Common-Size Balance Sheet: Assets
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Based on: 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).
The analysis of the financial data over the five-year period reveals notable shifts in asset composition and allocation.
- Cash and Cash Equivalents
- This category exhibited some volatility, initially increasing from 10.19% in 2020 to 20.28% in 2023, suggesting a strategic accumulation of liquid assets during this period. However, it declined sharply to 9.58% in 2024, indicating a possible deployment of cash towards other asset types or obligations.
- Accounts Receivable, Net
- There was a steady rise in accounts receivable as a percentage of total assets, increasing from 6.56% in 2020 to a peak of 11.4% in 2023, before a slight decrease to 10.96% in 2024. This trend may reflect expanding sales on credit or changes in credit policies.
- Inventory, Net
- Inventory levels as a portion of total assets showed a generally increasing trend, with a notable peak at 17.08% in 2022, followed by some fluctuations but culminating at a high 16.96% in 2024. This suggests an emphasis on maintaining higher stock levels, possibly in anticipation of demand or supply chain adjustments.
- Prepaid Expenses and Other Current Assets
- This category increased from 2.27% in 2020 to 5.59% in 2023, before slightly declining to 4.75% in 2024. The growth indicates more advance payments or other current asset accumulation during the middle years, possibly reflecting operational strategies or contract terms.
- Current Assets
- Overall current assets as a percentage of total assets rose substantially from 29.21% in 2020 to a high of 50.93% in 2023, before contracting to 42.25% in 2024. This increase aligns with the growth seen in cash, receivables, inventory, and prepaid expenses, highlighting a shift towards more liquid and short-term assets in recent years.
- Property and Equipment, Net
- There was a consistent decline in property and equipment assets over the period, dropping from 3.79% in 2020 to 1.24% in 2024. The combined total including finance lease assets followed a similar downward trajectory, reflecting possible asset disposals, reduced capital expenditures, or a strategic move away from fixed assets.
- Intangible Assets, Net
- Intangible assets decreased from 22.6% of total assets in 2020 to 13.1% in 2023, followed by an increase to 19.93% in 2024. This pattern may indicate amortization and impairment activities with renewed investments or acquisitions driving the recent uptick.
- Goodwill
- Goodwill steadily declined from 37.81% of total assets in 2020 to 28.81% in 2023, with a minor rebound to 30.16% in 2024. This decrease suggests some write-downs or impairment charges, tempered by possible recent acquisitions or revaluations.
- Other Assets
- Other assets remained relatively stable, fluctuating moderately between 5.79% and 7.48% during the period.
- Noncurrent Assets
- There was a marked downward shift in noncurrent assets as a proportion of total assets, dropping from 70.79% in 2020 to a low of 49.07% in 2023, before recovering slightly to 57.75% in 2024. This trend parallels the decline in fixed and intangible assets and the relative increase in current assets observed in recent years.
In summary, the data indicate a strategic pivot towards increasing liquidity and current asset holdings, coupled with a reduction in property, equipment, and intangible asset bases during the earlier years. The modest reversals in intangible assets and goodwill in the most recent year suggest renewed investment activity or asset revaluation. Overall, the asset structure reflects evolving operational priorities and potential shifts in growth or capital deployment strategies.