Common-Size Income Statement
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- Income Statement
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2014
- Operating Profit Margin since 2014
- Total Asset Turnover since 2014
- Price to Sales (P/S) since 2014
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue Composition
- The proportion of product revenue relative to total revenue demonstrated an upward trend from 79% in 2020 to a peak of 85.83% in 2023, followed by a slight decline to 84.02% in 2024. Conversely, the service revenue percentage decreased from 21% in 2020 to a low of 14.17% in 2023, with a mild rebound to 15.98% in 2024. This indicates a strategic focus towards product sales over the observed period.
- Cost of Revenue
- Cost of product revenue as a percentage of total revenue deepened from -32.36% in 2020 to a nadir of -35.92% in 2022, then improved to -32.83% by 2024. Service revenue costs showed a moderate decline from -3.7% in 2020 to -2.88% in 2023 but slightly increased to -3.04% in 2024. Overall, total cost of revenue remained elevated, fluctuating between -36.06% and -38.93%, before easing to -35.87%, reflecting some cost optimization in recent years.
- Gross Profit
- Gross profit margin experienced a decline from 63.94% in 2020 to its lowest point of 61.07% in 2022, followed by a recovery toward 64.13% in 2024. This trajectory suggests initial pressures on profitability likely due to rising costs or pricing adjustments, with subsequent improvements possibly arising from cost control or favorable revenue mix changes.
- Operating Expenses
- Research and development expenses steadily decreased from -21% of revenue in 2020 to -14.23% in 2024, showing less emphasis or increased efficiency in this area. Sales and marketing expenses also followed a declining path from -9.9% to -6.1% over the same period, which may indicate improved marketing efficiency or a shift in strategy. General and administrative expenses showed a modest decrease from -2.86% in 2020 to -1.75% in 2024. Total operating expenses thus declined significantly from -33.75% to -22.09%, contributing positively to overall profitability.
- Profitability Metrics
- Income from operations steadily improved from 30.19% of revenue in 2020 to 42.05% in 2024, reflecting both a better gross margin and reduced operating expenses. Interest income exhibited volatility but showed a notable increase from 1.17% in 2020 to 4.44% in 2024. Other income, net, remained marginal but positive. Income before income taxes rose substantially from 31.88% to 46.62%, indicating robust operational and non-operating income gains. Despite an increased provision for income taxes peaking at -5.9%, net income margin expanded markedly from 27.38% to 40.73%, signifying strengthened overall profitability and efficient tax management.