Uber Technologies Inc. (NYSE:UBER)

The analysis of the current and deferred income tax expenses over the five-year period reveals significant fluctuations with notable patterns in both categories.

Current Tax Expense

The current tax expense displays an overall increasing trend from 2020 through 2022, rising from $74 million to $260 million. In 2023, there is a moderate decrease to $187 million, followed by a substantial increase to $269 million in 2024. This indicates variability in taxable income or tax rates applied, with the expense peaking in 2024 at the highest level within the observed timeframe.

Deferred Tax Expense (Benefit)

The deferred tax expense, which includes tax benefits when negative, shows a consistently negative value from 2020 to 2022, indicating deferred tax benefits rather than expenses. The figures move from -$266 million in 2020 to a larger benefit of -$692 million in 2021, followed by a reduction in the benefit to -$441 million in 2022. In 2023, this changes dramatically with a positive deferred tax expense of $26 million, signaling a reversal from benefits to an actual expense. The trend intensifies in 2024, with a massive deferred tax benefit reported at -$6027 million, substantially larger than in any previous year.

Provision for (Benefit from) Income Taxes

The combined provision for income taxes reflects the net impact of current and deferred taxes. It follows a negative and volatile pattern for most of the period, indicating a tax benefit overall. The values are -$192 million in 2020, -$492 million in 2021, and -$181 million in 2022. In 2023, this switches to a positive provision of $213 million, denoting an income tax expense rather than a benefit. However, in 2024, the provision sharply reverses to a significant tax benefit of -$5758 million, closely aligned with the large deferred tax benefit.

Overall, the data reveals that deferred taxes have a profound impact on the total tax provision, particularly in 2021 and 2024, where significant tax benefits occur. The anomalous shift in 2023 towards positive deferred tax expense and total provisions suggests a temporary change in tax positions or accounting treatments. The substantial deferred tax benefits in 2024 may be indicative of considerable changes in deferred tax assets or liabilities, potentially related to adjustments in tax legislation, valuation allowances, or one-time items affecting deferred tax calculations.

The analysis of the financial data over the five-year period reveals significant fluctuations and notable trends in the various components influencing the effective income tax rate.

Federal statutory income tax rate

The federal statutory income tax rate remained stable at 21% throughout the entire period from 2020 to 2024, indicating no changes in the federal tax legislation affecting the company during these years.

State income tax expense

State income tax expense exhibited considerable volatility. Starting slightly negative at -0.1% in 2020, it declined sharply to -2.3% in 2021, rose marginally to 0.8% and 1.2% in 2022 and 2023 respectively, before plunging to a significant negative value of -19.8% in 2024. This pattern suggests substantial changes in state tax treatment or adjustments impacting the tax expense in recent years.

Foreign rate differential

The foreign rate differential declined steadily, from a high of 10.8% in 2020 to 10.3% in 2021, dropping sharply to 2% in 2022, and turning slightly negative at -0.4% in both 2023 and 2024. This trend implies diminishing benefits or losses arising from differences between foreign tax rates and the U.S. statutory rate.

Non-deductible expenses

Non-deductible expenses were negative in the early years (-1.3% in 2020 and -5.2% in 2021), becoming less negative in 2022 and 2023 (-0.7% and -0.2%, respectively), before shifting positive to 2.2% in 2024. The reversal toward positive suggests changes in the mix or amount of expenses that are not deductible for tax purposes.

Stock-based compensation

Stock-based compensation impact increased from 1.3% in 2020 to a peak of 4.5% in 2021, before declining to negative values in the subsequent years (-1.4% in 2022, -1.9% in 2023, and further to -5.2% in 2024). This reversal signifies changing tax treatments or valuation effects related to stock compensation.

Federal research and development credits

There was a marked decline in the effect of federal research and development credits over the period. Starting at 2.9% in 2020, rising sharply to 7.8% in 2021, then dropping to 0.6% in 2022, and turning negative in 2023 (-7.2%) and 2024 (-5.1%). This suggests diminishing benefits or possible adjustments to the eligibility or recognition of these credits.

Deferred tax on investments

The impact of deferred tax on investments spiked to 48.7% in 2021 from 0.9% in 2020, then reverted to negative territory in 2022 (-1.1%) and 2023 (-3.5%). Data for 2024 is missing. This volatility indicates material deferred tax adjustments related to investments in the 2021 fiscal year.

Entity restructuring

Entity restructuring costs negatively impacted the tax rate consistently from 2020 (-1.7%) through 2022 (-12.7%), followed by a slight positive effect in 2023 (0.6%) and a modest negative adjustment of -0.5% in 2024. The significant negative in 2022 points to major restructuring activities during that year.

Change in unrecognized tax benefits

Unrecognized tax benefits showed large negative impacts in 2020 (-3.7%), 2021 (-27.8%), 2022 (-8.9%), and 2023 (-6.8%), before reversing sharply to a highly positive 37.8% in 2024. This pattern suggests significant re-assessment or settlements of uncertain tax positions over time.

Valuation allowance

Valuation allowance exhibited substantial fluctuation, starting with a large negative effect of -45.8% in 2020, improving to -33.7% in 2021, flipping to a slight positive effect in 2022 at 1.1%, then reversing negative again in 2023 (-2.8%), and culminating in a dramatic negative of -164.3% in 2024. This indicates volatile assessments of deferred tax asset realizability, especially pronounced in the latest year.

US effects on foreign operations

These effects were negative at -10.8% in 2021, close to zero in 2022 (0.6%), positive in 2023 (4.1%), and slightly negative again in 2024 (-2.5%). This fluctuation signifies variable tax impacts stemming from changes in U.S. tax rules or foreign operations.

Withholding taxes

Withholding taxes had minor negative impacts in 2021 (-0.6%) and 2022 (-0.3%), followed by a significant positive impact in 2023 (9.5%), then nearly zero in 2024 (-0.1%). The spike in 2023 might be associated with specific tax events or changes in withholding tax policies.

Tax rate change

Tax rate change impacts were present only in 2020 (14.4%) and 2021 (22.4%), with no data in subsequent years. This implies that tax rate changes influenced tax positions predominantly in the earlier years analyzed.

Other interest

Other interest effects varied notably: starting at 3.2% in 2020, rising to 16.8% in 2021, sharply declining to 1.7% in 2022, then turning negative in 2023 (-4.1%) and 2024 (-2.8%). The pattern reflects changing interest-related tax items impacting the effective tax rate.

Other, net

The net of other effects fluctuated slightly around zero over the period, ranging from 0.9% in 2020 to small negatives in 2021 (-1.1%), 2022 (-0.8%), 2023 (-0.3%), and a marginal positive of 0.1% in 2024, suggesting minor residual effects on the tax rate.

Effective income tax rate

The effective income tax rate showed considerable volatility across the years. It was low at 2.8% in 2020, spiked dramatically to 48% in 2021, decreased sharply to 1.9% in 2022, rose again to 9.2% in 2023, and plummeted to a deeply negative -139.6% in 2024. These large swings signal substantial impacts from the various tax adjustments, credits, rate changes, and other factors detailed above. The negative tax rate in 2024 likely reflects large net tax benefits or tax-asset-related gains exceeding pre-tax income.

Overall, the data indicates a high degree of variability in tax-related items influencing the effective tax rate. Significant factors include adjustments for deferred taxes on investments, valuation allowances, unrecognized tax benefits, and restructuring costs. These fluctuations highlight the complexity and sensitivity of the company’s tax position, reflecting changes in operations, tax law interpretations, and financial strategy over the analyzed period.

The financial data presents various trends and fluctuations across multiple key financial items over the five-year period.

Net Operating Loss Carryforwards

These carryforwards increased from 4,949 million USD in 2020 to a peak of 6,325 million USD in 2022, followed by a decline to 4,319 million USD in 2024, indicating some utilization or expiration of losses.

Research and Development Credits

These credits show a consistent yearly increase from 857 million USD in 2020 to 1,539 million USD in 2024, reflecting growing investment in research and development activities or accumulation of credits.

Stock-based Compensation

Stock-based compensation decreased sharply from 125 million USD in 2020 to 45 million USD in 2022 but then rose moderately to 71 million USD in 2024, suggesting fluctuating stock compensation expense or grant activity.

Accruals and Reserves

These have shown a steady upward trend, growing from 227 million USD in 2020 to 730 million USD in 2024, which may imply increasing provisions or anticipatory liabilities.

Accrued Legal Expenses

The accrued legal expenses fluctuated, rising from 95 million USD in 2020 to a peak of 184 million USD in 2022, decreasing in 2023, then increasing again to 221 million USD in 2024, indicating variable legal contingencies or settlements.

Fixed Assets and Intangible Assets

There has been a significant decline in the value of fixed and intangible assets from 6,936 million USD in 2020 to 3,500 million USD in 2024, which may indicate asset disposals, impairments, or amortization.

Investment in Partnership

This item was recorded only in 2020 (254 million USD) with no values reported subsequently, implying disposal or reclassification.

Lease Liability

Lease liabilities remained relatively stable with a slight decrease from 460 million USD in 2020 to 391 million USD in 2024, reflecting lease payments or changes in lease agreements.

Interest Limitation Carryforwards

This item increased from 562 million USD in 2020 to a peak of 876 million USD in 2023 before decreasing to 760 million USD in 2024, indicating fluctuating interest expense and related tax benefit considerations.

Capitalized Research Expenses

Reported only starting from 2022, this item increased significantly from 304 million USD in 2022 to 1,317 million USD in 2024, demonstrating increased capitalization of research-related costs.

Other Items (Positive Values)

These amounts rose notably from 58 million USD in 2020 to 381 million USD in 2024, indicating additional asset or receivable categories with growth over time.

Deferred Tax Assets

Deferred tax assets increased from 14,523 million USD in 2020, peaking at 15,431 million USD in 2021, and then generally declined to 13,229 million USD in 2024.

Valuation Allowance

The valuation allowance remained relatively stable and high from 2020 through 2023 (around -13,400 to -13,900 million USD), but decreased sharply to -6,267 million USD in 2024, suggesting significant reversal or release of the allowance.

Deferred Tax Assets, Net of Valuation Allowance

Net deferred tax assets initially increased from 1,113 million USD in 2020 to 1,511 million USD in 2021 but then dropped significantly in 2022 and 2023 before rising dramatically to 6,962 million USD in 2024, closely related to the change in valuation allowance.

Investments

Investments were negative and decreased from -1,502 million USD in 2020 and 2021 to smaller negative amounts thereafter, with values such as -114 million USD in 2023 and -515 million USD in 2024, possibly reflecting write-downs or disposals.

ROU (Right of Use) Assets

The ROU assets showed a continuous decline from -322 million USD in 2020 to -270 million USD in 2024, consistent with lease asset amortization or changes.

Other Items (Negative Values)

Negative other items diminished in magnitude from -68 million USD in 2020 to -14 million USD in 2024, indicating reduced liabilities or accruals in this category.

Deferred Tax Liabilities

These liabilities decreased from -1,892 million USD in 2020 to -431 million USD in 2022 and 2023, then increased again to -799 million USD in 2024, showing volatility in deferred tax obligations.

Net Deferred Tax Assets (Liabilities)

The net position moved from a negative -779 million USD in 2020 to a positive 139 million USD in 2022, remaining positive at 116 million USD in 2023 and then surging to 6,163 million USD in 2024, paralleling the reduction in valuation allowances and changes in deferred tax assets and liabilities.

Overall, the data reflects ongoing changes in deferred tax positions, fluctuating asset valuations, and increasing commitments in research-related items. Notably, the substantial reduction in valuation allowance and corresponding increase in net deferred tax assets in 2024 represents a major shift in deferred tax recognition. Asset reductions and rising accruals suggest operational and investment adjustments. Legal and other contingencies continue to vary year over year.

The analysis of deferred tax assets and liabilities over the five-year period reveals significant shifts in the company's tax positions. There is a marked increase in deferred tax assets, which rose gradually from 39 million USD at the end of 2020 to 170 million USD in 2023, followed by a substantial surge to 6,171 million USD in 2024. This dramatic rise in the final year indicates a considerable change in the company's expected future tax benefits, potentially due to accumulated losses, tax credits, or timing differences recognized on the balance sheet.

Conversely, deferred tax liabilities demonstrated a declining trend, decreasing sharply from 818 million USD at the end of 2020 to just 9 million USD by the end of 2024. The most notable reduction occurred between 2020 and 2022, with liabilities dropping to 27 million USD, and maintaining low levels thereafter. This suggests the company has recognized fewer future taxable amounts or reversed previously acknowledged liabilities.

Deferred Tax Assets

Showed a steady increase from 2020 through 2023, with an extraordinary rise in 2024, indicating an enhanced capacity to offset taxable income in future periods.

Deferred Tax Liabilities

Exhibited a consistent and steep decline, reflecting a diminishing expectation of taxable temporary differences in upcoming fiscal years.

Overall, the patterns point to a transformation in the company's tax position, possibly driven by changes in tax regulations, operational results, or accounting policies related to deferred taxes. The significant increase in deferred tax assets coupled with the substantial reduction in deferred tax liabilities may impact the company's future effective tax rates and cash flows related to taxes payable or recoverable.

The financial data demonstrate several notable trends over the five-year period from 2020 to 2024. Both reported and adjusted figures generally follow similar trajectories, indicating consistent adjustments to the reported financial metrics.

Total Assets

Reported total assets showed an initial increase from approximately 33.3 billion USD in 2020 to about 38.8 billion USD in 2021. This was followed by a decline in 2022 to roughly 32.1 billion USD, then a recovery and growth in 2023 and 2024, reaching a peak near 51.2 billion USD by the end of 2024. Adjusted total assets present a similar pattern but with slightly lower values in the last year, indicating adjustments that reduce asset values somewhat in 2024.

Total Liabilities

Liabilities increased steadily each year from about 19.5 billion USD in 2020 to approximately 28.8 billion USD in 2024 on a reported basis. Adjusted liabilities closely tracked these reported figures with minor variations, suggesting that the adjustments do not significantly alter the overall liability trend. The consistent increase in liabilities implies growing financial obligations over the period.

Stockholders’ Equity

Stockholders’ equity fluctuated more markedly over the timeframe. Reported equity rose from roughly 12.3 billion USD in 2020 to 14.5 billion USD in 2021, then decreased sharply to about 7.3 billion USD in 2022 before increasing significantly to 11.2 billion USD in 2023 and reaching 21.6 billion USD by 2024. Adjusted equity follows a similar trajectory but remains lower, particularly in 2024, indicating that adjustments reduce equity somewhat relative to reported figures.

Net Income (Loss) Attributable to the Company

Net income figures exhibit substantial volatility. Both reported and adjusted net income show large losses in 2020, with reported net loss around 6.8 billion USD and adjusted net loss slightly higher at about 7.0 billion USD. Losses diminished significantly in 2021 but remained negative. In 2022, net losses deepened to their largest levels, exceeding 9 billion USD both reported and adjusted. Subsequently, the company shifted to positive net income in 2023, with reported income of approximately 1.9 billion USD and adjusted income slightly higher. This positive trend continued in 2024, with reported net income increasing markedly to nearly 9.9 billion USD, while the adjusted net income also rose but to a lower level of about 3.8 billion USD. The divergence between reported and adjusted net income in recent years suggests significant adjustments affecting profitability.

Overall, the data indicate growth in total assets and liabilities over the period, with a notable recovery in equity and profitability after a period of large losses. The adjustments consistently reduce asset and equity values and net income figures relative to the reported amounts, especially in the later years, implying that the adjusted figures present a more conservative financial position and performance. The marked improvement in net income starting in 2023 represents a key positive transition for the financial health of the company.

Net Profit Margin

The reported net profit margin experienced significant volatility over the reviewed periods. Initially, the margin was deeply negative at -60.76% in 2020, improving drastically to -2.84% in 2021. It then declined again to -28.68% in 2022, followed by a notable turnaround to positive territory with 5.06% in 2023 and further improvement to 22.41% in 2024. The adjusted net profit margin followed a similar pattern but was generally lower in magnitude, reflecting a more conservative profitability perspective. After plating at -63.15% in 2020 and a marginal recovery in 2021 (-6.81%), it worsened to -30.06% in 2022. Subsequently, it improved sharply, turning positive at 5.13% in 2023 but then showing a less pronounced increase to 8.71% in 2024 compared to the reported figure.

Total Asset Turnover

The total asset turnover ratio demonstrated a consistent improvement through the period, reflecting more efficient use of assets in generating revenue. The reported ratio rose steadily from 0.33 in 2020 to nearly triple at 0.99 in 2022, then slightly declined to 0.96 in 2023 and 0.86 in 2024. The adjusted total asset turnover ratio mirrored this trend closely, increasing from 0.34 in 2020 to a peak of 1.00 in 2022, with a slight decline followed by stabilization near 0.98 in 2024. This suggests persistent enhancement in operational efficiency despite some recent modest regression.

Financial Leverage

Financial leverage was notably elevated and fluctuating, indicating variation in the use of debt or other liabilities in financing assets. The reported financial leverage hovered around 2.7 in 2020 and 2021, spiked sharply to 4.37 in 2022, and then declined to 3.44 in 2023 and further to 2.38 in 2024. The adjusted leverage figures followed a parallel trajectory with slightly different magnitudes: starting near 2.55 in 2020, rising to a higher peak of 4.44 in 2022, then decreasing to 3.46 in 2023 and settling at 2.93 in 2024. These trends imply a reduction in financial risk from the 2022 peak towards more moderate levels in 2024.

Return on Equity (ROE)

ROE exhibited substantial volatility and extreme fluctuations. The reported ROE was negative and very large in 2020 (-55.18%), rebounded significantly closer to zero in 2021 (-3.43%), then plunged sharply to a deeply negative -124.54% in 2022. A strong recovery followed with positive returns of 16.77% in 2023 and a remarkable increase to 45.72% in 2024. The adjusted ROE displayed even greater volatility, with figures ranging from -53.92% in 2020 to -8.05% in 2021, dropping further to -133.06% in 2022, before climbing to 17.18% in 2023 and then moderating at 24.87% in 2024. This indicates periods of extreme profitability swings, reflecting both operational and financial factors affecting shareholder returns.

Return on Assets (ROA)

The ROA followed a similar pattern of volatility and improvement. Reported ROA was deeply negative at -20.35% in 2020, slightly improving to -1.28% in 2021, then declining again to -28.47% in 2022. Thereafter, it turned positive, registering 4.88% in 2023 and increasing markedly to 19.23% in 2024. Adjusted ROA consistently showed lower values, indicating a more cautious assessment: starting at -21.18% in 2020, dropping further to -3.07% in 2021 and -30.00% in 2022, but then recovering to 4.97% in 2023 and remaining at a lower positive 8.50% in 2024. The data demonstrate an overall enhancement in asset profitability, especially pronounced from 2023 onwards.

An analysis of the annual reported and adjusted financial data over the five-year period reveals significant fluctuations in Uber Technologies Inc.'s profitability and profit margins.

Reported Net Income (Loss) Attributable to Uber Technologies, Inc.

The reported net income started with a substantial loss of approximately 6.8 billion US dollars in 2020. This loss sharply decreased in 2021 to about 496 million US dollars, indicating a significant improvement. However, in 2022, the company experienced another deep loss, increasing to approximately 9.1 billion US dollars. The trend reversed in 2023, showing a positive net income of 1.9 billion US dollars, which further increased substantially to 9.9 billion US dollars in 2024. Overall, the reported net income shows a volatile pattern with large losses in 2020 and 2022 followed by a strong turnaround to profitability in the two most recent years.

Adjusted Net Income (Loss) Attributable to Uber Technologies, Inc.

The adjusted net income mirrors the pattern observed in the reported figures but reflects deeper losses initially and more moderate gains subsequently. The adjusted net loss was approximately 7.0 billion US dollars in 2020, worsening to about 1.2 billion US dollars in 2021, then deteriorating further to a loss of 9.6 billion US dollars in 2022. In 2023, adjusted net income turned positive at around 1.9 billion US dollars, followed by a reduced positive figure of about 3.8 billion US dollars in 2024. Despite the gains in the latter years, the adjusted figures demonstrate less profitability than the reported ones, particularly in 2024.

Reported Net Profit Margin

The reported net profit margin exhibits a significant improvement trajectory across the period analyzed. Starting at a deeply negative margin of approximately -60.76% in 2020, it substantially narrowed to -2.84% in 2021. There was a considerable decline again to -28.68% in 2022, matching the loss trend. However, from 2023 onwards, margins turned positive, climbing to 5.06% and then substantially increasing to 22.41% by 2024, reflecting a strong recovery and favorable profitability trends.

Adjusted Net Profit Margin

The adjusted net profit margin displays a similar, though less favorable, trajectory compared to reported margins. The margin was highly negative at -63.15% in 2020 and improved slightly in 2021 to -6.81%. It worsened again in 2022 to -30.06%, consistent with adjusted net income losses. In 2023, margins turned positive at 5.13%, and although positive, the adjusted margin in 2024 was considerably lower at 8.71% compared to the reported figure. This reflects more conservative profitability when accounting for tax adjustments or other adjustments included in the adjusted metrics.

In summary, the financial performance over the five years shows extreme volatility with major losses in the early years, particularly 2020 and 2022, followed by significant recovery and profitability improvement in 2023 and 2024. The adjusted figures reinforce a similar pattern but indicate a more cautious profitability picture, with lower margins in the last reported year. These trends suggest the company underwent substantial operational or accounting changes and experienced phases of restructuring or extraordinary items impacting profitability measures.

The data reveals several notable trends in the annual financial performance related to assets and asset turnover ratios over the five-year period ending in 2024.

Total Assets

Both reported and adjusted total assets fluctuated over the years. Initially, from 2020 to 2021, there was an increase, reaching approximately 38.7 billion USD reported and 38.7 billion USD adjusted. This was followed by a decline in 2022, with reported assets falling to about 32.1 billion USD and adjusted assets to around 31.9 billion USD. In 2023, assets rebounded close to their 2021 levels, with reported and adjusted assets nearing 38.7 billion USD and 38.5 billion USD respectively. By 2024, total assets rose significantly, reported assets reaching approximately 51.2 billion USD and adjusted assets increasing to about 45.1 billion USD, reflecting substantial growth.

Total Asset Turnover

The total asset turnover ratio, both reported and adjusted, demonstrated an overall improving trend though with some variation. Starting from a low turnover ratio of 0.33 reported and 0.34 adjusted in 2020, there was a noticeable increase to approximately 0.45 in both reported and adjusted measures by 2021. A significant jump occurred in 2022, where the asset turnover ratio nearly doubled to around 0.99 reported and 1.0 adjusted, indicating much more efficient use of assets in generating revenue. In 2023, turnover ratios slightly decreased to about 0.96 reported and 0.97 adjusted, but remained close to the previous year's peak. For 2024, the reported turnover ratio declined to 0.86, while the adjusted turnover ratio notably rose to 0.98, suggesting a divergence between reported and adjusted operational efficiency metrics.

Overall Insights

The data signal a general trend of asset growth with fluctuating efficiency in asset utilization. The asset base contracted between 2021 and 2022, followed by a recovery and strong expansion in 2024. Meanwhile, asset turnover ratios show substantial improvement over the period, stabilizing at higher levels compared to 2020 figures, which points to better asset usage. The slight discrepancy in 2024's reported versus adjusted turnover ratios may warrant further investigation to understand underlying adjustments and their impact on operational performance assessments.

The data reveals several notable trends in the financial position and leverage of the company over the five-year period from 2020 to 2024.

Total Assets

Reported total assets increased overall from US$33.3 billion in 2020 to US$51.2 billion in 2024, with a dip observed in 2022 to approximately US$32.1 billion. The adjusted total assets series follows a similar pattern, rising from US$33.2 billion in 2020 to US$45.1 billion by 2024, also showing a decline around 2022. This indicates a general expansion of asset base, despite some volatility especially evident in 2022.

Stockholders’ Equity

Reported stockholders’ equity exhibits significant fluctuation. It increases from US$12.3 billion in 2020 to a peak of US$14.5 billion in 2021, sharply decreases to approximately US$7.3 billion in 2022, recovers to US$11.2 billion in 2023, and then nearly doubles to US$21.6 billion in 2024. The adjusted equity follows a similar trend, with values slightly diverging, showing the lowest point in 2022 and substantial growth by 2024. These movements suggest episodes of equity restructuring or impacts from adjustments likely related to tax or accounting treatments.

Financial Leverage

Financial leverage ratios, both reported and adjusted, indicate varying degrees of leverage over time. The reported leverage started at around 2.71 in 2020, remained stable in 2021, spiked significantly to 4.37 in 2022, decreased to 3.44 in 2023, and dropped further to 2.38 in 2024. The adjusted leverage shows slightly higher values in most years, particularly peaking at 4.44 in 2022 and declining to 2.93 in 2024. The spike in 2022 aligns with the sharp drop in equity, reflecting increased reliance on debt or liabilities relative to equity during that period. The return towards lower leverage ratios by 2024 suggests a move toward a more conservative capital structure.

Overall, the data portrays a period of financial volatility around 2022, characterized by declines in assets and equity and a surge in leverage, followed by recovery and strengthening of equity with asset growth and deleveraging through 2024. The adjustments related to deferred income taxes appear to refine but not fundamentally alter these trends, implying that underlying business factors primarily drive these financial changes.

Net Income (Loss) Trends

The reported net income attributable to the company showed significant volatility over the observed period. Initial losses were substantial, with negative figures in 2020 (-6,768 million USD) and 2022 (-9,141 million USD), while 2021 presented a less severe loss (-496 million USD). A marked turnaround occurred in 2023, with a positive net income of 1,887 million USD, which further increased sharply to 9,856 million USD in 2024. The adjusted net income followed a similar pattern, though losses were generally larger in magnitude in earlier years and grew more moderate by 2024.

Stockholders’ Equity Dynamics

The reported total stockholders’ equity exhibited considerable fluctuations. It rose from 12,266 million USD in 2020 to 14,458 million USD in 2021, then decreased markedly to 7,340 million USD by 2022. From this low, equity recovered to 11,249 million USD in 2023 and increased substantially to 21,558 million USD by 2024. Adjusted equity followed a similar trend but was slightly lower than the reported figures in 2024, indicating specific adjustments impacting equity totals.

Return on Equity (ROE) Analysis

The reported ROE reflects the company's profitability relative to shareholders' equity and mirrors income trends. Initially negative and highly volatile, ROE was -55.18% in 2020, near break-even in 2021 at -3.43%, and dropped sharply to -124.54% in 2022, indicating significant losses relative to equity. A positive recovery began in 2023 with 16.77%, followed by a notable improvement to 45.72% in 2024. The adjusted ROE values are consistently lower than reported ROE in the earlier years, with deeper negative percentages in 2020 to 2022, but similarly show recovery trends leading to positive returns in 2023 and a strong 24.87% in 2024.

Overall Patterns and Insights

The financial data indicate that the company experienced substantial operating and profitability challenges up to 2022, as evidenced by significant net losses, declining equity, and deeply negative returns on equity. However, the period starting in 2023 evidences a marked recovery with positive net income, rebounding equity positions, and positive ROE metrics. The more conservative adjusted figures suggest that financial adjustments including deferred income tax considerations moderated the recovery somewhat but nonetheless align with the improving operational outcomes. The strong positive momentum in 2024 highlights a phase of improving financial health and enhanced shareholder value creation.

The financial data reveals significant volatility and notable improvements in profitability and asset base over the five-year period. The trends highlight fluctuating net income, evolving asset values, and changes in return on assets (ROA) for both reported and adjusted figures.

Net Income Trends

There is a marked fluctuation in reported net income attributable to the company. A sharp loss of -$6,768 million in 2020 narrowed considerably to -$496 million in 2021, followed by a substantial deterioration to -$9,141 million in 2022. However, a significant recovery occurred in 2023 with a reported profit of $1,887 million, which further increased to $9,856 million in 2024.

Adjusted net income follows a similar volatile pattern but generally reports larger losses initially, moving from -$7,034 million in 2020 to a loss of -$1,188 million in 2021, then a deeper loss of -$9,582 million in 2022. A turnaround emerges in 2023 with a positive $1,913 million and continues upward in 2024 to $3,829 million, although the adjusted profit is substantially lower than the reported figure for the latest year.

Total Assets

Reported total assets show an upward trajectory overall, moving from $33,252 million in 2020 to $51,244 million in 2024, albeit with a dip in 2022 to $32,109 million. Adjusted total assets exhibit a comparable trend, decreasing slightly in 2022 before recovering and growing to $45,073 million by 2024, which is somewhat lower than the reported asset amount.

Return on Assets (ROA)

Reported ROA reflects a challenging operating environment in the early years, with strongly negative returns of -20.35% in 2020 and -28.47% in 2022, separated by a small loss year in 2021 at -1.28%. ROA improves sharply into positive territory in 2023 at 4.88% and climbs further to 19.23% in 2024, mirroring the improvement in net income and asset utilization.

Adjusted ROA follows a similar pattern but indicates greater volatility and lower overall profitability percentages, with the nadir at -30% in 2022. Positive adjusted ROA emerges only in 2023 (4.97%) and grows to 8.5% in 2024, suggesting that the adjustments made to income and assets affect the company's evaluated profitability and asset efficiency.

In summary, the data indicates a company that endured significant financial distress through 2022, with deeply negative profitability metrics, followed by a clear and rapid financial recovery starting in 2023. Asset values also generally increased, supporting improved returns. The disparities between reported and adjusted figures highlight the impact of accounting treatments, with adjusted results showing more conservative profitability and asset valuations. The overall trajectory points to improved operational performance and financial health by the end of the analyzed period.