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.

Moderna Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	(4,714)	8,362)	12,202)	(747)	(514)
Stock-based compensation	305)	226)	142)	93)	81)
Depreciation and amortization	621)	348)	232)	31)	31)
Leased assets expensed	—)	—)	—)	62)	—)
Amortization/accretion of investments	(61)	31)	54)	10)	(4)
Loss on equity investments, net	35)	—)	—)	—)	—)
Deferred income taxes	828)	(559)	(318)	—)	—)
Other non-cash items	7)	28)	—)	—)	—)
Accounts receivable, net	493)	1,790)	(1,784)	(1,385)	7)
Prepaid expenses and other assets	974)	(1,699)	(489)	(241)	10)
Inventory	747)	492)	(1,394)	(47)	—)
Right-of-use assets, operating leases	(605)	21)	(58)	(11)	(6)
Accounts payable	13)	240)	204)	12)	(24)
Accrued liabilities	(340)	612)	989)	388)	(3)
Deferred revenue	(2,060)	(4,157)	2,824)	3,842)	(44)
Income taxes payable	15)	(828)	876)	—)	—)
Operating lease liabilities	551)	(14)	17)	12)	13)
Other liabilities	73)	88)	123)	6)	(6)
Changes in assets and liabilities, net of acquisition of business	(139)	(3,455)	1,308)	2,577)	(54)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	1,596)	(3,381)	1,418)	2,774)	55)
Net cash provided by (used in) operating activities	(3,118)	4,981)	13,620)	2,027)	(459)
Purchases of marketable securities	(3,760)	(11,435)	(12,652)	(2,956)	(1,145)
Proceeds from maturities of marketable securities	5,575)	3,151)	1,338)	1,137)	993)
Proceeds from sales of marketable securities	3,206)	3,548)	3,105)	215)	169)
Purchases of property, plant and equipment	(707)	(400)	(284)	(67)	(32)
Acquisition of business, net of cash acquired	(85)	—)	—)	—)	—)
Investment in convertible notes and equity securities	(23)	(40)	(30)	—)	—)
Net cash (used in) provided by investing activities	4,206)	(5,176)	(8,523)	(1,672)	(15)
Proceeds from offerings of common stock, net of issuance costs	—)	—)	—)	1,853)	—)
Proceeds from issuance of common stock through equity plans	46)	65)	124)	187)	50)
Repurchase of common stock, including excise tax	(1,153)	(3,329)	(857)	—)	—)
Charges to financing lease liabilities	(270)	(184)	(140)	(6)	1)
Net cash provided by (used in) financing activities	(1,377)	(3,448)	(873)	2,033)	51)
Net increase (decrease) in cash, cash equivalents and restricted cash	(289)	(3,643)	4,224)	2,388)	(423)
Cash, cash equivalents and restricted cash, beginning of year	3,217)	6,860)	2,636)	248)	670)
Cash, cash equivalents and restricted cash, end of year	2,928)	3,217)	6,860)	2,636)	248)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Profitability Trends: The company experienced a significant swing in net income, moving from losses in 2019 and 2020 (-$514 million and -$747 million, respectively) to a substantial profit in 2021 of $12.2 billion. This was followed by a decline to $8.4 billion in 2022 and a return to a loss of $4.7 billion in 2023. This volatility indicates fluctuations in operational performance and possibly market or product conditions affecting profitability.
Non-Cash Expenses: Stock-based compensation steadily increased from $81 million in 2019 to $305 million in 2023, reflecting growing employee incentive expenses. Similarly, depreciation and amortization rose sharply, especially after 2020, from $31 million to $621 million in 2023, suggesting increased capital expenditures or asset base growth. Other non-cash items showed minor variations with no clear trend.
Investment and Asset Management: The amortization/accretion of investments showed volatility with a peak in 2021 ($54 million) and turned negative in 2023 (-$61 million). The company added a loss on equity investments of $35 million in 2023, indicating some challenges in investment performance. Deferred income taxes fluctuated widely, moving from negative to positive values, implying changes in tax outlook or timing differences.
Working Capital Dynamics: Accounts receivable shifted from negative values (indicative of cash collected or adjustments) in early years to considerable positive values in 2022 and 2023, indicating increased receivables outstanding. Prepaid expenses and other assets showed a similar fluctuation, with steep declines during 2020–2022 and recovery in 2023. Inventory levels, absent in 2019, became negative in 2020–2021 and then increased significantly in 2022 and 2023, which could relate to production or supply chain adjustments.
Liabilities and Revenue Recognition: Accounts payable increased notably from negative $24 million in 2019 to $240 million in 2022, then declined sharply in 2023. Accrued liabilities rose sharply in 2020 and 2021 before falling in subsequent years, indicating fluctuations in short-term obligations. Deferred revenue showed an increase through 2021 followed by significant decreases in 2022 and 2023, possibly reflecting changes in advance payments or contract structures.
Operating Lease and Other Liabilities: Right-of-use assets for operating leases dropped initially but saw a large negative adjustment in 2023 (-$605 million). Correspondingly, operating lease liabilities increased substantially to $551 million in 2023 after fluctuating near zero in prior years. Other liabilities increased modestly over time.
Cash Flow from Operating Activities: Operating cash flow moved from negative $459 million in 2019 to strong positive results peaking at $13.6 billion in 2021, aligned with net income trends. However, it declined to $5.0 billion in 2022 and turned negative again (-$3.1 billion) in 2023, indicating operating challenges or working capital consumption.
Investing Activities: Purchases of marketable securities were high and peaked in 2021 and 2022, then fell sharply in 2023. Proceeds from maturities and sales of marketable securities increased steadily, particularly in 2023, suggesting divestment or portfolio rebalancing. Capital expenditures grew consistently from $32 million in 2019 to $707 million in 2023, reflecting increased investments in property, plant, and equipment. Acquisitions and investments in convertible notes and equity securities were minor but present. Overall net cash used in investing was negative from 2020 to 2022 but turned positive in 2023.
Financing Activities: Proceeds from issuing common stock were significant in 2020 but absent thereafter. Equity issuance via stock plans showed a declining trend over the years. Stock repurchases increased substantially in 2021 and 2022, then decreased but remained high in 2023. Payments related to financing lease liabilities increased negatively, consistent with the accounting for lease obligations. Net cash from financing activities was positive in 2019 and 2020 but negative thereafter, indicating net repayments or share repurchases exceeding new equity capital during the latter years.
Liquidity Position: Cash and equivalents saw a sharp reduction in 2019, followed by strong increases in 2020 and 2021, peaking at $6.9 billion. However, cash declined substantially in 2022 and slightly in 2023, consistent with net cash outflows from operating and financing activities in those years.
Summary of Trends: The financial data reveals significant fluctuations over the five-year period with the company's profitability peaking in 2021 and declining afterward. Increased non-cash charges and capital expenditures suggest asset growth and investment in future capabilities. Working capital items showed variability, impacting operating cash flow stability. Investing activity was heavy in securities purchases initially with partial divestments later. Financing strategy shifted from equity raises to significant stock repurchases and debt/lease liability paydowns. Liquidity improved notably in the middle years but weakened more recently. These results reflect a dynamic phase with growth investments and shifting operational performance.

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Moderna Inc. (NASDAQ:MRNA)

Cash Flow Statement