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10-Q Filing

LIVANOVA PLC CIK: 1639691 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001639691-23-000047
Period End Date 20230331
Filing Date 20230503
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance livn-20230331_htm.xml
Filing Contents
Balance Sheet 90 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $11.86M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $11.49M USD Point-in-time
Ordinary shares, par value (in pounds per share) CommonStockParOrStatedValuePerShare 1.00 GBP Point-in-time
Ordinary shares, par value (in pounds per share) CommonStockParOrStatedValuePerShare 1.00 GBP Point-in-time
Ordinary shares issued (in shares) CommonStockSharesIssued 53.85M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $214.17M USD Point-in-time
Ordinary shares issued (in shares) CommonStockSharesIssued 53.85M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $214.34M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $301.45M USD Point-in-time
Ordinary shares outstanding (in shares) CommonStockSharesOutstanding 53.56M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $308.62M USD Point-in-time
Ordinary shares outstanding (in shares) CommonStockSharesOutstanding 53.76M shares Point-in-time
Treasury stock (in shares) TreasuryStockCommonShares 287,315.00 shares Point-in-time
Accounts receivable, net of allowance of $11,487 at March 31, 2023 and $11,862 at December 31, 2022 AccountsReceivableNetCurrent $183.11M USD Point-in-time
Accounts receivable, net of allowance of $11,487 at March 31, 2023 and $11,862 at December 31, 2022 AccountsReceivableNetCurrent $178.32M USD Point-in-time
Treasury stock (in shares) TreasuryStockCommonShares 90,526.00 shares Point-in-time
Inventories InventoryNet $129.38M USD Point-in-time
Inventories InventoryNet $142.45M USD Point-in-time
Prepaid and refundable taxes PrepaidTaxes $24.34M USD Point-in-time
Prepaid and refundable taxes PrepaidTaxes $31.71M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $34.95M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $26.32M USD Point-in-time
Total Current Assets AssetsCurrent $903.02M USD Point-in-time
Total Current Assets AssetsCurrent $886.14M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $147.19M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $149.06M USD Point-in-time
Goodwill Goodwill $768.79M USD Point-in-time
Goodwill Goodwill $774.45M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $364.06M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $368.56M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $35.83M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $36.34M USD Point-in-time
Investments Investments $21.47M USD Point-in-time
Investments Investments $16.27M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $1.53M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $1.38M USD Point-in-time
Long-term derivative assets DerivativeAssetsNoncurrent $54.39M USD Point-in-time
Long-term derivative assets DerivativeAssetsNoncurrent $31.01M USD Point-in-time
Other assets OtherAssetsNoncurrent $16.23M USD Point-in-time
Other assets OtherAssetsNoncurrent $13.95M USD Point-in-time
Total Assets Assets $2.29B USD Point-in-time
Total Assets Assets $2.29B USD Point-in-time
Current debt obligations DebtCurrent $22.30M USD Point-in-time
Current debt obligations DebtCurrent $23.43M USD Point-in-time
Accounts payable AccountsPayableCurrent $75.73M USD Point-in-time
Accounts payable AccountsPayableCurrent $74.31M USD Point-in-time
Accrued liabilities and other AccruedLiabilitiesCurrent $96.35M USD Point-in-time
Accrued liabilities and other AccruedLiabilitiesCurrent $81.48M USD Point-in-time
Current litigation provision liability LitigationReserveCurrent $29.48M USD Point-in-time
Current litigation provision liability LitigationReserveCurrent $19.31M USD Point-in-time
Taxes payable TaxesPayableCurrent $16.50M USD Point-in-time
Taxes payable TaxesPayableCurrent $22.28M USD Point-in-time
Accrued employee compensation and related benefits DeferredCompensationLiabilityCurrent $72.19M USD Point-in-time
Accrued employee compensation and related benefits DeferredCompensationLiabilityCurrent $80.16M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $297.40M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $316.13M USD Point-in-time
Long-term debt obligations LongTermDebtNoncurrent $518.07M USD Point-in-time
Long-term debt obligations LongTermDebtNoncurrent $520.20M USD Point-in-time
Contingent consideration BusinessCombinationContingentConsiderationLiability $85.29M USD Point-in-time
Contingent consideration BusinessCombinationContingentConsiderationLiability $90.12M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $8.52M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $8.63M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $28.78M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $29.55M USD Point-in-time
Long-term employee compensation and related benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $16.13M USD Point-in-time
Long-term employee compensation and related benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $16.80M USD Point-in-time
Long-term derivative liabilities DerivativeLiabilitiesNoncurrent $85.67M USD Point-in-time
Long-term derivative liabilities DerivativeLiabilitiesNoncurrent $41.28M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $45.85M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $46.27M USD Point-in-time
Total Liabilities Liabilities $1.07B USD Point-in-time
Total Liabilities Liabilities $1.09B USD Point-in-time
Commitments and contingencies (Note 6) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 6) CommitmentsAndContingencies - USD Point-in-time
Ordinary Shares, 1.00 par value: unlimited shares authorized; 53,854,241 shares issued and 53,763,715 shares outstanding at March 31, 2023; 53,851,979 shares issued and 53,564,664 shares outstanding at December 31, 2022 CommonStockValue $82.42M USD Point-in-time
Ordinary Shares, 1.00 par value: unlimited shares authorized; 53,854,241 shares issued and 53,763,715 shares outstanding at March 31, 2023; 53,851,979 shares issued and 53,564,664 shares outstanding at December 31, 2022 CommonStockValue $82.42M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $2.16B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $2.16B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-41.03M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-48.12M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-984.03M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-976.66M USD Point-in-time
Treasury stock at cost, 90,526 ordinary shares at March 31, 2023; 287,315 ordinary shares at December 31, 2022 TreasuryStockValue $375.00K USD Point-in-time
Treasury stock at cost, 90,526 ordinary shares at March 31, 2023; 287,315 ordinary shares at December 31, 2022 TreasuryStockValue $319.00K USD Point-in-time
Total Stockholders Equity StockholdersEquity $1.23B USD Point-in-time
Total Stockholders Equity StockholdersEquity $1.29B USD Point-in-time
Total Stockholders Equity StockholdersEquity $1.29B USD Point-in-time
Total Stockholders Equity StockholdersEquity $1.21B USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $2.29B USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $2.29B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Net revenue RevenueFromContractWithCustomerExcludingAssessedTax $240.18M USD 1 Quarter
Net revenue RevenueFromContractWithCustomerExcludingAssessedTax $263.42M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $89.33M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $71.73M USD 1 Quarter
Gross profit GrossProfit $174.08M USD 1 Quarter
Gross profit GrossProfit $168.44M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $118.53M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $124.13M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $49.99M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $40.92M USD 1 Quarter
Other operating expense OtherOperatingIncomeExpenseNet $505.00K USD 1 Quarter
Other operating expense OtherOperatingIncomeExpenseNet $-2.31M USD 1 Quarter
Operating (loss) income OperatingIncomeLoss $9.51M USD 1 Quarter
Operating (loss) income OperatingIncomeLoss $-2.34M USD 1 Quarter
Interest expense InterestExpense $13.44M USD 1 Quarter
Interest expense InterestExpense $7.84M USD 1 Quarter
Foreign exchange and other income/(expense) ForeignCurrencyTransactionGainLossAndOtherNonoperatingIncome $3.90M USD 1 Quarter
Foreign exchange and other income/(expense) ForeignCurrencyTransactionGainLossAndOtherNonoperatingIncome $25.55M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $5.57M USD 1 Quarter
Income before tax IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $9.77M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $2.37M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $2.54M USD 1 Quarter
Losses from equity method investments IncomeLossFromEquityMethodInvestments $-39.00K USD 1 Quarter
Losses from equity method investments IncomeLossFromEquityMethodInvestments $-27.00K USD 1 Quarter
Net income NetIncomeLoss $7.37M USD 1 Quarter
Net income NetIncomeLoss $2.99M USD 1 Quarter
Basic income per share (in dollars per share) EarningsPerShareBasic $0.14 USD 1 Quarter
Basic income per share (in dollars per share) EarningsPerShareBasic $0.06 USD 1 Quarter
Diluted income per share (in dollars per share) EarningsPerShareDiluted $0.14 USD 1 Quarter
Diluted income per share (in dollars per share) EarningsPerShareDiluted $0.06 USD 1 Quarter
Shares used in computing basic income per share (in shares) WeightedAverageNumberOfSharesOutstandingBasic 53.30M shares 1 Quarter
Shares used in computing basic income per share (in shares) WeightedAverageNumberOfSharesOutstandingBasic 53.62M shares 1 Quarter
Shares used in computing diluted income per share (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 53.90M shares 1 Quarter
Shares used in computing diluted income per share (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 54.18M shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $7.37M USD 1 Quarter
Net income NetIncomeLoss $2.99M USD 1 Quarter
Remeasurement of derivative instruments RemeasurementOfCappedCallAndEmbeddedExchangeFeature $1.35M USD 1 Quarter
Remeasurement of derivative instruments RemeasurementOfCappedCallAndEmbeddedExchangeFeature $26.28M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $10.58M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $10.26M USD 1 Quarter
Amortization OtherDepreciationAndAmortization $6.46M USD 1 Quarter
Amortization OtherDepreciationAndAmortization $6.36M USD 1 Quarter
Depreciation Depreciation $5.63M USD 1 Quarter
Depreciation Depreciation $5.96M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $5.02M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $4.41M USD 1 Quarter
Remeasurement of contingent consideration to fair value BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $4.83M USD 1 Quarter
Remeasurement of contingent consideration to fair value BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-3.77M USD 1 Quarter
Amortization of operating lease assets OperatingLeaseRightOfUseAssetAmortizationExpense $2.65M USD 1 Quarter
Amortization of operating lease assets OperatingLeaseRightOfUseAssetAmortizationExpense $2.64M USD 1 Quarter
Other OtherNoncashIncomeExpense $184.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-1.07M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-1.49M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-7.56M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $11.34M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $9.64M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $1.95M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $3.84M USD 1 Quarter
Accounts payable and accrued current and non-current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $21.38M USD 1 Quarter
Accounts payable and accrued current and non-current liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $9.96M USD 1 Quarter
Taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $709.00K USD 1 Quarter
Taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $972.00K USD 1 Quarter
Litigation provision liability IncreaseDecreaseInLitigationReserve $-3.10M USD 1 Quarter
Litigation provision liability IncreaseDecreaseInLitigationReserve $-10.25M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $20.76M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $25.82M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.21M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.68M USD 1 Quarter
Purchase of investments PurchasesOfInvestments $278.00K USD 1 Quarter
Purchase of investments PurchasesOfInvestments $5.14M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-1.34M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-11.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.48M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-11.48M USD 1 Quarter
Repayments of short-term borrowings (maturities greater than 90 days) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths - USD 1 Quarter
Repayments of short-term borrowings (maturities greater than 90 days) RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths $1.97M USD 1 Quarter
Repayment of long-term debt obligations RepaymentsOfLongTermDebt $1.88M USD 1 Quarter
Repayment of long-term debt obligations RepaymentsOfLongTermDebt - USD 1 Quarter
Shares repurchased from employees for minimum tax withholding PaymentsOfDebtIssuanceCosts $1.07M USD 1 Quarter
Shares repurchased from employees for minimum tax withholding PaymentsOfDebtIssuanceCosts $1.58M USD 1 Quarter
Proceeds from long-term debt obligations ProceedsFromIssuanceOfLongTermDebt $218.34M USD 1 Quarter
Proceeds from long-term debt obligations ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Payment of debt issuance costs PaymentsForDerivativeInstrumentFinancingActivities - USD 1 Quarter
Payment of debt issuance costs PaymentsForDerivativeInstrumentFinancingActivities $2.43M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $191.00K USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $35.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $214.88M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-5.24M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-826.00K USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.30M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $234.39M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $7.34M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $515.62M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $522.96M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $207.99M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $442.38M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $522.96M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $207.99M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $515.62M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $442.38M USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $7.37M USD 1 Quarter
Net income NetIncomeLoss $2.99M USD 1 Quarter
Net change in unrealized loss on derivatives OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent $-966.00K USD 1 Quarter
Net change in unrealized loss on derivatives OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTaxParent $-695.00K USD 1 Quarter
Tax effect OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent - USD 1 Quarter
Tax effect OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent - USD 1 Quarter
Net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $-966.00K USD 1 Quarter
Net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $-695.00K USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $8.05M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-8.26M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $7.09M USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-8.96M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTax $14.46M USD 1 Quarter
Total comprehensive income (loss) ComprehensiveIncomeNetOfTax $-5.96M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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