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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________________________________________________________________________
FORM 10-Q
______________________________________________________________________________________________
(Mark One)
| |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2021
| |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______to _______
Commission File Number: 001-15317
______________________________________________________________________________________________
ResMed Inc.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________________________
Delaware
(State or other jurisdiction of incorporation or organization)
98-0152841
(I.R.S. Employer Identification No.)
9001 Spectrum Center Blvd.
San Diego, CA 92123
United States of America
(Address of principal executive offices, including zip code)
(858) 836-5000
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Exchange Act:
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.004 per share | | RMD | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:
| | | | | | |
Large Accelerated Filer | | x | | Accelerated Filer | | ¨ |
Non-Accelerated Filer | | ¨ | | Smaller Reporting Company | | ¨ |
Emerging Growth Company | | ¨ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
At January 24, 2022 there were 146,234,244 shares of Common Stock ($0.004 par value) outstanding. This number excludes 41,836,234 shares held by the registrant as treasury shares.
RESMED INC. AND SUBSIDIARIES
Index
Item 1. Financial Statements
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(In US$ and in thousands, except share and per share data)
| | | | | |
| | | | | |
| December 31, 2021 | | June 30, 2021 |
Assets | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | $ | 194,476 | | $ | 295,278 |
Accounts receivable, net of allowances of $28,215 and $32,138 at December 31, 2021 and June 30, 2021, respectively | | 526,036 | | | 614,292 |
Inventories (note 3) | | 592,146 | | | 457,033 |
Prepaid taxes | | 89,229 | | | 72,409 |
Prepaid expenses and other current assets | | 145,353 | | | 135,745 |
Total current assets | | 1,547,240 | | | 1,574,757 |
Non-current assets: | | | | | |
Property, plant and equipment, net (note 3) | | 477,778 | | | 463,490 |
Operating lease right-of-use assets | | 146,045 | | | 128,575 |
Goodwill (note 4) | | 1,951,459 | | | 1,927,901 |
Other intangible assets, net (note 3) | | 372,013 | | | 392,582 |
Deferred income taxes | | 74,669 | | | 79,904 |
Prepaid taxes and other non-current assets | | 165,538 | | | 160,916 |
Total non-current assets | | 3,187,502 | | | 3,153,368 |
Total assets | $ | 4,734,742 | | $ | 4,728,125 |
Liabilities and Stockholders’ Equity | | | | | |
Current liabilities: | | | | | |
Accounts payable | $ | 163,369 | | $ | 138,008 |
Accrued expenses | | 286,803 | | | 320,599 |
Operating lease liabilities, current | | 23,912 | | | 23,585 |
Deferred revenue | | 111,647 | | | 109,611 |
Income taxes payable (note 6) | | 23,333 | | | 307,963 |
Short-term debt, net (note 8) | | 12,000 | | | 12,000 |
Total current liabilities | | 621,064 | | | 911,766 |
Non-current liabilities: | | | | | |
Deferred revenue | | 94,427 | | | 91,496 |
Deferred income taxes | | 12,873 | | | 11,319 |
Operating lease liabilities, non-current | | 132,970 | | | 114,779 |
Other long-term liabilities | | 6,350 | | | 6,802 |
Long-term debt, net (note 8) | | 667,979 | | | 643,351 |
Long-term income taxes payable (note 6) | | 53,244 | | | 62,933 |
Total non-current liabilities | | 967,843 | | | 930,680 |
Total liabilities | | 1,588,907 | | | 1,842,446 |
Commitments and contingencies (note 10) | | | | | |
Stockholders’ equity: | | | | | |
Preferred stock, $0.01 par value, 2,000,000 shares authorized; none issued | | - | | | - |
Common stock, $0.004 par value, 350,000,000 shares authorized; 188,048,404 issued and 146,212,170 outstanding at December 31, 2021 and 187,484,592 issued and 145,648,358 outstanding at June 30, 2021 | | 585 | | | 583 |
Additional paid-in capital | | 1,629,031 | | | 1,622,199 |
Retained earnings | | 3,362,570 | | | 3,079,640 |
Treasury stock, at cost, 41,836,234 shares at December 31, 2021 and June 30, 2021 | | (1,623,256) | | | (1,623,256) |
Accumulated other comprehensive loss | | (223,095) | | | (193,487) |
Total stockholders’ equity | | 3,145,835 | | | 2,885,679 |
Total liabilities and stockholders’ equity | $ | 4,734,742 | | $ | 4,728,125 |
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Unaudited)
(In US$ and in thousands, except per share data)
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | Three Months Ended December 31, | | Six Months Ended December 31, |
| | 2021 | | 2020 | | 2021 | | 2020 |
Net revenue - Sleep and Respiratory Care products | | $ | 795,840 | | $ | 708,178 | | $ | 1,602,339 | | $ | 1,367,979 |
Net revenue - Software as a Service | | | 99,034 | | | 91,833 | | | 196,551 | | | 183,976 |
Net revenue | | | 894,874 | | | 800,011 | | | 1,798,890 | | | 1,551,955 |
| | | | | | | | | | | | |
Cost of sales - Sleep and Respiratory Care products | | | 343,194 | | | 293,862 | | | 692,876 | | | 562,852 |
Cost of sales - Software as a Service | | | 36,131 | | | 32,502 | | | 73,117 | | | 64,816 |
Cost of sales (exclusive of amortization shown separately below) | | | 379,325 | | | 326,364 | | | 765,993 | | | 627,668 |
| | | | | | | | | | | | |
Amortization of acquired intangible assets - Sleep and Respiratory Care products | | | 1,072 | | | 1,140 | | | 1,972 | | | 3,095 |
Amortization of acquired intangible assets - Software as a Service | | | 10,159 | | | 10,024 | | | 20,317 | | | 20,048 |
Amortization of acquired intangible assets | | | 11,231 | | | 11,164 | | | 22,289 | | | 23,143 |
Total cost of sales | | | 390,556 | | | 337,528 | | | 788,282 | | | 650,811 |
Gross profit | | | 504,318 | | | 462,483 | | | 1,010,608 | | | 901,144 |
| | | | | | | | | | | | |
Selling, general, and administrative | | | 185,362 | | | 169,470 | | | 362,082 | | | 328,459 |
Research and development | | | 62,507 | | | 54,935 | | | 122,457 | | | 109,468 |
Amortization of acquired intangible assets | | | 7,738 | | | 7,689 | | | 15,445 | | | 15,932 |
Restructuring expenses (note 11) | | | - | | | 8,673 | | | - | | | 8,673 |
Total operating expenses | | | 255,607 | | | 240,767 | | | 499,984 | | | 462,532 |
Income from operations | | | 248,711 | | | 221,716 | | | 510,624 | | | 438,612 |
Other income (loss), net: | | | | | | | | | | | | |
Interest (expense) income, net | | | (5,948) | | | (5,792) | | | (11,308) | | | (12,517) |
Loss attributable to equity method investments (note 5) | | | (1,914) | | | (2,640) | | | (3,300) | | | (4,928) |
Gain (loss) on equity investments (note 5) | | | (4,404) | | | (3,700) | | | 1,208 | | | 4,776 |
Other, net | | | 841 | | | 1,008 | | | (1,150) | | | 503 |
Total other income (loss), net | | | (11,425) | | | (11,124) | | | (14,550) | | | (12,166) |
Income before income taxes | | | 237,286 | | | 210,592 | | | 496,074 | | | 426,446 |
Income taxes | | | 35,535 | | | 31,078 | | | 90,710 | | | 68,560 |
Net income | | $ | 201,751 | | $ | 179,514 | | $ | 405,364 | | $ | 357,886 |
Basic earnings per share (note 9) | | $ | 1.38 | | $ | 1.24 | | $ | 2.78 | | $ | 2.47 |
Diluted earnings per share (note 9) | | $ | 1.37 | | $ | 1.23 | | $ | 2.76 | | $ | 2.45 |
Dividend declared per share | | $ | 0.42 | | $ | 0.39 | | $ | 0.84 | | $ | 0.78 |
Basic shares outstanding (000's) | | | 145,990 | | | 145,246 | | | 145,835 | | | 145,053 |
Diluted shares outstanding (000's) | | | 147,040 | | | 146,421 | | | 147,044 | | | 146,350 |
0
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In US$ and in thousands)
| | | | | | | | | | | | |
| | Three Months Ended December 31, | | Six Months Ended December 31, |
| | 2021 | | 2020 | | 2021 | | 2020 |
Net income | | $ | 201,751 | | $ | 179,514 | | $ | 405,364 | | $ | 357,886 |
Other comprehensive income (loss): | | | | | | | | | | | | |
Foreign currency translation (loss) gain adjustments | | | (6,092) | | | 77,040 | | | (29,608) | | | 120,831 |
Comprehensive income | | $ | 195,659 | | $ | 256,554 | | $ | 375,756 | | $ | 478,717 |
RESMED INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(In US$ and in thousands)
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Common Stock | Additional Paid-in | Treasury Stock | Retained | Accumulated Other Comprehensive | | |
| Shares | Amount | Capital | Shares | Amount | Earnings | Income (Loss) | Total |
Balance, June 30, 2021 | 187,485 | $ | 583 | $ | 1,622,199 | (41,836) | $ | (1,623,256) | $ | 3,079,640 | $ | (193,487) | $ | 2,885,679 |
Common stock issued on exercise of options | 61 | | - | | 4,354 | - | | - | | - | | - | | 4,354 |
Common stock issued on vesting of restricted stock units, net of shares withheld for tax | 1 | | - | | (195) | - | | - | | - | | - | | (195) |
Stock-based compensation costs | - | | - | | 17,303 | - | | - | | - | | - | | 17,303 |
Other comprehensive income | - | | - | | - | - | | - | | - | | (23,516) | | (23,516) |
Net income | - | | - | | - | - | | - | | 203,613 | | - | | 203,613 |
Dividends declared ($0.42 per common share) | - | | - | | - | - | | - | | (61,189) | | - | | (61,189) |
Balance, September 30, 2021 | 187,547 | $ | 583 | $ | 1,643,661 | (41,836) | $ | (1,623,256) | $ | 3,222,064 | $ | (217,003) | $ | 3,026,049 |
Common stock issued on exercise of options | 39 | | - | |
|