I agree with your numbers and someone who 'understands' this should do fine. In the general scope of things, I would think that the headline numbers being wacky considering you'll see the quarterly income increasing throughout the year only to fall off a cliff in the early quarters.
ENTA’s current tax rate—excluding discrete items—is ~18%.
The ~18% figure can be calculated by: 1) estimating pre-tax income for the current fiscal year (my estimate is $86.2M, i.e. $29.0M in FY4Q18); 2) applying the company’s GAAP FY tax-rate guidance of 22.2% ($86.2M x 0.222 = $19.1M); 3) backing out the $3.8M non-cash tax charge ENTA took during FY1Q18 for a balance-sheet adjustment in accordance with enactment of the U.S. Tax Cuts and Jobs Act ($19.1M - $3.8M = $15.3M); and 4) dividing the adjusted FY tax by the estimated FY pre-tax income ($15.3M / $86.2M = 17.7%).
As long as the R&D tax credit remains in effect, ENTA’s tax rate (absent discrete items) should remain below 20%.
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