DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq:
XRAY), The Dental Solutions Company, today announced its financial
results for the first quarter of 2021.
First quarter net sales of $1,027 million increased 17.5%,
compared to $874 million in the first quarter of 2020. Net income
for the first quarter of 2021 was $117 million, or $0.53 per
diluted share, compared to a net loss of $140 million, or ($0.63)
per diluted share in the first quarter of 2020. On an adjusted
basis Non-GAAP net earnings per diluted share grew 67.4% to $0.72
compared to $0.43 in the first quarter of 2020. A reconciliation of
the Non-GAAP measures to earnings per share calculated on a GAAP
basis is provided in the attached table.
Don Casey, Chief Executive Officer, commented “We are pleased
with our strong first quarter performance. The global dental market
has demonstrated resilience with attractive underlying
fundamentals. As a result, we are cautiously optimistic about the
continued recovery in the category. We remain committed to
executing on our restructuring goals while increasing focus on
investing for revenue growth. Our revised 2021 outlook reflects
confidence in our team's ability to execute on growth initiatives
and capitalize on the recovery.”
Q1 21 Summary Results (GAAP)
(in millions, except per share amount and
percentages) |
|
Q1 21 |
|
Q1 20 |
|
YoY |
Net Sales |
|
1,027 |
|
|
874 |
|
|
17.5 |
% |
Operating Income (loss) |
|
154 |
|
|
(125 |
) |
|
NM |
|
Operating Income (loss) % |
|
15.0 |
% |
|
(14.3 |
%) |
|
|
|
Diluted
EPS |
|
0.53 |
|
|
(0.63 |
) |
|
NM |
|
|
|
|
|
|
|
|
|
|
NM - not meaningful
Q1 21 Summary Results
(Non-GAAP)[1]
(in millions, except per share amount and
percentages) |
|
Q1 21 |
|
Q1 20 |
|
YoY |
Net Sales |
|
1,027 |
|
|
874 |
|
|
17.5 |
% |
Organic Sales Growth % |
|
|
|
|
|
12.1 |
% |
Operating Income |
|
219 |
|
|
131 |
|
|
67.2 |
% |
Operating Income % |
|
21.3 |
% |
|
15.0 |
% |
|
|
Diluted EPS |
|
0.72 |
|
|
0.43 |
|
|
67.4 |
% |
|
|
|
|
|
|
|
|
|
|
[1] Organic sales growth, Non-GAAP operating income, and
Non-GAAP EPS are Non-GAAP financial measures which exclude certain
items. Please refer to "Non-GAAP Financial Measures" below for a
description of these measures and to the tables at the end of this
release for a reconciliation between GAAP and Non-GAAP
measures.
Segment Results
ConsumablesFirst quarter 2021
net sales were $430 million, up 21.5% versus prior year. On an
organic basis, net sales increased by 21.2% as compared to prior
year. Currency favorably impacted sales by 4.6%, while divestitures
and discontinued products negatively impacted sales by 4.3%. Sales
across all product categories rebounded in the quarter.
Technologies &
EquipmentFirst quarter 2021 net sales were $597 million,
up 14.8% versus prior year. On an organic basis, net sales
increased by 5.8% as compared to prior year. Currency favorably
impacted sales by 5.7%, acquisitions increased sales by 8.6%, and
divestitures and discontinued products negatively impacted sales by
5.3%. Sales in Equipment & Instruments and Implants rebounded
in the quarter. Digital Dentistry decreased due to a strong 2020
CAD/CAM comp, partially offset by growth in clear aligners.
Cash Flow and Liquidity
Operating cash flow in the first quarter of 2021 was $49
million, as compared to ($10) million in the prior year. In the
first quarter, the Company paid $22 million in dividends and
executed $90 million in share repurchases, for a total of $112
million returned to shareholders. The Company also funded the Datum
Dental, Ltd. acquisition for $92 million. At March 31, 2021, the
Company had $318 million of cash available on its balance
sheet.
Revised Fiscal Year 2021
Outlook
Based on the results of the first quarter and the continued
gradual recovery of the global dental market, we have revised the
fiscal year 2021 outlook. We now expect revenues to be in the $4.1B
to $4.3B range, up approximately 23-28% on a reported basis and
18-25% on an organic basis. We are increasing our Non-GAAP EPS
outlook for FY2021 to $2.75 to $2.90 from $2.60 to $2.80.
Further revised 2021 planning assumptions are included in the Q1
FY2021 Earnings Presentation posted at www.dentsplysirona.com. The
Company does not provide forward-looking estimates on a GAAP basis
as certain information is not available and cannot be reasonably
estimated.
Recent Announcements & Additional
Highlights
- Dentsply Sirona World 2021 - After a
successful virtual DS World in 2020, the “Ultimate Dental
Experience” will once again welcome guests in Las Vegas, Nevada.
The event will take place September 23-25, 2021, at Caesars Forum
and will also include a virtual option for those who would like to
take part in the experience but are not comfortable meeting
in-person or cannot travel to the venue. This year’s meeting will
feature a choice of educational tracks with pertinent information
to help ensure that attendees are prepared for current challenges
and ready to take advantage of the opportunities that digital
dentistry offers.
- Environmental, Social and Governance ("ESG") Impact
- As a global leader in the dental health sector, we are
striving to become an ESG leader. The objective is to use our scale
and global reach to improve the quality and access to healthcare
throughout the world and focus on ways in which we can become a
more sustainable business through investment and innovation. To
underpin this, we are evolving our sustainability strategy and
improving our disclosures on a range of key ESG metrics. In April
2021 we launched our Sustainability web site and published our
Environmental Scorecard and Sustainability Fact Sheet. Further
information on our ESG efforts can be found on our Sustainability
web site located in the investor relations section of
www.dentsplysirona.com.
Conference Call/Webcast InformationDentsply
Sirona’s management team will host an investor conference call and
live webcast on May 6, 2021 at 8:30 am ET. A presentation will also
be available on www.dentsplysirona.com in the Investors
section.
Investors can access the webcast via a link on Dentsply Sirona’s
web site at www.dentsplysirona.com. For those planning to
participate on the call, please dial +1-877-370-7637 for domestic
calls, or +1-629-228-0723 for international calls. The Conference
ID # is 3396419. A replay of the conference call will be available
online on the Dentsply Sirona web site, and a dial-in replay will
be available for one week following the call at +1-855-859-2056
(for domestic calls) or +1-404-537-3406 (for international calls),
replay passcode # 3396419.
About Dentsply SironaDentsply
Sirona is the world’s largest manufacturer of professional dental
products and technologies, with a 134-year history of innovation
and service to the dental industry and patients worldwide. Dentsply
Sirona develops, manufactures, and markets a comprehensive
solutions offering including dental and oral health products as
well as other consumable medical devices under a strong portfolio
of world class brands. As The Dental Solutions Company, Dentsply
Sirona’s products provide innovative, high-quality and effective
solutions to advance patient care and deliver better, safer and
faster dentistry. The Company’s shares of common stock are listed
in the United States on Nasdaq under the symbol XRAY. Visit
www.dentsplysirona.com for more information about Dentsply Sirona
and its products.
Contact
Information:Investors:Kari DixonVice President, Financial
Planning &
Analysis+1-704-805-1281Kari.Dixon@dentsplysirona.com
Forward-Looking Statements and
Associated Risks
All statements in this press release that do not directly and
exclusively relate to historical facts constitute “forward-looking
statements.” These statements represent current expectations and
beliefs, and no assurance can be given that the results described
in such statements will be achieved. Such statements are subject to
numerous assumptions, risks, uncertainties and other factors that
could cause actual results to differ materially from those
described in such statements, many of which are outside of our
control. Furthermore, many of these risks and uncertainties are
currently amplified by and may continue to be amplified by or may,
in the future, be amplified by, the novel coronavirus (“COVID-19”)
pandemic and the impact of varying private and governmental
responses that affect our customers, employees, vendors and the
economies and communities where they operate. For a written
description of these factors, see the section titled “Risk Factors”
in Dentsply Sirona’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 and any updating information in subsequent
SEC filings including the Company's Quarterly Report on Form 10-Q
for the quarterly period ending March 31, 2021. No assurance can be
given that any expectation, belief, goal or plan set forth in any
forward-looking statement can or will be achieved, and readers are
cautioned not to place undue reliance on such statements which
speak only as of the date they are made. We do not undertake any
obligation to update or release any revisions to any
forward-looking statement or to report any events or circumstances
after the date of this press release or to reflect the occurrence
of unanticipated events.
DENTSPLY SIRONA INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)(In millions, except per share
amounts)
|
Three Months Ended March 31, |
|
2021 |
|
2020 |
|
|
|
|
Net sales |
$ |
1,027 |
|
|
$ |
874 |
|
|
|
|
|
Cost of products sold |
448 |
|
|
406 |
|
|
|
|
|
Gross profit |
579 |
|
|
468 |
|
|
|
|
|
Selling, general, and
administrative expenses |
385 |
|
|
359 |
|
|
|
|
|
Research and development
expenses |
37 |
|
|
34 |
|
|
|
|
|
Goodwill impairment |
— |
|
|
157 |
|
|
|
|
|
Restructuring and other
costs |
3 |
|
|
43 |
|
|
|
|
|
Operating income (loss) |
154 |
|
|
(125 |
) |
|
|
|
|
Net interest and other expense
(income) |
5 |
|
|
5 |
|
|
|
|
|
Income (loss) before income
taxes |
149 |
|
|
(130 |
) |
|
|
|
|
Provision for income
taxes |
32 |
|
|
10 |
|
|
|
|
|
Net income (loss) |
117 |
|
|
(140 |
) |
|
|
|
|
Less: Net income attributable
to noncontrolling interest |
— |
|
|
— |
|
|
|
|
|
Net income (loss) attributable
to Dentsply Sirona |
$ |
117 |
|
|
$ |
(140 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per common
share attributable to Dentsply Sirona: |
|
|
|
Basic |
$ |
0.53 |
|
|
$ |
(0.63 |
) |
Diluted |
$ |
0.53 |
|
|
$ |
(0.63 |
) |
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
Basic |
218.8 |
|
|
220.9 |
|
Diluted |
219.9 |
|
|
220.9 |
|
|
|
|
|
DENTSPLY SIRONA INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)(In millions)
|
March 31, 2021 |
|
December 31, 2020 |
|
|
|
|
Assets |
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
318 |
|
|
$ |
438 |
|
Accounts and notes receivables-trade, net |
643 |
|
|
673 |
|
Inventories, net |
500 |
|
|
466 |
|
Prepaid expenses and other current assets |
235 |
|
|
214 |
|
|
|
|
|
Total Current Assets |
1,696 |
|
|
1,791 |
|
|
|
|
|
Property, plant, and
equipment |
758 |
|
|
791 |
|
Operating lease right-of-use
assets, net |
168 |
|
|
176 |
|
Identifiable intangible
assets, net |
2,461 |
|
|
2,504 |
|
Goodwill |
3,952 |
|
|
3,986 |
|
Other noncurrent assets |
102 |
|
|
94 |
|
|
|
|
|
Total Assets |
$ |
9,137 |
|
|
$ |
9,342 |
|
|
|
|
|
Liabilities and
Equity |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable |
$ |
283 |
|
|
$ |
305 |
|
Accrued liabilities |
557 |
|
|
653 |
|
Income taxes payable |
44 |
|
|
60 |
|
Notes payable and current portion of long-term debt |
328 |
|
|
299 |
|
|
|
|
|
Total Current Liabilities |
1,212 |
|
|
1,317 |
|
|
|
|
|
Long-term debt |
1,923 |
|
|
1,978 |
|
Operating lease
liabilities |
125 |
|
|
130 |
|
Deferred income taxes |
411 |
|
|
393 |
|
Other noncurrent
liabilities |
536 |
|
|
554 |
|
|
|
|
|
Total Liabilities |
4,207 |
|
|
4,372 |
|
|
|
|
|
Total Equity |
4,930 |
|
|
4,970 |
|
|
|
|
|
Total Liabilities and Equity |
$ |
9,137 |
|
|
$ |
9,342 |
|
|
|
|
|
DENTSPLY SIRONA INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)(In millions)
|
Three Months Ended March 31, |
|
2021 |
|
2020 |
Cash flows from
operating activities: |
|
|
|
Net income (loss) |
$ |
117 |
|
|
$ |
(140 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
Depreciation |
32 |
|
|
32 |
|
Amortization of intangible assets |
56 |
|
|
47 |
|
Amortization of deferred financing costs |
2 |
|
|
1 |
|
Deferred income taxes |
(3 |
) |
|
(8 |
) |
Stock based compensation expense |
13 |
|
|
10 |
|
Goodwill impairment |
— |
|
|
157 |
|
Indefinite-lived intangible asset impairment |
— |
|
|
39 |
|
Other non-cash expense |
17 |
|
|
10 |
|
Gain on sale of non-strategic businesses and product lines |
(13 |
) |
|
— |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
Accounts and notes receivable-trade, net |
11 |
|
|
53 |
|
Inventories, net |
(50 |
) |
|
(57 |
) |
Prepaid expenses and other current assets |
(27 |
) |
|
(27 |
) |
Other noncurrent assets |
(13 |
) |
|
(7 |
) |
Accounts payable |
(17 |
) |
|
(29 |
) |
Accrued liabilities |
(81 |
) |
|
(95 |
) |
Income taxes |
(8 |
) |
|
7 |
|
Other noncurrent liabilities |
13 |
|
|
(3 |
) |
Net cash provided by
(used in) operating activities |
49 |
|
|
(10 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital expenditures |
(30 |
) |
|
(26 |
) |
Cash paid for acquisitions of
businesses and equity investments, net of cash acquired |
(92 |
) |
|
— |
|
Cash received on sale of
non-strategic businesses or product lines |
19 |
|
|
— |
|
Cash received on derivative
contracts |
— |
|
|
9 |
|
Proceeds from sale of
property, plant, and equipment |
— |
|
|
1 |
|
Net cash used in
investing activities |
(103 |
) |
|
(16 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds on short-term
borrowings |
30 |
|
|
31 |
|
Cash paid for treasury
stock |
(90 |
) |
|
(140 |
) |
Cash dividends paid |
(22 |
) |
|
(22 |
) |
Proceeds from long-term
borrowings, net of deferred financing costs |
4 |
|
|
— |
|
Repayments on long-term
borrowings, net |
— |
|
|
(1 |
) |
Proceeds from exercised stock
options |
33 |
|
|
4 |
|
Other financing activities,
net |
(8 |
) |
|
(2 |
) |
Net cash used in
financing activities |
(53 |
) |
|
(130 |
) |
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
(13 |
) |
|
(13 |
) |
Net decrease in cash and cash
equivalents |
(120 |
) |
|
(169 |
) |
Cash and cash equivalents at
beginning of period |
438 |
|
|
405 |
|
Cash and cash equivalents at
end of period |
$ |
318 |
|
|
$ |
236 |
|
|
|
|
|
Non-GAAP Financial Measures
In addition to results determined in accordance with U.S.
generally accepted accounting principles (“US GAAP”) the Company
provides certain measures in this press release, described below,
which are not calculated in accordance with US GAAP and therefore
represent Non-GAAP measures. These Non-GAAP measures may differ
from those used by other companies and should not be considered in
isolation from, or as a substitute for, measures of financial
performance prepared in accordance with US GAAP. The Company
discloses these measures to allow investors to evaluate the
performance of the Company’s operations exclusive of certain items
that impact the comparability of results from period to period and
which may not be indicative of past or future performance of the
normal operations of the Company. The Company believes that this
information is helpful in understanding underlying operating
results including net sales, operating income, and net income.
Organic Sales
The Company defines "organic sales" as the increase or decrease
in net sales excluding: (1) net sales from acquired and divested
businesses recorded prior to the first anniversary of the
acquisition or divestiture, (2) net sales attributable to
discontinued product lines in both the current and prior year
periods, and (3) the impact of foreign currency translation, which
is calculated by translating current period sales using the
comparable prior periods currency conversion rates. Organic sales
is an important internal measure for the Company. The Company's
senior management receives a monthly analysis of operating results
that includes organic sales and the performance of the Company is
measured on this metric along with other performance metrics.
Adjusted Net Income (Loss) and Adjusted Earnings (Loss)
Per Diluted Common Share
The adjusted net income (loss) attributable to Dentsply Sirona
consists of net income (loss) attributable to Dentsply Sirona
adjusted to exclude the following:
(1) Business combination related costs and fair value
adjustments. These adjustments include costs related to
consummating and integrating acquired businesses, as well as net
gains and losses related to the disposed businesses. In addition,
this category includes the subsequent impact roll-off to the
consolidated statements of operations which results from fair value
adjustments related to business combinations, except for
amortization expense of purchased intangible assets noted below.
Although the Company is regularly engaged in activities to find and
act on opportunities for strategic growth and enhancement of
product offerings, the costs associated with these activities may
vary significantly between periods based on the timing, size and
complexity of acquisitions and as such may not be indicative of
past and future performance of the Company. They are therefore
excluded to allow investors to better understand underlying
operating trends.
(2) Restructuring program related costs and other costs. These
adjustments include costs related to the implementation of
restructuring initiatives as well as certain other costs. These
costs can include, but are not limited to, severance costs,
facility closure costs, lease and contract termination costs and
related professional service costs, duplicate facility and labor
costs associated with specific restructuring initiatives. Other
costs include legal settlements and impairments of assets. The
Company's restructuring programs usually require several years to
fully implement and the Company is continually seeking to take
actions that could enhance its efficiency. While restructuring
charges are recurring, they are subject to significant fluctuations
from period to period due to the varying levels of restructuring
activity and the inherent imprecision in the estimates used to
recognize the impairment of assets and the wide variety of costs
and taxes associated with severance and termination benefits in the
countries in which the restructuring actions occur. (3)
Amortization of purchased intangible assets. This adjustment
excludes the periodic amortization expense related to purchased
intangible assets recorded in purchase accounting. Although these
costs contribute to revenue generation and will recur in future
periods, their amounts are significantly impacted by the timing and
size of acquisitions.
(4) Credit risk and fair value adjustments. These adjustments
include both the cost and income impacts of adjustments in certain
assets and liabilities including the Company’s pension obligations,
that are recorded through net income which are related to the
changes in fair value and credit risk. Although this non-service
component of pension expense is a recurring item, it is subject to
significant fluctuations from period to period due to changes in
actuarial assumptions, global financial markets (including stock
market returns and interest rate changes), plan changes,
settlements, curtailments, and other changes in facts and
circumstances. These items can be variable and driven more by
market conditions than the Company’s operating performance.
(5) Income tax related adjustments. These adjustments include
both income tax expenses and income tax benefits that are
representative of income tax adjustments mostly related to prior
periods, as well as the final settlement of income tax audits, and
discrete tax items resulting from the implementation of
restructuring initiatives and the vesting and exercise of employee
share-based compensation. Income tax related adjustments may also
include the impact to adjust the interim effective income tax rate
to the expected annual effective tax rate. These adjustments are
irregular in timing the variability in amounts may not be
indicative of past and future performance of the Company and
therefore are excluded for comparability purposes.
Both adjusted net income (loss) and adjusted EPS are important
internal measures for the Company. The Company's senior management
receives a monthly analysis of operating results that includes
adjusted net income (loss) and adjusted EPS. The performance of the
Company is measured on these metrics along with other performance
metrics.
Adjusted Operating Income (Loss) and Margin
In addition to reporting operating income (loss) in accordance
with US GAAP, the Company provides adjusted operating income (loss)
and margin. The Company defines "adjusted operating income (loss)"
as operating income (loss) in accordance with US GAAP excluding
certain items noted above which are excluded on a pre-tax basis to
arrive at adjusted operating income (loss), a Non-GAAP measure. The
adjusted operating margin is calculated by dividing adjusted
operating income (loss) by net sales. Both adjusted operating
income (loss) and adjusted operating margin are important internal
measures for the Company. The Company's senior management receives
a monthly analysis of operating results that includes adjusted
operating income (loss) and margin. The performance of the Company
is measured on these metrics along with the adjusted net income
(loss) and adjusted EPS metrics noted above as well as other
performance metrics.
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except
percentages)(unaudited)
A reconciliation of reported net sales to organic sales by
segment is as follows:
|
|
Three Months Ended March 31, 2021 |
|
Q1 2021 Change |
|
Three Months Ended March 31, 2020 |
(in
millions, except percentages) |
|
Technologies & Equipment |
Consumables |
Total |
|
Technologies & Equipment |
Consumables |
Total |
|
Technologies & Equipment |
Consumables |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
597 |
|
$ |
430 |
|
$ |
1,027 |
|
|
14.8 |
% |
21.5 |
% |
17.5 |
% |
|
$ |
520 |
|
$ |
354 |
|
$ |
874 |
|
Foreign exchange impact |
|
|
|
|
|
5.7 |
% |
4.6 |
% |
5.3 |
% |
|
|
|
|
Acquisitions |
|
|
|
|
|
8.6 |
% |
— |
% |
5.1 |
% |
|
|
|
|
Divestitures and discontinued
products |
|
|
|
|
|
(5.3 |
%) |
(4.3 |
%) |
(5.0 |
%) |
|
|
|
|
Organic
sales |
|
|
|
|
|
5.8 |
% |
21.2 |
% |
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of reported net sales to organic sales by
geographic region is as follows:
|
|
Three Months Ended March 31, 2021 |
|
Q1 2021 Change |
|
Three Months Ended March 31, 2020 |
(in
millions, except percentages) |
|
U.S. |
Europe |
ROW |
Total |
|
U.S. |
Europe |
ROW |
Total |
|
U.S. |
Europe |
ROW |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
347 |
|
$ |
418 |
|
$ |
262 |
|
$ |
1,027 |
|
|
15.7 |
% |
12.1 |
% |
30.3 |
% |
17.5 |
% |
|
$ |
300 |
|
$ |
373 |
|
$ |
201 |
|
$ |
874 |
|
Foreign exchange impact |
|
|
|
|
|
|
1.4 |
% |
8.6 |
% |
5.0 |
% |
5.3 |
% |
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
14.8 |
% |
— |
% |
0.1 |
% |
5.1 |
% |
|
|
|
|
|
Divestitures and discontinued
products |
|
|
|
|
|
|
(5.3 |
%) |
(4.6 |
%) |
(5.6 |
%) |
(5.0 |
%) |
|
|
|
|
|
Organic
sales |
|
|
|
|
|
|
4.8 |
% |
8.1 |
% |
30.8 |
% |
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except
percentages)(unaudited)
For the three months ended March 31, 2021, a reconciliation
of selected items as reported in the Condensed Consolidated
Statements of Operations to adjusted Non-GAAP items is as
follows:
|
GAAP |
|
|
|
|
|
|
|
ADJUSTED NON-GAAP |
(in millions, except per share amounts and percentages) |
Three Months Ended March 31, 2021 |
Amortization of Purchased Intangible Assets |
Restructuring Program Related Costs and Other
Costs |
Business Combination Related Costs and Fair Value
Adjustments |
Credit Risk and Fair Value Adjustments |
Tax Impact of Non-GAAP Adjustments |
Income Tax Related Adjustments |
Total Non-GAAP Adjustments |
Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
$ |
579 |
|
32 |
|
(1 |
) |
1 |
|
— |
|
— |
|
— |
|
$ |
32 |
|
$ |
611 |
|
% OF NET SALES |
56.4 |
% |
|
|
|
|
|
|
|
59.5 |
% |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES |
385 |
|
(24 |
) |
(1 |
) |
(5 |
) |
— |
|
— |
|
— |
|
(30 |
) |
355 |
|
% OF NET SALES |
37.5 |
% |
|
|
|
|
|
|
|
34.6 |
% |
RESEARCH AND DEVELOPMENT EXPENSES |
37 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
37 |
|
RESTRUCTURING AND OTHER COSTS |
3 |
|
— |
|
(3 |
) |
— |
|
— |
|
— |
|
— |
|
(3 |
) |
— |
|
OPERATING INCOME |
154 |
|
56 |
|
3 |
|
6 |
|
— |
|
— |
|
— |
|
65 |
|
219 |
|
% OF NET SALES |
15.0 |
% |
|
|
|
|
|
|
|
21.3 |
% |
OTHER INCOME AND EXPENSE |
5 |
|
— |
|
— |
|
13 |
|
(4 |
) |
— |
|
— |
|
9 |
|
14 |
|
INCOME BEFORE INCOME TAXES |
149 |
|
56 |
|
3 |
|
(7 |
) |
4 |
|
— |
|
— |
|
56 |
|
205 |
|
PROVISION FOR INCOME TAXES |
32 |
|
— |
|
— |
|
— |
|
— |
|
13 |
|
2 |
|
15 |
|
47 |
|
% OF PRE-TAX INCOME |
21.5 |
% |
|
|
|
|
|
|
|
22.9 |
% |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
— |
|
|
|
|
|
|
|
— |
|
— |
|
NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA |
$ |
117 |
|
|
|
|
|
|
|
$ |
41 |
|
$ |
158 |
|
% OF NET SALES |
11.4 |
% |
|
|
|
|
|
|
|
15.4 |
% |
EARNINGS PER SHARE - DILUTED |
$ |
0.53 |
|
|
|
|
|
|
|
$ |
0.19 |
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2021, the following
table presents the details of the "Restructuring program related
costs and other costs" column in the above table and the affected
line item in the Consolidated Statements of Operations:
(in
millions) |
|
Costs related to restructuring plans |
|
Professional services costs |
|
Total |
|
|
|
|
|
|
|
Cost of products sold |
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
(1 |
) |
Selling,
general, and administrative expenses |
|
— |
|
|
1 |
|
|
1 |
|
Restructuring and other costs |
|
3 |
|
|
— |
|
|
3 |
|
Total |
|
$ |
2 |
|
|
$ |
1 |
|
|
$ |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except
percentages)(unaudited)
For the three months ended March 31, 2020, a reconciliation
of selected items as reported in the Condensed Consolidated
Statements of Operations to adjusted Non-GAAP items is as
follows:
|
GAAP |
|
|
|
|
|
|
ADJUSTED NON-GAAP |
(in
millions, except per share amounts and percentages) |
Three Months Ended March 31, 2020 |
Amortization of Purchased Intangible Assets |
Restructuring Program Related Costs and Other
Costs |
Business Combination Related Costs and Fair Value
Adjustments |
Tax Impact of Non-GAAP Adjustments |
Income Tax Related Adjustments |
Total Non-GAAP Adjustments |
Three Months Ended March 31, 2020 |
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
$ |
468 |
|
29 |
|
— |
|
1 |
|
— |
|
— |
|
$ |
30 |
|
$ |
498 |
|
% OF NET SALES |
53.5 |
% |
|
|
|
|
|
|
57.0 |
% |
SELLING, GENERAL, AND
ADMINISTRATIVE EXPENSES |
359 |
|
(19 |
) |
(6 |
) |
(1 |
) |
— |
|
— |
|
(26 |
) |
333 |
|
% OF NET SALES |
41.1 |
% |
|
|
|
|
|
|
38.1 |
% |
RESEARCH AND DEVELOPMENT
EXPENSES |
34 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
34 |
|
GOODWILL IMPAIRMENT |
157 |
|
— |
|
(157 |
) |
— |
|
— |
|
— |
|
(157 |
) |
— |
|
RESTRUCTURING AND OTHER
COSTS |
43 |
|
— |
|
(43 |
) |
— |
|
— |
|
— |
|
(43 |
) |
— |
|
OPERATING (LOSS) INCOME |
(125 |
) |
48 |
|
206 |
|
2 |
|
— |
|
— |
|
256 |
|
131 |
|
% OF NET SALES |
(14.3 |
%) |
|
|
|
|
|
|
15.0 |
% |
OTHER INCOME AND EXPENSE |
5 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
5 |
|
(LOSS) INCOME BEFORE INCOME
TAXES |
(130 |
) |
48 |
|
206 |
|
2 |
|
— |
|
— |
|
256 |
|
126 |
|
PROVISION FOR INCOME
TAXES |
10 |
|
— |
|
— |
|
— |
|
27 |
|
(6 |
) |
21 |
|
31 |
|
% OF PRE-TAX (LOSS)
INCOME |
(7.7 |
%) |
|
|
|
|
|
|
24.6 |
% |
LESS: NET (LOSS) INCOME
ATTRIBUTABLE TO NON-CONTROLLING INTERESTS |
— |
|
|
|
|
|
|
— |
|
— |
|
NET (LOSS) INCOME ATTRIBUTABLE
TO DENTSPLY SIRONA |
$ |
(140 |
) |
|
|
|
|
|
$ |
235 |
|
$ |
95 |
|
% OF NET SALES |
(16.0 |
%) |
|
|
|
|
|
|
10.9 |
% |
EARNINGS PER SHARE -
DILUTED |
$ |
(0.63 |
) |
|
|
|
|
|
$ |
1.06 |
|
$ |
0.43 |
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding used in calculating diluted GAAP net loss
per common share |
|
|
|
|
220.9 |
|
Weighted average
common shares outstanding used in calculating diluted Non-GAAP net
income per common share |
|
|
|
|
222.3 |
|
|
|
|
|
|
For the three months ended March 31, 2020, the following
table presents the details of the "Restructuring program related
costs and other costs" column in the above table and the affected
line item in the Consolidated Statements of Operations:
(in
millions) |
|
Asset impairments |
|
Separation costs related to executives |
|
Costs related to restructuring plans |
|
Professional services costs |
|
Incentive compensation |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
1 |
|
|
$ |
6 |
|
Goodwill impairment |
|
157 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
157 |
|
Restructuring and other
costs |
|
39 |
|
|
— |
|
|
4 |
|
|
— |
|
|
— |
|
|
43 |
|
Total |
|
$ |
196 |
|
|
$ |
(1 |
) |
|
$ |
4 |
|
|
$ |
6 |
|
|
$ |
1 |
|
|
$ |
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENTSPLY SIRONA (NASDAQ:XRAY)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
DENTSPLY SIRONA (NASDAQ:XRAY)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024