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Gilead Sciences Inc. (GILD)


Statement of Cash Flows

Difficulty: Beginner

The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s statement of financial position.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Gilead Sciences Inc., Consolidated Statement of Cash Flows

USD $ in millions

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income 5,460  4,644  13,488  18,106  12,059 
Depreciation expense 226  233  177  161  125 
Amortization expense 1,203  1,053  981  937  925 
Stock-based compensation expense 845  638  380  382  360 
Excess tax benefits from stock-based compensation —  —  (194) (585) (482)
Deferred income taxes 289  (82) (119) (393) (236)
In-process research and development impairment 820  —  432  —  — 
Inventory reserves for excess raw materials 440  —  —  —  — 
Other 56  304  162  562  585 
Accounts receivable, net 480  754  1,192  (1,397) (2,578)
Inventories (310) (253) (488) (855) 143 
Prepaid expenses and other 903  358  (520) (90) (371)
Accounts payable (39) (430) 47  226  (289)
Income taxes payable (1,459) 5,497  1,010  269  533 
Accrued liabilities (514) (818) 121  3,006  2,044 
Changes in operating assets and liabilities (939) 5,108  1,362  1,159  (518)
Adjustments to reconcile net income to net cash provided by operating activities 2,940  7,254  3,181  2,223  759 
Net cash provided by operating activities 8,400  11,898  16,669  20,329  12,818 
Purchases of marketable securities (10,233) (23,314) (25,619) (17,239) (2,107)
Proceeds from sales of marketable securities 1,522  10,440  13,039  4,792  807 
Proceeds from maturities of marketable securities 24,336  7,821  1,700  719  52 
Other investments (346) —  (357) —  (18)
Acquisitions, net of cash acquired —  (10,426) —  —  — 
Capital expenditures (924) (590) (748) (747) (557)
Net cash (used in) provided by investing activities 14,355  (16,069) (11,985) (12,475) (1,823)
Proceeds from debt financing, net of issuance costs —  8,985  5,293  9,902  7,932 
Proceeds from convertible note hedges —  —  956  784  2,543 
Purchases of convertible note hedges —  —  —  —  (26)
Proceeds from issuances of common stock 289  234  208  319  331 
Repurchases of common stock (2,900) (954) (11,001) (10,002) (5,349)
Repayments of debt and other obligations (6,250) (1,811) (1,981) (997) (4,779)
Payments to settle warrants —  —  (469) (3,865) (4,093)
Excess tax benefits from stock-based compensation —  —  194  585  482 
Payment of dividends (2,971) (2,731) (2,455) (1,874) — 
Other (486) (330) (92) 185  (66)
Net cash provided by (used in) financing activities (12,318) 3,393  (9,347) (4,963) (3,025)
Effect of exchange rate changes on cash and cash equivalents (85) 137  41  (67) (56)
Net change in cash and cash equivalents 10,352  (641) (4,622) 2,824  7,914 
Cash and cash equivalents at beginning of period 7,588  8,229  12,851  10,027  2,113 
Cash and cash equivalents at end of period 17,940  7,588  8,229  12,851  10,027 

Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-27), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25).

Item Description The company
Net cash provided by operating activities Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Gilead Sciences Inc.’s net cash provided by operating activities declined from 2016 to 2017 and from 2017 to 2018.
Net cash (used in) provided by investing activities Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Gilead Sciences Inc.’s net cash (used in) provided by investing activities declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Net cash provided by (used in) financing activities Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Gilead Sciences Inc.’s net cash provided by (used in) financing activities increased from 2016 to 2017 but then declined significantly from 2017 to 2018.