Balance Sheet: Assets
Quarterly Data

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.

Fortinet Inc., consolidated balance sheet: assets (quarterly data)

US$ in thousands

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Cash and cash equivalents	2,304,200)	1,682,900)	964,000)	710,000)	923,500)	1,319,100)	1,852,100)	1,879,300)	1,860,200)	1,061,800)	882,300)	916,400)	626,100)	1,222,500)	1,175,500)	1,022,100)	1,216,900)	1,112,400)	1,169,300)	972,100)	835,600)
Short-term investments	548,800)	502,600)	739,500)	1,020,600)	1,185,700)	1,194,000)	1,228,100)	1,233,900)	1,076,700)	775,500)	774,400)	610,500)	775,200)	843,100)	764,800)	808,100)	584,900)	537,200)	464,900)	461,600)	468,300)
Marketable equity securities	26,100)	25,500)	26,900)	24,300)	32,400)	38,600)	40,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, net	1,087,200)	1,261,700)	963,200)	919,500)	790,400)	807,700)	604,900)	584,600)	637,300)	720,000)	546,600)	498,700)	474,700)	544,300)	384,100)	403,100)	381,000)	444,500)	324,400)	333,600)	313,100)
Inventory	302,700)	264,600)	215,800)	195,200)	184,600)	175,800)	177,900)	149,800)	149,600)	139,800)	134,500)	126,000)	105,000)	117,900)	99,200)	85,700)	88,400)	90,000)	80,800)	78,200)	80,000)
Prepaid expenses and other current assets	89,700)	73,100)	72,800)	83,300)	91,700)	65,400)	59,700)	60,600)	57,400)	43,300)	46,800)	57,100)	54,300)	41,200)	42,600)	41,700)	42,100)	36,800)	38,700)	39,300)	38,800)
Current assets	4,358,700)	3,810,400)	2,982,200)	2,952,900)	3,208,300)	3,600,600)	3,963,500)	3,908,200)	3,781,200)	2,740,400)	2,384,600)	2,208,700)	2,035,300)	2,769,000)	2,466,200)	2,360,700)	2,313,300)	2,220,900)	2,078,100)	1,884,800)	1,735,800)
Long-term investments	15,600)	45,500)	84,000)	188,500)	360,800)	440,800)	298,200)	246,600)	151,100)	118,300)	117,900)	100,400)	172,000)	144,300)	204,200)	149,500)	50,200)	67,000)	38,600)	65,300)	82,500)
Property and equipment, net	917,400)	898,500)	889,500)	814,600)	786,500)	687,600)	556,600)	506,500)	494,200)	448,000)	419,400)	392,600)	374,200)	344,300)	305,500)	284,700)	272,000)	271,400)	265,400)	256,000)	245,100)
Deferred contract costs	536,900)	518,200)	480,500)	456,900)	437,500)	423,300)	378,800)	347,800)	320,200)	304,800)	281,100)	263,500)	248,700)	237,000)	217,400)	204,100)	190,500)	182,600)	169,600)	160,600)	148,700)
Deferred tax assets	649,600)	569,400)	515,500)	480,200)	431,700)	342,300)	337,300)	271,200)	260,600)	245,200)	230,100)	218,900)	226,500)	232,600)	243,700)	258,800)	262,700)	255,000)	147,800)	141,900)	138,700)
Goodwill	127,800)	128,000)	120,200)	121,300)	123,800)	125,100)	127,600)	99,200)	99,200)	93,000)	68,200)	67,200)	67,200)	67,200)	38,200)	38,200)	38,200)	38,200)	25,700)	25,100)	14,600)
Other intangible assets, net	51,100)	56,000)	38,800)	45,400)	55,100)	63,600)	71,000)	28,700)	32,300)	31,600)	25,300)	23,400)	27,100)	31,100)	14,000)	16,200)	19,100)	22,100)	18,100)	21,400)	14,500)
Other assets	175,200)	202,000)	225,200)	234,700)	247,400)	235,800)	237,600)	150,700)	143,400)	63,200)	59,600)	55,900)	55,200)	60,000)	56,400)	57,200)	59,700)	20,800)	20,200)	20,600)	20,800)
Non-current assets	2,473,600)	2,417,600)	2,353,700)	2,341,600)	2,442,800)	2,318,500)	2,007,100)	1,650,700)	1,501,000)	1,304,100)	1,201,600)	1,121,900)	1,170,900)	1,116,500)	1,079,400)	1,008,700)	892,400)	857,100)	685,400)	690,900)	664,900)
Total assets	6,832,300)	6,228,000)	5,335,900)	5,294,500)	5,651,100)	5,919,100)	5,970,600)	5,558,900)	5,282,200)	4,044,500)	3,586,200)	3,330,600)	3,206,200)	3,885,500)	3,545,600)	3,369,400)	3,205,700)	3,078,000)	2,763,500)	2,575,700)	2,400,700)

Cash and cash equivalents: The cash and cash equivalents balance exhibited volatility over the analyzed periods. It increased notably from approximately 835.6 million USD in Q1 2018 to a peak of about 1.87 billion USD in Q2 2021, followed by a decline to around 923.5 million USD in Q1 2022. Subsequently, a strong recovery was observed, reaching 2.3 billion USD by Q1 2023, reflecting improved liquidity positions at the end of the timeline.
Short-term investments: This category demonstrated fluctuations, initially ranging near 468 million USD in early 2018, rising to over 1.23 billion USD in Q2 2021. Post Q2 2021, a clear declining trend emerged, dropping to approximately 548.8 million USD in Q1 2023, indicating a reduction in short-term investment holdings.
Marketable equity securities: Reported only from Q1 2022 onward, these securities showed a gradual decline from 40.8 million USD to 26.1 million USD by Q1 2023, suggesting partial liquidation or market valuation decreases in this category.
Accounts receivable, net: Receivables showed an overall upward trend with some volatility. Starting from 313.1 million USD in Q1 2018, they rose considerably to a peak of approximately 1.26 billion USD in Q1 2023. This steady increase may reflect growing sales or extended credit terms.
Inventory: The inventory levels increased consistently from 80 million USD in Q1 2018 to approximately 302.7 million USD in Q1 2023. This persistent rise could indicate stock buildup, possibly in anticipation of higher demand or due to supply chain factors.
Prepaid expenses and other current assets: Prepaid expenses and similar current assets increased from 38.8 million USD in Q1 2018 to a peak of 91.7 million USD in Q1 2023, with some fluctuations. The progressive growth suggests increased advance payments or other similar current asset compositions.
Current assets: Current assets rose from 1.74 billion USD in Q1 2018 to a substantial high of 3.96 billion USD by Q3 2021, then temporarily declined before sharply increasing again to over 4.35 billion USD by Q1 2023, indicating strong overall growth in short-term resources available.
Long-term investments: Long-term investments rose significantly during mid-2019 into late 2021, peaking around 440.8 million USD in Q4 2021. Afterwards, these assets decreased markedly to about 15.6 million USD by Q1 2023, signifying a strategic shift or asset reallocation away from long-term holdings.
Property and equipment, net: Property and equipment steadily increased from 245.1 million USD in Q1 2018 to over 917 million USD in Q1 2023, reflecting sustained capital investment and asset base expansion.
Deferred contract costs: These costs rose consistently from 148.7 million USD in Q1 2018 to 536.9 million USD by Q1 2023, indicative of growing deferred expenditures related to contracts, possibly linked to increasing business volume or longer contract durations.
Deferred tax assets: Deferred tax assets increased over time from 138.7 million USD in Q1 2018 to 649.6 million USD in Q1 2023, displaying a notable accumulation that may arise from timing differences or carryforwards.
Goodwill: Goodwill showed fluctuations, increasing from 14.6 million USD in Q1 2018 to a maximum of approximately 128 million USD in Q1 2023, indicating several acquisitions or business combinations accommodated during the period.
Other intangible assets, net: This asset class experienced variability, ranging from 14.5 million USD in Q1 2018 to a peak near 71 million USD in Q3 2021, then declining to 51.1 million USD by Q1 2023. The trend suggests acquisitions complemented by amortization or write-downs.
Other assets: Other assets increased significantly in the earlier periods, rising from about 20.8 million USD to peaks above 237.6 million USD in Q3 2021, then gradually declined to 175.2 million USD by Q1 2023, reflecting shifts in miscellaneous asset categories.
Non-current assets: Non-current assets increased progressively from 664.9 million USD in Q1 2018 to 2.47 billion USD by Q1 2023. This growth aligns with expanded capital assets, intangible assets, and long-term investments, reflecting asset base enhancement over time.
Total assets: Total assets expanded markedly from 2.4 billion USD in Q1 2018 to approximately 6.83 billion USD in Q1 2023. The trajectory demonstrates robust asset growth, driven by both current and non-current assets, reflecting substantial business scaling and investment activity.

Assets: Selected Items

Download chart

Current Assets: Selected Items

Download chart

Fortinet Inc. (NASDAQ:FTNT)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data