Zimmer Biomet Holdings, Inc. (ZBH) · 10+ Years of Financial statements

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	4,220	4,452	4,472	4,623	- -	4,673	5,998	7,684	7,824	7,933	7,982	7,024	6,827	6,940	7,394
+ Sales & Services Revenue	4,220	4,452	4,472	4,623	- -	4,673	5,998	7,684	7,824	7,933	7,982	7,024	6,827	6,940	7,394
- Cost of Revenue	1,012	1,122	1,125	1,286	- -	1,250	1,857	2,375	2,133	2,272	2,253	2,128	1,960	2,020	2,084
+ Cost of Goods & Services	1,012	1,122	1,125	1,286	- -	1,250	1,857	2,375	2,133	2,272	2,253	2,128	1,960	2,020	2,084
Gross Profit	3,208	3,330	3,346	3,337	- -	3,424	4,141	5,309	5,691	5,661	5,730	4,896	4,867	4,920	5,310
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	2,052	2,230	2,033	2,038	- -	2,011	2,902	3,864	3,945	4,514	4,460	4,198	3,862	3,728	3,859
+ Selling, General & Admin	1,832	1,834	1,807	1,834	- -	1,822	2,284	2,933	2,974	3,379	3,344	3,178	2,843	2,762	2,839
+ Research & Development	220	239	226	204	- -	188	269	366	367	392	449	372	436	406	459
+ Other Operating Expense	- -	158	- -	- -	- -	- -	349	566	604	743	667	648	582	561	562
Operating Income (Loss)	1,155	1,099	1,314	1,299	- -	1,413	1,240	1,445	1,746	1,147	1,270	698	1,005	1,192	1,451
- Non-Operating (Income) Loss	295	120	324	318	- -	469	1,227	1,043	1,266	1,418	364	972	506	789	384
+ Interest Expense, Net	-64	35	57	54	- -	51	277	355	325	289	227	212	208	165	201
+ Interest Expense	-60	45	73	70	- -	63	287	358	328	293	227	212	208	165	201
- Interest Income	4	10	16	16	- -	12	9	3	2	3	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	359	85	266	264	- -	418	950	688	941	1,129	137	760	298	624	183
Pretax Income	860	979	990	981	- -	944	12	402	480	-271	906	-274	499	404	1,067
- Income Tax Expense (Benefit)	263	219	237	222	- -	225	-37	100	-1,360	108	-226	-137	54	112	42
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	597	760	753	759	- -	719	49	302	1,839	-379	1,132	-137	446	291	1,025
- Net Extraordinary Losses (Gains)	- -	-2	-4	-4	- -	-2	-2	-3	-1	- -	- -	3	44	61	2
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-128	-43	-59	- -
+ Extraord. & Accounting Changes	- -	-2	-4	-4	- -	-2	-2	-3	-1	- -	- -	131	88	120	2
Income (Loss) Incl. MI	597	762	757	763	- -	721	50	304	1,840	-379	1,132	-140	401	230	1,023
- Minority Interest	- -	1	2	2	- -	1	1	1	- -	- -	- -	-2	- -	-1	-1
Net Income, GAAP	597	761	755	761	- -	720	50	303	1,840	-379	1,132	-139	402	231	1,024
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	597	761	755	761	- -	720	50	303	1,840	-379	1,132	-139	402	231	1,024
Basic Weighted Avg Shares	200	188	175	170	- -	169	187	200	202	204	205	207	209	210	209
Basic EPS, GAAP	2.98	4.06	4.32	4.49	- -	4.26	0.27	1.51	9.11	-1.86	5.52	-0.67	1.93	1.1	4.91
Basic EPS from Cont Ops	2.98	4.05	4.3	4.48	- -	4.25	0.26	1.51	9.11	-1.86	5.52	-0.66	2.14	1.39	4.91
Diluted Weighted Avg Shares	201	189	176	172	- -	172	190	202	204	204	207	207	210	210	210
Diluted EPS, GAAP	2.97	4.03	4.29	4.43	- -	4.19	0.26	1.5	9.03	-1.86	5.47	-0.67	1.91	1.1	4.88
Diluted EPS from Cont Ops	2.97	4.03	4.28	4.42	- -	4.19	0.26	1.49	9.03	-1.86	5.47	-0.66	2.12	1.38	4.89
EBITDA	1,496	1,459	1,677	1,658	- -	1,788	1,963	2,484	2,809	2,188	2,276	1,731	1,943	2,118	2,403
EBITDA Margin (%)	35.44	32.78	37.5	35.86	- -	38.27	32.73	32.33	35.9	27.58	28.51	24.64	28.46	30.53	32.5
EBITA	1,155	1,099	1,314	1,299	- -	1,413	1,240	1,445	1,746	1,147	1,270	698	1,005	1,192	1,451
EBIT	1,155	1,099	1,314	1,299	- -	1,413	1,240	1,445	1,746	1,147	1,270	698	1,005	1,192	1,451
Gross Margin (%)	76.01	74.8	74.84	72.18	- -	73.26	69.05	69.09	72.74	71.36	71.78	69.7	71.29	70.9	71.82
Operating Margin (%)	27.38	24.69	29.38	28.1	- -	30.23	20.67	18.8	22.32	14.46	15.91	9.94	14.73	17.18	19.63
Profit Margin (%)	14.14	17.09	16.88	16.46	- -	15.41	0.83	3.94	23.51	-4.78	14.18	-1.98	5.88	3.33	13.85
Sales per Employee	479,568	511,701	480,828	486,674	- -	467,330	342,731	415,346	429,896	417,521	401,116	351,225	350,118	385,550	410,789
Dividend per Share	- -	- -	0.54	0.78	- -	0.86	0.84	0.94	0.96	0.96	0.96	0.96	0.96	0.96	0.96
Depreciation Expense	340	360	363	358	- -	376	724	1,039	1,063	1,040	1,006	1,033	938	926	952

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	3,008	3,277	3,709	4,198	- -	4,289	6,032	4,674	4,582	4,427	4,724	5,083	4,885	4,427	4,610
+ Cash, Cash Equivalents & STI	934	1,224	1,556	1,808	- -	1,696	1,617	634	524	543	618	802	378	376	416
+ Cash & Cash Equivalents	669	768	884	1,081	- -	1,083	1,453	634	524	543	618	802	378	376	416
+ ST Investments	265	456	672	727	- -	612	165	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	776	839	885	937	- -	912	1,453	1,604	1,495	1,276	1,364	1,453	1,260	1,382	1,442
+ Accounts Receivable, Net	776	839	885	937	- -	912	1,453	1,604	1,495	1,276	1,364	1,453	1,260	1,382	1,442
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	935	930	995	1,074	- -	1,169	2,307	1,969	2,082	2,256	2,385	2,451	2,148	2,147	2,385
+ Raw Materials	132	139	157	180	- -	181	280	261	250	228	279	272	243	261	308
+ Work In Process	47	48	52	77	- -	88	146	142	200	230	231	224	176	231	246
+ Finished Goods	757	743	786	817	- -	900	1,828	1,557	1,632	1,798	1,875	1,955	1,729	1,655	1,831
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	-1	- -	- -	- -	- -	- -	52	10	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	363	284	273	379	- -	512	655	466	482	352	357	378	1,099	523	366
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	4,990	5,239	5,304	5,383	- -	5,346	21,376	21,835	21,810	19,699	19,915	19,334	18,571	16,639	16,887
+ Property, Plant & Equip, Net	1,214	1,207	1,211	1,225	- -	1,289	2,063	2,038	2,039	2,015	2,077	2,048	1,837	1,872	2,060
+ Property, Plant & Equip	2,788	3,013	3,194	3,316	- -	3,411	4,428	4,672	5,084	5,437	5,917	6,325	6,138	6,458	6,766
- Accumulated Depreciation	1,574	1,806	1,984	2,092	- -	2,122	2,365	2,634	3,045	3,422	3,839	4,277	4,301	4,586	4,706
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3,776	4,031	4,093	4,158	- -	4,057	19,314	19,798	19,772	17,684	17,837	17,287	16,735	14,766	14,827
+ Total Intangible Assets	3,409	3,424	3,312	3,319	- -	3,118	18,588	19,244	19,022	17,279	16,857	16,317	14,453	13,644	13,675
+ Goodwill	2,581	2,626	2,572	2,611	- -	2,514	9,531	10,508	10,668	9,594	9,600	9,262	8,919	8,580	8,818
+ Other Intangible Assets	828	798	741	708	- -	604	9,057	8,735	8,353	7,685	7,258	7,056	5,534	5,064	4,856
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	368	607	780	839	- -	939	725	554	750	405	980	969	2,282	1,122	1,152
Total Assets	7,998	8,515	9,012	9,581	- -	9,635	27,408	26,509	26,393	24,127	24,639	24,418	23,456	21,066	21,497
+ Payables & Accruals	702	607	555	799	- -	427	1,208	1,412	1,369	1,176	1,306	1,280	1,034	975	1,517
+ Accounts Payable	130	143	184	146	- -	167	285	364	330	363	401	330	306	354	411
+ Accrued Taxes	49	9	23	221	- -	72	147	184	165	142	127	60	62	38	61
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	524	455	348	432	- -	187	776	864	873	671	778	890	666	582	1,045
+ ST Debt	- -	143	100	- -	- -	- -	- -	576	1,225	500	1,500	500	1,605	544	900
+ ST Borrowings	- -	143	100	- -	- -	- -	- -	576	1,225	500	1,500	500	1,605	544	900
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	116	211	232	- -	611	428	413	412	721	636	777	829	839	441
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	145	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	116	211	232	- -	611	428	413	412	721	636	632	829	839	441
Total Current Liabilities	702	867	866	1,032	- -	1,038	1,636	2,401	3,006	2,396	3,442	2,557	3,468	2,358	2,857
+ LT Debt	1,142	1,576	1,721	1,672	- -	1,426	11,556	10,670	8,918	8,439	6,721	7,626	5,474	5,152	5,013
+ LT Borrowings	1,142	1,576	1,721	1,672	- -	1,426	11,556	10,670	8,918	8,439	6,721	7,626	5,474	5,152	5,013
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	382	557	559	577	- -	649	4,403	3,855	2,711	2,016	2,083	2,035	1,848	1,529	1,139
+ Accrued Liabilities	- -	- -	- -	- -	- -	46	3,150	3,031	1,102	1,000	840	790	558	475	358
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	382	557	559	577	- -	603	1,253	824	1,610	1,016	1,243	1,244	1,289	1,054	781
Total Noncurrent Liabilities	1,524	2,133	2,280	2,249	- -	2,074	15,959	14,525	11,629	10,454	8,804	9,661	7,322	6,681	6,151
Total Liabilities	2,227	3,000	3,146	3,280	- -	3,112	17,595	16,926	14,635	12,851	12,246	12,218	10,790	9,039	9,009
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	3,296	3,402	3,503	4,003	- -	4,333	8,198	8,372	8,518	8,689	8,923	9,125	9,318	9,508	9,849
+ Common Stock	2	2	3	3	- -	3	3	3	3	3	3	3	3	3	3
+ Additional Paid in Capital	3,294	3,399	3,501	4,001	- -	4,331	8,195	8,368	8,515	8,686	8,920	9,122	9,315	9,504	9,846
- Treasury Stock	3,545	4,593	5,072	5,786	- -	6,184	6,329	6,736	6,722	6,722	6,720	6,720	6,718	6,867	7,562
+ Retained Earnings	5,699	6,427	7,086	7,713	- -	8,285	8,348	8,467	10,023	9,491	10,427	10,087	10,292	9,559	10,384
+ Other Equity	321	271	344	367	- -	86	-329	-434	-83	-187	-242	-298	-232	-179	-191
Equity Before Minority Interest	5,771	5,507	5,861	6,297	- -	6,521	9,812	9,582	11,758	11,271	12,388	12,194	12,661	12,020	12,480
+ Minority/Non Controlling Interest	- -	8	5	3	- -	2	2	1	- -	5	5	5	6	7	8
Total Equity	5,771	5,515	5,866	6,300	- -	6,523	9,813	9,583	11,758	11,276	12,393	12,199	12,666	12,027	12,488
Total Liabilities & Equity	7,998	8,515	9,012	9,581	- -	9,635	27,408	26,509	26,393	24,127	24,639	24,418	23,456	21,066	21,497
Shares Outstanding	196	178	172	170	- -	170	203	201	203	204	206	208	209	209	206
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	473	951	937	592	- -	342	10,104	10,611	9,618	8,396	7,604	7,324	6,701	5,321	5,497
Net Debt to Equity	8.2	17.24	15.97	9.4	- -	5.25	102.96	110.73	81.8	74.46	61.35	60.04	52.91	44.24	44.02
Tangible Common Equity Ratio	51.48	41.06	44.8	47.61	- -	52.25	-99.49	-132.98	-98.55	-87.66	-57.37	-50.84	-19.84	-21.79	-15.17
Current Ratio	4.28	3.78	4.28	4.07	- -	4.13	3.69	1.95	1.52	1.85	1.37	1.99	1.41	1.88	1.61
Cash Conversion Cycle	352.66	324.96	332.39	321.43	- -	193.71	386.07	343.05	362.45	360.55	377.88	427.04	430.54	397.88	406.54
Number of Employees	8,800	8,700	9,300	9,500	- -	10,000	17,500	18,500	18,200	19,000	19,900	20,000	19,500	18,000	18,000

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	597	760	753	759	- -	719	49	302	1,839	-379	1,132	-137	446	291	1,025
+ Depreciation & Amortization	340	360	363	358	- -	376	724	1,039	1,063	1,040	1,006	1,033	938	926	952
+ Non-Cash Items	270	80	164	86	- -	-3	636	494	418	1,045	154	596	155	450	1
+ Stock-Based Compensation	62	60	55	48	- -	49	46	57	54	66	84	80	76	105	100
+ Deferred Income Taxes	-72	13	-65	-126	- -	-84	-164	-153	-1,776	13	-539	12	-102	-64	-96
+ Asset Impairment Charge	204	- -	96	- -	- -	- -	- -	30	332	980	70	645	16	293	- -
+ Other Non-Cash Adj	77	6	78	164	- -	32	753	560	1,809	-13	539	-141	165	117	-2
+ Chg in Non-Cash Work Cap	-14	-23	-128	-241	- -	-39	-545	-203	-1,738	41	-706	-416	-134	-311	-396
+ (Inc) Dec in Accts Receiv	-33	-63	-46	-74	- -	-40	-63	-138	176	214	-94	-70	-41	-185	-52
+ (Inc) Dec in Inventories	26	7	-68	-128	- -	-154	-248	70	-123	-200	-125	-41	-8	-76	-240
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-66	15	42	9	- -	68	-121	-156	-1,800	18	-469	-374	86	103	-55
+ Inc (Dec) in Other	59	18	-57	-47	- -	88	-113	21	8	8	-18	70	-172	-154	-49
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	129	95	-72	- -
Cash from Operating Activities	1,194	1,177	1,152	963	- -	1,053	863	1,632	1,582	1,747	1,586	1,204	1,499	1,285	1,582
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-280	-288	-116	-100	- -	-145	-168	-185	-156	-163	-405	-118	-152	-188	-378
+ Acq of Fixed Prod Assets	-272	-269	-115	-100	- -	-145	-168	-185	-156	-163	-207	-118	-144	-188	-291
+ Acq of Intangible Assets	-8	-19	-1	- -	- -	- -	- -	- -	- -	- -	-198	- -	-8	- -	-86
+ Net Change in LT Investment	-33	-355	-400	-95	- -	-266	322	-61	-337	-207	-268	-238	-272	-169	-278
+ Dec in LT Investment	68	395	878	831	- -	1,282	803	286	- -	69	48	54	2	89	33
+ Inc in LT Investment	-101	-750	-1,279	-926	- -	-1,548	-481	-347	-337	-276	-316	-292	-274	-258	-312
+ Net Cash From Acq & Div	-83	-57	-59	-74	- -	-54	-7,813	-1,443	-4	-15	-37	-236	- -	-100	-135
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-83	-57	-59	-74	- -	-54	-7,813	-1,443	-4	-15	-37	-236	- -	-100	-135
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-331	76	-17	-14	- -	-4	48	-3	-14	-32	-20	-22	-80	-73	12
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-50	-60	-7	- -
Cash from Investing Activities	-727	-624	-592	-282	- -	-469	-7,611	-1,692	-511	-417	-729	-614	-504	-529	-779
+ Dividends Paid	- -	- -	-94	-132	- -	-146	-157	-188	-194	-195	-197	-198	-200	-201	-201
+ Net Cash From Debt	- -	546	97	-98	- -	-248	7,388	-260	-1,248	-1,154	-716	-253	-1,055	-1,061	380
+ Cash From Debt	- -	550	147	- -	- -	-250	10,628	1,790	593	1,824	749	1,497	1,600	678	500
+ Repayments of Debt	- -	-4	-50	-98	- -	2	-3,240	-2,050	-1,841	-2,979	-1,465	-1,750	-2,655	-1,739	-120
+ Cash (Repurchase) of Equity	-489	-1,007	-486	-719	- -	-400	-150	-416	- -	- -	- -	- -	- -	-126	-692
+ Increase in Capital Stock	17	43	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-506	-1,050	-486	-719	- -	-400	-150	-416	- -	- -	- -	- -	- -	-126	-692
+ Other Financing Activities	-1	5	46	482	- -	231	59	120	231	47	133	30	-51	544	-250
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-490	-456	-436	-467	- -	-562	7,140	-743	-1,210	-1,302	-780	-422	-1,306	-844	-764
Effect of Foreign Exchange Rates	- -	3	-7	-17	- -	-18	-23	-23	29	-10	-2	15	-13	-14	1
Net Changes in Cash	-23	97	123	213	- -	21	392	-802	-139	29	77	169	-310	-88	39
EBITDA	1,496	1,459	1,677	1,658	- -	1,788	1,963	2,484	2,809	2,188	2,276	1,731	1,943	2,118	2,403
EBITDA Margin (%)	35.44	32.78	37.5	35.86	- -	38.27	32.73	32.33	35.9	27.58	28.51	24.64	28.46	30.53	32.5
Net Cash Paid for Acquisitions	83	57	59	74	- -	54	7,813	1,443	4	15	37	236	- -	100	135
Free Cash Flow	913	889	1,036	863	- -	908	695	1,448	1,426	1,585	1,181	1,087	1,347	1,097	1,204
Free Cash Flow to Firm	872	924	1,092	917	- -	956	- -	1,716	- -	- -	- -	- -	1,533	1,216	1,397
Free Cash Flow to Equity	922	1,454	1,134	766	- -	660	8,083	1,188	178	430	663	834	301	36	1,670
Free Cash Flow per Basic Share	4.57	4.74	5.93	5.09	- -	5.37	3.71	7.24	7.06	7.79	5.76	5.25	6.46	5.23	5.77
Price/Free Cash Flow	7.14	6.66	8.81	14.66	- -	16	18.22	11.16	13.84	10.65	14.94	23.06	15.82	18.16	13
Cash Flow to Net Income	2	1.55	1.53	1.27	- -	1.46	17.36	5.39	0.86	-4.61	1.4	-8.67	3.73	5.55	1.54

Zimmer Biomet Holdings, Inc.

ZBH US

106.52