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Microsoft Excel LibreOffice Calc

Allergan PLC (AGN)


Economic Value Added (EVA)

Advanced level


Economic Profit

Allergan PLC, economic profit calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net operating profit after taxes (NOPAT)1 hidden hidden hidden hidden hidden
Cost of capital2 hidden hidden hidden hidden hidden
Invested capital3 hidden hidden hidden hidden hidden
 
Economic profit4 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).

1 NOPAT. See details »

2 Cost of capital. See details »

3 Invested capital. See details »

<>4 2018 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= hiddenhidden × hidden = hidden

Item Description The company
Economic profit Economic profit is a measure of corporate performance computed by taking the spread between the return on invested capital and the cost of capital, and multiplying by the invested capital. Allergan PLC’s economic profit decreased from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.

Net Operating Profit after Taxes (NOPAT)

Allergan PLC, NOPAT calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income (loss) attributable to shareholders hidden hidden hidden hidden hidden
Deferred income tax expense (benefit)1 hidden hidden hidden hidden hidden
Increase (decrease) in allowance for doubtful accounts2 hidden hidden hidden hidden hidden
Increase (decrease) in deferred revenue3 hidden hidden hidden hidden hidden
Increase (decrease) in accrued product warranties4 hidden hidden hidden hidden hidden
Increase (decrease) in restructuring accrual5 hidden hidden hidden hidden hidden
Increase (decrease) in equity equivalents6 hidden hidden hidden hidden hidden
Interest expense hidden hidden hidden hidden hidden
Interest expense, operating lease liability7 hidden hidden hidden hidden hidden
Adjusted interest expense hidden hidden hidden hidden hidden
Tax benefit of interest expense8 hidden hidden hidden hidden hidden
Adjusted interest expense, after taxes9 hidden hidden hidden hidden hidden
Interest income hidden hidden hidden hidden hidden
Dividend income hidden hidden hidden hidden hidden
Investment income, before taxes hidden hidden hidden hidden hidden
Tax expense (benefit) of investment income10 hidden hidden hidden hidden hidden
Investment income, after taxes11 hidden hidden hidden hidden hidden
(Income) loss from discontinued operations, net of tax12 hidden hidden hidden hidden hidden
Net income (loss) attributable to noncontrolling interest hidden hidden hidden hidden hidden
Net operating profit after taxes (NOPAT) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).

1 Elimination of deferred tax expense. See details »

2 Addition of increase (decrease) in allowance for doubtful accounts.

3 Addition of increase (decrease) in deferred revenue.

4 Addition of increase (decrease) in accrued product warranties.

5 Addition of increase (decrease) in restructuring accrual.

6 Addition of increase (decrease) in equity equivalents to net income (loss) attributable to shareholders.

7 2018 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= hidden × hidden = hidden

8 2018 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= hidden × 12.50% = hidden

9 Addition of after taxes interest expense to net income (loss) attributable to shareholders.

10 2018 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= hidden × 12.50% = hidden

11 Elimination of after taxes investment income.

12 Elimination of discontinued operations.

Item Description The company
NOPAT Net operating profit after taxes is income from operations, but after removement of taxes calculated on cash basis that are relevant to operating income. Allergan PLC’s NOPAT decreased from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.

Cash Operating Taxes

Allergan PLC, cash operating taxes calculation

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Provision (benefit) for income taxes hidden hidden hidden hidden hidden
Less: Deferred income tax expense (benefit) hidden hidden hidden hidden hidden
Add: Tax savings from interest expense hidden hidden hidden hidden hidden
Less: Tax imposed on investment income hidden hidden hidden hidden hidden
Cash operating taxes hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).

Item Description The company
Cash operating taxes Cash operating taxes are estimated by adjusting income tax expense for changes in deferred taxes and tax benefit from the interest deduction. Allergan PLC’s cash operating taxes increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Invested Capital

Allergan PLC, invested capital calculation (financing approach)

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current portion of long-term debt and capital leases hidden hidden hidden hidden hidden
Long-term debt and capital leases, excluding current portion hidden hidden hidden hidden hidden
Operating lease liability1 hidden hidden hidden hidden hidden
Total reported debt & leases hidden hidden hidden hidden hidden
Shareholders’ equity hidden hidden hidden hidden hidden
Net deferred tax (assets) liabilities2 hidden hidden hidden hidden hidden
Allowance for doubtful accounts3 hidden hidden hidden hidden hidden
Deferred revenue4 hidden hidden hidden hidden hidden
Accrued product warranties5 hidden hidden hidden hidden hidden
Restructuring accrual6 hidden hidden hidden hidden hidden
Equity equivalents7 hidden hidden hidden hidden hidden
Accumulated other comprehensive (income) loss, net of tax8 hidden hidden hidden hidden hidden
Noncontrolling interest hidden hidden hidden hidden hidden
Adjusted shareholders’ equity hidden hidden hidden hidden hidden
Construction in progress9 hidden hidden hidden hidden hidden
Marketable securities and other long-term investments10 hidden hidden hidden hidden hidden
Invested capital hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).

1 Addition of capitalized operating leases.

2 Elimination of deferred taxes from assets and liabilities. See details »

3 Addition of allowance for doubtful accounts receivable.

4 Addition of deferred revenue.

5 Addition of accrued product warranties.

6 Addition of restructuring accrual.

7 Addition of equity equivalents to shareholders’ equity.

8 Removal of accumulated other comprehensive income.

9 Subtraction of construction in progress.

10 Subtraction of marketable securities and other long-term investments.

Item Description The company
Invested capital Capital is an approximation of the economic book value of all cash invested in going-concern business activities. Allergan PLC’s invested capital decreased from 2016 to 2017 and from 2017 to 2018.

Cost of Capital

Allergan PLC, cost of capital calculations

Capital (fair value)1 Weights Cost of capital
Equity2 hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Preferred shares, $0.0001 par value per share (book value) hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Long-term debt and capital leases, including current portion3 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Operating lease liability4 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15).

1 US$ in thousands

2 Equity. See details »

3 Long-term debt and capital leases, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Preferred shares, $0.0001 par value per share (book value) hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Long-term debt and capital leases, including current portion3 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Operating lease liability4 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2018-02-16).

1 US$ in thousands

2 Equity. See details »

3 Long-term debt and capital leases, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Preferred shares, $0.0001 par value per share (book value) hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Long-term debt and capital leases, including current portion3 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Operating lease liability4 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2017-02-24).

1 US$ in thousands

2 Equity. See details »

3 Long-term debt and capital leases, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Preferred shares, $0.0001 par value per share (book value) hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Long-term debt and capital leases, including current portion3 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Operating lease liability4 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2016-02-26).

1 US$ in thousands

2 Equity. See details »

3 Long-term debt and capital leases, including current portion. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Preferred shares, $0.0001 par value per share (book value) hidden hidden ÷ hidden = hidden hidden × hidden = hidden
Long-term debt and capital leases, including current portion3 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Operating lease liability4 hidden hidden ÷ hidden = hidden hidden × hidden × (1 – 12.50%) = hidden
Total: hidden hidden hidden

Based on: 10-K (filing date: 2015-02-18).

1 US$ in thousands

2 Equity. See details »

3 Long-term debt and capital leases, including current portion. See details »

4 Operating lease liability. See details »


Economic Spread Ratio

Allergan PLC, economic spread ratio calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Economic profit1 hidden hidden hidden hidden hidden
Invested capital2 hidden hidden hidden hidden hidden
Performance Ratio
Economic spread ratio3 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).

1 Economic profit. See details »

2 Invested capital. See details »

3 2018 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × hidden ÷ hidden = hidden

Performance ratio Description The company
Economic spread ratio The ratio of economic profit to invested capital, also equal to the difference between return on invested capital (ROIC) and cost of capital. Allergan PLC’s economic spread ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Economic Profit Margin

Allergan PLC, economic profit margin calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Economic profit1 hidden hidden hidden hidden hidden
Net revenues hidden hidden hidden hidden hidden
Add: Increase (decrease) in deferred revenue hidden hidden hidden hidden hidden
Adjusted net revenues hidden hidden hidden hidden hidden
Performance Ratio
Economic profit margin2 hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-16), 10-K (filing date: 2017-02-24), 10-K (filing date: 2016-02-26), 10-K (filing date: 2015-02-18).

1 Economic profit. See details »

2 2018 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted net revenues
= 100 × hidden ÷ hidden = hidden

Performance ratio Description The company
Economic profit margin The ratio of economic profit to sales. It is the company’s profit margin covering income efficiency and asset management. Economic profit margin is not biased in favor of capital-intensive business models, because any added capital is a cost to the economic profit margin. Allergan PLC’s economic profit margin deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.