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Press Release

Press Release

5524澳门24小时线路 Reports Financial Results for First Quarter of Fiscal Year 2022

May 5, 2022

  • Revenue of $1.22 billion for Q1 2022, up 12% from Q1 2021
  • Earnings per diluted share (diluted EPS) of $0.55 for Q1 2022, compared to $1.00 for Q1 2021
  • Non-GAAP diluted EPS of $1.07 for Q1 2022, compared to $1.89 for Q1 2021
  • Reiterating full year revenue guidance of 14-16% growth from fiscal year 2021
  • Expect diluted EPS of $2.33 to $2.53 for fiscal year 2022
  • Reiterating non-GAAP diluted EPS guidance of $4.00 to $4.20 for fiscal year 2022

SAN DIEGO, May 5, 2022 /PRNewswire/ -- 5524澳门24小时线路网站. (NASDAQ: ILMN) today announced its financial results for the first quarter of fiscal year 2022, which include consolidated financial results for GRAIL.

"5524澳门24小时线路 maintained strong momentum in the first quarter, particularly across oncology therapy selection, genetic disease testing, and pathogen surveillance," said Francis deSouza, Chief Executive Officer. "Our business fundamentals are robust. We saw record total orders and exited the quarter with record total backlog. GRAIL also continued to gain traction and has now entered more than 30 partnerships with health systems, employers, and insurers. We are advancing our innovation roadmap, delivering the sequencing breakthroughs that power genomic research and improve human health."

First quarter consolidated results


GAAP


Non-GAAP (a)

Dollars in millions, except per share amounts

Q1 2022 (b)


Q1 2021


Q1 2022 (b)


Q1 2021

Revenue

$  1,223


$  1,093





Gross margin

66.6  %


69.9  %


69.9  %


70.5  %

Research and development expense

$    323


$    197


$    323


$    197

Selling, general and administrative expense

$    308


$    374


$    320


$    223

Operating profit

$    184


$    193


$    212


$    351

Operating margin

15.0  %


17.7  %


17.3  %


32.1  %

Net income

$      86


$    147


$    169


$    278

Diluted EPS

$   0.55


$   1.00


$   1.07


$   1.89


(a) See the tables included in "Results of Operations - Non-GAAP" section below for reconciliations of these GAAP
and non-GAAP financial measures.

(b) Consolidated financial results for GRAIL are included in Q1 2022, but not in Q1 2021, as GRAIL was acquired
on August 18, 2021.

Capital expenditures for free cash flow purposes were $61 million during the first quarter of 2022. Cash flow from operations was $172 million compared to $282 million in the prior year period, with the year-over-year decrease primarily attributable to GRAIL's operating loss. Free cash flow (cash flow from operations less capital expenditures) was $111 million for the quarter compared to $240 million in the prior year period. Depreciation and amortization expenses were $91 million during the first quarter of 2022. At the close of the quarter, the company held $1.4 billion in cash, cash equivalents and short-term investments, compared to $1.3 billion as of January 2, 2022.

First quarter segment results
Following the acquisition of GRAIL on August 18, 2021, we have two reportable segments, Core 5524澳门24小时线路 and GRAIL. GRAIL financial results are reflected for the period after the acquisition.

Core 5524澳门24小时线路


GAAP


Non-GAAP (a)

Dollars in millions

Q1 2022


Q1 2021


Q1 2022


Q1 2021

Revenue (b)

$  1,221


$  1,093





Gross margin

69.7 %


69.9 %


70.2 %


70.5 %

Research and development expense

$    238


$    197


$    238


$    197

Selling, general and administrative expense

$    251


$    374


$    267


$    223

Operating profit

$    362


$    193


$    352


$    351

Operating margin

29.6 %


17.7 %


28.8 %


32.1 %


(a) See Table 4 included in "Results of Operations - Non-GAAP" section below for reconciliations of these GAAP
and non-GAAP financial measures.

(b) Amount for Q1 2022 includes intercompany revenue of $8 million, which is eliminated in consolidation.


GRAIL


GAAP


Non-GAAP (a)

In millions

Q1 2022


Q1 2021


Q1 2022


Q1 2021

Revenue

$      10






Gross (loss) profit

$     (29)



$        5


Research and development expense

$      85



$      85


Selling, general and administrative expense

$      58



$      54


Operating loss

$   (172)



$   (134)



(a) See Table 5 included in "Results of Operations - Non-GAAP" section below for a reconciliation of these GAAP
and non-GAAP financial measures.

Key announcements by 5524澳门24小时线路 since 5524澳门24小时线路's last earnings release

  • Established partnership with Deerfield Management to identify drug targets and accelerate novel therapy development using genomics and artificial intelligence
  • Developed long-term strategic collaboration with Janssen Biotech, Inc. to accelerate the development of precision medicines by leveraging 5524澳门24小时线路's portfolio of next-generation sequencing (NGS) solutions
  • Launched TruSight™ Oncology (TSO) Comprehensive (EU) in Europe, a single test that assesses multiple tumor genes and biomarkers to reveal the specific molecular profile of a patient's cancer
  • Invested in seven "omics" startup companies through 5524澳门24小时线路 Accelerator, advancing breakthrough therapeutics, diagnostics, DNA storage, mental wellness, and sustainable foods applications
  • Released annual Corporate Social Responsibility (CSR) Report, highlighting contributions of genomics to advances in public health and overall health of our planet
  • Opened State-of-the-Art Solution Center in São Paulo, Brazil, increasing access to genomics in Latin America
  • Expanded senior leadership team with Carissa Rollins joining as Chief Information Officer, and John Frank as Chief Public Affairs Officer

A full list of recent 5524澳门24小时线路 announcements can be found in the company's News Center.

Key announcements by GRAIL since 5524澳门24小时线路's last earnings release

  • Announced a multi-year partnership with leading reinsurance provider, Munich Re Life US, to enable access to Galleri® as a benefit to policyholders of U.S. life insurance carriers and distributors
  • Began collaboration with Point32Health, the combined organization of Harvard Pilgrim Health Care and Tufts Health plan, to collaborate on two-phased pilot of Galleri® multi-cancer early detection test
  • Galleri® named in Fast Company's 2022 World Changing Ideas Awards List
  • Announced Galleri® Classic golf tournament in partnership with PGA TOUR Champions, debuting March 20-26, 2023

A full list of recent GRAIL announcements can be found in the company's Newsroom.

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, including our Core 5524澳门24小时线路 and GRAIL segments. Please see our Reconciliation of Consolidated Non-GAAP Financial Guidance included in this release for a reconciliation of these GAAP and non-GAAP financial measures.

For fiscal 2022, the company continues to expect consolidated revenue growth in the range of 14% to 16%. We now expect GAAP earnings per diluted share of $2.33 to $2.53. The company continues to expect non-GAAP earnings per diluted share of $4.00 to $4.20. Core 5524澳门24小时线路 revenue growth is still expected to be in the range of 13% to 15%. GRAIL revenue is still expected to be in the range of $70 million to $90 million.

Conference call information
The conference call will begin at 2 p.m. Pacific Time (5 p.m. Eastern Time) on Thursday, May 5, 2022. Interested parties may access the live teleconference through the Investor Info section of 5524澳门24小时线路's website under the "Company" tab at www.illumina.com. Alternatively, individuals can access the call by dialing (877) 502-9276 or +1 (313) 209-4906 outside North America, both using conference ID 7035119. To ensure timely connection, please dial in at least ten minutes before the scheduled start of the call.

A replay of the conference call will be posted on 5524澳门24小时线路's website after the event and will be available for at least 30 days following.

Statement regarding use of non-GAAP financial measures
The company reports non-GAAP results for earnings per diluted share, net income, gross margin, operating expenses, including research and development expense and selling general and administrative expense, operating income (loss), operating margin, gross profit, other income (expense), and free cash flow (on a consolidated and, as applicable, segment basis for our Core 5524澳门24小时线路 and GRAIL segments) 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 among 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, including in the non-GAAP measures related to our Core 5524澳门24小时线路 and GRAIL segments. Additionally, 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.

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 may contain forward-looking statements that involve risks and uncertainties. Among the important factors to which our business is subject that could cause actual results to differ materially from those in any forward-looking statements are: (i) the impact to our business and operating results of the COVID-19 pandemic; (ii) changes in the rate of growth in the markets we serve; (iii) the volume, timing and mix of customer orders among our products and services; (iv) our ability to adjust our operating expenses to align with our revenue expectations; (v) our ability to manufacture robust instrumentation and consumables; (vi) the success of products and services competitive with our own; (vii) challenges inherent in developing, manufacturing, and launching new products and services, including expanding or modifying manufacturing operations and reliance on third-party suppliers for critical components; (viii) the impact of recently launched or pre-announced products and services on existing products and services; (ix) our ability to further develop and commercialize our instruments, consumables, and products, including Galleri, the cancer screening test developed by GRAIL, to deploy new products, services, and applications, and to expand the markets for our technology platforms; (x) the risks and costs associated with the integration of, and our ability to integrate, GRAIL's business successfully to achieve anticipated synergies, including the restrictions on integration during any hold separate period or any delay in integration following any hold separate period; (xi) the risk that disruptions from the consummation of our acquisition of GRAIL or any associated legal or regulatory proceedings or obligations will harm our business, including current plans and operations; (xii) potential adverse reactions or changes to business relationships resulting from the consummation of our acquisition of GRAIL; (xiii) our ability to obtain approval by third-party payors to reimburse patients for our products; (xiv) our ability to obtain regulatory clearance for our products from government agencies; (xv) our ability to successfully partner with other companies and organizations to develop new products, expand markets, and grow our business; (xvi) our ability to successfully identify and integrate acquired technologies, products, or businesses; (xvii) the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments and (xviii) legislative, regulatory and economic developments, 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 5524澳门24小时线路
5524澳门24小时线路 is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a 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 connect with us on Twitter, Facebook, LinkedIn, Instagram, and YouTube.

About GRAIL
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by developing pioneering technology to detect and identify multiple deadly cancer types early. The company is using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art computer science and data science to enhance the scientific understanding of cancer biology, and to develop its multi-cancer early detection blood test. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom. GRAIL, LLC, is a wholly-owned subsidiary of 5524澳门24小时线路, which is currently being held and operated separately in order to comply with the interim measures order imposed by the European Commission during the pendency of its ongoing merger review. For more information, please visit www.grail.com.

Investors:
Salli Schwartz
+1.858.291.6421
ir@illumina.com

Media:
Sarah Shew
+1.330.353.2512
sshew@illumina.com

 

5524澳门24小时线路网站.

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

 

5524澳门24小时线路网站.

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

 

5524澳门24小时线路网站.

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.

 

5524澳门24小时线路网站.

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.

 

5524澳门24小时线路网站.

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 5524澳门24小时线路 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 5524澳门24小时线路 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 5524澳门24小时线路 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 5524澳门24小时线路 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.

 

5524澳门24小时线路网站.

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 5524澳门24小时线路 (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 5524澳门24小时线路 (a)

$    857

70.2 %


$    771

70.5 %







GAAP selling, general and administrative expense - Core 5524澳门24小时线路

$    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 5524澳门24小时线路

$    267

21.9 %


$    223

20.4 %







GAAP operating profit - Core 5524澳门24小时线路

$    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 5524澳门24小时线路 (a)

$    352

28.8 %


$    351

32.1 %







GAAP other expense, net - Core 5524澳门24小时线路

$     (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 5524澳门24小时线路 (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.

 

5524澳门24小时线路网站.

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 5524澳门24小时线路
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.

 

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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.

 

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

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