新闻稿

因美纳发布2022财年第一季度业绩报告

  • 收入12.2亿美元,较去年同期增长12%
  • 2022年第一季度摊薄每股收益(摊薄EPS)为0.55美元,去年同期为1.00美元
  • 2022年第一季度非GAAP摊薄EPS为1.07美元,去年同期为1.89美元
  • 重申较2021财年实现14%–16%增长的全年收入指导
  • 预计2022财年摊薄EPS为2.33美元至2.53美元
  • 重申2022财年非GAAP摊薄EPS指导为4.00至4.20美元

美国加利福尼亚州圣迭戈——2022年5月5日,因美纳公司(纳斯达克股票代码:ILMN)公布了2022财年第一季度的财务业绩,其中包括GRAIL的合并财务业绩。

“因美纳在第一季度保持强劲发展势头,肿瘤学疗法选择、遗传疾病检测和病原体监测方面尤为如此。”首席执行官Francis deSouza说道,“我们的业务基础十分稳健。我们的总订单数达到新高,在本季度末未结订单总量也达到新高。GRAIL也越来越受关注,目前已与卫生系统、雇主和保险公司达成了30多个合作伙伴关系。我们正在推进我们的创新路线图,打造测序突破性技术,推动基因组研究和改善人类健康。”

第一季度合并财务业绩

 

GAAP

 

非GAAP (a)

百万美元(每股金额除外)

2022第一季度 (b)

 

2021第一季度

 

2022第一季度 (b)

 

2021第一季度

收入

$  1,223

 

$  1,093

       

毛利率

66.6  %

 

69.9  %

 

69.9  %

 

70.5  %

研发费用

$    323

 

$    197

 

$    323

 

$    197

销售、一般和行政开支

$    308

 

$    374

 

$    320

 

$    223

营业收入

$    184

 

$    193

 

$    212

 

$    351

营运利润率

15.0  %

 

17.7  %

 

17.3  %

 

32.1  %

净收入

$      86

 

$    147

 

$    169

 

$    278

摊薄EPS

$   0.55

 

$   1.00

 

$   1.07

 

$   1.89

 

(a) 参见“非GAAP运营业绩分项对账表”,了解GAAP财务指标与非GAAP财务指标之间的对账情况。

(b) GRAIL于2021年8月18日被收购,因此GRAIL的合并财务业绩未包含在2021年第一季度中,而是包含在2022年第一季度中。

2022年第一季度,自由现金流的资本支出为6,100万美元。本年度的运营现金流为1.72亿美元,而2021财年的运营现金流为2.82亿美元,同比下降的主要原因是GRAIL的经营亏损。本季度的自由现金流(运营现金流减去资本支出)为1.11亿美元,去年同期为2.40亿美元。2022年第一季度,折旧和摊销开支为9,100万美元。截至本季度末,公司持有14亿美元的现金、现金等价物和短期投资,截至2022年1月2日为13亿美元。

第一季度分类业绩
公司于2021年8月18日收购了GRAIL,此后,我们共有两个报告部门——因美纳核心业务和GRAIL。报告中体现了收购后的GRAIL的财务业绩。

因美纳核心业务

 

GAAP

 

非GAAP (a)

百万美元

2022第一季度

 

2021第一季度

 

2022第一季度

 

2021第一季度

收入(b)

$  1,221

 

$  1,093

       

毛利率

69.7 %

 

69.9 %

 

70.2 %

 

70.5 %

研发费用

$    238

 

$    197

 

$    238

 

$    197

销售、一般和行政开支

$    251

 

$    374

 

$    267

 

$    223

营业收入

$    362

 

$    193

 

$    352

 

$    351

营运利润率

29.6 %

 

17.7 %

 

28.8 %

 

32.1 %

 

(a) 参见表4“非GAAP运营业绩分项对账表”,了解GAAP财务指标 与非GAAP财务指标之间的对账情况。

(b) 2022年第一季度的收益包括800万美元的公司间收入,该收入在合并中被抵消。


GRAIL

 

GAAP

 

非GAAP (a)

百万

2022第一季度

 

2021第一季度

 

2022第一季度

 

2021第一季度

收入

$      10

 

       

毛利率(亏损)

$     (29)

 

 

$        5

 

研发费用

$      85

 

 

$      85

 

销售、一般和行政开支

$      58

 

 

$      54

 

营业亏损

$   (172)

 

 

$   (134)

 

 

(a) 参见表5“非GAAP运营业绩分项对账表”,了解GAAP财务指标 与非GAAP财务指标之间的对账情况。

自因美纳上次财报发布以来的重要公告:

  • 与Deerfield Management达成合作伙伴关系,利用基因组学和人工智能技术识别药物靶点,加速开发新疗法
  • 与Janssen Biotech, Inc.开展长期战略合作,利用因美纳的新一代测序(NGS)解决方案产品系列加速精准医疗的发展
  • 在欧洲推出TruSight™ Oncology(TSO)Comprehensive(EU),该测试旨在评估多种肿瘤基因和生物标志物,揭示患者癌症的特定分子图谱
  • 通过因美纳加速器投资了七家“基因组学”初创公司,推动突破性治疗、诊断、DNA存储、心理健康和可持续食品应用的发展
  • 发布年度企业社会责任(CSR)报告,着重介绍基因组学在促进公共卫生和全球健康方面做出的贡献
  • 在巴西圣保罗开设最先进的解决方案中心,让拉丁美洲的人们可以更多地接触基因组学
  • 扩充高级领导团队,由Carissa Rollins担任首席信息官,John Frank担任首席公共事务官

如需查看近期因美纳公告的完整列表,请前往公司的新闻中心

自因美纳上次财报发布以来由GRAIL发布的重要公告:

  • 宣布与领先的再保险公司Munich Re Life US达成多年合作伙伴关系,使美国人寿保险公司和分销商的投保人能够受益于Galleri®
  • 与Harvard Pilgrim医疗保健和塔夫茨健康计划的联合组织Point32Health开始合作,针对Galleri®多癌早期检测测试开展二期试验
  • Galleri®入选《Fast Company》2022年世界变革创意奖名单
  • 宣布与美巡赛合作举办Galleri® Classic高尔夫锦标赛,将于2023年3月20日至26日举办首届比赛

如需查看近期GRAIL公告的完整列表,请前往GRAIL的新闻编辑室

财务预期和指导
下文讨论的非GAAP财务指导反映了某些预估调整,以协助分析和评估我们的核心运营绩效(包括因美纳核心业务和GRAIL两大组成部分)。请参阅本新闻稿随附的《非GAAP财务指南的合并对账》,了解GAAP和非GAAP财务指标的对账。

公司预计,2022财年的合并收入增长率达到14%–16%,GAAP摊薄每股收益为2.33美元至2.53美元,非GAAP摊薄每股收益为4.00美元至4.20美元。公司预计,因美纳核心业务收入增长为13%–15%。GRAIL的收入预计仍在7000万美元至9000万美元之间。

电话会议信息
电话会议于2022年5月5日星期四太平洋时间下午2:00(美国东部时间下午5:00)开始如有兴趣,请访问因美纳网站www.illumina.com.cn“公司”选项卡下的“投资者信息”板块收听直播电话会议。或者,北美以外的个人可以使用会议ID 7035119拨打(877) 502-9276或+1 (313) 209-4906收听。为确保及时接通,请至少在预定通话开始前十分钟拨打电话。

活动结束后,因美纳网站将提供电话会议重播,并保留30天。

关于使用非GAAP财务指标的声明
公司报告的非GAAP业绩,包括摊薄每股收益、净收益、毛利率、营运开支(其中包括研发费用以及销售、一般和行政开支)、营运收入(亏损)、营业利润率、毛利润、其他收入(开支)和自由现金流(按合并和适用于因美纳核心业务和GRAIL分类数据),作为GAAP财务指标的补充,但不可替代,也并非优于GAAP财务指标。公司的GAAP财务指标包括大量费用,例如购得的无形资产的摊销以及本新闻稿包含的GAAP和非GAAP之间的对帐中所列的其他开支。管理层已在非GAAP指标中排除这些项目的影响,以帮助投资者分析和评估过去和未来的运营业绩(包括与因美纳核心业务和GRAIL有关的非GAAP指标)。此外,非GAAP净收入和摊薄每股收益是公司董事会用于衡量管理层绩效并确定管理层薪酬重要要素的一些财务指标中的关键组成部分。

公司鼓励投资者仔细考虑其GAAP业绩、其非GAAP补充信息以及此类业绩之间的对帐,确保更全面地了解其业务。有关GAAP和非GAAP业绩之间的对帐,请参阅本新闻稿的随附表格。

前瞻性声明
本新闻稿包含涉及风险和不确定性的前瞻性陈述。我们的业务受制于以下重要因素,这些因素可能导致实际结果与任何前瞻性陈述中的结果有实质性差异:(i)新冠疫情对我们业务与运营结果的影响;(ii)我们所服务市场的增长率变化;(iii)我们产品和服务相关的客户订单数量、时间和组合情况;(iv)我们依照我们收入预期来调整运营开支的能力;(v)我们生产优质仪器和耗材的能力;(vi)与我们竞争的产品和服务是否成功;(vii)开发、制造和推出新产品和服务本身所面临的挑战,包括扩大或修改制造业务,以及依赖第三方供应商提供关键部件;(viii)最近推出或预先公布的产品和服务对现有产品和服务的影响;(ix)我们进一步开发并推出仪器、耗材和产品的能力(包括由GRAIL开发的癌症筛查检测的Galleri),以及针对我们技术平台部署新产品、服务和应用以及拓展市场的能力;(x)与整合GRAIL业务有关的风险和成本以及我们通过成功整合GRAIL业务实现预期协同效应的能力,包括在任何单独持有期间整合受到限制或在任何单独持有期间之后整合发生任何延迟;(xi)我们完成对GRAIL的收购或履行任何有关法律或监管程序或义务带来的影响可能会对我们的业务(包括当前计划和运营)造成损害;(xii)由于我们完成对GRAIL的收购而导致潜在不良反应或业务关系变化;(xiii)我们获得第三方付款人的批准,为患者报销产品费用的能力;(xiv)我们从政府机构获得产品监管许可的能力;(xv)我们与其他公司和组织成功合作开发新产品、拓展市场和发展业务的能力;(xvi)我们成功识别和整合收购技术、产品或业务的能力;(xvii)普遍接受的会计原则的应用(这些原则非常复杂,涉及许多主观假设、估计和判断);(xviii)立法、监管进展和经济发展以及我们在提交给美国证券交易委员会的文件中所详细说明的其他因素,包括我们最近填写的10-K和10-Q表格,或者在公开电话会议(其日期和时间已于之前发布)上披露的信息。我们没有义务也不打算更新这些前瞻性声明,亦不会评估或确认分析师的相关预期,提供当季度的中期报告或更新文件。

关于因美纳

因美纳公司致力于推动和激发基因组学的发展而不断改善人类健康。专注创新使我们成为全球基因测序和芯片技术的领导者,并为全球范围的科研、临床和应用市场客户提供专业服务。我们的产品广泛应用于生命科学、肿瘤学、生殖保健、农业及其他新兴领域。欲了解更多信息,请访问www.illumina.com.cn或关注因美纳微信公众号。

关于GRAIL
GRAIL是一家医疗保健公司,其使命是帮助人们在可以治愈时期及早发现癌症。GRAIL致力于通过开发能够在早期检测和识别多种致命癌症类型的开创性技术来减轻全球癌症负担。目前,该公司正在利用新一代测序、人口规模的临床研究以及最先进的计算机科学和数据科学来加深其对癌症生物学的科学研究,开发泛癌种早期检测技术。GRAIL总部位于加利福尼亚州门洛帕克,并且在华盛顿特区、北卡罗来纳州和英国均设有办事处。GRAIL, LLC是因美纳的全资子公司。为遵守欧盟委员会在正在进行的合并审查期间实施的临时措施令,GRAIL, LLC目前正保持独立运营。如欲了解更多信息,请访问www.grail.com.

投资者关系:
Salli Schwartz
+1.858.291.6421
ir@illumina.com

媒体关系:
Sarah Shew
+1.330.353.2512
sshew@illumina.com

 

Illumina, Inc.

Condensed Consolidated Balance Sheets

(In millions)

 
 

April 3,
2022

 

January 2,
2022

ASSETS

(unaudited)

   

Current assets:

     

     Cash and cash equivalents

$         1,351

 

$         1,232

     Short-term investments

65

 

107

     Accounts receivable, net

614

 

648

     Inventory, net

465

 

431

     Prepaid expenses and other current assets

260

 

295

          Total current assets

2,755

 

2,713

Property and equipment, net

1,034

 

1,024

Operating lease right-of-use assets

706

 

672

Goodwill

7,113

 

7,113

Intangible assets, net

3,209

 

3,250

Other assets

457

 

445

          Total assets

$       15,274

 

$       15,217

       

LIABILITIES AND STOCKHOLDERS' EQUITY

     

Current liabilities:

     

     Accounts payable

$            291

 

$            332

     Accrued liabilities

700

 

761

     Term notes, current portion

499

 

          Total current liabilities

1,490

 

1,093

Operating lease liabilities

803

 

774

Term notes

495

 

993

Convertible senior notes

746

 

702

Other long-term liabilities

845

 

915

Stockholders' equity

10,895

 

10,740

          Total liabilities and stockholders' equity

$       15,274

 

$       15,217

 

Illumina, Inc.

Condensed Consolidated Statements of Income

(In millions, except per share amounts)

(unaudited)

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

Revenue:

     

     Product revenue

$         1,070

 

$            953

Service and other revenue

153

 

140

     Total revenue

1,223

 

1,093

Cost of revenue:

     

     Cost of product revenue (a)

299

 

265

     Cost of service and other revenue (a)

69

 

58

     Amortization of acquired intangible assets

40

 

6

          Total cost of revenue

408

 

329

               Gross profit

815

 

764

Operating expense:

     

     Research and development (a)

323

 

197

     Selling, general and administrative (a)

308

 

374

          Total operating expense

631

 

571

Income from operations

184

 

193

     Other expense, net

(44)

 

(24)

Income before income taxes

140

 

169

     Provision for income taxes

54

 

22

Net income

$              86

 

$            147

Earnings per share:

     

     Basic

$           0.55

 

$           1.01

     Diluted

$           0.55

 

$           1.00

Shares used in computing earnings per common share:

     

     Basic

157

 

146

     Diluted

159

 

147

 

(a) Includes stock-based compensation expense for stock-based awards:

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

Cost of product revenue

$                6

 

$                7

Cost of service and other revenue

1

 

1

Research and development

36

 

24

Selling, general and administrative

49

 

35

     Stock-based compensation expense before taxes

$              92

 

$              67

 

Illumina, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions)

(unaudited)

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

Net cash provided by operating activities

$            172

 

$            282

Net cash (used in) provided by investing activities

(74)

 

1,376

Net cash provided by financing activities

21

 

968

Effect of exchange rate changes on cash and cash equivalents

 

(3)

Net increase in cash and cash equivalents

119

 

2,623

Cash and cash equivalents, beginning of period

1,232

 

1,810

Cash and cash equivalents, end of period

$         1,351

 

$         4,433

       

Calculation of free cash flow:

     

Net cash provided by operating activities

$            172

 

$            282

Purchases of property and equipment

(61)

 

(42)

Free cash flow (a)

$            111

 

$            240

 

(a) Free cash flow, which is a non-GAAP financial measure, is calculated as net cash provided by operating activities
reduced by purchases of property and equipment. Free cash flow is useful to management as it is one of the metrics
used to evaluate our performance and to compare us with other companies in our industry. However, our calculation
of free cash flow may not be comparable to similar measures used by other companies.

 

Illumina, Inc.

Results of Operations - Non-GAAP

(In millions, except per share amounts)

(unaudited)

 

TABLE 1: CONSOLIDATED RECONCILIATION BETWEEN GAAP AND NON-GAAP EARNINGS PER SHARE:

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

GAAP earnings per share - diluted

$           0.55

 

$           1.00

Cost of revenue (b)

0.25

 

0.05

Selling, general and administrative costs (b)

(0.08)

 

1.03

Other expense, net (b)

0.24

 

0.14

GILTI and U.S. foreign tax credits (c)

0.15

 

Incremental non-GAAP tax expense (d)

(0.07)

 

(0.30)

Income tax provision (benefit) (e)

0.03

 

(0.03)

Non-GAAP earnings per share - diluted (a)

$           1.07

 

$           1.89

 

TABLE 2: CONSOLIDATED RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME:

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

GAAP net income

$             86

 

$            147

Cost of revenue (b)

40

 

7

Selling, general and administrative costs (b)

(12)

 

151

Other expense, net (b)

38

 

21

GILTI and U.S. foreign tax credits (c)

24

 

Incremental non-GAAP tax expense (d)

(11)

 

(44)

Income tax provision (benefit) (e)

4

 

(4)

Non-GAAP net income (a)

$            169

 

$            278

 

All amounts in tables are rounded to the nearest millions, except as otherwise noted. As a result, certain amounts may
not foot or recalculate using the rounded amounts provided.

 

(a) Non-GAAP net income and earnings per diluted share exclude the effects of the pro forma adjustments as detailed
above. Non-GAAP net income and earnings per diluted share are key components of the financial metrics utilized by the
company's board of directors to measure, in part, management's performance and determine significant elements of
management's compensation. Management has excluded the effects of these items in these measures to assist
investors in analyzing and assessing our past and future operating performance.

(b) Refer to our Itemized Reconciliations between GAAP and Non-GAAP Results of Operations below for the
components of these amounts.

(c) Amount represents the impact of GRAIL pre-acquisition net operating losses on GILTI and the utilization of U.S.
foreign tax credits.

(d) Incremental non-GAAP tax expense reflects the tax impact of the non-GAAP adjustments listed.

(e) Amounts represent difference between book and tax accounting related to stock-based compensation cost.

 

Illumina, Inc.

Results of Operations - Non-GAAP (continued)

(Dollars in millions)

(unaudited)

 

TABLE 3: CONSOLIDATED ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP RESULTS OF
OPERATIONS AS A PERCENT OF REVENUE:

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

GAAP gross profit

$    815

66.6 %

 

$    764

69.9  %

Core Illumina cost of revenue

6

0.5 %

 

7

0.6 %

GRAIL cost of revenue

34

2.8 %

 

Non-GAAP gross profit (a)

$    855

69.9 %

 

$    771

70.5 %

           

GAAP selling, general and administrative expense

$    308

25.2 %

 

$    374

34.2 %

Core Illumina selling, general and administrative costs

16

1.3 %

 

(151)

(13.8)%

GRAIL selling, general and administrative costs

(4)

(0.3)%

 

Non-GAAP selling, general and administrative expense

$    320

26.2 %

 

$    223

20.4 %

           

GAAP operating profit

$    184

15.0 %

 

$    193

17.7 %

Core Illumina adjustments

(10)

(0.8) %

 

158

14.4 %

GRAIL adjustments

38

3.1 %

 

Non-GAAP operating profit (a)

$    212

17.3 %

 

$    351

32.1 %

           

GAAP other expense, net

$     (44)

(3.6)%

 

$     (24)

(2.2)%

Core Illumina adjustments

38

3.0 %

 

21

2.0 %

Non-GAAP other expense, net (a)

$      (6)

(0.5)%

 

$      (3)

(0.2)%

 

All amounts in tables are rounded to the nearest millions, except as otherwise noted. As a result, certain amounts may
not foot or recalculate using the rounded amounts provided.

 

Illumina, Inc.

Results of Operations - Non-GAAP (continued)

(Dollars in millions)

(unaudited)

 

TABLE 4: CORE ILLUMINA ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP RESULTS OF
OPERATIONS AS A PERCENT OF REVENUE:

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

GAAP gross profit - Core Illumina (b)

$    851

69.7 %

 

$    764

69.9 %

Amortization of acquired intangible assets

6

0.5 %

 

6

0.5 %

Expenses related to COVID-19 (c)

 

1

0.1 %

Non-GAAP gross profit - Core Illumina (a)

$    857

70.2 %

 

$    771

70.5 %

           

GAAP selling, general and administrative expense - Core Illumina

$    251

20.6 %

 

$    374

34.2 %

Contingent consideration liability (d)

49

4.0 %

 

Acquisition-related expenses (e)

(33)

(2.7)%

 

(150)

(13.7)%

Expenses related to COVID-19 (c)

 

(2)

(0.2)%

Income related to COVID-19 (f)

 

1

0.1 %

Non-GAAP selling, general and administrative expense - Core Illumina

$    267

21.9 %

 

$    223

20.4 %

           

GAAP operating profit - Core Illumina

$    362

29.6 %

 

$    193

17.7 %

Cost of revenue

6

0.5 %

 

7

0.6 %

Selling, general and administrative costs

(16)

(1.3)%

 

151

13.8 %

Non-GAAP operating profit - Core Illumina (a)

$    352

28.8 %

 

$    351

32.1 %

           

GAAP other expense, net - Core Illumina

$     (44)

(3.6)%

 

$     (24)

(2.2)%

Strategic investment related loss, net (g)

43

3.5 %

 

39

3.6 %

Gain on Helix contingent value right (h)

(5)

(0.4)%

 

(10)

(0.9)%

Non-cash interest expense (i)

 

11

1.0 %

Gain on derivative assets (j)

 

(26)

(2.3)%

Bridge facility fees (k)

 

7

0.6 %

Non-GAAP other expense, net - Core Illumina (a)

$      (6)

(0.5)%

 

$      (3)

(0.2)%

 

All amounts in tables are rounded to the nearest millions, except as otherwise noted. As a result, certain amounts may
not foot or recalculate using the rounded amounts provided.

 

Illumina, Inc.

Results of Operations - Non-GAAP (continued)

(In millions)

(unaudited)

 

TABLE 5: GRAIL ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP RESULTS OF OPERATIONS:

 
 

Three Months Ended

 

April 3,
2022

 

April 4,
2021

GAAP gross loss - GRAIL (b)

$              (29)

 

Amortization of acquired intangible assets

34

 

Non-GAAP gross profit - GRAIL (a)

$                 5

 

       

GAAP selling, general and administrative expense - GRAIL

$               58

 

Acquisition-related expenses (e)

(3)

 

Amortization of acquired intangible assets

(1)

 

Non-GAAP selling, general and administrative expense - GRAIL

$               54

 

       

GAAP operating loss - GRAIL

$            (172)

 

Cost of revenue

34

 

Selling, general and administrative costs

4

 

Non-GAAP operating loss - GRAIL (a)

$            (134)

 

 

All amounts in tables are rounded to the nearest millions, except as otherwise noted. As a result, certain amounts may
not foot or recalculate using the rounded amounts provided.

 

(a) Non-GAAP gross profit, included within non-GAAP operating profit (loss), is a key measure of the effectiveness and
efficiency of manufacturing processes, product mix and the average selling prices of our products and services. Non-
GAAP operating profit (loss) and non-GAAP other expense, net exclude the effects of the pro forma adjustments as
detailed above. Management has excluded the effects of these items in these measures to assist investors in analyzing
and assessing past and future operating performance, including in the non-GAAP measures related to our Core Illumina
and GRAIL segments.

(b) Reconciling amounts are recorded in cost of revenue.

(c) Amounts consist of direct and incremental expenses incurred due to the COVID-19 pandemic, primarily expenses
related to employee testing and incremental cleaning in Q1 2021. Such expenses were not excluded in Q1 2022.

(d) Amount consists of fair value adjustments for our contingent consideration liability related to the GRAIL acquisition.

(e) Amount for Q1 2022 consists primarily of legal expenses related to our acquisition of GRAIL. Amount for Q1 2021
consists primarily of expenses related to our acquisition of GRAIL, including $105 million in Continuation Payments.

(f) Amount consists of direct and incremental income due to the COVID-19 pandemic, primarily payroll-related credits
earned in the U.S. and Canada in Q1 2021. Such income was not excluded in Q1 2022.

(g) Amounts consist primarily of mark-to-market adjustments from our strategic investments.

(h) Amounts consist of fair value adjustments related to our Helix contingent value right.

(i) Non-cash interest expense is calculated in accordance with the authoritative accounting guidance for convertible debt
instruments that may be settled in cash. We adopted ASU 2020-06, Debt - Debt with Conversion and Other Options
(Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity's Own Equity (Subtopic 815-10), on January 3, 2022,
using the modified retrospective method. The adoption eliminates the non-cash interest expense related to the conversion
feature of our 2023 Convertible Notes beginning in the first quarter of 2022.

(j) Amount represents gain recorded on our derivative assets related to the terminated acquisition with Pacific Biosciences
as a result of Pacific Biosciences repaying to us $52 million in Continuation Advances.

(k) Amount consists of expenses related to the bridge facility commitment, which was terminated in March 2021 in
conjunction with our issuance of term notes.

 

Illumina, Inc.

Reconciliation of Consolidated Non-GAAP Financial Guidance

(unaudited)

 

Our future performance and financial results are subject to risks and uncertainties, and actual results could differ
materially from the guidance set forth below. Some of the factors that could affect our financial results are stated
above in this press release. More information on potential factors that could affect our financial results is included
from time to time in the public reports filed with the Securities and Exchange Commission, including Form 10-K for
the fiscal year ended January 2, 2022 filed with the SEC on February 18, 2022. We assume no obligation to update
any forward-looking statements or information.

 

TABLE 6: RECONCILIATION BETWEEN GAAP AND NON-GAAP EARNINGS PER DILUTED SHARE GUIDANCE:

 
 

Fiscal Year

2022

Consolidated GAAP earnings per diluted share

$2.33 - $2.53

Amortization of acquired intangible assets

1.03

Acquisition-related expenses (b)

0.23

Strategic investment related loss, net (c)

0.27

Gain on Helix contingent value right (d)

(0.03)

Contingent consideration liability (e)

(0.31)

GILTI and U.S. foreign tax credits (f)

0.69

Incremental non-GAAP tax expense (g)

(0.24)

Income tax provision (h)

0.03

Consolidated non-GAAP earnings per diluted share (a)

$4.00 - $4.20

 

(a) Non-GAAP earnings per diluted share exclude the effect of the pro forma adjustments as detailed above. Non-GAAP
earnings per diluted share is a key component of the financial metrics utilized by the company's board of directors to
measure, in part, management's performance and determine significant elements of management's compensation.
Management has excluded the effects of these items in this measure to assist investors in analyzing and assessing our
past and future operating performance.

(b) Amount consists primarily of legal expenses related to our acquisition of GRAIL.

(c) Amount consists primarily of mark-to-market adjustments from our strategic investments.

(d) Amount consists of fair value adjustments related to our Helix contingent value right.

(e) Amount consists of fair value adjustment for our contingent consideration liability related to the GRAIL acquisition.

(f) Amount represents the impact of GRAIL pre-acquisition net operating losses on GILTI and the utilization of U.S.
foreign tax credits.

(g) Incremental non-GAAP tax expense reflects the tax impact related to the non-GAAP adjustments listed.

(h) Amount represents difference between book and tax accounting related to stock-based compensation cost.

 

CisionView original content:https://www.prnewswire.com/news-releases/illumina-reports-financial-results-for-first-quarter-of-fiscal-year-2022-301541151.html

SOURCE Illumina, Inc.

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