Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Abiomed Inc., consolidated balance sheet: liabilities and stockholders’ equity
US$ in thousands
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).
The financial data reveals multiple trends in both liabilities and equity components over the six-year period ending March 31, 2022.
- Current Liabilities
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Accounts payable consistently increased from US$20,620 thousand in 2017 to US$35,346 thousand in 2022, indicating a steady rise in obligations to suppliers or creditors. Employee compensation also showed a notable upward trend, rising from US$23,290 thousand in 2017 to US$50,649 thousand in 2022, more than doubling over the period, which may reflect growth or increased workforce expenses.
Research and development expenditure demonstrated consistent growth, particularly accelerating after 2019, with outlays increasing from US$2,349 thousand in 2017 to US$7,337 thousand in 2022, suggesting ongoing investment in innovation.
Marketing expenses fluctuated, peaking in 2021 at US$3,674 thousand but falling in 2022 to US$2,289 thousand, reflecting potential shifts in marketing strategies or budget allocations.
Warranty liabilities increased steadily from US$717 thousand in 2017 to US$1,935 thousand in 2022, signaling rising product support costs or warranty claims.
Sales and income taxes exhibited volatility, with a substantial peak in 2019 (US$12,262 thousand) and 2020 (US$21,641 thousand) before sharply declining to US$1,931 thousand in 2022, indicating variability in taxable income or tax planning strategies.
Professional, legal, and accounting fees rose significantly in 2020 (US$6,880 thousand) compared to prior years but sharply declined afterwards, suggesting irregular legal or consulting costs during that year.
Other expenses and accrued expenses generally increased, with accrued expenses rising from US$37,703 thousand in 2017 to US$72,629 thousand in 2022, showing growing accrued liabilities.
Deferred revenue climbed consistently from US$10,495 thousand in 2017 to US$26,362 thousand in 2022, which may imply increasing advance payments or deferred income.
Other current liabilities appear starting in 2020, with moderate values, indicating new liability categories or reclassifications.
The total current liabilities reached US$138,457 thousand in 2022, up from US$69,617 thousand in 2017, denoting significant growth.
- Long-Term Liabilities
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Other long-term liabilities increased notably from US$3,251 thousand in 2017 to stabilize around US$9,300 thousand in the later years, while contingent consideration fluctuated, peaking in 2021 at US$24,706 thousand before slightly decreasing to US$21,510 thousand in 2022, indicating potential obligations linked to acquisitions or contingent payments.
Deferred tax liabilities remained relatively stable across years, between US$781 thousand and US$903 thousand.
The long-term liabilities more than doubled, rising from US$28,726 thousand in 2017 to US$31,610 thousand in 2022, with a peak at US$35,715 thousand in 2021.
- Stockholders’ Equity
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Common stock showed minimal increase, consistent with typical par value increments, moving from US$437 thousand in 2017 to US$455 thousand in 2022.
Additional paid-in capital demonstrated significant growth from US$565,962 thousand in 2017 to US$870,074 thousand in 2022, reflecting capital financing activities or equity issuances.
Retained earnings transitioned from a negative US$46,959 thousand in 2017 to a positive balance of US$964,512 thousand in 2022, indicating sustained profitability and earnings accumulation over the period.
Treasury stock at cost increased in absolute terms (more negative), from US$46,763 thousand in 2017 to US$304,555 thousand in 2022, implying ongoing stock repurchase or treasury stock accumulation.
Accumulated other comprehensive loss displayed fluctuations, decreasing notably in 2018 to US$4,204 thousand but then increasing to a loss of US$27,160 thousand in 2022, suggesting currency translation or other comprehensive income volatility.
Overall stockholders' equity grew from US$452,071 thousand in 2017 to US$1,503,326 thousand in 2022, indicating a solid increase in net assets financed by owners.
- Total Liabilities and Equity
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The total liabilities and stockholders' equity increased steadily from US$550,414 thousand in 2017 to US$1,673,393 thousand in 2022, more than tripling over six years, consistent with an expanding balance sheet reflecting business growth or acquisitions.