Common-Size Balance Sheet: Assets
Quarterly Data
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Paramount Global, common-size consolidated balance sheet: assets (quarterly data)
Based on: 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).
The analysis of the quarterly financial data reflects several notable trends and shifts in the composition of assets over the observed periods.
- Liquidity Position
- Cash and cash equivalents as a percentage of total assets showed a generally increasing trend from early 2018 through 2021, peaking around 10.69% in December 2021. However, after this peak, there was a gradual decline through 2023, falling to 3.73% by March 2023. This pattern suggests a buildup of liquidity up to late 2021, followed by a reduction potentially indicating increased utilization of cash or investment into other asset classes.
- Receivables
- Net receivables as a percentage of total assets declined steadily from 18.55% in March 2018 to a low around 11.73%-11.91% in late 2021, before showing a slight recovery to 13.17% by March 2023. This downward trend may indicate more efficient collections or a strategic reduction in credit sales, with the recent increase possibly reflecting changes in sales terms or timing.
- Programming and Other Inventory
- Programming and other inventory exhibited a marked decrease from 7.74% in March 2018 to a low near 1.64%-2.8% between 2021 and 2023 in one dataset, while another related inventory figure showed an increasing trend rising from around 15.79% in early 2018 to approximately 27.74% in March 2023. This divergence suggests different categorizations or asset classifications related to programming inventory, potentially reflecting shifts in accounting treatment or inventory mix.
- Prepaid Expenses and Other Current Assets
- The proportion of prepaid expenses and other current assets remained relatively stable in the range of approximately 1.5% to 2.5% throughout the timeframe, indicating consistent management of such assets without significant fluctuations.
- Current Assets
- Total current assets as a percentage of total assets experienced a decline from about 30.07% in March 2018 to around 22.38% by March 2023, with some short-term rebounds. This decline points to a reduced share of liquid and near-liquid assets within the overall asset structure.
- Property and Equipment, Net
- Net property and equipment steadily decreased from 6.11% of total assets in early 2018 to slightly above 3% by early 2023. This trend likely reflects asset disposals, depreciation exceeding capital expenditures, or a strategic de-emphasis on physical assets.
- Goodwill
- Goodwill decreased from approximately 23.75% of total assets in early 2018 to a low near 20.69% in late 2019, followed by a sharp increase to above 34% during late 2019, then gradually declining again to around 29.19% in the first quarter of 2023. The sudden jump in late 2019 may correspond to acquisitions or revaluation events, with subsequent decreases possibly due to impairments or write-offs.
- Intangible Assets, Net
- Intangible assets as a percentage of total assets consistently declined from roughly 12.92% in early 2018 to just below 5% by early 2023, indicative of amortization or divestitures reducing these assets over time.
- Operating Lease Assets
- Operating lease assets appeared starting only around mid-2019, peaking at around 4.09%, followed by a downward trend toward approximately 2.41% by early 2023. This decline may reflect lease expirations, renegotiations, or sales of leased assets.
- Deferred Income Tax Assets, Net
- Deferred income tax assets grew from negligible levels in early periods to a range of approximately 1.79% to 2.27% of total assets during 2020–2023, indicating increased recognition of deferred tax benefits.
- Other Assets
- Other assets showed a subtle but steady decline from about 11.35% in early 2018 to near 6.8% by early 2023, suggesting disposals or reclassifications in the asset base.
- Noncurrent vs. Current Asset Composition
- The overall composition shows a shift toward a higher proportion of noncurrent assets, rising from approximately 69.93% in early 2018 to 77.62% in early 2023, while current assets proportionally decreased. This trend suggests a strategic increase in long-term investments or fixed asset holdings relative to more liquid assets.
Overall, the data reflect a shift in asset structure marked by greater emphasis on noncurrent assets, particularly goodwill and programming inventory, alongside a decrease in cash equivalents and current assets. There are indications of asset base restructuring, potential acquisitions and disposals, and changes in leasing arrangements. These patterns warrant attention for their implications on liquidity, asset management, and investment strategy moving forward.