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Model N (MODN)
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Model N Balance Sheet 2023-2010 | MODN
Brief overview of Model N's balance sheet strength
The review uses the five latest available annual reports between 2019 and 2023.
Assets advanced +194.9% to $500.1 million from $169.6 million; annual growth near 31% reflects a fast increase in scale.
Funding shifted toward liabilities: they gained +229.1%, compared with +194.9% for assets.
Equity covers only 23.1% of assets versus 31.1% initially. The loss-absorbing cushion is limited.
Negative net debt of -$16.6 million means cash holdings are larger than debt obligations.
Cash represents 60.3% of assets versus 35.8% initially, showing how the immediate liquidity reserve changed.
Retained earnings remain negative at -$296.9 million. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
Overall assessment
Model N's financial structure is not clear-cut. Asset scale alone does not resolve questions about how those assets are funded.
Annual Balance Sheet Model N
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-16.6 M | -19.7 M | -36.6 M | -84.6 M | -16.5 M | -3 M | -353 K | -66.1 M | -91 M | -101 M | -103 M | -13.1 M | -13.3 M | - |
Long Term Debt |
280 M | 169 M | 124 M | 114 M | 39.4 M | 52.3 M | 52.5 M | - | - | - | - | 2.63 M | 5.09 M | - |
Long Term Debt Current |
4.41 M | 4.65 M | 4.53 M | 1.46 M | 4.91 M | 1.38 M | 4.75 M | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | 40.5 M | 53.5 M | 53.8 M | 2.52 M | 2.76 M | 3.66 M | 4.15 M | 48.2 M | 53.8 M | - |
Total Current Liabilities |
93.5 M | 107 M | 96.5 M | 77.7 M | 76.3 M | 72.6 M | 76.9 M | 44.2 M | 36.1 M | 36.5 M | 36.7 M | 44.7 M | - | - |
Total Liabilities |
385 M | 258 M | 240 M | 196 M | 117 M | 126 M | 131 M | 46.8 M | 38.9 M | 40.2 M | 40.9 M | 51.1 M | 86.7 M | - |
Deferred Revenue |
61.7 M | 62.3 M | 57.4 M | 50.9 M | 44.9 M | 52.2 M | 49.2 M | 28.9 M | 22 M | 23.9 M | 19.1 M | 29.4 M | 22.7 M | - |
Retained Earnings |
-297 M | -263 M | -256 M | -226 M | -212 M | -193 M | -175 M | -136 M | -103 M | -83 M | -62.1 M | -61.2 M | -55.5 M | - |
Total Assets |
500 M | 392 M | 364 M | 320 M | 170 M | 166 M | 172 M | 113 M | 122 M | 129 M | 134 M | 40.6 M | 37 M | - |
Cash and Cash Equivalents |
301 M | 194 M | 165 M | 200 M | 60.8 M | 56.7 M | 57.6 M | 66.1 M | 91 M | 101 M | 103 M | 15.8 M | 18.4 M | - |
Book Value |
115 M | 135 M | 124 M | 125 M | 52.7 M | 40 M | 41.3 M | 66.2 M | 83.1 M | 89 M | 93.6 M | -10.5 M | -49.7 M | - |
Total Shareholders Equity |
115 M | 135 M | 124 M | 125 M | 52.7 M | 40 M | 41.3 M | 66.2 M | 83.1 M | 89 M | 93.6 M | -52.3 M | -49.7 M | -52.1 M |
All numbers in USD currency
Quarterly Balance Sheet Model N
| 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
281 M | 281 M | 281 M | 280 M | 279 M | 169 M | 169 M | 133 M | 130 M | 127 M | 127 M | 122 M | 119 M | 117 M | 117 M | 112 M | 38.5 M | 39.3 M | 39.3 M | 44.3 M | 44.2 M | 51.8 M | 51.8 M | 52.8 M | 52.5 M | 52.6 M | 52.6 M | 57 M | 56.8 M | 52.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
401 M | 391 M | 391 M | 380 M | 389 M | 274 M | 274 M | 237 M | 232 M | 226 M | 226 M | 235 M | 216 M | 212 M | 212 M | 186 M | 112 M | 115 M | 115 M | 112 M | 103 M | 112 M | 112 M | 133 M | 130 M | 133 M | 133 M | 132 M | 123 M | 40.7 M | 40.7 M | 48.7 M | 45.9 M | 41.5 M | 41.5 M | 45.3 M | 38.4 M | 39.7 M | 39.7 M | 43.2 M | 40.2 M | 38.7 M | 38.7 M | 47.6 M | 49 M | 40.9 M | - | 51.1 M | 51.1 M | - | - | - | - | - |
Deferred Revenue |
82.1 M | 74.4 M | 74.4 M | 59.8 M | 70.8 M | 67.1 M | 67.1 M | 54.1 M | 57.5 M | 58 M | 58 M | 53.6 M | 55.3 M | 55.6 M | 55.6 M | 45.2 M | 45.6 M | 45.9 M | 45.9 M | 41.6 M | 36 M | 42.3 M | 42.3 M | 54.9 M | 56 M | 57.1 M | 57.1 M | 52 M | 46.6 M | 25.6 M | 25.6 M | 30.6 M | 30.3 M | 25.4 M | 25.4 M | 26.3 M | 22.1 M | 24.1 M | 24.1 M | 26.3 M | 22.7 M | 18.5 M | 18.5 M | 25.9 M | 28.1 M | 19.1 M | - | 29.4 M | 29.4 M | - | - | - | - | - |
Retained Earnings |
-300 M | -299 M | -299 M | -297 M | -300 M | -267 M | -267 M | -276 M | -270 M | -262 M | -262 M | -250 M | -242 M | -231 M | -231 M | -222 M | -220 M | -215 M | -215 M | -207 M | -204 M | -198 M | -198 M | -200 M | -184 M | -181 M | -181 M | -166 M | -156 M | -143 M | -143 M | -128 M | -119 M | -110 M | -110 M | -97.7 M | -91.9 M | -87.3 M | -87.3 M | -77.1 M | -70.3 M | -65.2 M | -65.2 M | -62.9 M | -64.4 M | -62.1 M | - | -61.2 M | -61.2 M | - | - | - | - | - |
Total Assets |
538 M | 515 M | 515 M | 483 M | 481 M | 387 M | 387 M | 370 M | 364 M | 356 M | 356 M | 357 M | 339 M | 337 M | 337 M | 307 M | 174 M | 174 M | 174 M | 164 M | 154 M | 162 M | 162 M | 172 M | 172 M | 174 M | 174 M | 177 M | 176 M | 101 M | 101 M | 117 M | 119 M | 119 M | 119 M | 129 M | 125 M | 127 M | 127 M | 134 M | 135 M | 133 M | 133 M | 139 M | 137 M | 134 M | - | 40.6 M | 40.6 M | - | - | - | - | - |
Cash and Cash Equivalents |
335 M | 303 M | 303 M | 300 M | 271 M | 175 M | 175 M | 184 M | 170 M | 156 M | 156 M | 154 M | 148 M | 144 M | 144 M | 192 M | 61.3 M | 55.8 M | 55.8 M | 58.5 M | 54.1 M | 52.2 M | 52.2 M | 57.6 M | 55.2 M | 48.3 M | 48.3 M | 51.8 M | 53.7 M | 52.4 M | 52.4 M | 70.1 M | 70 M | 70.4 M | 70.4 M | 93.8 M | 93.2 M | 96.4 M | 96.4 M | 103 M | 102 M | 92.8 M | 92.8 M | 105 M | 109 M | 92.8 M | 12.6 M | 15.8 M | 15.8 M | - | - | 18.4 M | - | - |
Book Value |
137 M | 124 M | 124 M | 104 M | 92.2 M | 113 M | 113 M | 133 M | 132 M | 130 M | 130 M | 121 M | 123 M | 125 M | 125 M | 121 M | 62.2 M | 59.3 M | 59.3 M | 52.1 M | 51.2 M | 50.1 M | 50.1 M | 38.6 M | 42.2 M | 40.7 M | 40.7 M | 45.2 M | 52.2 M | 60.4 M | 60.4 M | 68.4 M | 73 M | 77.9 M | 77.9 M | 84 M | 86.5 M | 87.2 M | 87.2 M | 91.2 M | 95.2 M | 93.9 M | 93.9 M | 91.2 M | 87.6 M | 93.6 M | - | -10.5 M | -10.5 M | - | - | - | - | - |
Total Shareholders Equity |
137 M | 124 M | 124 M | 104 M | 92.2 M | 113 M | 113 M | 133 M | 132 M | 130 M | 130 M | 121 M | 123 M | 125 M | 125 M | 121 M | 62.2 M | 59.3 M | 59.3 M | 52.1 M | 51.2 M | 50.1 M | 50.1 M | 38.6 M | 42.2 M | 40.7 M | 40.7 M | 45.2 M | 52.2 M | 60.4 M | 60.4 M | 68.4 M | 73 M | 77.9 M | 77.9 M | 84 M | 86.5 M | 87.2 M | 87.2 M | 91.2 M | 95.2 M | 93.9 M | 93.9 M | 91.2 M | 87.6 M | 93.6 M | - | -52.3 M | -52.3 M | - | - | -49.7 M | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Model N, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Software
| Issuer | Price | % 24h | Market Cap | Country | |
|---|---|---|---|---|---|
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A10 Networks
ATEN
|
$ 25.99 | 0.19 % | $ 1.88 B |  USA |
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CYREN Ltd.
CYRN
|
- | -18.15 % | $ 1.77 M | USA |
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Bill.com Holdings
BILL
|
$ 44.97 | 0.53 % | $ 4.49 B | USA |
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BlackLine
BL
|
$ 27.89 | 1.01 % | $ 1.71 B | USA |
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Blackbaud
BLKB
|
$ 43.27 | 0.89 % | $ 2.06 B | USA |
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Evolving Systems
EVOL
|
- | -8.47 % | $ 13.9 M | USA |
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Bentley Systems, Incorporated
BSY
|
$ 31.9 | 2.7 % | $ 10 B | USA |
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Bit Digital
BTBT
|
$ 1.79 | 1.13 % | $ 462 M | USA |
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GreenSky
GSKY
|
- | 1.59 % | $ 1.88 B | USA |
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GSE Systems
GVP
|
- | - | $ 11.4 M | USA |
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Altair Engineering
ALTR
|
- | - | $ 9.4 B | USA |
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Cogent Biosciences
COGT
|
$ 31.43 | 0.06 % | $ 4.05 B | USA |
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Creative Realities
CREX
|
$ 2.52 | 1.2 % | $ 26.4 M | USA |
 |
salesforce.com
CRM
|
$ 238.22 | 0.27 % | $ 226 B | USA |
 |
Cerence
CRNC
|
$ 7.93 | 0.98 % | $ 342 M | USA |
 |
Commvault Systems
CVLT
|
$ 150.0 | 0.38 % | $ 6.6 B | USA |
 |
Citrix Systems
CTXS
|
- | - | $ 13.2 B | USA |
 |
Diebold Nixdorf, Incorporated
DBD
|
$ 62.47 | 0.11 % | $ 2.3 B | USA |
 |
Dropbox
DBX
|
$ 32.66 | 0.94 % | $ 8.76 B | USA |
 |
Eventbrite
EB
|
$ 4.51 | 1.58 % | $ 436 M | USA |
 |
Datadog
DDOG
|
$ 256.92 | 2.16 % | $ 89.2 B | USA |
 |
ChannelAdvisor Corporation
ECOM
|
- | 0.02 % | $ 668 M | USA |
 |
DocuSign
DOCU
|
$ 68.99 | 4.09 % | $ 13.9 B | USA |
 |
Domo
DOMO
|
$ 3.55 | 0.13 % | $ 145 M | USA |
 |
EVO Payments
EVOP
|
- | - | $ 1.77 B | USA |
 |
The Descartes Systems Group Inc
DSGX
|
$ 80.13 | 0.29 % | $ 6.88 B |  Canada |
 |
Viant Technology
DSP
|
$ 12.34 | 0.41 % | $ 203 M | USA |
 |
Dynatrace
DT
|
$ 58.68 | 0.27 % | $ 17.6 B | USA |
 |
Micro Focus International plc
MFGP
|
- | - | $ 1.81 B |  Britain |
 |
IVA Technologies
IVAT
|
- | - | - |  Russia |
 |
eGain Corporation
EGAN
|
$ 5.79 | 2.07 % | $ 157 M | USA |
 |
8x8
EGHT
|
$ 2.28 | 15.08 % | $ 314 M | USA |
 |
Adobe
ADBE
|
$ 238.93 | 1.02 % | $ 102 B | USA |
 |
Elastic N.V.
ESTC
|
$ 91.28 | 0.01 % | $ 9.62 B | USA |
 |
Fair Isaac Corporation
FICO
|
$ 856.48 | 0.03 % | $ 20.8 B | USA |
 |
Five9
FIVN
|
$ 36.66 | 0.28 % | $ 2.84 B | USA |
 |
JFrog Ltd.
FROG
|
$ 94.2 | 2.03 % | $ 10.9 B | USA |
 |
Future FinTech Group
FTFT
|
$ 4.42 | 3.38 % | $ 8.81 M |  China |
 |
Autodesk
ADSK
|
$ 211.35 | 0.09 % | $ 45 B | USA |
 |
Fortinet
FTNT
|
$ 178.67 | 0.53 % | $ 135 B | USA |
 |
GoDaddy
GDDY
|
$ 100.81 | 4.55 % | $ 13.9 B | USA |
|
Grid Dynamics Holdings
GDYN
|
$ 7.71 | 0.13 % | $ 652 M | USA |
 |
Ebix
EBIX
|
- | -30.99 % | $ 36.3 M | USA |
 |
AudioEye
AEYE
|
$ 7.2 | 0.84 % | $ 89.4 M | USA |
 |
Globant S.A.
GLOB
|
$ 34.83 | 1.1 % | $ 1.54 B |  Luxembourg |
 |
Agilysys
AGYS
|
$ 99.68 | 0.81 % | $ 2.78 B | USA |
 |
Ideanomics
IDEX
|
- | -4.36 % | $ 451 M | USA |
 |
GTY Technology Holdings
GTYH
|
- | 0.17 % | $ 355 M | USA |
 |
HubSpot
HUBS
|
$ 221.56 | 0.39 % | $ 11.6 B | USA |