Xencor Inc (XNCR)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-120,287	-119,443	-126,845	-138,866	-54,509	31,009	22,489	108,712	82,631	-4,121	23,520	-63,746	-69,333	-82,854	-80,878	-61,844	27,175	36,188	49,912	40,027
Revenue (ttm)	US$ in thousands	186,941	159,035	123,534	105,187	169,448	300,051	291,251	346,181	294,209	181,761	198,671	128,003	129,246	90,908	79,618	87,539	166,940	174,988	181,170	160,553
Pretax margin		-64.34%	-75.10%	-102.68%	-132.02%	-32.17%	10.33%	7.72%	31.40%	28.09%	-2.27%	11.84%	-49.80%	-53.64%	-91.14%	-101.58%	-70.65%	16.28%	20.68%	27.55%	24.93%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-120,287K ÷ $186,941K
= -64.34%

Xencor Inc's pretax margin has been fluctuating significantly over the past eight quarters. The pretax margin indicates the company's profitability before taxes, and a negative pretax margin signifies that the company is operating at a loss.

The pretax margin was notably low in Q1 2023 at -141.63%, indicating that Xencor Inc's expenses exceeded its revenues by a substantial amount during that quarter. This was a decrease from the previous quarter, Q4 2022, which also had a negative pretax margin but was less severe at -33.12%.

The trend of negative pretax margins continued from Q4 2022 to Q2 2023. However, there was a slight improvement in Q3 2022 and Q4 2022 when the company managed to achieve positive pretax margins of 10.44% and 7.77%, respectively.

Overall, Xencor Inc's pretax margin performance has been volatile, with periods of profitability followed by significant losses. This suggests that the company may be facing challenges in managing its expenses and generating sufficient revenue. Further analysis of the underlying factors contributing to these fluctuations would be necessary to assess the company's financial health and sustainability.