CooperCompanies (NYSE: COO) today announced financial results for
the fiscal second quarter ended April 30, 2020.
- Revenue decreased 20% year-over-year to $524.9 million.
CooperVision (CVI) revenue down 17% to $402.2 million, and
CooperSurgical (CSI) revenue down 28% to $122.7 million.
- GAAP diluted earnings per share $0.23, down $2.22 or 91% from
last year's second quarter.
- Non-GAAP diluted earnings per share $1.51, down $1.43 or 48%
from last year's second quarter. See "Reconciliation of GAAP
Results to Non-GAAP Results" below.
Commenting on the results, Albert White, Cooper’s president and
chief executive officer said, "The COVID-19 pandemic created
unprecedented challenges and I’m extremely proud of our more than
12,000 employees and their level of commitment and dedication to
our business, their communities and their families during this
time. They’ve enabled us to keep our businesses running
strong so we can continue supporting our customers and partners
around the world. Because of them, we are well positioned to
come out of this a stronger and more dynamic company."
Second Quarter Operating Results
- Revenue $524.9 million, down 20% from last year’s second
quarter, down 18% in constant currency.
- Gross margin 62% compared with 66% in last year’s second
quarter. On a non-GAAP basis, gross margin was 66%, down from
67% last year driven by sales and product mix.
- Operating margin 5% compared with 22% in last year’s second
quarter. On a non-GAAP basis, operating margin was 17%, down from
27% last year driven by the decline in gross margins combined with
heightened operating expenses as a percent of sales.
- Interest expense $12.8 million compared with $18.5 million in
last year's second quarter. On a non-GAAP basis, interest
expense was $8.8 million compared with $18.5 million last year
driven by lower interest rates.
- Total debt outstanding at the end of the quarter was $1,899.3
million with quarter-end cash and cash equivalents of $79.8
million. Adjusted leverage ratio (net debt over adjusted EBITDA) of
2.18x.
- Cash provided by operations $25.8 million offset by capital
expenditures $89.3 million resulted in negative free cash flow of
$63.5 million.
Second Quarter CooperVision (CVI) Operating
Results
- Revenue $402.2 million, down 17% from last year’s second
quarter, down 15% in constant currency.
- Revenue by category:
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
2Q20 |
|
2Q20 |
|
y/y |
|
y/y |
|
Toric |
$ |
133.6 |
|
|
33% |
|
(14)% |
|
(13)% |
|
Multifocal |
45.1 |
|
|
11% |
|
(9)% |
|
(7)% |
|
Single-use sphere |
116.1 |
|
|
29% |
|
(14)% |
|
(13)% |
|
Non single-use sphere, other |
107.4 |
|
|
27% |
|
(25)% |
|
(24)% |
|
Total |
$ |
402.2 |
|
|
100% |
|
(17)% |
|
(15)% |
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CVI Revenue |
|
%chg |
|
%chg |
|
|
2Q20 |
|
2Q20 |
|
y/y |
|
y/y |
|
Americas |
$ |
149.6 |
|
|
38% |
|
(23)% |
|
(22)% |
|
EMEA |
154.1 |
|
|
38% |
|
(15)% |
|
(11)% |
|
Asia Pacific |
98.5 |
|
|
24% |
|
(10)% |
|
(10)% |
|
Total |
$ |
402.2 |
|
|
100% |
|
(17)% |
|
(15)% |
- Gross margin 62% compared with 66% in last year’s second
quarter. On a non-GAAP basis, gross margin was 66%, compared
with 66% last year.
Second Quarter CooperSurgical (CSI) Operating
Results
- Revenue $122.7 million, down 28% from last year's second
quarter, down 27% in constant currency.
- Revenue by category:
|
|
|
|
|
|
|
|
Constant Currency |
|
|
(In millions) |
|
% of CSI Revenue |
|
%chg |
|
%chg |
|
|
2Q20 |
|
2Q20 |
|
y/y |
|
y/y |
|
Office and surgical products |
$ |
69.6 |
|
|
57% |
|
(34)% |
|
(34)% |
|
Fertility |
53.1 |
|
|
43% |
|
(17)% |
|
(15)% |
|
Total |
$ |
122.7 |
|
|
100% |
|
(28)% |
|
(27)% |
- Gross margin 61% compared with 67% in last year’s second
quarter. On a non-GAAP basis, gross margin was 65%, down from
70% last year driven by sales and product mix.
Other
- In fiscal Q2 2020, the company repurchased $47.8 million of
common stock, roughly 160.8 thousand shares, under the existing
share repurchase program at an average share price of
$296.88. The program has $359.7 million of remaining
availability and no expiration date.
Fiscal Year 2020 GuidanceGiven the uncertainty
on near-term financial results caused by the COVID-19 pandemic, the
company is no longer providing fiscal year 2020 guidance.
Reconciliation of GAAP Results to Non-GAAP
ResultsTo supplement our financial results presented on a
GAAP basis, we use non-GAAP measures that we believe are helpful in
understanding our results. The non-GAAP measures exclude costs
which we generally would not have otherwise incurred in the periods
presented as a part of our continuing operations. Our
non-GAAP financial results are not meant to be considered in
isolation or as a substitute for comparable GAAP measures and
should be read only in conjunction with our consolidated financial
statements prepared in accordance with GAAP. Management uses
supplemental non-GAAP financial measures internally to understand,
manage and evaluate our business and make operating
decisions. These non-GAAP measures are among the factors
management uses in planning and forecasting for future
periods. We believe it is useful for investors to understand
the effects of these items on our consolidated operating
results. Our non-GAAP financial measures may include the
following adjustments, and as appropriate, the related income tax
effects and changes in income attributable to noncontrolling
interests:
- We exclude the effect of amortization and impairment of
intangible assets from our non-GAAP financial results.
Amortization of intangible assets will recur in future periods;
however, the amounts are affected by the timing and size of our
acquisitions. Impairment of intangible assets is a
non-recurring cost.
- We exclude the effect of acquisition and integration expenses
and the effect of restructuring expenses from our non-GAAP
financial results. Such expenses generally diminish over time
with respect to past acquisitions; however, we generally will incur
similar expenses in connection with any future acquisitions. We
incurred significant expenses in connection with our acquisitions
and also incurred certain other operating expenses or income, which
we generally would not have otherwise incurred in the periods
presented as a part of our continuing operations. Acquisition and
integration expenses include direct effects of acquisition
accounting, such as inventory fair value step-up and items such as
personnel costs for transitional employees, other acquired employee
related costs and integration related professional services.
Restructuring expenses include items such as employee severance,
product rationalization, facility and other exit costs.
- We exclude other exceptional or unusual charges or expenses and
gains or income. These can be variable and difficult to
predict, such as certain litigation expenses and product
transition costs, and are not what we consider as typical of our
continuing operations. Investors should consider non-GAAP financial
measures in addition to, and not as replacements for, or superior
to, measures of financial performance prepared in accordance with
GAAP.
- We report revenue growth using the non-GAAP financial measure
of constant currency so that revenue results may be evaluated
excluding the effect of foreign currency rate fluctuations. To
present this information, current period revenue for entities
reporting in currencies other than the United States dollar are
converted into United States dollars at the average foreign
exchange rates for the corresponding period in the prior year.
- We define the non-GAAP measure of free cash flow as cash
provided by operating activities less capital expenditures.
We believe free cash flow is useful for investors as an additional
measure of liquidity because it represents cash that is available
to grow the business, make strategic acquisitions, repay debt,
buyback common stock or to fund the dividend. Management uses
free cash flow internally to understand, manage, make operating
decisions and evaluate our business. In addition, we use free
cash flow to help plan and forecast future periods.
- We exclude unrealized and realized gains and losses on our
minority investments as we do not believe that these components of
income or expense have a direct correlation to our ongoing or
future business operations.
THE COOPER COMPANIES, INC. AND SUBSIDIARIES Reconciliation
of Selected GAAP Results to Non-GAAP Results (In millions, except
per share amounts) (Unaudited) |
|
|
Three Months Ended April 30, |
|
|
2020 |
|
|
|
2020 |
|
2019 |
|
|
|
2019 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
201.4 |
|
|
$ |
(22.1 |
) |
A |
$ |
179.3 |
|
|
$ |
221.7 |
|
|
$ |
(7.6 |
) |
A |
$ |
214.1 |
|
Operating
expense excluding amortization and gain on sale of an
intangible |
|
$ |
261.0 |
|
|
$ |
(6.7 |
) |
B |
$ |
254.3 |
|
|
$ |
267.8 |
|
|
$ |
(5.1 |
) |
B |
$ |
262.7 |
|
Amortization of intangibles |
|
$ |
33.9 |
|
|
$ |
(33.9 |
) |
C |
$ |
— |
|
|
$ |
36.9 |
|
|
$ |
(36.9 |
) |
C |
$ |
— |
|
Gain on
sale of an intangible |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(19.0 |
) |
|
$ |
19.0 |
|
D |
$ |
— |
|
Interest
expense |
|
$ |
12.8 |
|
|
$ |
(4.0 |
) |
E |
$ |
8.8 |
|
|
$ |
18.5 |
|
|
$ |
— |
|
|
$ |
18.5 |
|
Other
expense, net |
|
$ |
6.8 |
|
|
$ |
(4.3 |
) |
F |
$ |
2.5 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
0.3 |
|
(Benefit)
provision for income taxes |
|
$ |
(2.5 |
) |
|
$ |
7.5 |
|
G |
$ |
5.0 |
|
|
$ |
5.7 |
|
|
$ |
6.3 |
|
G |
$ |
12.0 |
|
Diluted
earnings per share |
|
$ |
0.23 |
|
|
$ |
1.28 |
|
|
$ |
1.51 |
|
|
$ |
2.45 |
|
|
$ |
0.49 |
|
|
$ |
2.94 |
|
Weighted average diluted shares used |
|
|
49.6 |
|
|
|
|
|
|
|
49.6 |
|
|
|
50.0 |
|
|
|
|
|
|
|
50.0 |
|
A |
Fiscal 2020 GAAP cost of sales includes $22.1 million primarily
related to COVID-19 and other manufacturing related costs,
resulting in fiscal 2020 GAAP gross margin of 62% as compared to
fiscal 2020 non-GAAP gross margin of 66%. Fiscal 2019 GAAP cost of
sales includes $7.6 million of costs primarily related to
acquisitions, integration and other manufacturing related costs,
resulting in fiscal 2019 GAAP gross margin of 66% as compared to
fiscal 2019 non-GAAP gross margins of 67%. |
B |
Fiscal 2020 GAAP operating
expense comprised of $6.7 million primarily related to
CooperSurgical's integration activities and European Medical
Devices Regulation (MDR) implementation costs. Fiscal 2019 GAAP
operating expense comprised of $5.1 million primarily related to
integration activities in CooperSurgical and CooperVision. |
C |
Amortization expense was $33.9
million and $36.9 million for the fiscal 2020 and 2019 periods,
respectively. |
D |
Fiscal 2019 gain on sale of an
intangible asset relates to a gain recognized in CooperSurgical on
the sale of an exclusive distribution right of Filshie Clip System.
Items A, B, C and D resulted in fiscal 2020 GAAP operating margin
of 5% as compared to fiscal 2020 non-GAAP operating margin of 17%,
and fiscal 2019 GAAP operating margin of 22% as compared to fiscal
2019 non-GAAP operating margin of 27%. |
E |
Fiscal 2020 interest expense
includes $4.0 million pertaining to the write-off of debt issuance
costs related to the repayment and refinancing of the 2016
revolving credit facility and 2017 Term Loan. |
F |
Fiscal 2020 other expense, net
includes $4.3 million of expenses on certain minority
investments. |
G |
Fiscal 2020 and 2019 amounts
represent the net change in the (benefit) provision for income
taxes that arise from the impact of the above adjustments. |
THE COOPER COMPANIES, INC. AND SUBSIDIARIES Reconciliation
of Selected GAAP Results to Non-GAAP Results (In millions, except
per share amounts) (Unaudited) |
|
|
Six Months Ended April 30, |
|
|
2020 |
|
|
|
2020 |
|
2019 |
|
|
|
2019 |
|
|
GAAP |
|
Adjustment |
|
Non-GAAP |
|
GAAP |
|
Adjustment |
|
Non-GAAP |
Cost of sales |
|
$ |
421.1 |
|
|
$ |
(30.6 |
) |
A |
$ |
390.5 |
|
|
$ |
431.3 |
|
|
$ |
(13.0 |
) |
A |
$ |
418.3 |
|
Operating
expense excluding amortization and gain on sale of an
intangible |
|
$ |
541.5 |
|
|
$ |
(14.3 |
) |
B |
$ |
527.2 |
|
|
$ |
538.8 |
|
|
$ |
(17.0 |
) |
B |
$ |
521.8 |
|
Amortization of intangibles |
|
$ |
68.8 |
|
|
$ |
(68.8 |
) |
C |
$ |
— |
|
|
$ |
73.5 |
|
|
$ |
(73.5 |
) |
C |
$ |
— |
|
Gain on
sale of an intangible |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(19.0 |
) |
|
$ |
19.0 |
|
D |
$ |
— |
|
Interest
expense |
|
$ |
24.4 |
|
|
$ |
(4.0 |
) |
E |
$ |
20.4 |
|
|
$ |
36.6 |
|
|
$ |
— |
|
|
$ |
36.6 |
|
Other
expense (income), net |
|
$ |
8.9 |
|
|
$ |
(4.3 |
) |
F |
$ |
4.6 |
|
|
$ |
(0.7 |
) |
|
$ |
— |
|
|
$ |
(0.7 |
) |
Provision
(benefit) for income taxes |
|
$ |
4.4 |
|
|
$ |
15.1 |
|
G |
$ |
19.5 |
|
|
$ |
(3.6 |
) |
|
$ |
19.4 |
|
G |
$ |
15.8 |
|
Diluted
earnings per share |
|
$ |
2.05 |
|
|
$ |
2.15 |
|
|
$ |
4.20 |
|
|
$ |
4.52 |
|
|
$ |
1.30 |
|
|
$ |
5.82 |
|
Weighted average diluted shares used |
|
|
49.7 |
|
|
|
|
|
|
|
49.7 |
|
|
|
49.9 |
|
|
|
|
|
|
|
49.9 |
|
A |
Fiscal 2020 GAAP cost of sales includes $30.6 million primarily
related to COVID-19 and other manufacturing related costs,
resulting in fiscal 2020 GAAP gross margin of 64% as compared to
fiscal 2020 non-GAAP gross margin of 67%. Fiscal 2019 GAAP cost of
sales includes $13.0 million of costs primarily related to
acquisitions, integration and other manufacturing related costs,
resulting in fiscal 2019 GAAP gross margin of 66%, as compared to
fiscal 2019 non-GAAP gross margin of 67%. |
B |
Fiscal 2020 GAAP operating expense comprised of $14.3 million
primarily related to CooperSurgical's integration activities and
European Medical Devices Regulation (MDR) implementation costs.
Fiscal 2019 GAAP operating expense comprised of $17.0 million in
charges primarily related to acquisition and integration activities
in CooperSurgical and CooperVision. |
C |
Amortization expense was $68.8 million and $73.5 million for the
fiscal 2020 and 2019 periods, respectively. |
D |
Fiscal 2019 gain on sale of an intangible asset relates to a gain
recognized in CooperSurgical on the sale of an exclusive
distribution right of Filshie Clip System. Items A, B, C and D
resulted in fiscal 2020 GAAP operating margin of 12% as compared to
fiscal 2020 non-GAAP operating margin of 22%, and fiscal 2019 GAAP
operating margin of 20% as compared to fiscal 2019 non-GAAP
operating margin of 27%. |
E |
Fiscal 2020 interest expense includes $4.0 million pertaining to
the write-off of debt issuance costs related to the repayment and
refinancing of the 2016 revolving credit facility and 2017 Term
Loan. |
F |
Fiscal 2020 other expense, net includes $4.3 million of expenses on
certain minority investments. |
G |
Fiscal 2020 and 2019 amounts represent the net change in the
provision (benefit) for income taxes that arise from the impact of
the above adjustments. |
Conference Call and WebcastThe Company will
host a conference call today at 5:00 PM ET to discuss its fiscal
second quarter 2020 results and current corporate
developments. The live dial-in number for the call is 855-643-4430
(U.S.) / 707-294-1332 (International). The participant passcode for
the call is “Cooper”. A simultaneous webcast of the call will be
available through the "Investor Relations" section of the
CooperCompanies website at http://investor.coopercos.com and a
transcript of the call will be archived on this site for a minimum
of 12 months. A recording of the call will be available
beginning at 8:00 PM ET on June 4, 2020 through June 11, 2020. To
hear this recording, dial 855-859-2056 (U.S.) / 404-537-3406
(International) and enter code 7638545.
About
CooperCompaniesCooperCompanies ("Cooper") is a global
medical device company publicly traded on the NYSE (NYSE:COO).
Cooper operates through two business units, CooperVision and
CooperSurgical. CooperVision brings a refreshing perspective on
vision care with a commitment to developing a wide range of
high-quality products for contact lens wearers and providing
focused practitioner support. CooperSurgical is committed to
advancing the health of women, babies and families with its
diversified portfolio of products and services focusing on medical
devices and fertility & genomics. Headquartered in San Ramon,
Calif., Cooper has a workforce of more than 12,000 with products
sold in over 100 countries. For more information, please
visit www.coopercos.com.
Forward-Looking StatementsThis earnings release
contains "forward-looking statements" as defined by the Private
Securities Litigation Reform Act of 1995. Statements relating
to guidance, plans, prospects, goals, strategies, future actions,
events or performance and other statements of which are other than
statements of historical fact, including all statements regarding
the expected impact of the ongoing COVID-19 pandemic on our
business; and statements regarding acquisitions including the
acquired companies’ financial position, market position, product
development and business strategy, expected cost synergies,
expected timing and benefits of the transaction, difficulties in
integrating entities or operations, as well as estimates of our and
the acquired entities’ future expenses, sales and diluted earnings
per share are forward-looking. In addition, all statements
regarding anticipated growth in our revenue, anticipated effects of
any product recalls, anticipated market conditions, planned product
launches and expected results of operations and integration of any
acquisition are forward-looking. To identify these statements
look for words like "believes," "outlook," "probable," "expects,"
"may," "will," "should," "could," "seeks," "intends," "plans,"
"estimates" or "anticipates" and similar words or phrases.
Forward-looking statements necessarily depend on assumptions, data
or methods that may be incorrect or imprecise and are subject to
risks and uncertainties.
Among the factors that could cause our actual results and future
actions to differ materially from those described in
forward-looking statements are:
the effects of the ongoing COVID-19 pandemic and related
economic disruptions and new governmental regulations on our
business, results of operations, cash flow and financial condition,
including but not limited to the potential impact on our sales,
operations and supply chain; adverse changes in the global or
regional general business, political and economic conditions,
including the impact of continuing uncertainty and instability of
certain countries, that could adversely affect our global markets,
and the potential adverse economic impact and related uncertainty
caused by these items, including but not limited to, the ongoing
COVID-19 pandemic, and escalating global trade barriers including
additional tariffs, by countries such as China; adverse changes in
global political and economic conditions, and related uncertainty
caused by the United Kingdom's withdrawal from the European Union
and its potential impact on, among other things, the movement of
goods and materials in our supply chain, additional regulatory
approvals and requirements, and increased tariffs and duties;
changes in tax laws or their interpretation and changes in
statutory tax rates, including but not limited to, the U.S., the
United Kingdom and other countries may affect our taxation of
earnings recognized in foreign jurisdictions and/or negatively
impact our effective tax rate; foreign currency exchange rate and
interest rate fluctuations including the risk of fluctuations in
the value of foreign currencies or interest rates that would
decrease our revenues and earnings;
our existing and future variable rate indebtedness and
associated interest expense is impacted by rate increases, which
could adversely affect our financial health or limit our ability to
borrow additional funds; acquisition-related adverse effects
including the failure to successfully obtain the anticipated
revenues, margins and earnings benefits of acquisitions,
integration delays or costs and the requirement to record
significant adjustments to the preliminary fair value of assets
acquired and liabilities assumed within the measurement period,
required regulatory approvals for an acquisition not being obtained
or being delayed or subject to conditions that are not anticipated,
adverse impacts of changes to accounting controls and reporting
procedures, contingent liabilities or indemnification obligations,
increased leverage and lack of access to available financing
(including financing for the acquisition or refinancing of debt
owed by us on a timely basis and on reasonable terms); compliance
costs and potential liability in connection with U.S. and foreign
laws and health care regulations pertaining to privacy and security
of third-party information, such as HIPAA and the California
Consumer Privacy Act in the U.S. and the General Data Protection
Regulation requirements in Europe, including but not limited to
those resulting from data security breaches; a major disruption in
the operations of our manufacturing, accounting and financial
reporting, research and development, distribution facilities or raw
material supply chain due to the ongoing COVID-19 pandemic,
integration of acquisitions, man-made or natural disasters,
cybersecurity incidents or other causes; a major disruption in the
operations of our manufacturing, accounting and financial
reporting, research and development or distribution facilities due
to technological problems, including any related to our information
systems maintenance, enhancements or new system deployments,
integrations or upgrades; market consolidation of large customers
globally through mergers or acquisitions resulting in a larger
proportion or concentration of our business being derived from
fewer customers; disruptions in supplies of raw materials,
particularly components used to manufacture our silicone hydrogel
lenses; new U.S. and foreign government laws and regulations, and
changes in existing laws, regulations and enforcement guidance,
which affect areas of our operations including, but not limited to,
those affecting the health care industry including the contact lens
industry specifically and the medical device or pharmaceutical
industries generally, including but not limited to the EU Medical
Devices Regulation (MDR), the EU in vitro Diagnostic Medical
Devices Regulation (IVDR), and the medical device excise tax under
the U.S. Affordable Care Act; legal costs, insurance expenses,
settlement costs and the risk of an adverse decision, prohibitive
injunction or settlement related to product liability, patent
infringement or other litigation; limitations on sales following
product introductions due to poor market acceptance; new
competitors, product innovations or technologies, including but not
limited to, technological advances by competitors, new products and
patents attained by competitors, and competitors' expansion through
acquisitions; reduced sales, loss of customers and costs and
expenses related to product recalls and warning letters; failure to
receive, or delays in receiving, regulatory approvals for products;
failure of our customers and end users to obtain adequate coverage
and reimbursement from third-party payors for our products and
services; the requirement to provide for a significant liability or
to write off, or accelerate depreciation on, a significant asset,
including goodwill, other intangible assets and idle manufacturing
facilities and equipment; the success of our research and
development activities and other start-up projects; dilution to
earnings per share from acquisitions or issuing stock; impact and
costs incurred from changes in accounting standards and policies;
environmental risks, including increasing environmental
legislation and the broader impacts of climate change; and other
events described in our Securities and Exchange Commission filings,
including the “Business”, “Risk Factors” and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections in the Company’s Annual Report on Form 10-K
for the fiscal year ended October 31, 2019, as such Risk Factors
may be updated in quarterly filings.
We caution investors that forward-looking statements reflect our
analysis only on their stated date. We disclaim any intent to
update them except as required by law.
Contact:
Kim DuncanVice President, Investor Relations and Risk
Management925-460-3663ir@cooperco.com
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Condensed Balance Sheets(In
millions)(Unaudited)
|
April 30, 2020 |
|
October 31, 2019 |
ASSETS |
|
|
|
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
79.8 |
|
|
89.0 |
|
Trade receivables, net |
368.8 |
|
|
435.3 |
|
Inventories |
568.2 |
|
|
506.9 |
|
Other current assets |
149.4 |
|
|
132.2 |
|
Total current assets |
1,166.2 |
|
|
1,163.4 |
|
Property, plant and equipment,
net |
1,196.1 |
|
|
1,132.1 |
|
Operating lease right-of-use
assets |
255.5 |
|
|
0.0 |
|
Goodwill |
2,400.0 |
|
|
2,428.9 |
|
Other intangibles, net |
1,337.7 |
|
|
1,405.3 |
|
Deferred tax assets |
77.0 |
|
|
78.0 |
|
Other assets |
77.5 |
|
|
66.8 |
|
Total assets |
$ |
6,510.0 |
|
|
$ |
6,274.5 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$ |
554.5 |
|
|
$ |
563.7 |
|
Other current liabilities |
470.8 |
|
|
546.9 |
|
Total current liabilities |
1,025.3 |
|
|
1,110.6 |
|
Long-term debt |
1,344.8 |
|
|
1,262.6 |
|
Deferred tax liabilities |
26.8 |
|
|
28.0 |
|
Long-term tax payable |
158.9 |
|
|
124.8 |
|
Operating lease liabilities |
232.7 |
|
|
0.0 |
|
Accrued pension liability and
other |
94.0 |
|
|
119.9 |
|
Total liabilities |
2,882.5 |
|
|
2,645.9 |
|
Stockholders’ equity |
3,627.5 |
|
|
3,628.6 |
|
Total liabilities and
stockholders' equity |
$ |
6,510.0 |
|
|
$ |
6,274.5 |
|
THE COOPER COMPANIES, INC. AND
SUBSIDIARIESConsolidated Statements of Income(In millions, except
per share amounts)(Unaudited)
|
Three Months Ended April 30, |
|
Six Months Ended April 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
$ |
524.9 |
|
|
$ |
654.3 |
|
|
$ |
1,171.1 |
|
|
$ |
1,282.4 |
|
Cost of sales |
201.4 |
|
|
221.7 |
|
|
421.1 |
|
|
431.3 |
|
Gross profit |
323.5 |
|
|
432.6 |
|
|
750.0 |
|
|
851.1 |
|
Selling, general and
administrative expense |
237.2 |
|
|
246.8 |
|
|
495.5 |
|
|
496.8 |
|
Research and development
expense |
23.8 |
|
|
21.0 |
|
|
46.0 |
|
|
42.0 |
|
Amortization of
intangibles |
33.9 |
|
|
36.9 |
|
|
68.8 |
|
|
73.5 |
|
Gain on sale of an
intangible |
— |
|
|
(19.0 |
) |
|
|
— |
|
|
(19.0 |
) |
Operating income |
28.6 |
|
|
146.9 |
|
|
139.7 |
|
|
257.8 |
|
Interest expense |
12.8 |
|
|
18.5 |
|
|
24.4 |
|
|
36.6 |
|
Other expense, net |
6.8 |
|
|
0.3 |
|
|
8.9 |
|
|
(0.7 |
) |
Income before income
taxes |
9.0 |
|
|
128.1 |
|
|
106.4 |
|
|
221.9 |
|
(Benefit) provision for income
taxes |
(2.5 |
) |
|
5.7 |
|
|
4.4 |
|
|
(3.6 |
) |
Net income attributable to
Cooper stockholders |
$ |
11.5 |
|
|
$ |
122.4 |
|
|
$ |
102.0 |
|
|
$ |
225.5 |
|
|
|
|
|
|
|
|
|
Earnings per share -
diluted |
$ |
0.23 |
|
|
$ |
2.45 |
|
|
$ |
2.05 |
|
|
$ |
4.52 |
|
|
|
|
|
|
|
|
|
Number of shares used to
compute diluted earnings per share |
49.6 |
|
|
50.0 |
|
|
49.7 |
|
|
49.9 |
|
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