Adjustments to Financial Statements
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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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Adjustments to Current Assets
Illumina Inc., adjusted current assets
US$ in millions
| Dec 31, 2020 | Dec 29, 2019 | Dec 30, 2018 | Dec 31, 2017 | Dec 31, 2016 | ||
|---|---|---|---|---|---|---|
| As Reported | ||||||
| Current assets | ||||||
| Adjustments | ||||||
| Add: Allowance for doubtful accounts | ||||||
| After Adjustment | ||||||
| Adjusted current assets | ||||||
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
The annual financial data reveals a notable upward trend in both current assets and adjusted current assets over the five-year period. From December 31, 2016, to December 31, 2020, current assets increased steadily from 2,318 million US dollars to 4,483 million US dollars. This represents nearly a doubling of the asset base, indicating significant growth in short-term resources available to the company.
Similarly, adjusted current assets followed a parallel trajectory, starting at 2,322 million US dollars in 2016 and rising to 4,487 million US dollars by 2020. The close similarity between current assets and adjusted current assets across all five years suggests consistency in the adjustments applied and affirms the reliability of the reported asset figures.
The substantial increase observed in these asset categories over the period may reflect enhanced liquidity, improved operational capacity, or an accumulation of short-term investments. The upward trend indicates strengthening working capital, which could provide the company with greater flexibility to manage liabilities, invest in growth opportunities, or absorb unforeseen financial pressures.
Adjustments to Total Assets
Illumina Inc., adjusted total assets
US$ in millions
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets, net. See details »
- Total assets
- The total assets increased steadily over the five-year period, starting at US$ 4,281 million at the end of 2016 and rising to US$ 7,585 million by the end of 2020. This represents a cumulative growth of approximately 77%. The most significant growth occurred between 2017 and 2018, where total assets increased by around US$ 1,700 million.
- Adjusted total assets
- The adjusted total assets followed a similar upward trend, increasing from US$ 4,685 million in 2016 to US$ 7,569 million in 2020. However, unlike total assets, adjusted total assets showed a slight decline between 2018 and 2019, decreasing from US$ 7,493 million to US$ 7,254 million before recovering to US$ 7,569 million in 2020. Overall, the adjusted total assets also demonstrated strong growth, with an approximate 61.6% increase over the entire period.
- Comparative insights
- Both total assets and adjusted total assets have grown significantly over the five years, indicating an expansion in the asset base. The adjusted total assets are consistently higher than the reported total assets, which may suggest the inclusion of certain adjustments or reclassifications to better reflect asset valuation. The slight dip in adjusted total assets in 2019 contrasts with the continued growth in total assets during the same period, possibly indicating a one-time adjustment or reassessment in asset valuation methodology.
Adjustments to Total Liabilities
Illumina Inc., adjusted total liabilities
US$ in millions
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
- Total liabilities
- The total liabilities exhibited an overall upward trend from 2016 to 2020. Starting at $1,966 million in 2016, the figure rose to $2,288 million in 2017, followed by a significant increase to $3,053 million in 2018. In 2019, total liabilities decreased to $2,703 million but then increased again slightly to $2,891 million in 2020. This pattern indicates some volatility, with a peak in 2018 and a subsequent decrease before a moderate rise in 2020.
- Adjusted total liabilities
- Adjusted total liabilities also showed a generally increasing trend over the period. Beginning at $2,475 million in 2016, the value grew steadily to $2,875 million in 2017 and further to $3,636 million in 2018. Unlike total liabilities, the adjusted figure dropped sharply to $2,688 million in 2019, then increased slightly to $2,805 million in 2020. The adjusted liabilities consistently remained higher than the total liabilities each year, suggesting the inclusion of other obligations or adjustments not reflected in the total liabilities figure.
Adjustments to Stockholders’ Equity
Illumina Inc., adjusted total Illumina stockholders’ equity
US$ in millions
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Deferred tax assets (liabilities), net. See details »
The available data on stockholders’ equity for the analyzed periods indicates a consistent upward trend in both total and adjusted total stockholders’ equity from 2016 to 2020.
- Total Illumina stockholders’ equity
- There is a clear increase in total stockholders’ equity over the five-year period. Starting at 2,197 million US dollars at the end of 2016, the figure rose progressively each year to reach 4,694 million US dollars by the end of 2020. This represents more than a doubling of equity over the period, reflecting substantial growth in the company's net asset base attributable to shareholders.
- Adjusted total stockholders’ equity
- Adjusted total stockholders’ equity follows a similar upward trajectory. The value increased from 2,209 million US dollars at the end of 2016 to 4,764 million US dollars at the end of 2020. The adjusted figures are consistently slightly higher than the total reported figures each year, suggesting adjustments made to reflect a more accurate or normalized equity position. This measure also shows strong growth, consistent with the pattern in total equity.
Overall, the data indicates a stable and positive trend in the equity base of the company over this period. The consistent annual increases suggest effective retention of earnings and/or successful capital raising activities contributing to the strengthening of the company’s financial position. Both total and adjusted equity metrics confirm this underlying growth pattern, highlighting stronger shareholder value accumulation over the years.
Adjustments to Capitalization Table
Illumina Inc., adjusted capitalization table
US$ in millions
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Operating lease liabilities, current portion. See details »
3 Operating lease liabilities, excluding current portion. See details »
4 Deferred tax assets (liabilities), net. See details »
Over the five-year period analyzed, several key financial metrics show notable trends. Total reported debt increased from US$1,272 million in 2016 to a peak of US$1,997 million in 2018, followed by a reduction to US$1,141 million in 2019, and a slight increase to US$1,184 million in 2020. This indicates a period of rising leverage up to 2018, with subsequent deleveraging in the following years.
Total Illumina stockholders’ equity exhibited consistent growth throughout the period. It rose steadily from US$2,197 million in 2016 to US$4,694 million in 2020. This substantial increase suggests strong retained earnings or equity injections, contributing to an improved financial position.
Total reported capital, which combines debt and equity, reflects the tempo of changes in the components. Beginning at US$3,469 million in 2016, it saw an increase to US$5,755 million by 2018, remained almost flat in 2019, and slightly rose to US$5,878 million in 2020. The stagnation between 2018 and 2019 could indicate stabilization after a major expansion period.
The adjusted total debt figures, generally higher than the reported debt, follow a similar pattern: rising from US$1,795 million in 2016 to US$2,599 million in 2018, then declining in 2019 to US$1,881 million and stabilizing around US$1,906 million in 2020. This reinforces the trend of debt reduction after 2018.
Adjusted total stockholders’ equity also showed strong growth, increasing from US$2,209 million in 2016 to US$4,764 million in 2020. This trend parallels the reported equity increase, confirming a strengthening equity base when adjustments are considered.
Adjusted total capital rose from US$4,004 million in 2016 to a peak of US$6,456 million in 2018 before essentially plateauing in 2019 at US$6,447 million and increasing slightly to US$6,670 million in 2020. The adjusted capital trend suggests significant capital expansion through 2018, with stabilization thereafter.
Overall, the data indicate a phase of increasing leverage and capital expansion up to 2018, followed by debt reduction and relative stabilization in capital structure in the later years. The consistent growth in equity highlights improving financial strength over the analyzed timeframe.
Adjustments to Reported Income
Illumina Inc., adjusted net income attributable to Illumina stockholders
US$ in millions
Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).
1 Deferred income tax expense (benefit). See details »
- Net Income Attributable to Illumina Stockholders
- The net income attributable to stockholders showed an overall upward trend from 2016 through 2019, increasing steadily from $463 million in 2016 to a peak of $1,002 million in 2019. However, in 2020, there was a noticeable decline to $656 million, indicating a reversal in the positive growth trend observed in prior years.
- Adjusted Consolidated Net Income
- The adjusted consolidated net income mirrored the general trend of net income, rising consistently from $426 million in 2016 to $996 million in 2019. Similar to the net income trend, 2020 saw a decline in adjusted net income to $771 million. This drop suggests challenges impacting profitability adjustments in the latest period after several years of growth.
- Overall Trend Analysis
- Both net income and adjusted consolidated net income exhibited strong growth from 2016 to 2019, which implies improving financial performance during this timeframe. The decline in 2020 suggests the presence of specific operational or market factors that negatively affected profitability, warranting further investigation into the underlying causes for this performance downturn.