$BHC
Bausch Health Companies Inc.

2016 Q2 Form 10-Q Financial Statement

#000088559016000121 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $2.420B $2.733B
YoY Change -11.45% 33.9%
Cost Of Revenue $648.0M $669.9M
YoY Change -3.27% 17.61%
Gross Profit $1.772B $2.063B
YoY Change -14.11% 40.2%
Gross Profit Margin 73.22% 75.49%
Selling, General & Admin $671.0M $685.5M
YoY Change -2.12% 32.93%
% of Gross Profit 37.87% 33.23%
Research & Development $124.0M $81.10M
YoY Change 52.9% 21.95%
% of Gross Profit 7.0% 3.93%
Depreciation & Amortization $720.0M $635.0M
YoY Change 13.39% 55.75%
% of Gross Profit 40.63% 30.78%
Operating Expenses $795.0M $766.6M
YoY Change 3.7% 31.67%
Operating Profit $81.00M $342.0M
YoY Change -76.32% -3.69%
Interest Expense -$457.3M -$406.2M
YoY Change 12.58% 73.52%
% of Operating Profit -564.57% -118.77%
Other Income/Expense, Net $46.00M
YoY Change
Pretax Income -$377.0M -$64.70M
YoY Change 482.69% -153.47%
Income Tax -$73.00M -$13.10M
% Of Pretax Income
Net Earnings -$304.0M -$51.60M
YoY Change 489.15% -142.3%
Net Earnings / Revenue -12.56% -1.89%
Basic Earnings Per Share -$0.88 -$0.15
Diluted Earnings Per Share -$0.88 -$0.15
COMMON SHARES
Basic Shares Outstanding 345.0M shares 344.4M shares
Diluted Shares Outstanding 345.0M shares 344.4M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $852.0M $958.0M
YoY Change -11.06% 80.41%
Cash & Equivalents $852.0M $958.0M
Short-Term Investments
Other Short-Term Assets $897.0M $1.786B
YoY Change -49.78% -6.98%
Inventory $1.337B $1.230B
Prepaid Expenses
Receivables $2.733B $2.371B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.818B $6.345B
YoY Change -8.3% 22.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.472B $1.360B
YoY Change 8.25% 3.05%
Goodwill $18.51B $17.23B
YoY Change 7.42% 82.63%
Intangibles $21.34B $23.15B
YoY Change -7.84% 97.0%
Long-Term Investments
YoY Change
Other Assets $219.4M $167.0M
YoY Change 31.38% -19.05%
Total Long-Term Assets $41.84B $42.00B
YoY Change -0.37% 84.75%
TOTAL ASSETS
Total Short-Term Assets $5.818B $6.345B
Total Long-Term Assets $41.84B $42.00B
Total Assets $47.66B $48.34B
YoY Change -1.41% 73.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $425.9M $415.8M
YoY Change 2.43% 26.88%
Accrued Expenses $3.336B $3.055B
YoY Change 9.19% 72.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $294.1M $590.9M
YoY Change -50.23% 121.56%
Total Short-Term Liabilities $4.226B $4.291B
YoY Change -1.51% 71.89%
LONG-TERM LIABILITIES
Long-Term Debt $30.77B $30.29B
YoY Change 1.59% 77.56%
Other Long-Term Liabilities $168.7M $208.8M
YoY Change -19.2% -2.88%
Total Long-Term Liabilities $30.94B $30.50B
YoY Change 1.45% 76.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.226B $4.291B
Total Long-Term Liabilities $30.94B $30.50B
Total Liabilities $42.26B $41.78B
YoY Change 1.14% 85.48%
SHAREHOLDERS EQUITY
Retained Earnings -$3.426B -$2.388B
YoY Change 43.46% -24.8%
Common Stock $10.30B $10.11B
YoY Change 1.78% 18.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.296B $6.435B
YoY Change
Total Liabilities & Shareholders Equity $47.66B $48.34B
YoY Change -1.41% 73.3%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$304.0M -$51.60M
YoY Change 489.15% -142.3%
Depreciation, Depletion And Amortization $720.0M $635.0M
YoY Change 13.39% 55.75%
Cash From Operating Activities $449.0M $418.0M
YoY Change 7.42% 11.17%
INVESTING ACTIVITIES
Capital Expenditures -$69.00M $46.80M
YoY Change -247.44% -58.77%
Acquisitions $13.09B
YoY Change 19151.32%
Other Investing Activities $119.0M $500.0K
YoY Change 23700.0% -135.71%
Cash From Investing Activities $50.00M -$2.645B
YoY Change -101.89% 892.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.00M
YoY Change
Debt Paid & Issued, Net $247.9M
YoY Change 106.07%
Cash From Financing Activities -951.0M $1.325B
YoY Change -171.76% -946.3%
NET CHANGE
Cash From Operating Activities $449.0M $418.0M
Cash From Investing Activities 50.00M -$2.645B
Cash From Financing Activities -951.0M $1.325B
Net Change In Cash $449.0M -$901.9M
YoY Change -149.78% 1818.94%
FREE CASH FLOW
Cash From Operating Activities $449.0M $418.0M
Capital Expenditures -$69.00M $46.80M
Free Cash Flow $518.0M $371.2M
YoY Change 39.55% 41.41%

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CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Interest And Debt Expense
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1100000 USD
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us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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vrx Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset Cash
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9300000 USD
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635800000 USD
vrx Business Acquisition Cost Of Acquired Entity Liabilities Incurred Contingent Consideration At Fair Value
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CY2015 vrx Business Acquisition Pro Forma Acquisition Accounting Adjustment Of Inventory Sold
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24000000 USD
CY2015Q4 vrx Business Combination Contingent Consideration Noncurrent Liability
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vrx Decreaseto Fair Valueof Reporting Units Hypothetical Percentage
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vrx Fair Value Assets Level1to Level2 Transfers Value
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vrx Highly Liquid Investments Maturity Period
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P3M
CY2016Q1 vrx Numberof Depositions
NumberofDepositions
2 deposition
vrx Payment Of Accreted Interest On Contingent Consideration
PaymentOfAccretedInterestOnContingentConsideration
12100000 USD
vrx Payment Of Accreted Interest On Contingent Consideration
PaymentOfAccretedInterestOnContingentConsideration
7900000 USD
vrx Paymentof Deferred Consideration
PaymentofDeferredConsideration
0 USD
vrx Paymentof Deferred Consideration
PaymentofDeferredConsideration
516100000 USD
vrx Payments Of Contingent Consideration
PaymentsOfContingentConsideration
81000000 USD
vrx Payments Of Contingent Consideration
PaymentsOfContingentConsideration
44400000 USD
CY2015Q2 vrx Potential Weighted Average Number Of Diluted Shares Outstanding
PotentialWeightedAverageNumberOfDilutedSharesOutstanding
350900000 shares
CY2016Q2 vrx Potential Weighted Average Number Of Diluted Shares Outstanding
PotentialWeightedAverageNumberOfDilutedSharesOutstanding
349100000 shares
vrx Potential Weighted Average Number Of Diluted Shares Outstanding
PotentialWeightedAverageNumberOfDilutedSharesOutstanding
349400000 shares
CY2015Q2 vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
12300000 USD
vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
12300000 USD
CY2016Q2 vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
17400000 USD
vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
17900000 USD
CY2015Q1 vrx Saleof Stock Public Offering Price Per Share
SaleofStockPublicOfferingPricePerShare
199.00
CY2015Q1 vrx Sharebased Compensation Arrangementby Sharebased Payment Award Additional Purchase Optionasa Percentageof Shares Issuedin Ipo Maximum
SharebasedCompensationArrangementbySharebasedPaymentAwardAdditionalPurchaseOptionasaPercentageofSharesIssuedinIPOMaximum
0.15
CY2015Q2 vrx Stockholders Equity Before Comprehensive Income Net Of Tax
StockholdersEquityBeforeComprehensiveIncomeNetOfTax
6878700000 USD
CY2016Q2 vrx Stockholders Equity Before Comprehensive Income Net Of Tax
StockholdersEquityBeforeComprehensiveIncomeNetOfTax
6113700000 USD
CY2016Q2 vrx Unrecognized Tax Benefits Including Interest And Penalties
UnrecognizedTaxBenefitsIncludingInterestAndPenalties
346000000 USD
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year amounts to conform with the current year presentation. Such amounts include a reclassification of </font><font style="font-family:inherit;font-size:10pt;">$22 million</font><font style="font-family:inherit;font-size:10pt;"> related to a change in income taxes payable which increased deferred income taxes and decreased accounts payable, accrued and other liabilities within changes in operating assets and liabilities within cash flow from operating activities of the Consolidated Statements of Cash Flows for the six-month period ended June 30, 2015.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valeant Pharmaceuticals International, Inc. (the "Company") is a multinational, specialty pharmaceutical and medical device company, continued under the laws of the Province of British Columbia, that develops, manufactures, and markets a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (&#8220;OTC&#8221;) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices), which are marketed directly or indirectly in over </font><font style="font-family:inherit;font-size:10pt;">100</font><font style="font-family:inherit;font-size:10pt;"> countries. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 1, 2015, the Company acquired Salix Pharmaceuticals, Ltd. ("Salix"), pursuant to an Agreement and Plan of Merger dated February 20, 2015, as amended on March 16, 2015 (the "Salix Merger Agreement"), with Salix surviving as a wholly owned subsidiary of Valeant Pharmaceuticals International ("Valeant"), a subsidiary of the Company (the "Salix Acquisition").</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information regarding the Salix Acquisition, see Note 4.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing the unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the operating results for the interim periods presented are not necessarily indicative of the results expected for the full&#160;year.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company&#8217;s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company&#8217;s results of operations and financial position could be materially impacted.</font></div></div>

Files In Submission

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