Common-Size Balance Sheet: Assets
Quarterly Data
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- Income Statement
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Aggregate Accruals
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Align Technology Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Cash and Cash Equivalents
- There is notable fluctuation in the proportion of cash and cash equivalents relative to total assets, ranging from a high above 31% in late 2018 to lows near 10% in mid-2020. Following this period of reduction corresponded with the onset of the COVID-19 pandemic, the proportion generally stabilized in the range of 14% to 22% through 2023, indicating a moderate liquidity position.
- Marketable Securities, Short-Term
- The allocation to short-term marketable securities showed an initial increase from around 8-9% to over 12% in late 2019, but data become sparse afterward. When available in recent periods, short-term marketable securities remained under 1.5%, reflecting a significant decrease in this asset category after 2019.
- Accounts Receivable, Net
- Accounts receivable generally represented about 20-22% of total assets between 2018 and early 2020, with a sharp decline to around 11-15% during 2020-2023. This decline may illustrate changes in sales terms, collection efficiency, or overall business activity, but values remained fairly stable in the 14-16% range in recent quarters.
- Inventories
- The inventory proportion increased consistently from around 2% in 2018 to a peak exceeding 5.7% by late 2022, indicating a buildup of stock relative to total assets. There was a slight reduction after the peak but inventories remained elevated compared to historic levels, which could suggest growing operational scale or cautious inventory management.
- Prepaid Expenses and Other Current Assets
- This category decreased substantially from mid-2018 through 2020, reaching lows near 1.9%, followed by a gradual recovery to around 3-4% of total assets through 2023. This may reflect changes in expense timing or the shifting composition of current assets.
- Current Assets
- Current assets as a share of total assets dropped sharply from over 65% in 2018-2019 to below 30% during mid-2020, before rebounding to around 40-43% later. This significant volatility highlights a major structural shift in the asset base, possibly driven by reclassification or large changes in cash, receivables, or short-term securities.
- Marketable Securities, Long-Term
- Long-term marketable securities were generally under 2% of total assets whenever reported, with some periods showing no data. A slight declining tendency is noted from above 2% in early 2022 to under 0.5% by late 2023.
- Property, Plant and Equipment, Net
- The share of property, plant, and equipment dropped markedly from over 25% in 2018-2019 to about 15-18% during 2020-2021, before gradually increasing back to around 20% by 2023. This trend may suggest asset disposals or impairments followed by reinvestment or acquisitions.
- Operating Lease Right-of-Use Assets, Net
- Introduction of this asset class starts around 2019 at approximately 2.5%, followed by a slight decline and stabilization near 2%. It remains a consistent component of the asset base, reflecting leasing obligations on the balance sheet.
- Goodwill and Intangible Assets
- Goodwill, recognized only from late 2020 onwards, declined steadily from over 9% to about 6.4% by 2023, while intangible assets decreased from nearly 2.7% to about 1.3%. Earlier data combining goodwill and intangibles showed a decline from near 5% in 2018 to below 2% in 2020, indicating impairments or disposals.
- Deferred Tax Assets
- Deferred tax assets surged from low single digits as a percentage of total assets to very high levels exceeding 30% from 2019 onward, peaking near 39% in 2019-2020. Thereafter, they moderately declined but remained substantial around 25-27%, suggesting significant temporary differences or loss carryforwards recognized on the balance sheet.
- Other Assets
- Other assets exhibited minor fluctuations generally under 2%, with a slight increase observed in mid-2023. This category represents a small proportion of total assets and has remained relatively stable.
- Noncurrent Assets
- Noncurrent assets illustrated a major increase from roughly 35% in 2018-2019 to over 70% in 2020, followed by a gradual reduction to about 57% by late 2023. This reflects reclassification and growth in noncurrent items such as deferred tax assets and goodwill during the pandemic years, subsequently partially reversed.
- Total Assets
- By definition, total assets equal 100% across all periods, indicating proportions are relative to the total asset base each quarter.