(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
ILLUMINA, INC. | ||||||||||||||
Date: | April 30, 2020 | By: | /s/ SAM A. SAMAD | |||||||||||
Sam A. Samad | ||||||||||||||
Senior Vice President and Chief Financial Officer |
Exhibit Number | Description | |||||||
Press release dated April 30, 2020 announcing Illumina, Inc.’s financial results for the first quarter ended March 29, 2020. | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Investors: Jacquie Ross, CFA 858-882-2172 ir@illumina.com | ||||||||||||||
Media: Jen Carroll 858-449-8082 pr@illumina.com | ||||||||||||||
March 29, 2020 | December 29, 2019 | ||||||||||
ASSETS | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,991 | $ | 2,042 | |||||||
Short-term investments | 1,341 | 1,372 | |||||||||
Accounts receivable, net | 472 | 573 | |||||||||
Inventory | 384 | 359 | |||||||||
Prepaid expenses and other current assets | 136 | 105 | |||||||||
Total current assets | 4,324 | 4,451 | |||||||||
Property and equipment, net | 890 | 889 | |||||||||
Operating lease right-of-use assets | 559 | 555 | |||||||||
Goodwill | 824 | 824 | |||||||||
Intangible assets, net | 138 | 145 | |||||||||
Deferred tax assets, net | 91 | 64 | |||||||||
Other assets | 435 | 388 | |||||||||
Total assets | $ | 7,261 | $ | 7,316 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 130 | $ | 149 | |||||||
Accrued liabilities | 425 | 516 | |||||||||
Long-term debt, current portion | 499 | — | |||||||||
Total current liabilities | 1,054 | 665 | |||||||||
Operating lease liabilities | 696 | 695 | |||||||||
Long-term debt | 652 | 1,141 | |||||||||
Other long-term liabilities | 224 | 202 | |||||||||
Stockholders’ equity | 4,635 | 4,613 | |||||||||
Total liabilities and stockholders’ equity | $ | 7,261 | $ | 7,316 |
Three Months Ended | |||||||||||
March 29, 2020 | March 31, 2019 | ||||||||||
Revenue: | |||||||||||
Product revenue | $ | 701 | $ | 667 | |||||||
Service and other revenue | 158 | 179 | |||||||||
Total revenue | 859 | 846 | |||||||||
Cost of revenue: | |||||||||||
Cost of product revenue (a) | 174 | 182 | |||||||||
Cost of service and other revenue (a) | 59 | 71 | |||||||||
Amortization of acquired intangible assets | 7 | 9 | |||||||||
Total cost of revenue | 240 | 262 | |||||||||
Gross profit | 619 | 584 | |||||||||
Operating expense: | |||||||||||
Research and development (a) | 156 | 169 | |||||||||
Selling, general and administrative (a) | 274 | 211 | |||||||||
Total operating expense | 430 | 380 | |||||||||
Income from operations | 189 | 204 | |||||||||
Other (expense) income, net | (11) | 29 | |||||||||
Income before income taxes | 178 | 233 | |||||||||
Provision for income taxes | 5 | 9 | |||||||||
Consolidated net income | 173 | 224 | |||||||||
Add: Net loss attributable to noncontrolling interests | — | 9 | |||||||||
Net income attributable to Illumina stockholders | $ | 173 | $ | 233 | |||||||
Earnings per share attributable to Illumina stockholders: | |||||||||||
Basic | $ | 1.18 | $ | 1.58 | |||||||
Diluted | $ | 1.17 | $ | 1.57 | |||||||
Shares used in computing earnings per common share: | |||||||||||
Basic | 147 | 147 | |||||||||
Diluted | 148 | 149 |
Three Months Ended | |||||||||||
March 29, 2020 | March 31, 2019 | ||||||||||
Cost of product revenue | $ | 5 | $ | 5 | |||||||
Cost of service and other revenue | 1 | 1 | |||||||||
Research and development | 15 | 18 | |||||||||
Selling, general and administrative | 18 | 27 | |||||||||
Stock-based compensation expense before taxes (1) | $ | 39 | $ | 51 |
Three Months Ended | |||||||||||
March 29, 2020 | March 31, 2019 | ||||||||||
Net cash provided by operating activities | $ | 281 | $ | 198 | |||||||
Net cash (used in) provided by investing activities | (135) | 988 | |||||||||
Net cash used in financing activities | (191) | (60) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (6) | — | |||||||||
Net (decrease) increase in cash and cash equivalents | (51) | 1,126 | |||||||||
Cash and cash equivalents, beginning of period | 2,042 | 1,144 | |||||||||
Cash and cash equivalents, end of period | $ | 1,991 | $ | 2,270 | |||||||
Calculation of free cash flow: | |||||||||||
Net cash provided by operating activities | $ | 281 | $ | 198 | |||||||
Purchases of property and equipment | (40) | (56) | |||||||||
Free cash flow (a) | $ | 241 | $ | 142 |
Three Months Ended | |||||||||||
March 29, 2020 | March 31, 2019 | ||||||||||
GAAP earnings per share attributable to Illumina stockholders - diluted | $ | 1.17 | $ | 1.57 | |||||||
Cost of revenue (b) | 0.06 | 0.06 | |||||||||
Research and development costs (b) | (0.01) | — | |||||||||
Selling, general and administrative costs (b) | 0.62 | 0.12 | |||||||||
Other expense (income), net (b) | 0.08 | (0.06) | |||||||||
Incremental non-GAAP tax expense (c) | (0.19) | (0.03) | |||||||||
Income tax benefit (d) | (0.09) | (0.06) | |||||||||
Non-GAAP earnings per share attributable to Illumina stockholders - diluted (a) | $ | 1.64 | $ | 1.60 |
Three Months Ended | |||||||||||
March 29, 2020 | March 31, 2019 | ||||||||||
GAAP net income attributable to Illumina stockholders | $ | 173 | $ | 233 | |||||||
Cost of revenue (b) | 9 | 9 | |||||||||
Research and development costs (b) | (1) | — | |||||||||
Selling, general and administrative costs (b) | 92 | 17 | |||||||||
Other expense (income), net (b) | 12 | (9) | |||||||||
Incremental non-GAAP tax expense (c) | (29) | (4) | |||||||||
Income tax benefit (d) | (13) | (9) | |||||||||
Non-GAAP net income attributable to Illumina stockholders (a) | $ | 243 | $ | 237 |
Three Months Ended | |||||||||||||||||
March 29, 2020 | March 31, 2019 | ||||||||||||||||
GAAP gross profit | $ | 619 | 72.1 | % | $ | 584 | 69.1 | % | |||||||||
Amortization of acquired intangible assets (b) | 7 | 0.8 | % | 9 | 1.1 | % | |||||||||||
Restructuring (c) | 2 | 0.1 | % | — | — | ||||||||||||
Expenses related to COVID-19 (d) | 1 | 0.1 | % | — | — | ||||||||||||
Income related to COVID-19 (e) | (1) | (0.1) | % | — | — | ||||||||||||
Non-GAAP gross profit (a) | $ | 628 | 73.0 | % | $ | 593 | 70.2 | % | |||||||||
GAAP research and development expense | $ | 156 | 18.2 | % | $ | 169 | 20.0 | % | |||||||||
Income related to COVID-19 (e) | 1 | 0.1 | % | — | — | ||||||||||||
Non-GAAP research and development expense | $ | 157 | 18.3 | % | $ | 169 | 20.0 | % | |||||||||
GAAP selling, general and administrative expense | $ | 274 | 31.9 | % | $ | 211 | 24.9 | % | |||||||||
Acquisition-related expenses (f) | (92) | (10.8) | % | (16) | (1.9) | % | |||||||||||
Amortization of acquired intangible assets | — | — | (1) | — | |||||||||||||
Non-GAAP selling, general and administrative expense | $ | 182 | 21.1 | % | $ | 194 | 23.0 | % | |||||||||
GAAP operating profit | $ | 189 | 22.0 | % | $ | 204 | 24.2 | % | |||||||||
Cost of revenue | 9 | 0.9 | % | 9 | 1.1 | % | |||||||||||
Research and development costs | (1) | (0.1) | % | — | — | ||||||||||||
Selling, general and administrative costs | 92 | 10.8 | % | 17 | 1.9 | % | |||||||||||
Non-GAAP operating profit (a) | $ | 289 | 33.6 | % | $ | 230 | 27.2 | % | |||||||||
GAAP other (expense) income, net | $ | (11) | (1.3) | % | $ | 29 | 3.4 | % | |||||||||
Non-cash interest expense (g) | 10 | 1.2 | % | 14 | 1.7 | % | |||||||||||
Strategic investment related gain, net (h) | (5) | (0.6) | % | (8) | (0.9) | % | |||||||||||
Loss on derivative assets (i) | 4 | 0.5 | % | — | — | ||||||||||||
Loss on contingent value right (j) | 3 | 0.3 | % | — | — | ||||||||||||
Gain on deconsolidation (k) | — | — | (15) | (1.8) | % | ||||||||||||
Non-GAAP other income, net (a) | $ | 1 | 0.1 | % | $ | 20 | 2.4 | % |
Cover |
Apr. 30, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 30, 2020 |
Entity Registrant Name | Illumina, Inc. |
Entity File Number | 001-35406 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 33-0804655 |
Entity Address, Address Line One | 5200 Illumina Way |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92122 |
City Area Code | 858 |
Local Phone Number | 202-4500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | ILMN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001110803 |
Amendment Flag | false |
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