2020 Q4 Form 10-K Financial Statement

#000172248221000040 Filed on February 16, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $1.791B $1.524B $1.504B
YoY Change 17.51% 3.4% 0.64%
Cost Of Revenue $1.209B $1.044B $1.030B
YoY Change 15.88% 0.24% 1.41%
Gross Profit $581.6M $480.4M $474.0M
YoY Change 21.07% 11.0% -0.98%
Gross Profit Margin 32.48% 31.52% 31.52%
Selling, General & Admin $377.0M $322.3M $330.8M
YoY Change 16.97% 4.2% -4.53%
% of Gross Profit 64.82% 67.09% 69.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $102.0M $97.30M $100.3M
YoY Change 4.83% -3.76% -0.99%
% of Gross Profit 17.54% 20.25% 21.16%
Operating Expenses $377.0M $324.0M $330.8M
YoY Change 16.36% 4.75% -4.53%
Operating Profit $204.6M $156.4M $143.2M
YoY Change 30.82% 26.64% 8.32%
Interest Expense -$59.40M -$99.80M $98.30M
YoY Change -40.48% -29.42% -24.5%
% of Operating Profit -29.03% -63.81% 68.65%
Other Income/Expense, Net $1.900M $1.400M -$7.600M
YoY Change 35.71% -133.33% 744.44%
Pretax Income $26.70M $50.00M $37.30M
YoY Change -46.6% -207.99% 3290.91%
Income Tax -$24.90M -$20.60M $15.20M
% Of Pretax Income -93.26% -41.2% 40.75%
Net Earnings $51.60M $70.60M $22.10M
YoY Change -26.91% -232.46% -35.94%
Net Earnings / Revenue 2.88% 4.63% 1.47%
Basic Earnings Per Share $0.06 $0.10 $0.01
Diluted Earnings Per Share $0.06 $0.09 $0.01
COMMON SHARES
Basic Shares Outstanding 578.3M shares 571.7M shares 570.0M shares
Diluted Shares Outstanding 580.7M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $287.0M $187.0M $174.0M
YoY Change 53.48% 1.08% 1.16%
Cash & Equivalents $286.6M $186.7M $173.9M
Short-Term Investments
Other Short-Term Assets $91.40M $134.8M $147.0M
YoY Change -32.2% 19.72% 30.09%
Inventory $739.6M $711.2M $714.5M
Prepaid Expenses
Receivables $1.113B $988.8M $983.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.231B $2.022B $2.019B
YoY Change 10.36% 6.42% 6.02%
LONG-TERM ASSETS
Property, Plant & Equipment $549.9M $557.0M $559.4M
YoY Change -1.27% -6.95% -9.34%
Goodwill $2.860B $2.769B $2.736B
YoY Change 3.28% -0.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $216.7M $205.2M $200.8M
YoY Change 5.6% 225.71% 76.14%
Total Long-Term Assets $7.676B $7.752B $7.744B
YoY Change -0.98% -3.25% -5.72%
TOTAL ASSETS
Total Short-Term Assets $2.231B $2.022B $2.019B
Total Long-Term Assets $7.676B $7.752B $7.744B
Total Assets $9.907B $9.773B $9.763B
YoY Change 1.36% -1.4% -3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $678.9M $560.2M $556.3M
YoY Change 21.19% 0.5% 10.16%
Accrued Expenses $224.0M $222.0M $284.0M
YoY Change 0.9% 0.0% -5.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $26.40M $93.50M $41.40M
YoY Change -71.76% -34.34% 6.15%
Total Short-Term Liabilities $1.243B $1.075B $1.079B
YoY Change 15.65% -1.98% 6.28%
LONG-TERM LIABILITIES
Long-Term Debt $4.868B $5.023B $5.089B
YoY Change -3.1% -25.94% -26.84%
Other Long-Term Liabilities $398.1M $428.2M $407.3M
YoY Change -7.03% 34.65% 54.28%
Total Long-Term Liabilities $5.266B $5.451B $5.496B
YoY Change -3.4% -23.23% -23.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.243B $1.075B $1.079B
Total Long-Term Liabilities $5.266B $5.451B $5.496B
Total Liabilities $7.232B $7.311B $7.408B
YoY Change -1.08% -19.69% -19.72%
SHAREHOLDERS EQUITY
Retained Earnings -$88.70M -$203.7M -$274.3M
YoY Change -56.46% -14.56%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.674B $2.462B $2.356B
YoY Change
Total Liabilities & Shareholders Equity $9.907B $9.773B $9.763B
YoY Change 1.36% -1.4% -3.51%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $51.60M $70.60M $22.10M
YoY Change -26.91% -232.46% -35.94%
Depreciation, Depletion And Amortization $102.0M $97.30M $100.3M
YoY Change 4.83% -3.76% -0.99%
Cash From Operating Activities $306.0M $87.00M $197.9M
YoY Change 251.72% 24.46% 82.9%
INVESTING ACTIVITIES
Capital Expenditures -$20.20M -$12.10M -$13.10M
YoY Change 66.94% 124.07% 42.39%
Acquisitions
YoY Change
Other Investing Activities $1.400M $700.0K $2.700M
YoY Change 100.0% -87.04% -46.0%
Cash From Investing Activities -$18.80M -$11.40M -$10.40M
YoY Change 64.91% 147.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -380.4M -67.40M -172.6M
YoY Change 464.39% 23.9% 160.73%
NET CHANGE
Cash From Operating Activities 306.0M 87.00M 197.9M
Cash From Investing Activities -18.80M -11.40M -10.40M
Cash From Financing Activities -380.4M -67.40M -172.6M
Net Change In Cash -93.20M 8.200M 14.90M
YoY Change -1236.59% -47.1% -60.58%
FREE CASH FLOW
Cash From Operating Activities $306.0M $87.00M $197.9M
Capital Expenditures -$20.20M -$12.10M -$13.10M
Free Cash Flow $326.2M $99.10M $211.0M
YoY Change 229.16% 31.61% 79.73%

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<div style="margin-bottom:12pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Basis of presentation</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared in accordance with the rules and regulations of the SEC for annual reports and GAAP. The financial statements include the accounts of Avantor, Inc., its consolidated subsidiaries, and those business entities in which we maintain a controlling interest.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">For the periods presented, all share and per share information has been adjusted for a stock split that occurred in connection with our IPO.</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The financial statements reflect the adoptions of a new revenue recognition standard at January 1, 2018, a new lease standard at January 1, 2019, and a new credit losses standard at January 1, 2020. Information about these new accounting standards is disclosed in note 3.</span></div>
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<div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.</span></div>
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4600000 USD
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0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
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P6Y2M12D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y3M18D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y3M18D
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5400000 USD
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40600000 USD
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40600000 USD
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13100000 USD
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8500000 USD
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2300000 USD
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0 USD
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0 USD
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21500000 USD
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4000000.0 USD
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0 USD
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0 USD
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