Common-Size Balance Sheet: Assets
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2008
- Return on Assets (ROA) since 2008
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
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Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
The analysis of the financial data over the six-year period reveals several noteworthy trends and shifts in the asset composition.
- Cash and cash equivalents
- There is a fluctuating pattern in the proportion of cash and cash equivalents relative to total assets. It decreased from 14.53% in 2017 to a low of 10.8% in 2019, followed by a significant increase to over 20% in 2020 and a slight decline thereafter, stabilizing around 18-20% in the last two years. This indicates a strategic shift towards maintaining higher liquidity during the 2020 period, possibly in response to external uncertainties.
- Restricted cash equivalents related to litigation escrow
- This item shows minor variation with a peak in 2018 at 2.15%, declining subsequently and then rising again to 1.69% in 2022. The changes are modest, suggesting this component remains a relatively stable and small portion of the asset base.
- Investment securities
- Investment securities display volatility throughout the years, with an initial slight decrease until 2020 (dropping as low as 2.44%) and a moderate rebound to 3.31% in 2022, indicating variable investment positioning possibly in response to market conditions.
- Receivables (Settlement and Accounts)
- Settlement receivables show an inconsistent pattern with a peak in 2019 (4.2%) followed by a decline and stabilization around 2.1%-2.3%. Accounts receivable gradually increase from 1.67% in 2017 to about 2.36% in 2022, denoting a gradual increase in amounts payable to the company by customers or partners.
- Customer collateral and client incentives
- Both customer collateral and client incentives have experienced growth as a proportion of total assets. Customer collateral rose steadily from 1.63% to 2.74%, while client incentives saw a more pronounced rise, especially current portions which tripled from 0.51% to a peak of 1.64% before slightly declining to 1.49% in 2022. This could signify increased efforts to secure customer relationships and encourage client activity.
- Prepaid expenses and other current assets
- These assets remained stable around 0.81%-1.03% until a significant jump to 3.12% in 2022, which may reflect changes in operational or strategic initiatives requiring larger upfront payments or other current asset holdings.
- Current assets overall
- Current assets as a percentage of total assets increased from 27.98% to a peak of 35.33% in 2022, indicating a shift toward more liquid and short-term assets over the period reviewed.
- Non-current assets
- The proportion of non-current assets declined from 72.02% in 2017 to 64.67% in 2022, indicating a gradual reduction in longer-term asset holdings relative to total assets.
- Goodwill and intangible assets
- Goodwill as a percentage of total assets experienced a slight decline from 22.23% to 20.8%. Intangible assets showed a more marked decrease, dropping from 40.97% to 29.32%. This trend suggests either amortization, impairment, or reclassification reducing the weight of intangible assets in the portfolio.
- Property, equipment, and technology
- These assets remained relatively stable, fluctuating slightly but generally around 3-4% of total assets, indicating consistent investment or maintenance in physical and technology infrastructure.
- Other assets
- Other assets displayed a modest increase from 1.8% to 4.37%, suggesting growth or reclassification in miscellaneous asset categories over time.
Overall, the data reflects a strategic portfolio adjustment characterized by increased liquidity and current assets, a reduction in intangible assets, and stable non-current physical assets. The company appears to balance between maintaining sufficient cash reserves and managing the composition of longer-term assets, with ongoing attention to client incentives and receivables management as part of its operating strategy.