$ZBH
Zimmer Biomet Holdings Inc

2019 Q4 Form 10-Q Financial Statement

#000156459019040417 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $2.126B $1.892B $1.837B
YoY Change 2.64% 3.03% 1.02%
Cost Of Revenue $646.4M $535.7M $529.0M
YoY Change 21.8% 1.27% 5.61%
Gross Profit $1.396B $1.210B $1.160B
YoY Change 4.22% 4.31% 0.05%
Gross Profit Margin 65.68% 63.95% 63.16%
Selling, General & Admin $877.0M $830.1M $787.7M
YoY Change -12.18% 5.38% 10.68%
% of Gross Profit 62.82% 68.6% 67.9%
Research & Development $121.1M $114.4M $95.70M
YoY Change 19.66% 19.54% 4.93%
% of Gross Profit 8.67% 9.45% 8.25%
Depreciation & Amortization $253.9M $251.5M $260.6M
YoY Change -0.35% -3.49% -2.21%
% of Gross Profit 18.19% 20.78% 22.46%
Operating Expenses $1.146B $944.5M $95.70M
YoY Change -8.2% 886.94% -89.99%
Operating Profit $250.6M $245.8M $223.3M
YoY Change 172.98% 10.08% 5.73%
Interest Expense -$2.000M -$68.10M -$57.10M
YoY Change -98.33% 19.26% -38.54%
% of Operating Profit -0.8% -27.71% -25.57%
Other Income/Expense, Net $18.60M -$4.400M -$2.200M
YoY Change -326.83% 100.0% -4.35%
Pretax Income $289.2M $184.6M $153.6M
YoY Change -133.4% 20.18% 20.75%
Income Tax -$32.20M -$247.4M -$8.500M
% Of Pretax Income -11.13% -134.02% -5.53%
Net Earnings $320.7M $431.1M $162.2M
YoY Change -135.59% 165.78% 64.17%
Net Earnings / Revenue 15.09% 22.78% 8.83%
Basic Earnings Per Share $1.56 $2.10 $0.80
Diluted Earnings Per Share $1.54 $2.08 $0.79
COMMON SHARES
Basic Shares Outstanding 205.7M 205.3M 203.7M
Diluted Shares Outstanding 207.0M 205.4M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $618.0M $513.0M $525.0M
YoY Change 13.81% -2.29% 9.15%
Cash & Equivalents $617.9M $512.5M $524.6M
Short-Term Investments
Other Short-Term Assets $357.0M $376.0M $506.0M
YoY Change 1.42% -25.69% 58.13%
Inventory $2.385B $2.362B $2.220B
Prepaid Expenses
Receivables $1.364B $1.151B $1.263B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.724B $4.402B $4.513B
YoY Change 6.7% -2.48% 1.8%
LONG-TERM ASSETS
Property, Plant & Equipment $2.077B $2.055B $2.002B
YoY Change 3.08% 2.64% -2.26%
Goodwill $9.600B $9.545B $10.58B
YoY Change 0.06% -9.81% -2.95%
Intangibles $7.258B $7.340B $7.837B
YoY Change -5.56% -6.35% -7.41%
Long-Term Investments
YoY Change
Other Assets $980.1M $973.6M $445.3M
YoY Change 142.0% 118.64% -21.3%
Total Long-Term Assets $19.91B $19.91B $20.87B
YoY Change 1.09% -4.58% -5.07%
TOTAL ASSETS
Total Short-Term Assets $4.724B $4.402B $4.513B
Total Long-Term Assets $19.91B $19.91B $20.87B
Total Assets $24.64B $24.32B $25.38B
YoY Change 2.12% -4.2% -3.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.9M $355.2M $345.8M
YoY Change 10.56% 2.72% 5.72%
Accrued Expenses $778.1M $62.00M
YoY Change 16.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500B $2.000B $600.0M
YoY Change 185.71% 233.33% -51.02%
Total Short-Term Liabilities $3.442B $3.774B $2.391B
YoY Change 42.13% 57.82% -20.56%
LONG-TERM LIABILITIES
Long-Term Debt $6.721B $6.346B $8.597B
YoY Change -20.11% -26.19% -6.55%
Other Long-Term Liabilities $557.8M $516.8M $334.4M
YoY Change 59.37% 54.55% -61.9%
Total Long-Term Liabilities $7.279B $6.863B $8.932B
YoY Change -16.94% -23.17% -11.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.442B $3.774B $2.391B
Total Long-Term Liabilities $7.279B $6.863B $8.932B
Total Liabilities $12.25B $12.23B $13.16B
YoY Change -4.71% -7.06% -17.59%
SHAREHOLDERS EQUITY
Retained Earnings $10.43B $10.16B $10.44B
YoY Change 9.86% -2.74% 18.15%
Common Stock $8.923B $8.870B $8.665B
YoY Change 2.69% 2.36% 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.721B $6.721B $6.722B
YoY Change -0.02% -0.01% -0.04%
Treasury Stock Shares $103.9M $103.9M $103.8M
Shareholders Equity $12.39B $12.08B $12.22B
YoY Change
Total Liabilities & Shareholders Equity $24.64B $24.32B $25.38B
YoY Change 2.12% -4.2% -3.92%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $320.7M $431.1M $162.2M
YoY Change -135.59% 165.78% 64.17%
Depreciation, Depletion And Amortization $253.9M $251.5M $260.6M
YoY Change -0.35% -3.49% -2.21%
Cash From Operating Activities $423.3M $577.9M $484.1M
YoY Change 11.54% 19.38% 4.44%
INVESTING ACTIVITIES
Capital Expenditures -$128.2M -$153.3M -$139.1M
YoY Change 6.74% 10.21% 16.79%
Acquisitions
YoY Change
Other Investing Activities -$9.800M -$10.30M $200.0K
YoY Change -125.99% -5250.0% -114.29%
Cash From Investing Activities -$138.0M -$163.6M -$138.9M
YoY Change 67.48% 17.78% 15.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -182.7M -298.4M -297.7M
YoY Change -33.68% 0.24% -7.17%
NET CHANGE
Cash From Operating Activities 423.3M 577.9M 484.1M
Cash From Investing Activities -138.0M -163.6M -138.9M
Cash From Financing Activities -182.7M -298.4M -297.7M
Net Change In Cash 102.6M 115.9M 47.50M
YoY Change 375.0% 144.0% 113.0%
FREE CASH FLOW
Cash From Operating Activities $423.3M $577.9M $484.1M
Capital Expenditures -$128.2M -$153.3M -$139.1M
Free Cash Flow $551.5M $731.2M $623.2M
YoY Change 10.39% 17.33% 6.97%

Facts In Submission

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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-4000000.0
CY2018Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-1300000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q3 us-gaap Deferred Gain Loss On Discontinuation Of Interest Rate Fair Value Hedge
DeferredGainLossOnDiscontinuationOfInterestRateFairValueHedge
8400000
CY2019Q3 zbh Forward Starting Interest Rate Swap Cash Flow Hedge Remaining To Be Amortized
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26600000
zbh Percentage Of Debt Designated As Net Investment Hedges
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1
us-gaap Maximum Length Of Time Foreign Currency Cash Flow Hedge
MaximumLengthOfTimeForeignCurrencyCashFlowHedge
P30M
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41700000
CY2019Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-4200000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2300000
CY2018Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-10200000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-39200000
CY2019Q3 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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124200000
CY2018Q3 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
2100000
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
147800000
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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66700000
CY2019Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
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140000000
CY2019Q3 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
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170000000
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.314
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.055
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2018Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
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us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
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CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1836700000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
245800000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
7
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1892400000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1500000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1600000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
206300000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
204900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1800000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
223300000
us-gaap Operating Income Loss
OperatingIncomeLoss
800700000
us-gaap Operating Income Loss
OperatingIncomeLoss
824300000
CY2019Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
19500000
CY2019Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
2300000

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