ZIMMER BIOMET HOLDINGS, INC. ZBH Cash Flow

Zimmer biomet holdings, inc. (ZBH)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Cash flows provided by (used in) operating activities:
Net (loss) earnings
-509,100	321,400	432,000	131,900	246,200	-902,500	162,100	184,900	176,200	1,231,200	98,800	184,100	299,300	69,700	157,900	-31,700	108,700	126,700	22,200	-173,800	171,100	153,700	168,300	176,100	221,100	254,800	154,100	151,700	218,000	152,300	177,700	214,000	208,900	156,100	191,200	203,800	208,900	34,900	191,100	165,500	205,400	155,200	149,900	210,100	202,200
Adjustments to reconcile net (loss) earnings to cash provided by operating activities:
Depreciation and amortization
253,000	253,900	251,500	253,000	247,700	254,800	260,600	261,600	263,500	264,500	266,500	264,100	267,600	252,000	288,100	252,300	246,900	284,300	239,500	99,600	89,000	92,600	90,900	91,300	101,000	90,100	91,900	91,400	85,100	90,200	82,700	93,400	96,800	94,300	90,900	88,600	86,100	90,700	83,700	80,900	84,900	87,800	88,200	81,800	79,600
Share-based compensation
16,500	22,700	21,600	19,700	20,300	20,200	19,300	12,100	13,900	13,600	12,400	13,700	14,000	11,400	15,200	18,000	12,700	11,700	13,500	8,300	12,900	12,400	12,800	13,000	11,200	11,400	10,900	12,200	14,000	13,300	13,900	15,000	12,800	14,400	14,400	17,400	14,300	16,600	14,800	17,900	12,700	17,600	17,600	23,000	17,100
Goodwill impairment
612,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax benefit from stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,400	-	61,500	-8,600	-20,200	67,500	-7,300	-8,200	-13,600	-	-	1,100	6,200	-23,500	1,100	3,300	6,200	800	500	1,200	1,700	2,800	500	100	100
Excess income tax benefit from stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,500	1,200	1,300	7,800	1,400	1,100	3,200	5,400	1,300	2,200	1,600	3,500	400	900	200	1,200	1,000	400	1,200	2,400	200	100	300	700	-	-	-	-
Inventory step-up
-	-	-	-	-	-	-	-	-	600	1,300	16,300	14,600	22,400	14,500	132,700	153,700	180,700	126,600	10,100	400	400	800	1,700	2,500	2,900	2,700	1,600	800	2,300	500	1,000	1,000	1,800	1,800	3,400	4,400	100	0	0	1,300	2,600	2,900	2,800	4,200
Changes in operating assets and liabilities, net of acquired assets and liabilities
Income taxes
-45,400	467,700	-312,100	-68,700	24,500	-92,500	-15,900	-51,000	8,600	395,600	-35,000	-123,500	-86,900	114,500	-139,000	47,300	-33,700	214,800	-66,000	108,500	-12,600	127,000	-25,800	-38,800	-75,600	154,600	-2,400	-65,400	17,600	29,500	19,100	-37,200	47,800	7,800	18,300	-29,600	18,100	77,000	1,200	-72,800	2,300	11,900	-9,700	-40,100	44,900
Receivables
-289,700	203,300	-80,200	21,400	-50,700	23,800	-59,700	-31,500	-146,200	185,000	-120,400	-199,300	-27,000	61,300	-40,500	37,400	83,400	85,500	-88,700	65,900	-6,600	-1,900	27,600	20,000	-5,300	41,300	-57,000	45,800	44,200	11,300	-52,700	32,700	54,200	23,500	-36,300	5,500	70,500	19,900	-38,200	18,800	32,500	15,500	-40,700	36,100	-6,300
Inventories
96,000	19,200	23,000	32,300	50,700	34,300	65,900	59,700	39,600	-3,800	54,200	56,400	13,300	-33,700	16,000	-21,900	-38,300	8,900	55,700	82,900	57,900	31,900	47,500	28,600	56,600	33,000	28,900	26,500	59,700	14,200	23,600	23,700	6,000	-34,900	5,900	8,000	13,800	-18,900	20,600	-10,300	-17,200	-58,500	-29,500	84,000	-32,200
Accounts payable and accrued liabilities
-95,800	120,700	107,100	-38,400	-231,400	132,300	50,700	600	-27,700	37,300	30,600	-64,000	-137,200	108,600	65,900	-25,600	-116,300	41,800	-396,200	253,800	-151,400	119,000	-1,200	54,300	-56,000	37,300	-12,500	40,100	-31,300	43,800	19,700	14,200	-29,900	61,300	900	-19,200	-23,000	8,300	28,300	-300	-37,100	1,000	-14,200	-7,900	-111,500
Other assets and liabilities
-26,000	1,900	-20,600	12,900	23,700	-36,000	-9,700	-13,300	50,600	-145,300	10,000	19,900	109,700	-173,000	74,500	25,900	54,100	-1,900	-61,800	110,300	-24,800	-11,400	-82,200	300	-21,100	58,400	-14,800	-23,800	29,900	-30,300	-500	13,400	74,800	-64,400	-2,000	2,000	46,100	17,700	16,800	-89,100	-4,300	-10,600	-47,000	26,500	-13,500
Net cash provided by operating activities
450,900	423,300	577,900	301,000	283,600	379,500	484,100	393,300	490,500	402,900	463,500	440,500	275,400	627,200	352,600	379,600	272,800	462,500	98,600	197,200	91,500	361,900	255,700	254,100	188,800	300,200	292,700	189,700	180,500	368,000	345,000	231,500	207,400	393,100	350,600	251,000	182,200	341,000	320,300	272,700	259,500	385,500	352,300	195,100	184,600
Cash flows provided by (used in) investing activities:
Additions to instruments
85,700	76,400	94,700	81,100	63,700	72,600	77,600	65,700	60,400	81,300	83,100	86,200	86,400	94,200	94,000	72,200	85,100	80,400	82,000	41,600	62,400	34,500	50,900	62,600	49,400	26,800	49,800	58,800	57,500	44,200	36,400	39,500	28,800	26,500	43,700	38,900	46,300	59,400	50,000	122,400	-39,300	226,400	-26,800	-30,600	-45,300
Additions to other property, plant and equipment
40,200	51,800	58,600	58,900	37,800	47,500	61,500	27,000	26,700	46,200	36,000	30,700	43,100	54,600	56,400	46,100	27,600	49,100	53,800	30,400	34,400	49,200	32,300	32,000	31,400	22,800	36,900	22,400	17,900	43,300	27,100	24,800	19,500	46,000	33,800	16,900	17,100	38,600	13,900	15,100	11,600	28,300	22,100	23,800	30,900
Purchases of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	100	200	900	300	35,800	26,400	0	152,600	200,800	366,800	182,600	600,700	152,400	214,300	271,200	94,800	328,400	264,200	281,900	255,600	258,300	217,100	121,400	65,300	312,700	96,600	0	4,000	-	-	-	-
Sales of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	12,900	0	49,800	223,500	224,100	179,900	78,600	320,300	362,800	228,000	108,300	583,100	199,600	155,800	243,400	232,000	211,400	244,400	248,100	174,600	169,800	55,200	94,800	75,000	11,000	19,500	17,000	20,000	-	-	-	-
Net investment hedge settlements
16,300	10,600	16,200	10,800	10,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of intellectual property rights
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,900	7,000	18,300	7,600
Investments in other assets
11,600	-16,700	26,500	-4,600	14,500	16,200	-200	900	14,600	700	1,400	8,100	3,600	10,800	-35,200	12,700	14,700	2,100	10,200	6,400	3,000	-	-	-	-	-66,400	5,500	65,600	8,800	-38,900	2,100	19,800	34,900	-4,500	9,200	13,200	13,200	700	2,500	12,200	2,900	-24,800	17,700	17,200	600
Net cash used in investing activities
-121,200	-138,000	-163,600	-322,200	-105,500	-82,400	-138,900	-93,600	-101,700	-128,200	-120,500	-129,000	-133,100	-146,800	-1,374,300	-266,200	95,800	68,700	94,100	-7,788,600	67,900	28,700	-229,400	-170,300	-98,400	-10,200	-150,700	-174,600	53,000	-224,600	-85,400	-117,900	-164,200	-213,300	-248,600	-95,600	-66,900	-491,500	-143,500	-54,100	-37,800	-133,300	-73,600	-89,900	-84,400
Cash flows provided by (used in) financing activities:
Proceeds from senior notes
1,497,100	-	-	-	-	0	0	0	749,500	-	-	-	-	-	-	-	-	0	0	0	7,628,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from multicurrency revolving facility
-	-	-	-	-	0	0	0	400,000	0	0	0	400,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from term loans
-	0	0	0	200,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on term loans
-	210,000	325,000	115,000	310,000	925,000	275,000	0	225,000	300,000	490,000	0	150,000	100,000	200,000	100,000	400,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds (payments) under revolving credit facilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100	800	900	900	300	200	1,800	800	0	-100,100	99,800	-4,200	-146,700	1,000	-374,700	375,000	0	200	-	-	-	-	-471,000	-59,000	-10,000	210,000
Net payments on other debt
-	-	-	-	-	0	-3,700	0	-200	0	-200	0	-700	-	-	-	300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to stockholders
49,500	49,400	49,200	49,100	49,000	49,000	48,800	48,800	48,600	48,600	48,500	48,400	48,100	48,100	47,900	47,800	44,600	44,800	37,600	37,400	37,300	37,500	37,100	36,900	34,000	34,000	33,900	33,600	30,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from employee stock compensation plans
54,500	32,300	71,100	10,400	44,400	4,500	47,000	8,500	47,900	12,900	27,100	39,400	66,100	23,100	34,900	47,300	31,300	28,200	42,400	7,100	27,500	30,200	35,600	80,700	138,200	149,400	108,700	149,700	67,000	12,800	16,100	7,700	10,300	9,400	4,900	12,100	17,000	4,000	4,800	3,200	4,900	1,900	4,000	300	3,300
Net cash flows from unremitted collections from factoring programs
-12,400	-3,200	-10,200	9,200	16,400	-17,900	-8,300	2,100	60,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business combination contingent consideration payments
3,500	-	-	-	-	3,100	0	3,100	13,600	0	1,000	2,100	6,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted stock withholdings
-	-	-	-	-	-	-	-	-	-	500	1,900	5,200	-	100	800	4,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess income tax benefit from stock option exercises
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,500	1,200	1,300	7,800	1,400	1,100	3,200	5,400	1,300	2,200	1,600	3,500	400	900	200	1,200	1,000	400	1,200	2,400	200	100	300	700	-	-	-	-
Debt issuance costs
12,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	58,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other financing activities
-6,000	-4,800	-500	-700	-4,200	4,200	-500	-300	-7,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of noncontrolling interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	800	0	7,800
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	415,500	-	-	-	-	400	0	0	400,500	242,500	17,500	68,800	392,000	139,900	97,600	106,500	141,600	143,500	549,300	121,100	236,100	101,000	225,700	85,400	93,500	519,300	66,600	36,400	301,400
Net cash provided by financing activities
1,492,800	-182,700	-298,400	-163,600	-135,200	-275,500	-297,700	-1,570,800	841,800	-232,900	-320,700	-913,000	256,100	-309,100	519,200	-120,400	-832,900	-538,400	-144,200	220,700	7,568,600	-263,100	-15,900	-400	-290,700	-122,200	60,300	47,100	-452,500	-58,100	-116,300	-133,000	-129,100	37,500	-169,000	-107,800	-216,500	-99,000	-220,800	-81,900	-87,900	2,200	-122,300	-46,100	-95,900
Effect of exchange rates on cash and cash equivalents
-6,800	2,800	-6,500	1,100	1,100	-3,400	-4,100	-13,100	10,400	1,800	8,500	12,000	7,000	-12,500	1,500	-13,500	1,800	-400	-6,200	1,800	-17,800	-11,500	-11,800	2,600	2,400	-4,600	5,200	-9,300	-8,300	-2,500	7,200	-3,600	-8,400	-2,000	-4,100	900	7,900	-200	8,900	-4,200	-4,300	-2,400	5,800	5,600	-4,100
Increase in cash and cash equivalents
1,815,700	105,400	109,400	-183,700	44,000	18,200	43,400	-1,284,200	1,241,000	43,600	30,800	-589,500	405,400	158,800	-501,000	-20,500	-462,500	-7,600	42,300	-7,368,900	7,710,200	116,000	-1,400	86,000	-197,900	163,200	207,500	52,900	-227,300	82,800	150,500	-23,000	-94,300	215,300	-71,100	48,500	-93,300	-249,700	-35,100	132,500	129,500	252,000	162,200	64,700	200