Balance Sheet: Assets
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.
Based on: 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), 10-K (reporting date: 2019-12-31).
The analysis of the annual financial data reveals significant growth and evolving asset composition over the observed periods.
- Cash and Cash Equivalents
- There was a notable initial decline from 139,045 thousand USD in 2019 to 50,423 thousand USD in 2020. Subsequently, the cash position improved markedly, rising to 89,209 thousand USD in 2021 and sharply increasing to 156,586 thousand USD in 2022. The cash reserves further more than doubled in 2023 to reach 328,422 thousand USD, indicating strong liquidity expansion towards the end of the period.
- Short-term Investments
- Short-term investments exhibited strong growth with fluctuations. Starting at 56,304 thousand USD in 2019, the balance more than doubled to 151,931 thousand USD in 2020 before decreasing to 111,772 thousand USD in 2021. The subsequent years showed recovery and growth reaching 147,907 thousand USD in 2022 and surging to 662,132 thousand USD in 2023, reinforcing the increased liquidity and investment positioning.
- Accounts Receivable, Net
- This item showed a persistent upward trend, rising steadily from 7,377 thousand USD in 2019 to 114,552 thousand USD by 2023. The pronounced growth especially after 2020 suggests an expansion in sales or credit extended to customers.
- Inventory
- Inventory levels increased steadily each year from 12,074 thousand USD in 2019 to 107,587 thousand USD in 2023. This growth likely reflects scaling operations or stockpiling in anticipation of increased demand.
- Prepaid Expenses and Other Current Assets
- The balance grew gradually from 1,897 thousand USD in 2019 to 12,567 thousand USD in 2023, indicating an increase in prepaid costs or other short-term assets.
- Current Assets
- Current assets showed consistent growth year-over-year, starting at 216,697 thousand USD in 2019 and reaching an impressive 1,225,260 thousand USD in 2023. The sharp increases from 2021 onward demonstrate enhanced short-term asset accumulation, driven largely by increases in cash, investments, receivables, and inventory.
- Operating Lease Right-of-Use Assets
- These assets remained relatively stable with minor fluctuations, starting at 8,825 thousand USD in 2019, dipping to 7,568 thousand USD in 2020, increasing to a peak of 32,365 thousand USD in 2022, and slightly declining to 29,707 thousand USD in 2023.
- Property and Equipment, Net
- A steady upward trend is observed here with balances increasing from 4,910 thousand USD in 2019 to 68,923 thousand USD in 2023, reflecting ongoing capital investments.
- Equity Method Investment
- This category appears starting in 2021 at 5,987 thousand USD, then declining in subsequent years to 3,512 thousand USD in 2022 and 1,643 thousand USD in 2023, suggesting a reduction or disposal of such investments.
- Intangible Assets, Net
- Reported only in 2023 at 92,857 thousand USD, indicating either acquisitions or capitalization of intangible assets occurred in the latest period.
- Goodwill
- Goodwill was recorded starting 2023 at 39,568 thousand USD, which implies acquisitions or business combinations.
- Deferred Tax Assets
- This asset appeared in 2022 at 97,568 thousand USD and rose slightly to 99,169 thousand USD in 2023, likely reflecting tax benefits recognizing timing differences or losses carryforwards.
- Other Assets
- Other assets increased steadily over time from 1,506 thousand USD in 2019 to 9,436 thousand USD in 2023, supporting the pattern of asset base expansion.
- Noncurrent Assets
- Noncurrent assets grew substantially over the period, from 15,241 thousand USD in 2019 to 341,303 thousand USD in 2023, evidencing significant long-term investments and asset acquisition, with a large increase after 2021.
- Total Assets
- There was a marked overall increase in total assets, starting at 231,938 thousand USD in 2019 and rising progressively to 1,566,563 thousand USD in 2023. The total asset base more than sextupled over five years, reflecting rapid company growth, enhanced liquidity, and investment in both current and noncurrent assets.