Illumina, Inc. (NASDAQ: ILMN) today announced its financial
results for the second quarter of fiscal year 2017.
Second quarter 2017 results:
- Revenue of $662 million, a 10% increase
compared to $600 million in the second quarter of 2016
- GAAP net income attributable to
Illumina stockholders for the quarter of $128 million, or $0.87 per
diluted share, compared to $120 million, or $0.82 per diluted
share, for the second quarter of 2016
- Non-GAAP net income attributable to
Illumina stockholders for the quarter of $121 million, or $0.82 per
diluted share, compared to $127 million, or $0.86 per diluted
share, for the second quarter of 2016 (see the table entitled
“Itemized Reconciliation Between GAAP and Non-GAAP Net Income
Attributable to Illumina Stockholders” for a reconciliation of
these GAAP and non-GAAP financial measures)
- Cash flow from operations of $178
million and free cash flow of $109 million for the quarter,
compared to $242 million and $174 million, respectively, in the
second quarter of 2016
Gross margin in the second quarter of 2017 was 65.5% compared to
70.6% in the prior year period. Excluding amortization of acquired
intangible assets, non-GAAP gross margin was 67.0% for the second
quarter of 2017 compared to 72.4% in the prior year period.
Research and development (R&D) expenses for the second
quarter of 2017 were $130 million compared to $125 million in the
prior year period. R&D expenses as a percentage of revenue were
19.7%, including 0.8% attributable to Helix. This compares to 20.7%
in the prior year period, including 1.5% attributable to GRAIL and
Helix.
Selling, general and administrative (SG&A) expenses for the
second quarter of 2017 were $169 million compared to $148 million
in the prior year period. Excluding the amortization of acquired
intangible assets, SG&A expenses as a percentage of revenue
were 25.2%, including 1.0% attributable to Helix. This compares to
24.4% in the prior year period, including 1.1% attributable to
GRAIL and Helix.
Depreciation and amortization expenses were $38 million and
capital expenditures for free cash flow purposes were $69 million
during the second quarter of 2017. At the close of the quarter, the
company held $1.9 billion in cash, cash equivalents and short-term
investments, compared to $1.6 billion as of January 1, 2017.
“We are pleased with our strong Q2 results,” said Francis
deSouza, President and CEO. “Interest in the NovaSeq platform
exceeded our expectations during the quarter. As a result, we
have updated our 2017 revenue growth projections to reflect the
market demand for NovaSeq and our positive outlook for the rest of
the business.”
Updates since our last earnings release:
- Received FDA approval for the Extended
RAS Panel, a companion diagnostic kit that helps identify
colorectal cancer patients eligible for Amgen’s Vectibix®
- Announced that Genomics England will be
using Illumina’s variant interpretation and reporting software in
the characterization of tumor and matched normal samples as part of
the 100,000 Genomes Project
- Announced that Helix has launched an
online consumer marketplace of DNA-powered products
- Appointed Mark Van Oene as
Chief Commercial Officer
Financial outlook and guidance
The non-GAAP financial guidance discussed below reflects certain
pro forma adjustments to assist in analyzing and assessing our core
operational performance. Please see our Reconciliation of Non-GAAP
Financial Guidance included in this release for a reconciliation of
the GAAP and non-GAAP financial measures.
For fiscal 2017, the company has updated its projections to
approximately 12% revenue growth. GAAP earnings per diluted
share attributable to Illumina stockholders is forecasted
to be $5.36 to $5.46 and the company expects non-GAAP
earnings per diluted share attributable
to Illumina stockholders
of $3.60 to $3.70.
Quarterly conference call information
The conference call will begin at 1:30 pm Pacific
Time (4:30 pm Eastern Time) on Tuesday, August 1, 2017.
Interested parties may listen to the call by dialing 888.771.4371
(passcode: 45213860), or if outside North America by
dialing +1.847.585.4405 (passcode: 45213860). Individuals may
access the live teleconference in the Investor Relations section of
Illumina’s web site under the “company” tab
at www.illumina.com.
A replay of the conference call will be available from 4:00
pm Pacific Time (7:00 pm Eastern Time) on August 1, 2017
through August 8, 2017 by dialing 888.843.7419 (passcode:
45213860), or if outside North America by dialing +1.630.652.3042
(passcode: 45213860).
Statement regarding use of non-GAAP financial
measures
The company reports non-GAAP results for diluted net income per
share, net income, gross margins, operating expenses, operating
margins, other income, and free cash flow in addition to, and not
as a substitute for, or superior to, financial measures calculated
in accordance with GAAP. The company’s financial measures under
GAAP include substantial charges such as amortization of acquired
intangible assets, non-cash interest expense associated with the
company’s convertible debt instruments that may be settled in cash,
and others that are listed in the itemized reconciliations between
GAAP and non-GAAP financial measures included in this press
release. Management has excluded the effects of these items in
non-GAAP measures to assist investors in analyzing and assessing
past and future operating performance. Additionally, non-GAAP net
income attributable to Illumina stockholders and diluted earnings
per share attributable to Illumina stockholders 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.
The company encourages investors to carefully consider its
results under GAAP, as well as its supplemental non-GAAP
information, and the reconciliation between these presentations, to
more fully understand its business. Reconciliations between GAAP
and non-GAAP results are presented in the tables of this
release.
Use of forward-looking statements
This release contains forward-looking statements that involve
risks and uncertainties, such as Illumina’s expectations regarding
its financial outlook and guidance for fiscal 2017 and the launch
of any products. Among the important factors that could cause
actual results to differ materially from those in any
forward-looking statements are (i) our ability to further develop
and commercialize our instruments and consumables and to deploy new
products, services, and applications, and expand the markets, for
our technology platforms; (ii) our ability to manufacture robust
instrumentation and consumables; (iii) our ability to successfully
identify and integrate acquired technologies, products, or
businesses; (iv) our expectations and beliefs regarding future
conduct and growth of the business and the markets in which we
operate; (v) challenges inherent in developing, manufacturing, and
launching new products and services, including the timing of
customer orders and impact on existing products and services; and
(vi) the application of generally accepted accounting principles,
which are highly complex and involve many subjective assumptions,
estimates, and judgments, together with other factors detailed in
our filings with the Securities and Exchange Commission, including
our most recent filings on Forms 10-K and 10-Q, or in information
disclosed in public conference calls, the date and time of which
are released beforehand. We undertake no obligation, and do not
intend, to update these forward-looking statements, to review or
confirm analysts’ expectations, or to provide interim reports or
updates on the progress of the current quarter.
About Illumina
Illumina is improving human health by unlocking the power of the
genome. Our focus on innovation has established us as the global
leader in DNA sequencing and array-based technologies, serving
customers in the research, clinical and applied markets. Our
products are used for applications in the life sciences, oncology,
reproductive health, agriculture and other emerging segments. To
learn more, visit www.illumina.com and follow
@illumina.
Illumina, Inc. Condensed Consolidated Balance Sheets
(In millions) July 2, January 1,
2017 2017 ASSETS (unaudited) Current
assets: Cash and cash equivalents $ 1,219 $ 735 Short-term
investments 674 824 Accounts receivable, net 372 381 Inventory 309
300 Prepaid expenses and other current assets 69 78
Total current assets 2,643 2,318 Property and equipment, net 837
713 Goodwill 771 776 Intangible assets, net 196 243 Deferred tax
assets 103 123 Other assets 308 108 Total assets $
4,858 $ 4,281
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 175 $ 138 Accrued
liabilities 378 342 Build-to-suit lease liability 124 223 Long-term
debt, current portion 5 2 Total current liabilities
682 705 Long-term debt 1,169 1,056 Other long-term liabilities 212
206 Redeemable noncontrolling interests 80 44 Stockholders’ equity
2,715 2,270 Total liabilities and stockholders’
equity $ 4,858 $ 4,281
Illumina, Inc. Condensed
Consolidated Statements of Income (In millions, except per
share amounts) (unaudited) Three
Months Ended Six Months Ended July 2, July
3, July 2, July 3, 2017
2016 2017 2016
Revenue: Product revenue $ 543 $ 510 $ 1,034 $ 993 Service
and other revenue 119 90 227
179 Total revenue 662 600
1,261 1,172 Cost of revenue: Cost of product
revenue
(a) 168 125 334 250 Cost of service and other
revenue
(a) 50 40 104 80 Amortization of acquired intangible
assets 10 11 21 21
Total cost of revenue 228 176
459 351 Gross profit 434 424
802 821 Operating expense: Research and
development
(a) 130 125 275 249 Selling, general and
administrative
(a) (b) 169 148 332 298 Legal contingencies
(8 ) (11 ) — (9 ) Total operating
expense 291 262 607 538
Income from operations 143 162 195 283 Other (expense)
income, net (2 ) (5 ) 450 (10 ) Income
before income taxes 141 157 645 273 Provision for income taxes
21 41 177 69
Consolidated net income 120 116 468 204 Add: Net loss attributable
to noncontrolling interests 8 4
27 6 Net income attributable to Illumina stockholders
$ 128 $ 120 $ 495 $ 210 Net income
attributable to Illumina stockholders for earnings per share
(c) $ 128 $ 122 $ 494 $ 212 Earnings
per share attributable to Illumina stockholders: Basic $ 0.87 $
0.83 $ 3.38 $ 1.44 Diluted $ 0.87 $ 0.82 $ 3.35 $ 1.43 Shares used
in computing earnings per common share: Basic 146 147 146 147
Diluted 147 148 147 148
(a) Includes stock-based
compensation expense for stock-based awards:
Three Months
Ended Six Months Ended July 2, July 3,
July 2, July 3, 2017
2016 2017 2016 Cost of
product revenue $ 3 $ 2 $ 6 $ 4 Cost of service and other revenue 1
1 1 1 Research and development 12 10 26 21 Selling, general and
administrative 23 19 56
41 Stock-based compensation expense before taxes
(1)
$ 39 $ 32 $ 89 $ 67
(1) Includes stock-based
compensation of $1.0 million and $1.3 million for Helix for the
three and six months ended July 2, 2017, respectively, and $10.1
million for GRAIL for the six months ended July 2, 2017. This
compares to stock-based compensation of $0.2 million for each of
GRAIL and Helix for the three months ended July 3, 2016,
respectively, and $1.0 million and $0.3 million for the six months
ended July 3, 2016, respectively.
(b) Headquarter relocation expense
of $0.3 million and $0.7 million was reclassified to selling,
general and administrative expense for the three and six months
ended July 3, 2016, respectively, to conform to the current period
presentation.
(c) Amount reflects the additional
losses attributable to the common shareholders of GRAIL and Helix
for earnings per share purposes.
Illumina, Inc. Condensed Consolidated Statements
of Cash Flows (In millions) (unaudited)
Three Months Ended Six Months
Ended July 2, July 3, July 2, July
3, 2017 2016
2017 2016 Net cash provided by
operating activities
(a) $ 178 $ 242 $ 346 $ 341 Net cash
provided by investing activities 36 44 198 — Net cash provided by
(used in) financing activities
(a) 23 (89 ) (62 ) (160 )
Effect of exchange rate changes on cash and cash equivalents
1 — 2 2 Net
increase in cash and cash equivalents 238 197 484 183 Cash and cash
equivalents, beginning of period 981 755
735 769 Cash and cash
equivalents, end of period $ 1,219 $ 952 $ 1,219
$ 952 Calculation of free cash flow: Net cash
provided by operating activities
(a) $ 178 $ 242 $ 346 $ 341
Purchases of property and equipment
(b) (69 )
(68 ) (152 ) (121 ) Free cash flow
(c) $ 109
$ 174 $ 194 $ 220
(a) Excess tax benefit related to
stock-based compensation of $25 million and $84 million for the
three and six months ended July 3, 2016, respectively, was
reclassified from cash used in financing activities to cash
provided by operating activities as a result of the Company’s
retrospective application of ASU 2016-09 adopted in Q1 2017.
(b) Excludes property and equipment
recorded under build-to-suit lease accounting, which are non-cash
expenditures, of $32 million and $60 million for the three and six
months ended July 2, 2017, respectively, and $65 million and
$75 million in the three and six months ended July 3, 2016,
respectively.
(c) 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) ITEMIZED RECONCILIATION BETWEEN
GAAP AND NON-GAAP EARNINGS PER SHARE ATTRIBUTABLE TO ILLUMINA
STOCKHOLDERS: Three Months Ended Six Months
Ended July 2, July 3, July 2,
July 3, 2017 2016
2017 2016 GAAP
earnings per share attributable to Illumina stockholders -
diluted $ 0.87 $ 0.82 $
3.35 $ 1.43 Amortization of acquired
intangible assets 0.08 0.08 0.16 0.16 Non-cash interest expense
(a) 0.05 0.05 0.10 0.10 Legal contingencies
(b) (0.05
) (0.07 ) — (0.06 ) Equity-method investment gain
(c) (0.01
) — (0.02 ) — Gain on deconsolidation of GRAIL
(d) — — (3.07
) — Impairment of acquired intangible asset — — 0.12 — Impairment
of in-process research and development — — 0.03 — Performance-based
compensation related to GRAIL Series B financing
(e) — —
0.03 — Acquisition related gain
(f) — — (0.01 ) — Deemed
dividend
(g) — (0.01 ) — (0.01 ) Incremental non-GAAP tax
expense
(h) (0.03 ) (0.01 ) 0.91 (0.06 ) Excess tax benefit
from share-based compensation
(i) (0.09 ) —
(0.14 ) — Non-GAAP earnings per share
attributable to Illumina stockholders - diluted
(j) $ 0.82
$ 0.86 $ 1.46 $ 1.56
ITEMIZED
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME ATTRIBUTABLE TO
ILLUMINA STOCKHOLDERS: GAAP net income attributable to
Illumina stockholders (k) $ 128 $
120 $ 495 $ 210 Amortization of
acquired intangible assets 12 12 24 24 Non-cash interest expense
(a) 8 7 15 15 Legal contingencies
(b) (8 ) (11 ) — (9
) Equity-method investment gain
(c) (1 ) — (3 ) — Gain on
deconsolidation of GRAIL
(d) — — (453 ) — Impairment of
acquired intangible asset — — 18 — Impairment of in-process
research and development — — 5 — Performance-based compensation
related to GRAIL Series B financing
(e) — — 4 — Acquisition
related gain
(f) — — (1 ) — Headquarter relocation — — — 1
Contingent compensation expense
(l) — — — 1 Incremental
non-GAAP tax expense
(h) (5 ) (1 ) 132 (9 ) Excess tax
benefit from share-based compensation
(i) (13 )
— $ (20 ) $ — Non-GAAP net income attributable
to Illumina stockholders
(j) $ 121 $ 127 $ 216
$ 233
All amounts in tables are rounded to the
nearest millions, except as otherwise noted. As a result, certain
amounts may not recalculate using the rounded amounts provided.
(a) Non-cash interest expense is
calculated in accordance with the authoritative accounting guidance
for convertible debt instruments that may be settled in cash.
(b) Legal contingencies for 2017
represent amounts related to patent litigation. Legal contingencies
for 2016 represent a reversal of previously recorded expense
related to the settlement of patent litigation.
(c) Equity-method investment gain
represents mark-to-market adjustments from our investment in
Illumina Innovations Fund I, L.P.
(d) The company sold a portion of
its interest in GRAIL, resulting in the deconsolidation of GRAIL.
The $150 million tax effect of the gain is included in incremental
non-GAAP tax expense. Subsequent to the transaction, the company’s
remaining interest is treated as a cost-method investment.
(e) Amount represents
performance-based stock which vested as a result of the financing,
net of attribution to noncontrolling interest.
(f) Acquisition related gain
consists of change in fair value of contingent consideration.
(g) Amount represents the impact of
a deemed dividend, net of Illumina’s portion of the losses incurred
by GRAIL’s common stockholders resulting from the company’s common
to preferred share exchange with GRAIL. The amount was added to net
income attributable to Illumina stockholders for purposes of
calculating Illumina’s consolidated earnings per share. The deemed
dividend, net of tax, was recorded through equity.
(h) Incremental non-GAAP tax
expense reflects the tax impact related to the non-GAAP adjustments
listed above.
(i) Excess tax benefits from
share-based compensation are recorded as a discrete item within the
provision for income taxes on the consolidated statement of income
pursuant to ASU 2016-09, which was previously recognized in
additional paid-in capital on the consolidated statement of
stockholders’ equity.
(j) Non-GAAP net income
attributable to Illumina stockholders and diluted earnings per
share attributable to Illumina stockholders exclude the effect of
the pro forma adjustments as detailed above. Non-GAAP net income
attributable to Illumina stockholders and diluted earnings per
share attributable to Illumina stockholders 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 core
operating performance.
(k) GAAP net income attributable to
Illumina stockholders excludes the additional losses attributable
to common shareholders of GRAIL and Helix for earnings per share
purposes. These amounts are included in GAAP net income
attributable to Illumina stockholders for earnings per share of
$128 million and $494 million for the three and six months ended
July 2, 2017, respectively, and $122 million and $212 million for
the three and six months ended July 3, 2016, respectively.
(l) Contingent compensation expense
relates to contingent payments for post-combination services
associated with an acquisition.
Illumina, Inc. Results of Operations - Non-GAAP
(continued) (Dollars in millions) (unaudited)
ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP RESULTS OF
OPERATIONS AS A PERCENT OF REVENUE: Three Months
Ended Six Months Ended July 2,
July 3, July 2, July 3, 2017
2016 2017 2016 GAAP gross profit
$ 434 65.5 % $ 424
70.6 % $ 802 63.6
% $ 821 70.0 %
Amortization of acquired intangible asset 10 1.5 % 10 1.8 % 21 1.7
% 21 1.8 % Impairment of acquired intangible asset —
— — — 18 1.4 % —
— Non-GAAP gross profit
(a) $ 444 67.0
% $ 434 72.4 % $ 841 66.7 % $ 842 71.8 %
GAAP research and development expense $
130 19.7 % $ 125 20.7
% $ 275 21.8 % $
249 21.2 % Impairment of in-process research
and development — — — —
(5 ) (0.4 )% — — Non-GAAP research and
development expense $ 130 19.7 % $ 125 20.7 % $ 270
21.4 % $ 249 21.2 %
GAAP selling, general
and administrative expense $ 169 25.4
% $ 148 24.7 % $
332 26.3 % $ 298 25.4
% Amortization of acquired intangible assets (2 ) (0.2 )% (2
) (0.3 )% (3 ) (0.2 )% (3 ) (0.2 )% Performance-based compensation
related to GRAIL Series B financing
(b) — — — — (10 ) (0.8
)% — — Acquisition related gain
(c) — — — — 1 0.1 % — —
Contingent compensation expense
(d) — — — — — — (1 ) (0.1 )%
Headquarter relocation — — — —
— — (1 ) (0.1 )% Non-GAAP
selling, general and administrative expense $ 167 25.2 % $
146 24.4 % $ 320 25.4 % $ 293 25.0 %
GAAP operating profit $ 143 21.6
% $ 162 27.0 % $
195 15.5 % $ 283 24.2
% Amortization of acquired intangible assets 12 1.7 % 12 2.0
% 24 1.9 % 24 2.0 % Legal contingencies
(e) (8 ) (1.2 )% (11
) (1.8 )% — — (9 ) (0.7 )% Impairment of acquired intangible asset
— — — — 18 1.4 % — — Performance-based compensation related to
GRAIL Series B financing
(b) — — — — 10 0.8 % — — Impairment
of in-process research and development — — — — 5 0.4 % — —
Acquisition related gain
(c) — — — — (1 ) (0.1 )% — —
Headquarter relocation — — — — — — 1 0.1 % Contingent compensation
expense
(d) — — — —
— — 1 0.1 % Non-GAAP
operating profit
(a) $ 147 22.1 % $ 163 27.2 %
$ 251 19.9 % $ 300 25.7 %
GAAP other income
(expense), net $ (2 ) (0.3
)% $ (5 ) (0.8 )%
$ 450 35.7 % $ (10
) (0.9 )% Non-cash interest expense
(f)
8 1.2 % 7 1.2 % 15 1.2 % 15 1.3 % Equity-method investment gain
(g) (1 ) (0.2 )% — — (3 ) (0.2 )% — — Gain on
deconsolidation of GRAIL
(h) — —
— — (453 ) (36.0 )% — —
Non-GAAP other income, net
(a) $ 5 0.7 % $ 2
0.4 % $ 9 0.7 % $ 5 0.4 %
All amounts in tables are rounded to the
nearest millions, except as otherwise noted. As a result, certain
amounts may not recalculate using the rounded amounts provided.
(a) Non-GAAP gross profit, included
within non-GAAP operating profit, is a key measure of the
effectiveness and efficiency of manufacturing processes, product
mix and the average selling prices of the company’s products and
services. Non-GAAP operating profit, and non-GAAP other income
(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.
(b) Amount represents
performance-based stock which vested as a result of the
financing.
(c) Acquisition related gain
consists of change in fair value of contingent consideration.
(d) Contingent compensation expense
relates to contingent payments for post-combination services
associated with an acquisition.
(e) Legal contingencies for 2017
represent amounts related to patent litigation. Legal contingencies
for 2016 represent a reversal of previously recorded expense
related to the settlement of patent litigation.
(f) Non-cash interest expense is
calculated in accordance with the authoritative accounting guidance
for convertible debt instruments that may be settled in cash.
(g) Equity-method investment gain
represents mark-to-market adjustments from our investment in
Illumina Innovations Fund I, L.P.
(h) The company sold a portion of
its interest in GRAIL in Q1 2017, resulting in the deconsolidation
of GRAIL. Subsequent to the transaction, the company’s remaining
interest is treated as a cost-method investment.
Illumina, Inc.
Reconciliation of Non-GAAP Financial
Guidance
The company’s 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 the company’s
financial results are stated above in this press release. More
information on potential factors that could affect the company’s
financial results is included from time to time in the company’s
public reports filed with the Securities and Exchange Commission,
including the company’s Form 10-K for the fiscal year ended January
1, 2017 filed with the SEC on February 13, 2017, and the company’s
Form 10-Q for the fiscal quarter ended April 2, 2017. The company
assumes no obligation to update any forward-looking statements or
information.
Fiscal Year 2017 GAAP diluted earnings per
share attributable to Illumina stockholders $5.36 -
$5.46 Gain on deconsolidation of GRAIL
(a) (3.07)
Amortization of acquired intangible assets 0.30 Non-cash interest
expense
(b) 0.20 Impairment of acquired intangible asset
0.12 Impairment of in-process research and development 0.03
Performance-based compensation related to Series B financing
(c) 0.03 Equity-method investment gain, net
(d)
(0.02) Acquisition related gain
(e) (0.01) Incremental
non-GAAP tax expense
(f) 0.80 Excess tax benefits from
share-based compensation
(g) (0.14) Non-GAAP diluted
earnings per share attributable to Illumina stockholders $3.60 -
$3.70
(a) The company sold a portion of
its interest in GRAIL, resulting in the deconsolidation of GRAIL.
The $150 million tax effect of the gain is included in incremental
non-GAAP tax expense. Subsequent to the transaction, the company’s
remaining interest is treated as a cost-method investment.
(b) Non-cash interest expense is
calculated in accordance with the authoritative accounting guidance
for convertible debt instruments that may be settled in cash.
(c) Amount represents
performance-based stock which vested as a result of the financing,
net of attribution to noncontrolling interest.
(d) Equity-method investment gain
represents mark-to-market adjustments from our investment in
Illumina Innovations Fund I, L.P.
(e) Acquisition related gain
consists of change in fair value of contingent consideration.
(f) Incremental non-GAAP tax
expense reflects the tax impact related to the non-GAAP adjustments
listed above.
(g) Excess tax benefits from
share-based compensation are recorded as a discrete item within the
provision for income taxes on the consolidated statement of income
pursuant to ASU 2016-09, which was previously recognized in
additional paid-in capital on the consolidated statement of
stockholders’ equity.
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version on businesswire.com: http://www.businesswire.com/news/home/20170801006596/en/
Illumina, Inc.Investors:Rebecca
Chambers858.255.5243ir@illumina.comorMedia:Eric
Endicott858.882.6822pr@illumina.com
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