2021 Q4 Form 10-K Financial Statement

#000172248222000030 Filed on February 11, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q2 2021
Revenue $1.908B $1.859B $7.386B
YoY Change 6.52% 25.69% 15.52%
Cost Of Revenue $1.260B $1.232B $4.883B
YoY Change 4.2% 24.69% 13.22%
Gross Profit $647.5M $626.5M $2.503B
YoY Change 11.33% 27.7% 20.29%
Gross Profit Margin 33.94% 33.71% 33.88%
Selling, General & Admin $433.5M $371.8M $1.531B
YoY Change 14.99% 14.75% 11.41%
% of Gross Profit 66.95% 59.35% 61.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $104.1M $86.10M $88.40M
YoY Change 2.06% -11.96% 0.57%
% of Gross Profit 16.08% 13.74% 3.53%
Operating Expenses $433.5M $371.8M $1.531B
YoY Change 14.99% 14.75% 11.41%
Operating Profit $214.0M $254.7M $972.2M
YoY Change 4.59% 52.88% 37.55%
Interest Expense -$60.90M $51.00M $217.4M
YoY Change 2.53% -44.63% -29.32%
% of Operating Profit -28.46% 20.02% 22.36%
Other Income/Expense, Net -$9.100M $14.60M $10.60M
YoY Change -578.95% 247.62% 7.07%
Pretax Income $140.0M $215.1M $753.0M
YoY Change 424.34% 173.32% 1108.67%
Income Tax $46.00M $57.30M $180.4M
% Of Pretax Income 32.86% 26.64% 23.96%
Net Earnings $94.00M $157.8M $572.6M
YoY Change 82.17% 162.13% 391.08%
Net Earnings / Revenue 4.93% 8.49% 7.75%
Basic Earnings Per Share $0.24 $0.86
Diluted Earnings Per Share $151.8K $0.24 $0.85
COMMON SHARES
Basic Shares Outstanding 609.5M shares 582.6M shares 590.5M shares
Diluted Shares Outstanding 591.1M shares 599.6M shares

Balance Sheet

Concept 2021 Q4 2021 Q2 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $301.7M $223.0M $301.7M
YoY Change 5.12% -46.27% 5.12%
Cash & Equivalents $301.7M $223.0M $301.7M
Short-Term Investments
Other Short-Term Assets $81.40M $90.00M $81.40M
YoY Change -10.94% -42.12% -10.55%
Inventory $872.0M $840.9M $872.0M
Prepaid Expenses
Receivables $1.222B $1.269B $1.222B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.477B $2.423B $2.477B
YoY Change 11.04% 5.69% 11.04%
LONG-TERM ASSETS
Property, Plant & Equipment $705.5M $652.6M $813.3M
YoY Change 28.3% 18.27% 20.49%
Goodwill $5.341B $3.558B
YoY Change 86.74% 28.85%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $233.1M $244.6M $125.3M
YoY Change 7.57% 19.9% 37.69%
Total Long-Term Assets $11.42B $8.827B $11.42B
YoY Change 48.78% 16.53% 48.78%
TOTAL ASSETS
Total Short-Term Assets $2.477B $2.423B $2.477B
Total Long-Term Assets $11.42B $8.827B $11.42B
Total Assets $13.90B $11.25B $13.90B
YoY Change 40.28% 14.01% 40.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $755.1M $755.3M $755.1M
YoY Change 11.22% 30.0% 11.21%
Accrued Expenses $249.5M $192.0M $283.6M
YoY Change 11.38% 0.52% 9.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $45.20M $39.50M $45.20M
YoY Change 71.21% 176.22% 73.85%
Total Short-Term Liabilities $1.451B $1.378B $1.451B
YoY Change 16.75% 30.75% 16.72%
LONG-TERM LIABILITIES
Long-Term Debt $6.978B $5.612B $6.978B
YoY Change 43.36% 10.82% 43.34%
Other Long-Term Liabilities $358.4M $411.6M $358.4M
YoY Change -9.97% -2.16% -9.95%
Total Long-Term Liabilities $7.336B $6.023B $7.336B
YoY Change 39.33% 9.82% 39.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.451B $1.378B $1.451B
Total Long-Term Liabilities $7.336B $6.023B $7.336B
Total Liabilities $9.700B $8.264B $9.700B
YoY Change 34.13% 12.8% 34.13%
SHAREHOLDERS EQUITY
Retained Earnings $483.9M $233.1M
YoY Change -645.55% -337.61%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.197B $2.986B $4.197B
YoY Change
Total Liabilities & Shareholders Equity $13.90B $11.25B $13.90B
YoY Change 40.28% 14.01% 40.28%

Cashflow Statement

Concept 2021 Q4 2021 Q2 2021
OPERATING ACTIVITIES
Net Income $94.00M $157.8M $572.6M
YoY Change 82.17% 162.13% 391.08%
Depreciation, Depletion And Amortization $104.1M $86.10M $88.40M
YoY Change 2.06% -11.96% 0.57%
Cash From Operating Activities $301.0M $263.8M $953.6M
YoY Change -1.63% 195.74% 2.56%
INVESTING ACTIVITIES
Capital Expenditures -$40.00M -$23.40M $111.1M
YoY Change 98.02% 73.33% 80.36%
Acquisitions $2.866B $1.080B $4.014B
YoY Change
Other Investing Activities -$2.844B -$1.166B -$3.500M
YoY Change -203207.14% -116690.0% 40.0%
Cash From Investing Activities -$2.884B -$1.189B -$4.122B
YoY Change 15237.77% 9414.4% 6874.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $967.0M
YoY Change
Debt Paid & Issued, Net $533.9M
YoY Change -87.76%
Cash From Financing Activities 1.461B 998.8M $3.219B
YoY Change -484.07% -7609.77% -511.19%
NET CHANGE
Cash From Operating Activities 301.0M 263.8M $953.6M
Cash From Investing Activities -2.884B -1.189B -$4.122B
Cash From Financing Activities 1.461B 998.8M $3.219B
Net Change In Cash -1.122B 73.30M $37.90M
YoY Change 1103.33% 15.62% -62.06%
FREE CASH FLOW
Cash From Operating Activities $301.0M $263.8M $953.6M
Capital Expenditures -$40.00M -$23.40M $111.1M
Free Cash Flow $341.0M $287.2M $842.5M
YoY Change 4.54% 179.65% -2.96%

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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 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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