2019 Q4 Form 10-Q Financial Statement

#000088559019000037 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $2.224B $2.209B $2.136B
YoY Change 4.86% 3.42% -3.74%
Cost Of Revenue $635.0M $584.0M $582.0M
YoY Change 5.48% 0.34% -10.46%
Gross Profit $1.589B $1.625B $1.554B
YoY Change 4.61% 4.57% -0.96%
Gross Profit Margin 71.45% 73.56% 72.75%
Selling, General & Admin $668.0M $648.0M $614.0M
YoY Change 6.71% 5.54% -1.44%
% of Gross Profit 42.04% 39.88% 39.51%
Research & Development $114.0M $123.0M $107.0M
YoY Change -5.0% 14.95% 32.1%
% of Gross Profit 7.17% 7.57% 6.89%
Depreciation & Amortization $492.0M $520.0M $703.0M
YoY Change -9.89% -26.03% 0.72%
% of Gross Profit 30.96% 32.0% 45.24%
Operating Expenses $1.217B $771.0M $721.0M
YoY Change -2.48% 6.93% 2.41%
Operating Profit -$1.076B $329.0M $117.0M
YoY Change -4404.0% 181.2% 207.89%
Interest Expense -$392.0M -$395.0M -$417.0M
YoY Change -3.69% -5.28% -4.58%
% of Operating Profit -120.06% -356.41%
Other Income/Expense, Net -$10.00M $15.00M
YoY Change -166.67% -95.38%
Pretax Income -$1.470B -$66.00M -$300.0M
YoY Change 245.07% -78.0% -25.0%
Income Tax $47.00M -$18.00M $51.00M
% Of Pretax Income
Net Earnings -$1.516B -$48.00M -$351.0M
YoY Change 340.7% -86.32% -127.0%
Net Earnings / Revenue -68.17% -2.17% -16.43%
Basic Earnings Per Share -$0.14 -$1.00
Diluted Earnings Per Share -$4.298M -$0.14 -$1.00
COMMON SHARES
Basic Shares Outstanding 352.4M shares 352.4M shares 351.5M shares
Diluted Shares Outstanding 352.4M shares 351.5M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.243B $825.0M $973.0M
YoY Change 349.79% -15.21% 0.93%
Cash & Equivalents $3.243B $825.0M $973.0M
Short-Term Investments
Other Short-Term Assets $780.0M $633.0M $757.0M
YoY Change 12.88% -16.38% -54.94%
Inventory $1.107B $1.100B $971.0M
Prepaid Expenses
Receivables $1.839B $1.747B $2.041B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.969B $4.305B $4.742B
YoY Change 65.5% -9.22% -20.22%
LONG-TERM ASSETS
Property, Plant & Equipment $1.466B $1.390B $1.341B
YoY Change 8.35% 3.65% -4.08%
Goodwill $13.13B $13.05B $13.29B
YoY Change -0.12% -1.79% -14.66%
Intangibles $10.20B $10.65B $12.66B
YoY Change -15.0% -15.84% -21.02%
Long-Term Investments
YoY Change
Other Assets $411.0M $402.0M $108.0M
YoY Change 277.06% 272.22% -28.95%
Total Long-Term Assets $26.89B $27.36B $29.04B
YoY Change -4.9% -5.76% -14.68%
TOTAL ASSETS
Total Short-Term Assets $6.969B $4.305B $4.742B
Total Long-Term Assets $26.89B $27.36B $29.04B
Total Assets $33.86B $31.67B $33.78B
YoY Change 4.22% -6.25% -15.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $503.0M $437.0M $440.0M
YoY Change 22.38% -0.68% 8.11%
Accrued Expenses $4.511B $3.198B $3.424B
YoY Change 41.1% -6.6% 0.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.234B $100.0M $298.0M
YoY Change 441.23% -66.44% -67.78%
Total Short-Term Liabilities $6.248B $3.735B $4.162B
YoY Change 62.88% -10.26% -11.97%
LONG-TERM LIABILITIES
Long-Term Debt $24.66B $23.47B $24.43B
YoY Change 2.43% -3.96% -6.8%
Other Long-Term Liabilities $851.0M $760.0M $532.0M
YoY Change 46.47% 42.86% 421.57%
Total Long-Term Liabilities $25.51B $24.23B $24.97B
YoY Change 3.46% -2.96% -5.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.248B $3.735B $4.162B
Total Long-Term Liabilities $25.51B $24.23B $24.97B
Total Liabilities $32.73B $29.11B $30.54B
YoY Change 10.28% -4.69% -11.61%
SHAREHOLDERS EQUITY
Retained Earnings -$7.452B -$5.936B -$5.320B
YoY Change 31.57% 11.58% 64.25%
Common Stock $10.60B $10.57B $10.53B
YoY Change 0.64% 0.46% 0.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.063B $2.482B $3.153B
YoY Change
Total Liabilities & Shareholders Equity $33.86B $31.67B $33.78B
YoY Change 4.22% -6.25% -15.5%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$1.516B -$48.00M -$351.0M
YoY Change 340.7% -86.32% -127.0%
Depreciation, Depletion And Amortization $492.0M $520.0M $703.0M
YoY Change -9.89% -26.03% 0.72%
Cash From Operating Activities $234.0M $515.0M $522.0M
YoY Change -26.65% -1.34% 6.53%
INVESTING ACTIVITIES
Capital Expenditures -$85.00M -$83.00M -$27.00M
YoY Change 32.81% 207.41% -43.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00M $32.00M
YoY Change -100.0% -68.75% -96.51%
Cash From Investing Activities -$85.00M -$73.00M $5.000M
YoY Change 37.1% -1560.0% -99.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.255B -474.0M -386.0M
YoY Change -549.2% 22.8% -73.01%
NET CHANGE
Cash From Operating Activities $234.0M $515.0M $522.0M
Cash From Investing Activities -85.00M -73.00M 5.000M
Cash From Financing Activities 2.255B -474.0M -386.0M
Net Change In Cash $234.0M $515.0M $522.0M
YoY Change -26.65% -1.34% 6.53%
FREE CASH FLOW
Cash From Operating Activities $234.0M $515.0M $522.0M
Capital Expenditures -$85.00M -$83.00M -$27.00M
Free Cash Flow $319.0M $598.0M $549.0M
YoY Change -16.71% 8.93% 2.04%

Facts In Submission

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us-gaap Goodwill Impairment Loss
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us-gaap Nature Of Operations
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<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Bausch Health Companies Inc. (the “Company”) is a pharmaceutical and medical device company that develops, manufactures, and markets, primarily in the therapeutic areas of eye-health, gastroenterology ("GI") and dermatology, a broad range of: (i) branded pharmaceuticals, (ii) generic and branded generic pharmaceuticals, (iii) over-the-counter (“OTC”) products and (iv) medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices), which are marketed directly or indirectly in approximately </span><span style="font-family:inherit;font-size:10pt;"><span>100</span></span><span style="font-family:inherit;font-size:10pt;"> countries.</span></div>
CY2019Q3 us-gaap Number Of Countries In Which Entity Operates
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><span 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. </span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><span 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’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’s results of operations and financial position could be materially impacted.</span></div>
us-gaap Payments For Proceeds From Hedge Investing Activities
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