Common-Size Balance Sheet: Assets
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Cash and equivalents
- The proportion of cash and equivalents relative to total assets declined steadily from 8.7% in 2015 to 1.85% in 2019, indicating a significant reduction in liquid assets over the analyzed period.
- Accounts receivable
- Accounts receivable as a percentage of total assets initially increased slightly from 10.77% in 2015 to 10.99% in 2016, followed by a gradual decrease to 7.26% by 2019, suggesting improved collection or decreased credit sales.
- Unbilled receivables
- Unbilled receivables showed a fluctuating but generally increasing trend, rising from 13.62% in 2015 to a peak of 16.09% in 2019 after a slight dip in 2018, which may reflect growing work in progress or timing differences in revenue recognition.
- Inventories
- Inventory levels increased notably from 10.52% in 2015 to a peak of 15.13% in 2017, then declined moderately to 12.91% by 2019, indicating variability in stock management possibly related to demand or operational changes.
- Other current assets
- This category exhibited minor fluctuations, rising from 1.93% in 2015 to a high of 3.38% in 2017, before stabilizing near 2.4% in 2019, suggesting limited impact on overall asset composition.
- Current assets
- The share of current assets in total assets increased from 45.54% in 2015, peaking at 52.3% in 2017, then declined significantly to around 40.5% by 2019, reflecting a shift from short-term to long-term asset holdings in recent years.
- Property, plant and equipment, net
- Net property, plant and equipment steadily decreased from 10.83% in 2015 to 9.16% in 2019, indicating possible asset disposals, depreciation outpacing acquisitions, or operational restructuring.
- Intangible assets, net
- Intangible assets remained relatively stable with a slight decline from 2.38% in 2015 to around 2% in 2017, followed by a marked increase to 5.69% in 2018 before a slight decrease to 4.74% in 2019, highlighting possible acquisitions or revaluations in the latter years.
- Goodwill
- Goodwill constituted a significant portion of total assets, slightly decreasing from 35.76% in 2015 to 34% in 2017, then rising sharply to 43.15% in 2018 before moderating to 40.29% in 2019, indicative of acquisitions or business combinations during this timeframe.
- Other assets
- Other assets maintained a relatively small and stable share, fluctuating between 1.52% and 5.58%, with an increase noted in 2019 to 5.31%, which may point to variations in miscellaneous or non-traditional asset holdings.
- Noncurrent assets
- The proportion of noncurrent assets decreased from 54.46% in 2015 to 47.7% in 2017 but then increased sharply to nearly 60% in 2018 and 2019, reflecting an increased emphasis on longer-term investments and asset acquisition.
- Total assets
- Total assets are consistently represented as 100%, serving as the denominator for all percentages and confirming the internal consistency of the data.