Common-Size Balance Sheet: Assets
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets decreased from 16.98% in 2020 to 11.5% in 2024, indicating a reduction in liquid assets over the period.
- Short-term investments
- Short-term investments showed a fluctuating trend, starting at 3.55% in 2020, dropping to 0.32% in 2022, and then rising gradually to 2.12% by 2024.
- Restricted cash and cash equivalents
- Restricted cash and cash equivalents increased from 0.75% in 2020 to peak at 2.12% in 2022 but declined to 1.06% by 2024, suggesting some reallocation within liquid assets.
- Accounts receivable, net of allowance
- Accounts receivable increased steadily from 3.23% in 2020 to a high of 8.8% in 2023 but then decreased to 6.5% in 2024, reflecting varying levels of credit extended to customers or changes in collection efficiency.
- Prepaid expenses
- Prepaid expenses remained relatively stable but showed a slight downward trend from 1.22% in 2020 to 0.81% in 2024.
- Other receivables
- Other receivables increased initially from 1.4% in 2020 to 2.21% in 2022 then dropped to 0.94% by 2024, indicating variability in amounts due from other parties.
- Prepaid expenses and other current assets
- This combined category rose from 3.65% in 2020 to a peak of 4.61% in 2022 before decreasing significantly to 2.71% in 2024, suggesting a reduction in these current asset components.
- Current assets
- Current assets as a percentage of total assets fluctuated, declining sharply from 29.72% in 2020 to 22.74% in 2021, recovering to about 29.19% in 2023, and falling again to 23.9% in 2024, indicating unstable short-term asset allocation.
- Restricted cash and cash equivalents (second listing)
- Another category of restricted cash and equivalents showed an increase from 4.49% in 2020 to 7.43% in 2021 followed by a gradual decline to 4.24% in 2024, reinforcing a dynamic management of restricted cash balances.
- Restricted investments
- Restricted investments were not present in initial years but appeared at 5.03% in 2022 and increased notably to 13.7% by 2024, indicating a growing commitment to restricted investment vehicles.
- Investments
- The overall investments portion of total assets peaked at 30.45% in 2021 before dropping sharply to 13.71% in 2022 and then recovering slightly to 16.51% by 2024, showing volatility in investment holdings.
- Equity method investments
- Equity method investments declined steadily from 3.24% in 2020 to 0.59% in 2024, pointing to a decreased involvement or stake in affiliated entities.
- Property and equipment, net
- Net property and equipment as a share of total assets experienced some variability, peaking at 6.48% in 2022 before falling to 3.81% in 2024, suggesting reduced physical asset investment or divestitures.
- Operating lease right-of-use assets
- These assets decreased from 3.83% in 2020 to 2.26% in 2024, indicating a diminished leasing footprint or changes in lease accounting and commitments.
- Intangible assets, net
- The portion of intangible assets declined steadily from 4.7% in 2020 to 2.2% in 2024, suggesting amortization or impairment impacts reducing intangible asset values.
- Goodwill
- Goodwill represented a significant portion of total assets, rising from 18.37% in 2020 to a peak of 25.73% in 2022 before falling substantially to 15.74% in 2024, indicating possible impairment or divestment.
- Deferred tax assets
- Deferred tax assets were minimal until a notable surge to 12.04% in 2024, which represents a significant change potentially due to recognition of tax benefits or timing differences.
- Other assets
- Other assets increased gradually from 0.26% in 2020 to 5.02% in 2024, suggesting expansion or reclassification of less common asset types.
- Non-current assets
- Non-current assets maintained a dominant share, fluctuating around 70% to 77%, ending at 76.1% in 2024, confirming a consistently asset-heavy structure dominated by longer-term assets.