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Dentsply Sirona 2017 10-K

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Dentsply Sirona 2017 10-K 2017 Annual Report & Corporate Social Responsibility Platform dentsplysirona.com Dentsply Sirona at a glance Empowering dental professionals Committed to innovation and education to provide better, safer, faster • 30+ significant new products annually dental care • Training over 350,000 dental professionals annually • The world’s largest manufacturer • ~12,000 courses conducted in 88 countries of professional dental products and technologies • Leading positions and platforms across consumables, equipment, technology, and specialty products. Financially strong • Consistent cash generation • Solid balance sheet • Member of the S&P 500® and Global Nasdaq 100 • Sales in over 120 countries • Infrastructure in more than 40 countries • Dentsply Sirona products used on over six million patients by 600,000 dental Delivering innovative dental solutions to professionals annually improve oral health worldwide Percent of 2017 sales by region* US: 35% Europe: 40% Rest of World: 25% *Non-US GAAP net sales, excluding precious metal content 02 I 03 Financial Highlights (in millions, except per share data) Income Statement Data 2017 2016 2015 2014 Net Sales $3,993.4 $3,745.3 $2,674.3 $2,922.6 Net Sales, Excluding Precious Metal Content $3,952.9 $3,681.0 $2,581.5 $2,792.7 (Loss) Earnings Per Common Share – Diluted1 $(6.76) $1.94 $1.76 $2.24 Adjusted Earnings Per Common Share – Diluted2, 3, 4, 5, 6 $2.66 $2.78 $2.62 $2.50 Cash Dividends Declared Per Common Share $0.350 $0.310 $0.290 $0.265 Financial Position 2017 2016 2015 2014 Cash and Cash Equivalents $320.6 $383.9 $284.6 $151.6 Total Debt7 $1,641.7 $1,532.2 $1,153.1 $1,261.9 Total Equity $6,627.9 $8,125.9 $2,339.4 $2,322.2 1: 2017 – GAAP loss is calculated off of basic shares outstanding. 2: 2017 – Excludes pre-tax costs of $38.5 million related to business combinations; pre-tax amortization expense related to purchased intangible assets of $189.0 million; pre-tax restructuring and other costs of $2,119.3 million; and the pre-tax loss on credit risk and fair value adjustments of $5.0 million. The related net impact to income taxes on these excluded items and other income tax adjustments was $183.6 million. Calculation also includes the $0.09 dilutive effect of common stock. In total, these items had a negative impact of $9.42 on earning per common share. 3: 2016 – Excludes pre-tax cost of $162.2 million related to business combinations; pre-tax amortization expense related to purchased intangible assets of $155.3 million; pre-tax restructuring and other costs of $17.0 million; and the pre-tax loss on credit risk and fair value adjustments of $5.8 million. The related net impact to income taxes on these excluded items and other income tax adjustments was $153.1 million. These items had a negative impact of $0.84 on earnings per diluted common share. 4: 2015 – Excludes pre-tax cost of $106.2 million related to business combinations and restructuring and other costs; pre-tax amortization expense related to purchased intangible assets of $43.7 million; the pre-tax loss on credit risk and fair value adjustments of $8.3 million; and the pre-tax gain on certain fair value adjustments related to an unconsolidated affiliated company of $2.8 million. The related net impact to income taxes on these excluded items and other income tax adjustments was $33.5 million. These items had a negative impact of $0.86 on earnings per diluted common share. 5: 2014 – Excludes pre-tax amortization expense related to purchased intangible assets of $47.9 million; pre-tax cost of $16.0 million related to business combinations and restructuring and other costs; the pre-tax gain on credit risk and fair value adjustments of $0.7 million; and the pre-tax gain on certain fair value adjustments related to an unconsolidated affiliated company of $1.2 million. The related net impact to income taxes on these excluded items and other income tax adjustments was $23.9 million. These items had a negative impact of $0.26 on earnings per diluted common share. 6: Adjusted earnings per diluted share is a non-GAAP measure that excludes certain items. For a reconciliation of U.S. GAAP results to this non-GAAP measure, refer to Item 7 of our annual report on Form 10-K. 7: Total debt amounts shown are net of deferred financing costs. Dear Fellow Shareholders Dentsply Sirona‘s Global Headquarters in York, Pennsylvania, U.S.A. Fiscal 2017 was a challenging but ultimately positive year for the organization. For the last two years the organization has done the hard work of putting two organizations together in over 100 countries around the world. This has taken a tremendous amount of resources in terms of time, money and people’s attention. It has certainly tested the resolve of the organization. As the year closed, however, we have begun to turn the page on how we can focus on growing our portfolio of products and services. All shareholders can be proud of the resilience, tenacity and resourcefulness the entire Dentsply Sirona team has demonstrated throughout the process. One of the most important lessons from 2017 is our $346.7 million, both driven by management’s projections, need to refocus on our fundamentals. We are in a very tax reform and foreign exchange rate changes. On attractive market with a great portfolio of brands and an adjusted basis, we delivered earnings per share of products and have more than 16,000 passionate and $2.66, down 5% from the prior year, reflecting some of committed employees at Dentsply Sirona. We have the our challenges, including the transition to expanding opportunity to transform dentistry by delivering products distribution of our equipment business in North America. and solutions that enable better, safer and faster care. If we provide our customers with unique dental solutions, During the year we made the strategic decision to we should be able to grow faster than the market and expand our distribution of equipment from an exclusive create significant shareholder value. relationship to a non-exclusive relationship. Our intent was to accelerate adoption of our technologies in the market by leveraging multiple partners who would Financial Review support our offering. While we continue to believe that this is the best course of action for our future, the Revenues of $4.0 billion grew 6.6% compared to the prior transition slowed decision making at the end user level. year, while sales of our combined businesses1 grew Potential customers now are weighing the decision of 1.6% excluding the effects of exchange rates. For the not only whether or not to buy technology, but also year, the Company reported a loss of $6.76 per common from whom to buy. As retail sales did not materialize, we share which reflects the impact of a non-cash goodwill built up inventory in the distribution channel. This has impairment charge of $1,650.9 million and a non-cash impacted our performance. indefinite-lived intangible asset impairment charge of 1 “Sales of our combined businesses” combines the historical consolidated revenues of DENTSPLY and Sirona, giving effect to the merger as if it had been consummated on January 1, 2016. 04 I 05 Our growth plan going forward will be built on three pillars: sales force effectiveness, accelerating the pace of innovation and improving our performance in developing economies. Donald Casey, Chief Executive Officer In 2017, we did not meet our initial financial guidance. the industry’s leading R&D budget and by focusing it on The aforementioned transition coupled with integration higher impact projects, we expect to be in a much better challenges hindered the Company’s ability to execute. competitive position. Under new leadership, we met our new, lower financial guidance and improved performance in the back half of Our final pillar is to grow in the rapidly developing areas the year, returning to both sales and earnings growth. around the globe—such as Asia, Latin America and the We are beginning to gain momentum and we expect to Middle East—where we have an excellent foundation— deliver faster sales and earnings growth in 2018. and also tremendous opportunity. This is going to require more investment and resources but we expect will pay off significantly. Growth and Margin Improvement are Two Imperatives That Our entire employee base believes that we can and Will Create Shareholder Value should be a growth company built on an industry leading go-to-market capability, world class research and Our entire team is excited about taking the potential of development and being a global solutions provider. We Dentsply Sirona and turning it into performance. Our plan to selectively add to our organic efforts by deploying team will focus on two commitments that I make to you: capital to support faster sales or earnings growth. growth and margin expansion. Margin improvement will be predicated on leveraging our Our growth plan going forward will be built on three scale and operating more efficiently. Our team is focused pillars: sales force effectiveness, accelerating the pace of on delivering significant cost savings over the next two innovation and improving our performance in developing years. Given our early stage of development in areas like economies. At Dentsply Sirona, we have over 30 sales procurement, rationalizing our manufacturing footprint forces and around 5,000 people around the globe and looking at our operating model, we believe we have focused on sales and sales support. It is essential that significant runway. We believe these savings can be we improve the performance of this group.
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