Common-Size Balance Sheet: Assets
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Based on: 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-30), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
The financial data reveals notable shifts in the asset composition over multiple quarters.
- Cash and cash equivalents
- There is significant volatility in this category, with a general upward trend reaching a peak of 50.63% of total assets in April 2021, followed by a sharp decline to 7.17% in the subsequent quarter. This suggests strategic liquidity management or changes in cash holdings influenced by operational or investment activities.
- Short-term investments
- Short-term investments display fluctuations, initially varying between approximately 11% and 34%, peaking near the end of 2018. Thereafter, the percentage declines steadily to around 1% by October 2021, indicating a possible reallocation away from short-term investments towards other assets or cash.
- Accounts receivable, net
- Accounts receivable exhibit a gradual decline from above 10% in early 2016 to around 4% by late 2021. This trend may indicate improved collections, shifts in sales mix, or changes in credit policies.
- Inventory
- The inventory proportion tends to decrease over the periods, dropping from 7.59% in early 2016 to 2.66% by late 2021. This consistent decline could reflect more efficient inventory management or reduced reliance on physical stocks.
- Prepaid expenses and other current assets
- This category remains relatively stable with slight fluctuations mostly between 1% and 2%. The steadiness suggests consistent operational spending and asset recognition practices over time.
- Current assets
- The total current assets percentage generally holds steady around the mid-50s to low 60s before sharply dropping to 16.27% in October 2021. This drastic decline corresponds with changes observed in cash and short-term investments, signaling a major restructuring in asset allocation.
- Property and equipment, net
- This asset class grows from approximately 10% to peaks near 17.7% by late 2017, then gradually decreases to 6.7% by October 2021. The initial rise indicates capital expenditure expansions, while the subsequent decline may reflect asset disposals, depreciation, or shifts towards intangible or other asset forms.
- Operating lease right-of-use assets
- Introduced in 2018, this category remains relatively stable with minor decreases from 7.77% to 4.49% by late 2021, reflecting lease accounting standards adoption and modest reduction in leased asset utilization.
- Goodwill
- Goodwill consistently declines over the period from about 20.46% down to 10.25%, before a notable increase to 47.12% in October 2021. This may indicate impairment charges or disposals prior to the last date, followed by a significant acquisition or revaluation.
- Intangible assets, net
- Intangible assets steadily decrease from 7.11% to 1.53%, then jump to 22.25% at the final period, mirroring the pattern seen in goodwill and suggesting a similar effect due to acquisitions or reclassification.
- Other assets
- This category remains within a range of approximately 5% to 8%, with a slight increase towards later quarters, implying consistent recognition of miscellaneous asset components.
- Long-term assets
- Long-term assets show a subtle downward trend from around 45% to 35%, culminating with a sharp rise to 83.73% in October 2021, consistent with earlier observations of goodwill and intangible asset surges suggesting a significant reallocation or acquisition impacting the asset structure.
- Total assets
- By definition, total assets are maintained at 100% across all periods, serving as the baseline for all proportional comparisons.
In summary, the asset structure exhibits two distinct phases: a generally stable to gradually changing composition followed by a marked transformation in 2021 characterized by decreases in liquid and tangible current assets and simultaneous sharp increases in goodwill, intangible assets, and long-term asset proportions. These shifts likely reflect strategic acquisitions, changes in capital structure, or accounting reclassifications affecting the asset portfolio significantly.