Common-Size Income Statement
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AmerisourceBergen Corp. pages available for free this week:
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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AmerisourceBergen Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
- Revenue and Gross Profit Trends
- Revenue remained stable at 100% across all periods, serving as the baseline for other items measured as a percentage of revenue. Gross profit as a percentage of revenue decreased slightly from 2.97% in 2017 to 2.75% in 2018, followed by minor fluctuations but then improved steadily to reach 3.48% in 2022, indicating a gradual enhancement in cost efficiency or pricing.
- Cost of Goods Sold (COGS)
- The cost of goods sold consistently accounted for a high proportion of revenue, ranging narrowly between 97.03% and 96.52%, reflecting relatively stable production or procurement costs relative to revenue over the six years. A slight downward trend in COGS percentage of revenue suggests some improvement in cost management.
- Operating Expenses
- Distribution, selling, and administrative expenses increased from 1.39% in 2017 to 2.03% in 2022, indicating rising overhead or sales-related costs as a percentage of revenue. Depreciation remained relatively stable around 0.15% to 0.17%. Amortization exhibited variability, with a low of 0.06% in 2020 but increased to 0.13% in 2022. Litigation and opioid-related expenses showed significant volatility, notably peaking at -3.54% in 2020 and then sharply declining to minimal levels in subsequent years.
- Impairment and Restructuring Costs
- Goodwill impairment and impairment of assets appeared sporadically, with small negative values, mostly near zero by 2022, indicating limited impact in recent years. Acquisition, integration, and restructuring expenses were negligible in early years but rose slightly during 2020-2022, though these remained minor relative to revenue.
- Operating Income (Loss)
- Operating income exhibited fluctuations, starting at 0.69% in 2017, peaking at 0.86% in 2018, then declining to a loss of -2.7% in 2020. This loss corresponds with the spike in litigation expenses and impairments during the same year. Recovery occurred in 2021 and 2022 with positive operating margins near 1%, reflecting normalization after extraordinary costs.
- Interest and Other Income/Expense
- Interest expense as a percentage of revenue remained relatively stable around -0.1% throughout the period, while interest income was minimal but occasionally positive. Net interest expense showed minor variation but stayed near -0.09%. Other income/loss items fluctuated near zero, indicating limited impact on overall results.
- Income Before Taxes and Net Income
- Income before income taxes mirrored operating income trends, including a loss of -2.79% in 2020 attributed to exceptional expenses. Income tax expense was notably variable, with a positive tax benefit in 2020 (+1%), contributing to net income loss mitigation. Net income followed a similar pattern: positive but modest returns around 0.2% to 1% in most years, a notable loss in 2020 at -1.79%, and normalization with positive results of approximately 0.7% in 2021 and 2022.
- Attributable Net Income
- The net income attributable to AmerisourceBergen Corporation closely tracked overall net income, with a dip into negative territory in 2020 due to increased expenses and impairments, followed by recovery in the succeeding years.