2024 Q3 Form 10-Q Financial Statement

#000088559024000029 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.510B $2.403B
YoY Change 12.15% 10.89%
Cost Of Revenue $719.0M
YoY Change 10.79%
Gross Profit $1.684B
YoY Change 10.94%
Gross Profit Margin 70.08%
Selling, General & Admin $850.0M $832.0M
YoY Change 18.88% 17.02%
% of Gross Profit 49.41%
Research & Development $146.0M $156.0M
YoY Change -4.58% 0.0%
% of Gross Profit 9.26%
Depreciation & Amortization $318.0M
YoY Change 0.95%
% of Gross Profit 18.88%
Operating Expenses $996.0M $988.0M
YoY Change 14.75% 13.96%
Operating Profit $318.0M $389.0M
YoY Change 2171.43% -5.58%
Interest Expense -$353.0M
YoY Change 6.01%
% of Operating Profit -90.75%
Other Income/Expense, Net -$225.0M -$20.00M
YoY Change 275.0% -124.1%
Pretax Income -$21.00M $48.00M
YoY Change -93.56% -39.24%
Income Tax $71.00M $49.00M
% Of Pretax Income 102.08%
Net Earnings -$85.00M $10.00M
YoY Change -77.51% -61.54%
Net Earnings / Revenue -3.39% 0.42%
Basic Earnings Per Share -$0.23 $0.03
Diluted Earnings Per Share -$0.23 $0.03
COMMON SHARES
Basic Shares Outstanding 367.1M shares 366.8M shares
Diluted Shares Outstanding 368.4M shares 370.2M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $595.0M
YoY Change 2.76%
Cash & Equivalents $719.0M $595.0M
Short-Term Investments
Other Short-Term Assets $902.0M
YoY Change 0.33%
Inventory $1.655B $1.612B
Prepaid Expenses
Receivables $2.102B
Other Receivables $0.00
Total Short-Term Assets $5.351B $5.211B
YoY Change 6.0% 16.81%
LONG-TERM ASSETS
Property, Plant & Equipment $1.789B $1.738B
YoY Change 12.94% 8.69%
Goodwill $11.17B $11.13B
YoY Change -0.14% -4.31%
Intangibles $5.652B $5.903B
YoY Change -15.99% 11.4%
Long-Term Investments
YoY Change
Other Assets $389.0M $329.0M
YoY Change 18.6% 1.23%
Total Long-Term Assets $21.19B $21.28B
YoY Change -3.76% 1.15%
TOTAL ASSETS
Total Short-Term Assets $5.351B $5.211B
Total Long-Term Assets $21.19B $21.28B
Total Assets $26.54B $26.50B
YoY Change -1.94% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $667.0M $579.0M
YoY Change 17.22% 12.43%
Accrued Expenses $3.386B $3.338B
YoY Change 8.56% 10.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $453.0M $452.0M
YoY Change -15.49% 1.8%
Total Short-Term Liabilities $4.506B $4.369B
YoY Change 6.68% 10.13%
LONG-TERM LIABILITIES
Long-Term Debt $21.05B $21.21B
YoY Change -3.84% 5.47%
Other Long-Term Liabilities $805.0M $745.0M
YoY Change 11.65% 0.0%
Total Long-Term Liabilities $21.86B $21.95B
YoY Change -3.34% 5.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.506B $4.369B
Total Long-Term Liabilities $21.86B $21.95B
Total Liabilities $26.78B $26.72B
YoY Change -1.89% 5.91%
SHAREHOLDERS EQUITY
Retained Earnings -$9.917B -$9.832B
YoY Change 1.83% 5.03%
Common Stock $10.69B $10.66B
YoY Change 0.75% 0.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.174B -$1.175B
YoY Change
Total Liabilities & Shareholders Equity $26.54B $26.50B
YoY Change -1.94% 3.89%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$85.00M $10.00M
YoY Change -77.51% -61.54%
Depreciation, Depletion And Amortization $318.0M
YoY Change 0.95%
Cash From Operating Activities $380.0M
YoY Change 84.47%
INVESTING ACTIVITIES
Capital Expenditures $79.00M
YoY Change 154.84%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$79.00M
YoY Change 163.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -424.0M
YoY Change 253.33%
NET CHANGE
Cash From Operating Activities 380.0M
Cash From Investing Activities -79.00M
Cash From Financing Activities -424.0M
Net Change In Cash -123.0M
YoY Change -319.64%
FREE CASH FLOW
Cash From Operating Activities $380.0M
Capital Expenditures $79.00M
Free Cash Flow $301.0M
YoY Change 72.0%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">DESCRIPTION OF BUSINESS </span><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Bausch Health Companies Inc. (the “Company” or “Bausch Health”) is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of gastroenterology (“GI”), hepatology, neurology and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (“OTC”) products and aesthetic medical devices, and, through its approximately 88% ownership of Bausch + Lomb Corporation (“Bausch + Lomb” or “B+L”), branded, and branded generic pharmaceuticals, OTC products and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment) in the therapeutic areas of eye health. The Company’s products are marketed directly or indirectly in approximately 90 countries.</span></div>
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<div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In preparing the unaudited Condensed Consolidated Financial Statements, management is required to make estimates and assumptions. The estimates and assumptions used by the Company affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates and the differences could be material. </span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
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