Allergan Inc. (NYSE:AGN.)

Current Income Tax Expense

The current income tax expense showed a steady increase over the five-year period from 2010 to 2014. Starting at $415,000 thousand in 2010, it rose to $430,500 thousand in 2011, then increased more significantly to $519,100 thousand in 2012. The amounts remained relatively stable in 2013 and 2014, with values of $519,800 thousand and $536,500 thousand respectively. This upward trend indicates increasing taxable income or adjustments resulting in higher current tax liabilities.

Deferred Income Tax Expense

The deferred income tax expense exhibited a fluctuating but overall negative pattern throughout the period. The deferred amounts started at -$249,100 thousand in 2010, which then decreased dramatically in magnitude to -$68,900 thousand in 2011. In 2012, the deferred tax expense again increased in magnitude to -$88,300 thousand before decreasing to -$61,500 thousand in 2013. In 2014, it rose again to -$79,800 thousand. Negative deferred tax expenses suggest that deferred tax assets increased or deferred tax liabilities decreased, impacting the timing differences between accounting income and taxable income. The variability indicates changes in temporary differences or tax planning strategies over time.

Provision for Income Taxes

The total provision for income taxes, which comprises both current and deferred components, showed a significant rise from $165,900 thousand in 2010 to $361,600 thousand in 2011, more than doubling in one year. This was followed by further increases to $430,800 thousand in 2012 and $458,300 thousand in 2013. The provision slightly decreased to $456,700 thousand in 2014 but remained relatively stable at this higher level. The initial substantial increase in 2011 aligns with the pattern of rising current tax expense and reflects the combined effect of both current and deferred tax changes. Overall, the provision for income taxes suggests growing tax obligations and adjustments over the analyzed period.

Summary of Trends

Throughout the period from 2010 to 2014, the current income tax expense steadily increased, signifying escalating taxable income or tax rates. Meanwhile, the deferred income tax expense remained negative but fluctuated in magnitude, indicating variations in timing differences or tax planning. The provision for income taxes demonstrated a sharp increase early in the period and then stabilized at higher levels. These patterns suggest that while immediate tax charges were rising consistently, the timing-related tax effects experienced more volatility, affecting total tax provisions.

Statutory Rate of Tax Expense

The statutory rate of tax expense remained constant at 35% throughout the entire period, indicating a stable baseline tax rate without changes or fluctuations in statutory tax policy affecting the company's tax expense.

State Taxes, Net of U.S. Tax Benefit

This component shows a significant downward trend, decreasing from 20.4% in 2010 to 0.4% in 2014. The substantial reduction suggests improved tax benefits or reductions in state tax obligations over time.

Tax Differential on Foreign Earnings

The tax differential on foreign earnings exhibits negative values from 2011 onward, moving from 28.4% in 2010 down to -10.8% in 2014. This indicates an increasing net benefit or lower taxation from foreign earnings compared to domestic rates, with the differential becoming more favorable over time.

Other Credits (R&D)

This item reflects consistently negative percentages, indicating tax credits related to research and development activities. The absolute values decreased significantly from -15.9% in 2010 to around -2.9% in 2014, suggesting either a reduction in R&D credits or changes in how these credits impacted the effective tax rate.

Tax Audit Settlements/Adjustments

The percentage assigned to tax audit settlements and adjustments steadily decreased from 6% in 2010 to 0.7% in 2014. This reduction implies fewer or smaller tax adjustments and settlements over the years.

Legal Settlement

Legal settlement costs are only reflected in 2010 at 18.8%, with no data for subsequent years. This one-time event significantly influenced the effective tax rate in 2010 but did not recur in the following periods.

Other

The 'Other' category values were higher at 4.4% in 2010 and generally declined to 0.6% in 2014, showing minor fluctuations but an overall decreasing trend in miscellaneous tax impacts.

Effective Tax Rate

The effective tax rate saw a dramatic decrease from 97.1% in 2010 to 23% in 2014. The exceptionally high rate in 2010 corresponds with the impact of the legal settlement and high state taxes that year. The subsequent rates suggest more normalized tax expenses, aligning closer to statutory rates and reflecting improvements in tax planning, benefits from foreign earnings, and tax credits for R&D.

Net Operating Losses

Net operating losses demonstrated an overall increasing trend from 40,300 thousand US dollars in 2010 to a peak of 179,700 thousand in 2013, followed by a decline to 144,900 thousand in 2014. The sharp increase between 2012 and 2013 is particularly notable.

Accrued Expenses

Accrued expenses steadily rose from 103,300 thousand in 2010 to 173,600 thousand in 2014, indicating a consistent growth in liabilities related to incurred but unpaid expenses.

Capitalized Expenses

Capitalized expenses increased from 104,400 thousand in 2010, peaking at 182,300 thousand in 2012, and then gradually decreased to 161,100 thousand by 2014. This suggests a possible slowdown in capital investment or a change in capitalization policy after 2012.

Deferred Compensation

Deferred compensation exhibited a steady upward trajectory from 30,200 thousand in 2010 to 52,100 thousand in 2014, indicating increasing obligations related to compensation recognized in future periods.

Medicare, Medicaid and Other Accrued Health Care Rebates

This category rose significantly from 48,600 thousand in 2010 to 110,100 thousand in 2014, with a peak in 2012 at 85,000 thousand, a slight dip in 2013, and then a strong rebound in 2014. The trend shows expanding liabilities or provisions related to healthcare rebates.

Postretirement Medical Benefits

The postretirement medical benefits fluctuated somewhat, starting at 20,600 thousand in 2010, dipping to 16,100 thousand in 2011, then increasing to 21,900 thousand in 2014. Despite some volatility, there is an overall moderate increase over the period.

Capitalized Intangible Assets

Capitalized intangible assets displayed a clear downward trend, declining steadily from 83,300 thousand in 2010 to 31,500 thousand in 2014, suggesting amortization or impairment of intangible assets over time.

Deferred Revenue

Deferred revenue increased from 13,100 thousand in 2010 to 22,300 thousand in 2012, then decreased slightly and stabilized at 19,200 thousand in 2013 and 2014, indicating possible changes in revenue recognition timing.

Inventory Reserves and Adjustments

This line item declined dramatically from 75,800 thousand in 2010 and 80,300 thousand in 2011 to a range between 14,200 and 18,700 thousand in subsequent years, marking significant reduction in inventory reserves or better inventory management.

Share-Based Compensation Awards

Share-based compensation awards fluctuated moderately, starting at 88,000 thousand in 2010, peaking at 101,600 thousand in 2013, and slightly decreasing to 94,800 thousand in 2014, reflecting continued but variable stock-based compensation expense.

Unbilled Costs

Unbilled costs remained relatively stable, fluctuating slightly between 23,000 and 28,300 thousand throughout the period, implying consistent revenue recognition patterns related to billing cycles.

Pension Plans

Pension plan liabilities showed variability, rising from 52,600 thousand in 2010 to 67,700 thousand in 2011, declining to 52,600 thousand in 2013, and then increasing again to 69,900 thousand in 2014, revealing volatility possibly linked to actuarial adjustments or funding changes.

Research and Development (R&D) Credits

R&D credits appeared starting in 2012 at 12,700 thousand and increased consistently to 37,200 thousand by 2014, indicating growing utilization or accumulation of such credits over time.

All Other Liabilities

The miscellaneous category denoted as "All other" showed a decrease from 50,200 thousand in 2010 to 30,100 thousand in 2012, followed by an increase reaching 57,400 thousand in 2014, suggesting fluctuating other liabilities or adjustments.

Deferred Tax Assets, Gross

Gross deferred tax assets grew progressively from 734,000 thousand in 2010 to over 1,016,000 thousand in 2014, highlighting an increase in temporary differences and tax credit carryforwards that could reduce future tax liabilities.

Valuation Allowance

The valuation allowance increased in magnitude (more negative) from -4,300 thousand in 2010 to a peak of -48,900 thousand in 2013, then decreased slightly to -39,100 thousand in 2014, reflecting adjustments in the estimated realizability of deferred tax assets.

Deferred Tax Assets, Net

Net deferred tax assets rose from 729,700 thousand in 2010 to 976,900 thousand in 2014, despite changes in the valuation allowance, indicating a net increased benefit from deferred tax assets over the period.

Depreciation

Depreciation values started negative at -15,000 thousand in 2010 and remained negative through 2012, but showed a marked reduction in magnitude by 2013 (-100 thousand) and became positive in 2014 (13,100 thousand), an unusual pattern that may indicate changes in accounting treatment or asset disposals.

Developed and Technology-Related Intangible Assets

These assets showed consistent negative balances, decreasing from -213,700 thousand in 2010 to -131,300 thousand in 2014, indicating amortization or impairments impacting intangible assets related to development and technology.

In-Process R&D

In-process research and development showed large negative balances beginning in 2011 (-107,600 thousand), expanding further in the subsequent years to -428,300 thousand in 2014, reflecting significant write-downs or expensing of these assets.

Deferred Tax Liabilities

Deferred tax liabilities increased steadily in absolute terms from -234,200 thousand in 2010 to -546,500 thousand in 2014, representing growing temporary differences creating future tax obligations.

Net Deferred Tax Assets (Liabilities)

Net deferred tax assets, considering liabilities, decreased from 495,500 thousand in 2010 to 406,700 thousand in 2013, followed by a slight recovery to 430,400 thousand in 2014, suggesting net fluctuations in deferred tax positions over the timeframe.

Net Current Deferred Tax Assets

The net current deferred tax assets exhibited a fluctuating yet overall positive trend across the periods analyzed. Starting at 277,700 thousand US dollars in 2010, the figure increased to 305,600 thousand by the end of 2011, indicating a strengthening in current deferred tax asset position. In 2012, a decline was observed, bringing the value down to 249,100 thousand. However, the asset balance recovered in the subsequent years, moving up to 277,900 thousand in 2013 and rising further to 343,500 thousand by the end of 2014. This upward movement towards the end of the period suggests a growing amount of current deferred tax assets on the balance sheet.

Net Non-Current Deferred Tax Assets

The net non-current deferred tax assets displayed a noticeable declining trend over the five-year span. Beginning at 217,800 thousand US dollars in 2010, the value fell significantly to 152,600 thousand in 2011. Although there was a marginal rebound in 2012 to 206,900 thousand, this was followed by a sharp drop to 128,800 thousand in 2013. The downward trajectory continued in 2014, with the figure reducing further to 86,900 thousand. This consistent decrease reflects a diminishing amount of deferred tax assets categorized as non-current, which may imply changes in longer-term tax asset realizations or adjustments in tax positions.

The financial data reveals several notable trends over the five-year period ending December 31, 2014. Both reported and adjusted figures for assets, equity, and net earnings demonstrate a pattern of growth with certain variances in magnitude and timing.

Current Assets

Reported current assets exhibit a consistent upward trajectory, increasing from approximately $3.99 billion in 2010 to $6.87 billion by the end of 2014. Adjusted current assets follow a similar pattern, though consistently lower than reported values, starting at about $3.72 billion in 2010 and reaching $6.53 billion in 2014. The gap between reported and adjusted current assets remains relatively stable but widens slightly in later years, indicating a possibly growing deferred tax or other adjustments affecting current assets.

Total Assets

Reported total assets grow steadily from approximately $8.31 billion in 2010 to $12.42 billion in 2014, reflecting a compound growth trend in asset base. Adjusted total assets also rise over the period, from about $7.81 billion to $11.99 billion, maintaining a consistent differential relative to reported totals. This suggests ongoing adjustments that reduce the asset base for reporting purposes but do not significantly alter the growth pattern.

Stockholders’ Equity

The reported total stockholders’ equity shows a pronounced increase over the period, starting at $4.76 billion in 2010 and rising to $7.75 billion by 2014. Adjusted stockholders’ equity follows a parallel growth path, beginning at $4.26 billion and growing to $7.32 billion during the same timeframe. The equity adjustment appears to reflect a consistent downward adjustment relative to reported figures but mirrors the overall positive trend in shareholder value.

Net Earnings

Reported net earnings attributable to the company are highly volatile, showing a sharp increase from a negligible $600 thousand in 2010 to $934.5 million in 2011, followed by further growth to over $1 billion in 2012. A decline occurs in 2013 to approximately $985 million, before a significant jump to $1.52 billion in 2014. Adjusted net earnings display variability in the initial years, starting with a negative $248.5 million in 2010 but quickly recovering to $865.6 million in 2011. Growth continues steadily through 2012 and 2014, with a moderate dip in 2013. The adjustments indicate that the reported earnings are influenced substantially by noncash or tax-related items, particularly in the earlier years, while the adjusted earnings provide a smoother, more consistent measure of operational profitability over time.

Overall, the data suggests robust growth in assets and equity both on a reported and adjusted basis, with adjustments reflecting tax or accounting considerations that temper but do not reverse these trends. The net earnings pattern, while more volatile, indicates improving profitability especially from 2011 onward, with the adjusted figures offering a more normalized reflection of earnings performance.

The analysis of the financial data over the five-year period reveals several notable trends and patterns in the liquidity, profitability, asset utilization, leverage, and return measures.

Current Ratio

The reported current ratio exhibits a generally increasing trend, rising from 2.61 in 2010 to 4.41 in 2014, indicating a strengthening liquidity position over time. The adjusted current ratio, while slightly lower each year due to adjustments for deferred income taxes, follows a similar upward trajectory from 2.43 to 4.19. This suggests consistent improvement in the company's ability to meet short-term liabilities.

Net Profit Margin

The reported net profit margin starts near zero in 2010 and increases significantly through 2014, reaching a high of 21.39%. The adjusted net profit margin shows a negative value at -5.16% in 2010, reflecting the effect of tax adjustments, but improves markedly to 20.27% by 2014. Both metrics indicate improved profitability, although the adjustment demonstrates a notable impact on early-year profitability assessments.

Total Asset Turnover

The reported total asset turnover ratio remains relatively stable, slightly decreasing from 0.58 in 2010 to 0.57 in 2014, suggesting a modest decline in asset utilization efficiency. The adjusted measure is consistently higher than the reported figures, starting at 0.62 and ending at 0.59, but shows a similar slight downward trend, indicating a minor decrease in the effectiveness of asset usage to generate revenue.

Financial Leverage

The reported financial leverage ratio shows a small decline from 1.75 in 2010 to 1.60 in 2014, implying a modest reduction in reliance on debt financing. The adjusted leverage is slightly higher each year but follows the same downward trajectory from 1.83 to 1.64. This suggests a cautious approach to leverage with some impact from tax adjustments maintaining a marginally elevated leverage level.

Return on Equity (ROE)

Reported ROE rises significantly from a negligible 0.01% in 2010 to 19.66% in 2014, highlighting improving shareholder returns. The adjusted ROE begins negatively at -5.83% reflecting deferred tax effects but improves to 19.73% by 2014, closely mirroring reported values in later years. This points to substantial recovery and growth in equity returns over the period despite early negative adjustments.

Return on Assets (ROA)

The reported ROA grows from virtually zero in 2010 to 12.28% in 2014, indicating enhanced overall profitability from asset utilization. Adjusted ROA figures, initially negative at -3.18%, follow a similar rising trend, reaching 12.05% by 2014. The adjustments impact early-year performance metrics but converge with reported values in later years, reflecting improved asset efficiency and profitability.

Overall, the data illustrates a company experiencing improved liquidity, profitability, and returns over the five-year period. The tax adjustments notably influenced early-year profit and return measures but had diminishing effects over time. Despite a slight decline in asset turnover and financial leverage, the company appears to have strengthened its financial position and efficiency consistently.

Current Assets (Reported)

The reported current assets exhibit a consistent upward trend from 3,993,700 thousand US dollars in 2010 to 6,871,200 thousand US dollars in 2014. This represents a significant increase over the five-year period, indicating growth in the company's current asset base.

Current Assets (Adjusted)

Adjusted current assets follow a similar increasing pattern, starting at 3,716,000 thousand US dollars in 2010 and rising to 6,527,700 thousand US dollars in 2014. The adjustment reduces the current assets figures slightly across all years, but the overall growth trend remains evident.

Current Ratio (Reported)

The reported current ratio shows an upward trend over the analyzed period, rising from 2.61 in 2010 to 4.41 in 2014. This suggests improving short-term liquidity and a stronger ability to cover current liabilities with current assets.

Current Ratio (Adjusted)

Similarly, the adjusted current ratio increases from 2.43 in 2010 to 4.19 in 2014, reflecting enhanced liquidity conditions after considering the deferred income tax adjustments. The adjusted ratios are consistently slightly lower than the reported ones, indicating the adjustments impact the liquidity metrics moderately but do not alter the overall positive trend.

General Observations

Overall, both reported and adjusted figures indicate a consistent enhancement in the company's liquidity position throughout the 2010 to 2014 period. The upward movement in current assets and current ratios suggests effective management of working capital and increasing capacity to meet short-term obligations. The differences between reported and adjusted values highlight the influence of deferred income tax considerations on financial metrics, yet both sets of data affirm improving financial health over time.

The financial data for Allergan Inc. reveals a notable progression in both reported and adjusted net earnings over the five-year period ending in 2014. Initially, reported net earnings showed a remarkable increase from a marginal 600 thousand US dollars in 2010 to 1.5242 million US dollars in 2014. Adjusted net earnings exhibited a similar trend, improving from a negative 248.5 million US dollars in 2010 to a positive 1.4444 million US dollars in 2014, indicating significant operational improvements or adjustments over the years.

In terms of net profit margins, the reported net profit margin started near zero at 0.01% in 2010, experienced substantial growth reaching 19.25% in 2012, dipped slightly to 15.9% in 2013, and then increased again to 21.39% in 2014. The adjusted net profit margin followed a similar pattern, initially negative at -5.16% in 2010, then climbing steadily to 17.7% in 2012, slightly decreasing to 14.9% in 2013, and rising to 20.27% in 2014.

Trends in Reported Net Earnings

Reported net earnings exhibited substantial growth from negligible earnings in 2010 to robust profitability by 2014, with a peak in 2014.

Trends in Adjusted Net Earnings

Adjusted earnings showed a significant turnaround, from a considerable loss in 2010 to solid positive earnings by 2011, continuing upward through 2014.

Trends in Reported Net Profit Margin

The margins indicate increasing profitability, with a strong upward trajectory, aside from a minor decline in 2013.

Trends in Adjusted Net Profit Margin

Adjusted margins followed a similar improvement path, reflecting enhanced operational efficiency or adjustments over time, despite a small dip in 2013.

Overall, the data reflects a consistent improvement in financial performance, with both reported and adjusted earnings and margins strengthening significantly over the analyzed period. The slight declines in profitability in 2013 suggest possible transient challenges or adjustments during that year, but recovery and growth resumed by 2014.

Total Assets

The reported total assets increased consistently over the five-year period, rising from approximately 8.31 billion USD in 2010 to about 12.42 billion USD in 2014. This demonstrates a steady expansion of assets on a reported basis.

The adjusted total assets followed a similar upward trend, increasing from roughly 7.81 billion USD in 2010 to nearly 11.99 billion USD in 2014. The adjusted figures are consistently lower than the reported ones, indicating that adjustments related to deferred income tax or other factors reduce the asset base but maintain the growth trajectory.

Total Asset Turnover

The reported total asset turnover ratio showed a slight decline over the period, starting at 0.58 in 2010, peaking at 0.63 in 2011, and then gradually lowering to 0.57 by 2014. This suggests that while assets grew, the efficiency of asset utilization in generating revenues slightly diminished towards the end of the period.

The adjusted total asset turnover showed a similar pattern, with higher initial values (0.62 in 2010, peaking at 0.66 in 2011) than the reported ratios, reflecting the impact of adjustments. However, it too experienced a decline to 0.59 by 2014. This consistent decrease in turnover indicates a trend of decreasing asset efficiency when considering adjusted asset values.

Overall Analysis

Both reported and adjusted total assets exhibited significant growth, indicating the company’s expansion. However, the corresponding decline in total asset turnover ratios suggests that the growth in assets was not matched by proportional growth in revenues, implying a slight reduction in operational efficiency over the timeframe analyzed.

The financial data exhibits a clear upward trajectory in both total assets and stockholders' equity over the observed five-year period. Adjusted figures, which account for annual reported and deferred income tax effects, consistently remain lower than the corresponding reported values, reflecting the impact of tax adjustments on the financial position.

Total Assets

Reported total assets increased steadily from approximately $8.31 billion in 2010 to $12.42 billion in 2014. Adjusted total assets followed a similar pattern, growing from about $7.81 billion to nearly $12.0 billion during the same period. This consistent growth suggests a sustained expansion in the company's asset base, both before and after tax-related adjustments.

Stockholders' Equity

Reported stockholders’ equity rose from roughly $4.76 billion in 2010 to $7.75 billion in 2014, indicating a strengthened equity position over time. Adjusted stockholders’ equity also increased steadily, but at a somewhat lower level, moving from about $4.26 billion to $7.32 billion. This progression points to healthy capital accumulation, with tax adjustments resulting in a consistent downward adjustment to equity values.

Financial Leverage

Reported financial leverage ratios demonstrated a slight decline from 1.75 in 2010 to 1.6 in 2011 and 2012, followed by a modest increase to 1.64 in 2013, before returning to 1.6 in 2014. Adjusted financial leverage showed a parallel trend but at slightly higher ratio values, starting at 1.83 in 2010 and declining to 1.62 in 2012 before modestly rising to 1.68 in 2013 and then decreasing to 1.64 in 2014. Overall, these figures indicate a relatively stable leverage position, with a moderate degree of reliance on debt financing that was somewhat higher after tax adjustments.

The financial data reveals several noteworthy trends and shifts over the five-year period from 2010 to 2014.

Net Earnings Attributable to Allergan, Inc.

The reported net earnings show a strong upward trajectory starting from a very low base in 2010 (600 thousand US$), jumping significantly to over 934 million US$ in 2011 and continuing to increase to reach approximately 1.52 billion US$ by 2014. The adjusted net earnings, which account for deferred income tax effects, begin with a negative figure (-248.5 million US$) in 2010, then rise sharply to over 865 million US$ in 2011, and maintain a generally increasing trend, though with a slight dip in 2013, before climbing to about 1.44 billion US$ in 2014. This indicates effective earnings growth with some initial volatility due to adjustments.

Total Stockholders' Equity

Both reported and adjusted stockholders’ equity exhibit consistent growth throughout the period. The reported equity increases from approximately 4.76 billion US$ in 2010 to 7.75 billion US$ in 2014. The adjusted equity follows a similar pattern but at slightly lower amounts, moving from about 4.26 billion US$ to 7.32 billion US$, indicating that deferred income tax adjustments have a persistent impact on equity values, though the upward trend remains steady and robust.

Return on Equity (ROE)

The reported ROE demonstrates a dramatic increase from near zero in 2010 (0.01%) to more than 19.6% in 2014. The adjusted ROE reflects a similar pattern but starts from a negative value (-5.83%) due to the initial negative adjusted earnings, then rapidly improves to 17.84% in 2011 and stabilizes in the 15 to 19.7% range between 2012 and 2014. This suggests that the company’s profitability relative to shareholders’ equity strengthened significantly over the period, with adjustments having a notable impact only in the initial year.

Overall, the data indicates solid financial growth in terms of earnings and equity, with a marked improvement in profitability ratios. The differences between reported and adjusted figures highlight the effect of deferred income tax adjustments, which are more pronounced in the early years but diminish over time, allowing the underlying financial strength to become clearer in later periods.

Net Earnings

The reported net earnings attributable to the company showed a substantial increase from 600 thousand US dollars in 2010 to 1,524,200 thousand US dollars in 2014, indicating strong growth over the five-year period. Adjusted net earnings, which account for deferred income tax adjustments, began with a negative figure of -248,500 thousand US dollars in 2010, then improved significantly to 1,444,400 thousand US dollars by 2014. This reflects a notable recovery and upward trend in earnings after adjustments.

Total Assets

Reported total assets steadily increased from 8,308,100 thousand US dollars in 2010 to 12,415,700 thousand US dollars in 2014, showing consistent asset growth. The adjusted total assets, which exclude deferred tax effects, follow a similar upward trajectory but with slightly lower values, starting at 7,812,600 thousand US dollars and reaching 11,985,300 thousand US dollars in 2014. Both measures highlight asset base expansion over the analyzed period.

Return on Assets (ROA)

Reported ROA exhibited a significant improvement from near zero at 0.01% in 2010 to a peak of 12.28% in 2014, indicating enhanced efficiency in generating profits from assets. The adjusted ROA showed a negative value of -3.18% in 2010, aligning with the negative adjusted net earnings that year, but improved correspondingly to 12.05% by 2014. Both reported and adjusted ROA present a consistent pattern of growth in asset profitability throughout the period.

Overall Trends and Insights

The data suggests a strong recovery and growth trajectory in profitability and asset base from 2010 through 2014 after accounting for income tax adjustments. Notably, the adjusted figures start from negative to positive zones, indicating the significant impact of deferred tax adjustments initially, but these diminish over time as the company’s performance strengthens. Both reported and adjusted metrics align closely in trend from 2011 onward, signaling improved financial health and operational efficiency.