Analysis of Debt
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Total Debt (Carrying Amount)
DexCom Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Short-term finance lease liabilities
- The short-term finance lease liabilities started at zero or were not reported in 2018, then increased to 600 thousand US dollars in 2019. Thereafter, the amount rose substantially to 8,800 thousand US dollars in 2020 before decreasing to 3,300 thousand in 2021. A modest increase occurred again in 2022, reaching 4,200 thousand US dollars. This indicates volatility in the short-term lease commitments over the period.
- Current portion of long-term senior convertible notes
- This item had no reported values until 2022 when it appeared at 772,600 thousand US dollars. This suggests a reclassification or a new obligation becoming current in 2022, potentially reflecting a maturity or restructuring of the senior convertible notes.
- Long-term senior convertible notes
- The long-term senior convertible notes showed a gradual increase from 1,010,300 thousand US dollars in 2018 to 1,059,700 thousand in 2019. There was a significant jump in 2020 to 1,667,200 thousand US dollars, followed by a slight increase to 1,702,700 thousand in 2021. However, in 2022, the balance decreased sharply to 1,197,700 thousand US dollars. This pattern points to a major issuance or acquisition of convertible notes in 2020, a stable period thereafter, and a partial repayment or conversion in 2022.
- Long-term finance lease liabilities
- Long-term finance lease liabilities showed continuous growth throughout the period. Beginning at 7,300 thousand US dollars in 2018, the figure more than doubled by 2019 to 14,400 thousand. It then rose sharply to 54,000 thousand in 2020, followed by further increases to 57,000 thousand in 2021 and 59,600 thousand in 2022. This indicates escalating commitments and possibly an expansion of leased assets financed over the longer term.
- Total debt (carrying amount)
- Total debt increased steadily each year, starting from 1,017,600 thousand US dollars in 2018. It rose slightly to 1,074,700 thousand in 2019 and then jumped significantly to 1,730,000 thousand in 2020. The upward trend continued with a modest increase to 1,763,000 thousand in 2021, followed by a more pronounced rise to 2,034,100 thousand US dollars in 2022. This consistent growth reflects an overall increase in the company’s leveraged position over the five-year span, notwithstanding the fluctuations observed in specific debt components.
Total Debt (Fair Value)
| Dec 31, 2022 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Senior Convertible Notes | |
| Finance lease liabilities | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2022-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =