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.
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2015
- Net Profit Margin since 2015
- Operating Profit Margin since 2015
- Return on Equity (ROE) since 2015
- Return on Assets (ROA) since 2015
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Net Revenues
- Net revenues exhibit a general upward trend over the period analyzed, increasing from approximately $3,685 million in Q1 2018 to a peak around $7,383 million in Q4 2022, followed by a slight decline to $7,040 million in Q1 2023. This trajectory reflects consistent growth with occasional seasonal fluctuations.
- Transaction Expense
- Transaction expenses increased steadily from approximately $1,275 million in Q1 2018 to over $3,283 million in Q1 2023. The growth in these expenses correlates with rising net revenues, indicating higher costs associated with transaction processing. There is a noticeable acceleration in expense growth beginning in early 2020.
- Transaction and Credit Losses
- Transaction and credit losses show variability, peaking at $591 million in Q1 2020, likely due to specific external factors impacting credit risk. Subsequently, losses declined, reaching a relatively lower level in 2021, but displayed renewed increases near the end of the time frame, ending at $442 million in Q1 2023.
- Customer Support and Operations
- The expenses in customer support and operations have gradually increased over the years, rising from $342 million in Q1 2018 to $488 million in Q1 2023. The increase suggests ongoing investment in operational capacity and customer service functions, though the growth rate appears moderate compared to revenues.
- Sales and Marketing
- Sales and marketing costs experienced fluctuations, with an initial rise to a peak of $666 million in Q4 2021, followed by a gradual decline to $436 million in Q1 2023. The reduction in early 2023 may indicate efforts to optimize marketing spending or shifts in strategic priorities.
- Technology and Development
- Spending on technology and development rose steadily from $448 million in Q1 2018 to a high near $822 million in Q4 2022, before falling significantly to $721 million in Q1 2023. This pattern demonstrates sustained investment in technological advancements with a recent scaling back.
- General and Administrative
- General and administrative expenses show a fluctuating pattern, generally ranging between $347 million and $607 million. There was a peak in Q4 2020 and Q1 2022, but these costs declined toward the end of the period, stabilizing near $507 million in Q1 2023.
- Restructuring and Other Charges
- Restructuring and other charges are irregular, with occasional spikes, notably including $164 million in Q1 2023. The variable nature of these expenses suggests episodic organizational adjustments and one-off costs impacting financials sporadically.
- Operating Expenses
- Operating expenses grew significantly over time, from around $3,151 million in Q1 2018 to more than $6,000 million by Q1 2023. This increase aligns with the growth in net revenues and expanding operational scale, though the rate of expense growth may imply efficiency challenges.
- Operating Income
- Operating income demonstrates a generally positive trajectory with some volatility. It started at $534 million in Q1 2018, experienced a dip in early 2020 to $398 million, then rose sharply to peaks above $1,200 million in late 2022, before decreasing to just under $1,000 million in Q1 2023.
- Other Income (Expense), Net
- The item exhibits substantial volatility, ranging from negative values like -$715 million in Q3 2022 to positive spikes such as $896 million in Q4 2020. These fluctuations suggest exposure to variable non-operating income sources or expenses, which significantly affect profitability in certain quarters.
- Income Before Income Taxes
- Income before income taxes shows marked volatility, with notable peaks in Q2 2020 ($1,799 million) and Q4 2022 ($1,578 million) contrasting with lower amounts in several quarters, including a minimal $49 million in Q3 2022. This pattern mirrors the fluctuations in other income and operating income combined.
- Income Tax (Expense) Benefit
- Income tax expense varies widely, sometimes showing benefits (negative expenses) such as in Q4 2020 and Q4 2021, and generally corresponding to the fluctuations in pre-tax income. The tax impact is a critical component of net profitability volatility during the timeline.
- Net Income (Loss)
- Net income follows a broadly increasing trend from $511 million in Q1 2018 to peaks over $1,500 million in several quarters of 2020 and early 2021. Following this, results show more variability with a significant loss recorded in Q3 2022 (-$341 million), but recovery ensued with positive net income amounts in subsequent periods, ending at $795 million in Q1 2023.