Company Quick10K Filing
Quick10K
Dentsply Sirona
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$41.95 223 $9,340
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-07-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-23 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-03-01 Officers
8-K 2018-02-15 Officers, Amend Bylaw, Other Events, Exhibits
8-K 2018-01-14 Officers, Other Events, Exhibits
RMD Resmed
DXCM Dexcom
HRC Hill-Rom Holdings
NVRO Nevro
CSII Cardiovascular Systems
CTSO Cytosorbents
DXR Daxor
DRIO Dariohealth
AVGR Avinger
LENS Presbia
XRAY 2018-09-30
Part I - Financial Information
Item 1 - Financial Statements
Note 1 - Significant Accounting Policies
Note 2 - Stock Compensation
Note 3 - Comprehensive Income (Loss)
Note 4 - Earnings per Common Share
Note 5 - Business Combinations
Note 6 - Segment Information
Note 7 - Inventories
Note 8 - Benefit Plans
Note 9 - Restructuring and Other Costs
Note 10 - Financial Instruments and Derivatives
Note 11 - Fair Value Measurement
Note 12 - Income Taxes
Note 13 - Financing Arrangements
Note 14 - Goodwill and Intangible Assets
Note 15 - Commitments and Contingencies
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Securities and Use of Proceeds
Item 6 - Exhibits
EX-31.1 exhibit311q32018.htm
EX-31.2 exhibit312q32018.htm
EX-32 exhibit32q32018.htm

Dentsply Sirona Earnings 2018-09-30

XRAY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
Commission File Number 0-16211
 
DENTSPLY SIRONA Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
39-1434669
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
221 West Philadelphia Street, York, PA
17401-2991
(Address of principal executive offices)
(Zip Code)
 
(717) 845-7511
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No   o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer  x
Accelerated filer  o
Non-accelerated filer  o
Smaller reporting company  o
Emerging growth company  o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
 Yes   o No   x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  At October 31, 2018, DENTSPLY SIRONA Inc. had 222,547,625 shares of Common Stock outstanding, with a par value of $.01 per share.



DENTSPLY SIRONA Inc.

TABLE OF CONTENTS
 
Page 

2


PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(unaudited)

Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Net sales $928.4 $1,009.2 $2,926.6 $2,902.4 
Cost of products sold 452.3 450.2 1,383.6 1,307.2 
Gross profit 476.1 559.0 1,543.0 1,595.2 
Selling, general and administrative expenses 418.5 430.5 1,285.9 1,252.8 
Goodwill impairment   1,085.8 1,092.9 
Restructuring and other costs 12.1 20.6 211.2 105.4 
Operating income (loss) 45.5 107.9 (1,039.9)(855.9)
Other income and expenses: 
Interest expense 9.7 9.8 27.9 28.7 
Interest income (0.6)(0.4)(1.6)(1.7)
Other expense (income), net 4.7 0.9 (30.4)7.7 
Income (loss) before income taxes 31.7 97.6 (1,035.8)(890.6)
Provision (benefit) for income taxes 4.2 7.1 (23.4)9.5 
Net income (loss) 27.5 90.5 (1,012.4)(900.1)
Less: Net (loss) income attributable to noncontrolling interest (0.5)(0.1)0.4 (0.5)
Net income (loss) attributable to Dentsply Sirona $28.0 $90.6 $(1,012.8)$(899.6)
Net income (loss) per common share attributable to Dentsply Sirona 
Basic $0.13 $0.39 $(4.50)$(3.92)
Diluted $0.13 $0.39 $(4.50)$(3.92)
Weighted average common shares outstanding: 
Basic 222.4 229.5 224.9 229.6 
Diluted 223.7 233.1 224.9 229.6 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
3


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(unaudited)

Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Net income (loss) $27.5 $90.5 $(1,012.4)$(900.1)
Other comprehensive (loss) income, net of tax 
Foreign currency translation (loss) gain (29.0)122.0 (155.9)393.7 
Net gain (loss) on derivative financial instruments 2.2 (3.5)19.8 (9.3)
Net realized holding gain on available for sale securities   (44.3) 
Pension liability gain 1.0 1.3 5.2 3.6 
Total other comprehensive (loss) income, net of tax (25.8)119.8 (175.2)388.0 
Total comprehensive income (loss) 1.7 210.3 (1,187.6)(512.1)
Less: Comprehensive (loss) income attributable 
to noncontrolling interests (0.6)0.3 0.7 0.4 
Total comprehensive income (loss) attributable to Dentsply Sirona $2.3 $210.0 $(1,188.3)$(512.5)

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
4


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except per share amounts)
(unaudited)
September 30, 2018December 31, 2017
Assets 
Current Assets: 
Cash and cash equivalents $233.1 $320.6 
Accounts and notes receivables-trade, net 702.0 746.2 
Inventories, net 672.0 623.1 
Prepaid expenses and other current assets, net 295.7 312.6 
Total Current Assets 1,902.8 2,002.5 
Property, plant and equipment, net 865.7 876.0 
Identifiable intangible assets, net 2,488.0 2,800.7 
Goodwill, net 3,443.6 4,539.2 
Other noncurrent assets, net 69.1 156.1 
Total Assets $8,769.2 $10,374.5 
Liabilities and Equity 
Current Liabilities: 
Accounts payable $287.8 $284.4 
Accrued liabilities 568.5 585.8 
Income taxes payable 69.0 54.2 
Notes payable and current portion of long-term debt 154.8 30.1 
Total Current Liabilities 1,080.1 954.5 
Long-term debt 1,574.8 1,611.6 
Deferred income taxes 513.7 718.0 
Other noncurrent liabilities 446.3 462.5 
Total Liabilities 3,614.9 3,746.6 
Commitments and contingencies   
Equity: 
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued   
Common stock, $0.01 par value; 2.6 2.6 
400.0 million shares authorized and 264.5 million shares issued at September 30, 2018 and December 31, 2017, respectively 
222.5 million and 226.8 million shares outstanding at September 30, 2018 and December 31, 2017, respectively 
Capital in excess of par value 6,528.7 6,543.9 
Retained earnings 1,243.6 2,316.2 
Accumulated other comprehensive loss (466.5)(291.0)
Treasury stock, at cost, 42.0 million and 37.7 million shares at September 30, 2018 and December 31, 2017, respectively (2,166.4)(1,955.4)
Total Dentsply Sirona Equity 5,142.0 6,616.3 
Noncontrolling interests 12.3 11.6 
Total Equity 5,154.3 6,627.9 
Total Liabilities and Equity $8,769.2 $10,374.5 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
5


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In millions)
(unaudited)

Common
Stock 
Capital in
Excess of
Par Value 
Retained
Earnings 
Accumulated
Other
Comprehensive
Loss 
Treasury
Stock 
Total Dentsply Sirona
Equity 
Noncontrolling
Interests 
Total
Equity 
Balance at December 31, 2017 $2.6 $6,543.9 $2,316.2 $(291.0)$(1,955.4)$6,616.3 $11.6 $6,627.9 
Net income (loss) — — 81.2 — — 81.2 (0.1)81.1 
Other comprehensive income — — — 10.0 — 10.0 0.6 10.6 
Exercise of stock options — (1.8)— — 9.4 7.6 — 7.6 
Cumulative effect on adoption of ASC 606 — — (6.0)— — (6.0)— (6.0)
Reclassification on adoption of ASU No. 2016-16 — — (2.7)— — (2.7)— (2.7)
Reclassification on adoption of ASU No. 2018-02 — — 7.6 — — 7.6 — 7.6 
Stock based compensation expense — 9.3 — — — 9.3 — 9.3 
RSU distributions — (19.9)— — 9.9 (10.0)— (10.0)
RSU dividends — 0.2 (0.2)— — — —  
Cash dividends ($.0875 per share) — — (20.2)— — (20.2)— (20.2)
Balance at March 31, 2018 $2.6 $6,531.7 $2,375.9 $(281.0)$(1,936.1)$6,693.1 $12.1 $6,705.2 
Net (loss) income — — (1,122.0)— — (1,122.0)1.0 (1,121.0)
Other comprehensive loss — — — (159.8)— (159.8)(0.2)(160.0)
Exercise of stock options — (4.6)— — 8.2 3.6 — 3.6 
Reclassification on adoption of ASU No. 2018-02 — — 0.5 — — 0.5 — 0.5 
Stock based compensation expense — 0.5 — — — 0.5 — 0.5 
Treasury shares purchased — — — — (250.2)(250.2)— (250.2)
RSU distributions — (1.5)— — 1.1 (0.4)— (0.4)
RSU dividends — 0.1 (0.1)— — — — — 
Cash dividends ($.175 per share) — — (38.1)— — (38.1)— (38.1)
Balance at June 30, 2018 $2.6 $6,526.2 $1,216.2 $(440.8)$(2,177.0)$5,127.2 $12.9 $5,140.1 
Net income (loss) — — 28.0 — — 28.0 (0.5)27.5 
Other comprehensive loss — — — (25.7)— (25.7)(0.1)(25.8)
Exercise of stock options — (0.7)— — 9.5 8.8 — 8.8 
Stock based compensation expense — 5.3 — — — 5.3 — 5.3 
RSU distributions — (2.2)— — 1.1 (1.1)— (1.1)
RSU dividends — 0.1 (0.1)— — — — — 
Cash dividends — — (0.5)— — (0.5)— (0.5)
Balance at September 30, 2018 $2.6 $6,528.7 $1,243.6 $(466.5)$(2,166.4)$5,142.0 $12.3 $5,154.3 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.

6


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In millions)
(unaudited)

Common
Stock 
Capital in
Excess of
Par Value 
Retained
Earnings 
Accumulated
Other
Comprehensive
Loss 
Treasury
Stock 
Total Dentsply Sirona
Equity 
Noncontrolling
Interests 
Total
Equity 
Balance at December 31, 2016 $2.6 $6,516.7 $3,948.0 $(705.7)$(1,647.3)$8,114.3 $11.6 $8,125.9 
Net income (loss) — — 59.8 — — 59.8 (0.1)59.7 
Other comprehensive income (loss) — — — 47.7 — 47.7 (0.1)47.6 
Exercise of stock options — 4.9 — — 24.5 29.4 — 29.4 
Stock based compensation expense — 10.8 — — — 10.8 — 10.8 
Reclassification on adoption of ASU No. 2016-09 — 1.0 (1.0)— — — — — 
Funding of Employee Stock Ownership Plan — 3.3 — — 3.3 6.6 — 6.6 
Treasury shares purchased — — — — (84.6)(84.6)— (84.6)
RSU distributions — (20.7)— — 9.1 (11.6)— (11.6)
RSU dividends — 0.2 (0.2)— — — — — 
Cash dividends ($.0875 per share) — — (20.2)— — (20.2)— (20.2)
Balance at March 31, 2017 $2.6 $6,516.2 $3,986.4 $(658.0)$(1,695.0)$8,152.2 $11.4 $8,163.6 
Net loss — — (1,050.0)— — (1,050.0)(0.3)(1,050.3)
Other comprehensive income — — — 220.0 — 220.0 0.6 220.6 
Exercise of stock options — 1.4 — — 14.6 16.0 — 16.0 
Stock based compensation expense — 11.1 — — — 11.1 — 11.1 
Reclassification on adoption of ASU No. 2016-09 — — (0.5)— — (0.5)— (0.5)
Treasury shares purchased — — — — (65.7)(65.7)— (65.7)
RSU distributions — (1.4)— — 1.0 (0.4)— (0.4)
RSU dividends — 0.1 (0.1)— — — — — 
Cash dividends ($.0875 per share) — — (20.2)— — (20.2)— (20.2)
Balance at June 30, 2017 $2.6 $6,527.4 $2,915.6 $(438.0)$(1,745.1)$7,262.5 $11.7 $7,274.2 
Net income (loss) — — 90.6 — — 90.6 (0.1)90.5 
Other comprehensive income — — — 119.4 — 119.4 0.4 119.8 
Exercise of stock options — 0.1 — — 7.4 7.5 — 7.5 
Stock based compensation expense — 18.9 — — — 18.9 — 18.9 
RSU distributions — (1.7)— — 0.6 (1.1)— (1.1)
RSU dividends — 0.2 (0.2)— — — — — 
Cash dividends ($.0875 per share) — — (20.0)— — (20.0)— (20.0)
Balance at September 30, 2017 $2.6 $6,544.9 $2,986.0 $(318.6)$(1,737.1)$7,477.8 $12.0 $7,489.8 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
7


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(unaudited)
Nine Months Ended September 30, 
20182017
Cash flows from operating activities: 
Net Loss $(1,012.4)$(900.1)
Adjustments to reconcile net loss to net cash provided by operating activities: 
Depreciation 103.4 93.9 
Amortization of intangible assets 149.7 140.5 
Amortization of deferred financing costs 2.0 1.9 
Goodwill impairment 1,085.8