Name: Moderna Inc. (NASDAQ:MRNA) | Cash Flow Statement
Creator: Stock Analysis on Net

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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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).

The financial trajectory from 2019 to 2023 is characterized by a period of extreme volatility in profitability and cash generation, followed by a contraction in operating cash flows. A transition is evident from an early stage of net losses to a peak of significant profitability in 2021 and 2022, returning to a net loss position by 2023.

Operating Activities and Net Income: Net income experienced a dramatic surge, peaking at 12,202 million US$ in 2021 and 8,362 million US$ in 2022, before declining to a loss of 4,714 million US$ in 2023. Net cash provided by operating activities followed a similar pattern, reaching a high of 13,620 million US$ in 2021 and falling to a deficit of 3,118 million US$ in 2023. This volatility is closely linked to deferred revenue, which spiked to 3,842 million US$ in 2020 and 2,824 million US$ in 2021, then reversed significantly in 2022 and 2023, indicating a shift in the timing of revenue recognition and contract obligations.
Investment and Capital Expenditure Trends: A consistent increase in capital expenditures is observed, with purchases of property, plant, and equipment rising from 32 million US$ in 2019 to 707 million US$ in 2023. The company engaged in aggressive management of marketable securities, with heavy purchases totaling over 24 billion US$ across 2021 and 2022. By 2023, the investment strategy shifted toward liquidity, as evidenced by 5,575 million US$ in proceeds from maturities and 3,206 million US$ from sales, resulting in a positive net cash flow from investing activities of 4,206 million US$ for that year.
Financing and Capital Allocation: Financing activities shifted from capital raising to capital return. While 2020 was marked by a common stock offering of 1,853 million US$, the subsequent years focused on share repurchases. Buybacks accelerated in 2022, reaching 3,329 million US$, and continued in 2023 at 1,153 million US$. Net cash provided by financing activities turned negative starting in 2021, reflecting this shift toward returning value to shareholders and servicing lease liabilities.
Liquidity and Cash Position: The ending cash, cash equivalents, and restricted cash balance peaked in 2021 at 6,860 million US$. A substantial reduction occurred in 2022, bringing the balance down to 3,217 million US$, and it remained relatively stable at 2,928 million US$ by the end of 2023. The liquidity position has been supported in recent years by the liquidation of marketable securities, offsetting the return to negative operating cash flow.

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