Revenue Analysis
Total and Operating Revenue: There has been a variability in Total and Operating Revenues over the observed periods. Starting from Q1 2023 (5.27 billion) and progressively increasing to 6.18 billion by the first quarter of 2024. This suggests a growing business scale.
Gross Profit Margins: The Gross Profit Margins have also varied, with a particular increase noted in the last quarter of 2024 to 1.71 billion, up from 1.38 billion in the first quarter of 2023. This indicates improved efficiency in managing the cost of sales relative to revenue.
Cost Management
Cost of Revenue: The Cost of Revenue ranged from approximately 3.66 billion to 4.48 billion, showing fluctuations that largely coincide with changes in revenue, suggesting variable costs are a substantial component of total costs.
Operating Expense: Operating expenses have shown some variability but remained substantial, suggesting ongoing substantial operational costs to support growing revenues.
Total Expenses: Total Expenses follow the trend of operating expenses and cost of revenue, oscillating with revenue changes but demonstrating peaks and troughs.
Profitability Analysis
EBITDA: EBITDA has increased from 653 million in Q2 2023 to 829 million by the end of Q1 2024, indicating better operational profitability over time.
Operating Income: Operating Income has increased overall, peaking at 828 million in Q3 2023.
Pretax Income: Pretax Income has significantly risen over the fiscal periods, with a noted peak of 594 million in Q3 2023.
Net Income: Net Income fluctuated considerably, with the most notable increase observed in the transition from Q2 2023 (199 million) to Q3 2023 (357 million).
Cash Flow Indicators
Reconciled Depreciation: Depreciation expenses have been relatively stable, ranging from approximately 134 million to 314 million, showing consistent capital expenditure and asset depreciation.
Interest Expense: Interest Expense has shown some variability, indicative of changing debt levels or interest rates impacting the financing costs.
Taxation
Tax Rate: Corporate tax rates have fluctuated, possibly affecting net income outcomes. Higher rates were observed in Q3 2023 (35.9%), while lower rates occurred in Q1 2024 (13.7%).
Tax Provision: Tax provisions appear proportionate to pretax profits, with significant amounts allotted for tax obligations.
Tax Effect of Unusual Items: No significant tax effects from unusual items were reported across all periods.
Shareholder Metrics
Diluted and Basic EPS: The Earnings Per Share (both diluted and basic) have seen slight fluctuations but indicate a general trend of profitability per share increments towards the recent quarter.
Average Shares: There was a noticeable increase in both Diluted and Basic Average Shares, suggesting stock dilution which investors should consider.
Net Income Available to Common Stockholders: This metric has stayed relatively stable, indicating consistent returns to shareholders against the backdrop of broader company performance trends.
Conclusion
This analysis reveals a progressive improvement in revenue and gross profits, closely managed operational costs against this backdrop, and maintained profitability. Despite higher expenses, the company’s ability to manage cost and scale operations appear well-handled. Investors might look favorably on increasing revenues and stabilizing EPS; however, attention should be given to interest expenses and the impact of operational expenses on bottom-line metrics.