Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Based on: 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31).
- Net Sales
- Net sales demonstrated a consistent upward trend over the six-year period, increasing from approximately $1.90 billion in 2018 to about $3.63 billion in 2023. This represents strong and sustained revenue growth, with notable acceleration in certain years, particularly between 2021 and 2022.
- Cost of Sales
- The cost of sales also rose steadily, from roughly $972 million in 2018 to $1.80 billion in 2023. Although cost of sales increased substantially in absolute terms, the growth was proportionate to net sales, indicating maintained cost management alongside revenue expansion.
- Gross Profit
- Gross profit increased from $932 million in 2018 to $1.83 billion in 2023. The growth in gross profit reflects effective control over costs relative to sales and suggests improved profitability at the gross margin level. The increase in gross profit was consistent, with significant jumps after 2020.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses showed a consistent upward trend, rising from $709 million in 2018 to $1.17 billion in 2023. Although these expenses increased substantially in absolute terms, the growth was in line with business expansion, indicating that the company scaled its operating expenses alongside revenue growth. However, the rising SG&A costs could warrant monitoring to ensure operational efficiency is maintained.
- Income from Operations
- Income from operations improved markedly, increasing from $223 million in 2018 to $653 million in 2023. This growth signals enhanced operational efficiency and profitability, with especially strong gains evident from 2020 onwards. The rise in income from operations outpaced the growth in SG&A expenses, demonstrating effective management of operating costs.
- Interest Income and Expense
- Interest income fluctuated, starting at $3 million in 2018, peaking at nearly $15.6 million in 2023, with some variability in intermediate years. Interest expense remained relatively stable and modest, ranging between $2.1 million and $6 million across the period, with no clear upward or downward trend. The net interest impact appears positive, contributing marginally to overall profitability in later years.
- Other Income (Expense), Net
- The data shows variability in other income (expense), with figures alternating between small gains and losses in earlier years, and a significant jump to positive $13.3 million in 2023. This suggests improved non-operating income or one-time gains in the most recent fiscal year, contributing favorably to profitability.
- Income Before Income Taxes
- Income before income taxes followed a strong upward trajectory, increasing from $221 million in 2018 to $666 million in 2023. This rise aligns with enhanced operating income and improved non-operating income, reflecting overall growth in pre-tax profitability.
- Income Tax Expense
- Income tax expense varied over the years, moving from $106 million in 2018 to $149 million in 2023. The increases are generally proportional to the rise in pre-tax income, suggesting consistency in tax rates or provisions over time.
- Net Income
- Net income showed substantial growth, increasing from $114 million in 2018 to $517 million in 2023. This reflects overall strengthened profitability and effective management throughout the company's operations and financial structure. The rise in net income was steady, with notable acceleration between 2019 and 2021.