Common-Size Balance Sheet: Assets
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Fortinet Inc., common-size consolidated balance sheet: assets
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).
- Cash and cash equivalents
- There is a consistent decline from 36.14% in 2018 to 22.29% in 2021, followed by a moderate increase to 27.02% in 2022, indicating a fluctuating but overall downward trend in cash holdings relative to total assets.
- Short-term investments
- Short-term investments grew from 17.45% in 2018 to a peak of 21.7% in 2019, then declined steadily to 8.07% in 2022, suggesting a strategic reduction in liquid investments over the period.
- Marketable equity securities
- These securities appear only in 2021 and 2022, with minor values of 0.65% and 0.41% respectively, indicating a marginal portion of assets allocated to marketable equities in recent years.
- Accounts receivable, net of allowance for credit losses
- The proportion showed fluctuations: a slight decline from 14.44% in 2018 to 14.01% in 2019, an increase to 17.8% in 2020, a drop to 13.65% in 2021, and a significant rise to 20.26% in 2022, indicating variability in receivables management or sales on credit.
- Inventory
- Inventory levels remained relatively stable around 3%, with a noticeable rise to 4.25% in 2022, potentially reflecting increased stockholding or demand anticipation.
- Prepaid expenses and other current assets
- This item remained stable, around 1%–1.2%, showing minimal changes over the years and holding a small share of total assets.
- Current assets
- The share of current assets decreased gradually from 72.15% in 2018 to 60.83% in 2021, with a slight increase to 61.18% in 2022, indicating a moderate shift towards less liquid assets.
- Long-term investments
- Long-term investments fluctuated, initially rising from 2.18% in 2018 to 7.45% in 2021, then sharply declining to 0.73% in 2022, reflecting possible divestment or revaluation.
- Property and equipment, net
- There was a steady increase from 8.82% in 2018 to 14.43% in 2022, indicating ongoing capital investment and asset growth in fixed assets.
- Deferred contract costs
- The proportion of deferred contract costs showed a general upward trend from 5.93% in 2018 to 8.32% in 2022, possibly due to increased contract-related activities or capitalization policies.
- Deferred tax assets
- This item decreased from 8.28% in 2018 to around 6% in the following three years, then increased significantly to 9.14% in 2022, suggesting fluctuations in tax asset recognition or deferred tax effects.
- Goodwill
- Goodwill increased from 1.24% in 2018 to 2.3% in 2020, then slightly declined to around 2% in subsequent years, reflecting limited changes in acquisitions or impairment adjustments.
- Other intangible assets, net
- Other intangibles increased modestly from 0.72% in 2018 to 1.07% in 2021 before declining to 0.9% in 2022, showing minor fluctuations in intangible asset composition.
- Other assets
- The share of other assets grew steadily from 0.68% in 2018 to 3.98% in 2021, then slightly decreased to 3.24% in 2022, indicating increasing non-classified asset holdings.
- Non-current assets
- Non-current assets increased consistently from 27.85% in 2018 to 39.17% in 2021, before marginally decreasing to 38.82% in 2022, signifying a shift in asset structure towards long-term investments and property, plant, and equipment.
- Total assets
- The total always equals 100%, serving as the denominator for the percentage breakdown of individual asset categories.