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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2019
- Price to Earnings (P/E) since 2019
- Price to Sales (P/S) since 2019
- Aggregate Accruals
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Property, Plant and Equipment Disclosure
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data of property, plant, and equipment over the five-year period reveals several notable trends in asset categories and overall asset valuation.
- Land
- The value of land remains almost constant, with a slight decline from 66 million USD in 2020 to 65 million USD from 2021 onwards, indicating no significant acquisition or disposal activity in this asset class.
- Building and Site Improvements
- There is a modest increase from 711 million USD in 2020 to 739 million USD by 2022, after which the value stabilizes, suggesting limited investment or improvements in building infrastructure after 2022.
- Leasehold Improvements
- This category shows consistent growth, increasing from 435 million USD in 2020 to 670 million USD in 2024. The incremental rises each year indicate ongoing enhancements or new leasehold asset additions.
- Computer Equipment
- Values fluctuate within this category, starting at 560 million USD in 2020, declining to 468 million USD in 2021, rising again to a peak of 542 million USD in 2023, but then significantly dropping to 436 million USD in 2024. This variability may reflect upgrading cycles, disposals, or shifts in technology usage.
- Leased Computer Equipment
- There is steady growth from 596 million USD in 2020 to 712 million USD by 2022, followed by a decline to 641 million USD in 2024. This pattern suggests an initial increase in leased equipment, potentially to support business operations, with a scaling back in recent years.
- Motor Vehicles and Other Equipment
- The balance in this category is relatively small and volatile, ranging from 6 million USD in 2020 to a low of 2 million USD in 2023, then sharply increasing to 51 million USD in 2024. This recent rise could imply a strategic acquisition or reclassification of assets.
- Internal-Use Software
- This asset class exhibits strong growth, rising steadily from 203 million USD in 2020 to 650 million USD in 2024, indicating significant investment in proprietary software development or technology platforms.
- Furniture and Fixtures
- There is slight variation, beginning at 83 million USD in 2020, peaking at 99 million USD in 2021, then gradually decreasing to 80 million USD in 2024, which could point to asset disposals or reduced capital investment in furniture.
- Construction in Progress
- This category remains relatively stable with minor fluctuations, starting at 170 million USD in 2020, dipping to 157 million USD in 2021, and then rising again to 218 million USD in 2024, indicating ongoing projects nearing completion or initiation of new construction activities.
- Property and Equipment, Gross
- The total gross value shows a persistent upward trajectory from 2,830 million USD in 2020 to 3,550 million USD in 2024, reflecting overall expansion and acquisition of property and equipment assets.
- Accumulated Depreciation and Amortization
- This liability increases over time, deepening from -1,016 million USD in 2020 to -1,598 million USD in 2024, consistent with age and usage of assets and corresponding amortization policies.
- Property and Equipment, Net
- Net property and equipment peak at 2,082 million USD in 2022, followed by a slight decline to 1,952 million USD in 2024. This contraction may be attributed to increased depreciation outpacing asset additions or disposals of assets during this timeframe.
In summary, the data reflects steady investments in leasehold improvements and internal-use software while showing moderate volatility in technology-related equipment categories. The rise in gross property and equipment is counterbalanced by growing accumulated depreciation, resulting in a marginal decline in net assets in the latter years.
Asset Age Ratios (Summary)
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The data indicates several noteworthy trends in the property, plant, and equipment metrics over the observed periods.
- Average Age Ratio
- The average age ratio has shown an overall increasing trend from 36.76% at the end of 2020 to 45.85% by the end of 2024. This suggests that the asset base is aging gradually, with a larger portion of the assets approaching the end of their useful life as time progresses.
- Estimated Total Useful Life
- During 2020 and 2021, the estimated total useful life remained stable at 8 years. However, from 2022 onwards, the useful life was re-estimated and extended to 10 years, indicating a reassessment that assets are expected to last longer, potentially due to improved maintenance, technological upgrades, or changes in asset composition.
- Estimated Age (Time Elapsed Since Purchase)
- The estimated age of assets consistently increased from 3 years in 2020 and 2021, to 4 years in 2022 and 2023, and then to 5 years in 2024. This increase aligns with the progression of time and supports the observation of an aging asset base.
- Estimated Remaining Life
- The estimated remaining life remained at 5 years for 2020 and 2021 but increased to 6 years from 2022 through 2024. This correlates with the increase in the estimated total useful life, reflecting a longer expected duration before assets fully depreciate or require replacement.
In summary, while the assets are aging over time as indicated by the growing average age ratio and increasing estimated age, the company has simultaneously revised the total useful life upward from 8 to 10 years. This revision has resulted in a corresponding increase in the estimated remaining life of assets. Consequently, the aging trend in absolute terms is moderated by the reassessment extending asset longevity, which may favorably affect depreciation expenses and capital expenditure planning in the medium term.
Average Age
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Average age = 100 × Accumulated depreciation and amortization ÷ (Property and equipment, gross – Land)
= 100 × ÷ ( – ) =
The analysis of the property, plant, and equipment data reveals several notable trends over the five-year period under review.
- Accumulated Depreciation and Amortization
- This figure exhibits a consistent upward trend, increasing steadily from 1,016 million US dollars in 2020 to 1,598 million US dollars in 2024. The continuous rise indicates ongoing depreciation expenses accruing on the existing asset base, reflecting the gradual consumption of the company’s property and equipment resources over time.
- Property and Equipment, Gross
- The gross value of property and equipment also shows growth over the years, rising from 2,830 million US dollars in 2020 to 3,550 million US dollars in 2024. While the increase is relatively steady, the rate of growth appears to slow slightly in the latter years, suggesting a more moderate investment or addition pace in property and equipment assets.
- Land
- The valuation of land remains flat at 65 million US dollars from 2021 through 2024, after a minimal decrease from 66 million US dollars in 2020. The stable value indicates no significant land acquisition or disposal activity during this timeframe.
- Average Age Ratio
- The average age ratio of the property and equipment rises from 36.76% in 2020 to a notably higher 45.85% in 2024. This suggests that the asset base is aging, with a larger proportion of older assets compared to newer additions. The trend may imply that the company is either extending the use period of its assets or that asset replacements and upgrades are occurring at a slower rate relative to asset depreciation.
Overall, the data suggests a business that is steadily investing in property and equipment but facing an increasing aging asset base, as indicated by the climbing average age ratio and accumulated depreciation. The steady value of land points to little change in real estate holdings, while the deceleration in gross property growth and rise in asset age may warrant attention regarding future capital expenditures and asset renewal planning.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated total useful life = (Property and equipment, gross – Land) ÷ Depreciation expense relating to property and equipment
= ( – ) ÷ =
The analysis of the property, plant, and equipment data over the five-year period reveals several notable trends and patterns.
- Property and equipment, gross
- The gross value of property and equipment shows a consistent upward trend from 2020 to 2024. The value increased from US$2,830 million in 2020 to US$3,550 million in 2024, representing a gradual annual increase. This reflects ongoing investments and additions to the company's fixed assets.
- Land
- The value attributed to land remains stable at US$65 million from 2021 onward, slightly decreasing from US$66 million in 2020 to US$65 million and staying constant thereafter. This indicates no significant acquisitions or disposals of land during the period.
- Depreciation expense relating to property and equipment
- Depreciation expense fluctuates over the years, peaking at US$393 million in 2021 before declining to US$332 million in 2024. Despite minor increases and decreases, the overall trend suggests a reduction in depreciation expense since the 2021 peak.
- Estimated total useful life
- The estimated useful life of property and equipment increased from 8 years in 2020 and 2021 to 10 years from 2022 onwards. This adjustment suggests a reassessment of the asset lifespan, potentially leading to longer depreciation periods and affecting depreciation expense trends.
Overall, the increase in gross property and equipment alongside a longer estimated useful life and fluctuating depreciation expense suggests strategic capital investments with an emphasis on extending the longevity of fixed assets. The stable land value further supports a focus on maintaining existing land assets rather than expanding in this category.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Time elapsed since purchase = Accumulated depreciation and amortization ÷ Depreciation expense relating to property and equipment
= ÷ =
The analysis of the property, plant, and equipment-related financial data reveals several notable trends and insights over the five-year period ending in 2024.
- Accumulated depreciation and amortization
- This figure shows a consistent increase each year, rising from 1,016 million USD in 2020 to 1,598 million USD in 2024. The steady upward trend reflects ongoing depreciation accumulation in line with the aging asset base. This trend is typical as assets depreciate over their useful lives and new depreciation charges are added annually.
- Depreciation expense relating to property and equipment
- The annual depreciation expense demonstrates some fluctuations but remains relatively stable within a range of 332 million USD to 393 million USD. It peaked slightly in 2021 at 393 million USD before declining gradually to 332 million USD by 2024. This pattern may indicate adjustments in asset acquisition or disposal activities, or changes in the useful lives or valuation of assets.
- Time elapsed since purchase
- The average age of the property and equipment has increased from 3 years in 2020 and 2021 to 5 years by 2024. The growth in asset age aligns with the increasing accumulated depreciation and suggests a maturing asset base with fewer recent significant additions or replacements.
In summary, the data reflects a gradual aging of the company’s property and equipment portfolio, evidenced by increasing accumulated depreciation and lengthening time elapsed since purchase. The relatively stable depreciation expense suggests consistent asset management practices, although the slight decline towards the later years may indicate reduced capital expenditures or asset turnover.
Estimated Remaining Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated remaining life = (Property and equipment, net – Land) ÷ Depreciation expense relating to property and equipment
= ( – ) ÷ =
- Property and Equipment, Net
- The net value of property and equipment experienced an overall upward trend from 2020 to 2022, increasing from 1,814 million US dollars to 2,082 million US dollars. However, this was followed by a slight decline in 2023 to 2,073 million US dollars and a more pronounced decrease in 2024 to 1,952 million US dollars. This pattern suggests an initial period of investment or acquisition followed by some disposals or write-downs in the latter years.
- Land
- The reported value of land remained stable at 65 million US dollars from 2021 through 2024, after a minor decrease of 1 million US dollars from 66 million US dollars in 2020. This stability indicates no significant transactions or revaluations related to land assets during this period.
- Depreciation Expense Relating to Property and Equipment
- Depreciation expense showed moderate fluctuations over the five-year period. It increased from 364 million US dollars in 2020 to a peak of 393 million US dollars in 2021, followed by a decline in subsequent years to 346 million US dollars in 2022, rising slightly to 355 million US dollars in 2023, and decreasing again to 332 million US dollars in 2024. These variations may reflect changes in asset base, depreciation policies, or asset utilization rates.
- Estimated Remaining Life
- The estimated remaining life of the property and equipment was five years at the end of 2020 and 2021, after which it increased to six years from 2022 through 2024. This extension in asset life suggests either the acquisition of longer-lived assets, asset re-assessment, or improvements extending the useful life of existing assets.