Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Gilead Sciences Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	5,613)	4,566)	6,201)	89)	5,364)
Depreciation expense	354)	323)	329)	288)	255)
Amortization expense	2,339)	1,780)	1,721)	1,192)	1,149)
Stock-based compensation expense	766)	637)	635)	643)	636)
Deferred income taxes	(962)	(1,552)	(116)	(214)	(2,098)
Net (gain) loss from equity securities	167)	657)	610)	1,662)	(1,241)
Acquired in-process research and development expenses	1,155)	944)	177)	5,856)	4,251)
In-process research and development impairment	50)	2,700)	—)	—)	800)
Other	827)	780)	1,338)	290)	826)
Accounts receivable, net	157)	(406)	313)	(1,171)	(218)
Inventories	(842)	(310)	11)	(195)	(95)
Prepaid expenses and other	39)	(134)	(45)	(214)	(307)
Accounts payable	(347)	226)	(118)	80)	(61)
Income tax assets and liabilities, net	(1,768)	(364)	(361)	(778)	272)
Accrued and other liabilities	458)	(775)	689)	640)	(389)
Changes in operating assets and liabilities	(2,303)	(1,763)	489)	(1,638)	(798)
Adjustments to reconcile net income to net cash provided by operating activities	2,393)	4,506)	5,183)	8,079)	3,780)
Net cash provided by operating activities	8,006)	9,072)	11,384)	8,168)	9,144)
Purchases of marketable debt securities	(1,930)	(1,770)	(3,517)	(20,315)	(30,455)
Proceeds from sales of marketable debt securities	510)	412)	730)	23,239)	7,523)
Proceeds from maturities of marketable debt securities	1,334)	1,590)	2,180)	9,479)	22,398)
Acquisitions, including in-process research and development, net of cash acquired	(1,152)	(1,797)	(1,402)	(25,742)	(4,251)
Purchases of equity securities	(442)	(172)	(380)	(455)	(1,773)
Capital expenditures	(585)	(728)	(579)	(650)	(825)
Other	—)	(1)	(163)	(171)	(434)
Net cash used in investing activities	(2,265)	(2,466)	(3,131)	(14,615)	(7,817)
Proceeds from debt financing, net of issuance costs	1,980)	—)	—)	8,184)	—)
Proceeds from issuances of common stock	232)	309)	169)	256)	209)
Repurchases of common stock under repurchase programs	(1,000)	(1,396)	(546)	(1,583)	(1,749)
Repayments of debt and other obligations	(2,250)	(1,500)	(4,750)	(2,500)	(2,750)
Payments of dividends	(3,809)	(3,709)	(3,605)	(3,449)	(3,222)
Other	(278)	(173)	(145)	(138)	(122)
Net cash provided by (used in) financing activities	(5,125)	(6,469)	(8,877)	770)	(7,634)
Effect of exchange rate changes on cash and cash equivalents	57)	(63)	(35)	43)	(2)
Net change in cash and cash equivalents	673)	74)	(659)	(5,634)	(6,309)
Cash and cash equivalents at beginning of period	5,412)	5,338)	5,997)	11,631)	17,940)
Cash and cash equivalents at end of period	6,085)	5,412)	5,338)	5,997)	11,631)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Gilead Sciences Inc. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Gilead Sciences Inc. net cash used in investing activities increased from 2021 to 2022 and from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Gilead Sciences Inc. net cash provided by (used in) financing activities increased from 2021 to 2022 and from 2022 to 2023.

Gilead Sciences Inc. (NASDAQ:GILD)

Cash Flow Statement