underlying
adjective [ before noun ]
uk/ˌʌndəˈlaɪɪŋ/ us FINANCE, STOCK MARKET
used to describe the shares, etc. to which something such as an option (= the right to buy or sell something in the future) relates:
The option was sold requiring payment against delivery of the underlying security.
ACCOUNTING, FINANCE
used to describe the basic level or amount of something before anything else is added or taken away:
Underlying conditions are favourable.
They underestimated their underlying costs and ended up losing a lot of money.
Last year the company had underlying earnings of $10.6m on $34m sales.