Stock Analysis on Net

Illumina Inc. (NASDAQ:ILMN)

$22.49

This company has been moved to the archive! The financial data has not been updated since November 5, 2021.

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

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.

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Illumina Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2020 Dec 29, 2019 Dec 30, 2018 Dec 31, 2017 Dec 31, 2016
Consolidated net income
Depreciation expense
Amortization of intangible assets
Share-based compensation expense
Accretion of debt discount
Incremental tax benefit related to share-based compensation
Deferred income taxes
Payment of accreted debt discount
Unrealized gains on marketable equity securities
Gains on deconsolidation
Loss on derivative assets related to terminated acquisition
Impairment of intangible assets
Other
Accounts receivable
Inventory
Prepaid expenses and other current assets
Operating lease right-of-use assets and liabilities, net
Other assets
Accounts payable
Accrued liabilities
Other long-term liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Maturities of available-for-sale securities
Purchases of available-for-sale securities
Sales of available-for-sale securities
Purchases of property and equipment
Net purchases of strategic investments
Cash paid for derivative assets related to terminated acquisition
Deconsolidation of Helix and GRAIL cash
Proceeds from the deconsolidation of GRAIL
Net cash paid for acquisitions
Cash paid for intangible assets
Net cash (used in) provided by investing activities
Payments on financing obligations
Net proceeds from issuance of debt
Incremental tax benefit related to share-based compensation
Common stock repurchases
Proceeds from issuance of common stock
Taxes paid related to net share settlement of equity awards
Contributions from noncontrolling interest owners
Payments on acquisition-related contingent consideration liability
Proceeds from early exercise of equity awards from a subsidiary
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

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).


Consolidated Net Income
Net income showed a significant upward trend from 2016 to 2019, rising from $428 million to a peak of $990 million. However, in 2020, net income declined to $656 million, indicating potential challenges or one-time impacts affecting profitability in the most recent year.
Depreciation and Amortization
Depreciation expense consistently increased each year, reaching $156 million in 2020 from $90 million in 2016. In contrast, amortization of intangible assets steadily decreased from $51 million in 2016 to $31 million in 2020, suggesting possible completion of earlier intangible asset amortization or reduced intangible asset additions.
Share-based Compensation Expense
Share-based compensation expenses rose sharply from $129 million in 2016 to $194 million in 2018 and remained stable through 2020. This indicates sustained employee incentive compensation expenditures over the years.
Other Income and Expense Items
There were notable fluctuations in miscellaneous gains and losses. Unrealized losses on marketable equity securities grew larger in magnitude, from no recorded loss in 2016 to a substantial $270 million loss in 2020. Gains on deconsolidation were significant in 2017 but less so in subsequent years. The company recorded impairment of intangible assets only in 2017 for $23 million. A loss related to terminated acquisition appeared in 2019 and increased in 2020, reflecting challenges in acquisition-related activities.
Working Capital Components
Accounts receivable saw negative changes through most years, as did inventory except for a positive change in 2019. Accounts payable and accrued liabilities were volatile, showing both increases and decreases, which contributed to fluctuations in changes in operating assets and liabilities. The largest negative swing in this item occurred in 2019.
Operating Cash Flow
Net cash provided by operating activities grew steadily from $687 million in 2016 to over $1 billion in 2018, then stabilized around this level through 2020. Adjustments to reconcile net income to net cash provided by operating activities varied year to year, but the strong operating cash flow supports the company's core business stability.
Investing Activities
Investing cash flows were generally negative except for a positive spike in 2019, largely due to maturities and sales of available-for-sale securities. Purchases of securities fluctuated greatly with high investment in 2018 and 2020. Property and equipment purchases decreased slightly over time, indicating some reduction in capital expenditures. Strategic investments also increased notably in 2020. Net cash used in investing activities was significantly negative in 2018 and 2020, reflecting heavy investment or disinvestment activities.
Financing Activities
Cash flows from financing activities were negative in most years except 2018, when there was a significant net inflow of $594 million, likely driven by debt issuance of $735 million. Common stock repurchases were persistent and increased, peaking at $736 million in 2020, showing a consistent return of capital to shareholders. Proceeds from issuing common stock were relatively steady but minor compared to repurchases. Payments on financing obligations spiked in 2019, possibly related to debt repayments.
Liquidity Position
Cash and cash equivalents showed overall growth from 2016 through 2019, nearly tripling from $735 million to $2,042 million before declining to $1,810 million in 2020. The net increase in cash was positive and notably high during 2019, reflecting effective cash flow management despite operational and investing challenges.