01—Abstract
Summary
Summary of the 10-K/A filed March 30, 2021. Cited figures are marked; the original filing is the authoritative source.
This Form 10-K/A (Amendment No. 1) from ResMed Inc. amends the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2020, which was originally filed with the SEC on August 12, 2020.
The amendment states that it was filed solely to add the Consent of Independent Registered Public Accounting Firm, which was inadvertently omitted from the original filing. It makes no other changes, does not update the original disclosures for later events, and is dated March 29, 2021, with signature by Chief Executive Officer Michael J. Farrell.
The cover page reports an aggregate market value of $22,240,443,784a held by non-affiliates as of December 31, 2019, based on the New York Stock Exchange closing price. As of August 7, 2020, the company had 144,900,654 shares of common stock, par value $0.004, outstanding, excluding 41,836,234 treasury shares. The company is classified as a large accelerated filer, and the report states that management's assessment of internal control over financial reporting was attested to by the registered public accounting firm.
The amendment contains no financial statements. Its exhibits are the auditor consent (Exhibit 23.1) and the Section 302 certifications of the principal executive and principal financial officers (Exhibits 31.1 and 31.2). The Part III information is incorporated by reference from the definitive proxy statement for the 2020 Annual Meeting of Stockholders, held November 19, 2020.
02—Key points
Key Highlights
- Amendment No. 1 on Form 10-K/A was filed solely to add the Consent of Independent Registered Public Accounting Firm, omitted from the original Form 10-K filed August 12, 2020.
- The amendment makes no other changes to the original filing and does not update its disclosures for events occurring after August 12, 2020.
- The aggregate market value of common equity held by non-affiliates was $22,240,443,784 as of December 31, 2019.
- As of August 7, 2020, 144,900,654 shares of common stock were issued and outstanding, excluding 41,836,234 treasury shares.
- The company is a large accelerated filer, and its registered public accounting firm attested to management's assessment of internal control over financial reporting.
- The amendment contains no financial statements; it includes only the auditor consent and the Section 302 officer certifications.
- Part III information is incorporated by reference from the proxy statement for the 2020 Annual Meeting of Stockholders, held November 19, 2020.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2020, ResMed kept $0.21.
- Revenue$2.96B100.0%
- Cost of revenue−$1.24B41.9%
- Gross profit$1.72B58.1%
- Operating costs−$908.1M30.7%
- Operating income$809.7M27.4%
- Interest, other & tax−$188.0M6.4%
- Net income$621.7M21.0%
Where FY2020 revenue went
$2.96B- Cost of revenue: $1.24B, 42% of revenue
- SG&A: $676.7M, 23% of revenue
- Net income: $621.7M, 21% of revenue
- R&D: $201.9M, 6.8% of revenue
- Other operating costs: $29.5M, 1.0% of revenue
- Interest, other & tax: $188.0M, 6.4% of revenue
Kept 21% as net incomeOther operating costs $29.5M · 1.0%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2020filed March 30, 2021Financial Statements
FY2020 against FY2019
| Line item | FY2020FY2019 | Change |
|---|---|---|
| Revenue | $2.96B$2.61B | +13.4% |
| Cost of Revenue | $1.24B$1.11B | +11.4% |
| Gross Profit | $1.72B$1.49B | +15.0% |
| R&D Expenses | $201.95M$180.65M | +11.8% |
| SG&A Expenses | $676.69M$645.01M | +4.9% |
| Operating Expenses | $908.13M$914.81M | −0.7% |
| Operating Income | $809.66M$579.26M | +39.8% |
| Interest Expense | $40.38M$36.16M | +11.7% |
| Net Income | $621.67M$404.59M | +53.7% |
| EPS (Basic) | $4.31$2.83 | +52.3% |
| EPS (Diluted) | $4.27$2.80 | +52.5% |
| Shares Outstanding (Basic) | 144.34M143.11M | +0.9% |
| Shares Outstanding (Diluted) | 145.65M144.48M | +0.8% |
05—Questions
Frequently Asked Questions
Why was this amendment filed?
The filing states that the Consent of Independent Registered Public Accounting Firm was inadvertently omitted from the original Form 10-K, and this amendment was filed solely to add it.
Does this amendment change the financial results reported in the original 10-K?
No. The filing states that no other changes were made to the original filing, that no financial statements are included in this amendment, and that it does not modify or update the other disclosures in the original report.
How many shares of ResMed common stock were outstanding?
As of August 7, 2020, there were 144,900,654 shares of common stock, par value $0.004, issued and outstanding, excluding 41,836,234 shares held as treasury shares.
What was the market value of shares held by non-affiliates?
The aggregate market value of common equity held by non-affiliates was $22,240,443,784 as of December 31, 2019, based on the closing sale price on the New York Stock Exchange. All directors, executive officers, and 10% stockholders are considered affiliates.
Where can investors find executive compensation and governance details?
Portions of the definitive proxy statement for the 2020 Annual Meeting of Stockholders, held November 19, 2020, are incorporated by reference into Part III of the report.
06—Continue