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Financial Report 2020
  • Overview
    • Report of the Supervisory Board
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    • Business and Operating Environment
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    • Performance Review
    • Human Resources
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  • Non-Financial Statement
  • Financial Results
    • Consolidated Financial Statements
    • Notes to Consolidated Financial Statement
    • List of Subsidiaries
    • Auditor’s Report
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Annual Report 2020 › Financial Results › Consolidated Financial Statements

Consolidated Financial Statement

QIAGEN N.V. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands)

Note As of December 31,
2020 2019
Assets
Current assets:
Cash and cash equivalents (3) $ 597,984 $ 623,647
Restricted cash (3) — 5,743
Short-term investments (7) 117,249 129,586
Accounts receivable, net of allowance for credit losses of $27,052 in 2020 and allowance for doubtful accounts of $12,115 in 2019 (3, 24) 380,519 385,117
Income taxes receivable 59,335 42,119
Inventories, net (3) 291,181 170,704
Prepaid expenses and other current assets (of which $25,429 and $13,697 in 2020 and 2019 due from related parties, respectively) (8, 24) 206,921 105,464
Fair value of derivative instruments - current (14) 14,127 107,868
Total current assets 1,667,316 1,570,248
Long-term assets:
Property, plant and equipment, net of accumulated depreciation of $630,443 and $699,130 in 2020 and 2019, respectively (9) 559,372 455,243
Goodwill (11) 2,364,031 2,140,503
Intangible assets, net of accumulated amortization of $809,724 and $776,520 in 2020 and 2019, respectively (11) 726,194 632,434
Deferred income tax assets (17) 54,879 56,542
Fair value of derivative instruments — long-term (14) 379,080 192,266
Other long-term assets (of which $9,594 and $16,830 in 2020 and 2019 due from related parties, respectively) (10, 12, 24) 161,658 188,380
Total long-term assets 4,245,214 3,665,368
Total assets $ 5,912,530 $ 5,235,616

The accompanying notes are an integral part of these consolidated financial statements.

QIAGEN N.V. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value)

Note As of December 31,
2020 2019
Liabilities and equity
Current liabilities:
Current portion of long-term debt (16) $ 42,539 $ 285,244
Accounts payable (24) 118,153 84,767
Fair value of derivative instruments — current (14) 51,464 103,175
Accrued and other current liabilities (of which $1,380 and $15,404 due to related parties in 2020 and 2019, respectively) (10, 13, 24) 345,665 444,303
Income taxes payable 57,265 33,856
Total current liabilities 615,086 951,345
Long-term liabilities:
Long-term debt, net of current portion (16) 1,880,210 1,421,108
Deferred income tax liabilities (17) 39,216 23,442
Fair value of derivative instruments — long-term (14) 393,455 196,929
Other long-term liabilities (12, 15) 186,724 106,201
Total long-term liabilities 2,499,605 1,747,680
Commitments and contingencies (20)
Equity:
Preference shares, 0.01 EUR par value, authorized—450,000 shares, no shares issued and outstanding — —
Financing preference shares, 0.01 EUR par value, authorized—40,000 shares, no shares issued and outstanding — —
Common Shares, 0.01 EUR par value, authorized—410,000 shares, issued—230,829 shares in 2020 and 2019, respectively 2,702 2,702
Additional paid-in capital 1,834,169 1,777,017
Retained earnings 1,323,091 1,178,457
Accumulated other comprehensive loss (18) (243,822) (309,619)
Less treasury shares, at cost—2,844 and 3,077 shares in 2020 and 2019, respectively (18) (118,301) (111,966)
Total equity 2,797,839 2,536,591
Total liabilities and equity $ 5,912,530 $ 5,235,616

The accompanying notes are an integral part of these consolidated financial statements.

QIAGEN N.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except per share data)

Note Years ended December 31,
2020 2019 2018
Net sales (3, 4, 24) $ 1,870,346 $ 1,526,424 $ 1,501,848
Cost of sales:
Cost of sales 574,467 449,651 444,165
Acquisition-related intangible amortization 63,164 71,511 56,723
Total cost of sales 637,631 521,162 500,888
Gross profit 1,232,715 1,005,262 1,000,960
Operating expenses:
Research and development (3) 149,072 157,448 161,852
Sales and marketing 413,684 391,906 392,281
General and administrative (3) 111,678 112,262 104,568
Acquisition-related intangible amortization 20,811 29,973 39,032
Restructuring, acquisition, integration and other, net (1, 6) 150,005 199,778 28,659
Long-lived asset impairments (6) 1,034 140,031 7,987
Total operating expenses 846,284 1,031,398 734,379
Income (loss) from operations 386,431 (26,136) 266,581
Other income (expense):
Interest income 10,032 22,113 20,851
Interest expense (71,317) (74,185) (67,293)
Other income, net (6) 114,326 432 5,598
Total other income (expense), net 53,041 (51,640) (40,844)
Income (loss) before income tax (benefit) expense 439,472 (77,776) 225,737
Income tax expense (benefit) (3, 17) 80,284 (36,321) 35,357
Net income (loss) $ 359,188 $ (41,455) $ 190,380
Basic earnings (loss) per common share (19) $ 1.57 $ (0.18) $ 0.84
Diluted earnings (loss) per common share (19) $ 1.53 $ (0.18) $ 0.82
 
Weighted-average common shares outstanding
Basic (19) 228,427 226,777 226,640
Diluted (19) 234,214 226,777 233,456

The accompanying notes are an integral part of these consolidated financial statements.

QIAGEN N.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)

Note Years ended December 31,
2020 2019 2018
Net income (loss) $ 359,188 $ (41,455) $ 190,380
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:
(Losses) gains on cash flow hedges, net of tax benefit of $2.8 million in 2020, tax expense of $0 in 2019 and tax expense of $2.8 million in 2018 (14) (8,536) 11,547 8,526
Reclassification adjustments on cash flow hedges, net of tax expense of $4.7 million in 2020, tax expense of $0 in 2019 and tax benefit of $2.4 million in 2018 (14) 13,999 (3,888) (7,331)
Cash flow hedges, net of tax 5,463 7,659 1,195
Net investment hedge (26,442) 5,505 13,839
Gain on pension, net of tax expense of $0 in 2020, tax expense of $0.4 million in 2019 and tax benefit of $0.6 million in 2018 (38) (437) 754
Foreign currency translation adjustments, net of tax expense of $0.9 million in 2020, tax benefit of $0.5 million in 2019 and tax benefit of $1.4 million in 2018 86,814 (11,702) (106,615)
Total other comprehensive income (loss) 65,797 1,025 (90,827)
Comprehensive income (loss) $ 424,985 $ (40,430) $ 99,553

The accompanying notes are an integral part of these consolidated financial statements.

QIAGEN N.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands) Note Common Shares Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Shares Total Equity
Shares Amount Shares Amount
Balance at December 31, 2017 230,829 $ 2,702 $ 1,630,095 $ 1,247,945 $ (220,759) (4,272) $ (118,987) $ 2,540,996
ASU 2016-01 impact of change in accounting policy — — — (942) 942 — — —
ASU 2016-16 impact of change in accounting policy — — — (16,096) — — — (16,096)
ASC 606 impact of change in accounting policy — — — (1,306) — — — (1,306)
Issuance of warrants (18) — — 71,983 — — — — 71,983
Net income — — — 190,380 — — — 190,380
Unrealized gain, net on pension — — — — 754 — — 754
Unrealized gain, net on hedging contracts (14) — — — — 22,365 — — 22,365
Realized gain, net on hedging contracts (14) — — — — (7,331) — — (7,331)
Translation adjustment, net — — — — (106,615) — — (106,615)
Purchase of treasury shares (18) — — — — — (2,871) (104,685) (104,685)
Issuance of common shares in connection with stock plan (22) — — — (40,357) — 1,823 44,769 4,412
Share-based compensation (22) — — 40,113 — — — — 40,113
Balance at December 31, 2018 230,829 $ 2,702 $ 1,742,191 $ 1,379,624 $ (310,644) $ (5,320) $ (178,903) $ 2,634,970
ASC 842 impact of change in accounting policy — — — (316) — — — (316)
Net loss — — — (41,455) — — — (41,455)
Conversion of warrants (18) — — (31,067) (37,698) — 2,056 68,761 (4)
Unrealized loss, net on pension — — — — (437) — — (437)
Unrealized gain, net on hedging contracts (14) — — — — 17,052 — — 17,052
Realized gain, net on hedging contracts (14) — — — — (3,888) — — (3,888)
Translation adjustment, net — — — — (11,702) — — (11,702)
Purchase of treasury shares (18) — — — — — (1,987) (74,450) (74,450)
Issuance of common shares in connection with stock plan (22) — — — (121,698) — 3,622 123,773 2,075
Tax withholding related to vesting of stock awards (22) — — — — — (1,448) (51,147) (51,147)
Share-based compensation (22) — — 65,893 — — — — 65,893
Balance at December 31, 2019 230,829 $ 2,702 $ 1,777,017 $ 1,178,457 $ (309,619) (3,077) $ (111,966) $ 2,536,591
ASC 326 impact of change in accounting policy — — — (15,074) — — — (15,074)
Net income — — — 359,188 — — — 359,188
Conversion of warrants (18) — — (7,547) (22,725) — 807 30,272 —
Termination of warrants (18) — — (30,289) (144,337) — — — (174,626)
Equity component of convertible debt, net (16) — — 54,052 — — — — 54,052
Unrealized loss, net on pension — — — — (38) — — (38)
Unrealized loss, net on hedging contracts (14) — — — — (34,978) — — (34,978)
Realized loss, net on hedging contracts (14) — — — — 13,999 — — 13,999
Translation adjustment, net — — — — 86,814 — — 86,814
Purchase of treasury shares (18) — — — — — (1,346) (63,995) (63,995)
Issuance of common shares in connection with stock plan (22) — — — (32,418) — 1,085 40,079 7,661
Tax withholding related to vesting of stock awards (22) — — — — — (313) (12,691) (12,691)
Share-based compensation (22) — — 40,936 — — — — 40,936
Balance at December 31, 2020 230,829 $ 2,702 $ 1,834,169 $ 1,323,091 $ (243,822) (2,844) $ (118,301) $ 2,797,839

The accompanying notes are an integral part of these consolidated financial statements.

QIAGEN N.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) Note Years ended December 31,
2020 2019 2018
Cash flows from operating activities:
Net income (loss) $ 359,188 $ (41,455) $ 190,380
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of businesses acquired:
Depreciation and amortization 205,014 231,458 206,436
Non-cash impairments (6) 1,432 144,830 17,020
Amortization of debt discount and issuance costs 42,318 40,763 35,537
Share-based compensation expense (22) 40,936 65,893 40,113
Deferred income tax benefit (17) (6,706) (55,362) (23,272)
(Gain) loss on marketable securities (1,992) 2,867 (2,725)
Gain on sale of investment (10) (121,813) — —
Reversals of contingent consideration (15) — (10,433) —
Other items, net including fair value changes in derivatives 11,696 (3,394) (8,834)
Net changes in operating assets and liabilities:
Accounts receivable (3) (14,711) (39,578) (41,813)
Inventories (3) (107,573) (30,028) (36,918)
Prepaid expenses and other current assets (8) 1,061 18,626 (9,942)
Other long-term assets 316 (1,406) (30,312)
Accounts payable 8,442 9,252 6,993
Accrued and other current liabilities (13) (22,141) 19,913 (13,317)
Income taxes (17) 4,682 (6,782) 14,239
Other long-term liabilities 57,657 (14,321) 15,911
Net cash provided by operating activities 457,806 330,843 359,496
Cash flows from investing activities:
Purchases of property, plant and equipment (132,787) (117,950) (109,773)
Purchases of intangible assets (11) (171,450) (156,934) (40,990)
Proceeds from (purchases of) investments, net (10) 25,638 (5,170) (9,398)
Cash paid for acquisitions, net of cash acquired (5) (239,572) (68,058) (172,832)
Purchases of short-term investments (7) (49,770) (293,959) (568,002)
Proceeds from redemptions of short-term investments (7) 181,223 396,098 691,765
Proceeds from divestiture (5) 1,845 1,000 16,394
Cash (paid) received for collateral asset (14) (53,417) 22,685 (3,461)
Other investing activities (4,991) 10 (15,059)
Net cash used in investing activities (443,281) (222,278) (211,356)
Cash flows from financing activities:
Proceeds from short-term debt (16) 59,345 — —
Repayment of short-term debt (16) (58,705) — —
Proceeds from long-term debt, net of issuance costs (16) 497,646 — —
Repayment of long-term debt (16) (296,400) (506,400) —
Payment for termination of warrants (18) (174,627) — —
Payment of intrinsic value of cash convertible notes (16) (237,438) (133,763) —
Proceeds from exercise of call option related to cash convertible notes (16) 239,836 134,737 —
Purchase of treasury shares (18) (63,995) (74,450) (104,685)
Proceeds from issuance of common shares 7,662 2,075 4,412
Tax withholding related to vesting of stock awards (13,841) (49,998) —
Other financing activities (9,610) (11,281) (8,019)
Proceeds from issuance of cash convertible notes, net of issuance costs (16) — — 494,879
Purchase of call option related to cash convertible notes (16) — — (97,277)
Proceeds from issuance of warrants, net of issuance costs (18) — — 72,406
Principal payments on capital leases — — (1,308)
Net cash (used in) provided by financing activities (50,127) (639,080) 360,408
Effect of exchange rate changes on cash, cash equivalents and restricted cash 4,196 826 (7,183)
Net (decrease) increase in cash, cash equivalents and restricted cash (31,406) (529,689) 501,365
Cash, cash equivalents and restricted cash, beginning of period 629,390 1,159,079 657,714
Cash, cash equivalents and restricted cash, end of period $ 597,984 $ 629,390 $ 1,159,079
Supplemental cash flow disclosures:
Cash paid for interest $ 25,351 $ 29,721 $ 25,902
Cash paid for income taxes $ 42,572 $ 41,474 $ 29,317

The accompanying notes are an integral part of these consolidated financial statements.

    Further Reading – In this report

    • Financial ResultsNotes to Consolidated Financial Statement
    • Financial ResultsList of Subsidiaries
    • Financial ResultsAuditor’s Report

    Sample to Insight

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