Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Revenue and Cost Trends
- Revenues remained constant at 100% across all periods, providing a steady baseline for comparative expense and profit analysis. The cost of revenues fluctuated, increasing from -54.47% in 2013 to a peak of approximately -58.02% in 2014, then stabilizing around mid-to-high 50% range through 2017. This variability indicates some volatility in direct costs relative to revenue, though the overall trend suggests a slight increase followed by stabilization.
- Gross Profit
- Gross profit as a percentage of revenues declined from 45.53% in 2013 to a low of 41.98% in 2014, then gradually rose to near initial levels by 2017, ending at 43.57%. This trend corresponds inversely with the cost of revenues pattern, reflecting improved efficiency or pricing after the 2014 dip.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses showed a consistent downward trend relative to revenues, decreasing from -21.7% in 2013 to approximately -17.39% in 2017. This suggests improved cost control or operational efficiencies in administrative and selling functions over the period.
- Amortization and Restructuring Costs
- Amortization of intangible assets steadily decreased slightly, from -0.84% to -0.63%, indicating either reduced amortizable assets or improved asset management. Restructuring and severance costs were somewhat variable, peaking at -1.87% in 2014 but remaining below 0.5% for most years, implying episodic restructuring events without sustained cost burden.
- Asset Impairments and Net Gains/Losses on Operating Assets
- Asset impairments diminished significantly from -0.47% to -0.05% from 2013 to 2017, showing fewer write-downs. Gains on operating assets were positive in most years, with a notable spike of 1.7% in 2014, contributing positively to income variability.
- Operating Income
- Operating income remained robust, hovering around low to mid-20% relative to revenues. It slightly declined from 22.17% in 2013 to 21.84% in 2014, then increased to a peak of 25.74% by 2016 before a minor drop to 25.33% in 2017, reflecting overall operational strength and margin improvements.
- Interest and Investment Income/Expense
- Interest income experienced moderate growth early on, peaking at 0.78% in 2015, then slightly declined to 0.67% in 2017. Interest expense showed a decreasing trend from -4.31% in 2013 to -3.88% in 2017, contributing to net interest expense improvement from -3.99% to -3.21%. Investment gains were minor but positive for most years except 2015, indicating modest fluctuations in investment performance.
- Losses and Debt Redemption Costs
- Loss on equity method investees was volatile but generally decreased from -0.56% to -0.49%, while premiums paid and costs on debt redemption appeared only from 2015, increasing sharply to around -3.48% in 2017, implying significant debt restructuring or retirement activities during latter years. Other losses increased notably in 2016 to -4.06%, compared to previous years, possibly indicating unusual or nonrecurring expenses.
- Pre-Tax and Net Income
- Income before taxes fluctuated between 17.1% and 19.37%, with no definitive trend but remaining stable overall. The income tax provision, however, showed marked variability, ranging from as high as -5.87% in 2013 and 2015 to as low as -2.24% in 2017, indicating changes in tax environment or strategy. Income from continuing operations improved from 11.93% in 2013 to 16.77% in 2017. Consequently, net income followed a similar pattern, rising from around 12.39% to 16.77% from 2013 to 2017.
- Net Income Attributable to Shareholders
- The net income attributable to shareholders mirrored the overall net income trend, increasing from 12.39% in 2013 to 16.78% in 2017, suggesting enhanced profitability and return to equity holders over the period.