Balance Sheet: Assets
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.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Fortinet Inc., consolidated balance sheet: assets
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).
- Cash and Cash Equivalents
- There was a general upward trend in cash and cash equivalents from 2018 through 2022, starting at approximately $1.11 billion in 2018 and increasing to around $1.68 billion by the end of 2022. This indicates improving liquidity over the period.
- Short-term Investments
- Short-term investments rose significantly from 2018 ($537.2 million) to 2019 ($843.1 million), with a slight decrease in 2020 ($775.5 million), followed by a sharp increase again in 2021 ($1.19 billion). However, there was a notable decrease in 2022 to approximately $502.6 million, suggesting a shift or reallocation of short-term assets.
- Marketable Equity Securities
- Marketable equity securities appeared only in 2021 and 2022, with values of approximately $38.6 million and $25.5 million, respectively. This relatively small and recent asset category may indicate strategic investments in equities.
- Accounts Receivable, Net
- A consistent and substantial increase was observed in accounts receivable, from $444.5 million in 2018 to $1.26 billion in 2022, reflecting growth in sales or revenue recognition on credit terms. The sharp increase especially in 2022 may impact working capital management.
- Inventory
- Inventory levels increased steadily over the five-year period from $90 million in 2018 to $264.6 million in 2022. This trend aligns with business expansion but may require monitoring to manage stock levels efficiently.
- Prepaid Expenses and Other Current Assets
- This category showed moderate growth, almost doubling from $36.8 million in 2018 to $73.1 million in 2022, indicating higher advance payments or accrued assets over time.
- Current Assets
- Total current assets nearly doubled from approximately $2.22 billion in 2018 to $3.81 billion in 2022. The growth reflects expansion in cash, receivables, inventory, and other short-term assets, supporting operational capacity.
- Long-term Investments
- Long-term investments fluctuated, rising from $67 million in 2018 to a peak of $440.8 million in 2021, followed by a sharp decline to $45.5 million in 2022. The volatility indicates changes in long-term investment strategy or asset disposition.
- Property and Equipment, Net
- There was a strong upward trend in property and equipment, increasing from $271.4 million in 2018 to $898.5 million in 2022. This suggests substantial capital expenditure and expansion of physical assets.
- Deferred Contract Costs
- Deferred contract costs increased steadily over the period, nearly tripling from $182.6 million in 2018 to $518.2 million in 2022, which may reflect increased sales contracts or capitalized contract acquisition costs.
- Deferred Tax Assets
- Deferred tax assets showed steady growth from $255 million in 2018 to $569.4 million in 2022, indicating growing temporary differences that may affect future tax liabilities.
- Goodwill
- Goodwill increased over time from $38.2 million in 2018 to $128 million in 2022, supporting possibilities of acquisitions or business combinations during this period.
- Other Intangible Assets, Net
- Other intangible assets exhibited modest growth initially but saw a pronounced increase in 2021 ($63.6 million) followed by a slight decline in 2022 to $56 million, reflecting acquisitions or amortization impacts.
- Other Assets
- Other assets increased dramatically from $20.8 million in 2018 to $235.8 million in 2021, then slightly declined to $202 million in 2022, indicating changes in miscellaneous long-term asset holdings.
- Non-current Assets
- Non-current assets almost tripled from $857.1 million in 2018 to $2.42 billion in 2022, driven mainly by growth in property and equipment, deferred contract costs, deferred tax assets, goodwill, intangible assets, and other assets. This reflects significant investments in long-term resources.
- Total Assets
- Total assets increased substantially from $3.08 billion in 2018 to $6.23 billion in 2022, more than doubling over the five-year period. This growth is underpinned by expansion in both current and non-current assets, highlighting overall company growth and asset accumulation.