Common-Size Balance Sheet: Assets
Quarterly Data
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Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
The asset structure exhibits a significant transition from a high concentration of general investments and goodwill toward a balance sheet characterized by increased restricted assets and the emergence of substantial deferred tax assets. While current assets generally fluctuate between 21% and 32% of the total asset base, the composition of non-current assets has undergone a fundamental reallocation over the analyzed period.
- Liquidity and Current Asset Trends
- Cash and cash equivalents have remained a primary component of current assets, though they show a gradual declining trend from a peak of 17.57% in September 2021 to 9.28% by March 2026. Accounts receivable, net of allowance, experienced a notable increase from approximately 3% in early 2021 to a peak of 9.36% in March 2023, before stabilizing in the 6% to 7% range. Short-term investments remained negligible for several periods, peaked at 6.18% in June 2024, and subsequently contracted to under 1%.
- Investment Strategy and Restricted Assets
- A stark divergence is observed in investment allocation. General investments, which constituted 34% to 38% of total assets in early 2021, declined sharply to between 13% and 16% by 2024 and 2025. Conversely, restricted investments emerged as a significant asset class starting in late 2022, growing from 5.03% in December 2022 to 15.07% by March 2026. This suggests a strategic shift toward locked or collateralized capital rather than liquid market investments.
- Intangible Assets and Goodwill Evolution
- Goodwill experienced a period of expansion, peaking at 26.95% in June 2022, followed by a steady decline to 14.89% by March 2026. A similar downward trajectory is observed in intangible assets, net, which fell from 4.20% in March 2021 to 1.65% by March 2026. These trends indicate either the amortization of intangible assets, impairment of goodwill, or an increase in the total asset base that dilutes the relative weight of these items.
- Deferred Tax Assets and Long-term Positioning
- A critical shift in the balance sheet occurred starting in December 2024 with the introduction of deferred tax assets. This item grew rapidly from 12.04% in December 2024 to 18.11% by March 2026. This emergence coincides with the period of declining goodwill and restricted investment growth, contributing to the overall increase in non-current assets, which rose to 78.59% of the total balance sheet by the final period of analysis.
- Fixed and Operational Assets
- Property and equipment, net, along with operating lease right-of-use assets, have both seen a consistent reduction in their relative weight. Property and equipment declined from 5.07% to 3.08%, while lease assets fell from 3.66% to 2.43%. This indicates a decreasing reliance on physical infrastructure and leased assets relative to the total scale of the company's assets.