Common-Size Balance Sheet: Assets
Quarterly Data
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Cash and Cash Equivalents
- The percentage of cash and cash equivalents in total assets experienced notable volatility, peaking at 19.64% in March 2020 and declining thereafter, generally fluctuating around 8% to 11% in recent quarters. This suggests periods of increased liquidity around early 2020 followed by a normalization to lower levels.
- Short-term Investments
- Short-term investments as a percentage of total assets remained relatively low but showed an increasing trend from mid-2021 onwards, rising from approximately 0.23% to a high of 1.6% in September 2023 before slightly retreating. This indicates a gradual strengthening allocation to short-term investment instruments in the company's asset composition.
- Cash, Cash Equivalents and Short-term Investments Combined
- The combined liquidity position mirrored the trends of cash equivalents and short-term investments, with a pronounced peak in March 2020 at nearly 20%, followed by a decline and stabilization around 8% to 12% in subsequent periods. The increase towards the end of the dataset, rising to 11.74% in March 2024, indicates a modest recent enhancement in liquid asset holdings.
- Accounts Receivable (Net)
- Accounts receivable as a share of total assets declined sharply from a high of over 16% in 2019 to around 12.75% in March 2020 but rebounded and generally maintained levels between 14% and 17% afterward. This suggests a temporary contraction possibly related to market conditions during early 2020, with recovery and stable receivables relative to total assets in later periods.
- Inventories
- The inventory proportion of total assets maintained a relatively stable profile, fluctuating within a narrow range of approximately 11% to 14%, with a slight upward drift particularly visible from 2021 through 2023. This stability points to consistent inventory management aligned with asset size over the period analyzed.
- Prepaid Expenses and Other Current Assets
- This category held fairly constant at roughly 2.3% to 2.7% of total assets, showing only minor quarter-to-quarter variations. It reflects steady management of prepaid and other short-term current assets without significant shifts over time.
- Current Assets Held for Sale
- Data for current assets held for sale appears only in the middle disclosure period, specifically around the middle of 2021, constituting about 7% of total assets, and is not reported in other periods. This indicates a temporary classification of assets for disposal during that timeframe.
- Total Current Assets
- Total current assets as a percentage of total assets displayed notable variations, peaking at 47.11% in March 2021, with a subsequent decrease and relative stabilization around 41% to 43% thereafter. The elevated level circa early 2021 may indicate heightened liquidity or working capital components during that interval.
- Property, Plant and Equipment (Net)
- This asset class hovered between 7.8% and 9.1% of total assets, showing a slight downward trend from 2019 through the end of 2023. The gradual reduction suggests either depreciation outpacing capital expenditures or potential asset disposals, leading to a modest decline in fixed asset intensity.
- Goodwill
- Goodwill represented a substantial and relatively stable portion of total assets, ranging mostly between 38% and 45%. Although there was a dip around early 2020, the figure generally hovered in the low 40s percentage-wise. This sizable intangible asset indicates significant acquisition activity or valuation from prior purchases sustaining overall goodwill levels.
- Other Intangible Assets, Net
- Other intangible assets showed growth over time, starting from a lower base around 3.12%-4.09% and increasing up to approximately 5% in recent periods. This upward movement points to an accumulation or revaluation of intangible assets aside from goodwill.
- Other Long-term Assets
- Other long-term assets comprised roughly 2.5% to 7% of total assets, with a notable drop from nearly 7% in 2019 to about 2.5%-3.5% range in subsequent years. This indicates a reclassification or divestment of certain long-term assets outside the core categories.
- Total Long-term Assets
- Total long-term assets as a proportion of total assets declined from approximately 60% in 2019 to about 57%-59% in the most recent quarters, reflecting the combined impact of reductions in property, plant and equipment, other long-term assets, and goodwill levels moving modestly downward.
- Overall Asset Composition
- The data reveals a relatively balanced asset structure, with current assets averaging around 40%-45% and long-term assets the complementary share. The fluctuations in cash and equivalents, accounts receivable, and goodwill highlight responsive adjustments in liquidity, credit management, and acquisition-related asset positioning. Stability in inventories and prepaid expenses suggests steady operating asset management.