MEDTRONIC PLC

MDT
Delayed Quote. Delayed  - 01/15 04:10:00 pm
116.81USD -0.82%

Medtronic : Q2 FY21 Financial Schedules

11/24/2020 | 07:03am

MEDTRONIC PLC

WORLD WIDE REVENUE(1)

(Unaudited)

SECOND QUARTER

SECOND QUARTER YEAR-TO-DATE(2)

REPORTED

CONSTANT

REPORTED

CONSTANT

CURRENCY

CURRENCY

(in millions)

FY21

FY20

Growth

Currency

FY21

Growth

FY21

FY20

Growth

Currency

FY21

Growth

Impact(4)

Impact(4)

Cardiac & Vascular Group

$

2,725

$

2,855

(4.6)%

$

27

$

2,698

(5.5)%

$

5,158

$

5,645

(8.6)%

$

(12)

$

5,170

(8.4)%

Cardiac Rhythm & Heart Failure

1,426

1,426

-

18

1,408

(1.3)

2,673

2,807

(4.8)

2

2,671

(4.8)

Coronary & Structural Heart

831

955

(13.0)

6

825

(13.6)

1,611

1,896

(15.0)

(12)

1,623

(14.4)

Aortic, Peripheral, & Venous

468

474

(1.3)

3

465

(1.9)

873

942

(7.3)

(3)

876

(7.0)

Minimally Invasive Therapies Group

2,285

2,142

6.7

11

2,274

6.2

4,086

4,242

(3.7)

(27)

4,113

(3.0)

Surgical Innovations

1,393

1,454

(4.2)

10

1,383

(4.9)

2,473

2,871

(13.9)

(15)

2,488

(13.3)

Respiratory, Gastrointestinal, & Renal

893

688

29.8

1

892

29.7

1,613

1,371

17.7

(11)

1,624

18.5

Restorative Therapies Group(3)

2,063

2,112

(2.3)

13

2,050

(2.9)

3,774

4,124

(8.5)

(4)

3,778

(8.4)

Cranial & Spinal Technologies

1,071

1,117

(4.1)

5

1,066

(4.6)

2,015

2,167

(7.0)

(2)

2,017

(6.9)

Specialty Therapies

581

575

1.0

4

577

0.3

1,035

1,138

(9.1)

(3)

1,038

(8.8)

Neuromodulation

411

420

(2.1)

4

407

(3.1)

725

818

(11.4)

1

724

(11.5)

Diabetes Group

574

596

(3.7)

8

566

(5.0)

1,136

1,188

(4.4)

(3)

1,139

(4.1)

TOTAL

$

7,647

$

7,706

(0.8)%

$

59

$

7,588

(1.5)%

$

14,154

$

15,199

(6.9)%

$

(46)

$

14,200

(6.6)%

  1. The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.
  2. Fiscal year 2021 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported second quarter year-to-date results. While it is difficult to calculate the impact of the extra week, the Company estimates the extra week benefited second quarter year-to-date constant currency growth by approximately $360 to $390 million. Second quarter year-to-date revenue also includes $15 million of inorganic revenue related to the Titan Spine acquisition, which is included in the reported results of the Cranial & Spinal Technologies division of the Restorative Therapies Group. When excluding the impact of currency, inorganic Titan Spine revenue, and the estimated impact of the extra week, second quarter year-to-date revenue for fiscal year 2021 declined approximately 9 percent organic.
  3. In the first quarter of fiscal year 2021, the Company realigned its divisions within the Restorative Therapies Group. As a result, fiscal year 2020 results have been recast to adjust for this realignment.
  4. The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

MEDTRONIC PLC

U.S.(1)(2) REVENUE

(Unaudited)

SECOND QUARTER

SECOND QUARTER YEAR-TO-DATE

REPORTED

REPORTED

(in millions)

FY21

FY20

Growth

FY21

FY20

Growth

Cardiac & Vascular Group

$

1,377

$

1,455

(5.4)%

$

2,582

$

2,816

(8.3)%

Cardiac Rhythm & Heart Failure

760

785

(3.2)

1,431

1,514

(5.5)

Coronary & Structural Heart

357

403

(11.4)

663

779

(14.9)

Aortic, Peripheral, & Venous

260

267

(2.6)

488

523

(6.7)

Minimally Invasive Therapies Group

996

922

8.0

1,718

1,835

(6.4)

Surgical Innovations

560

584

(4.1)

960

1,157

(17.0)

Respiratory, Gastrointestinal, & Renal

436

338

29.0

758

679

11.6

Restorative Therapies Group(3)

1,397

1,440

(3.0)

2,533

2,778

(8.8)

Cranial & Spinal Technologies

770

802

(4.0)

1,462

1,544

(5.3)

Specialty Therapies

346

351

(1.4)

588

687

(14.4)

Neuromodulation

281

287

(2.1)

483

548

(11.9)

Diabetes Group

284

311

(8.7)

572

618

(7.4)

TOTAL

$

4,054

$

4,129

(1.8)%

$

7,405

$

8,046

(8.0)%

  1. U.S. includes the United States and U.S. territories.
  2. The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.
  3. In the first quarter of fiscal year 2021, the Company realigned its divisions within the Restorative Therapies Group. As a result, fiscal year 2020 results have been recast to adjust for this realignment.

MEDTRONIC PLC

WORLD WIDE REVENUE: GEOGRAPHIC (1)(2)

(Unaudited)

SECOND QUARTER

SECOND QUARTER YEAR-TO-DATE(3)

REPORTED

CONSTANT

REPORTED

CONSTANT

CURRENCY

CURRENCY

(in millions)

FY21

FY20

Growth

Currency

FY21

Growth

FY21

FY20

Growth

Currency

FY21

Growth

Impact(4)

Impact(4)

U.S.

$

1,377

$

1,455

(5.4) %

$

-

$

1,377

(5.4) %

$

2,582

$

2,816

(8.3) %

$

-

$

2,582

(8.3) %

Non-U.S. Developed

945

890

6.2

41

904

1.6

1,798

1,820

(1.2)

27

1,771

(2.7)

Emerging Markets

404

510

(20.8)

(15)

419

(17.8)

778

1,009

(22.9)

(39)

817

(19.0)

Cardiac & Vascular Group

2,725

2,855

(4.6)

27

2,698

(5.5)

5,158

5,645

(8.6)

(12)

5,170

(8.4)

U.S.

996

922

8.0

-

996

8.0

1,718

1,835

(6.4)

-

1,718

(6.4)

Non-U.S. Developed

837

782

7.0

31

806

3.1

1,556

1,573

(1.1)

20

1,536

(2.4)

Emerging Markets

452

438

3.2

(21)

473

8.0

811

834

(2.8)

(47)

858

2.9

Minimally Invasive Therapies Group

2,285

2,142

6.7

11

2,274

6.2

4,086

4,242

(3.7)

(27)

4,113

(3.0)

U.S.

1,397

1,440

(3.0)

-

1,397

(3.0)

2,533

2,778

(8.8)

-

2,533

(8.8)

Non-U.S. Developed

426

416

2.4

17

409

(1.7)

802

842

(4.8)

11

791

(6.1)

Emerging Markets

240

256

(6.3)

(4)

244

(4.7)

439

504

(12.9)

(15)

454

(9.9)

Restorative Therapies Group

2,063

2,112

(2.3)

13

2,050

(2.9)

3,774

4,124

(8.5)

(4)

3,778

(8.4)

U.S.

284

311

(8.7)

-

284

(8.7)

572

618

(7.4)

-

572

(7.4)

Non-U.S. Developed

238

226

5.3

12

226

-

465

457

1.8

6

459

0.4

Emerging Markets

51

59

(13.6)

(4)

55

(6.8)

100

113

(11.5)

(9)

109

(3.5)

Diabetes Group

574

596

(3.7)

8

566

(5.0)

1,136

1,188

(4.4)

(3)

1,139

(4.1)

U.S.

4,054

4,129

(1.8)

-

4,054

(1.8)

7,405

8,046

(8.0)

-

7,405

(8.0)

Non-U.S. Developed

2,446

2,315

5.7

101

2,345

1.3

4,621

4,692

(1.5)

64

4,557

(2.9)

Emerging Markets

1,147

1,262

(9.1)

(43)

1,190

(5.7)

2,128

2,460

(13.5)

(110)

2,238

(9.0)

TOTAL

$

7,647

$

7,706

(0.8)%

$

59

$

7,588

(1.5)%

$

14,154

$

15,199

(6.9)%

$

(46)

$

14,200

(6.6)%

  1. U.S. includes the United States and U.S. territories. Non-U.S. developed markets include Japan, Australia, New Zealand, Korea, Canada, and the countries of Western Europe. Emerging Markets include the countries of the Middle East, Africa, Latin America, Eastern Europe, and the countries of Asia that are not included in the non-U.S. developed markets, as previously defined.
  2. The data in this schedule has been intentionally rounded to the nearest million and, therefore, may not sum.
  3. Fiscal year 2021 is a 53-week fiscal year, with the extra week occurring in the first fiscal month of the first quarter and included in reported second quarter year-to-date results. While it is difficult to calculate the impact of the extra week, the Company estimates the extra week benefited second quarter year-to-date constant currency growth by approximately $360 to $390 million. Second quarter year-to-date revenue also includes $15 million of inorganic revenue related to the Titan Spine acquisition, which is included in the reported results of the Cranial & Spinal Technologies division of the Restorative Therapies Group. When excluding the impact of currency, inorganic Titan Spine revenue, and the estimated impact of the extra week, second quarter year-to-date revenue for fiscal year 2021 declined approximately 9 percent organic.
  4. The currency impact to revenue measures the change in revenue between current and prior year periods using constant exchange rates.

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three months ended

Six months ended

(in millions, except per share data)

October 30,

October 25,

October 30,

October 25,

2020

2019

2020

2019

Net sales

$

7,647

$

7,706

$

14,154

$

15,199

Costs and expenses:

Cost of products sold

2,705

2,394

5,209

4,760

Research and development expense

639

603

1,260

1,190

Selling, general, and administrative expense

2,600

2,620

5,017

5,163

Amortization of intangible assets

443

441

884

881

Restructuring charges, net

97

27

150

74

Certain litigation charges, net

84

121

(4)

168

Other operating expense, net

149

149

35

127

Operating profit

930

1,351

1,603

2,836

Other non-operating income, net

(65)

(108)

(147)

(209)

Interest expense

470

165

641

774

Income before income taxes

525

1,294

1,109

2,271

Income tax provision (benefit)

31

(77)

124

23

Net income

494

1,371

985

2,248

Net income attributable to noncontrolling interests

(5)

(7)

(9)

(20)

Net income attributable to Medtronic

$

489

$

1,364

$

976

$

2,228

Basic earnings per share

$

0.36

$

1.02

$

0.73

$

1.66

Diluted earnings per share

$

0.36

$

1.01

$

0.72

$

1.65

Basic weighted average shares outstanding

1,344.4

1,340.8

1,343.1

1,340.8

Diluted weighted average shares outstanding

1,352.1

1,351.4

1,351.1

1,351.6

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS

(Unaudited)

Three months ended October 30, 2020

Income

Net

Cost of

Gross

Operating

Operating

Before

Net Income

Diluted

Effective

(in millions, except per share data)

Products

Margin

Profit

Income

Attributable

Sales

Sold

Percent

Profit

Percent

Taxes

to Medtronic

EPS (1)

Tax Rate

GAAP

$

7,647

$

2,705

64.6 %

$

930

12.2 %

$

525

$

489

$

0.36

5.9

%

Non-GAAP Adjustments:

Restructuring and associated costs (2)

-

(32)

0.4

179

2.3

179

135

0.10

24.6

Acquisition-related items (3)

-

(2)

-

37

0.5

37

31

0.02

16.2

Certain litigation charges

-

-

-

84

1.1

84

63

0.05

25.0

(Gain)/loss on minority investments (4)

-

-

-

-

-

1

1

-

-

IPR&D charges (5)

-

-

-

10

0.1

10

8

0.01

20.0

Medical device regulations (6)

-

(11)

0.1

19

0.2

19

16

0.01

15.8

Amortization of intangible assets

-

-

-

443

5.8

443

373

0.28

15.8

Debt tender premium (7)

-

-

-

-

-

308

248

0.18

19.5

Certain tax adjustments, net (8)

-

-

-

-

-

-

16

0.01

-

Non-GAAP

$

7,647

$

2,660

65.2 %

$

1,702

22.3 %

$

1,606

$

1,380

$

1.02

13.8 %

Currency impact

(59)

(47)

0.4

66

1.0

0.04

Currency Adjusted

$

7,588

$

2,613

65.6 %

$

1,768

23.3 %

$

1.06

Three months ended October 25, 2019

Income

Net

Cost of

Gross

Operating

Operating

Before

Net Income

Diluted

Effective

(in millions, except per share data)

Products

Margin

Profit

Income

Attributable

Sales

Sold

Percent

Profit

Percent

Taxes

to Medtronic

EPS (1)

Tax Rate

GAAP

$

7,706

$

2,394

68.9 %

$

1,351

17.5 %

$

1,294

$

1,364

$

1.01

(6.0) %

Non-GAAP Adjustments:

Restructuring and associated costs (2)

-

(32)

0.4

94

1.2

94

78

0.06

17.0

Acquisition-related items (9)

-

-

-

27

0.4

27

23

0.02

14.8

Certain litigation charges

-

-

-

121

1.6

121

93

0.07

23.1

(Gain)/loss on minority investments (4)

-

-

-

-

-

(12)

(10)

(0.01)

16.7

Medical device regulations (6)

-

(4)

0.1

10

0.1

10

9

0.01

10.0

Exit of businesses (10)

-

-

-

41

0.5

41

35

0.03

14.6

Contribution to Medtronic Foundation

-

-

-

80

1.0

80

62

0.05

22.5

Amortization of intangible assets

-

-

-

441

5.7

441

374

0.28

15.2

Certain tax adjustments, net (11)

-

-

-

-

-

-

(251)

(0.19)

-

Non-GAAP

$

7,706

$

2,358

69.4 %

$

2,165

28.1 %

$

2,096

$

1,777

$

1.31

14.9

%

See description of non-GAAP financial measures at the end of the earnings press release.

  1. The data in this schedule has been intentionally rounded to the nearest $0.01 and, therefore, may not sum.
  2. Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.
  3. The charges primarily include business combination costs and changes in fair value of contingent consideration.
  4. 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.
  5. The charges relate to certain license payments for unapproved technology.
  6. The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third- party expenses.
  1. The charges relate to the early redemption of approximately $6.0 billion of debt.
  2. Relates to the amortization of previously established deferred tax assets from intercompany intellectual property transactions.
  3. The charges primarily include costs incurred in connection with legacy-Covidien enterprise resource planning deployment activities, business combination related costs, and changes in the fair value of contingent consideration.
  4. The net charge relates to the exit of businesses and is primarily comprised of intangible asset impairments.
  5. The benefit relates to the impact of tax reform in Switzerland.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS

(Unaudited)

Six months ended October 30, 2020

Cost of

Gross

Operating

Income

Net Income

Operating

Before

Diluted

Effective

(in millions, except per share data)

Net Sales

Products

Margin

Profit

Income

attributable

Sold

Percent

Profit

Percent

Taxes

to Medtronic

EPS (1)

Tax Rate

GAAP

$ 14,154

$

5,209

63.2 %

$

1,603

11.3 %

$

1,109

$

976

$

0.72

11.2 %

Non-GAAP Adjustments:

Restructuring and associated costs (2)

-

(59)

0.4

307

2.2

307

241

0.18

21.5

Acquisition-related items (3)

-

(5)

-

(68)

(0.5)

(68)

(44)

(0.03)

35.3

Certain litigation charges

-

-

-

(4)

-

(4)

(6)

-

(50.0)

(Gain)/loss on minority investments (4)

-

-

-

-

-

(9)

(10)

(0.01)

(11.1)

IPR&D charges (5)

-

-

-

19

0.1

19

16

0.01

15.8

Medical device regulations (6)

-

(20)

0.1

37

0.3

37

32

0.02

13.5

Amortization of intangible assets

-

-

-

884

6.2

884

743

0.55

16.0

Debt tender premium and other charges

-

-

-

-

-

308

248

0.18

19.5

(7)

Certain tax adjustments, net

-

-

-

-

-

-

20

0.01

-

Non-GAAP

$ 14,154

$

5,125

63.8 %

$

2,778

19.6 %

$

2,583

$

2,216

$

1.64

13.9 %

Currency impact

46

(8)

0.2

137

0.9

0.08

Currency Adjusted

$ 14,200

$

5,117

64.0 %

$

2,915

20.5 %

$

1.72

Six months ended October 25, 2019

Cost of

Gross

Operating

Income

Net Income

Operating

Before

Diluted

Effective

(in millions, except per share data)

Net Sales

Products

Margin

Profit

Income

attributable

Sold

Percent

Profit

Percent

Taxes

to Medtronic

EPS (1)

Tax Rate

GAAP

$ 15,199

$

4,760

68.7 %

$

2,836

18.7 %

$

2,271

$

2,228

$

1.65

1.0 %

Non-GAAP Adjustments:

Restructuring and associated costs (2)

-

(67)

0.4

218

1.4

218

187

0.14

14.2

Acquisition-related items (8)

-

-

-

46

0.3

46

40

0.03

13.0

Certain litigation charges

-

-

-

168

1.1

168

136

0.10

19.0

(Gain)/loss on minority investments (4)

-

-

-

-

-

(11)

(9)

(0.01)

18.2

Debt tender premium and other charges

-

-

-

(7)

-

406

320

0.24

21.2

(9)

Medical device regulations (6)

-

(7)

-

18

0.1

18

16

0.01

11.1

Exit of business (10)

-

-

-

41

0.3

41

35

0.03

14.6

Contribution to Medtronic Foundation

-

-

-

80

0.5

80

62

0.05

25.5

Amortization of intangible assets

-

-

-

881

5.8

881

746

0.55

15.3

Certain tax adjustments, net (11)

-

-

-

-

-

-

(281)

(0.21)

-

Non-GAAP

$ 15,199

$

4,686

69.2 %

$

4,281

28.2 %

$

4,118

$

3,480

$

2.57

15.0 %

See description of non-GAAP financial measures contained in this release.

  1. The data in this schedule has been intentionally rounded to the nearest $0.01 and, therefore, may not sum.
  2. Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.
  3. The charges primarily include business combination costs, changes in fair value of contingent consideration, and a change in amounts accrued for certain contingent liabilities for recent acquisitions.
  4. 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.
  5. The charges relate to certain license payments for unapproved technology.
  1. The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third- party expenses.
  2. The charges relate to the early redemption of approximately $6.0 billion of debt.
  3. The charges primarily include costs incurred in connection with legacy-Covidien enterprise resource planning deployment activities, business combination related costs, and changes in fair value of contingent consideration.
  4. The charges, which include $413 million recognized in interest expense and ($7 million) recognized in other operating expense, net, primarily relate to the early redemption of approximately $5.2 billion of debt.
  5. The net charges relate to the exit of businesses and are primarily comprised of intangible asset impairments.
  6. The net benefit primarily relates to the impact of tax reform in Switzerland and the United States.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS

(Unaudited)

Three months ended October 30, 2020

SG&A

R&D

Other

Other

Operating

Operating

Other Non-

SG&A

Expense as

R&D

Expense

(Income)

Expense, net

(in millions)

Net Sales

a % of Net

as a % of

Expense,

as a % of

Operating

Expense

Sales

Expense

Net Sales

net

Net Sales

Income, net

GAAP

$

7,647

$

2,600

34.0 %

$

639

8.4 %

$

149

1.9 %

$

(65)

Non-GAAP Adjustments:

Restructuring and associated costs (1)

-

(49)

(0.6)

-

-

-

-

-

Acquisition-related items (2)

-

(2)

-

-

-

(33)

(0.4)

-

IPR&D charges (3)

-

-

-

-

-

(10)

(0.1)

-

Medical device regulations (4)

-

-

-

(9)

(0.1)

-

-

-

Gain/(loss) on minority investments (5)

-

-

-

-

-

-

-

(1)

Non-GAAP

$

7,647

$

2,549

33.3 %

$

630

8.2 %

$

106

1.4 %

$

(66)

Currency impact

(59)

(13)

0.1

(2)

0.1

(63)

(0.8)

-

Currency Adjusted

$

7,588

$

2,536

33.4 %

$

628

8.3 %

$

43

0.6 %

$

(66)

See description of non-GAAP financial measures at the end of the earnings press release.

  1. Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.
  2. The charges primarily include business combination costs and changes in fair value of contingent consideration.
  3. The charges relate to certain license payments for unapproved technology.
  4. The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third- party expenses.
  5. 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.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS

(Unaudited)

Six months ended October 30, 2020

SG&A

R&D

Other

Other

Operating

Operating

Other Non-

SG&A

Expense as

R&D

Expense

(Income)

Expense, net

(in millions)

Net Sales

a % of Net

as a % of

Expense,

as a % of

Operating

Expense

Sales

Expense

Net Sales

net

Net Sales

Income, net

GAAP

$

14,154

$

5,017

35.4 %

$

1,260

8.9 %

$

35

0.2 %

$

(147)

Non-GAAP Adjustments:

Restructuring and associated costs (1)

-

(98)

(0.7)

-

-

-

-

-

Acquisition-related items (2)

-

(2)

-

-

-

75

0.5

-

IPR&D charges (3)

-

-

-

-

-

(19)

(0.1)

-

Medical device regulations (4)

-

-

-

(17)

(0.1)

-

-

-

Gain/(loss) on minority investments (5)

-

-

-

-

-

-

-

9

Non-GAAP

$

14,154

$

4,917

34.7 %

$

1,243

8.8 %

$

91

0.6 %

$

(138)

Currency impact

46

17

-

-

-

(100)

(0.7)

-

Currency Adjusted

$

14,200

$

4,934

34.7 %

$

1,243

8.8 %

$

(9)

(0.1)%

$

(138)

See description of non-GAAP financial measures at the end of the earnings press release.

  1. Associated costs include costs incurred as a direct result of the restructuring program, such as salaries for employees supporting the program and consulting expenses.
  2. The charges primarily include business combination costs, changes in fair value of contingent consideration, and a change in amounts accrued for certain contingent liabilities for recent acquisitions.
  3. The charges relate to certain license payments for unapproved technology.
  4. The charges represent incremental costs of complying with the new European Union medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third- party expenses.
  5. 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.

MEDTRONIC PLC

GAAP TO NON-GAAP RECONCILIATIONS

(Unaudited)

Six months

Three months

Three months

Fiscal year

Fiscal year

ended

ended

ended

(in millions)

October 30, 2020

October 30, 2020

October 25, 2019

2020

2019

Net cash provided by operating activities

$

2,139

$

1,861

$

1,867

$

7,234

$

7,007

Additions to property, plant, and equipment

(615)

(281)

(283)

(1,213)

(1,134)

Free Cash Flow (1)

$

1,524

$

1,580

$

1,584

$

6,021

$

5,873

See description of non-GAAP financial measures at the end of the earnings press release.

(1) Free cash flow represents operating cash flows less property, plant, and equipment additions.

MEDTRONIC PLC

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions)

October 30, 2020

April 24, 2020

ASSETS

Current assets:

$

6,420

$

4,140

Cash and cash equivalents

Investments

7,857

6,808

Accounts receivable, less allowances and credit losses of $312 and $208, respectively

5,348

4,645

Inventories, net

4,484

4,229

Other current assets

1,927

2,209

Total current assets

26,036

22,031

Property, plant, and equipment

12,198

11,644

Accumulated depreciation

(7,260)

(6,816)

Property, plant, and equipment, net

4,938

4,828

Goodwill

41,212

39,841

Other intangible assets, net

18,412

19,063

Tax assets

3,176

2,832

Other assets

2,112

2,094

Total assets

$

95,886

$

90,689

LIABILITIES AND EQUITY

Current liabilities:

$

4,041

$

2,776

Current debt obligations

Accounts payable

1,902

1,996

Accrued compensation

2,133

2,099

Accrued income taxes

406

502

Other accrued expenses

3,589

2,993

Total current liabilities

12,071

10,366

Long-term debt

25,967

22,021

Accrued compensation and retirement benefits

2,024

1,910

Accrued income taxes

2,569

2,682

Deferred tax liabilities

1,251

1,174

Other liabilities

1,688

1,664

Total liabilities

45,570

39,817

Commitments and contingencies

Shareholders' equity:

Ordinary shares- par value $0.0001, 2.6 billion shares authorized, 1,345,547,814 and

1,341,074,724 shares issued and outstanding, respectively

-

-

Additional paid-in capital

26,481

26,165

Retained earnings

27,526

28,132

Accumulated other comprehensive loss

(3,843)

(3,560)

Total shareholders' equity

50,164

50,737

Noncontrolling interests

152

135

Total equity

50,316

50,872

Total liabilities and equity

$

95,886

$

90,689

MEDTRONIC PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six months ended

(in millions)

October 30, 2020

October 25, 2019

Operating Activities:

$

985

$

2,248

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

1,340

1,328

Depreciation and amortization

Provision for doubtful accounts

86

44

Deferred income taxes

(69)

(245)

Stock-based compensation

210

169

Loss on debt extinguishment

308

406

Other, net

112

119

Change in operating assets and liabilities, net of acquisitions and divestitures:

(669)

39

Accounts receivable, net

Inventories, net

(145)

(267)

Accounts payable and accrued liabilities

108

(294)

Other operating assets and liabilities

(127)

(170)

Net cash provided by operating activities

2,139

3,377

Investing Activities:

(370)

(201)

Acquisitions, net of cash acquired

Additions to property, plant, and equipment

(615)

(584)

Purchases of investments

(5,360)

(4,226)

Sales and maturities of investments

4,337

3,260

Other investing activities

(4)

(16)

Net cash used in investing activities

(2,012)

(1,767)

Financing Activities:

(57)

42

Change in current debt obligations, net

Proceeds from short-term borrowings (maturities greater than 90 days)

2,789

-

Issuance of long-term debt

7,172

5,568

Payments on long-term debt

(6,336)

(5,594)

Dividends to shareholders

(1,558)

(1,)

Issuance of ordinary shares

119

432

Repurchase of ordinary shares

(68)

(962)

Other financing activities

(70)

(54)

Net cash provided by (used in) financing activities

1,991

(2,015)

Effect of exchange rate changes on cash and cash equivalents

162

(26)

Net change in cash and cash equivalents

2,280

(431)

Cash and cash equivalents at beginning of period

4,140

4,393

Cash and cash equivalents at end of period

$

6,420

$

3,962

Supplemental Cash Flow Information

Cash paid for:

$

384

$

494

Income taxes

Interest

321

322

Disclaimer

Medtronic plc published this content on 24 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2020 12:02:07 UTC

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