Danaher EBIT (Q1, 2018)743 M

Danaher revenue breakdown by business segment: 21.7% from Environmental & Applied Solutions, 15.3% from Dental, 31.9% from Diagnostics and 31.2% from Life Sciences

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Revenue | 12.9 b | 14.4 b | 16.9 b | 18.3 b |

| 4% | 12% | 17% | 9% |

## Cost of goods sold | 6 b | 6.7 b | 7.5 b | 8.1 b |

## Gross profit | 6.8 b | 7.8 b | 9.3 b | 10.2 b |

| 53% | 54% | 55% | 56% |

## R&D expense | 769.4 m | 861.4 m | 975.1 m | 1.1 b |

## General and administrative expense | 4 b | 4.7 b | 5.6 b | 6 b |

## Operating expense total | 4.8 b | 5.6 b | 6.6 b | 7.2 b |

## EBIT | 2 b | 2.2 b | 2.8 b | 3 b |

| 16% | 15% | 16% | 16% |

## Interest expense | 94.7 m | 139.8 m | 184.4 m | 162.7 m |

## Interest income | 13.3 m | 4.6 m | 200 k | 7.5 m |

## Pre tax profit | 2.1 b | 2 b | 2.6 b | 2.9 b |

## Income tax expense | 447.5 m | 292.7 m | 457.9 m | (469 m) |

## Net Income | 2.6 b | 3.4 b | 2.6 b | 2.5 b |

- Source: SEC Filings

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 4.7 b | 5 b | 3.5 b | 3.9 b | 4.2 b | 4.1 b | 4.2 b | 4.5 b | 4.5 b |

## Cost of goods sold | 2.2 b | 2.3 b | 1.6 b | 1.8 b | 1.9 b | 1.8 b | 1.9 b | 2 b | 2 b |

## Gross profit | 2.5 b | 2.6 b | 1.9 b | 2.2 b | 2.4 b | 2.3 b | 2.3 b | 2.5 b | 2.5 b |

| 53% | 53% | 54% | 55% | 56% | 55% | 56% | 55% | 56% |

## R&D expense | 299.4 m | 304.6 m | 212.2 m | 226.1 m | 239.9 m | 241.1 m | 267.4 m | 283.3 m | 279.2 m |

## General and administrative expense | 1.4 b | 1.4 b | 1.2 b | 1.3 b | 1.4 b | 1.3 b | 1.4 b | 1.5 b | 1.5 b |

## Operating expense total | 1.7 b | 1.7 b | 1.4 b | 1.6 b | 1.7 b | 1.6 b | 1.7 b | 1.8 b | 1.8 b |

## EBIT | 755.1 m | 934.4 m | 480 m | 613.1 m | 710.1 m | 699.1 m | 623.9 m | 683.7 m | 767.5 m |

| 16% | 19% | 14% | 16% | 17% | 17% | 15% | 15% | 17% |

## Interest expense | 29.3 m | 29 m | 39.1 m | 52.9 m | 55.5 m | 43.7 m | 40.3 m | 40.7 m | 39.9 m |

## Interest income | 2.3 m | 2.3 m | 600 k | 100 k | 1.6 m | 1.8 m | 2.2 m | ||

## Pre tax profit | 728.1 m | 907.7 m | 453.9 m | 783.6 m | 654.6 m | 476.7 m | 585.2 m | 644.8 m | 729.8 m |

## Income tax expense | 170.1 m | 192.2 m | 74 m | 197.8 m | 236.6 m | 74.1 m | 101.4 m | 87.5 m | 157.7 m |

## Net Income | 569.8 m | 695.7 m | 1.4 b | 758.4 m | 656.7 m | 391.6 m | 506.1 m | 557.3 m | 572.1 m |

- Source: SEC Filings

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Cash | 3 b | 790.8 m | 963.7 m | 630.3 m |

## Accounts Receivable | 3.4 b | 3 b | 3.2 b | 3.5 b |

## Prepaid Expenses | 952.7 m | 889.5 m | 805.9 m | 857.1 m |

## Inventories | 1.8 b | 1.6 b | 1.7 b | 1.8 b |

## Current Assets | 9.4 b | 7.8 b | 6.7 b | 6.9 b |

## PP&E | 2.2 b | 2.3 b | 2.4 b | 2.5 b |

## Goodwill | 15.7 b | 21 b | 23.8 b | 25.1 b |

## Total Assets | 37 b | 48.2 b | 45.3 b | 46.6 b |

## Accounts Payable | 1.9 b | 1.4 b | 1.5 b | 1.5 b |

## Short-term debt | 71.9 m | 845.2 m | 2.6 b | 194.7 m |

## Current Liabilities | 5.4 b | 6.2 b | 6.9 b | 4.8 b |

## Long-term debt | 3.4 b | 12 b | 9.7 b | 10.3 b |

## Total Debt | 3.5 b | 12.9 b | 12.3 b | 10.5 b |

## Common Stock | 7.9 m | 8 m | 8.1 m | 8.1 m |

## Additional Paid-in Capital | 4.5 b | 5 b | 5.3 b | 5.5 b |

## Retained Earnings | 20.3 b | 21 b | 20.7 b | 22.8 b |

## Total Equity | 23.4 b | 23.8 b | 23.1 b | 26.4 b |

## Debt to Equity Ratio | 0.1 x | 0.5 x | 0.5 x | 0.4 x |

## Debt to Assets Ratio | 0.1 x | 0.3 x | 0.3 x | 0.2 x |

## Financial Leverage | 1.6 x | 2 x | 2 x | 1.8 x |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Cash | 2.5 b | 3.3 b | 1.8 b | 664.3 m | 4.1 b | 971.4 m | 803.9 m | 726.4 m | 648.6 m | |

## Accounts Receivable | 3.4 b | 3.6 b | 3.9 b | 3.9 b | 4 b | 3.1 b | 3 b | 3.2 b | 3.3 b | |

## Prepaid Expenses | 919.3 m | 835.1 m | 851.6 m | 974 m | 898.4 m | 727.8 m | 715.2 m | 523.7 m | 464.7 m | |

## Inventories | 1.9 b | 1.9 b | 2.3 b | 2.2 b | 2.2 b | 1.7 b | 1.8 b | 1.8 b | 1.9 b | |

## Current Assets | 8.8 b | 9.7 b | 8.9 b | 7.7 b | 11.2 b | 6.5 b | 6.3 b | 6.3 b | 6.3 b | |

## PP&E | 2.1 b | 2.2 b | 2.8 b | 2.9 b | 2.8 b | 2.3 b | 2.4 b | 2.4 b | 2.4 b | |

## Goodwill | 16.7 b | 16.9 b | 25.1 b | 25.5 b | 25.4 b | 21.6 b | 24 b | 24.5 b | 24.8 b | |

## Total Assets | 36.1 b | 37 b | 49.7 b | 48.4 b | 51.5 b | 41.3 b | 45.2 b | 45.6 b | 45.9 b | |

## Accounts Payable | 1.7 b | 1.7 b | 1.8 b | 1.9 b | 2 b | 1.4 b | 1.4 b | 1.4 b | 1.5 b | 1.6 b |

## Short-term debt | 123.7 m | 110.1 m | 3.5 b | 197 m | 2.6 b | 809.1 m | 2.2 b | 169.5 m | 182.2 m | |

## Current Liabilities | 5 b | 5.1 b | 8.6 b | 5.3 b | 8 b | 4.8 b | 6 b | 4.2 b | 4.4 b | |

## Long-term debt | 3.1 b | 3.1 b | 11.5 b | 12.2 b | 12 b | 7.5 b | 9.7 b | 11.4 b | 10.7 b | |

## Total Debt | 3.2 b | 3.2 b | 15 b | 12.4 b | 14.7 b | 8.3 b | 12 b | 11.6 b | 10.9 b | |

## Common Stock | 8 m | 8 m | 8 m | 8 m | 8.1 m | 8.1 m | 8.1 m | 8.1 m | 8.1 m | |

## Additional Paid-in Capital | 4.6 b | 4.7 b | 4.9 b | 5.1 b | 5.2 b | 5.3 b | 5.4 b | 5.4 b | 5.5 b | |

## Retained Earnings | 20.8 b | 21.4 b | 20.4 b | 21.7 b | 22.2 b | 20 b | 21.1 b | 21.6 b | 22 b | |

## Total Equity | 23.4 b | 24.2 b | 23.2 b | 24.6 b | 25.1 b | 23.3 b | 23.8 b | 24.6 b | 25.4 b | |

## Debt to Equity Ratio | 0.1 x | 0.1 x | 0.6 x | 0.5 x | 0.6 x | 0.4 x | 0.5 x | 0.5 x | 0.4 x | |

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.3 x | 0.3 x | 0.3 x | 0.2 x | 0.3 x | 0.3 x | 0.2 x | |

## Financial Leverage | 1.5 x | 1.5 x | 2.1 x | 2 x | 2.1 x | 1.8 x | 1.9 x | 1.9 x | 1.8 x |

USD | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|

## Net Income | 2.6 b | 3.4 b | 2.6 b | 2.5 b |

## Depreciation and Amortization | 718.1 m | 880.8 m | 1.1 b | 1.2 b |

## Accounts Receivable | (42.7 m) | 800 k | (183.1 m) | (161.4 m) |

## Inventories | 68.8 m | 146.5 m | 9.4 m | (27.4 m) |

## Accounts Payable | 79.7 m | 50.3 m | 78.1 m | (54.4 m) |

## Cash From Operating Activities | 3.8 b | 3.8 b | 3.5 b | 3.5 b |

## Purchases of PP&E | (465.4 m) | (512.9 m) | (589.6 m) | (619.6 m) |

## Cash From Investing Activities | (3.4 b) | (15 b) | (5.2 b) | (843.4 m) |

## Short-term Borrowings | (3.8 b) | |||

## Long-term Borrowings | (414.7 m) | (668.4 m) | ||

## Dividends Paid | (227.7 m) | (354.1 m) | (399.8 m) | (378.3 m) |

## Cash From Financing Activities | (218.2 m) | 9.1 b | 2 b | (3.1 b) |

## Net Change in Cash | (109.6 m) | (2.2 b) | 172.9 m | (333.4 m) |

USD | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 569.8 m | 1.3 b | 2.7 b | 758.4 m | 1.4 b | 1.8 b | 506.1 m | 1.1 b | 1.6 b |

## Depreciation and Amortization | 235.5 m | 472.5 m | 608 m | 267.7 m | 545.3 m | 822.5 m | 305.6 m | 608.8 m | 427.3 m |

## Accounts Receivable | 104.2 m | 1.3 m | 85.1 m | 83.5 m | (61.5 m) | (94.8 m) | 168.3 m | 72.1 m | 74.6 m |

## Inventories | (111.1 m) | (102.6 m) | (40.8 m) | (85.6 m) | (104.9 m) | (138.5 m) | (56.9 m) | (45.4 m) | (98.2 m) |

## Accounts Payable | (84.8 m) | (74.8 m) | (142.2 m) | (116 m) | (42.7 m) | (38.1 m) | (90.9 m) | (104.1 m) | (48.5 m) |

## Cash From Operating Activities | 523.6 m | 1.6 b | 2.6 b | 772.8 m | 2.1 b | 2.9 b | 560.2 m | 1.6 b | 2.6 b |

## Purchases of PP&E | (117 m) | (253.2 m) | (351.6 m) | (122.6 m) | (273.5 m) | (422.1 m) | (158.6 m) | (306.5 m) | (445.8 m) |

## Cash From Investing Activities | (690.7 m) | (937.6 m) | (14.7 b) | 8.3 m | (165.9 m) | (319.5 m) | (163.7 m) | (372.9 m) | (527.9 m) |

## Short-term Borrowings | (247.5 m) | (259.9 m) | (1.1 b) | (1.2 b) | (2.3 b) | (434.9 m) | (2.4 b) | (3.9 b) | |

## Long-term Borrowings | (1.2 m) | (1.8 m) | |||||||

## Dividends Paid | (70.4 m) | (165.9 m) | (261.6 m) | (92.7 m) | (202.8 m) | (313.3 m) | (86.6 m) | (183.9 m) | (281 m) |

## Cash From Financing Activities | (260.8 m) | (299.4 m) | 11 b | (890.6 m) | 1.5 b | (2.3 b) | (590.7 m) | (1.5 b) | (2.5 b) |

## Net Change in Cash | (494.6 m) | 336.4 m | (1.2 b) | (126.5 m) | 3.3 b | 180.6 m | (159.8 m) | (237.3 m) | (315.1 m) |

## Interest Paid | 37.3 m | 57.7 m | 97.8 m | 76 m | 102 m | 199.4 m | 48.2 m | 58.4 m | 117.4 m |

## Income Taxes Paid | 101 m | 225.1 m | 325.4 m | 86.9 m | 233.1 m | 330.8 m | 142.3 m | 266.3 m | 378.3 m |

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