Name: DexCom Inc. (NASDAQ:DXCM) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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DexCom Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable trade	237,900)	196,000)	163,300)	102,300)	75,500)
Accrued tax, audit, and legal fees	44,800)	40,700)	15,300)	14,000)	11,700)
Accrued rebates	556,400)	260,500)	247,000)	93,300)	36,100)
Accrued warranty	12,800)	12,900)	11,700)	7,400)	6,800)
Contractual obligations	—)	15,000)	—)	—)	—)
Short-term finance lease liabilities	4,200)	3,300)	8,800)	600)	—)
Other accrued liabilities	45,700)	44,600)	35,000)	38,800)	17,000)
Accounts payable and accrued liabilities	901,800)	573,000)	481,100)	256,400)	147,100)
Accrued wages, bonus and taxes	96,800)	91,800)	87,700)	—)	—)
Other accrued employee benefits	37,500)	33,400)	26,600)	88,500)	72,400)
Accrued payroll and related expenses	134,300)	125,200)	114,300)	88,500)	72,400)
Current portion of long-term senior convertible notes	772,600)	—)	—)	—)	—)
Short-term operating lease liabilities	20,500)	20,500)	16,500)	13,600)	—)
Deferred revenue	10,100)	2,100)	2,200)	1,700)	2,900)
Current liabilities	1,839,300)	720,800)	614,100)	360,200)	222,400)
Long-term senior convertible notes	1,197,700)	1,702,700)	1,667,200)	1,059,700)	1,010,300)
Long-term operating lease liabilities	94,600)	98,600)	101,800)	72,400)	—)
Long-term finance lease liabilities	59,600)	57,000)	54,000)	14,400)	7,300)
Deferred revenue, long-term	19,000)	16,100)	—)	—)	—)
Contractual obligations	—)	—)	12,600)	—)	—)
Deferred tax liabilities	4,900)	5,900)	—)	—)	—)
Other tax liabilities	32,700)	2,800)	—)	—)	—)
Deferred rent	—)	—)	—)	—)	9,400)
Other liabilities	12,100)	8,200)	14,300)	5,700)	3,300)
Other long-term liabilities	128,300)	90,000)	80,900)	20,100)	20,000)
Long-term liabilities	1,420,600)	1,891,300)	1,849,900)	1,152,200)	1,030,300)
Total liabilities	3,259,900)	2,612,100)	2,464,000)	1,512,400)	1,252,700)
Preferred stock, $0.001 par value; no shares issued and outstanding	—)	—)	—)	—)	—)
Common stock, $0.001 par value	400)	100)	100)	100)	100)
Additional paid-in capital	2,258,100)	2,504,500)	2,125,300)	1,675,900)	1,560,600)
Accumulated other comprehensive income (loss)	(11,600)	500)	3,200)	2,300)	1,500)
Retained earnings (accumulated deficit)	479,900)	(47,400)	(202,100)	(695,700)	(798,900)
Treasury stock, at cost	(595,000)	(206,200)	(100,000)	(100,000)	(100,000)
Stockholders’ equity	2,131,800)	2,251,500)	1,826,500)	882,600)	663,300)
Total liabilities and stockholders’ equity	5,391,700)	4,863,600)	4,290,500)	2,395,000)	1,916,000)

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).

The balance sheet exhibits a substantial expansion in both total liabilities and stockholders' equity between 2018 and 2022. Total liabilities increased from 1.25 billion US$ to 3.26 billion US$, while stockholders' equity grew from 663.3 million US$ to 2.13 billion US$. This growth indicates a significant increase in the company's capital structure and operational scale.

Current Liabilities and Operational Obligations: A sharp escalation in current liabilities is observed, rising from 222.4 million US$ in 2018 to 1.84 billion US$ in 2022. This trend is primarily driven by two factors. First, accrued rebates grew exponentially from 36.1 million US$ to 556.4 million US$, suggesting a rapid increase in sales volume and associated customer incentives. Second, a significant liquidity event is indicated by the emergence of 772.6 million US$ in the current portion of long-term senior convertible notes in 2022, signaling an upcoming maturity of long-term debt.
Long-Term Debt Profile: Long-term liabilities reached a peak of 1.89 billion US$ in 2021 before decreasing to 1.42 billion US$ in 2022. The primary driver of this fluctuation is the senior convertible notes, which grew from 1.01 billion US$ in 2018 to 1.70 billion US$ in 2021, then shifted partially to current liabilities in 2022. Other long-term liabilities also showed a steady upward trend, increasing from 20 million US$ to 128.3 million US$ over the period.
Equity and Retained Earnings Transition: A fundamental shift in the company's financial health is evident in the retained earnings account. The company transitioned from an accumulated deficit of 798.9 million US$ in 2018 to a positive retained earnings balance of 479.9 million US$ by 2022. This pivot indicates a transition from a loss-making phase to sustained profitability. Additionally, an aggressive share repurchase strategy is observable, as treasury stock increased from 100 million US$ to 595 million US$ over the five-year period.
Capital Structure Stability: Despite the increase in total liabilities, stockholders' equity maintained a growth trajectory, peaking in 2021 at 2.25 billion US$. The increase in additional paid-in capital, which rose from 1.56 billion US$ in 2018 to 2.26 billion US$ in 2022, indicates a reliance on equity financing to support early-stage growth and operational expansion.

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