Stock Analysis on Net

Paycom Software Inc. (NYSE:PAYC)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

Adjusted Financial Ratios

Microsoft Excel

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Adjusted Financial Ratios (Summary)

Paycom Software Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported
Adjusted
Liquidity Ratio
Current Ratio
Reported
Adjusted
Solvency Ratios
Debt to Equity
Reported
Adjusted
Debt to Capital
Reported
Adjusted
Financial Leverage
Reported
Adjusted
Profitability Ratios
Net Profit Margin
Reported
Adjusted
Return on Equity (ROE)
Reported
Adjusted
Return on Assets (ROA)
Reported
Adjusted

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).


Total Asset Turnover
The reported total asset turnover ratio shows a decline from 0.37 in 2018 to a low of 0.30 in 2019, followed by a gradual recovery reaching 0.35 in 2022. The adjusted total asset turnover mirrors this pattern but indicates slightly higher efficiency in asset utilization by 2022, achieving 0.36. This suggests a mild improvement in how effectively the company is generating revenue from its assets after an initial dip.
Current Ratio
Both reported and adjusted current ratios exhibit a consistent upward trend from 2018 through 2022, increasing from approximately 1.03–1.04 to 1.16–1.17. This steady rise indicates an improving liquidity position, with the company progressively strengthening its capacity to meet short-term obligations.
Debt to Equity Ratio
The debt to equity ratio in both reported and adjusted figures has consistently declined over the five-year period. Reported values fell from 0.10 to 0.02, and adjusted values decreased from 0.13 to 0.05. This decline reflects a reduction in the company's reliance on debt financing relative to shareholder equity, pointing towards a more conservative capital structure and potentially reduced financial risk.
Debt to Capital Ratio
Similarly, the debt to capital ratios have decreased steadily, with reported figures dropping from 0.09 to 0.02 and adjusted figures from 0.12 to 0.05 across the observed timeline. This trend further confirms the reduction in leverage and emphasizes a shift toward equity financing over debt.
Financial Leverage
Reported financial leverage has reduced from 4.55 in 2018 to 3.30 in 2022, with adjusted leverage following a parallel decrease from 3.30 to 2.71. The falling leverage ratios indicate a decline in the use of debt to finance assets, which may contribute to lower financial risk but could also impact returns.
Net Profit Margin
The reported net profit margin declined significantly from 24.2% in 2018 to a low point of 17.05% in 2020, followed by a gradual recovery to 20.46% in 2022. Adjusted margins show a similar trajectory, decreasing from 29.54% to 20.59% between 2018 and 2020 and then stabilizing around 20%. This decline and partial recovery may reflect operational challenges during 2019-2020 with some return to profitability thereafter, albeit below earlier peak margins.
Return on Equity (ROE)
ROE exhibits a notable downward trend from reported values of 40.95% in 2018 to 23.79% in 2022. Adjusted ROE similarly declines from 36.45% to 20.16%. The reduction in ROE indicates diminished profitability relative to shareholders' equity, influenced partly by lower profit margins and reduced financial leverage.
Return on Assets (ROA)
ROA trends downward from 9.01% (reported) and 11.05% (adjusted) in 2018 to 7.21% and 7.44% respectively in 2022. Despite the decrease, a mild recovery is evident after 2020, suggesting some improvement in asset profitability over recent years, although returns remain below the initial levels at the beginning of the period.

Paycom Software Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenues2
Adjusted total assets3
Activity Ratio
Adjusted total asset turnover4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Total asset turnover = Revenues ÷ Total assets
= ÷ =

2 Adjusted revenues. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted total asset turnover = Adjusted revenues ÷ Adjusted total assets
= ÷ =


Revenues
Revenues exhibited a consistent upward trend over the five-year period, increasing from approximately $566 million in 2018 to about $1.38 billion in 2022. This represents a strong compound annual growth trajectory, indicating robust sales expansion and market presence enhancement.
Total assets
Total assets more than doubled during the analyzed timeframe, rising from roughly $1.52 billion in 2018 to approximately $3.90 billion in 2022. This substantial asset growth suggests significant investments in business operations, infrastructure, or acquisitions to support expanding activities.
Reported total asset turnover
The reported total asset turnover ratio showed a declining trend from 0.37 in 2018 to a low of 0.30 in 2019, followed by a gradual recovery to 0.35 by the end of 2022. This dip and subsequent partial rebound imply that asset utilization efficiency initially decreased but then improved, potentially reflecting operational adjustments or strategic asset management.
Adjusted revenues
Adjusted revenues closely mirrored the trend in reported revenues, increasing steadily year-over-year from about $579 million in 2018 to nearly $1.39 billion in 2022. The proximity of adjusted revenues to reported figures indicates minor adjustments without materially altering the overall revenue growth pattern.
Adjusted total assets
Adjusted total assets matched reported total assets exactly throughout the period, confirming consistency in asset valuation adjustments and suggesting stability in asset reporting practices.
Adjusted total asset turnover
The adjusted total asset turnover ratio reflected a similar pattern to the reported ratio, declining from 0.37 in 2018 to 0.30 in 2019, then increasing to 0.36 in 2022. The slight improvement over the reported ratio in later years may indicate refined calculations or normalization of asset usage metrics, reinforcing a moderate recovery in asset efficiency.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted
Selected Financial Data (US$ in thousands)
Current assets
Adjusted current liabilities2
Liquidity Ratio
Adjusted current ratio3

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current liabilities. See details »

3 2022 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= ÷ =


Current Assets
The current assets have shown a consistent upward trend from 2018 to 2022. Starting at approximately 1.06 billion USD in 2018, they increased significantly to about 2.76 billion USD by the end of 2022. This growth indicates an expanding asset base that potentially enhances liquidity and operational capability.
Current Liabilities
Current liabilities have similarly risen over the five-year period, increasing from roughly 1.03 billion USD in 2018 to approximately 2.38 billion USD in 2022. Although liabilities have grown, the rise is somewhat proportionate to that of current assets, suggesting the company is managing its short-term obligations alongside asset growth.
Reported Current Ratio
The reported current ratio has improved steadily from 1.03 in 2018 to 1.16 in 2022. This gradual increase in the current ratio implies an enhancement in the company's short-term financial health, indicating that current assets increasingly cover current liabilities by a greater margin.
Adjusted Current Liabilities
Adjusted current liabilities closely follow the trend of reported current liabilities, rising from approximately 1.02 billion USD in 2018 to about 2.36 billion USD in 2022. The adjustment reduces the overall liabilities slightly, which may reflect a refined accounting treatment or exclusion of certain liabilities for analytical purposes.
Adjusted Current Ratio
The adjusted current ratio exhibits a similar increasing pattern, moving from 1.04 in 2018 to 1.17 in 2022. The adjusted ratios consistently show marginally higher values compared to the reported ratios, reinforcing the conclusion of improving liquidity and suggesting a strong short-term financial position under adjusted accounting measures.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt
Stockholders’ equity
Solvency Ratio
Debt to equity1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2
Adjusted stockholders’ equity3
Solvency Ratio
Adjusted debt to equity4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= ÷ =


The financial data exhibits distinct trends over the observed five-year period. Total debt consistently decreased year-over-year, declining from $34,389 thousand in 2018 to $29,000 thousand in 2022. This reduction indicates a deliberate effort toward debt minimization or repayment.

Conversely, stockholders’ equity experienced substantial growth, rising from $334,753 thousand in 2018 to $1,182,607 thousand in 2022. This marked increase suggests effective capital accumulation, potentially driven by retained earnings and equity financing.

The reported debt to equity ratio correspondingly fell from 0.1 in 2018 to 0.02 in 2022, reflecting a significant improvement in the company's leverage position. Such a decrease indicates a lower reliance on debt financing relative to equity, enhancing financial stability.

Examining the adjusted figures—the adjustments likely accounting for additional liabilities or equity components—reveals that adjusted total debt exhibited a slight decrease from $61,588 thousand in 2018 to $58,790 thousand in 2020, followed by a rise to $70,012 thousand in 2022. This incremental increase in adjusted debt during the latter years contrasts with the decline observed in reported total debt.

Adjusted stockholders’ equity mirrored the reported equity trend, showing steady growth from $469,610 thousand in 2018 to $1,441,056 thousand in 2022, underscoring consistent equity strengthening even after adjustments.

Adjusted debt to equity ratios declined from 0.13 in 2018 to 0.05 in 2022, with a relatively stable level observed between 2021 and 2022. This pattern denotes an overall improvement in capital structure, though the rise in adjusted total debt towards the end of the period suggests a cautious increase in debt burden relative to equity.

In summary, the data indicates a pronounced strengthening of the equity base and a general reduction in leverage when measured by reported figures. Adjusted metrics suggest some variability in debt levels, particularly an uptick in recent years, but overall leverage ratios remain low. These trends collectively reflect a robust financial position with prudent management of debt relative to the growth in equity.


Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total debt
Total capital
Solvency Ratio
Debt to capital1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2
Adjusted total capital3
Solvency Ratio
Adjusted debt to capital4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =


Total Debt
The total debt shows a consistent downward trend from 2018 through 2022. It decreased from $34,389 thousand in 2018 to $29,000 thousand in 2022, indicating a gradual reduction in the company's debt obligations over this five-year period.
Total Capital
Total capital increased significantly during the observed period. Starting at $369,142 thousand in 2018, it rose steadily each year, reaching $1,211,607 thousand by 2022. This highlights substantial growth in the company's capital base.
Reported Debt to Capital Ratio
The reported debt to capital ratio decreased from 0.09 in 2018 to 0.02 in 2022. This suggests an improving capital structure, with debt representing a progressively smaller portion of total capital over time.
Adjusted Total Debt
Adjusted total debt figures are higher than the reported total debt and exhibit a less pronounced decline. After declining from $61,588 thousand in 2018 to $58,790 thousand in 2020, adjusted total debt rose again to $70,012 thousand in 2022, showing some variability in debt levels when adjustments are considered.
Adjusted Total Capital
Adjusted total capital also grew substantially over the period, from $531,198 thousand in 2018 to $1,511,068 thousand in 2022. This trend supports the company's expanding financial resources when adjustments are factored in.
Adjusted Debt to Capital Ratio
The adjusted debt to capital ratio declined from 0.12 in 2018 to 0.05 in 2021, remaining stable at 0.05 in 2022. This decrease mirrors the general trend seen in the reported ratio, although the ratio remains higher after adjustments, indicating that the company's leverage is somewhat higher when adjustments are considered but still improving overall.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Total assets
Stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2
Adjusted stockholders’ equity3
Solvency Ratio
Adjusted financial leverage4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= ÷ =

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= ÷ =


Total assets
The total assets demonstrated consistent growth over the analyzed periods, increasing from approximately 1.52 billion US dollars in 2018 to about 3.9 billion US dollars by the end of 2022. This represents a more than twofold increase within five years, indicating substantial asset expansion.
Stockholders’ equity
Stockholders’ equity also exhibited significant growth, rising from around 335 million US dollars in 2018 to approximately 1.18 billion US dollars in 2022. This growth trend aligns with the increase in total assets, with equity more than tripling during this timeframe, suggesting improved capitalization and value for shareholders.
Reported financial leverage
The reported financial leverage ratio showed a declining trend, decreasing from 4.55 in 2018 to 3.3 in 2022. This decline suggests a reduction in reliance on debt relative to equity, reflecting potentially lowered financial risk and a stronger equity base supporting the asset structure over time.
Adjusted total assets
Adjusted total assets closely track the trend observed in total assets, growing from just under 1.55 billion US dollars in 2018 to nearly 3.9 billion US dollars in 2022. This consistency confirms the overall asset growth trend irrespective of adjustments.
Adjusted stockholders’ equity
Adjusted stockholders’ equity increased notably from approximately 470 million US dollars in 2018 to over 1.44 billion US dollars in 2022. The adjusted equity figures exceed the reported equity values, implying the presence of certain accounting adjustments that positively impact the equity measurement.
Adjusted financial leverage
The adjusted financial leverage ratio also declined over the period, moving from 3.3 in 2018 down to 2.71 in 2022. This reinforces the observed trend in reported financial leverage, suggesting a steady improvement in capital structure with a decreasing degree of leverage when adjustment factors are considered.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income
Revenues
Profitability Ratio
Net profit margin1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted revenues3
Profitability Ratio
Adjusted net profit margin4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted revenues. See details »

4 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenues
= 100 × ÷ =


Revenue Trends
Revenues have shown a steady increase over the five-year period. Starting at approximately $566 million in 2018, revenues rose to about $1.38 billion by the end of 2022. This represents significant growth, with a particularly notable jump between 2021 and 2022.
Net Income Trends
Net income exhibits fluctuations with an overall upward trajectory. From roughly $137 million in 2018, net income increased to $281 million in 2022. Despite some variability, especially the decline observed in 2020, the net income more than doubled by 2022 compared to the initial year.
Reported Net Profit Margin
The reported net profit margin demonstrated variability throughout the period. Beginning at 24.2% in 2018, it increased slightly to 24.48% in 2019 before declining to 17.05% in 2020. Following this, the margin showed a gradual recovery, reaching 20.46% in 2022, though it remained below the earlier peak levels.
Adjusted Net Income and Revenues
Adjusted metrics closely mirror the trends observed in reported figures, but at generally higher absolute values. Adjusted net income increased from approximately $171 million in 2018 to nearly $290 million in 2022, with the same dip around 2020. Adjusted revenues followed a similar trajectory, growing from about $579 million to roughly $1.39 billion across the period.
Adjusted Net Profit Margin
The adjusted net profit margin started at 29.54% in 2018 and decreased gradually over time to 20.88% in 2022. A significant drop was recorded in 2020, aligning with the reported margins, followed by a slight recovery, yet the adjusted margin trend indicates declining profitability relative to revenues over the period.
Overall Insights
The company exhibited strong revenue growth paired with increasing net income in absolute terms. However, profitability measures, both reported and adjusted, showed a downward trend in margins, particularly pronounced in 2020 likely reflecting operational or market challenges during that year. Despite this, there was a partial rebound by 2022. The divergence between growing revenues and declining margins suggests that while the scale of operations expanded, cost pressures or investment in growth may have influenced profit percentages.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income
Stockholders’ equity
Profitability Ratio
ROE1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted stockholders’ equity3
Profitability Ratio
Adjusted ROE4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × ÷ =


Net Income
Net income exhibited an overall increasing trend from 2018 through 2022, rising from $137,065 thousand in 2018 to $281,389 thousand in 2022. Notably, there was a decline in 2020 to $143,453 thousand from $180,576 thousand in 2019, which was subsequently followed by a recovery and increase in the succeeding years, reaching the highest value in 2022.
Stockholders' Equity
Stockholders’ equity showed consistent growth throughout the observed period, increasing from $334,753 thousand in 2018 to $1,182,607 thousand in 2022. Each year recorded a higher equity balance than the previous year, reflecting strengthening financial position and accumulation of equity capital.
Reported Return on Equity (ROE)
The reported ROE demonstrated a decreasing trend from 2018 to 2020, dropping from 40.95% to 21.88%. From 2020 onwards, the metric stabilized within the range of approximately 21.93% to 23.79%, with a minor uptick observed in 2022, indicating that the company maintained a consistent ability to generate returns on shareholders’ equity in recent years but at a lower level than in 2018-2019.
Adjusted Net Income
Adjusted net income followed a similar pattern to reported net income, increasing from $171,169 thousand in 2018 to a peak of $243,466 thousand in 2021. While there was a drop in 2020 compared to 2019, it was followed by a recovery and further increase in 2022, reaching $290,466 thousand, suggesting improved operating performance when adjustments are considered.
Adjusted Stockholders' Equity
Adjusted stockholders’ equity consistently increased throughout the five years, moving from $469,610 thousand in 2018 to $1,441,056 thousand in 2022. This steady rise paralleled the trend observed in reported stockholders’ equity but at generally higher absolute values, accounting for adjustments made in equity calculations.
Adjusted Return on Equity (ROE)
Adjusted ROE experienced a decline from 36.45% in 2018 down to 20.16% in 2022. A significant decrease occurred between 2018 and 2020, with a minor recovery and stabilization in the subsequent years. Despite this decline, the company maintained an adjusted ROE above 20% since 2020, indicating sustained profitability relative to adjusted equity.
Summary of Trends
The data reveals that while net income and equity measures have generally increased over time, profitability ratios such as reported and adjusted ROE have declined notably from their initial highs in 2018. The company appears to have grown substantially in terms of equity base and earnings figures but with reduced efficiency in generating profit from shareholders' equity compared to the early part of the period.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in thousands)
Net income
Total assets
Profitability Ratio
ROA1
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2
Adjusted total assets3
Profitability Ratio
Adjusted ROA4

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × ÷ =

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × ÷ =


The financial data over the five-year period reveals several notable trends related to income, assets, and returns on assets (ROA), both reported and adjusted.

Net Income
Net income exhibited growth with some fluctuations. From 2018 to 2019, there was a significant increase from 137,065 thousand US dollars to 180,576 thousand US dollars. However, in 2020, net income declined to 143,453 thousand US dollars before rising again in the subsequent years, reaching 281,389 thousand US dollars by 2022. This shows a recovery and a strong upward trend toward the end of the period.
Total Assets
Total assets consistently increased throughout the entire period. The asset base expanded from approximately 1,521,926 thousand US dollars in 2018 to 3,902,513 thousand US dollars by 2022. This steady growth indicates ongoing investment or accumulation of resources over time.
Reported Return on Assets (ROA)
The reported ROA started at 9.01% in 2018 and experienced a decline in the following two years, reaching a low of 5.5% in 2020. Thereafter, it improved moderately to 6.09% in 2021 and further to 7.21% in 2022. Despite this recovery, the ROA did not return to the initial 2018 level, suggesting some moderation in efficiency or profitability relative to the asset base.
Adjusted Net Income
Adjusted net income, which typically removes unusual or one-off items, exhibited a trend similar to reported net income. It rose from 171,169 thousand US dollars in 2018 to 213,180 thousand US dollars in 2019, decreased in 2020 to 175,416 thousand US dollars, then increased again in 2021 and 2022, culminating in 290,466 thousand US dollars. This pattern confirms the general income trend but at slightly higher levels than reported net income.
Adjusted Total Assets
Adjusted total assets were effectively aligned with reported total assets throughout the period, showing the same steady increase from 1,549,125 thousand US dollars to 3,902,513 thousand US dollars between 2018 and 2022. This suggests that the adjustments made did not significantly affect the total asset figures.
Adjusted ROA
Adjusted ROA started higher than reported ROA at 11.05% in 2018 but followed a similar declining trend through 2020, reaching 6.73%. Unlike the reported ROA, the adjusted ROA showed a minor increase to 7.57% in 2021 but slightly decreased to 7.44% in 2022. The adjusted ROA values remained consistently above the reported ROA, implying better performance when adjustments are considered, though the downward trend indicates some reduction in asset utilization efficiency over the years.