HILL-ROM HOLDINGS, INC. Hill-Rom Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited) (In millions, except per share data)
Three Months Ended
December 31
2020 | 2019 | ||||
Net Revenue | |||||
Product sales and service | $ | 652.5 | $ | 614.3 | |
Rental revenue | 88.6 | 70.7 | |||
Total net revenue | 741.1 | 685.0 | |||
Cost of Net Revenue | |||||
Cost of goods sold | 324.2 | 306.3 | |||
Rental expenses | 37.7 | 37.0 | |||
Total cost of net revenue (excludes acquisition-related intangible asset amortization) | 361.9 | 343.3 | |||
Research and development expenses | 34.8 | 31.5 | |||
Selling and administrative expenses | 209.0 | 196.8 | |||
Acquisition-related intangible asset amortization | 25.9 | 26.7 | |||
Special charges | 27.1 | 7.8 | |||
Operating Profit | 82.4 | 78.9 | |||
Interest expense | (17.8) | (19.4) | |||
Loss on extinguishment of debt | - | (15.6) | |||
Investment income (expense) and other, net | 7.0 | (1.3) | |||
Income Before Income Taxes | 71.6 | 42.6 | |||
Income tax expense | 12.8 | 2.8 | |||
Net Income | $ | 58.8 | $ | 39.8 | |
Net Income per Basic Common Share | $ | 0.88 | $ | 0.60 | |
Net Income per Diluted Common Share | $ | 0.88 | $ | 0.59 | |
Average Basic Common Shares Outstanding (in thousands) | 66,497 | 66,792 | |||
Average Diluted Common Shares Outstanding (in thousands) | 66,925 | 67,329 | |||
Hill-Rom Holdings, Inc. and Subsidiaries
Revenue Constant Currency (Unaudited)
(In millions)
U.S. | OUS | |||||||||||||||
Three Months Ended | Change As | Constant | Change As | Change As | Constant | |||||||||||
December 31 | ||||||||||||||||
Reported | Currency | Reported | Reported | Currency | ||||||||||||
2020 | 2019 | |||||||||||||||
Net Revenue: | ||||||||||||||||
Product sales and service | $ | 652.5 | $ | 614.3 | 6.2 % | 4.4 % | (2.8)% | 25.7 % | 19.9 % | |||||||
Rental revenue | 88.6 | 70.7 | 25.3 % | 24.3 % | 28.1 % | 6.5 % | (1.1)% | |||||||||
Total net revenue | $ | 741.1 | $ | 685.0 | 8.2 % | 6.5 % | 1.2 % | 24.8 % | 18.9 % | |||||||
Net Revenue: | ||||||||||||||||
Patient Support Systems | $ | 377.4 | $ | 344.2 | 9.6 % | 8.0 % | 0.9 % | 39.8 % | 32.7 % | |||||||
Front Line Care | 269.9 | 254.6 | 6.0 % | 5.0 % | 3.6 % | 11.6 % | 8.2 % | |||||||||
Surgical Solutions | 93.8 | 86.2 | 8.8 % | 4.4 % | (7.8)% | 21.4 % | 13.6 % | |||||||||
Total net revenue | $ | 741.1 | $ | 685.0 | 8.2 % | 6.5 % | 1.2 % | 24.8 % | 18.9 % | |||||||
OUS - Outside of the United States
Hill-Rom Holdings, Inc. and Subsidiaries
Reconciliation: Earnings Per Share (Unaudited)
(In millions, except per share data)
Three Months Ended December 31, 2020 | Three Months Ended December 31, 2019 | |||||||||||||||||||||
Income | Income | |||||||||||||||||||||
Operating | Before | Income Tax | Diluted | Operating | Before | Income Tax | ||||||||||||||||
Income | Income | Diluted EPS | ||||||||||||||||||||
Margin | Taxes | Expense | EPS | Margin | Taxes | Expense | ||||||||||||||||
GAAP Basis | 11.1 % | $ | 71.6 | $ | 12.8 | $ | 0.88 | 11.5 % | $ | 42.6 | $ | 2.8 | $ | 0.59 | ||||||||
Adjustments: | ||||||||||||||||||||||
Acquisition and integration costs and related fair value | - % | (0.1) | - | - | (1.0)% | (6.6) | 0.3 | (0.10) | ||||||||||||||
adjustments | ||||||||||||||||||||||
Acquisition-related intangible asset amortization | 3.5 % | 25.9 | 6.3 | 0.29 | 4.0 % | 26.7 | 6.4 | 0.30 | ||||||||||||||
Regulatory compliance costs | 0.5 % | 4.1 | 1.0 | 0.05 | 0.6 % | 3.9 | 0.6 | 0.05 | ||||||||||||||
Special charges | 3.7 % | 27.1 | 6.2 | 0.31 | 1.1 % | 7.8 | 1.2 | 0.10 | ||||||||||||||
Debt refinancing costs | - % | - | - | - | - % | 16.1 | 3.7 | 0.18 | ||||||||||||||
Loss on business combinations | - % | - | - | - | - % | 0.5 | 0.1 | 0.01 | ||||||||||||||
COVID-19 related costs and benefits, net | - % | (0.1) | - | - | - % | - | - | - | ||||||||||||||
Adjusted Basis | 18.8 % | $ | 128.5 | $ | 26.3 | $ | 1.53 | 16.2 % | $ | 91.0 | $ | 15.1 | $ | 1.13 | ||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||
Income | Income | |||||||||||||||||||||
Operating | Before | Income Tax | Diluted | Operating | Before | Income Tax | ||||||||||||||||
Income | Income | Diluted EPS | ||||||||||||||||||||
Margin | Taxes | Expense | EPS | Margin | Taxes | Expense | ||||||||||||||||
GAAP Basis | 11.1 % | $ | 71.6 | $ | 12.8 | $ | 0.88 | 11.5 % | $ | 42.6 | $ | 2.8 | $ | 0.59 | ||||||||
Adjustments: | ||||||||||||||||||||||
Acquisition and integration costs and related fair value | - % | (0.1) | - | - | (1.0)% | (6.6) | 0.3 | (0.10) | ||||||||||||||
adjustments | ||||||||||||||||||||||
Acquisition-related intangible asset amortization | 3.5 % | 25.9 | 6.3 | 0.29 | 4.0 % | 26.7 | 6.4 | 0.30 | ||||||||||||||
Regulatory compliance costs | 0.5 % | 4.1 | 1.0 | 0.05 | 0.6 % | 3.9 | 0.6 | 0.05 | ||||||||||||||
Special charges | 3.7 % | 27.1 | 6.2 | 0.31 | 1.1 % | 7.8 | 1.2 | 0.10 | ||||||||||||||
Debt refinancing costs | - % | - | - | - | - % | 16.1 | 3.7 | 0.18 | ||||||||||||||
Loss on business combinations | - % | - | - | - | - % | 0.5 | 0.1 | 0.01 | ||||||||||||||
COVID-19 related costs and benefits, net | - % | (0.1) | - | - | - % | - | - | - | ||||||||||||||
Adjusted Basis | 18.8 % | $ | 128.5 | $ | 26.3 | $ | 1.53 | 16.2 % | $ | 91.0 | $ | 15.1 | $ | 1.13 | ||||||||
Hill-Rom Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In millions, except share amounts)
December 31, | September 30, | ||||
2020 | 2020 | ||||
ASSETS | |||||
Current Assets | |||||
Cash and cash equivalents | $ | 294.6 | $ | 296.5 | |
Trade accounts receivable, net of allowances of $27.7 and $25.9 as of December 31, 2020 and September 30, 2020 | 598.0 | 594.9 | |||
Inventories, net of reserves | 335.9 | 352.0 | |||
Other current assets | 111.5 | 121.5 | |||
Total current assets | 1,340.0 | 1,364.9 | |||
Property, plant and equipment | 878.1 | 858.2 | |||
Less accumulated depreciation | (569.6) | (552.1) | |||
Property, plant and equipment, net | 308.5 | 306.1 | |||
Goodwill | 1,847.9 | 1,835.5 | |||
Other intangible assets and software, net | 958.6 | 976.7 | |||
Deferred income taxes | 34.7 | 32.9 | |||
Other assets | 153.8 | 155.0 | |||
Total Assets | $ | 4,643.5 | $ | 4,671.1 | |
LIABILITIES | |||||
Current Liabilities | |||||
Trade accounts payable | $ | 202.9 | $ | 236.5 | |
Short-term borrowings | 222.3 | 222.3 | |||
Accrued compensation | 97.6 | 144.9 | |||
Accrued product warranties | 30.0 | 30.8 | |||
Accrued rebates | 54.4 | 44.8 | |||
Deferred revenue | 112.3 | 110.1 | |||
Other current liabilities | 180.7 | 162.8 | |||
Total current liabilities | 900.2 | 952.2 | |||
Long-term debt | 1,643.8 | 1,655.7 | |||
Accrued pension and postretirement benefits | 94.7 | 89.3 | |||
Deferred income taxes | 108.7 | 113.0 | |||
Other long-term liabilities | 133.0 | 134.8 | |||
Total Liabilities | 2,880.4 | 2,945.0 | |||
SHAREHOLDERS' EQUITY | |||||
Capital Stock: | |||||
Preferred stock - without par value: Authorized - 1,000,000; none issued or outstanding | |||||
Common stock - without par value: Authorized - 199,000,000 | 4.4 | 4.4 | |||
Issued: 88,457,634 shares as of December 31, 2020 and September 30, 2020; Outstanding: 66,354,008 as of | |||||
December 31, 2020 and 66,640,832 as of September 30, 2020 | |||||
Additional paid-in capital | 668.5 | 667.0 | |||
Retained earnings | 2,174.1 | 2,132.2 | |||
Accumulated other comprehensive income (loss) | (143.3) | (180.2) | |||
Treasury stock, common shares at cost: 22,103,626 as of December 31, 2020 and 21,816,802 as of September 30, 2020 | (940.6) | (897.3) | |||
Total Shareholders' Equity | 1,763.1 | 1,726.1 | |||
Total Liabilities and Shareholders' Equity | $ | 4,643.5 | $ | 4,671.1 | |
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Hill-Rom Holdings Inc. published this content on 05 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2021 12:09:01 UTC.
