$ZBH
Zimmer Biomet Holdings Inc

2022 Q4 Form 10-Q Financial Statement

#000095017022021220 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.825B $1.670B $1.924B
YoY Change -10.44% -13.21% -0.27%
Cost Of Revenue $520.3M $488.2M $581.5M
YoY Change -21.35% -16.04% 2.13%
Gross Profit $1.305B $1.182B $1.343B
YoY Change -5.2% -11.99% 10.93%
Gross Profit Margin 71.49% 70.76% 69.78%
Selling, General & Admin $727.1M $654.9M $802.4M
YoY Change -22.15% -18.38% 1.57%
% of Gross Profit 55.73% 55.42% 59.77%
Research & Development $108.0M $101.7M $108.9M
YoY Change -4.76% -6.61% 26.78%
% of Gross Profit 8.28% 8.61% 8.11%
Depreciation & Amortization $228.5M $231.4M $328.8M
YoY Change -14.45% -29.62% 27.15%
% of Gross Profit 17.51% 19.58% 24.49%
Operating Expenses $966.6M $756.6M $1.065B
YoY Change -19.4% -28.96% 3.84%
Operating Profit $338.2M $245.3M $214.9M
YoY Change 90.97% 14.15% -28.18%
Interest Expense -$42.60M -$42.30M -$52.60M
YoY Change -12.7% -19.58% -2.59%
% of Operating Profit -12.6% -17.24% -24.48%
Other Income/Expense, Net -$3.900M -$25.40M $300.0K
YoY Change 0.0% -8566.67% -97.17%
Pretax Income -$74.80M $177.6M $162.6M
YoY Change -46.07% 9.23% -36.43%
Income Tax $55.40M -$16.60M $7.200M
% Of Pretax Income -9.35% 4.43%
Net Earnings -$130.5M $194.0M $145.6M
YoY Change 55.36% 33.24% -39.96%
Net Earnings / Revenue -7.15% 11.62% 7.57%
Basic Earnings Per Share $0.92 $0.70
Diluted Earnings Per Share -$0.62 $0.92 $691.4K
COMMON SHARES
Basic Shares Outstanding 209.9M 209.8M 208.8M
Diluted Shares Outstanding 210.3M 210.6M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $375.7M $545.4M $919.6M
YoY Change -21.48% -40.69% -4.9%
Cash & Equivalents $375.7M $545.4M $919.6M
Short-Term Investments
Other Short-Term Assets $522.9M $581.9M $483.4M
YoY Change -13.87% 20.38% 37.33%
Inventory $2.147B $2.129B $2.517B
Prepaid Expenses
Receivables $1.382B $1.279B $1.392B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.427B $4.534B $5.312B
YoY Change -9.37% -14.64% 3.1%
LONG-TERM ASSETS
Property, Plant & Equipment $1.873B $1.802B $2.008B
YoY Change 1.95% -10.29% -1.68%
Goodwill $8.580B $8.799B $9.212B
YoY Change -3.8% -4.49% 1.92%
Intangibles $5.064B $5.137B $6.470B
YoY Change -8.49% -20.61% -5.55%
Long-Term Investments
YoY Change
Other Assets $1.122B $1.062B $1.006B
YoY Change 11.66% 5.6% 6.88%
Total Long-Term Assets $16.64B $16.80B $18.70B
YoY Change -10.41% -10.15% -0.94%
TOTAL ASSETS
Total Short-Term Assets $4.427B $4.534B $5.312B
Total Long-Term Assets $16.64B $16.80B $18.70B
Total Assets $21.07B $21.33B $24.01B
YoY Change -10.19% -11.14% -0.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $354.1M $333.9M $327.6M
YoY Change 15.53% 1.92% -2.15%
Accrued Expenses $582.3M $115.9M
YoY Change -20.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $544.3M $659.1M $1.046B
YoY Change -66.09% -36.97% 132.38%
Total Short-Term Liabilities $2.358B $2.296B $2.939B
YoY Change -32.0% -21.89% 29.69%
LONG-TERM LIABILITIES
Long-Term Debt $5.152B $5.055B $6.458B
YoY Change -5.7% -21.72% -17.63%
Other Long-Term Liabilities $632.6M $608.7M $606.7M
YoY Change 15.33% 0.33% 2.24%
Total Long-Term Liabilities $5.785B $5.664B $7.065B
YoY Change -3.78% -19.83% -16.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.358B $2.296B $2.939B
Total Long-Term Liabilities $5.785B $5.664B $7.065B
Total Liabilities $9.039B $9.082B $11.29B
YoY Change -16.23% -19.59% -7.02%
SHAREHOLDERS EQUITY
Retained Earnings $9.559B $9.740B $10.43B
YoY Change -7.12% -6.58% 6.36%
Common Stock $9.508B $9.467B $9.298B
YoY Change 2.03% 1.82% 2.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.867B $6.717B $6.718B
YoY Change 2.22% -0.01% -0.03%
Treasury Stock Shares $104.8M $103.8M $103.8M
Shareholders Equity $12.02B $12.24B $12.71B
YoY Change
Total Liabilities & Shareholders Equity $21.07B $21.33B $24.01B
YoY Change -10.19% -11.14% -0.07%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$130.5M $194.0M $145.6M
YoY Change 55.36% 33.24% -39.96%
Depreciation, Depletion And Amortization $228.5M $231.4M $328.8M
YoY Change -14.45% -29.62% 27.15%
Cash From Operating Activities $244.2M $450.8M $433.1M
YoY Change -33.22% 4.09% 13.59%
INVESTING ACTIVITIES
Capital Expenditures $129.5M -$118.8M -$148.1M
YoY Change -186.1% -19.78% 57.39%
Acquisitions
YoY Change
Other Investing Activities $17.00M $33.60M $22.90M
YoY Change 304.76% 46.72% 748.15%
Cash From Investing Activities -$112.5M -$85.20M -$125.2M
YoY Change -23.05% -31.95% 36.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -313.4M -193.9M -426.1M
YoY Change -52.21% -54.49% 900.23%
NET CHANGE
Cash From Operating Activities 244.2M 450.8M 433.1M
Cash From Investing Activities -112.5M -85.20M -125.2M
Cash From Financing Activities -313.4M -193.9M -426.1M
Net Change In Cash -181.7M 171.7M -118.2M
YoY Change -58.35% -245.26% -147.8%
FREE CASH FLOW
Cash From Operating Activities $244.2M $450.8M $433.1M
Capital Expenditures $129.5M -$118.8M -$148.1M
Free Cash Flow $114.7M $569.6M $581.2M
YoY Change -77.78% -2.0% 22.25%

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<p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;line-height:1.0589583333333332;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> - </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The accompanying unaudited condensed consolidated financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We have made our best estimates, as appropriate under GAAP, in the recognition of our assets and liabilities. These estimates have considered the impact the COVID-19 pandemic may have on our financial position, results of operations and cash flows. Such estimates included, but were not limited to, variable consideration to our customers, our allowance for doubtful accounts</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.0589583333333332;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">for </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">expected credit losses, the net realizable value of our inventory, the fair value of our goodwill and the recoverability of other long-lived assets. Actual results could differ materially from these estimates.</span></p>
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