Allergan PLC (NYSE:AGN)

Current Provision (Benefit)

The current provision fluctuates significantly over the analyzed period. It starts at a positive 249,700 thousand US dollars in 2015, decreases to 148,700 thousand in 2016, then sharply increases to 1,118,300 thousand in 2017. In 2018, it reverses direction, moving into a negative territory at -508,700 thousand US dollars, before rebounding to a positive 807,300 thousand US dollars in 2019. This volatility suggests variable short-term tax liabilities or benefits year-over-year, potentially influenced by changes in taxable income or tax rates.

Deferred Benefit

The deferred tax benefit remains consistently negative throughout the period, indicating reductions in deferred tax liabilities or increases in deferred tax assets. The magnitude is substantial, starting at -1,811,600 thousand US dollars in 2015 and deepening to -2,045,700 thousand in 2016. It then escalates sharply in 2017 to -7,788,700 thousand, followed by decreases in magnitude to -1,262,000 thousand in 2018 and -660,900 thousand in 2019. This pattern implies a significant adjustment in deferred taxes particularly in 2017, after which the deferred benefit reduces in size, reflecting changes in temporary differences or tax planning strategies.

Provision (Benefit) for Income Taxes

The combined provision for income taxes presents a pronounced negative value for most years, indicating overall tax benefits rather than expenses. Starting at -1,561,900 thousand US dollars in 2015, it deepens to -1,897,000 thousand in 2016, then dramatically increases in benefit to -6,670,400 thousand in 2017. In 2018, the benefit is reduced to -1,770,700 thousand, and notably, in 2019, the figure turns positive to 146,400 thousand US dollars, signifying a net tax expense. This trend suggests the company experienced significant tax benefits in earlier years, peaking in 2017, followed by a reversal in 2019 towards a tax expense position.

The presented financial data reveals several notable trends in the components influencing the company's effective income tax rate over the analyzed period from 2015 to 2019.

Statutory Tax Rate

The statutory tax rate remained constant at 12.5% throughout the five-year period, indicating a stable legal tax environment without changes in the baseline tax rate.

Earnings Subject to U.S. Taxes

This percentage exhibited considerable volatility, starting at 18.5% in 2015, rising sharply to 37.5% in 2016, then declining significantly to 1.8% by 2018, and turning negative at -1.3% in 2019. This indicates a shifting geographical or operational profit distribution, particularly a decreasing proportion of earnings subject to U.S. tax over time, culminating in a negative value which may suggest losses or tax benefits related to U.S. earnings in 2019.

Earnings Subject to Rates Different Than the Statutory Rate

The values fluctuated notably, with an initial small positive value that increased substantially to 18.3% in 2016, followed by a negative dip in 2017 to -2.5%, then back to positive figures in 2018 and 2019, reaching 5.3%. This reflects variability in earnings taxed at rates other than the statutory rate, potentially driven by changes in jurisdictional mix or tax planning strategies.

Tax Reserves and Audit Outcomes

This category remained modestly negative or near zero, varying from -0.3% to 0.7% between years, with a marked decline in 2018 and 2019 (-2.6% and -2.1%, respectively). This suggests some increases in provisions or adverse audit results impacting tax expenses toward the latter years.

Non-Deductible Expenses

Non-deductible expenses showed an increasing negative impact over time, starting from -5.4% in 2015 and escalating to -12.6% in 2019. This indicates growing amounts of expenses not eligible for tax deductions, which negatively influence the effective tax rate.

Impact of Acquisitions and Reorganizations

The influence of acquisitions and reorganizations started from zero in 2015, became slightly negative in 2016 (-3.1%), increased significantly in 2017 and 2018 (9.3% and 15.3%), before dropping again to 2.6% in 2019. This volatility reflects the tax effects of structural and corporate changes, with substantial positive impacts during 2017 and 2018.

Tax Credits and U.S. Special Deductions

Tax credits and deductions showed generally small positive contributions, fluctuating between 0.5% and 3.1% across the years, indicating a relatively stable contribution to lowering the effective tax rate.

Rate Changes

Rate changes were absent in 2015 but became material in subsequent years, peaking at 7.4% in 2016, then declining and turning negative in 2018 and 2019 (-2.2% and -0.3%), reflecting the impact of tax legislation or policy adjustments on the tax burden.

Valuation Allowances

Valuation allowances shifted markedly, starting at 6.7% in 2015, turning negative in 2016 and 2017 (-6.5% and -2.2%), then positive again in 2018 (3.7%) and notably negative in 2019 (-8.7%). This suggests fluctuating assessments of deferred tax assets’ realizability, impacting the effective tax rate variably across the years.

Other Factors

Minor variations occurred within other factors, generally close to zero, with slight positive or negative values, indicating minimal impact on the tax rate overall.

Effective Income Tax Rate Before U.S. Tax Reform Impact

The rate showed extreme fluctuations, starting at 35.3% in 2015 and peaking dramatically at 67% in 2016. Subsequently, it decreased sharply to 37% in 2017 and further to 25.6% in 2018, before becoming negative at -2.9% in 2019. This wide range indicates considerable variability in tax expense ratios driven by the above factors, excluding tax reform.

Impact of U.S. Tax Reform Enactment

The reform impact was only reported in 2017 and 2018, materially elevating the effective tax rate by 27.2% and adding a slight 0.2%, respectively. This reflects the significant tax law changes in the U.S. during that period affecting tax calculations and provisions.

Effective Income Tax Rate

The overall effective income tax rate mirrored the fluctuations seen before reform but was notably affected in 2017 when it jumped to 64.2% due to the reform. It then dropped to 25.8% in 2018 and became negative at -2.9% in 2019, indicating possible net tax benefits or credits surpassing tax expenses in the final year under review.

In summary, the data displays high volatility in the tax-related metrics throughout the period, influenced by dynamic earnings distribution, regulatory impacts such as U.S. tax reform, and variable operational factors including acquisitions and non-deductible expenses. The negative effective tax rate in 2019 is a particularly notable outcome, likely reflecting a combination of losses, tax credits, and valuation adjustments.

The data presents fluctuations in various deferred tax assets and liabilities over the five-year period from 2015 to 2019.

Benefits from net operating and capital loss carryforwards

This item shows no recorded amounts from 2015 to 2018 but appears starting in 2018 with $2,145,800 thousand and slightly decreases in 2019 to $2,105,200 thousand, indicating recognition or realization of tax loss carryforwards late in the period.

Benefits from tax credit and other carryforwards

Values emerge in 2018 with $377,600 thousand and increase to $440,400 thousand in 2019, suggesting growing recognition or utilization of tax credits toward the end of the period.

Benefits from net operating and capital losses and tax credit carryforwards

The figure shows a sharp decline from $1,305,800 thousand in 2015 to $702,000 thousand in 2016, followed by a recovery to $1,005,300 thousand in 2017, then no listed data for the last two years. This pattern suggests variability in the tax loss benefits or changes in accounting recognition.

Inventories, receivables and accruals

There is a significant decrease from $1,023,800 thousand in 2015 to a low of $231,800 thousand in 2018, followed by a rebound to $496,800 thousand in 2019. This indicates fluctuations in working capital components subject to deferred tax considerations.

Basis differences in investments

Amounts appear starting 2017 at $1,088,700 thousand, then drop sharply in 2018 to $56,100 thousand, and recover somewhat in 2019 to $185,500 thousand. This trend suggests changes in the valuation or composition of investments affecting deferred tax assets.

Outside basis differences

Data is only available in 2015 with $5,738,800 thousand and absent thereafter, suggesting a significant reclassification or disposal event between 2015 and 2016 affecting this item.

Share-based and other compensation

There is a consistent decline from $596,600 thousand in 2015 down to $242,800 thousand in 2019, indicating a reduction in deferred tax assets or expenses related to compensation over time.

Other (Deferred tax asset, gross)

This category initially decreases sharply from $97,900 thousand in 2015 to $20,400 thousand in 2017 before recovering to $183,400 thousand by 2019, demonstrating variability in miscellaneous deferred tax assets.

Deferred tax asset, gross

The gross deferred tax asset declines steeply from $8,762,900 thousand in 2015 to $1,729,700 thousand in 2016, then increases steadily to $3,654,100 thousand by 2019, suggesting a substantial write-down followed by gradual recovery or recognition of deferred tax assets during the period.

Valuation allowance

A valuation allowance exists as a negative figure, increasing in magnitude from -$196,200 thousand in 2015 to -$2,079,100 thousand in 2019, with a notable jump in 2018. This suggests rising adjustments to deferred tax assets for estimated uncollectibility or uncertainty about realizability.

Deferred tax asset, net

The net deferred tax asset decreases dramatically from $8,566,700 thousand in 2015 to $1,545,800 thousand in 2016, sees partial improvement to $2,289,500 thousand in 2017, then declines again to around $1,575,000 thousand by 2019. This pattern reflects volatility in the company's net deferred tax position over time.

Property, equipment and intangible assets

Reported as negative figures, these decline in absolute value from -$14,080,700 thousand in 2015 to -$4,725,200 thousand in 2019, demonstrating a reduction in deferred tax liabilities related to these asset categories, possibly due to disposals, amortization, or impairments.

Basis differences in investments (Deferred tax liabilities)

These follow a decreasing trend in negative amounts from -$2,422,200 thousand in 2015 to -$525,900 thousand in 2019, aligning with the reduction seen in their related deferred tax assets.

Other (Deferred tax liabilities)

This value, negative in nature, fluctuates modestly with values around -$68,300 to -$110,700 thousand in the later years, indicating minor deferred tax liabilities outside the main categories.

Deferred tax liabilities

The overall deferred tax liabilities show a decreasing trend from -$16,502,900 thousand in 2015 to -$5,361,800 thousand in 2019, reflecting a significant reduction in obligations over time.

Deferred taxes (net position)

The net deferred tax figures, presumably the overall net liabilities, reduce their negative balance from -$7,936,200 thousand in 2015 to -$3,786,800 thousand in 2019, showing a gradual improvement or decrease in deferred tax liabilities or net tax obligations.

The financial data reveals notable fluctuations over the five-year period under review. Deferred tax assets and deferred tax liabilities, both expressed in thousands of US dollars, demonstrate contrasting trends which provide insights into the company's tax position and potentially its future tax obligations or benefits.

Deferred Tax Assets

The deferred tax assets exhibit significant volatility with an overall upward trend punctuated by a sharp increase in 2018. Starting from a relatively low base of 49,500 in 2015, the figure surged to 233,300 in 2016 and continued to rise to 319,100 in 2017. This was followed by a considerable spike to 1,063,700 in 2018, suggesting a substantial increase in deductible temporary differences or loss carryforwards recognized by the company. However, in 2019, deferred tax assets declined markedly to 576,900, indicating either realization of some tax benefits or revaluation of assets.

Deferred Tax Liabilities

Deferred tax liabilities show a declining trend over the period after an initial increase. In 2015, the liabilities stood at approximately 7,985,700 and escalated to a peak of 12,969,100 in 2016. This was followed by a steep reduction to 6,352,400 in 2017. The downward trend persisted through 2018 and 2019, with values dropping to 5,501,800 and further to 4,363,700 respectively. This decline could indicate the company’s change in taxable temporary differences or reassessment of future tax obligations possibly due to changes in tax rates, asset disposals, or operational adjustments.

Overall, the data suggests that while the company increased recognition of deferred tax assets substantially in 2018, there has been a general reduction in deferred tax liabilities from 2016 onward. This shift may reflect changes in the company's tax strategy, asset base, or accounting estimates related to taxes. The significant year-to-year variations, especially the spike in deferred tax assets in 2018 followed by a reduction in 2019, indicate active management or substantial changes in underlying taxable or deductible amounts during these years.

The financial data indicates a consistent downward trend in both reported and adjusted total assets over the five-year period ending December 31, 2019. Reported total assets decreased from approximately $135.8 billion in 2015 to around $94.7 billion in 2019, while adjusted total assets followed a similar decline from about $135.8 billion to $94.1 billion in the same period. This suggests a significant reduction in the overall asset base of the company during these years.

Reported total liabilities also declined steadily, from roughly $59.3 billion in 2015 to approximately $36.5 billion in 2019. Adjusted total liabilities show a sharper decrease from about $51.3 billion to $32.1 billion over the same timeframe. The steeper decline in adjusted liabilities relative to reported liabilities could be indicative of accounting adjustments affecting the presentation of obligations.

Shareholders’ equity, both reported and adjusted, exhibits a downward trend. Reported shareholders’ equity fell from roughly $76.6 billion in 2015 to about $58.2 billion by 2019. Adjusted shareholders’ equity initially increased from $84.5 billion in 2015 to a peak of $88.9 billion in 2016, before declining sharply to approximately $61.9 billion at the end of 2019. The divergence between reported and adjusted equity, especially in the earlier years, suggests significant impacts from deferred tax adjustments or other accounting considerations.

Net income attributable to shareholders reveals considerable volatility and deterioration over the examined years. The reported net income started at approximately $3.9 billion in 2015, rose significantly to around $15.0 billion in 2016, and then reversed sharply to net losses of approximately $4.1 billion, $5.1 billion, and $5.3 billion in 2017, 2018, and 2019, respectively. Adjusted net income follows a similar pattern but with more pronounced losses, peaking at $12.9 billion in 2016 and subsequently showing larger negative results, reaching losses above $5.9 billion by 2019. This pattern indicates significant adverse changes in profitability, potentially related to operational challenges, non-recurring charges, or tax adjustments.

Overall, the data portrays a company experiencing a contraction in asset size and equity base accompanied by increasing losses over the most recent three years in the data. The adjustments related to deferred income taxes and other accounting changes significantly affect the presentation of liabilities, equity, and net income, underscoring the importance of considering both reported and adjusted figures to fully understand financial performance and position.

Total Assets

Demonstrated a persistent decline in both reported and adjusted figures, with a reduction of roughly 30% across the five-year span.

Total Liabilities

Both reported and adjusted liabilities decreased, with adjusted liabilities showing a more pronounced reduction, suggesting impacts of adjusting accounting treatments.

Shareholders’ Equity

Reported equity declined steadily, while adjusted equity showed an initial increase before declining markedly, highlighting the effects of accounting adjustments on equity valuation.

Net Income (Loss)

Experienced a peak in 2016 followed by significant net losses in subsequent years, with adjusted figures indicating deeper losses compared to reported results.

The financial performance indicators exhibit significant volatility over the period under review, with several adverse trends emerging in recent years.

Profitability Margins

Reported net profit margin shows a pronounced peak at 102.76% in 2016, followed by a steep decline into negative territory from 2017 onwards, reaching -32.76% by 2019. Adjusted net profit margin mirrors this trend but displays even more pronounced negative values post-2016, with a nadir at -74.74% in 2017 and gradual improvement that remains negative through 2019.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios exhibit a consistent upward trend, increasing from 0.11 in 2015 to 0.17 by 2019. This indicates a progressive improvement in the efficiency with which assets generate revenue over time.

Financial Leverage

Financial leverage ratios for both reported and adjusted data show a slight decline from 2015 to 2018, suggesting a reduction in reliance on debt or financial obligations. However, a modest increase is observed in 2019, potentially indicating a shift in capital structure strategy.

Return on Equity (ROE)

ROE figures, both reported and adjusted, display a sharp rise in 2016, with reported ROE peaking at 19.65% and adjusted ROE at 14.54%. Subsequently, both metrics plummet into negative values from 2017 onwards, signaling deteriorating profitability from shareholders' perspective, with adjusted ROE reaching as low as -14.92% in 2017.

Return on Assets (ROA)

ROA follows a similar pattern to ROE, with positive values in 2015 and 2016 followed by consistent negative returns from 2017 forward. Adjusted ROA shows more severe declines than reported ROA, indicating that adjustments for deferred taxes and other items have a considerable impact on this profitability measure.

In summary, the entity experienced strong profitability performance in 2016 according to both reported and adjusted figures but encountered substantial declines thereafter, with sustained negative profitability margins, ROE, and ROA from 2017 through 2019. Asset turnover improved steadily, suggesting enhanced operational efficiency despite weakening returns. Financial leverage decreased initially but rose slightly at the end of the period, potentially reflecting shifts in financial strategy amidst challenging profitability conditions.

The financial data over the five-year period reveals notable volatility and a declining trend in profitability metrics. The reported net income attributable to shareholders experienced a significant increase from approximately 3.92 billion US dollars in 2015 to nearly 15 billion US dollars in 2016. However, from 2017 onwards, the reported net income plummeted into negative territory, reaching losses above 4 billion US dollars and worsening to over 5 billion US dollars in both 2018 and 2019.

Similarly, the adjusted net income attributable to shareholders follows a somewhat parallel pattern but with different magnitudes. The adjusted net income increased from around 2.1 billion US dollars in 2015 to about 12.9 billion US dollars in 2016. Subsequently, it shifted to substantial negative values starting in 2017, with the loss peaking at over 11.9 billion US dollars. Although the losses reduced slightly in 2018 and 2019, the adjusted net income remained significantly negative through the final years in the series.

Regarding profitability margins, the reported net profit margin mirrored the trends in net income. It surged dramatically from approximately 26.0% in 2015 to an exceptionally high 102.8% in 2016. This was followed by sharp reversals, with the margin declining to negative 25.9% in 2017 and further deteriorating to around negative 32.3% and 32.8% in 2018 and 2019, respectively. This indicates a transition from strong profitability to sustained losses relative to revenue.

The adjusted net profit margin also displayed an initial increase from 14.0% in 2015 to 88.7% in 2016, reflecting strong operational performance when adjusted for income tax effects. Thereafter, it declined more steeply into negative territory compared to the reported margin, reaching negative 74.7% in 2017. Although there was some improvement thereafter, the margin remained deeply negative at negative 40.3% in 2018 and negative 36.9% in 2019.

Overall, the data indicate a period of exceptional profitability in 2016, followed by severe and sustained declines in both reported and adjusted net income and margins. The adjusted figures highlight even more pronounced losses after tax adjustments. This pattern suggests significant adverse events or operational challenges beginning in 2017, which have not been reversed by 2019, resulting in ongoing substantial negative financial performance relative to shareholders’ equity.

The financial data reveals a consistent decline in the total assets of the company over the five-year period. Both reported and adjusted total assets show a downward trend from December 31, 2015, through December 31, 2019. The reported total assets decreased from approximately 135.8 billion US dollars in 2015 to about 94.7 billion US dollars in 2019. Similarly, adjusted total assets followed this pattern, declining from roughly 135.8 billion to 94.1 billion US dollars over the same period. This decline may indicate asset sales, depreciation, or other balance sheet adjustments impacting the asset base.

Simultaneously, total asset turnover ratios show an increasing trend during the same period, reflecting improved efficiency in utilizing assets to generate revenue. The reported total asset turnover increased from 0.11 in 2015 and 2016 to 0.17 in 2019. Adjusted total asset turnover follows a similar pattern, moving from 0.11 initially to 0.17 by 2019. This suggests the company progressively generated more revenue per unit of asset over time, indicating enhanced operational performance or better asset management despite the reduction in the asset base.

Overall, the data indicate that while the company's asset base shrank significantly over the five years, its effectiveness in using those assets to produce sales improved steadily. This combination could be reflective of strategic restructuring, divestitures, or efficiency improvements contributing to a leaner but more productive asset structure.

The analysis of the financial data over the five-year period reveals several notable trends in the company's assets, equity, and financial leverage, both on a reported and adjusted basis.

Total Assets

The reported total assets exhibit a consistent downward trajectory, declining from approximately 135.8 billion US dollars at the end of 2015 to about 94.7 billion US dollars by the end of 2019. The adjusted total assets follow a similar pattern, starting slightly lower than the reported amounts but closely mirroring the same decreasing trend over the years. This consistent reduction in assets suggests a gradual contraction in the company's asset base.

Shareholders’ Equity

Reported shareholders’ equity shows a declining trend as well, decreasing from 76.6 billion US dollars in 2015 to 58.2 billion US dollars in 2019. The adjusted shareholders’ equity figures are higher than the reported ones each year but also exhibit a similar downward trend, beginning at approximately 84.5 billion US dollars in 2015 and falling to around 61.9 billion US dollars by 2019. The divergence between reported and adjusted equity, with adjusted figures being consistently higher, indicates adjustments likely related to income tax considerations affecting equity valuations.

Financial Leverage

Financial leverage ratios show a moderation of leverage on an adjusted basis compared to reported numbers. Reported financial leverage decreases from 1.77 in 2015 to a low of 1.56 in 2018 before increasing slightly to 1.63 in 2019. Adjusted financial leverage begins at 1.61 in 2015, dropping to 1.45 in 2016 and maintaining a relatively stable range around 1.45 to 1.52 through to 2019. This suggests that when considering adjustments, the company's financial leverage is consistently lower and more stable, indicating a more conservative risk profile relative to reported data.

Overall, the data reflects a contracting asset and equity base, with a moderate decline in financial leverage over time when adjusted for deferred income tax effects. The gap between reported and adjusted equity and leverage indicates that deferred tax adjustments have a material impact on the financial structure and risk assessment of the company. The stability in adjusted financial leverage towards the end of the period may imply improved capital structure management despite the overall contraction in asset size and equity.

Net Income Attributable to Shareholders

The reported net income displayed significant volatility over the five-year period. Beginning with a positive figure of approximately 3.9 billion USD in 2015, it increased sharply to nearly 15 billion USD in 2016. However, the subsequent years showed a marked decline, with reported net losses recorded from 2017 through 2019, worsening from approximately -4.1 billion USD in 2017 to about -5.3 billion USD by 2019.

The adjusted net income followed a similar pattern but with some key differences in magnitude. While positive in 2015 and 2016 (2.1 billion USD and 12.9 billion USD, respectively), the adjusted figures revealed larger net losses from 2017 onwards, with losses deepening particularly in 2017 to over -11.9 billion USD. Losses then decreased slightly but remained substantial in 2018 and 2019, indicating recurring operational or exceptional items impacting profitability.

Shareholders’ Equity

Reported shareholders’ equity showed a declining trend throughout the period, starting from approximately 76.6 billion USD in 2015 and decreasing steadily to about 58.2 billion USD by the end of 2019. This decline suggests erosion in equity possibly driven by losses and other comprehensive income items.

The adjusted shareholders’ equity figures were consistently higher than the reported amounts, indicating that adjustments, such as deferred tax impacts, may add back certain equity components. Despite adjustments, the adjusted equity also trended downward from roughly 84.5 billion USD in 2015 to 61.9 billion USD in 2019. The sharper decrease in adjusted equity between 2016 and 2017 indicates a significant adjustment or impairment event during that timeframe.

Return on Equity (ROE)

Reported ROE exhibited a strong positive return in 2015 and 2016, peaking at 19.65% in 2016. This was followed by a shift into negative territory from 2017 onwards, declining to -9.06% in 2019. The change reflects the transition from profitability to losses in the latter years, negatively impacting shareholders’ returns.

Adjusted ROE values mirrored the reported trend but showed more pronounced negative returns beginning in 2017. The adjusted ROE reached a low of -14.92% in 2017, indicating that the adjustments worsen the return metric more than the reported data suggests. The subsequent years display continued negative adjusted ROE, slightly improving but remaining substantially below zero.

Net Income Trends

The reported net income attributable to shareholders exhibited significant volatility over the period from 2015 to 2019. Initially, there was positive reported net income in 2015 and 2016, peaking notably in 2016 at approximately $14.97 billion. However, starting in 2017, the company encountered substantial net losses which persisted through the end of 2019, with losses increasing slightly year-over-year and reaching around $5.27 billion in 2019.

Adjusted net income reflects a similar pattern but reveals even greater losses during the downturn years. While 2015 and 2016 still showed positive adjusted incomes, 2017's adjusted net loss was markedly worse than the reported figure, exceeding $11.9 billion. Subsequent years continued to show losses that were significant and in alignment with the reported results, indicating underlying operational challenges or one-time adjustments affecting profitability.

Assets Evolution

Reported total assets demonstrated a downward trend throughout the period, declining from approximately $135.8 billion in 2015 to about $94.7 billion by the end of 2019. This indicates a substantial reduction in the asset base, amounting to a contraction of nearly 30% over five years.

Adjusted total assets mirrored this decline closely, with values marginally lower than reported assets but following the same trajectory. The consistent decrease implies possible divestitures, depreciation, or impairment losses impacting the balance sheet.

Return on Assets (ROA) Insights

The reported ROA showed a robust performance in 2016, peaking at 11.61%, which is indicative of efficient asset utilization and profitability during that year. However, the subsequent years saw a marked deterioration, turning negative from 2017 onward and deepening each year to -5.57% in 2019. This trend confirms a decline in profitability relative to asset base.

Adjusted ROA paints a more conservative picture, consistently lower than the reported ROA each year. The adjusted measure peaked at 10.04% in 2016 before plunging to -10.09% in 2017 and remaining in negative territory around -6.3% through 2018 and 2019. This more severe negative adjusted ROA suggests that the adjustments, possibly related to deferred income taxes or non-recurring items, reveal weaker underlying asset earning power than reported figures suggest.

Overall Summary

The data reflects a company facing significant financial challenges starting in 2017, characterized by large net losses, reduced asset base, and deteriorating profitability. The adjusted figures highlight more pronounced difficulties than indicated by reported numbers alone, especially in net income and ROA. The persistent negative returns on assets and declining asset levels highlight concerns about sustainable profitability and asset utilization efficiency over this recent period.