Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Illumina Inc. (NASDAQ:ILMN)

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Analysis of Income Taxes

Advanced level


Income Tax Expense (Benefit)

Illumina Inc., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
Federal
State
Foreign
Current provision
Federal
State
Foreign
Deferred expense (benefit)
Provision for income taxes

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

Item Description The company
Current provision Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Illumina Inc.’s current provision decreased from 2017 to 2018 and from 2018 to 2019.
Deferred expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Illumina Inc.’s deferred expense (benefit) decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Illumina Inc.’s provision for income taxes decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

Effective Income Tax Rate (EITR)

Illumina Inc., effective income tax rate (EITR) reconciliation

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
U.S. federal statutory tax rate
Effective income tax rate, before impact of U.S. Tax Reform
Effective income tax rate

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

Item Description The company
Effective income tax rate, before impact of U.S. Tax Reform Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Illumina Inc.’s effective income tax rate, before impact of U.S. Tax Reform decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.

Components of Deferred Tax Assets and Liabilities

Illumina Inc., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
Net operating losses
Tax credits
Other accruals and reserves
Stock compensation
Deferred rent
Cost sharing adjustment
Other amortization
Obligations under financing leases
Operating lease liabilities
Investments
Other
Gross deferred tax assets
Valuation allowance on deferred tax assets
Deferred tax assets
Purchased intangible amortization
Convertible debt
Property and equipment
Operating lease right-of-use assets
Investments
Other
Deferred tax liabilities
Deferred tax assets (liabilities), net

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

Item Description The company
Gross deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Illumina Inc.’s gross deferred tax assets increased from 2017 to 2018 and from 2018 to 2019.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Illumina Inc.’s deferred tax assets increased from 2017 to 2018 and from 2018 to 2019.
Deferred tax assets (liabilities), net Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Illumina Inc.’s deferred tax assets (liabilities), net decreased from 2017 to 2018 and from 2018 to 2019.

Deferred Tax Assets and Liabilities, Classification

Illumina Inc., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
Deferred tax assets, net
Deferred tax liabilities

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

Item Description The company
Deferred tax assets, net Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Illumina Inc.’s deferred tax assets, net decreased from 2017 to 2018 and from 2018 to 2019.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.

Adjustments to Financial Statements: Removal of Deferred Taxes

Illumina Inc., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total Illumina Stockholders’ Equity
Total Illumina stockholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total Illumina stockholders’ equity (adjusted)
Adjustment to Net Income Attributable To Illumina Stockholders
Net income attributable to Illumina stockholders (as reported)
Add: Deferred income tax expense (benefit)
Net income attributable to Illumina stockholders (adjusted)

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).


Illumina Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Illumina Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Illumina Inc.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Illumina Inc.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Illumina Inc.’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Illumina Inc.’s adjusted ROE deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Illumina Inc.’s adjusted ROA deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

Illumina Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Illumina stockholders
Revenue
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Illumina stockholders
Revenue
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

2019 Calculations

1 Net profit margin = 100 × Net income attributable to Illumina stockholders ÷ Revenue
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Illumina stockholders ÷ Revenue
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Illumina Inc.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
As Reported
Selected Financial Data (US$ in millions)
Revenue
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenue
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

2019 Calculations

1 Total asset turnover = Revenue ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Illumina Inc.’s adjusted total asset turnover ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total Illumina stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total Illumina stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

2019 Calculations

1 Financial leverage = Total assets ÷ Total Illumina stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Illumina stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Illumina Inc.’s adjusted financial leverage ratio decreased from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Illumina stockholders
Total Illumina stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Illumina stockholders
Adjusted total Illumina stockholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

2019 Calculations

1 ROE = 100 × Net income attributable to Illumina stockholders ÷ Total Illumina stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to Illumina stockholders ÷ Adjusted total Illumina stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Illumina Inc.’s adjusted ROE deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Jan 1, 2017 Jan 3, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Illumina stockholders
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Illumina stockholders
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2020-02-11), 10-K (filing date: 2019-02-12), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-03-02).

2019 Calculations

1 ROA = 100 × Net income attributable to Illumina stockholders ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to Illumina stockholders ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Illumina Inc.’s adjusted ROA deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.