$RMD
RESMED INC

2021 Q4 Form 10-Q Financial Statement

#000094381922000003 Filed on January 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $894.9M $800.0M
YoY Change 11.86% 8.67%
Cost Of Revenue $390.6M $337.5M
YoY Change 15.71% 9.22%
Gross Profit $504.3M $462.5M
YoY Change 9.05% 8.28%
Gross Profit Margin 56.36% 57.81%
Selling, General & Admin $185.4M $169.5M
YoY Change 9.38% -1.14%
% of Gross Profit 36.75% 36.64%
Research & Development $62.51M $54.94M
YoY Change 13.78% 10.0%
% of Gross Profit 12.39% 11.88%
Depreciation & Amortization $40.79M $40.58M
YoY Change 0.52% 3.72%
% of Gross Profit 8.09% 8.77%
Operating Expenses $255.6M $240.8M
YoY Change 6.16% 4.99%
Operating Profit $248.7M $221.7M
YoY Change 12.18% 12.09%
Interest Expense $5.948M $5.792M
YoY Change 2.69% -43.33%
% of Operating Profit 2.39% 2.61%
Other Income/Expense, Net -$11.43M -$11.12M
YoY Change 2.71% -41.63%
Pretax Income $237.3M $210.6M
YoY Change 12.68% 17.81%
Income Tax $35.54M $31.08M
% Of Pretax Income 14.98% 14.76%
Net Earnings $201.8M $179.5M
YoY Change 12.39% 11.81%
Net Earnings / Revenue 22.55% 22.44%
Basic Earnings Per Share $1.38 $1.24
Diluted Earnings Per Share $1.37 $1.23
COMMON SHARES
Basic Shares Outstanding 146.0M 145.2M
Diluted Shares Outstanding 147.0M 146.4M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.5M $255.9M
YoY Change -24.0% 25.38%
Cash & Equivalents $194.5M $255.9M
Short-Term Investments
Other Short-Term Assets $209.9M $202.0M
YoY Change 3.91% 10.5%
Inventory $592.1M $474.8M
Prepaid Expenses
Receivables $526.0M $509.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.547B $1.451B
YoY Change 6.6% 11.61%
LONG-TERM ASSETS
Property, Plant & Equipment $477.8M $459.5M
YoY Change 3.98% 12.52%
Goodwill $1.951B $1.910B
YoY Change 2.14% 2.13%
Intangibles
YoY Change
Long-Term Investments $13.85M $21.68M
YoY Change -36.1% -60.36%
Other Assets $165.5M $157.5M
YoY Change 5.11% -3.94%
Total Long-Term Assets $3.188B $3.121B
YoY Change 2.12% 2.22%
TOTAL ASSETS
Total Short-Term Assets $1.547B $1.451B
Total Long-Term Assets $3.188B $3.121B
Total Assets $4.735B $4.573B
YoY Change 3.54% 5.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $163.4M $122.2M
YoY Change 33.73% 6.86%
Accrued Expenses $286.8M $280.3M
YoY Change 2.31% 28.68%
Deferred Revenue $111.6M $105.2M
YoY Change 6.09% 13.22%
Short-Term Debt $12.00M $11.99M
YoY Change 0.1% 0.03%
Long-Term Debt Due $12.00M $12.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $621.1M $577.3M
YoY Change 7.57% 15.46%
LONG-TERM LIABILITIES
Long-Term Debt $668.0M $813.7M
YoY Change -17.91% -36.8%
Other Long-Term Liabilities $6.350M $9.481M
YoY Change -33.02% 359.8%
Total Long-Term Liabilities $967.8M $1.131B
YoY Change -14.39% -29.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $621.1M $577.3M
Total Long-Term Liabilities $967.8M $1.131B
Total Liabilities $1.589B $1.708B
YoY Change -6.97% -18.51%
SHAREHOLDERS EQUITY
Retained Earnings $3.363B $3.077B
YoY Change 9.3% 18.11%
Common Stock $1.629B $1.574B
YoY Change 3.48% 3.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.623B $1.623B
YoY Change 0.0% 0.0%
Treasury Stock Shares $41.84M $41.84M
Shareholders Equity $3.146B $2.865B
YoY Change
Total Liabilities & Shareholders Equity $4.735B $4.573B
YoY Change 3.54% 5.03%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $201.8M $179.5M
YoY Change 12.39% 11.81%
Depreciation, Depletion And Amortization $40.79M $40.58M
YoY Change 0.52% 3.72%
Cash From Operating Activities $219.9M $169.9M
YoY Change 29.42% 143.06%
INVESTING ACTIVITIES
Capital Expenditures -$39.69M -$38.10M
YoY Change 4.18% 36.56%
Acquisitions
YoY Change
Other Investing Activities -$43.62M $8.400M
YoY Change -619.25% -153.5%
Cash From Investing Activities -$83.31M -$29.70M
YoY Change 180.5% -31.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -218.0M -316.8M
YoY Change -31.2% -39700.0%
NET CHANGE
Cash From Operating Activities 219.9M 169.9M
Cash From Investing Activities -83.31M -29.70M
Cash From Financing Activities -218.0M -316.8M
Net Change In Cash -81.40M -176.6M
YoY Change -53.91% -751.66%
FREE CASH FLOW
Cash From Operating Activities $219.9M $169.9M
Capital Expenditures -$39.69M -$38.10M
Free Cash Flow $259.6M $208.0M
YoY Change 24.79% 112.68%

Facts In Submission

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ResMed Inc.
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Organization and Basis of Presentation 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. 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 fiscal year ending June 30, 2022. The condensed consolidated financial statements for the three and six months ended December 31, 2021 and December 31, 2020 are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K (our “Form 10-K”) for the year ended June 30, 2021.
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WeightedAverageNumberOfSharesOutstandingBasic
145835000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
145053000
CY2021Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1050000
CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1175000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1209000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1297000
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147040000
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146421000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147044000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146350000
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.38
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.78
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.47
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.45

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