Ford Motor Co. (NYSE:F)

Current Income Tax Expense

The current income tax expense demonstrates an overall increasing trend from 2020 to 2023, rising from 486 million US dollars in 2020 to a peak of 1,239 million US dollars in 2023. However, in 2024, there is a notable decrease to 976 million US dollars. This indicates a significant increase in tax payable in the early years followed by a reduction, suggesting either changes in taxable income or tax rates in the last year of the period.

Deferred Income Tax Expense

The deferred income tax expense shows a consistently negative value from 2020 through 2023, indicating a deferred tax benefit each year. The amount grows in magnitude, reaching a maximum benefit of -1,836 million US dollars in 2022. After 2022, the deferred tax benefit lessens in 2023 to -1,601 million US dollars, and then reverses sharply in 2024 to a deferred tax expense of 363 million US dollars. This shift from a deferred tax benefit to an expense suggests significant changes in temporary differences or tax position adjustments in 2024.

Provision for (Benefit from) Income Taxes

The provision for income taxes reflects the net impact of current and deferred taxes. It fluctuates considerably over the period. Starting at a positive 160 million US dollars in 2020, it turns negative at -130 million US dollars in 2021, indicating an overall tax benefit that year. The negative trend intensifies in 2022 with a large tax benefit of -864 million US dollars and lessens to -362 million US dollars in 2023. In 2024, there is a sharp reversal to a significant tax expense of 1,339 million US dollars. These movements align with the trends in current and deferred taxes and suggest volatile tax outcomes possibly related to changes in taxable income, tax regulations, or timing differences impacting the company’s tax expenses.

U.S. statutory tax rate

The U.S. statutory tax rate remained stable throughout the observed period, consistently at 21% across all years from 2020 to 2024.

Non-U.S. tax rate differential

This rate exhibited considerable volatility, starting at -2.6% in 2020, increasing to 1.3% in 2021, then declining sharply to -8.7% in 2022. It partially recovered to -3.4% in 2023 before increasing to a positive 2.9% in 2024, indicating fluctuations in the tax treatment or profitability of non-U.S. operations relative to the U.S. tax rate.

State and local income taxes

State and local income taxes showed a sharp drop from 8.9% in 2020 to 0.5% in 2021, followed by moderate increases to 2.3% and 1.9% in 2022 and 2023 respectively, then a slight decline to 1.7% in 2024, suggesting fluctuations but overall a lower impact compared to 2020.

General business credits

This item demonstrated significant variability, initially at a high of 35.1% in 2020, followed by a reversal to negative figures in 2021 (-2.3%) and 2023 (-15.9%), with a positive rebound to 13% in 2022 and a moderate negative in 2024 (-5.9%). The pattern reflects substantial swings in available credits or their recognition across years.

Nontaxable foreign currency gains and losses

The data show a negative impact of -1.1% in 2020, missing data for 2021, a further negative adjustment of -4.2% in 2022, and missing values for subsequent years, suggesting inconsistent recognition or occurrence of foreign currency gains/losses during this period.

Dispositions and restructurings

This factor contributed negatively to the tax rate consistently when data is available: -0.4% in 2020, a sharp -18.8% in 2021, followed by -7% in 2022 and -14.7% in 2023 with no data for 2024. The pattern indicates significant tax effects due to corporate restructuring or asset disposals, particularly impactful in 2021 and 2023.

U.S. tax on non-U.S. earnings

This tax component showed high variation, peaking at 28.1% in 2020, then dropping to low positive percentages between 2.4% and 7.7% in the subsequent three years, and slightly negative at -0.2% in 2024. These shifts signify changes in the repatriation or taxation of international earnings.

Prior year settlements and claims

Generally minor in magnitude, this item started at 8.3% in 2020, sharply declined to -0.3% in 2021, and settled around low positive rates (1.5% in 2022, 1.2% in 2023, and 0.1% in 2024), indicating settled tax adjustments related to prior periods with diminishing effect over time.

Tax incentives

This category fluctuated near zero with small negative values overall, starting at -6% in 2020, moderating to -0.6% in 2021, turning slightly positive to 2% in 2022, then negative again at -3.9% and -2.2% in 2023 and 2024 respectively, suggesting inconsistent influence of tax incentives on effective tax rates.

Enacted change in tax laws

The impact of enacted tax law changes remained modest and relatively stable, with small positive effects ranging from 1.5% in 2020, declining to about 0.4% by 2024, and a slight negative in 2022 (-2%), indicating minor fluctuations influenced by legislative changes.

Valuation allowances

Valuation allowances showed extreme variation, with a strong negative effect of -108.8% in 2020, a sharp rebound to only -4.7% in 2021, followed by a switch to a positive 6.2% in 2022, then slight negative adjustments in 2023 (-0.7%) and 2024 (-1%). This pattern suggests large write-downs or recoveries in deferred tax assets impacting the effective tax rate in 2020 and 2022.

Other

Miscellaneous factors had minor effects fluctuating around zero: 1.7% in 2020, negative and positive changes in subsequent years, finishing at 1.7% in 2024, indicating small residual tax impacts not categorized elsewhere.

Effective tax rate

The effective tax rate was highly volatile, with a negative rate of -14.3% in 2020 indicating a tax benefit rather than expense, nearly breaching zero at -0.7% in 2021, rising sharply to 28.6% in 2022, dropping back to a negative -9.1% in 2023, and rising to a positive 18.5% in 2024. This variability reflects the combined effects of fluctuating components described above, including valuation allowances, credits, restructuring impacts, and foreign tax differentials.

The analysis of the financial data over the five-year period reveals various notable trends and shifts in several key accounts related to deferred tax assets and liabilities as well as operational expenditures.

Net Operating Loss Carryforwards

This item shows a significant overall increase from 1,584 million US$ in 2020 to 7,458 million US$ in 2024, with a notable spike in 2023. This indicates an accumulation of losses that the company expects to utilize against future taxable income.

Tax Credit Carryforwards

There is a consistent decline in tax credit carryforwards, falling from 11,037 million US$ in 2020 to 7,993 million US$ in 2024, suggesting the gradual usage or expiration of available tax credits over time.

Research Expenditures

Research expenditures have shown considerable growth, nearly quadrupling from 1,321 million US$ in 2020 to 4,873 million US$ in 2024, reflecting increased investment in innovation and development activities.

Dealer and Dealers’ Customer Allowances and Claims

These allowances and claims have increased steadily, rising from 2,145 million US$ in 2020 to 3,498 million US$ in 2024, indicating growing provisions for dealer incentives and customer-related claims.

Employee Benefit Plans

The recorded amounts for employee benefit plans demonstrate a declining trend from 4,760 million US$ in 2020 to 2,010 million US$ in 2024 after an initial drop in 2021, which may suggest changes in benefit obligations or funding status.

Other Foreign Deferred Tax Assets

These assets increase considerably from 729 million US$ in 2020 to a peak of 3,456 million US$ in 2023 before declining to 2,691 million US$ in 2024, indicating fluctuating deferred tax considerations in foreign jurisdictions.

All Other Deferred Tax Assets

Amounts in this category remain relatively stable, fluctuating modestly around the 2,000 to 2,300 million US$ range over the analyzed period.

Gross Deferred Tax Assets

There is a general upward trend from 23,911 million US$ in 2020 to 30,518 million US$ in 2024, reflecting an accumulation of total deferred tax assets over time.

Valuation Allowances

Valuation allowances initially decrease from -1,981 million US$ in 2020 to -822 million US$ in 2022, indicating reduced estimated uncollectibility, but then increase significantly to -4,187 million US$ in 2023 with a slight improvement to -3,856 million US$ in 2024, suggesting increased caution or assessment of realizability of deferred tax assets.

Net Deferred Tax Assets

Net deferred tax assets show consistent growth, rising from 21,930 million US$ in 2020 to 26,662 million US$ in 2024, despite fluctuations in valuation allowances.

Leasing Transactions

Deferred tax liabilities related to leasing transactions increase in magnitude (negative amounts increasing) from -3,299 million US$ in 2020 to -3,523 million US$ in 2024, reflecting growing obligations or timing differences in leasing activities.

Depreciation and Amortization, Excluding Leasing Transactions

This liability category also shows an increasing trend in negative values from -3,218 million US$ in 2020 to -3,590 million US$ in 2024, consistent with increased amortization timing differences.

Finance Receivables

Deferred tax liabilities related to finance receivables become less negative over time, moving from -574 million US$ in 2020 to -524 million US$ in 2024, indicating a reduction in tax timing differences associated with financing operations.

Carrying Value of Investments

There is a notable volatility and eventual data gap with negative values ranging from -144 million US$ in 2020 to -2,149 million US$ in 2021, then a decrease in magnitude in 2022, and no data for subsequent years, suggesting possible changes or discontinuation of this recorded item.

Other Foreign Deferred Tax Liabilities

These liabilities grow moderately in magnitude from -839 million US$ in 2020 to -1,381 million US$ in 2024, indicating increasing deferred tax obligations in foreign countries.

All Other Deferred Tax Liabilities

They fluctuate, with values around -2,000 million US$ to -2,300 million US$, showing a moderate increasing trend in magnitude over the period.

Deferred Tax Liabilities (Total)

Total deferred tax liabilities fluctuate moderately but overall increase in magnitude, from -10,045 million US$ in 2020 to -11,361 million US$ in 2024.

Net Deferred Tax Assets (Liabilities) Position

The net position of deferred tax assets and liabilities improves steadily from 11,885 million US$ in 2020 to 15,301 million US$ in 2024, indicating a strengthening net asset position related to deferred taxes.

Deferred Tax Assets

The value of deferred tax assets shows a consistent upward trend from 2020 through 2023, increasing from $12,423 million in 2020 to a peak of $16,985 million in 2023. However, in 2024, there is a slight decline to $16,375 million. This trend suggests an overall growth in deferred tax assets over the period, with a minor reduction in the latest year under review.

Deferred Tax Liabilities

Deferred tax liabilities exhibit a different pattern. Starting at $538 million in 2020, the liabilities increased sharply to $1,581 million in 2021. From 2021 onward, the liabilities decreased steadily, reaching $1,005 million in 2023, followed by a small increase to $1,074 million in 2024. This indicates volatility with a peak in 2021 and subsequent gradual reduction, with a marginal uptick in the latest year.

Overall Insights

The analysis reveals that deferred tax assets have expanded significantly over the five-year period, indicating increasing potential future tax benefits. In contrast, deferred tax liabilities rose sharply in the initial period but have largely moderated since 2021. The narrowing gap between these figures in 2024 compared to prior years may reflect shifts in tax positions or changes in the company's operational or financial strategies impacting its tax obligations and benefits.

The financial data over the five-year period exhibits notable fluctuations and underlying trends in Ford Motor Co.'s assets, liabilities, equity, and net income, particularly when comparing reported figures to adjusted figures reflecting deferred income tax considerations.

Total Assets

The reported total assets show a slight decline from 267,261 million USD in 2020 to 255,884 million USD in 2022, followed by a rebound to 285,196 million USD in 2024. The adjusted total assets mirror this pattern but remain consistently lower, starting at 254,838 million USD in 2020 and increasing to 268,821 million USD in 2024. This suggests adjustments related to deferred taxes reduce the asset base but both reporting bases reflect growth after 2022.

Total Liabilities

Reported total liabilities decreased from 236,450 million USD in 2020 to 208,413 million USD in 2021, before increasing steadily to 240,338 million USD in 2024. Adjusted liabilities follow a similar trajectory, albeit slightly lower in magnitude, starting at 235,912 million USD in 2020 and rising to 239,264 million USD in 2024. The initial decrease suggests early liability management or repayment, while the subsequent increase could indicate increased borrowing or obligations aligning with asset growth.

Equity Attributable to Ford Motor Company

Reported equity shows a strong recovery in 2021, rising from 30,690 million USD in 2020 to 48,519 million USD, then declining to 42,242 million USD in 2022, and stabilizing around 44,835 million USD by 2024. Adjusted equity values present a similar trend but with lower absolute values, starting at 18,805 million USD in 2020, peaking at 36,304 million USD in 2021, and decreasing to 29,534 million USD in 2024. The divergence between reported and adjusted equity suggests significant deferred tax impacts on equity assessment, with adjusted figures reflecting a more conservative view. The 2021 peak likely reflects a significant improvement in profitability or capital structure adjustments, partially reversed in subsequent years.

Net Income (Loss) Attributable to Ford Motor Company

Reported net income reveals considerable volatility, with a loss of 1,279 million USD in 2020, a substantial profit of 17,937 million USD in 2021, followed by a return to loss of 1,981 million USD in 2022. Profitability resumes in 2023 and 2024 with 4,347 million USD and 5,879 million USD respectively. Adjusted net income follows a comparable pattern, except losses are generally larger when adjusting for deferred taxes: -1,605 million USD in 2020, a high of 17,081 million USD in 2021, then a more pronounced loss of 3,817 million USD in 2022. The adjusted net income remains positive but lower than reported figures in 2023 and 2024, reflecting deferred tax effects. The sharp turnaround in 2021 suggests an extraordinary recovery or one-time gain, while 2022’s losses indicate operational or market challenges.

Overall, the data reveals a company maneuvering through volatile profitability with significant tax-related adjustments affecting asset, equity, and income valuations. The period after 2022 marks a phase of recovery and asset growth. The adjusted figures provide a more cautious financial perspective, emphasizing the impact of deferred taxes on the financial position and results.

Net Profit Margin

The reported net profit margin exhibited significant volatility over the analyzed period. It started negative at -1.1% in 2020, rose sharply to 14.21% in 2021, declined to -1.33% in 2022, and then showed moderate positive improvement to 2.62% in 2023 and 3.4% in 2024. The adjusted net profit margin followed a similar pattern but with consistently lower values than the reported figures, indicating that after adjusting for deferred taxes, profitability was somewhat less favorable. The adjusted margin peaked at 13.53% in 2021 and dropped to -2.56% in 2022, with a gradual recovery to 3.61% by 2024.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios demonstrated a clear upward trend throughout the period. Reported figures increased steadily from 0.43 in 2020 to 0.61 by 2023, remaining stable into 2024. Adjusted turnover values were consistently higher than reported ones, rising from 0.45 in 2020 to a peak of 0.65 in 2023, before a slight decline to 0.64 in 2024. This trend suggests improving efficiency in utilizing assets to generate revenue, with the adjusted data indicating slightly better operational performance.

Financial Leverage

There is considerable difference between reported and adjusted financial leverage ratios. Reported leverage decreased notably from 8.71 in 2020 to 5.3 in 2021, then increased gradually reaching 6.39 in 2023 and slightly declining to 6.36 in 2024. In contrast, adjusted leverage started very high at 13.55 in 2020, dropped sharply to 6.7 in 2021, then steadily climbed to a peak of 9.57 in 2023 before a moderate decrease to 9.1 in 2024. The higher adjusted financial leverage indicates increased reliance on debt or liabilities after tax adjustments, reflecting a more leveraged financial structure than the reported figures suggest.

Return on Equity (ROE)

The reported ROE fluctuated markedly, mirroring trends seen in net profit margins. It was negative at -4.17% in 2020, surged to a strong positive 36.97% in 2021, turned negative again at -4.58% in 2022, and then improved progressively to 10.16% and 13.11% in 2023 and 2024, respectively. Adjusted ROE followed the same volatility but with more extreme values, starting from -8.53% in 2020, peaking at 47.05% in 2021, falling steeply to -13.05% in 2022, then rising to 10.25% in 2023 and 21.13% in 2024. This indicates greater variability in shareholder returns when adjusting for deferred taxes, but also a strong recovery trend in the latest two years.

Return on Assets (ROA)

Reported ROA showed negative profitability at -0.48% in 2020, a significant increase to 6.98% in 2021, a decline to -0.77% in 2022, and then a gradual improvement to 1.59% and 2.06% in 2023 and 2024. Adjusted ROA values were consistently lower, especially notable in 2022 with a deeper negative value of -1.59%, but showed a steady recovery to 2.32% by 2024. The data suggest that asset profitability was subject to notable fluctuations, with adjustments revealing a more conservative assessment of asset returns.

Net Income Trends

The reported net income attributable to the company experienced significant fluctuations over the five-year period. Starting with a loss of $1,279 million in 2020, there was a substantial recovery in 2021 with a profit of $17,937 million. However, the following year saw a return to losses amounting to $1,981 million in 2022. The company regained profitability in 2023 and 2024, reporting net incomes of $4,347 million and $5,879 million respectively. The adjusted net income follows a similar pattern but shows more pronounced losses in 2020 and 2022 and smaller profits in 2023, while improving notably in 2024 to $6,242 million.

Profit Margin Patterns

The reported net profit margin reflects the net income trend, showing a negative margin of -1.1% in 2020, which increased sharply to 14.21% in 2021. This positive margin declined to -1.33% in 2022, indicating a loss, but subsequently improved to 2.62% in 2023 and 3.4% in 2024. The adjusted net profit margin exhibits a similar trajectory but with slightly lower margins overall. It starts at -1.38% in 2020, rises to 13.53% in 2021, declines more steeply to -2.56% in 2022, and then improves to 1.66% in 2023 and 3.61% in 2024.

Comparative Insights Between Reported and Adjusted Figures

The adjusted figures generally show a more conservative profitability view, especially noticeable in the years of loss where adjusted net income and margins are worse than the reported figures. This suggests that adjustments related to deferred income taxes or other accounting considerations significantly impact the net income calculation. The gap between reported and adjusted figures narrows in profitable years, particularly by 2024, where adjusted net income exceeds reported net income, and adjusted net profit margin slightly surpasses the reported margin.

Overall Financial Performance

The company's financial performance over the analyzed period is marked by volatility, with clear cycles of profit and loss. The peak performance in 2021 indicates a strong recovery or favorable conditions that were not sustained into 2022. The subsequent recovery in 2023 and continued improvement into 2024 point to a stabilization and gradual strengthening of profitability. The adjustments for income taxes and other factors appear to moderate reported results, providing a more cautious assessment of financial health.

Total Assets

Reported total assets exhibited a slight decline from 267,261 million US dollars in 2020 to 255,884 million in 2022, followed by a rebound to 285,196 million in 2024. Adjusted total assets mirrored this trend, decreasing from 254,838 million in 2020 to 240,332 million in 2022, then increasing to 268,821 million by 2024. Overall, total asset values decreased during the early years and subsequently experienced recovery and growth towards the end of the observed period.

Total Asset Turnover

Reported total asset turnover improved steadily from 0.43 in 2020 to 0.61 by 2023, maintaining stability through 2024. Adjusted total asset turnover followed a similar upward trajectory, increasing from 0.45 in 2020 to a peak of 0.65 in 2023, then slightly decreasing to 0.64 in 2024. These figures indicate enhanced efficiency in using assets to generate revenue over the period, with adjusted data suggesting marginally higher turnover ratios than reported data.

Comparative Insights

The adjusted figures consistently present lower total asset values but higher asset turnover ratios compared to reported figures, implying that adjustments for income tax have a dampening effect on total assets while indicating improved asset utilization efficiency. The parallel trends between reported and adjusted data validate the overall directional conclusions drawn regarding asset levels and turnover efficiency.

Total Assets

The reported total assets show a general decline from 267,261 million USD in 2020 to 255,884 million USD in 2022, followed by an increase to 285,196 million USD in 2024. Adjusted total assets exhibit a similar trend but at consistently lower values, decreasing from 254,838 million USD in 2020 to 240,332 million USD in 2022, then rising to 268,821 million USD in 2024. This indicates an initial contraction in the asset base in the early period, with recovery and growth in the later years.

Equity Attributable to the Company

Reported equity attributable to the company increased sharply from 30,690 million USD in 2020 to 48,519 million USD in 2021, then declined to 42,242 million USD in 2022, remaining relatively stable thereafter. Adjusted equity follows a different pattern, starting significantly lower than reported values at 18,805 million USD in 2020, surging to 36,304 million USD in 2021, before progressively decreasing to 29,534 million USD in 2024. The disparity between reported and adjusted equity suggests considerable impacts from income tax or other adjustment items affecting equity measurement.

Financial Leverage

Reported financial leverage ratios decrease markedly from a high of 8.71 in 2020 to 5.3 in 2021, before gradually rising to settle around 6.36 by 2024. In contrast, adjusted financial leverage starts substantially higher at 13.55 in 2020, declines to 6.7 in 2021, and then steadily increases to 9.1 in 2024. The adjusted leverage ratios remaining consistently above the reported ones indicate that adjustments, possibly related to deferred income tax effects, have a significant amplifying impact on the company's leverage profile over the period.

Overall Analysis

The data reveal a cycle of contraction and subsequent expansion in the asset base coupled with fluctuating equity values influenced by adjustments. The stronger volatility and higher levels in adjusted financial leverage highlight the importance of considering deferred income taxes or other adjustments for a comprehensive understanding of the company’s financial risk. The divergence between reported and adjusted figures underscores the material effect of tax or accounting adjustments on key financial metrics.

The data reveals notable fluctuations in both reported and adjusted financial performance metrics over the five-year period analyzed. The reported net income attributable to the company initially exhibited a significant loss in 2020, followed by a substantial recovery in 2021. This trend reversed again in 2022 with another loss, before returning to positive territory in 2023 and improving further in 2024. Similarly, adjusted net income shows a comparable pattern but with greater magnitude in losses for the years 2020 and 2022, and more moderate recoveries in the subsequent years.

Equity attributable to the company, when reported, demonstrates an upward trajectory from 2020 to 2021, followed by a decrease over the next two years, and a slight recovery in 2024. The adjusted equity figures follow a similar pattern but at consistently lower levels, indicating the impact of adjustments on equity values that reduce the overall capital base after accounting for deferred income tax or other factors.

Return on equity (ROE) metrics illustrate significant volatility. The reported ROE starts negative in 2020, rises sharply to a high positive value in 2021, drops again to negative in 2022, and then improves steadily in the last two years, reaching positive double digits by 2024. Adjusted ROE magnifies these fluctuations, showing a more pronounced negative return in loss years and a higher peak in 2021. Notably, the adjusted ROE surpasses reported ROE by a substantial margin in 2024, suggesting enhanced profitability when adjusted factors are considered.

Net Income Trends

The oscillation between losses and gains over time highlights a challenging earnings environment with periods of recovery interrupted by setbacks.

The adjusted net income figures emphasize the severity of operational challenges by showing larger losses and smaller gains, pointing to meaningful adjustments impacting the earnings quality.

Equity Developments

The growth in reported equity between 2020 and 2021 indicates capital strengthening, possibly from retained earnings or capital injections.

The subsequent decline in equity over the next two years may reflect losses incurred and potential distributions, with a modest rebound thereafter.

The adjusted equity consistently remains below reported equity, underscoring the impact of deferred income tax adjustments on the financial position.

Return on Equity Insights

The volatile ROE figures reflect the company's earnings instability relative to its equity base.

Adjusted ROE's wider swings suggest that the adjustments significantly affect the assessment of profitability, especially during loss years.

By 2024, the strong positive adjusted ROE indicates improved utilization of equity capital when adjustments are accounted for, which may indicate recovery or improved operational efficiency.

The data indicates notable fluctuations in both reported and adjusted net income over the five-year period. The reported net income shows a pronounced loss in 2020, followed by a strong recovery in 2021, a return to losses in 2022, and subsequent improvements in 2023 and 2024. The adjusted net income follows a similar trend but demonstrates more pronounced negative deviations in 2020 and especially in 2022, with a slower recovery in 2023 compared to the reported figures. In 2024, adjusted net income exceeds the reported figure, suggesting adjustments have a significant impact on profitability in the most recent year.

Total assets, both reported and adjusted, show a downward trend from 2020 through 2022, followed by growth in 2023 and 2024. Reported total assets decrease between 2020 and 2022 by approximately 4.3%, then increase by around 7.5% through 2024. Adjusted total assets show a similar decline, followed by a subsequent rise, though the absolute values are consistently lower than the reported figures, indicating adjustments reduce the asset base across all periods.

Return on assets (ROA) metrics reflect profitability trends consistent with income fluctuations. Reported ROA is negative in 2020 and 2022, indicating losses, then improves to positive values in 2021, 2023, and 2024. Adjusted ROA values are slightly lower than reported ROA in 2020 and 2022, reflecting the deeper adjusted losses in those years, but converge closely or slightly exceed reported ROA in the positive years, particularly in 2024. The upward trajectory of ROA in the last two years signals improving operational efficiency or profitability relative to asset base.

Overall, the financial data demonstrates significant volatility in income and profitability over the period analyzed, with clear recoveries after negative years. Adjustments to income and asset figures highlight the impact of deferred income tax considerations and other adjustments, generally amplifying net losses during loss-making years and moderating profits during profitable years. The gradual buildup of both reported and adjusted assets in recent years, together with improving ROA, suggests strengthening financial performance and asset utilization approaching 2024.

Net Income Trends

Volatile patterns with losses in 2020 and 2022, strong profits in 2021, and gradual recovery in 2023-2024.

Adjusted net income shows larger negative adjustments in loss years and a slower recovery.

Total Assets Movement

Decline from 2020 to 2022, followed by growth in 2023 and 2024 in both reported and adjusted figures.

Adjusted assets consistently lower than reported, reflecting accounting adjustments.

Return on Assets (ROA)

Negative ROA in loss years; positive rebound thereafter.

Adjusted ROA follows similar pattern but generally exhibits more conservative profitability measures.

Financial Implications

Adjustments significantly affect income measures, amplifying losses during downturns and tempering gains during improvement.

Recent improvement in ROA and asset base suggests stabilization and growth potential.