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Press Release: Hillrom's Fiscal First Quarter -3-

· 02/05/2021 06:59
Adjusted Basis 18.8% $128.5 $ 26.3 $ 1.53 16.2 % $ 91.0 $ 15.1 $ 1.13 Year Ended December 31, 2020 Year Ended December 31, 2019 Income Income Before Income Before Income Operating Income Tax Diluted Operating Income Tax Margin Taxes Expense EPS Margin Taxes Expense Diluted EPS GAAP Basis 11.1% $71.6 $ 12.8 $ 0.88 11.5 % $ 42.6 $ 2.8 $ 0.59 Adjustments: Acquisition and integration costs and related fair value adjustments -- % (0.1) -- -- (1.0)% (6.6) 0.3 (0.10) Acquisition-related intangible asset amortization 3.5 % 25.9 6.3 0.29 4.0 % 26.7 6.4 0.30 Regulatory compliance costs 0.5 % 4.1 1.0 0.05 0.6 % 3.9 0.6 0.05 Special charges 3.7 % 27.1 6.2 0.31 1.1 % 7.8 1.2 0.10 Debt refinancing costs -- % -- -- -- -- % 16.1 3.7 0.18 Loss on business combinations -- % -- -- -- -- % 0.5 0.1 0.01 COVID-19 related costs and benefits, net -- % (0.1) -- -- -- % -- -- -- Adjusted Basis 18.8% $128.5 $ 26.3 $ 1.53 16.2 % $ 91.0 $ 15.1 $ 1.13 Hill-Rom Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In millions, except share amounts) December 31, September 30, 2020 2020 ASSETS Current Assets Cash and cash equivalents $ 294.6 $ 296.5 Trade accounts receivable, net of allowances of $27.7 and $25.9 as of December 31, 2020 and September 30, 2020 598.0 594.9 Inventories, net of reserves 335.9 352.0 Other current assets 111.5 121.5 Total current assets 1,340.0 1,364.9 Property, plant and equipment 878.1 858.2 Less accumulated depreciation (569.6) (552.1) Property, plant and equipment, net 308.5 306.1 Goodwill 1,847.9 1,835.5 Other intangible assets and software, net 958.6 976.7 Deferred income taxes 34.7 32.9 Other assets 153.8 155.0 Total Assets $ 4,643.5 $ 4,671.1 LIABILITIES Current Liabilities Trade accounts payable $ 202.9 $ 236.5 Short-term borrowings 222.3 222.3 Accrued compensation 97.6 144.9 Accrued product warranties 30.0 30.8 Accrued rebates 54.4 44.8 Deferred revenue 112.3 110.1 Other current liabilities 180.7 162.8 Total current liabilities 900.2 952.2 Long-term debt 1,643.8 1,655.7 Accrued pension and postretirement benefits 94.7 89.3 Deferred income taxes 108.7 113.0 Other long-term liabilities 133.0 134.8 Total Liabilities 2,880.4 2,945.0 SHAREHOLDERS' EQUITY Capital Stock: Preferred stock - without par value: Authorized - 1,000,000; none issued or outstanding Common stock - without par value: Authorized - 199,000,000 4.4 4.4 Issued: 88,457,634 shares as of December 31, 2020 and September 30, 2020; Outstanding: 66,354,008 as of December 31, 2020 and 66,640,832 as of September 30, 2020 Additional paid-in capital 668.5 667.0 Retained earnings 2,174.1 2,132.2 Accumulated other comprehensive income (loss) (143.3) (180.2) Treasury stock, common shares at cost: 22,103,626 as of December 31, 2020 and 21,816,802 as of September 30, 2020 (940.6) (897.3) Total Shareholders' Equity 1,763.1 1,726.1 Total Liabilities and Shareholders' Equity $ 4,643.5 $ 4,671.1 Hill-Rom Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Year Ended December 31 2020 2019 Operating Activities Net income $ 58.8 $39.8 Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities: Depreciation and amortization of property, plant, equipment and software 18.4 16.6 Acquisition-related intangible asset amortization 25.9 26.7 Amortization of debt discounts and issuance costs 1.1 1.0 Loss on extinguishment of debt -- 15.6 Benefit for deferred income taxes (3.3) (3.9) Loss on disposal of property, equipment, intangible assets and impairments 0.1 1.1 Stock compensation 11.0 8.3 Other operating activities 4.5 (5.1) Change in working capital excluding cash, current debt, acquisitions and dispositions: Trade accounts receivable 6.2 74.8 Inventories 15.4 (9.8) Other current assets 9.7 (15.8) Trade accounts payable (35.7) (9.0) Accrued expenses and other liabilities (16.1) (60.2) Other assets and liabilities 4.2 (3.1) Net cash, cash equivalents and restricted cash provided by operating activities 100.2 77.0 Investing Activities Purchases of property, plant, equipment and software (29.3) (24.3) Proceeds on sale of property and equipment 0.3 0.5 Net cash, cash equivalents and restricted cash used in investing activities (29.0) (23.8) Financing Activities Payments of long-term debt (12.5) (12.6) Borrowings on Revolving Credit Facility -- 50.0 Payments on Revolving Credit Facility -- (55.0) Payments on Securitization Facility -- (7.5) Borrowings on Note Securitization Facility -- 11.4 Payments on Note Securitization Facility -- (12.6) Redemption and prepayment premium on 5.75% Notes -- (437.2) Cash dividends (14.6) (14.1) Proceeds on exercise of stock options 0.5 3.7 Stock repurchases for stock award withholding obligations (8.3) (15.1) Stock repurchases in the open market (47.4) -- Other financing activities 2.3 1.7 Net cash, cash equivalents and restricted cash used in financing activities (80.0) (487.3) Effect of exchange rate changes on cash, cash equivalents and restricted cash 6.9 4.7 Net Cash Flows (1.9) (429.4) Cash, Cash Equivalents and Restricted Cash: At beginning of period 296.5 633.8 At end of period $ 294.6 $204.4 CONTACT INFORMATION Investor Relations ------------------------------------------------------------------------------ Mary Kay Ladone, Senior Vice President, Corporate Lorna Williams, Executive Development, Strategy and Director, Investor Contact: Investor Relations Contact: Relations and Strategy Phone: 312-819-9387 Phone: 312-233-7799 Email: marykay.ladone@hillrom.com Email: lorna.williams@hillrom.com --------------------------- Media --------- Contact: Howard Karesh, Vice President, Corporate Communications Phone: 312-819-7268 Email: howard.karesh@hillrom.com

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SOURCE Hillrom

/Web site: https://www.hillrom.com

(END) Dow Jones Newswires

February 05, 2021 06:59 ET (11:59 GMT)