Twenty-First Century Fox Inc. (NASDAQ:FOX)

Current Income Tax Expense

The current income tax expense demonstrates notable volatility across the reported periods. It starts at a relatively high level of 1,210 million USD in mid-2013 and increases slightly to 1,311 million USD in mid-2014. Subsequently, it declines to 1,072 million USD by mid-2015 and experiences a more pronounced drop to 664 million USD in mid-2016. The expense rebounds sharply to 1,330 million USD in mid-2017 before falling significantly to 539 million USD in mid-2018. This pattern suggests fluctuations potentially driven by changes in taxable income, tax rates, or tax management strategies.

Deferred and Other Income Tax Expense

The deferred and other income tax component exhibits considerable instability and a shift from positive to negative values over the six-year span. Initially, the figure is positive at 480 million USD in mid-2013, but it declines sharply to a negative 39 million USD in mid-2014. It then recovers to positive values of 171 million USD in mid-2015 and rises further to 466 million USD by mid-2016. After a drop to 89 million USD in mid-2017, the figure turns substantially negative at -903 million USD in mid-2018, indicating a significant reversal or adjustment in deferred tax liabilities or assets during that year.

Provision for Income Taxes from Continuing Operations

This aggregate measure, which sums current and deferred tax expenses, follows a decreasing trend from 1,690 million USD in mid-2013 to 1,130 million USD in mid-2016, with intermittent fluctuations such as the drop to 1,272 million USD in mid-2014 and a slight increase to 1,243 million USD in mid-2015. In mid-2017, the provision rises to 1,419 million USD, possibly reflecting higher income or revised tax obligations, before experiencing a dramatic reversal to a negative provision of -364 million USD in mid-2018. The latter figure may imply a recognition of tax benefits or adjustments leading to an overall tax gain rather than an expense, which warrants further investigation into the underlying causes.

The effective tax rate for income from continuing operations demonstrates significant fluctuations over the analyzed periods. Starting at 19% in June 2013, the rate rose to 25% in 2014 before dropping to 13% in 2015. It then increased again to 27% in 2016, reached 30% in 2017, and finally experienced a sharp decline to -8% in 2018. This volatility is influenced by various factors impacting the tax components.

U.S. federal income tax rate

The statutory federal tax rate remained constant at 35% from 2013 through 2017, then decreased to 28% in 2018. This reduction aligns with the reported impact of U.S. tax reform in 2018, which shows a significant -35% adjustment, indicating a substantial tax benefit or credit due to legislative changes.

Purchase (sale) of interest in subsidiaries

This factor had a negative 4% impact on the effective tax rate in 2013, with no further adjustments recorded in subsequent years.

State and local taxes

The contribution of state and local taxes to the overall rate was minor and relatively stable, consistently around 1% from 2013 to 2017 with a slight increase to 2% in 2018. Data for 2016 was missing.

Effect of foreign operations

Foreign operations consistently reduced the effective tax rate, with effects ranging from -2% to -5%. The largest reduction occurred in 2014 at -5%, indicating a potentially favorable impact from foreign income or tax credits during that year. No data was provided for 2018.

Adjustments for tax matters, net

This item showed variability, with small negative or positive adjustments in most years. Notably, a -3% reduction occurred in 2018, impacting the effective tax rate downward.

Valuation allowance movements

Valuation allowances influenced the tax rate notably, with a -7% impact in 2013 and a significant -20% reduction in 2015, suggesting recognition of deferred tax assets or revaluation of tax benefits. Subsequent years saw minor positive movements, indicating some reversals or adjustments.

Nontaxable income attributable to noncontrolling interests

Consistently exerted a small downward pressure on the effective tax rate, with negative contributions close to -1% or -2% each year.

Domestic production activities deduction

This deduction steadily reduced the effective tax rate by between -1% and -3% annually, enhancing tax benefits in this category.

Other

Various other factors contributed irregularly, ranging from -4% to +2%. No consistent trend is observable in this category.

Overall, the most substantive drivers behind the fluctuations in the effective tax rate were the statutory federal tax rate reduction and the related impact of U.S. tax reform in 2018, along with significant valuation allowance movements particularly in 2015. The consistent reductions due to foreign operations, noncontrolling interests, and domestic production deductions also played roles in moderating the tax expense in most years. The sharp negative effective tax rate in 2018 indicates a net tax benefit likely tied to reforms and associated adjustments.

Net Operating Loss Carryforwards

The net operating loss carryforwards decreased sharply from 1,109 million USD in 2013 to 284 million USD in 2014, followed by a gradual increase to 460 million USD by 2018. This indicates an initial significant utilization or expiration of losses, with some accumulation in later years.

Capital Loss Carryforwards

There was a marked decline in capital loss carryforwards from 1,676 million USD in 2013 to only 35-36 million USD from 2015 onwards. This suggests the majority of capital losses were either utilized or expired by 2015, remaining relatively stable thereafter.

Foreign Tax Credit Carryforwards

Foreign tax credit carryforwards fluctuated, with an increase from 474 million USD in 2013 to 561 million USD in 2014, then a significant drop to 173 million USD in 2015. Data for 2016 is missing, but values for 2017 and 2018 remained moderate at 132 and 170 million USD, respectively. This pattern indicates variability in foreign tax credits possibly due to changes in foreign income or tax regulations.

Accrued Liabilities and Other

Accrued liabilities increased from 653 million USD in 2013 to a peak of 981 million USD in 2015, then declined steadily to 249 million USD by 2018. Other accrued items showed volatility, with a peak at 586 million USD in 2017 after a low of 222 million USD in 2015. The overall trend suggests fluctuations in short-term obligations or expenses over the years.

Deferred Tax Assets Before Valuation Allowance

Deferred tax assets before valuation allowance showed a consistent decline from 4,143 million USD in 2013 to 1,234 million USD by 2018, with a minor uptick in 2017. This suggests a significant reduction in recognized deferred tax assets over the period, reflecting changes in temporary differences or recognition criteria.

Valuation Allowance

The valuation allowance improved notably from -3,284 million USD in 2013 to -453 million USD in 2015, indicating a substantial reduction in doubtful deferred tax assets. However, it then increased gradually to -821 million USD by 2018, signaling a renewed increase in uncertainty regarding the realizability of deferred tax assets.

Deferred Tax Assets After Valuation Allowance

The net deferred tax assets after valuation allowance initially rose from 859 million USD in 2013 to a high of 1,339 million USD in 2015, then declined to 413 million USD by 2018. This indicates improvements in recognized net deferred tax assets followed by a reversal in the final years.

Basis Difference and Amortization

Basis difference and amortization liabilities remained significantly negative throughout the period, dropping from -2,449 million USD in 2013 to a much lower -1,019 million USD in 2018. This reduction in negative balances suggests an improvement in amortizable differences or basis adjustments.

Revenue Recognition

Deferred tax liabilities related to revenue recognition remained relatively stable, ranging from -505 million USD to -553 million USD between 2013 and 2017, with a slight decrease to -437 million USD in 2018.

Sports Rights Contracts

Liabilities associated with sports rights contracts displayed an increasing negative balance from -128 million USD in 2013 to -917 million USD in 2017, followed by a partial decrease to -773 million USD in 2018. This trend indicates growing deferred tax liabilities in connection with sports-related intangible assets or contracts over most of the period.

Deferred Tax Liabilities

Total deferred tax liabilities increased in magnitude from -3,082 million USD in 2013 to a peak of -3,803 million USD in 2017 before decreasing significantly to -2,229 million USD in 2018. This pattern reflects shifts in taxable temporary differences that impact future tax obligations.

Net Deferred Tax Assets (Liabilities)

The net deferred tax position was negative throughout the period, worsening from -2,223 million USD in 2013 to -2,668 million USD in 2014, improving slightly in later years but remaining negative at -1,816 million USD in 2018. This persistent negative net balance reflects an overall net deferred tax liability position, indicating the company carries more deferred tax liabilities than assets.

Current Deferred Tax Assets

The current deferred tax assets show volatility with available data points. It started at 9 million USD in mid-2013, increased to 28 million USD by mid-2015, but subsequent years lack data, making it difficult to ascertain a definitive trend beyond this period.

Current Deferred Tax Liabilities

Data for current deferred tax liabilities is limited, with a single recorded value of 220 million USD in mid-2015. The absence of other data points restricts trend analysis for this category.

Non-current Deferred Tax Assets

Non-current deferred tax assets exhibit a fluctuating trend over the six-year period. Beginning at 48 million USD in mid-2013, there was a steady increase reaching a peak of 301 million USD in mid-2015. After that peak, values declined consistently to 76 million USD by mid-2018, indicating a reduction in deferred tax asset balances over the later years.

Non-current Deferred Tax Liabilities

Non-current deferred tax liabilities show significant variability with generally high values throughout the period. Starting at 2,280 million USD in mid-2013, the figure rose to 2,729 million USD in mid-2014, then decreased to 2,082 million USD in mid-2015. It spiked again to 2,888 million USD in mid-2016, followed by a slight decline to 2,782 million USD in mid-2017 and a more notable reduction to 1,892 million USD in mid-2018. This pattern suggests considerable fluctuations, but with an overall downward adjustment in the final years covered.

The analysis of the financial data reflects several key trends over the six-year period from 2013 to 2018.

Current Assets

The reported current assets generally show a fluctuating pattern. There was a slight decrease from 2013 to 2014, followed by a significant increase in 2015. However, the value dropped in 2016 before steadily rising through 2017 and 2018, reaching the highest value in the period. The adjusted current assets closely follow the reported figures with minimal differences, indicating that adjustments for deferred income taxes and other factors had a limited impact on current assets.

Total Assets

Reported total assets peaked in 2014 at around 54,793 million US dollars but then declined sharply in 2015 and 2016. A recovery trend is visible from 2016 through 2018, though the 2018 figure does not surpass the 2014 peak. Adjusted total assets mirror this trend with slightly lower values than reported totals, indicating consistent adjustments over time but no significant divergence from reported figures.

Current Liabilities

Reported current liabilities increased from 2013 to 2014, followed by a significant decrease in 2015, which remained relatively stable through 2017 before rising again in 2018. Adjusted current liabilities follow the same pattern, except for 2015 where adjusted liabilities are lower than the reported ones, suggesting that adjustments notably reduced liabilities in that year.

Total Liabilities

Reported total liabilities show a steadily increasing trend from 2013 through 2017, peaking near 33,351 million US dollars in 2014 and remaining high in subsequent years with a slight decrease in 2018. In contrast, adjusted total liabilities are systematically lower than reported liabilities each year, indicating substantial adjustments that lowered the liability base. Adjusted liabilities follow a similar trend, increasing initially, then stabilizing and decreasing slightly in 2018.

Stockholders’ Equity

Reported stockholders’ equity rose from 2013 to 2014 and remained relatively steady through 2015. There was a notable decline in 2016, followed by a recovery in 2017 and a significant increase in 2018, culminating in the highest equity value in the period studied. Adjusted equity consistently exceeds the reported figures by a meaningful margin each year. The trend lines for adjusted equity mirror those of the reported figures but suggest that the adjustments increased the equity base, particularly after 2015.

Net Income Attributable to Stockholders

The reported net income demonstrates high volatility. Starting at 7,097 million US dollars in 2013, there is a sharp decline in 2014, followed by a recovery and peak in 2015. A significant drop occurs in 2016, with modest increases in 2017 and 2018. Adjusted net income exhibits a similar trend but with lower variability and slightly differing values. The adjustments generally elevated net income in early years and reduced it in later years, suggesting the presence of temporary or non-cash tax effects impacting the reported results.

Overall, the data reveals that adjustments for reported and deferred income taxes have a consistent and significant impact on liabilities and equity values, generally reducing liabilities and increasing stockholders' equity. Asset values, particularly current and total assets, show fluctuations with an overall recovery trend toward the end of the period. The net income figures reflect a volatile earnings environment, with adjustments smoothing out some of the fluctuations observed in reported income.

The financial data over the six-year period reveals several noteworthy trends across liquidity, profitability, asset management, leverage, and return metrics. These trends reflect variations influenced by both reported and deferred income tax adjustments.

Liquidity (Current Ratio)

The current ratio, both reported and adjusted, shows an initial slight decline from 2013 to 2014, followed by a substantial increase reaching a peak in 2015. Subsequently, it declines somewhat in 2016 before gradually rising again through 2017 and 2018. The similarity in reported and adjusted ratios suggests limited impact of tax adjustments on short-term liquidity assessment.

Profitability (Net Profit Margin)

The net profit margin, reported and adjusted, exhibits significant volatility. The margin peaked in 2015, showing a strong profit performance, but dropped sharply in 2016. Post-2016, it remains relatively low with slight improvements by 2018. Adjusted margins are generally marginally higher than reported margins, indicating deferred tax adjustments slightly increase perceived profitability.

Asset Efficiency (Total Asset Turnover)

Total asset turnover remains relatively stable throughout the period, with minor fluctuations between 0.54 and 0.58. Adjusted figures closely track reported data, signaling consistent asset utilization irrespective of income tax adjustments.

Financial Leverage

Financial leverage ratios present moderate variability. Reported leverage peaked in 2016 at 3.54 but trends downward thereafter. Adjusted leverage follows a similar pattern but consistently shows lower values, implying that deferred taxes contribute to a reduction in perceived leverage and potentially lower financial risk assessment.

Return on Equity (ROE)

ROE experiences significant fluctuations, aligning with the profit margin trends. It peaks markedly in 2015, indicating an exceptionally strong return to shareholders that year, followed by a decline and stabilization at lower levels through 2018. Adjusted ROE figures are consistently lower than reported ones, likely reflecting the dampening effect of deferred tax provisions on equity profitability calculations.

Return on Assets (ROA)

ROA trends mirror those of ROE, with a pronounced peak in 2015 and a reduction in subsequent years. Adjusted ROA is slightly higher than reported in 2016 but generally lower or comparable thereafter, suggesting adjustments influence asset return metrics variably, depending on the period.

In summary, the company experiences a notable peak in profitability and returns in 2015, followed by more subdued performance in later years. Asset efficiency remains steady, while financial leverage decreases after a mid-period high. Deferred tax adjustments tend to slightly moderate leverage and returns, offering a more conservative view of financial health in certain periods. Liquidity remains stable with modest improvements towards 2018. These patterns highlight cyclical influences on profitability and capital structure, moderated by tax adjustments.

The data reveals several notable trends over the reported periods concerning the company's current assets, current liabilities, and current ratios, both reported and adjusted for income tax effects.

Current Assets

Reported current assets generally increased from 15,567 million US dollars in mid-2013 to 19,333 million US dollars by mid-2018. After an initial slight decline from 2013 to 2014, there was a notable rise in 2015 followed by a decrease in 2016, then a steady increase in the last two years of the period. Adjusted current assets closely mirror the reported figures, differing only slightly in 2015 where the adjusted value is marginally lower.

Current Liabilities

The reported current liabilities trend shows a decline from 8,435 million US dollars in 2013 to a low of 7,068 million in 2016, followed by an upward reversal reaching 8,244 million in 2018. Adjusted current liabilities follow a similar pattern but are slightly lower in 2015 compared to reported figures, indicating minor adjustments related to deferred income taxes.

Current Ratios

Both the reported and adjusted current ratios demonstrate an overall improving liquidity position over the five-year period. The ratios peak in 2015 (reported: 2.39; adjusted: 2.46), indicating the highest relative liquidity, before decreasing moderately in 2016 and subsequently rising steadily through 2018. The close alignment between reported and adjusted current ratios suggests that deferred income taxes have minimal impact on liquidity assessment.

In summary, the company experienced growth in current assets and maintained stable current liabilities within mid-range levels after an initial decline, resulting in improved liquidity metrics over time. The minor differences between reported and adjusted figures indicate limited effects of deferred income tax adjustments on these balance sheet items throughout the observed years.

The data exhibits fluctuating net income figures for the company over the reported six-year period, with both reported and adjusted net income demonstrating variability but following somewhat similar trends. The reported net income attributable to stockholders peaked significantly in the fiscal years ending in 2013 and 2015, with values of 7097 million and 8306 million US dollars, respectively. A notable decline occurred in 2016, with reported net income dropping sharply to 2755 million. Following this, there was a modest recovery in 2017 and a more pronounced increase in 2018, reaching 4464 million US dollars.

Adjusted net income figures generally mirror the reported net income trend but differ in magnitude, particularly in 2013 and 2016, where the adjusted amounts are slightly higher. This indicates adjustments that positively affected net income in these years, possibly due to deferred taxes or other accounting considerations. The highest adjusted net income also corresponds to 2015 at 8477 million US dollars, slightly exceeding the reported figure for that year. Unlike reported net income, the adjusted net income shows a smoother decline from 2015 to 2017, followed by a smaller increase in 2018.

Regarding profitability, the reported net profit margin follows a trend similar to net income, with the highest margin recorded in 2015 at 28.65%. Margins decreased substantially in 2014 and 2016, to 14.17% and 10.08%, respectively, before slightly rising again in the final two years. The adjusted net profit margin consistently remains close to the reported margins but tends to be marginally higher or lower in certain years. For example, in 2013, the adjusted margin is higher at 27.38% compared to the reported 25.64%, while the 2018 adjusted margin is lower at 11.71% relative to the reported 14.68%.

Overall, profitability experienced considerable volatility, with peaks in 2013 and 2015 and troughs in 2016. The adjusted figures indicate some smoothing of these fluctuations, likely reflecting accounting adjustments that affect reported profitability. The company's financial performance appears to have been adversely impacted during the mid-period but shows signs of recovery toward the later years.

The data reveals trends in the reported and adjusted total assets and total asset turnover ratios over a six-year period. These elements are crucial for understanding the company's asset utilization and overall financial positioning.

Total Assets

The reported total assets show fluctuations during the period. Starting at 50,944 million USD in mid-2013, the figure increased to a peak of 54,793 million USD in mid-2014. Subsequently, a downward trend is observed with assets declining to 50,051 million USD in 2015 and further dipping to 48,365 million USD in 2016. From 2017 onwards, the total assets recover moderately, reaching 53,831 million USD by mid-2018.

The adjusted total assets closely mirror the reported figures but consistently register marginally lower values. The pattern and magnitude of fluctuations remain similar, confirming minor adjustments without altering overall asset trends.

Total Asset Turnover

Reported total asset turnover ratios demonstrate relative stability, starting at 0.54 in 2013, improving slightly to 0.58 in 2014 and 2015, then dipping slightly to 0.56 in 2016 where it remains through 2018. This suggests steady efficiency in generating revenue from assets with minor variations.

The adjusted total asset turnover ratios align closely with reported figures, showing a slightly higher ratio in 2016 and 2018, reaching 0.57 in those years. This indicates that after adjusting for deferred income tax, asset efficiency appears marginally better during certain periods.

Overall, the company’s total assets experienced volatility with a notable decline between 2014 and 2016, followed by a recovery phase. The asset turnover ratios remained stable, suggesting consistent operational efficiency despite asset base changes. The minor differences between reported and adjusted values point to limited impact of deferred income tax adjustments on asset metrics.

The analysis of the financial data over the six-year period reveals several notable trends in both reported and adjusted figures concerning total assets, stockholders’ equity, and financial leverage.

Total Assets

Reported total assets showed fluctuations, initially increasing from US$50,944 million in 2013 to a peak of US$54,793 million in 2014, then experiencing a decline over the next two years to US$48,365 million in 2016. Subsequently, assets rose again to US$53,831 million by 2018. Adjusted total assets followed a similar pattern but consistently presented slightly lower values than the reported figures, indicating adjustments that modestly reduced the asset base throughout the period. Both measures ended near comparable levels in 2018, reflecting recovery after the mid-period dip.

Stockholders’ Equity

Reported stockholders’ equity remained relatively stable between 2013 and 2015, moving between approximately US$16,998 million and US$17,418 million, before a significant decline to US$13,661 million in 2016. After this drop, equity increased steadily, reaching US$19,564 million by 2018. Adjusted equity figures were consistently higher than reported equity, with the gap widening notably during the mid-period downturn, suggesting that adjustments had a substantial positive effect on equity values, particularly in the years 2015-2016. Adjusted equity also depicted a recovery trend, ending at US$21,380 million in 2018, which is a stronger position than the reported equivalent.

Financial Leverage

Reported financial leverage fluctuated over time, starting at 3.00 in 2013, then peaking at 3.54 in 2016, indicating increased reliance on debt during that year, before declining to 2.75 by 2018. Adjusted financial leverage values remained lower throughout the period, consistently below the reported figures, implying that adjustments accounted for lower leverage and potentially less risk. The adjusted leverage also peaked in 2016 at 2.96 but showed a similarly downward trajectory thereafter, falling to 2.51 in 2018. This decrease in leverage post-2016 suggests improvements in the company’s capital structure and financial stability.

Overall, the data indicates a period of volatility around 2015-2016, characterized by a reduction in total assets and reported equity alongside increased financial leverage. Following this period, there is a clear trend toward recovery and strengthening financial position, with growth in both reported and adjusted equity and a decrease in leverage ratios. The adjusted data consistently presents a more favorable financial condition compared to reported figures, highlighting the impact of deferred income tax adjustments on the company’s financial metrics.

The financial data exhibits notable fluctuations over the given periods, reflecting varying profitability and equity levels.

Net Income

Reported net income shows considerable variability, starting at 7,097 million USD in mid-2013, declining sharply to 4,514 million in mid-2014, then rising substantially to a peak of 8,306 million in mid-2015. A significant decrease follows in mid-2016 to 2,755 million, with relatively stable observed values around 2,900 million in mid-2017 and increasing to 4,464 million in mid-2018. Adjusted net income follows a similar pattern, though the adjusted figures are generally close to reported, with a peak at 8,477 million in mid-2015 and less pronounced recovery in 2018, reaching 3,561 million.

Stockholders’ Equity

Reported total stockholders' equity remains relatively steady initially, increasing slightly from 16,998 million in mid-2013 to 17,418 million in mid-2014, then marginally declining to 17,220 million by mid-2015. A marked reduction is observable in mid-2016, dropping to 13,661 million, followed by a recovery trend to 15,722 million in mid-2017 and a substantial increase to 19,564 million in mid-2018. Adjusted stockholders' equity consistently exceeds the reported figures, mirroring the overall trends but starting higher at 19,221 million in mid-2013 and peaking at 21,380 million by mid-2018, indicating the impact of adjustments on shareholder equity valuation.

Return on Equity (ROE)

Reported ROE exhibits high volatility, starting at a strong 41.75% in mid-2013 and falling to 25.92% in mid-2014. It peaks again at 48.23% in mid-2015 before decreasing sharply to around 20% mid-2016 and continuing a slight downward trend to 18.78% in 2017. A moderate recovery to 22.82% is noted in mid-2018. Adjusted ROE follows a similar pattern but maintains consistently lower ratios than reported ROE, starting at 39.42% and declining steadily to 16.66% by mid-2018. This difference suggests the adjustments have a dampening effect on perceived profitability relative to equity.

Overall, the data indicate periods of strong profitability and equity growth interspersed with significant downturns, particularly around mid-2016. Adjusted figures generally moderate the fluctuations observed in reported data, offering a more conservative view of net income, equity, and returns. The variability in ROE corresponds closely with net income and equity trends, reflecting the company's changing efficiency in generating profits from its equity base over the analyzed periods.

The financial data reveals distinct fluctuations in key profitability and asset metrics over the six-year period ending June 30, 2018. Both reported and adjusted net income attributable to stockholders exhibit notable variability, reflecting shifts in operational performance and possibly the impact of special items or tax adjustments.

Net Income Trends

Reported net income shows an initial decline from 7,097 million USD in 2013 to 4,514 million USD in 2014, followed by a substantial rebound to 8,306 million USD in 2015. Subsequently, a sharp decrease occurs in 2016, with values dropping to 2,755 million USD, before a slight increase to 2,952 million USD in 2017 and a more pronounced rise to 4,464 million USD in 2018. Adjusted net income follows a similar pattern, though the adjusted values tend to be slightly higher than the reported figures in certain years, indicating adjustments that positively affect the income measure, particularly in 2013 and 2015.

Total Assets Trends

Both reported and adjusted total assets remain within a relatively narrow range across the periods, fluctuating slightly without a consistent directional trend. Total assets peak at around 54,793 million USD (reported) in 2014 and then decline through 2016, before showing recovery towards 53,831 million USD in 2018. Adjusted total assets mirror this trend closely, underscoring minor adjustments between reported and adjusted figures but overall asset stability.

Return on Assets (ROA) Trends

Reported ROA exhibits considerable volatility, moving from a high of 13.93% in 2013 down to 8.24% in 2014, then surging to a peak of 16.6% in 2015. A notable decline follows in 2016, dropping to 5.7%, with only slight improvements in the following years to 8.29% by 2018. Adjusted ROA values are slightly different but maintain the same general trajectory, remaining marginally lower than reported ROA in later years, particularly post-2015. This suggests that tax and other adjustments influence the profitability ratios, affecting the return measures.

Overall, the data reflects a period of earnings volatility amid relatively stable asset bases. The peaks in net income and ROA around 2015 highlight a particularly strong performance year. Afterwards, both profitability and return metrics decline substantially, indicating challenges or structural shifts in the underlying business. Adjusted figures consistently provide a moderated view of performance, potentially offering a clearer perspective free from certain accounting or tax-related fluctuations.