$RMD
RESMED INC

2021 Q2 Form 10-Q Financial Statement

#000094381921000009 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $876.1M $768.8M $769.5M
YoY Change 13.74% -0.09% 16.19%
Cost Of Revenue $385.4M $321.5M $319.8M
YoY Change 20.06% 0.54% 13.7%
Gross Profit $490.7M $447.3M $449.7M
YoY Change 9.19% -0.53% 18.03%
Gross Profit Margin 56.01% 58.18% 58.44%
Selling, General & Admin $181.5M $160.4M $172.4M
YoY Change 9.72% -6.96% 4.81%
% of Gross Profit 36.98% 35.87% 38.35%
Research & Development $59.88M $55.94M $51.45M
YoY Change 14.05% 8.73% 8.06%
% of Gross Profit 12.2% 12.51% 11.44%
Depreciation & Amortization $36.76M $39.99M $39.26M
YoY Change -4.77% 1.84% -5.84%
% of Gross Profit 7.49% 8.94% 8.73%
Operating Expenses $249.1M $223.8M $232.2M
YoY Change 10.15% -3.59% 3.65%
Operating Profit $241.6M $223.4M $217.5M
YoY Change 8.21% 2.72% 38.56%
Interest Expense -$6.596M $5.823M $9.968M
YoY Change -55.73% -41.58% -19.7%
% of Operating Profit -2.73% 2.61% 4.58%
Other Income/Expense, Net $4.169M -$5.421M -$25.85M
YoY Change 9.71% -79.02% 35.68%
Pretax Income $239.2M $218.0M $191.7M
YoY Change 12.78% 13.75% 38.95%
Income Tax $44.11M $296.5M $28.52M
% Of Pretax Income 18.44% 136.0% 14.88%
Net Earnings $195.1M -$78.48M $163.1M
YoY Change 9.73% -148.11% 54.76%
Net Earnings / Revenue 22.27% -10.21% 21.2%
Basic Earnings Per Share -$0.54 $1.13
Diluted Earnings Per Share $1.331M -$0.54 $1.12
COMMON SHARES
Basic Shares Outstanding 145.5M 145.5M shares 144.6M
Diluted Shares Outstanding 145.5M shares 145.7M

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $295.3M $230.6M $352.9M
YoY Change -36.25% -34.66% 140.89%
Cash & Equivalents $295.3M $230.6M $352.9M
Short-Term Investments
Other Short-Term Assets $128.8M $213.9M $194.7M
YoY Change -19.15% 9.86% 70.19%
Inventory $457.0M $484.1M $358.8M
Prepaid Expenses
Receivables $614.3M $525.0M $554.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.575B $1.466B $1.470B
YoY Change 3.37% -0.25% 33.29%
LONG-TERM ASSETS
Property, Plant & Equipment $463.5M $455.1M $397.2M
YoY Change 11.06% 14.58% 3.85%
Goodwill $1.928B $1.926B $1.884B
YoY Change 1.99% 2.2% -2.82%
Intangibles
YoY Change
Long-Term Investments $17.15M $16.71M $50.10M
YoY Change 21.58% -66.64% 1.94%
Other Assets $160.9M $150.2M $140.6M
YoY Change 8.23% 6.88% 11.79%
Total Long-Term Assets $3.153B $3.120B $3.041B
YoY Change 2.92% 2.59% 1.5%
TOTAL ASSETS
Total Short-Term Assets $1.575B $1.466B $1.470B
Total Long-Term Assets $3.153B $3.120B $3.041B
Total Assets $4.728B $4.586B $4.511B
YoY Change 3.07% 1.67% 10.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.0M $117.2M $116.1M
YoY Change 1.64% 0.92% -6.68%
Accrued Expenses $320.6M $304.7M $235.2M
YoY Change 18.59% 29.55% 23.06%
Deferred Revenue $109.6M $105.3M $97.11M
YoY Change 11.15% 8.48% 18.01%
Short-Term Debt $12.00M $11.99M $11.99M
YoY Change 0.11% 0.03% -2.91%
Long-Term Debt Due $12.00M $12.00M $12.00M
YoY Change 0.0% 0.0% -2.44%
Total Short-Term Liabilities $911.8M $876.5M $551.5M
YoY Change 51.26% 58.93% 19.13%
LONG-TERM LIABILITIES
Long-Term Debt $643.4M $719.0M $1.365B
YoY Change -44.73% -47.32% 3.14%
Other Long-Term Liabilities $6.802M $6.067M $7.527M
YoY Change -18.51% -19.4% 770.17%
Total Long-Term Liabilities $930.7M $999.9M $1.703B
YoY Change -37.44% -41.27% 5.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $911.8M $876.5M $551.5M
Total Long-Term Liabilities $930.7M $999.9M $1.703B
Total Liabilities $1.842B $1.876B $2.254B
YoY Change -11.86% -16.75% 8.52%
SHAREHOLDERS EQUITY
Retained Earnings $3.080B $2.941B $2.712B
YoY Change 8.71% 8.47% 12.02%
Common Stock $1.622B $1.587B $1.534B
YoY Change 3.28% 3.43% 3.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.623B $1.623B $1.623B
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 41.84M shares $41.84M $41.84M
Shareholders Equity $2.886B $2.709B $2.256B
YoY Change
Total Liabilities & Shareholders Equity $4.728B $4.586B $4.511B
YoY Change 3.07% 1.67% 10.05%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $195.1M -$78.48M $163.1M
YoY Change 9.73% -148.11% 54.76%
Depreciation, Depletion And Amortization $36.76M $39.99M $39.26M
YoY Change -4.77% 1.84% -5.84%
Cash From Operating Activities $226.5M $196.3M $239.7M
YoY Change -31.42% -18.11% 71.7%
INVESTING ACTIVITIES
Capital Expenditures -$30.83M -$29.20M -$32.20M
YoY Change 46.09% -9.32% 89.41%
Acquisitions
YoY Change
Other Investing Activities -$17.24M -$29.40M -$67.50M
YoY Change -196.83% -56.44% -67.63%
Cash From Investing Activities -$48.06M -$58.60M -$99.70M
YoY Change 1313.59% -41.22% -55.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -114.0M -158.5M 18.40M
YoY Change -51.76% -961.41% -77.88%
NET CHANGE
Cash From Operating Activities 226.5M 196.3M 239.7M
Cash From Investing Activities -48.06M -58.60M -99.70M
Cash From Financing Activities -114.0M -158.5M 18.40M
Net Change In Cash 64.42M -20.80M 158.4M
YoY Change -28.81% -113.13% -6192.31%
FREE CASH FLOW
Cash From Operating Activities $226.5M $196.3M $239.7M
Capital Expenditures -$30.83M -$29.20M -$32.20M
Free Cash Flow $257.3M $225.5M $271.9M
YoY Change -26.77% -17.07% 73.63%

Facts In Submission

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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Organization and Basis of Presentation</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 5pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.00in;"><span style="white-space:pre-wrap; font-size: 5pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">ResMed Inc. (referred to herein as “we”, “us”, “our” or the “Company”) is a Delaware corporation formed in March 1994 as a holding company for the ResMed Group. Through our subsidiaries, we design, manufacture and market equipment for the diagnosis and treatment of sleep-disordered breathing and other respiratory disorders, including obstructive sleep apnea. Our manufacturing operations are located in Australia, Singapore, Malaysia, France, China and the United States. Major distribution and sales sites are located in the United States, Germany, France, the United Kingdom, Switzerland, Australia, Japan, China, Finland, Norway and Sweden. We also operate a Software as a Service (“SaaS”) business in the United States that includes out-of-hospital software platforms designed to support the professionals and caregivers who help people stay healthy in the home or care setting of their choice.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 5pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 5pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.00in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and the rules of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending June 30, 2021.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 5pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 5pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The condensed consolidated financial statements for the three and nine months ended March 31, 2021 and March 31, 2020 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended June 30, 2020.</span>
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us-gaap Impairment Of Investments
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CY2020Q1 rmd Equity Investments
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CY2021Q1 us-gaap Marketable Securities Unrealized Gain Loss Excluding Other Than Temporary Impairments
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us-gaap Marketable Securities Unrealized Gain Loss Excluding Other Than Temporary Impairments
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CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.360
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.149
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2021Q1 rmd Reduction In Income Tax Expense Benefit
ReductionInIncomeTaxExpenseBenefit
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rmd Reduction In Income Tax Expense Benefit
ReductionInIncomeTaxExpenseBenefit
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CY2020Q1 rmd Reduction In Income Tax Expense Benefit
ReductionInIncomeTaxExpenseBenefit
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rmd Reduction In Income Tax Expense Benefit
ReductionInIncomeTaxExpenseBenefit
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rmd Unrecognized Tax Benefits Income Tax Penalties And Interest Expense Net Of Tax Benefit
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CY2021Q1 us-gaap Prepaid Taxes
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CY2020Q2 us-gaap Product Warranty Accrual
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CY2019Q2 us-gaap Product Warranty Accrual
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us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
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us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
10879000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
11253000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1566000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
1650000
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2021Q1 rmd Short Term Borrowings Gross
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CY2020Q2 rmd Short Term Borrowings Gross
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CY2021Q1 us-gaap Deferred Finance Costs Current Net
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10000
CY2020Q2 us-gaap Deferred Finance Costs Current Net
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CY2021Q1 us-gaap Short Term Borrowings
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CY2021Q1 us-gaap Debt Instrument Carrying Amount
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CY2020Q2 us-gaap Short Term Borrowings
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CY2020Q2 us-gaap Debt Instrument Carrying Amount
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CY2021Q1 us-gaap Deferred Finance Costs Noncurrent Net
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CY2020Q2 us-gaap Deferred Finance Costs Noncurrent Net
DeferredFinanceCostsNoncurrentNet
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CY2021Q1 us-gaap Long Term Debt
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CY2020Q2 us-gaap Long Term Debt
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CY2021Q1 us-gaap Debt Longterm And Shortterm Combined Amount
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CY2020Q2 us-gaap Debt Longterm And Shortterm Combined Amount
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rmd Debt To Consolidated Ebitda Ratio
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3.50
CY2021Q1 us-gaap Senior Notes
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CY2021Q1 rmd Potentially Dilutive Common Shares Excluded
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200341000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
279405000
us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145513000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144638000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145217000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144112000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1042000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1177000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1378000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.92
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.08
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.91
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.05

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