$ZBH
Zimmer Biomet Holdings Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023016663 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.870B $1.831B $1.663B
YoY Change 4.93% 10.09% 3.86%
Cost Of Revenue $525.5M $500.8M $500.0M
YoY Change 2.84% 0.16% -3.18%
Gross Profit $1.344B $1.330B $1.163B
YoY Change 5.77% 14.36% 7.21%
Gross Profit Margin 71.89% 72.65% 69.94%
Selling, General & Admin $725.8M $715.9M $684.5M
YoY Change 4.4% 4.59% -11.12%
% of Gross Profit 54.0% 53.82% 58.85%
Research & Development $118.1M $110.4M $96.90M
YoY Change 18.81% 13.93% 2.65%
% of Gross Profit 8.79% 8.3% 8.33%
Depreciation & Amortization $237.5M $231.8M $233.8M
YoY Change 2.06% -0.86% -12.99%
% of Gross Profit 17.67% 17.43% 20.1%
Operating Expenses $982.2M $826.3M $912.2M
YoY Change 23.61% -9.42% -10.57%
Operating Profit $361.9M $327.3M $198.4M
YoY Change 28.84% 64.97% -23.31%
Interest Expense -$51.60M -$48.20M -$41.10M
YoY Change 32.99% 17.27% -21.41%
% of Operating Profit -14.26% -14.73% -20.72%
Other Income/Expense, Net -$1.200M $7.700M -$56.10M
YoY Change -97.18% -113.73% -868.49%
Pretax Income $276.8M $286.8M $101.2M
YoY Change 38.75% 183.4% -54.13%
Income Tax $66.90M $54.10M $28.00M
% Of Pretax Income 24.17% 18.86% 27.67%
Net Earnings $209.5M $232.5M $14.40M
YoY Change 36.3% 1514.58% -92.73%
Net Earnings / Revenue 11.21% 12.7% 0.87%
Basic Earnings Per Share $1.00 $1.11 $0.07
Diluted Earnings Per Share $1.00 $1.11 $0.07
COMMON SHARES
Basic Shares Outstanding 208.6M 209.0M 209.2M
Diluted Shares Outstanding 209.9M 210.4M 210.1M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $319.8M $330.2M $435.8M
YoY Change -17.24% -24.23% -39.81%
Cash & Equivalents $319.8M $330.2M $435.8M
Short-Term Investments
Other Short-Term Assets $425.0M $459.5M $694.7M
YoY Change -36.73% -33.86% 80.91%
Inventory $2.276B $2.241B $2.132B
Prepaid Expenses
Receivables $1.367B $1.381B $1.254B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.388B $4.412B $4.517B
YoY Change -1.68% -2.32% -9.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.975B $1.906B $1.826B
YoY Change 9.93% 4.41% -9.69%
Goodwill $8.744B $8.735B $8.896B
YoY Change 17214.26% -1.81% -3.65%
Intangibles $5.028B $5.072B $5.392B
YoY Change -5.22% -5.93% -20.73%
Long-Term Investments
YoY Change
Other Assets $1.160B $1.119B $987.4M
YoY Change 13.74% 13.29% 1.77%
Total Long-Term Assets $16.91B $16.83B $17.10B
YoY Change -0.49% -1.57% -10.12%
TOTAL ASSETS
Total Short-Term Assets $4.388B $4.412B $4.517B
Total Long-Term Assets $16.91B $16.83B $17.10B
Total Assets $21.29B $21.24B $21.62B
YoY Change -0.74% -1.73% -10.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $354.6M $397.1M $322.0M
YoY Change 15.47% 23.32% -2.37%
Accrued Expenses $234.2M $184.5M
YoY Change 26.94% -21.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $520.0M $585.0M $1.015B
YoY Change -38.96% -42.34% 238.17%
Total Short-Term Liabilities $2.234B $2.336B $2.674B
YoY Change -9.33% -12.65% 28.01%
LONG-TERM LIABILITIES
Long-Term Debt $5.189B $5.205B $5.286B
YoY Change 0.34% -1.54% -29.88%
Other Long-Term Liabilities $1.018B $637.4M $552.5M
YoY Change 76.9% 15.37% -53.3%
Total Long-Term Liabilities $6.207B $5.842B $5.839B
YoY Change 8.0% 0.06% -22.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.234B $2.336B $2.674B
Total Long-Term Liabilities $6.207B $5.842B $5.839B
Total Liabilities $8.923B $9.086B $9.596B
YoY Change -4.34% -5.32% -17.15%
SHAREHOLDERS EQUITY
Retained Earnings $9.902B $9.742B $9.503B
YoY Change 3.08% 2.51%
Common Stock $9.769B $9.696B $9.389B
YoY Change 3.69% 3.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.122B $7.109B $6.718B
YoY Change 6.02% 5.82%
Treasury Stock Shares $106.9M $103.8M
Shareholders Equity $12.37B $12.15B $12.02B
YoY Change
Total Liabilities & Shareholders Equity $21.29B $21.24B $21.62B
YoY Change -0.74% -1.73% -10.03%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $209.5M $232.5M $14.40M
YoY Change 36.3% 1514.58% -92.73%
Depreciation, Depletion And Amortization $237.5M $231.8M $233.8M
YoY Change 2.06% -0.86% -12.99%
Cash From Operating Activities $347.9M $307.7M $237.2M
YoY Change -1.3% 29.72% -3.77%
INVESTING ACTIVITIES
Capital Expenditures $256.1M $46.70M $36.40M
YoY Change -343.67% 28.3% 41.09%
Acquisitions
YoY Change
Other Investing Activities $13.00M $14.30M $1.000M
YoY Change -109.41% 1330.0% -92.42%
Cash From Investing Activities -$243.1M -$149.4M -$88.30M
YoY Change -0.04% 69.2% -27.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -109.4M -206.7M -190.5M
YoY Change -25.07% 8.5% -2.71%
NET CHANGE
Cash From Operating Activities 347.9M 307.7M 237.2M
Cash From Investing Activities -243.1M -149.4M -88.30M
Cash From Financing Activities -109.4M -206.7M -190.5M
Net Change In Cash -4.600M -45.50M -42.70M
YoY Change -87.47% 6.56% -45.12%
FREE CASH FLOW
Cash From Operating Activities $347.9M $307.7M $237.2M
Capital Expenditures $256.1M $46.70M $36.40M
Free Cash Flow $91.80M $261.0M $200.8M
YoY Change -79.94% 29.98% -9.02%

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CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q1 us-gaap Dividends Common Stock Cash
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CY2023Q1 us-gaap Stock Issued During Period Value Acquisitions
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CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2022Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2022Q1 us-gaap Dividends Common Stock Cash
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CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Depreciation Depletion And Amortization
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CY2022Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Gain Loss On Investments
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CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2023Q1 us-gaap Increase Decrease In Receivables
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CY2022Q1 us-gaap Increase Decrease In Receivables
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CY2023Q1 us-gaap Increase Decrease In Inventories
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CY2022Q1 us-gaap Increase Decrease In Inventories
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CY2022Q1 us-gaap Increase Decrease In Other Operating Capital Net
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2023Q1 zbh Additions To Instruments
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CY2022Q1 zbh Additions To Instruments
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Payments For Proceeds From Hedge Investing Activities
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CY2022Q1 us-gaap Payments For Proceeds From Hedge Investing Activities
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CY2023Q1 us-gaap Payments To Acquire Business Two Net Of Cash Acquired
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CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2023Q1 us-gaap Proceeds From Lines Of Credit
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CY2022Q1 us-gaap Proceeds From Lines Of Credit
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CY2023Q1 us-gaap Maturities Of Senior Debt
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CY2022Q1 us-gaap Maturities Of Senior Debt
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CY2023Q1 us-gaap Repayments Of Unsecured Debt
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CY2023Q1 us-gaap Payments Of Dividends Common Stock
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CY2022Q1 us-gaap Payments Of Dividends Common Stock
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CY2023Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022Q1 zbh Proceeds From Dividend Distribution
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2022Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2023Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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CY2022Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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CY2023Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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CY2022Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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CY2022Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 zbh Percentage Of Outstanding Common Stock Distributed
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CY2022Q1 zbh Dividend Paid On Separation
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CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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CY2022Q1 zbh Discontinued Operation Amortization Of Intangible Assets
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CY2022Q1 zbh Discontinued Operation Research And Development
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CY2022Q1 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
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CY2022Q1 zbh Discontinued Operation Restructuring And Other Cost Reduction Initiatives
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CY2022Q1 zbh Acquisition Integration Divestiture And Related Discontinued Operation
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CY2022Q1 zbh Disposal Group Including Discontinued Operation Other Expense Income
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CY2022Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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CY2022Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2023Q1 us-gaap Use Of Estimates
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<p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;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;"> - 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. Actual results could differ materially from these estimates.</span></p>
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
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295200000
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q1 us-gaap Inventory Net
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2241300000
CY2022Q4 us-gaap Inventory Net
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CY2023Q1 us-gaap Property Plant And Equipment Gross
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6593900000
CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q1 us-gaap Property Plant And Equipment Net
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1906400000
CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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12900000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q4 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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CY2023Q1 zbh Long Debt Hedged By Interest Rate Swap
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CY2022Q4 zbh Long Debt Hedged By Interest Rate Swap
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Debt Instrument Face Amount
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CY2023Q1 zbh Long Term Debt Fair Value Adjustments
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CY2023Q1 us-gaap Long Term Debt Fair Value
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CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Before Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Tax
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax
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CY2022Q1 us-gaap Other Comprehensive Income Loss Tax
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CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023Q1 zbh Forward Starting Interest Rate Swap Cash Flow Hedge Remaining To Be Amortized
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CY2023Q1 zbh Percentage Of Debt Designated As Net Investment Hedges
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CY2023Q1 us-gaap Maximum Length Of Time Foreign Currency Cash Flow Hedge
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CY2023Q1 zbh Fair Value Of Outstanding Derivative Instruments Net Unrealized Gain Loss Deferred In Other Comprehensive Income
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68500000
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q1 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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CY2022Q1 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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CY2023Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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CY2023Q1 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
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CY2023Q1 zbh Amount Of Potential Additional Income Tax Expenses Related To Irs Notice Of Proposed Adjustment Subject To Interest And Penalties
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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900000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
210400000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
210100000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2000000.0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2900000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1831000000.0
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1663200000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
133400000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
130800000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
327300000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
198400000
CY2023Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
3300000
CY2022Q1 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
33200000
CY2023Q1 us-gaap Litigation Reserve
LitigationReserve
320900000
CY2022Q4 us-gaap Litigation Reserve
LitigationReserve
349200000

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zbh-20230331_cal.xml Edgar Link unprocessable
0000950170-23-016663-index-headers.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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zbh-20230331.htm Edgar Link pending
zbh-20230331.xsd Edgar Link pending
zbh-20230331_def.xml Edgar Link unprocessable
zbh-20230331_htm.xml Edgar Link completed
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zbh-20230331_lab.xml Edgar Link unprocessable
zbh-20230331_pre.xml Edgar Link unprocessable