopener\">Operating Leverage &#8211; Slides (PDF)<\/a><\/p>\n<p><a href=\"https:\/\/youtube-breakingintowallstreet-com.s3.amazonaws.com\/105-16-Operating-Leverage.xlsx\" target=\"_blank\" rel=\"noopener\">Operating Leverage &#8211; Software Company vs. Services Company (XL)<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Operating_Leverage_Formula_How_to_Calculate_Operating_Leverage\"><\/span><strong>Operating Leverage Formula: How to Calculate Operating Leverage<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are several different formulas for calculating operating leverage:<\/p>\n<h3><strong>Operating Leverage Formula 1: Fixed Costs \/ (Fixed Costs + Variable Costs)<\/strong><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27153 size-full\" title=\"Operating Leverage Formula 1\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/02-Operating-Leverage-Formula-1.jpg\" alt=\"Operating Leverage Formula 1\" width=\"1247\" height=\"177\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/02-Operating-Leverage-Formula-1.jpg 1247w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/02-Operating-Leverage-Formula-1-300x43.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/02-Operating-Leverage-Formula-1-1024x145.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/02-Operating-Leverage-Formula-1-768x109.jpg 768w\" sizes=\"(max-width: 1247px) 100vw, 1247px\" \/><\/p>\n<p>This formula relates to the key definitions above and makes intuitive sense.<\/p>\n<p>In the example above, it produces 0.67x for the software company and 0.02x for the services company, indicating much higher operating leverage for the SW company:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27154 size-full\" title=\"Operating Leverage: Fixed and Variable Costs\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/03-Operating-Leverage-Fixed-Variable-Costs.jpg\" alt=\"Operating Leverage: Fixed and Variable Costs\" width=\"618\" height=\"695\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/03-Operating-Leverage-Fixed-Variable-Costs.jpg 618w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204221\/03-Operating-Leverage-Fixed-Variable-Costs-267x300.jpg 267w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/p>\n<p>However, most companies do not explicitly spell out their fixed vs. variable costs, so in practice, this formula may not be realistic.<\/p>\n<h3><strong>Operating Leverage Formula 2: % Change in Operating Income \/ % Change in Sales<\/strong><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27155 size-full\" title=\"Operating Leverage Formula 2\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/04-Operating-Leverage-Formula-2.jpg\" alt=\"Operating Leverage Formula 2\" width=\"1329\" height=\"162\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/04-Operating-Leverage-Formula-2.jpg 1329w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/04-Operating-Leverage-Formula-2-300x37.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/04-Operating-Leverage-Formula-2-1024x125.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/04-Operating-Leverage-Formula-2-768x94.jpg 768w\" sizes=\"(max-width: 1329px) 100vw, 1329px\" \/><\/p>\n<p>This formula is the easiest to use when you\u2019re analyzing public companies with limited disclosures but multiple years of data.<\/p>\n<p>For example, if Company A\u2019s <a href=\"https:\/\/breakingintowallstreet.com\/kb\/accounting\/ebit-operating-income\/\" target=\"_blank\" rel=\"noopener\">EBIT (Operating Income)<\/a> increases from $100 to $150 as its Sales increase from $1000 to $2000, its Operating Leverage is 50% \/ 100% = 50%.<\/p>\n<p><strong>The disadvantage<\/strong> of this formula is that it\u2019s <strong>indirect<\/strong>: it doesn\u2019t directly account for fixed vs. variable costs, and other items or business policies could affect both Operating Income and Net Sales.<\/p>\n<h3><strong>Operating Leverage Formula 3: Net Income \/ Fixed Costs<\/strong><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27156 size-full\" title=\"Operating Leverage Formula 3\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/05-Operating-Leverage-Formula-3.jpg\" alt=\"Operating Leverage Formula 3\" width=\"882\" height=\"164\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/05-Operating-Leverage-Formula-3.jpg 882w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/05-Operating-Leverage-Formula-3-300x56.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204220\/05-Operating-Leverage-Formula-3-768x143.jpg 768w\" sizes=\"(max-width: 882px) 100vw, 882px\" \/><\/p>\n<p>We tend not to use this formula because it requires the Fixed Costs for the company, and most large\/public companies do not disclose this number (see above).<\/p>\n<p>However, you could use this formula if you assume that the company\u2019s <strong>Operating Expenses<\/strong> <em>are<\/em> its Fixed Costs and that its Cost of Goods Sold or Cost of Services are all Variable Costs.<\/p>\n<h3><strong>Operating Leverage Formula 4: Contribution Margin or Gross Margin \/ Operating Margin<\/strong><\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27157 size-full\" title=\"Operating Leverage Formula 4\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/06-Operating-Leverage-Formula-4.jpg\" alt=\"Operating Leverage Formula 4\" width=\"1453\" height=\"157\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/06-Operating-Leverage-Formula-4.jpg 1453w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/06-Operating-Leverage-Formula-4-300x32.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/06-Operating-Leverage-Formula-4-1024x111.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/06-Operating-Leverage-Formula-4-768x83.jpg 768w\" sizes=\"(max-width: 1453px) 100vw, 1453px\" \/><\/p>\n<p>We can use this approach in the software vs. services example shown above.<\/p>\n<p>The <strong>Contribution Margin<\/strong> is essentially the <a href=\"https:\/\/breakingintowallstreet.com\/kb\/accounting\/gross-margin\/\" target=\"_blank\" rel=\"noopener\">Gross Margin<\/a>, so for the software company, we take the 10 million units sold, multiply by the $80.00 in Gross Profit per unit, and divide by the $1 billion in revenue:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27158 size-full\" title=\"Operating Leverage and Contribution Margin\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/07-Operating-Leverage-Contribution-Margin.jpg\" alt=\"Operating Leverage and Contribution Margin\" width=\"1189\" height=\"634\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/07-Operating-Leverage-Contribution-Margin.jpg 1189w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/07-Operating-Leverage-Contribution-Margin-300x160.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/07-Operating-Leverage-Contribution-Margin-1024x546.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204219\/07-Operating-Leverage-Contribution-Margin-768x410.jpg 768w\" sizes=\"(max-width: 1189px) 100vw, 1189px\" \/><\/p>\n<p>This approach produces 2.0x for the software company vs. 1.0x for the services company, which <strong>understates<\/strong> the operating leverage differences.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_High_Operating_Leverage_%E2%80%9CGood%E2%80%9D\"><\/span><strong>Is High Operating Leverage \u201cGood\u201d?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Any type of leverage means higher risk <em>and<\/em> higher potential rewards.<\/p>\n<p>With operating leverage, the higher potential rewards come if the company increases its sales \u2013 which will translate into higher Operating Income and <a href=\"https:\/\/breakingintowallstreet.com\/kb\/accounting\/net-income\/\" target=\"_blank\" rel=\"noopener\">Net Income<\/a>.<\/p>\n<p>When sales increase, fixed assets such as property, plant, and equipment (PP&amp;E) can be more productive without additional expenses, further boosting profit margins.<\/p>\n<p>However, high operating leverage also creates greater risk in some contexts.<\/p>\n<p>For example, a company with high fixed costs might find it difficult to manage a downturn, recession, or other business shock because it cannot reduce its expenses in response to falling sales \u2013 as a company with high variable costs could.<\/p>\n<p>Regardless of sales levels, the company <em>must<\/em> spend a certain amount to continue operating.<\/p>\n<p>We saw this with <strong>airlines<\/strong> during COVID-19 and the travel restrictions that took effect in 2020; many airlines had to be bailed out due to greatly reduced ticket sales and their low Cash balances and poor <a href=\"https:\/\/breakingintowallstreet.com\/kb\/financial-statement-analysis\/liquidity-ratios\/\" target=\"_blank\" rel=\"noopener\">liquidity ratios<\/a>.<\/p>\n<p>However, the risk from high operating leverage also depends on <strong>the company\u2019s overall Operating Margins<\/strong>.<\/p>\n<p>For example, if a company has very high margins, such as 40%+, it can weather a downturn better than a company with much lower margins (&lt; 10%).<\/p>\n<p>These companies with high operating leverage <em>and<\/em> low margins tend to have much more volatile <a href=\"https:\/\/breakingintowallstreet.com\/kb\/accounting\/earnings-per-share-formula\/\" target=\"_blank\" rel=\"noopener\">earnings per share figures<\/a> and share prices, and they might find it difficult to raise financing on favorable terms.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Interpret_Operating_Leverage_in_Real_Life\"><\/span><strong>How to Interpret Operating Leverage in Real Life<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Given the points above, the operating leverage metric is <strong>MOST<\/strong> meaningful when you calculate it for companies in the same industry with roughly the same operating margins (i.e., <a href=\"https:\/\/breakingintowallstreet.com\/kb\/valuation\/comparable-company-analysis-cca\/\" target=\"_blank\" rel=\"noopener\">the comparable companies<\/a>).<\/p>\n<p>You shouldn\u2019t use it to compare a software company to a manufacturing company because their business models are completely different.<\/p>\n<p>Also, the operating leverage metric is useless in some industries because it fluctuates too much or cannot be reasonably calculated based on public information.<\/p>\n<p>Here\u2019s an example comparison of operating leverage for several U.S.-based discount retailers:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-27159 size-full\" title=\"Operating Leverage Comparison for Retailers\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204218\/08-Operating-Leverage-Comparison-Retailers.jpg\" alt=\"Operating Leverage Comparison for Retailers\" width=\"948\" height=\"1032\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204218\/08-Operating-Leverage-Comparison-Retailers.jpg 948w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204218\/08-Operating-Leverage-Comparison-Retailers-276x300.jpg 276w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204218\/08-Operating-Leverage-Comparison-Retailers-941x1024.jpg 941w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2019\/11\/27204218\/08-Operating-Leverage-Comparison-Retailers-768x836.jpg 768w\" sizes=\"(max-width: 948px) 100vw, 948px\" \/><\/p>\n<p>These numbers are nonsensical; all we can say is, \u201cIt seems like the overall industry is becoming less efficient because operating leverage is falling for most of these firms.\u201d<\/p>\n<p>Most investors, such as <a href=\"https:\/\/mergersandinquisitions.com\/private-equity\/\" target=\"_blank\" rel=\"noopener\">private equity firms<\/a> and <a href=\"https:\/\/mergersandinquisitions.com\/venture-capital\/\" target=\"_blank\" rel=\"noopener\">venture capitalists<\/a>, prefer companies with <strong>high operating leverage<\/strong> because it makes growth faster and easier.<\/p>\n<p>But it also depends on the firm\u2019s strategy, focus industry, and the specific companies.<\/p>\n<p>The airline industry, with \u201chigh operating leverage,\u201d has performed <em>terribly<\/em> for most investors, while <a href=\"https:\/\/breakingintowallstreet.com\/kb\/venture-capital\/saas-accounting\/\" target=\"_blank\" rel=\"noopener\">software \/ SaaS companies<\/a>, which also have \u201chigh operating leverage,\u201d have made many people wealthy.<\/p>\n<p>So, while operating leverage is a good starting point for an analysis, it gives you an incomplete picture unless you also consider <em>overall margins<\/em> and <em>industry dynamics<\/em> when comparing companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operating Leverage tells you how much of a company\u2019s expenses are fixed (i.e., they do not change with production volume) vs. variable (i.e., they do change with production volume); higher operating leverage means that as sales grow, more of these sales \u201ctrickle down\u201d into a company\u2019s Operating Income.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-21247","biws_kb","type-biws_kb","status-publish","hentry","kb_category-financial-statement-analysis"],"acf":[],"_links":{"self":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/biws_kb\/21247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/biws_kb"}],"about":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/types\/biws_kb"}],"wp:attachment":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/media?parent=21247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}