Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Analog Devices Inc. (NASDAQ:ADI)

Analysis of Income Taxes

Advanced level

Income Tax Expense (Benefit)

Analog Devices Inc., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
Federal tax 64,876  74,049  826,294  857,664  27,790  65,942 
State 4,882  5,917  7,335  1,409  695 
Foreign 135,046  139,919  47,633  62,096  57,934  98,813 
Current 204,804  213,970  879,844  927,095  87,133  165,450 
Federal (159,229) (158,472) (744,260) (795,478) 325  (27,933)
State (12,684) (3,627) 806  (24,285) 2,820  541 
Foreign 57,965  70,846  6,695  (6,106) 4,979  (24,822)
Deferred (113,948) (91,253) (736,759) (825,869) 8,124  (52,214)
Provision for income tax 90,856  122,717  143,085  101,226  95,257  113,236 

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Analog Devices Inc.’s current decreased from 2018 to 2019 and from 2019 to 2020.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Analog Devices Inc.’s deferred increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.
Provision for income tax Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Analog Devices Inc.’s provision for income tax decreased from 2018 to 2019 and from 2019 to 2020.

Effective Income Tax Rate (EITR)

Analog Devices Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
U.S. federal statutory tax rate 21.00% 21.00% 23.40% 35.00% 35.00% 35.00%
Effective tax rate, excluding taxes attributable to the Tax Cuts and Jobs Act of 2017 6.93% 8.76% 4.46% 12.22% 9.95% 13.98%
Effective tax rate 6.93% 8.26% 8.73% 12.22% 9.95% 13.98%

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

Item Description The company
Effective tax rate, excluding taxes attributable to the Tax Cuts and Jobs Act of 2017 Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Analog Devices Inc.’s effective tax rate, excluding taxes attributable to the Tax Cuts and Jobs Act of 2017 increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Components of Deferred Tax Assets and Liabilities

Analog Devices Inc., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
Inventory reserves 17,074  21,081  22,184  28,137  22,527  24,009 
Deferred income on shipments to distributors —  —  46,168  62,923  49,455  40,842 
Reserves for compensation and benefits 54,428  53,090  39,185  84,096  48,062  45,515 
Tax credit carryovers 163,507  133,485  112,851  68,317  68,669  64,838 
Stock-based compensation 12,758  63,589  53,105  99,815  56,345  68,530 
Net operating losses 8,546  5,299  5,997  11,158  —  — 
Intra-entity transfer of intangible assets 1,479,944  1,567,536  —  —  —  — 
Lease liability 55,250  —  —  —  —  — 
Acquisition-related costs —  —  —  3,384  19,312  6,327 
Other 159,838  70,974  35,738  37,396  50,560  38,551 
Gross deferred tax assets 1,951,345  1,915,054  315,228  395,226  314,930  288,612 
Valuation allowance (154,130) (116,349) (82,280) (53,787) (67,094) (52,675)
Deferred tax assets 1,797,215  1,798,705  232,948  341,439  247,836  235,937 
Depreciation (7,409) (38,464) (37,023) (64,868) (59,218) (50,389)
Deferred GILTI tax liabilities (1,183,955) (1,254,029) —  —  —  — 
Right of use asset (51,055) —  —  —  —  — 
Undistributed earnings of foreign subsidiaries —  —  —  (64,067) (60,986) (29,471)
Acquisition-related intangible (971,327) (1,012,042) (1,099,998) (1,851,818) (199,035) (217,961)
Other —  —  (1,914) (3,047) (2,523) (2,971)
Gross deferred tax liabilities (2,213,746) (2,304,535) (1,138,935) (1,983,800) (321,762) (300,792)
Net deferred tax assets (liabilities) (416,531) (505,830) (905,987) (1,642,361) (73,926) (64,855)

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

Item Description The company
Gross deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Analog Devices Inc.’s gross deferred tax assets increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Analog Devices Inc.’s deferred tax assets increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Analog Devices Inc.’s net deferred tax assets (liabilities) increased from 2018 to 2019 and from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

Analog Devices Inc., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
Current deferred tax assets —  —  —  —  —  129,241 
Non-current deferred tax assets 1,503,064  1,582,382  21,078  32,322  36,005  33,280 
Non-current deferred tax liabilities 1,919,595  2,088,212  927,065  1,674,683  109,931  227,376 

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

Item Description The company
Non-current deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Analog Devices Inc.’s non-current deferred tax assets increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.
Non-current deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Analog Devices Inc.’s non-current deferred tax liabilities increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Adjustments to Financial Statements: Removal of Deferred Taxes

Analog Devices Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
Adjustment to Current Assets
Current assets (as reported) 2,517,688  1,985,126  2,112,126  2,351,338  4,974,863  4,079,548 
Less: Current deferred tax assets, net —  —  —  —  —  129,241 
Current assets (adjusted) 2,517,688  1,985,126  2,112,126  2,351,338  4,974,863  3,950,307 
Adjustment to Total Assets
Total assets (as reported) 21,468,603  21,392,641  20,449,779  21,141,294  7,970,278  7,062,178 
Less: Current deferred tax assets, net —  —  —  —  —  129,241 
Less: Noncurrent deferred tax assets, net 1,503,064  1,582,382  21,078  32,322  36,005  33,280 
Total assets (adjusted) 19,965,539  19,810,259  20,428,701  21,108,972  7,934,273  6,899,657 
Adjustment to Total Liabilities
Total liabilities (as reported) 9,470,658  9,683,453  9,461,239  10,979,754  2,804,660  1,989,219 
Less: Noncurrent deferred tax liabilities, net 1,919,595  2,088,212  927,065  1,674,683  109,931  227,376 
Total liabilities (adjusted) 7,551,063  7,595,241  8,534,174  9,305,071  2,694,729  1,761,843 
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported) 11,997,945  11,709,188  10,988,540  10,161,540  5,165,618  5,072,959 
Less: Net deferred tax assets (liabilities) (416,531) (505,830) (905,987) (1,642,361) (73,926) (64,855)
Shareholders’ equity (adjusted) 12,414,476  12,215,018  11,894,527  11,803,901  5,239,544  5,137,814 
Adjustment to Net Income
Net income (as reported) 1,220,761  1,363,011  1,495,432  727,259  861,664  696,878 
Add: Deferred income tax expense (benefit) (113,948) (91,253) (736,759) (825,869) 8,124  (52,214)
Net income (adjusted) 1,106,813  1,271,758  758,673  (98,610) 869,788  644,664 

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).


Analog Devices Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Analog Devices Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
Current Ratio
Reported current ratio 1.84 1.32 1.50 1.47 6.35 3.66
Adjusted current ratio 1.84 1.32 1.50 1.47 6.35 3.55
Net Profit Margin
Reported net profit margin 21.79% 22.75% 24.12% 14.24% 25.18% 20.29%
Adjusted net profit margin 19.75% 21.23% 12.23% -1.93% 25.42% 18.77%
Total Asset Turnover
Reported total asset turnover 0.26 0.28 0.30 0.24 0.43 0.49
Adjusted total asset turnover 0.28 0.30 0.30 0.24 0.43 0.50
Financial Leverage
Reported financial leverage 1.79 1.83 1.86 2.08 1.54 1.39
Adjusted financial leverage 1.61 1.62 1.72 1.79 1.51 1.34
Return on Equity (ROE)
Reported ROE 10.17% 11.64% 13.61% 7.16% 16.68% 13.74%
Adjusted ROE 8.92% 10.41% 6.38% -0.84% 16.60% 12.55%
Return on Assets (ROA)
Reported ROA 5.69% 6.37% 7.31% 3.44% 10.81% 9.87%
Adjusted ROA 5.54% 6.42% 3.71% -0.47% 10.96% 9.34%

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Analog Devices Inc.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Analog Devices Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Analog Devices Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Analog Devices Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Analog Devices Inc.’s adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Analog Devices Inc.’s adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Analog Devices Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Current assets 2,517,688  1,985,126  2,112,126  2,351,338  4,974,863  4,079,548 
Current liabilities 1,364,986  1,508,632  1,406,138  1,596,332  782,934  1,113,830 
Liquidity Ratio
Current ratio1 1.84 1.32 1.50 1.47 6.35 3.66
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted current assets 2,517,688  1,985,126  2,112,126  2,351,338  4,974,863  3,950,307 
Current liabilities 1,364,986  1,508,632  1,406,138  1,596,332  782,934  1,113,830 
Liquidity Ratio
Adjusted current ratio2 1.84 1.32 1.50 1.47 6.35 3.55

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

2020 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 2,517,688 ÷ 1,364,986 = 1.84

2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 2,517,688 ÷ 1,364,986 = 1.84

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Analog Devices Inc.’s adjusted current ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income 1,220,761  1,363,011  1,495,432  727,259  861,664  696,878 
Revenue 5,603,056  5,991,065  6,200,942  5,107,503  3,421,409  3,435,092 
Profitability Ratio
Net profit margin1 21.79% 22.75% 24.12% 14.24% 25.18% 20.29%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income 1,106,813  1,271,758  758,673  (98,610) 869,788  644,664 
Revenue 5,603,056  5,991,065  6,200,942  5,107,503  3,421,409  3,435,092 
Profitability Ratio
Adjusted net profit margin2 19.75% 21.23% 12.23% -1.93% 25.42% 18.77%

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

2020 Calculations

1 Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,220,761 ÷ 5,603,056 = 21.79%

2 Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 1,106,813 ÷ 5,603,056 = 19.75%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Analog Devices Inc.’s adjusted net profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Revenue 5,603,056  5,991,065  6,200,942  5,107,503  3,421,409  3,435,092 
Total assets 21,468,603  21,392,641  20,449,779  21,141,294  7,970,278  7,062,178 
Activity Ratio
Total asset turnover1 0.26 0.28 0.30 0.24 0.43 0.49
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Revenue 5,603,056  5,991,065  6,200,942  5,107,503  3,421,409  3,435,092 
Adjusted total assets 19,965,539  19,810,259  20,428,701  21,108,972  7,934,273  6,899,657 
Activity Ratio
Adjusted total asset turnover2 0.28 0.30 0.30 0.24 0.43 0.50

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

2020 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= 5,603,056 ÷ 21,468,603 = 0.26

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 5,603,056 ÷ 19,965,539 = 0.28

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Analog Devices Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Total assets 21,468,603  21,392,641  20,449,779  21,141,294  7,970,278  7,062,178 
Shareholders’ equity 11,997,945  11,709,188  10,988,540  10,161,540  5,165,618  5,072,959 
Solvency Ratio
Financial leverage1 1.79 1.83 1.86 2.08 1.54 1.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets 19,965,539  19,810,259  20,428,701  21,108,972  7,934,273  6,899,657 
Adjusted shareholders’ equity 12,414,476  12,215,018  11,894,527  11,803,901  5,239,544  5,137,814 
Solvency Ratio
Adjusted financial leverage2 1.61 1.62 1.72 1.79 1.51 1.34

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

2020 Calculations

1 Financial leverage = Total assets ÷ Shareholders’ equity
= 21,468,603 ÷ 11,997,945 = 1.79

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 19,965,539 ÷ 12,414,476 = 1.61

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Analog Devices Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income 1,220,761  1,363,011  1,495,432  727,259  861,664  696,878 
Shareholders’ equity 11,997,945  11,709,188  10,988,540  10,161,540  5,165,618  5,072,959 
Profitability Ratio
ROE1 10.17% 11.64% 13.61% 7.16% 16.68% 13.74%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income 1,106,813  1,271,758  758,673  (98,610) 869,788  644,664 
Adjusted shareholders’ equity 12,414,476  12,215,018  11,894,527  11,803,901  5,239,544  5,137,814 
Profitability Ratio
Adjusted ROE2 8.92% 10.41% 6.38% -0.84% 16.60% 12.55%

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

2020 Calculations

1 ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,220,761 ÷ 11,997,945 = 10.17%

2 Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,106,813 ÷ 12,414,476 = 8.92%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Analog Devices Inc.’s adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Oct 31, 2020 Nov 2, 2019 Nov 3, 2018 Oct 28, 2017 Oct 29, 2016 Oct 31, 2015
As Reported
Selected Financial Data (US$ in thousands)
Net income 1,220,761  1,363,011  1,495,432  727,259  861,664  696,878 
Total assets 21,468,603  21,392,641  20,449,779  21,141,294  7,970,278  7,062,178 
Profitability Ratio
ROA1 5.69% 6.37% 7.31% 3.44% 10.81% 9.87%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income 1,106,813  1,271,758  758,673  (98,610) 869,788  644,664 
Adjusted total assets 19,965,539  19,810,259  20,428,701  21,108,972  7,934,273  6,899,657 
Profitability Ratio
Adjusted ROA2 5.54% 6.42% 3.71% -0.47% 10.96% 9.34%

Based on: 10-K (filing date: 2020-11-24), 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-27), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-22), 10-K (filing date: 2015-11-24).

2020 Calculations

1 ROA = 100 × Net income ÷ Total assets
= 100 × 1,220,761 ÷ 21,468,603 = 5.69%

2 Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,106,813 ÷ 19,965,539 = 5.54%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Analog Devices Inc.’s adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.