Common-Size Income Statement
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Gross Profit and Cost of Net Revenues
- Gross profit as a percentage of net revenues showed a generally high level, starting at 67.98% in 2014 and increasing to a peak of 79.39% in 2015. Thereafter, it stabilized somewhat, fluctuating slightly and ending at 77.83% in 2018. Correspondingly, the cost of net revenues decreased sharply from -32.02% in 2014 to -20.61% in 2015, and then remained relatively stable, hovering around -22% through to 2018.
- Operating Expenses
- Operating expenses (combined sales and marketing, product development, general and administrative, provision for transaction losses, and amortization of intangibles) expressed as a percentage of net revenues increased from -48.35% in 2014 to -57.16% in 2018. Sales and marketing expenses rose significantly, particularly peaking at -31.56% in 2018. Product development costs remained relatively steady, fluctuating close to -11% to -13%. General and administrative expenses showed volatility but generally stayed near -10% to -13%. Provision for transaction losses decreased consistently, from -5.35% to around -2.66%, and amortization costs remained minimal and declining over time.
- Income from Operations
- Income from operations as a percentage of net revenues saw an upward trend from 19.63% in 2014, reaching a high of 25.89% in 2016, before declining to 20.68% in 2018. This pattern indicates moderate profitability with some fluctuations influenced by operational expenditure trends.
- Interest Income and Expense
- Interest income steadily increased from 0.74% in 2014 to a peak of 1.85% in 2017, before slightly declining to 1.64% in 2018. In contrast, interest expense steadily grew larger in magnitude from -0.69% to about -3.05% during the period, suggesting increased borrowing costs or debt levels.
- Gains on Investments and Other Income
- Gains on investments and sale of business contributed positively in some years, notably peaking at 14.96% in 2016 but generally fluctuating. Other income components were inconsistent, with notable positive spikes in 2016 and 2018 but generally minor overall impact.
- Income from Continuing Operations Before Taxes
- This metric exhibited significant fluctuations, peaking at 40.66% in 2016, then decreasing to 23.79% in 2017 and slightly increasing to 25.29% in 2018. Such variation indicates variability in operational efficiency or one-time income items around those years.
- Income Tax Provision
- Income tax as a percentage of net revenues showed extreme volatility, ranging from a significant negative impact of -19.47% in 2014 to a large positive benefit of 40.47% in 2016 and sharp negative swings in 2017. This variability may reflect tax adjustments, benefits, or liabilities causing substantial effects on net income.
- Net Income Trends
- Net income as a percentage of net revenues increased sharply from a negligible 0.26% in 2014 to a strong 80.92% in 2016. However, it declined drastically into negative territory in 2017 at -10.62%, followed by recovery to 23.54% in 2018. This indicates significant volatility in profitability, influenced likely by tax effects and volatile gains on investments or other non-operating income sources.