AmerisourceBergen Corp. (NYSE:ABC)

The financial data related to the income tax expense and provisions reveals notable fluctuations across the examined periods. Both current and deferred tax provisions demonstrate significant variability, reflecting changes in the company’s tax position or taxable income year over year.

Current provision (benefit)

This item exhibits considerable volatility over the years. There is a general increase from 2017 to 2018, peaking at $357,055 thousand, followed by a sharp decline in 2019 to $84,434 thousand. A pronounced negative value appears in 2020 at -$349,302 thousand, indicating a tax benefit rather than an expense. Subsequently, it recovers to positive territory with $342,385 thousand in 2021 and $320,333 thousand in 2022, suggesting normalization after the significant benefit in 2020.

Deferred provision (benefit)

The deferred tax provision shows even greater volatility. It begins with a positive provision of $319,069 thousand in 2017, then swings to a substantial negative provision (benefit) of -$795,524 thousand in 2018. This is followed by a minor positive provision in 2019, a large negative benefit in 2020 amounting to -$1,544,971 thousand, and a return to positive provisions in 2021 and 2022 at $334,866 thousand and $196,184 thousand, respectively. The large negative figures in 2018 and especially 2020 suggest the recognition of significant deferred tax benefits during those years.

Provision (benefit) for income taxes

The total provision for income taxes, which consolidates current and deferred amounts, similarly shows large swings. The amount increases from $553,403 thousand in 2017 to a negative provision of -$438,469 thousand in 2018. It then turns positive but modest in 2019, declines sharply to a substantial negative provision of -$1,894,273 thousand in 2020, and rebounds to positive values of $677,251 thousand in 2021 and $516,517 thousand in 2022. This pattern indicates years with significant tax benefits impacting net tax expense, particularly in 2018 and 2020.

Overall, the data indicates periods of both substantial tax expense and tax benefits, with 2020 standing out due to the magnitude of negative provisions, likely linked to extraordinary tax events or accounting adjustments in deferred taxes. The rebound to positive provisions in 2021 and 2022 suggests a return to more typical tax expense patterns following these atypical years. This volatility should be considered in assessing the company’s effective tax rate and tax planning strategies over the period.

Statutory U.S. federal income tax rate

The statutory federal tax rate showed a notable decline from 35% in 2017 to 21% starting in 2019, where it remained steady through 2022.

State and local income tax rate, net of federal tax benefit

This rate fluctuated over the years, beginning at 5.4% in 2017, dropping to a negative rate (-0.1%) in 2018 and further negative (-0.5%) in 2020, suggesting tax benefits or credits, before increasing to 2.8% in 2021 and slightly decreasing to 2.5% in 2022.

Tax effect of foreign operations

The tax effect of foreign operations was consistently negative through 2019, ranging from -14.6% in 2017 to around -6.7% in 2019, indicating reductions in tax expense from foreign activities. In 2020, it turned positive (1%), then reverted slightly negative in subsequent years (-0.5% in 2021, -1.9% in 2022), reflecting some variability in foreign tax impacts.

Litigation settlements and accruals

This item showed considerable volatility. It started very high at 34.3% in 2017, dropped sharply to negative values (-6.3% in 2018 and -6.2% in 2020), and hovered near zero or slightly positive in other years, indicating irregular charges or benefits from litigation-related adjustments.

Tax law changes

Reported primarily in 2018 and the early 2020s, tax law changes had significant impacts: a major negative adjustment of -52% in 2018, modest negative adjustment (-3.6%) in 2019, followed by positive adjustments of 6.8% and 7.3% in 2020 and 2021, respectively. No data was available for 2017 and 2022.

PharMEDium worthless stock deduction

This deduction appeared only in 2020 and 2021 with a positive contribution of 12.4% in 2020 and a minor negative impact of -1.1% in 2021, indicating a one-time tax-related benefit during those years.

CARES Act

This item was only present in 2020 with a small positive impact of 1.2%, reflecting a tax effect related to regulatory relief during that year.

Goodwill impairment

Reported only in 2018 as a modest positive adjustment of 1.7%, suggesting a minor tax impact from goodwill impairment during that year.

Capital gain on distribution

Appeared solely in 2018 at 3.6%, indicating a one-time tax effect related to capital gains from distribution in that year.

Other, net

This category showed small negative impacts in 2018 and 2019 (-2.4% and -1.5%, respectively), near zero in 2017 and 2020, and increased to positive figures in 2021 and 2022 (0.2% and 1.7%), suggesting miscellaneous tax effects fluctuating from minor charges to slight benefits.

Effective income tax rate

The effective tax rate exhibited substantial variability over the period. Starting extremely high at 60.3% in 2017, it swung drastically to -37.2% in 2018, implying a tax benefit or net tax gain that year. It then improved to a positive but moderate 11.7% in 2019, rose to 35.8% in 2020, decreased slightly to 30.5% in 2021, and declined further to 23.7% in 2022. These fluctuations reflect the combined influence of statutory rates, tax law changes, litigation settlements, and other unique tax items impacting the overall tax burden.

The financial data presents various trends over the six-year period ending in 2022. Several key observations can be made based on the changes in individual items and overall patterns.

Net Operating Loss and Tax Credit Carryforwards

These carryforwards fluctuated initially, rising from 320,180 thousand US$ in 2017 to 421,808 thousand US$ in 2018, then declining to 263,171 thousand US$ in 2020, before increasing again to 426,651 thousand US$ by 2022. This pattern suggests variability in tax planning and loss occurrences over the years.

Allowance for Credit Losses

This allowance experienced moderate fluctuations between 2017 and 2021, ranging roughly between 20,000 to 27,500 thousand US$, before sharply increasing to 67,788 thousand US$ in 2022. The significant increase in 2022 may imply rising credit risks or a more conservative approach to credit loss estimation in that year.

Accrued Expenses

Accrued expenses showed variability with a general declining trend from 36,188 thousand US$ in 2017 down to 13,411 thousand US$ in 2021, before increasing again to 24,435 thousand US$ in 2022, indicating some fluctuations in short-term liabilities or timing of expenses.

Accrued Litigation Liability

This liability appears only from 2020 onwards, with values over one million US$ each year, slightly decreasing from 1,082,845 thousand US$ in 2021 to 981,627 thousand US$ in 2022, indicating ongoing significant legal exposure with a marginal reduction in the latest year.

Employee and Retiree Benefits

Values in this category fluctuated mildly, dropping from 17,121 thousand US$ in 2017 to 10,210 thousand US$ in 2018, then rising to 26,196 thousand US$ in 2021 before declining slightly to 22,682 thousand US$ in 2022, showing some variability in benefit obligations.

Goodwill and Other Intangible Assets (Asset and Liability Views)

Intangible assets data is presented in both gross and net form with contrasting signs. The gross category rises sharply in 2020 at 582,406 thousand US$ but declines steadily to 446,605 thousand US$ in 2022. Conversely, the net view shows a deepening negative value from -1,214,597 thousand US$ in 2017 worsening to -1,184,477 thousand US$ in 2022 after some intermediary improvements. This dichotomy may highlight impairments or reclassifications affecting goodwill and intangibles.

Lease Liabilities and Right-of-Use Assets

Lease liabilities, reported starting in 2020, grew significantly from 121,182 thousand US$ to 263,278 thousand US$ in 2021, then slightly decreased in 2022. Corresponding right-of-use assets show negative values starting in 2020, indicating recorded lease asset obligations consistent with changes in lease liabilities.

Share-based Compensation and Other Operating Costs

Share-based compensation shows a decline from 59,495 thousand US$ in 2017 to 33,933 thousand US$ in 2022, reflecting potential changes in compensation strategy or stock-based incentives. Other operating cost categories fluctuate with no clear long-term trend, but recently decreased from 88,855 thousand US$ in 2021 to 75,428 thousand US$ in 2022.

Gross Deferred Tax Assets and Valuation Allowance

Gross deferred tax assets experienced a dramatic increase in 2020, from 487,320 thousand US$ in 2019 to over 2.2 million US$, and further elevated to approximately 2.3 million US$ by 2022. In contrast, the valuation allowance for these assets also increased in negative magnitude, reaching -617,259 thousand US$ in 2022. This pattern suggests increased recognition of deferred tax assets alongside heightened concerns about realizability, requiring larger allowances.

Deferred Tax Assets, Net of Valuation Allowance

The net deferred tax assets rose sharply in 2020 to over 1.8 million US$ and hovered near this level through 2022, signifying substantial net deferred tax resources despite the rising valuation allowance.

Inventories

Inventory values persistently declined in negative terms, moving from approximately -1.5 million US$ in 2017 to -1.47 million US$ in 2022, indicating either increasing inventory levels held on the balance sheet or valuation approaches resulting in significant inventory recognition.

Property and Equipment

These assets decreased in net value from -150,240 thousand US$ in 2017 to approximately -149,896 thousand US$ in 2022 after some fluctuations, suggesting relatively stable investment in fixed assets with minor variations.

Gross Deferred Tax Liabilities and Net Deferred Tax Liabilities

Gross deferred tax liabilities demonstrate a general rising trend, increasing from -2.89 million US$ in 2017 to peaks exceeding -3.2 million US$ in 2021 before dropping to -3.09 million US$ in 2022. Correspondingly, net deferred tax liabilities also fluctuate widely, showing significant negative values throughout, reflecting ongoing deferred tax obligations with heightened volatility.

In summary, the data reveals significant changes in deferred tax assets and liabilities starting around 2020, increased litigation liabilities, sizeable swings in credit loss allowances, and considerable shifts in lease accounting entries. These points indicate evolving tax positions, regulatory and legal impacts, as well as responses to accounting standards related to leases and goodwill impairments over the period analyzed.

Deferred Tax Assets

The deferred tax assets were not reported from 2017 through 2019, but appeared beginning in 2020. From 2020 to 2022, the deferred tax assets showed a declining trend. In 2020, the assets were recorded at $361,640 thousand, decreasing to $290,791 thousand in 2021, and further declining to $237,571 thousand in 2022. This suggests a reduction in the taxable temporary differences or a corresponding decrease in the expected tax benefits over this period.

Deferred Tax Liabilities

The deferred tax liabilities exhibited fluctuations throughout the six-year period. There was a noticeable decrease from $2,492,612 thousand in 2017 to $1,829,410 thousand in 2018. The liabilities slightly increased in 2019 to $1,860,195 thousand, followed by a significant decline to $686,485 thousand in 2020. The subsequent years saw a sharp increase, reaching $1,685,296 thousand in 2021 and then a slight decrease to $1,620,413 thousand in 2022. These movements indicate changes in the timing differences that give rise to deferred tax liabilities, potentially reflecting variations in asset valuations or tax planning strategies over time.

The analysis of the financial data over the reported periods reveals several notable trends in assets, liabilities, equity, and net income, both in reported and adjusted terms.

Total Assets

Total assets, both reported and adjusted, generally demonstrate an upward trajectory from 2017 through 2021, peaking in the fiscal year ending September 30, 2021. The reported total assets increased steadily from approximately $35.3 billion in 2017 to about $57.3 billion in 2021 before slightly declining to $56.6 billion in 2022. The adjusted total assets follow a similar pattern, peaking close to $57.0 billion in 2021 and slightly decreasing in 2022 to approximately $56.3 billion.

Total Liabilities

Reported total liabilities closely mirror the trends observed in total assets, rising from $33.3 billion in 2017 to $56.7 billion in 2021, with a modest decrease to roughly $56.5 billion in 2022. Adjusted total liabilities rise in parallel, increasing from around $30.8 billion in 2017 to $55.1 billion in 2021 before a moderate reduction to $54.9 billion in 2022. The data indicates that liabilities consistently represent a substantial proportion of total assets throughout the period.

Stockholders’ Equity (Deficit)

There is a marked divergence in the trends of reported versus adjusted stockholders’ equity. Reported equity initially increases from approximately $2.1 billion in 2017 to a peak of about $2.9 billion in 2018 but then declines sharply, turning negative from 2020 onward, recording a deficit close to $1.0 billion in 2020, and remaining negative through 2022. In contrast, the adjusted equity figures remain positive across most periods except for a significant decrease in 2020, reflecting a deficit of about $0.7 billion, but recover somewhat in the subsequent years, reaching approximately $1.2 billion in 2022. This contrast suggests that adjustments, potentially for deferred taxes or other items, materially affect the equity representation, mitigating the depth of negative equity seen in the reported figures.

Net Income (Loss) Attributable to AmerisourceBergen Corporation

Reported net income exhibits considerable volatility. Initial figures show positive earnings increasing from about $364 million in 2017 to $1.7 billion in 2018, followed by a decline to roughly $855 million in 2019. A significant loss is recorded in 2020, exceeding $3.4 billion in the negative, before returning to positive territory with earnings near $1.5 billion in 2021 and $1.7 billion in 2022. The adjusted net income follows a somewhat parallel pattern but with less pronounced positive earnings prior to 2020 and a markedly larger loss in 2020, exceeding $4.9 billion in the negative. Adjusted net income rebounds strongly in 2021 and 2022, with increases beyond the reported figures, suggesting that the adjustments capture additional factors impacting profitability, likely related to tax treatments or extraordinary items.

In summary, the data indicates that the company experienced growth in assets and liabilities through 2021, with a slight contraction in the latest period. Equity shows a complex picture, with reported figures turning negative in recent years while adjustments improve this outlook. Net income volatility, especially the substantial loss in 2020, significantly impacts both reported and adjusted equity levels. The adjustments across multiple items highlight the impact of deferred taxes or other accounting considerations in portraying a more stabilized financial position and performance over the analyzed periods.

The reviewed financial ratios reveal notable variations and trends over the period from 2017 to 2022. A focus on profitability, efficiency, and leverage ratios adjusted for deferred income tax provides insights into operational and financial performance.

Profitability Margins

The reported net profit margin fluctuates significantly, starting at a low positive of 0.24% in 2017, peaking at 0.99% in 2018, then declining sharply to -1.8% in 2020 before slightly recovering to around 0.7% in 2021 and 2022. The adjusted net profit margin follows a similar pattern but shows a more pronounced dip to -2.61% in 2020, suggesting that adjustments for deferred taxes accentuate the impact of losses during that year. Recovery post-2020 is evidenced by positive margins close to or just under 1%, indicating a gradual return to profitability.

Asset Turnover

Both reported and adjusted total asset turnover ratios display a gently downward trend from 4.34 in 2017 to a nadir near 3.73 (reported) and 3.75 (adjusted) in 2021, before partially rebounding to over 4.2 in 2022. This trajectory implies that asset utilization efficiency improved slightly through 2019, slipped in 2020-2021, and then rebounded towards the last year, indicating fluctuating operational efficiency possibly influenced by external economic conditions.

Financial Leverage

The reported financial leverage ratio shows a steep decline from 17.11 in 2017 to 12.84 in 2018, slight recovery in 2019, followed by a gap in data for 2020, then an anomalous spike to 256.71 in 2021 with no data for 2022. The adjusted financial leverage, which presumably better isolates core leverage, remains more stable but rises from approximately 7.75 in 2017 to a marked increase to 35.26 in 2021 and further up to 48.09 by 2022. This suggests a significant increase in the company's reliance on debt or other liabilities during the latter years, particularly when tax adjustments are considered, implying greater financial risk or strategic financing shifts.

Return on Equity (ROE)

The reported ROE mirrors the volatility seen in leverage, rising sharply from 17.66% in 2017 to 56.55% in 2018, remaining high in 2019, but data is missing for 2020. A dramatic and likely outlier spike occurs in 2021 at 689.46%, potentially influenced by the extreme leverage number, with no reported value for 2022. The adjusted ROE figures, which smooth out some anomalies, show more moderate growth from 15% in 2017 to 18.65% in 2019, with a significant rise to 115.88% in 2021 and further to 161.79% in 2022. The sharp increases in adjusted ROE alongside rising leverage indicate the company may be generating higher returns on equity by employing more leverage, which may raise concerns about financial stability depending on sustainability.

Return on Assets (ROA)

Reported ROA demonstrates a positive but volatile pattern with a low point in 2020 at -7.7%, reflecting operational or extraordinary losses, then recovering to positive levels around 3.00% in 2022. Adjusted ROA is generally higher initially but exhibits a similar pronounced negative dip in 2020 at -11.28%, recovering thereafter to 3.36% by 2022. The greater magnitude of losses reflected in adjusted ROA during 2020 emphasizes the impact of deferred tax adjustments on asset return calculations and points to operational challenges in that year, followed by recovery.

Overall, the data portrays a company experiencing fluctuating profitability and efficiency, with a significant impact of deferred tax adjustments during the 2020 downturn. While asset utilization shows some resilience with recovery after a dip, leverage has increased dramatically after 2019, potentially escalating financial risk. The increase in ROE appears to be leverage-driven, which should be carefully monitored moving forward.

The financial data over the reported periods exhibit notable volatility in both reported and adjusted net income figures. Initially, the reported net income shows a significant increase from 364,484 thousand US dollars in 2017 to 1,658,405 thousand US dollars in 2018. This is followed by a decrease to 855,365 thousand US dollars in 2019. The year 2020 stands out with a substantial reported net loss of 3,408,716 thousand US dollars, indicating a marked deviation from previous profitability. A recovery trend is observed in 2021 and 2022, with net income values of 1,539,932 thousand and 1,698,820 thousand US dollars, respectively.

Adjusted net income exhibits a generally positive trend from 2017 to 2019, increasing from 683,553 thousand US dollars to 883,902 thousand US dollars. However, similar to the reported figures, there is a pronounced downturn in 2020 with an adjusted net loss of 4,953,687 thousand US dollars. Following this, adjusted net income rebounds significantly to 1,874,798 thousand in 2021 and slightly increases to 1,895,004 thousand US dollars in 2022.

Regarding profitability margins, the reported net profit margin starts at a low 0.24% in 2017 and rises notably to 0.99% in 2018. It then declines to 0.48% in 2019 before sharply falling to -1.8% in 2020, reflecting the reported loss that year. The margin recovers partially to 0.72% in 2021 and shows slight decrease to 0.71% in 2022, indicating relative stabilization at a modest profit level.

The adjusted net profit margin trends similarly but with slight differences in magnitude. Starting slightly higher at 0.45% in 2017, it declines to 0.51% in 2018 and remains stable at 0.49% in 2019 before falling significantly to -2.61% in 2020. The margin then recovers to 0.88% in 2021 but decreases slightly to 0.79% in 2022.

Overall, the financial data reflect a period of strong profitability growth up to 2018, followed by significant earnings pressure and losses in 2020, likely due to extraordinary or one-time factors. The subsequent years show a recovery trend with more stable, albeit moderate, profitability margins. The adjusted figures tend to follow the same pattern as the reported ones but generally show slightly higher margin percentages and net income values, indicating adjustments made for non-recurring items have an important impact on the company's reported earnings profiles.

The data reveals several notable trends in the financial metrics over the six-year period ending in September 2022.

Total Assets

The reported total assets consistently increased from approximately 35.3 billion USD in 2017 to a peak of around 57.3 billion USD in 2021, reflecting significant asset growth during this period. However, in 2022, there was a slight decline to approximately 56.6 billion USD. The adjusted total assets follow a very similar pattern, with slight differences starting from 2020 onwards, indicating adjustments likely related to deferred income taxes made that year and subsequent periods.

Total Asset Turnover

The reported total asset turnover ratio displayed a rising trend from 4.34 in 2017 to a high of 4.58 in 2019, indicating improving efficiency in using assets to generate revenue. This was followed by a decline to 3.73 in 2021, suggesting a reduction in asset utilization efficiency during that year. By 2022, there was a recovery to 4.22. The adjusted total asset turnover values closely mirror the reported figures, with minor variations, reinforcing the observed trends.

Relationship Between Asset Growth and Turnover

The substantial growth in assets through 2021 did not correspond with sustained improvement in asset turnover. Instead, asset turnover peaked in 2019 and declined thereafter, especially in 2021, implying that the asset expansion may not have immediately translated to proportional revenue increases or efficient use of those assets. The partial recovery in 2022 suggests efforts to better leverage assets.

The analysis of the financial data over the periods from 2017 to 2022 reveals several notable trends and shifts in the company’s financial position and leverage metrics.

Total Assets

The reported total assets showed a consistent upward trend from 35,316,470 thousand USD in 2017, increasing annually to peak at 57,337,805 thousand USD by 2021, before a slight decline to 56,560,616 thousand USD in 2022. The adjusted total assets followed a very similar pattern, with a peak of 57,047,014 thousand USD in 2021 and a minor decrease to 56,323,045 thousand USD in 2022. This steady growth indicates expanding asset base over the years, especially significant between 2020 and 2021.

Stockholders’ Equity (Deficit)

Reported stockholders’ equity experienced volatility and a downward trend, beginning at 2,064,461 thousand USD in 2017, rising to a high of 2,932,824 thousand USD in 2018, then gradually declining and ultimately turning negative by 2020 with a deficit of -1,018,924 thousand USD. Though there was a partial recovery in 2021 to a positive 223,354 thousand USD, it again fell back into deficit (-211,559 thousand USD) in 2022. Adjusted stockholders’ equity figures were substantially higher than reported, starting at 4,557,073 thousand USD in 2017 and generally remaining stable through 2019. While also dropping into negative territory in 2020 (-694,079 thousand USD), the adjusted equity recovered more strongly in 2021 and 2022 to positive values of 1,617,859 and 1,171,283 thousand USD respectively. This suggests that the adjustments in deferred tax or other items have a material impact on the equity presentation and proffer a less pessimistic view.

Financial Leverage Ratios

The reported financial leverage ratio showed moderate values around 12.84 to 17.11 during 2017-2019, but data is missing for 2020 and around 256.71 in 2021, with no figure for 2022. The sharp spike in 2021 suggests an unusual or atypical leverage situation, potentially related to the negative equity position in the previous year. Adjusted financial leverage rose more steadily from 7.75 in 2017 to 8.27 in 2019, with no data for 2020, then jumping significantly to 35.26 in 2021, and further increasing to 48.09 in 2022. The adjusted leverage demonstrates substantial financial risk or reliance on debt relative to equity, especially in the last two years, although less extreme than the reported ratio in 2021.

In summary, the asset base of the company expanded markedly over the five-year span, but equity positions deteriorated sharply in 2020 before partial recoveries occurred in the two subsequent years when adjusted for deferred tax or other adjustments. The financial leverage ratios reflect increasing reliance on external capital and heightened financial risk in recent years. The divergence between reported and adjusted equity and leverage indicates the importance of considering deferred tax effects to gain a clearer understanding of the financial structure and risk profile.

Over the period analyzed, the reported net income (loss) attributable to the company exhibits significant volatility. It rose markedly from 364,484 thousand USD in 2017 to a peak of 1,658,405 thousand USD in 2018, before declining to 855,365 thousand USD in 2019. A pronounced loss is observed in 2020, with a reported net loss of 3,408,716 thousand USD. The company recovered in subsequent years, reporting positive net incomes of 1,539,932 thousand USD in 2021 and 1,698,820 thousand USD in 2022.

The adjusted net income (loss) series follows a somewhat similar pattern but with higher values, indicating adjustments have a substantial impact on reported profitability. It increased from 683,553 thousand USD in 2017 to 883,902 thousand USD in 2019. The adjusted net income also reflects the significant negative adjustment in 2020, with an adjusted net loss of 4,953,687 thousand USD. Recovery is evident thereafter, with adjusted net incomes of 1,874,798 thousand USD in 2021 and 1,895,004 thousand USD in 2022.

Examining stockholders’ equity, the reported total equity grew steadily from 2,064,461 thousand USD in 2017 to a high of 2,932,824 thousand USD in 2018, followed by a slight decline to 2,878,917 thousand USD in 2019. A sharp deterioration occurs in 2020, with equity turning negative at -1,018,924 thousand USD. A partial recovery is seen in 2021, with a positive but low figure of 223,354 thousand USD, followed by a return to a negative position of -211,559 thousand USD in 2022.

The adjusted stockholders’ equity figures present a higher valuation and less extreme fluctuations compared to reported equity. Starting at 4,557,073 thousand USD in 2017, the figure increased to 4,762,234 thousand USD in 2018 and remained relatively stable through 2019. The 2020 adjusted equity also shows a decline but stays positive at -694,079 thousand USD, indicating some impact of adjustments. Subsequently, adjusted equity increased notably to 1,617,859 thousand USD in 2021 before a decrease to 1,171,283 thousand USD in 2022.

Regarding Return on Equity (ROE), reported ROE shows substantial inconsistencies. It increased from 17.66% in 2017 to a very high 56.55% in 2018, then decreased to 29.71% in 2019. The year 2020 lacks a reported figure, likely due to negative equity or loss, but a striking increase to 689.46% is noted for 2021, followed by missing data in 2022. Adjusted ROE is more stable, ranging from 15% in 2017 to around 18% in 2018 and 2019. Despite the 2020 loss, adjusted ROE improves dramatically to 115.88% in 2021 and further to 161.79% in 2022, reflecting strong relative profitability against adjusted equity.

In summary, the company experienced considerable financial disruptions, particularly in 2020, evidenced by significant losses and negative equity on both reported and adjusted bases. Post-2020, there is clear recovery observable in net income and equity figures, with adjusted metrics generally providing a less volatile and more optimistic view of company performance and financial position. ROE metrics underline these trends, showing fluctuations aligned with income and equity variations, while adjusted ROE depicts a progressive improvement in profitability relative to equity in the latter years.

The financial data indicates notable fluctuations in both reported and adjusted net income attributable to the company over the analyzed period. Reported net income experienced significant variability, with a peak in 2018 at approximately 1.66 billion USD, followed by a substantial decline into negative territory in 2020, reaching a loss of about 3.41 billion USD. Subsequently, reported net income recovered in 2021 and 2022, reaching levels of roughly 1.54 billion and 1.70 billion USD respectively. The adjusted net income follows a similar trend but exhibits higher values during positive periods and more pronounced negative values in 2020, with an adjusted loss nearing 4.95 billion USD, before rebounding to positive figures in the two most recent years above 1.87 billion and 1.89 billion USD.

Total assets, both reported and adjusted, reveal a general upward trend from 2017 through 2021, increasing from around 35.3 billion USD to over 57 billion USD reported, before a slight decrease in 2022 to approximately 56.6 billion USD. Adjusted total assets mirror this pattern closely, indicating that adjustments related to deferred income tax do not materially affect the asset base figures.

The reported return on assets (ROA) exhibits a wide range, consistent with the income volatility observed. ROA started relatively low at 1.03% in 2017, increased to a peak of 4.4% in 2018, then decreased to 2.18% in 2019. In 2020, it turned negative, reaching -7.7%, reflecting the significant net loss in that year. The ROA then recovered to moderate positive levels of 2.69% in 2021 and 3% in 2022.

Adjusted ROA values consistently exceed reported ROA in the earlier years, suggesting that the adjustments provide a more favorable profitability perspective, although both measures follow similar trends. Adjusted ROA peaked at 2.29% in 2018, remained relatively stable in 2019, then dropped sharply to -11.28% in 2020, indicating a more pronounced impact of the losses on adjusted earnings. Following that, adjusted ROA improved to 3.29% in 2021 and 3.36% in 2022, slightly outperforming the reported ROA in those years.

Overall, the data reveals that the company experienced substantial income and profitability volatility within the period, particularly significant losses in 2020 followed by recovery. Total assets grew steadily until 2021 before a minor decline, while adjusted figures for income and ROA tend to amplify income fluctuations but confirm the recovery trend post-2020. The patterns suggest sensitivity to extraordinary or one-off items impacting earnings and highlight the importance of analyzing both reported and adjusted measures to gain a comprehensive understanding of financial performance.