Name: Fortinet Inc. (NASDAQ:FTNT) | Balance Sheet: Assets (Quarterly)
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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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)

Total assets exhibit a significant long-term upward trajectory, expanding from approximately $2.40 billion in March 2018 to $6.83 billion by March 2023. This growth is characterized by a simultaneous expansion of both current and non-current asset bases, although the growth rate experienced periods of fluctuation, particularly between 2020 and 2022.

Liquidity and Cash Management: Cash and cash equivalents show considerable volatility, reaching a peak of $1.88 billion in June 2021 before declining to $710 million in June 2022, followed by a sharp recovery to $2.30 billion by March 2023. Short-term investments followed a divergent path, peaking at $1.23 billion in June 2021 and subsequently declining to $548.8 million by the end of the analyzed period. This indicates a strategic reallocation of liquid assets over time.
Working Capital Components: Accounts receivable, net, demonstrate a consistent upward trend, growing from $313.1 million in early 2018 to $1.09 billion in March 2023, reflecting a substantial increase in credit sales and revenue scale. Inventory levels also rose steadily, increasing nearly fourfold from $80 million to $302.7 million, which suggests expanded operational capacity and product availability to meet demand.
Non-Current Asset Expansion: Non-current assets grew from $664.9 million to $2.47 billion. This expansion was primarily driven by Property and Equipment, which increased from $245.1 million to $917.4 million, and Deferred Tax Assets, which rose from $138.7 million to $649.6 million. Deferred contract costs also showed a linear increase, reaching $536.9 million, consistent with growth in long-term service agreements and customer acquisitions.
Investment Shifts: A notable contraction is observed in long-term investments, which peaked at $440.8 million in December 2021 before dropping precipitously to $15.6 million by March 2023. Marketable equity securities appeared in the latter half of the period but remained a minor component of the total asset structure, peaking at $40.8 million in September 2021.

The overall asset composition reveals a transition toward higher immediate liquidity in the most recent quarter, coupled with a substantial increase in the fixed asset base and deferred tax positions. The consistent growth in receivables and deferred contract costs indicates a scaling business model characterized by expanding customer obligations and increased operational investment.

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Fortinet Inc. (NASDAQ:FTNT)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data