GameStop Corp. (NYSE:GME)

Current Tax Expense (Benefit)

The current tax expense exhibited notable fluctuations over the periods analyzed. Starting with a positive expense of $96,300 thousand in 2019, it shifted to a negative value of -$23,900 thousand in 2020 and further decreased to -$137,600 thousand in 2021, indicating significant tax benefits recognized during these years. In 2022, the trend reversed sharply to a positive expense of $2,200 thousand, which then increased to $13,600 thousand in 2023 and slightly declined to $6,500 thousand in 2024. This pattern reveals volatility in the current tax charges, with a clear switch from benefits to expenses beginning in 2022.

Deferred Tax Expense (Benefit)

The deferred tax expense also showed considerable variability. In 2019, a tax benefit of -$54,600 thousand was recorded, followed by a large deferred tax expense of $61,500 thousand in 2020 and an even higher expense of $82,300 thousand in 2021. This was succeeded by a reversal to a benefit of -$16,300 thousand in 2022, with minor benefits continuing at -$2,600 thousand in 2023 and -$100 thousand in 2024. The deferred tax figures indicate alternating periods of accrued tax liabilities and reversals, reflecting shifts in deferred tax assets and liabilities management.

Income Tax Expense (Benefit)

The total income tax expense (benefit) reflects the combined influence of current and deferred tax components. The income tax expense was positive at $41,700 thousand in 2019, decreased slightly to $37,600 thousand in 2020, and then turned into a significant benefit of -$55,300 thousand in 2021. The benefit continued but was reduced to -$14,100 thousand in 2022. Subsequently, the income tax expense returned to positive territory with $11,000 thousand in 2023 and $6,400 thousand in 2024. This trend suggests overall tax expense volatility, with pronounced tax benefits during the 2020-2022 period followed by a reversion to tax expense in the latest years.

Summary of Trends

The data reveals a pattern of considerable volatility in both current and deferred income tax expenses over the six-year period. The most notable transaction was the shift from sizeable tax benefits in 2020 and 2021 to positive tax expenses beginning in 2022. Deferred taxes mirrored this behavior with large expenses in 2020 and 2021 followed by benefits starting in 2022. The overall total income tax expense transitioned from steady expenses to significant benefits and back to moderate expenses by 2024, indicating changing tax strategies or adjustments to tax asset and liability recognition.

Federal statutory tax rate

The federal statutory tax rate remained stable at 21% throughout all periods from February 2019 to February 2024.

State income taxes, net of federal effect

This item exhibited significant volatility. Initially negative at -0.9% and -1.0% in 2019 and 2020, it increased sharply to 5.0% in 2021, then decreased to 3.1% in 2022 and 2.3% in 2023. A substantial spike to 151.5% was observed in 2024, indicating an unusual or extraordinary tax impact in that year.

Foreign income tax rate differential

Negative values dominated most years (-0.5% in 2020, -3.9% in 2021, and -35.0% in 2024) with minor positive fluctuations in 2019 (2.8%) and slight positives in 2022 and 2023. The large negative value in 2024 suggests a significant change in foreign tax considerations.

Change in valuation allowance

There was a consistent negative trend from 2020 through 2024, starting at -17.9% in 2020 and reaching -133.4% in 2024. This implies increasing adjustments reducing deferred tax assets or reflecting lowered realizability of tax benefits.

Change in unrecognized tax benefits

The percentage fluctuated, increasing to 3.4% in 2020, then declining and becoming more negative in subsequent years, ending at -20.2% in 2024, reflecting greater recognition or resolution of uncertain tax positions.

Transition tax

Reported only in 2019 at 3%, with no values in later years, indicating a one-time tax event.

Foreign tax credit

Reported only in 2019 and 2020 at very low levels (0.1% and 0.2%), then absent in subsequent periods.

Withholding tax expense

Relatively stable negative small values from 2019 to 2023, with a sudden increase to 5.0% in 2024, suggesting increased withholding tax liabilities or changes in related expenses.

Stock-based compensation

Recorded only from 2021 onwards, showing 6.4% in 2021, a slight decrease to -0.2% in 2022, and a sharp increase to 30.5% in 2024, indicating greater impact of stock-based compensation on the tax rate in recent years.

Impairment of goodwill

Significant negative impacts were recorded in 2019 (-25.6%) and 2020 (-15.4%), with no subsequent impacts, suggesting impairment charges were recognized primarily in those years.

Nondeductible interest

Reported only in 2019 and 2020, with a notable decrease from -4.2% to -0.1%, then not reported afterward.

U.S. impact of foreign operations

Reported only once in 2021 at 7.6%, indicating a one-time effect related to foreign business operations.

Incremental benefit of net operating loss carryback

Observed starting 2021 at 23.5%, then declining to 3.6% in 2022 and 1.1% in 2023, showing diminishing benefits of operating loss carrybacks over time.

Loss on worthless debt and related investment

Reported in 2021 and 2022 with values of 10.7% and 5.5%, indicating recognition of losses related to debt impairments during those years.

Simply Mac loss on sale

Reported only in 2020 at 1.6%, suggesting a discrete loss event in that year.

Other, including permanent differences

Varied over the years, with minor fluctuations around zero from 2019 to 2023, but with a substantial increase to 29.5% in 2024, indicating a notable impact from miscellaneous or permanent tax differences that year.

Effective tax rate

The effective tax rate was negative in 2019 (-5.5%) and 2020 (-8.8%), rose sharply to 20.5% in 2021, then dropped to 3.6% in 2022 and again became negative (-3.6%) in 2023. A significant increase to 48.9% was observed in 2024. These fluctuations reflect considerable variability in tax expense relative to income, likely driven by the items discussed above.

The financial data reveals several noteworthy trends and fluctuations across various items over the analyzed periods.

Inventory

The inventory values show significant volatility, starting at $14,700 thousand in 2019 and declining sharply to $1,500 thousand by 2021. Afterward, there is a rebound reaching $13,600 thousand in 2024, indicating fluctuations in stock levels potentially linked to operational or market conditions.

Deferred Rents

Deferred rents decrease notably from $3,900 thousand in 2019 to $700 thousand in 2024, with some minor increases in 2021. This suggests a steady reduction in rent obligations or changes in lease agreements over time.

Operating Lease Liabilities and Right-of-Use Assets

Operating lease liabilities peak around 2021 at $212,300 thousand, then steadily decline to $140,800 thousand by 2024. Correspondingly, operating lease right-of-use assets follow a similar downward trend, decreasing from approximately -$198,500 thousand in 2020 to -$127,100 thousand in 2024, reflecting ongoing lease liability amortization or lease terminations.

Stock-Based Compensation

Stock-based compensation exhibits a notable increase, especially in 2022 and 2023, reaching $10,000 thousand in 2023 before declining to $4,500 thousand in 2024. This spike may relate to increased employee incentives or equity compensation programs during that period.

Net Operating Losses and Other Loss Carryforwards

These carryforwards grow substantially from $78,500 thousand in 2019 to a peak of $280,700 thousand in 2023, slightly decreasing to $273,700 thousand in 2024. This upward trend indicates accumulated tax loss benefits available to offset future taxable income.

Customer Liabilities

Customer liabilities fluctuate with a low of $11,600 thousand in 2020, rising sharply to $34,300 thousand in 2023, then decreasing to $21,700 thousand in 2024, suggesting variability in customer deposits or owed amounts.

Property and Equipment

Values for property and equipment show a decline from $11,300 thousand in 2019 to a negative balance in subsequent years (e.g., -$7,900 thousand in 2021), indicating disposals, impairments, or accounting adjustments impacting asset valuation.

Credits, Accrued Compensation, Intangible Assets, and Goodwill

Credits remain relatively stable until a sharp fall to $7,700 thousand in 2024. Accrued compensation steadily declines from $12,100 thousand in 2019 to $3,100 thousand in 2024. Intangible assets peak around 2021 at $29,800 thousand but then decrease significantly to $700 thousand in 2024, while goodwill steadily declines from $1,500 thousand to $500 thousand in the same period, possibly indicating impairment or asset write-downs.

Other Items

“Other” accounts increase notably between 2019 and 2022, peaking at $48,400 thousand, then decreasing to $33,900 thousand by 2024. Negative values recorded in certain years may reflect adjustments or specific liabilities.

Deferred Tax Assets and Valuation Allowance

Deferred tax assets rise significantly from $194,000 thousand in 2019 to a peak of $590,300 thousand in 2023, then decline to $500,900 thousand in 2024. The valuation allowance also increases in negative magnitude over time, reaching -$408,500 thousand in 2023 before improving slightly to -$355,200 thousand in 2024. The net deferred tax assets thus decrease across the periods, suggesting cautious recognition of future tax benefits amid uncertainty.

Prepaid Expenses

Prepaid expenses progressively decrease from -$3,600 thousand in 2019 to around -$300 thousand in 2024, indicating reduced prepaid costs or amortization of such expenses over time.

Deferred Tax Liabilities and Net Deferred Tax Assets (Liabilities)

Deferred tax liabilities have increased sharply since 2019, peaking at -$217,600 thousand in 2021 and subsequently declining in 2024 to -$128,400 thousand. Net deferred tax assets (liabilities) show considerable variation, with a high of $147,200 thousand in 2019 dropping to lower levels, indicative of shifting balances between deferred tax assets and liabilities.

Overall, the data reflects substantial volatility in asset valuations, liabilities, and deferred tax positions. The trends suggest dynamic operational activities including leases, asset disposals or impairments, tax strategy adjustments, and compensation management. The growth in deferred tax assets alongside increasing valuation allowances implies cautious recognition of tax benefits in the face of evolving financial circumstances.

Deferred Income Taxes, Assets

The deferred income tax assets exhibit a noticeable declining trend from February 2, 2019, through February 3, 2024. Initially recorded at 147,300 thousand US dollars in early 2019, the figure decreased significantly to 83,000 thousand by February 2020. Thereafter, the data for January 30, 2021, is unavailable, but a sharp drop to 16,300 thousand is observed by January 29, 2022. Subsequently, a slight increase to 18,300 thousand occurs in January 28, 2023, followed by a minor decline to 17,300 thousand as of February 3, 2024. This pattern indicates a sustained reduction in deferred tax assets over the analyzed period, with a brief stabilization near the later dates.

Deferred Income Taxes, Liabilities

Deferred income tax liabilities, while generally lower in magnitude compared to assets, show an increasing trend in the early part of the timeline. From a level of 100 thousand US dollars as of February 2, 2019, the liabilities rose to 700 thousand by February 1, 2020. Information for the subsequent years is missing, preventing further trend analysis in this category beyond early 2020.

Assets

The reported total assets experienced a significant decline from 4,044,300 thousand USD in February 2019 to 2,470,600 thousand USD by January 2021. After this trough, there was some recovery, with assets increasing to 3,499,300 thousand USD in January 2022, followed by a decline over the next two years reaching 2,709,000 thousand USD in February 2024. The adjusted total assets mirrored this pattern closely, showing an initial decrease from 3,897,000 thousand USD in 2019 to 2,472,600 thousand USD in 2021, a subsequent increase to 3,483,000 thousand USD in 2022, and another steady decline down to 2,691,700 thousand USD by 2024.

Liabilities

Total liabilities exhibited a declining trend throughout the period. Reported total liabilities decreased consistently from 2,708,100 thousand USD in 2019 to 1,370,400 thousand USD in 2024. Adjusted total liabilities followed a nearly identical downward trajectory, indicating a substantial reduction in the company's obligations over the years covered.

Equity

The reported stockholders' equity showed a sharp drop from 1,336,200 thousand USD in early 2019 to 436,700 thousand USD in early 2021, indicating a period of weakening financial position. Following this, equity rebounded strongly to 1,602,500 thousand USD in 2022 before moderating to 1,338,600 thousand USD in 2024. Adjusted equity followed a similar pattern, declining to 436,700 thousand USD in 2021 and then recovering to approximately 1,321,300 thousand USD by 2024. This suggests that the company's net asset base experienced a period of stress followed by recovery and relative stabilization.

Net Income (Loss)

The reported net income figures highlight persistent losses over the period from 2019 to 2023, with negative results ranging from -673,000 thousand USD in 2019 to -313,100 thousand USD in 2023. Notably, there was a marked improvement in the most recent year, exhibiting a slight positive net income of 6,700 thousand USD in 2024. Adjusted net income mirrored this trajectory, with losses decreasing from -727,600 thousand USD in 2019 to a near breakeven positive result of 6,600 thousand USD in 2024. This trend reveals gradual operational improvement and a possible return to profitability.

Overall Observations

The financial data shows a company undergoing significant restructuring and financial stress between 2019 and early 2021, as evidenced by declining assets, worsening equity, and large losses. From 2021 onwards, the company appears to stabilize, with asset levels partly recovering and liabilities decreasing steadily. Stockholders’ equity rebounded substantially after 2021, reflecting improved financial health. The progression towards positive net income in 2024 marks a significant turning point, suggesting that the company’s efforts to improve profitability are beginning to yield results. The close alignment between reported and adjusted figures indicates consistency in accounting treatment of income taxes over the period.

Net Profit Margin Trends

The reported net profit margin has experienced a consistent negative trajectory from -8.12% in 2019, slightly improving toward a near break-even point of 0.13% in 2024. The adjusted net profit margin follows a similar trend, starting lower at -8.78% in 2019, with fluctuations that mirror the reported figures, eventually aligning at 0.13% in 2024. This indicates an overall movement from losses toward marginal profitability over the examined periods.

Total Asset Turnover Trends

Reported total asset turnover increased from 2.05 in 2019 to a peak of 2.29 in 2020, then decreased steadily to 1.72 in 2022 before a modest recovery to 1.95 in 2024. Adjusted total asset turnover exhibits a parallel pattern, reaching 2.36 in 2020 before falling to 1.73 in 2022 and rising slightly to 1.96 by 2024. This suggests an initial increase in asset efficiency with subsequent decline and partial recovery.

Financial Leverage Trends

Reported financial leverage rose sharply from 3.03 in 2019 to a high of 5.66 in 2021, then declined significantly to 2.02 in 2024. Adjusted financial leverage shows similar movements, peaking at 5.17 in 2020 and matching the reported peak of 5.66 in 2021, followed by a decrease to 2.04 in 2024. This pattern indicates a period of increased reliance on debt or equity financing before deleveraging in the latter periods.

Return on Equity (ROE) Trends

The reported ROE was deeply negative throughout most of the periods, starting at -50.37% in 2019 and worsening to -77.01% in 2020, before improving to nearly break even at 0.5% in 2024. Adjusted ROE shows a comparable trajectory but with some differences in magnitude, beginning at -61.19% and also converging to 0.5% by 2024. This suggests significant losses initially, with a gradual improvement in equity returns over time.

Return on Assets (ROA) Trends

Reported ROA follows a negative trend from -16.64% in 2019, declining further to -16.7% in 2020, then improving somewhat to -10.9% in 2022 and reaching a slight positive level of 0.25% in 2024. Adjusted ROA exhibits a similar movement, with values ranging from -18.67% in 2019 to a positive 0.25% in 2024. This reflects an overall improvement in asset profitability despite sustained losses in earlier years.

Net Income (Loss) Trends

Over the time span from February 2019 to February 2024, reported net income shows a general improvement despite persistent losses for most periods. Starting with a considerable loss of $673 million in 2019, the company reduced its loss magnitude to around $313 million by 2023. In 2024, the net income turned positive to approximately $6.7 million, indicating a significant turnaround from prior years.

The adjusted net income figure follows a similar trend to the reported values, beginning at a larger loss of approximately $728 million in 2019 and steadily improving to near break-even status in 2024 with a small positive figure. Notably, the adjusted losses are consistently higher in magnitude than the reported losses until the most recent year, reflecting the company's efforts to consider deferred tax and income adjustments.

Net Profit Margin Trends

The reported net profit margin percentage also exhibits an improving trajectory. Beginning at -8.12% in 2019, the margin improves slightly over time but remains negative through 2023, worsening somewhat in 2022 to -6.34%. However, by 2024 it turns positive, reaching 0.13%, corresponding with the shift in net income to profitability.

The adjusted net profit margin, which accounts for deferred income tax and other adjustments, is generally lower (more negative) than the reported margin in all periods except the latest. It starts at a wider deficit of -8.78% in 2019, improves towards -5.33% in 2023, and matches the reported margin's positive 0.13% in 2024, suggesting that the adjustments have a significant impact on profitability representation.

Overall Observations

The data reveals a persistent challenge in achieving profitability over the examined period, with substantial net losses and negative profit margins up to 2023. Adjusted figures consistently demonstrate a slightly more conservative financial position than reported figures, emphasizing the impact of accounting adjustments such as deferred taxes.

The notable positive shift in 2024, where both net income and net profit margin become slightly positive, could imply operational improvements, cost management, or beneficial accounting treatments leading to reported profitability. This turning point marks a significant change in the company's financial health trajectory.

Asset Levels

Over the analyzed periods, reported total assets show a general declining trend from February 2019 to February 2024, decreasing from approximately 4,044 million US dollars to 2,709 million US dollars. Notably, there is a dip reaching its lowest point in early 2021 at about 2,473 million US dollars, followed by a partial recovery in 2022 and 2023 before declining again in 2024. Adjusted total assets mirror this overall pattern closely, with slightly lower values than reported assets in each period, indicating consistent adjustments primarily reducing asset values. The adjusted asset figures also start at 3,897 million US dollars in 2019 and decrease to 2,691 million US dollars in 2024.

Asset Turnover Ratios

Both reported and adjusted total asset turnover ratios exhibit similar trends and values, with adjusted ratios generally slightly higher than reported ones. The ratios peak in early 2020, reaching approximately 2.29 (reported) and 2.36 (adjusted), indicating improved efficiency in asset utilization during that period. After 2020, the turnover ratios decline significantly in 2022 to their lowest points of 1.72 reported and 1.73 adjusted. There is a moderate recovery in 2023 and 2024, with ratios increasing to near 1.9 to 1.96 respectively.

Insights and Patterns

The decline in total assets suggests a reduction in the company's asset base over the period, potentially from divestments, write-downs, or other balance sheet adjustments. The close alignment of adjusted figures indicates the adjustments mainly trim the assets without altering the overall trend. The improvement in asset turnover through 2020 suggests enhanced operational efficiency or increased sales relative to asset base at that time. However, the notable decline in turnover ratios by 2022 implies reduced efficiency or lower sales relative to assets, which partially rebounds in the subsequent periods. Overall, the data reflects a contracting asset base coupled with fluctuating but somewhat recovering efficiency in asset utilization.

Total Assets

The reported total assets displayed a declining trend from February 2019 through January 2021, dropping from approximately $4.04 billion to $2.47 billion. This downward trend was followed by a significant recovery reaching about $3.50 billion in January 2022, before decreasing again in subsequent years to roughly $2.71 billion by February 2024. The adjusted total assets closely mirrored this pattern, with a similar decline in the initial years, a rebound in 2022, and a decline thereafter, albeit marginally lower than reported values.

Stockholders’ Equity

Reported stockholders’ equity exhibited substantial volatility. It decreased sharply from $1.34 billion in February 2019 to approximately $437 million by January 2021. This was followed by a notable recovery to $1.60 billion in January 2022, and a subsequent decline to approximately $1.34 billion in February 2024. Adjusted stockholders’ equity showed a comparable pattern, with lower absolute values, particularly noticeable in 2019 and 2020, and a recovery in 2022 sustained through 2024.

Financial Leverage

Both reported and adjusted financial leverage ratios increased from around 3.0 and 3.3 respectively in February 2019, peaking at 5.66 in January 2021. Post-peak, leverage ratios declined significantly, falling to approximately 2.18 (reported) and 2.20 (adjusted) by January 2022. A slight upward movement occurred in January 2023, followed by further decreases to approximately 2.02 (reported) and 2.04 (adjusted) in February 2024. The adjusted financial leverage consistently remained slightly higher than the reported metric during this period.

Overall Analysis

The data suggest a period of contraction in asset base and equity from 2019 to early 2021, possibly reflecting operational or market challenges during that timeframe. The significant recovery in total assets and equity in 2022 indicates a turnaround or positive development in financial standing. The reduction in financial leverage ratios from 2021 onwards reflects a deleveraging trend and potentially an improvement in capital structure, which might indicate reduced reliance on debt financing or enhanced equity preservation. Adjustments for deferred income tax effects moderately reduced asset and equity values but did not alter the overall trend and relationship between the financial metrics.

Net Income (Loss) Trends

The reported net income exhibits a consistent pattern of net losses from 2019 through 2023, beginning at -$673 million in 2019 and improving progressively to a loss of -$313.1 million by 2023. In 2024, there is a significant positive shift, with the company reporting a modest net income of $6.7 million. The adjusted net income follows a similar trajectory, with losses steadily decreasing from -$727.6 million in 2019 to -$315.7 million in 2023, and a slight gain of $6.6 million in 2024. This indicates ongoing losses for the majority of the period, followed by a transition into profitability in the most recent year.

Stockholders’ Equity Patterns

Reported stockholders’ equity shows considerable fluctuations over the six-year period. It declines from about $1.34 billion in 2019 to a low of approximately $437 million by 2021, suggesting a substantial erosion of equity. However, equity rebounds sharply to $1.6 billion in 2022 before declining again slightly to around $1.32 billion by 2024. The adjusted stockholders’ equity mirrors this trend, with a decrease from $1.19 billion in 2019 to $437 million in 2021 and recovery to approximately $1.32 billion by 2024. These movements may reflect both operational challenges early on and efforts to restore equity in more recent years.

Return on Equity (ROE) Analysis

The reported ROE remains negative throughout the initial five years, indicating unprofitable operations relative to equity. It starts strongly negative at -50.37% in 2019, worsens to -77.01% in 2020, and then gradually improves to around -23.68% by 2023. Notably, 2024 sees a shift to a slightly positive ROE of 0.5%. Adjusted ROE figures follow a similar pattern, with deeper negative values especially in 2019 and 2020, and a steady improvement ending in the same slight positive ROE of 0.5% in 2024. This suggests the company’s profitability relative to its equity base has moved from substantial losses toward breakeven and marginal gains most recently.

Overall Insights

The data reveal a company experiencing prolonged financial difficulties with significant losses and equity erosion over several years. The gradual improvement in net income and ROE during 2023 and 2024, alongside the recovery in equity, indicates ongoing efforts to stabilize and improve financial performance. The adjustment for income tax effects does not materially alter the overall trends, reinforcing the view that the company has consistently faced operational challenges but may be entering a phase of recovery as evidenced by the positive net income and ROE in the latest year.

Net Income (Loss) Trends

Both reported and adjusted net income (loss) figures exhibit a general pattern of significant losses over the majority of the periods analyzed, with some improvement visible in the most recent period ending February 3, 2024. Initially, the reported net loss was at its highest level of -673,000 thousand US dollars in February 2019, with losses decreasing consistently through January 30, 2021, reaching -215,300 thousand US dollars, indicating a trend toward mitigating losses. However, losses increased again in the subsequent years 2022 and 2023, with reported net losses at -381,300 and -313,100 thousand US dollars respectively. The final period shows a transition to a net income of 6,700 thousand US dollars, marking a significant turnaround. The adjusted net income follows a similar trend but presents slightly higher absolute losses until the final period. For example, in February 2019, adjusted net loss was -727,600 thousand US dollars, with progressive reduction to -133,000 thousand US dollars by January 2021. The adjusted figures also show a worsening in 2022 and 2023, ending again with a minimal positive income in 2024 at 6,600 thousand US dollars.

Total Assets

The reported total assets show a declining trend overall, beginning at 4,044,300 thousand US dollars in February 2019 and decreasing to 2,709,000 thousand US dollars by February 2024. Minor fluctuations exist, with a temporary increase in January 2022 to 3,499,300 thousand US dollars, followed by a subsequent decline in later years. Adjusted total assets mirror this trend closely, starting at 3,897,000 thousand US dollars in 2019 and decreasing steadily to 2,691,700 thousand US dollars in 2024. The slight difference in figures between reported and adjusted assets is consistent across all periods.

Return on Assets (ROA)

Both reported and adjusted ROA metrics remain negative for the majority of the periods under review, reflecting the company's unsatisfactory earning capacity relative to its asset base. Reported ROA starts at -16.64% in February 2019, reaching a low absolute value of -8.71% in January 2021, indicating some improvement before deteriorating to -10.9% in 2022 and -10.06% in 2023. The final period in 2024 shows a positive ROA of 0.25%, aligning with the turnaround in net income. Adjusted ROA reveals a similar trajectory but with more pronounced fluctuations. It declined from -18.67% in 2019 to -5.38% in 2021, worsened again to -11.42% and -10.2% in 2022 and 2023, respectively, before recovering to 0.25% in 2024. This suggests that the adjustments accentuate the impact of extraordinary items or deferred tax effects on profitability during the observed periods.

Overall Insights

The data reveals a strong pattern of net losses and negative returns on assets over multiple years, coupled with a contracting asset base. The reduction in total assets suggests divestitures or asset impairments possibly aligned with restructuring or strategic refocusing efforts. The recent shift to a slightly positive net income and ROA in the latest period may indicate early stages of financial recovery or improved operational efficiency. Adjusted figures generally amplify the negative performance in earlier years but converge with reported results by 2024, implying that tax adjustments and other non-recurring items had significant effects in previous periods but have become less impactful recently.