Stock Analysis on Net
Stock Analysis on Net

Time Warner Inc. (NYSE:TWX)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 26, 2018.

Common-Size Income Statement
Quarterly Data

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Time Warner Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Revenues
Costs of revenues
Gross profit
Selling, general and administrative
Amortization of intangible assets
Restructuring and severance costs
Asset impairments
Gain (loss) on operating assets, net
Operating income
Interest expense, net
Other income (loss), net
Income from continuing operations before income taxes
Income tax (provision) benefit
Income from continuing operations
Discontinued operations, net of tax
Net income
Net loss attributable to noncontrolling interests
Net income attributable to Time Warner Inc. shareholders

Based on: 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).

Revenues and Gross Profit
Revenues consistently represent 100% across all quarters, serving as a stable baseline for relative financial performance analysis. The gross profit margin showed variability throughout the periods, ranging from a low near 38.52% to a high around 49.2%. A peak in gross profit margin was observed in the third quarter of 2013, reaching approximately 49.2%, followed by some moderate declines and recoveries. The gross profit percentage tended to fluctuate, suggesting changes in cost management or revenue mix impacting profitability over time.
Cost of Revenues
The cost of revenues ranged roughly between -50.8% and -61.48%. A noticeable increase in cost percentages occurred in the fourth quarter of 2015, reaching -61.48%, which is among the highest costs relative to revenues in the observed timeline. The cost tended to remain above -54% for most quarters, indicating a fairly steady cost structure with occasional spikes pointing to potentially higher production or operational expenses.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses generally decreased in relative terms from early 2013 levels around -23% toward a lower range near -15.77% by early 2018, reflecting improved expense control or efficiency gains. The trend shows a slight but clear reduction over time, with the lowest recorded SG&A as a percentage of revenues around -15.77% in December 2017, indicating a successful containment of these overhead expenses.
Amortization of Intangible Assets
Amortization expenses fluctuated mildly but trended downwards over the period, starting at about -0.86% and ending closer to -0.54% by the first quarter of 2018. This decline may suggest the amortization of intangible assets was reducing, potentially due to the aging or full amortization of certain assets.
Restructuring and Severance Costs
Restructuring costs showed irregular spikes, such as marked increases in Q3 2014 (-4.85%) and Q4 2017 (-1.13%), while being minimal or absent in many other quarters. This inconsistency reflects episodic restructuring activities that could be linked to organizational changes or cost optimization efforts, rather than a recurring expense.
Asset Impairments
Asset impairments generally remained low and infrequent with minor impacts, typically below -0.5%, though a notable negative impact occurred in Q4 2013 (-1.23%). The impairments have minimal influence on overall profitability for most quarters.
Gain (Loss) on Operating Assets
Gains and losses on operating assets were sporadic, with occasional positive spikes such as in Q1 2014 (6.67%), and some negative quarters. The irregular pattern suggests these gains/losses stem from isolated asset transactions rather than operational performance.
Operating Income
Operating income as a percentage of revenues exhibited fluctuations between roughly 15.55% to 30.1%. Higher operating income was realized periodically, notably in Q1 2014 at 30.1%. However, there is no clear linear trend; the operating margins showed variability but consistently remained above approximately 15%, indicating sustained core profitability despite operational volatility.
Interest Expense, Net
Interest expense gradually declined over time from about -4.18% to nearer -2.59%, possibly reflecting reduced interest rates, debt repayment, or refinancing activities that decreased net interest costs relative to revenues.
Other Income (Loss), Net
Other income/loss was volatile, with frequent negative values and sharp downturns such as significant negative impacts in Q4 2016 (-12.58%) and Q4 2017 (-12.16%). This volatility suggests exposure to non-operating factors or one-time events that adversely influenced net income in certain quarters.
Income from Continuing Operations Before Income Taxes
This metric showed marked variability, ranging from a low near 5.21% (Q4 2016) to a high around 26.05% (Q1 2014), without a sustained trend. Fluctuations appear sensitive to changes in operating income and interest expense, underscoring the influence of operational performance and financing costs on pre-tax profitability.
Income Tax Provision
The income tax provision displayed irregular percentages, sometimes even positive, such as 7% in Q3 2014 and 8.95% in Q1 2018, indicating tax benefits or credits in those periods. Generally, the tax provision was a significant deduction, frequently falling between -3% and -7%, though considerable deviations highlight tax rate variability or adjustments.
Income from Continuing Operations
Income from continuing operations fluctuated significantly, from lows around 4.02% (Q4 2016) to highs exceeding 20%, with notable peaks in Q1 2014 and early 2016. These fluctuations reflect combined effects of operating income variability, interest expense trends, and tax provision impacts.
Discontinued Operations
Discontinued operations were minimal and inconsistent, with isolated entries mostly near zero or small positive or negative values, suggesting little material effect on overall profitability during the periods observed.
Net Income and Net Income Attributable to Shareholders
Net income as a percentage of revenues mirrored income from continuing operations, with some marginal augmentation from discontinued operations. It evidenced oscillations between approximately 9.54% and a high near 20.55%, indicating variability in overall profitability but maintaining a generally healthy profit margin. Net income attributable to shareholders followed the same pattern, underscoring consistent earnings generation for equity holders despite fluctuations.