Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Express Scripts Holding Co., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013
Revenues	25,563,200)	25,641,800)	24,769,400)	25,378,800)	24,683,400)	25,347,500)	24,654,900)	24,863,300)	25,410,100)	25,222,300)	24,791,800)	26,175,400)	25,222,600)	25,454,200)	24,899,600)	26,312,600)	25,778,500)	25,111,000)	23,685,000)	25,781,400)	25,915,600)	26,381,900)	26,019,900)
Cost of revenues	(23,211,800)	(23,437,600)	(22,890,000)	(22,888,300)	(22,445,700)	(23,186,300)	(22,782,200)	(22,525,100)	(23,136,000)	(23,061,100)	(22,944,800)	(23,912,200)	(23,049,100)	(23,323,000)	(23,065,600)	(24,218,600)	(23,705,500)	(23,103,300)	(21,934,600)	(23,720,400)	(23,921,400)	(24,266,800)	(24,057,800)
Gross profit	2,351,400)	2,204,200)	1,879,400)	2,490,500)	2,237,700)	2,161,200)	1,872,700)	2,338,200)	2,274,100)	2,161,200)	1,847,000)	2,263,200)	2,173,500)	2,131,200)	1,834,000)	2,094,000)	2,073,000)	2,007,700)	1,750,400)	2,061,000)	1,994,200)	2,115,100)	1,962,100)
Selling, general and administrative	(862,800)	(892,000)	(917,800)	(908,100)	(759,300)	(782,600)	(818,100)	(863,500)	(858,100)	(904,900)	(906,200)	(1,049,400)	(1,007,300)	(998,500)	(1,007,400)	(1,151,200)	(1,088,600)	(1,041,700)	(1,041,200)	(1,232,200)	(1,118,700)	(1,110,800)	(1,119,000)
Operating income	1,488,600)	1,312,200)	961,600)	1,582,400)	1,478,400)	1,378,600)	1,054,600)	1,474,700)	1,416,000)	1,256,300)	940,800)	1,213,800)	1,166,200)	1,132,700)	826,600)	942,800)	984,400)	966,000)	709,200)	828,800)	875,500)	1,004,300)	843,100)
Interest income and other	13,000)	8,800)	12,000)	14,200)	13,600)	8,800)	6,300)	6,700)	8,300)	10,300)	8,800)	5,700)	7,800)	6,000)	5,300)	9,800)	15,500)	10,300)	11,100)	23,200)	32,000)	8,100)	11,400)
Interest expense and other	(151,000)	(151,300)	(154,000)	(168,000)	(147,700)	(146,500)	(145,700)	(146,000)	(273,400)	(136,800)	(138,600)	(123,200)	(128,400)	(132,300)	(116,400)	(122,100)	(201,600)	(134,700)	(124,500)	(125,700)	(127,400)	(127,600)	(215,400)
Other income (expense)	(138,000)	(142,500)	(142,000)	(153,800)	(134,100)	(137,700)	(139,400)	(139,300)	(265,100)	(126,500)	(129,800)	(117,500)	(120,600)	(126,300)	(111,100)	(112,300)	(186,100)	(124,400)	(113,400)	(102,500)	(95,400)	(119,500)	(204,000)
Income before income taxes	1,350,600)	1,169,700)	819,600)	1,428,600)	1,344,300)	1,240,900)	915,200)	1,335,400)	1,150,900)	1,129,800)	811,000)	1,096,300)	1,045,600)	1,006,400)	715,500)	830,500)	798,300)	841,600)	595,800)	726,300)	780,100)	884,800)	639,100)
Provision for income taxes	(276,800)	(290,300)	(193,700)	902,300)	(499,300)	(435,400)	(364,900)	104,400)	(422,400)	(402,700)	(278,800)	(317,400)	(378,200)	(400,300)	(268,400)	(241,800)	(209,200)	(318,900)	(261,300)	(208,000)	(326,500)	(310,400)	(259,100)
Net income from continuing operations	1,073,800)	879,400)	625,900)	2,330,900)	845,000)	805,500)	550,300)	1,439,800)	728,500)	727,100)	532,200)	778,900)	667,400)	606,100)	447,100)	588,700)	589,100)	522,700)	334,500)	518,300)	453,600)	574,400)	380,000)
Net loss from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(12,300)	(15,500)	(23,900)	(1,900)
Net income	1,073,800)	879,400)	625,900)	2,330,900)	845,000)	805,500)	550,300)	1,439,800)	728,500)	727,100)	532,200)	778,900)	667,400)	606,100)	447,100)	588,700)	589,100)	522,700)	334,500)	506,000)	438,100)	550,500)	378,100)
Net income attributable to non-controlling interest	(2,200)	(2,100)	(2,700)	(3,300)	(3,300)	(3,700)	(4,000)	(5,100)	(5,600)	(6,400)	(6,100)	(5,400)	(5,700)	(6,000)	(6,000)	(6,900)	(6,800)	(7,500)	(6,200)	(4,100)	(11,400)	(7,500)	(5,100)
Net income attributable to Express Scripts	1,071,600)	877,300)	623,200)	2,327,600)	841,700)	801,800)	546,300)	1,434,700)	722,900)	720,700)	526,100)	773,500)	661,700)	600,100)	441,100)	581,800)	582,300)	515,200)	328,300)	501,900)	426,700)	543,000)	373,000)

The quarterly financial data displays various trends and fluctuations over the periods analyzed. Several key observations emerge from the review of revenues, expenses, and profitability measures across the quarterly intervals.

Revenues: Revenues exhibited a generally fluctuating pattern without a strong consistent upward or downward trend. Starting around 26.0 billion USD in early 2013, revenues declined sharply in the first half of 2014 to approximately 23.7 billion USD, but partially rebounded in the subsequent quarters. The range of quarterly revenues mostly stayed between 24.7 billion USD and 26.5 billion USD from late 2014 through 2018, showing some volatility but no clear direction.
Cost of Revenues: Cost of revenues paralleled the changes in revenues, fluctuating between about 22.3 billion USD and 24.2 billion USD over the periods. The costs generally decreased when revenues decreased and increased when revenues rose, maintaining a relatively stable gross margin trend throughout the timeline.
Gross Profit: Gross profit mirrored the trends seen in revenues and costs, varying quarterly but generally reflecting modest growth relative to total revenues fluctuations. Gross profit peaked above 2.4 billion USD in some quarters during 2017 and 2018, corresponding with relatively higher revenues in those periods.
Selling, General and Administrative Expenses (SG&A): SG&A expenses showed a declining trend over time. From over 1.1 billion USD in early 2013, these expenses decreased steadily to below 900 million USD per quarter by 2018. This reduction may indicate increased operating efficiency or cost management efforts within administrative and selling functions.
Operating Income: Operating income showed a volatility pattern with several peaks notably above 1.5 billion USD in late 2017 and near similar levels in quarters of 2018. Despite some fluctuations, there was a general improvement in operating profitability ratios from mid-2015 onwards, reflecting better cost control or revenue quality.
Interest Income and Interest Expense: Interest income remained relatively modest and stable, fluctuating narrowly between about 5,000 and 14,000 thousand USD per quarter. Interest expense appeared more variable with occasional spikes, including a notably high expense near 273 million USD in late 2016, implying periods of debt servicing variability or refinancing impact.
Other Income (Expense): Other income or expense figures were mostly negative, indicating recurring other operational costs or expenses outside core operations. The values ranged mostly between -90 million and -265 million USD, with some quarters exhibiting larger charges potentially impacting net income volatility.
Income Before Income Taxes: Income before taxes generally followed operating income patterns, peaking notably in late 2017 and 2018 quarters. It ranged from approximately 595 million USD to 1.4 billion USD, with a tendency for growth in the latter years, indicating improved operational performance before tax considerations.
Provision for Income Taxes: Income tax provisions were volatile with several quarters showing unusual positive values suggesting tax benefits or refunds, particularly in late 2016 and late 2017, which deviated from typical tax expenses. In many periods, the tax provision was a significant drag on net income, varying in magnitude and occasionally large relative to income before taxes.
Net Income from Continuing Operations: Net income from continuing operations displayed considerable volatility, with trends generally improving in later periods. From around 380 million USD in early 2013, net income surged to over 2.3 billion USD in the first quarter of 2018. Such growth appears primarily from improved operating income and favorable tax treatment in some quarters.
Net Income and Discontinued Operations: Net income figures closely tracked net income from continuing operations since the net loss from discontinued operations was minor and ceased after early 2013. The overall trend for net income was positive, particularly strong in 2017 and 2018 quarters.
Net Income Attributable to Non-Controlling Interests and to the Company: Net income attributable to non-controlling interests steadily decreased from about -7,500 thousand USD in 2013 to approximately -2,200 thousand USD by late 2018, indicating less dilution in earnings due to external stakeholders. Correspondingly, net income attributable to the company substantially increased, reaching over 1 billion USD quarterly by late 2018, underscoring improved profitability retained by the company.

Overall, the financial data reflects a period of modest revenue fluctuations with notable improvements in cost control and operating income, leading to enhanced net profitability in later years. Reductions in SG&A expenses and stable interest income juxtaposed with variable interest expenses and other income/expenses contributed to the complexity of profit trends. The tax provisions showed irregular patterns, occasionally contributing to significant impacts on net income. The company’s attributable earnings demonstrated strong growth despite some volatility, revealing a positive trajectory in financial performance over the periods analyzed.

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Express Scripts Holding Co. (NASDAQ:ESRX)

Income Statement Quarterly Data

Income Statement
Quarterly Data