BAX FY 2010 Earnings Report — Baxter International Inc. Revenue & Financial Results | Market Cap Arena

Baxter International Inc.BAX

FY 2010 Earnings

Reported February 23, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$12.8B	—	$12.6B	—	2.2%
Op. Income	$2.1B	—	$2.9B	—	-25.8%
Gross Margin	46.4%	—	51.9%	—	-5.6pp
Net Margin	11.1%	—	17.6%	—	-6.5pp
EPS (Diluted)	$2.39	—	$3.59	—	-33.4%
Free Cash Flow	$2.0B	—	$1.9B	—	7.7%

Revenue Flow

Item	Amount
REVENUE	$12.8B
Cost of Revenue	$6.9B
GROSS PROFIT	$6.0B
R&D Expenses	$915M
Selling & Marketing	$2.9B
General & Administrative	$0
SG&A Expenses	$2.9B
Other Expenses	$0
Operating Expenses	$3.8B
Cost & Expenses	$10.7B
OPERATING INCOME	$2.1B
Interest Income	$28M
Interest Expense	$115M
Other Income/Expenses	-$246M
INCOME BEFORE TAX	$1.9B
Income Tax Expense	$463M
Net Income from Continuing Ops	$1.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.4B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.4B
D&A	$685M
EBIT	$2.0B
EBITDA	$2.7B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$12.8B
Cost of Revenue	$6.9B
GROSS PROFIT	$6.0B
R&D Expenses	$915M
Selling & Marketing	$2.9B
General & Administrative	$0
SG&A Expenses	$2.9B
Other Expenses	$0
Operating Expenses	$3.8B
Cost & Expenses	$10.7B
OPERATING INCOME	$2.1B
Interest Income	$28M
Interest Expense	$115M
Other Income/Expenses	-$246M
INCOME BEFORE TAX	$1.9B
Income Tax Expense	$463M
Net Income from Continuing Ops	$1.4B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.4B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.4B
D&A	$685M
EBIT	$2.0B
EBITDA	$2.7B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.4B
Depreciation & Amortization	$685M
Stock-Based Compensation	$120M
Deferred Income Tax	$76M
Other Non-Cash Items	$1.1B
Change in Working Capital	-$368M
OPERATING CASH FLOW	$3.0B
Capital Expenditure	-$963M
Acquisitions (Net)	-$301M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	-$1.3B
Net Debt Issuance	$91M
Common Stock Repurchased	-$1.5B
Common Dividends Paid	-$688M
Other Financing Activities	$334M
NET CASH FROM FINANCING	-$1.7B
FREE CASH FLOW	$2.0B
Net Change in Cash	-$101M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.7B
Short-Term Investments	$0
Net Receivables	$2.3B
Inventory	$2.4B
Other Current Assets	$323M
TOTAL CURRENT ASSETS	$8.0B
PP&E (Net)	$5.3B
Goodwill	$2.0B
Intangible Assets	$500M
Long-Term Investments	$0
Tax Assets	$1.1B
Other Non-Current Assets	$586M
TOTAL NON-CURRENT ASSETS	$9.5B
TOTAL ASSETS	$17.5B
Account Payables	$745M
Short-Term Debt	$24M
Deferred Revenue	$635M
Other Current Liabilities	$1.7B
TOTAL CURRENT LIABILITIES	$4.0B
Long-Term Debt	$4.4B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$2.3B
TOTAL NON-CURRENT LIABILITIES	$6.7B
TOTAL LIABILITIES	$10.7B
Common Stock	$683M
Additional Paid-In Capital	$5.8B
Retained Earnings	$7.9B
Treasury Stock	-$5.7B
Accum. Other Comp. Income	-$2.1B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$6.6B
Minority Interest	$229M
TOTAL EQUITY	$6.8B
TOTAL LIABILITIES & EQUITY	$17.5B
Total Debt	$4.4B
Net Debt	$1.7B