☒
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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94-2657368
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $.10 par value
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COO
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The New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page No.
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PART I.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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PART II.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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2020
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2019
|
||||
Net sales
|
$
|
646.2
|
|
|
$
|
628.1
|
|
Cost of sales
|
219.7
|
|
|
209.6
|
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||
Gross profit
|
426.5
|
|
|
418.5
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Selling, general and administrative expense
|
258.3
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250.0
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Research and development expense
|
22.2
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|
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21.0
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Amortization of intangibles
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34.9
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36.6
|
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Operating income
|
111.1
|
|
|
110.9
|
|
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Interest expense
|
11.6
|
|
|
18.2
|
|
||
Other expense (income), net
|
2.1
|
|
|
(1.1
|
)
|
||
Income before income taxes
|
97.4
|
|
|
93.8
|
|
||
Provision (benefit) for income taxes (Note 7)
|
6.9
|
|
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(9.4
|
)
|
||
Net income
|
$
|
90.5
|
|
|
$
|
103.2
|
|
Earnings per share - basic (Note 8)
|
$
|
1.84
|
|
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$
|
2.09
|
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Earnings per share - diluted (Note 8)
|
$
|
1.82
|
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$
|
2.07
|
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Number of shares used to compute earnings per share:
|
|
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||||
Basic
|
49.1
|
|
|
49.3
|
|
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Diluted
|
49.7
|
|
|
49.9
|
|
|
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2020
|
|
2019
|
||||
Net income
|
$
|
90.5
|
|
|
$
|
103.2
|
|
Other comprehensive income:
|
|
|
|
||||
Foreign currency translation adjustment, net of tax
|
16.7
|
|
|
32.7
|
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Comprehensive income
|
$
|
107.2
|
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$
|
135.9
|
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January 31, 2020
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October 31, 2019
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ASSETS
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Current assets:
|
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|
||||
Cash and cash equivalents
|
$
|
76.8
|
|
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$
|
89.0
|
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Trade accounts receivable, net of allowance for doubtful accounts of $15.2 at January 31, 2020 and $16.4 at October 31, 2019
|
408.0
|
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|
435.3
|
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Inventories
|
526.5
|
|
|
506.9
|
|
||
Prepaid expense and other current assets
|
138.6
|
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|
132.2
|
|
||
Total current assets
|
1,149.9
|
|
|
1,163.4
|
|
||
Property, plant and equipment, at cost
|
2,266.9
|
|
|
2,193.9
|
|
||
Less: accumulated depreciation and amortization
|
1,098.4
|
|
|
1,061.8
|
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|
1,168.5
|
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1,132.1
|
|
||
Operating lease right-of-use assets (Note 2)
|
264.0
|
|
|
—
|
|
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Goodwill (Note 5)
|
2,445.9
|
|
|
2,428.9
|
|
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Other intangibles, net (Note 5)
|
1,374.4
|
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|
1,405.3
|
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Deferred tax assets
|
75.9
|
|
|
78.0
|
|
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Other assets
|
69.9
|
|
|
66.8
|
|
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Total assets
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$
|
6,548.5
|
|
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$
|
6,274.5
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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|
||||
Current liabilities:
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|
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|
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Short-term debt (Note 6)
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$
|
543.0
|
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$
|
563.7
|
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Accounts payable
|
141.7
|
|
|
150.1
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Employee compensation and benefits
|
92.5
|
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|
104.7
|
|
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Operating lease liabilities
|
31.5
|
|
|
—
|
|
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Other current liabilities
|
259.8
|
|
|
292.1
|
|
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Total current liabilities
|
1,068.5
|
|
|
1,110.6
|
|
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Long-term debt (Note 6)
|
1,233.7
|
|
|
1,262.6
|
|
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Deferred tax liabilities
|
27.6
|
|
|
28.0
|
|
||
Long-term tax payable
|
176.2
|
|
|
124.8
|
|
||
Operating lease liabilities
|
241.2
|
|
|
—
|
|
||
Accrued pension liability and other
|
70.4
|
|
|
119.9
|
|
||
Total liabilities
|
$
|
2,817.6
|
|
|
$
|
2,645.9
|
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Contingencies (Note 13)
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|
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Stockholders’ equity:
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|
||||
Preferred stock, 10 cents par value, shares authorized: 1.0; zero shares issued or outstanding
|
—
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—
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Common stock, 10 cents par value, shares authorized: 120.0; issued 53.3 at January 31, 2020 and 53.2 at October 31, 2019
|
5.3
|
|
|
5.3
|
|
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Additional paid-in capital
|
1,611.6
|
|
|
1,615.0
|
|
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Accumulated other comprehensive loss
|
(430.4
|
)
|
|
(447.1
|
)
|
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Retained earnings
|
3,115.4
|
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|
3,026.4
|
|
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Treasury stock at cost: 4.1 shares at January 31, 2020 and October 31, 2019
|
(571.2
|
)
|
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(571.2
|
)
|
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Total Cooper stockholders’ equity
|
3,730.7
|
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|
3,628.4
|
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Noncontrolling interests
|
0.2
|
|
|
0.2
|
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Stockholders’ equity (Note 10)
|
3,730.9
|
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|
3,628.6
|
|
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Total liabilities and stockholders’ equity
|
$
|
6,548.5
|
|
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$
|
6,274.5
|
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Common Shares
|
|
Treasury Stock
|
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Additional Paid-In Capital
|
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Accumulated
Other Comprehensive Income (Loss) |
|
Retained Earnings
|
|
Treasury Stock
|
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Noncontrolling Interests
|
|
Total
Stockholders' Equity |
||||||||||||||||||||||
(In millions)
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
||||||||||||||||||||||||
Balance at November 1, 2018
|
49.2
|
|
|
$
|
5.0
|
|
|
3.6
|
|
|
$
|
0.3
|
|
|
$
|
1,572.1
|
|
|
$
|
(430.7
|
)
|
|
$
|
2,576.0
|
|
|
$
|
(415.1
|
)
|
|
$
|
0.2
|
|
|
$
|
3,307.8
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103.2
|
|
|
—
|
|
|
—
|
|
|
103.2
|
|
||||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.7
|
|
||||||||
Issuance of common stock for stock plans, net
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
||||||||
Treasury stock repurchase
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.1
|
)
|
|
—
|
|
|
(6.1
|
)
|
||||||||
Dividends on common stock ($0.03 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
||||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.7
|
|
||||||||
ASU 2016-16 adoption
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.3
|
)
|
|
—
|
|
|
—
|
|
|
(13.3
|
)
|
||||||||
Balance at January 31, 2019
|
49.3
|
|
|
$
|
5.0
|
|
|
3.6
|
|
|
$
|
0.3
|
|
|
$
|
1,574.8
|
|
|
$
|
(398.0
|
)
|
|
$
|
2,664.4
|
|
|
$
|
(421.2
|
)
|
|
$
|
0.2
|
|
|
$
|
3,425.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at November 1, 2019
|
49.1
|
|
|
$
|
4.9
|
|
|
4.1
|
|
|
$
|
0.4
|
|
|
$
|
1,615.0
|
|
|
$
|
(447.1
|
)
|
|
$
|
3,026.4
|
|
|
$
|
(571.2
|
)
|
|
$
|
0.2
|
|
|
$
|
3,628.6
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90.5
|
|
|
—
|
|
|
—
|
|
|
90.5
|
|
||||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16.7
|
|
||||||||
Issuance of common stock for stock plans, net
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.1
|
)
|
||||||||
Dividends on common stock ($0.03 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
||||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.7
|
|
||||||||
Balance at January 31, 2020
|
49.2
|
|
|
$
|
4.9
|
|
|
4.1
|
|
|
$
|
0.4
|
|
|
$
|
1,611.6
|
|
|
$
|
(430.4
|
)
|
|
$
|
3,115.4
|
|
|
$
|
(571.2
|
)
|
|
$
|
0.2
|
|
|
$
|
3,730.9
|
|
|
|
|
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
90.5
|
|
|
$
|
103.2
|
|
Depreciation and amortization
|
70.6
|
|
|
68.8
|
|
||
Increase in operating capital
|
(50.6
|
)
|
|
(53.3
|
)
|
||
Other non-cash items
|
19.2
|
|
|
(16.9
|
)
|
||
Net cash provided by operating activities
|
129.7
|
|
|
101.8
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property, plant and equipment
|
(69.0
|
)
|
|
(79.2
|
)
|
||
Acquisitions of businesses and assets, net of cash acquired, and other
|
(9.4
|
)
|
|
(50.0
|
)
|
||
Net cash used in investing activities
|
(78.4
|
)
|
|
(129.2
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from long-term debt
|
234.0
|
|
|
261.8
|
|
||
Repayments of long-term debt
|
(263.1
|
)
|
|
(560.8
|
)
|
||
Net (repayments) proceeds from short-term debt
|
(20.8
|
)
|
|
407.5
|
|
||
Net payments related to share-based compensation awards
|
(13.2
|
)
|
|
(9.0
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(6.1
|
)
|
||
Debt acquisition costs
|
(0.1
|
)
|
|
(0.2
|
)
|
||
Net cash (used in) provided by financing activities
|
(63.2
|
)
|
|
93.2
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(0.2
|
)
|
|
0.9
|
|
||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(12.1
|
)
|
|
66.7
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
89.5
|
|
|
80.2
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
77.4
|
|
|
$
|
146.9
|
|
Reconciliation of cash flow information:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
76.8
|
|
|
$
|
146.6
|
|
Restricted cash included in other current assets
|
0.6
|
|
|
0.3
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
77.4
|
|
|
$
|
146.9
|
|
(In millions)
|
January 31, 2020
|
||
Operating Leases
|
|
||
Operating lease right-of-use assets
|
$
|
264.0
|
|
|
|
||
Operating lease liabilities, current
|
31.5
|
|
|
Operating lease liabilities, non-current
|
241.2
|
|
|
Total operating lease liabilities
|
$
|
272.7
|
|
Three Months Ended January 31,
|
|
||
(In millions)
|
2020
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
9.9
|
|
(In millions)
|
|
||
Remainder of 2020
|
$
|
29.0
|
|
2021
|
36.1
|
|
|
2022
|
32.3
|
|
|
2023
|
29.0
|
|
|
2024
|
27.3
|
|
|
2025 and thereafter
|
175.7
|
|
|
Total lease payments
|
329.4
|
|
|
Less: interest
|
56.7
|
|
|
Present value of lease liabilities
|
$
|
272.7
|
|
(In millions)
|
|
||
2020
|
$
|
38.5
|
|
2021
|
34.9
|
|
|
2022
|
31.2
|
|
|
2023
|
28.0
|
|
|
2024
|
26.5
|
|
|
2025 and thereafter
|
173.6
|
|
|
Total future minimum lease payments
|
$
|
332.7
|
|
(In millions)
|
January 31, 2020
|
|
October 31, 2019
|
||||
Technology
|
$
|
—
|
|
|
$
|
12.3
|
|
Customer relationships
|
3.4
|
|
|
7.5
|
|
||
Trademarks
|
—
|
|
|
10.2
|
|
||
Other
|
—
|
|
|
0.1
|
|
||
Total identifiable intangible assets
|
$
|
3.4
|
|
|
$
|
30.1
|
|
Goodwill
|
4.0
|
|
|
29.8
|
|
||
Net tangible assets
|
1.8
|
|
|
7.3
|
|
||
Total purchase price
|
$
|
9.2
|
|
|
$
|
67.2
|
|
(In millions)
|
January 31, 2020
|
|
October 31, 2019
|
||||
Raw materials
|
$
|
133.3
|
|
|
$
|
131.4
|
|
Work-in-process
|
12.5
|
|
|
13.3
|
|
||
Finished goods
|
380.7
|
|
|
362.2
|
|
||
Total inventories
|
$
|
526.5
|
|
|
$
|
506.9
|
|
(In millions)
|
CooperVision
|
|
CooperSurgical
|
|
Total
|
||||||
Balance at October 31, 2018
|
$
|
1,742.9
|
|
|
$
|
649.2
|
|
|
$
|
2,392.1
|
|
Net additions
|
14.1
|
|
|
22.0
|
|
|
36.1
|
|
|||
Translation
|
8.4
|
|
|
(7.7
|
)
|
|
0.7
|
|
|||
Balance at October 31, 2019
|
1,765.4
|
|
|
663.5
|
|
|
2,428.9
|
|
|||
Net additions
|
—
|
|
|
4.0
|
|
|
4.0
|
|
|||
Translation
|
13.3
|
|
|
(0.3
|
)
|
|
13.0
|
|
|||
Balance at January 31, 2020
|
$
|
1,778.7
|
|
|
$
|
667.2
|
|
|
$
|
2,445.9
|
|
|
January 31, 2020
|
|
October 31, 2019
|
|
|
||||||||||||
(In millions)
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Weighted Average Amortization Period (in years)
|
||||||||
Intangible assets with definite lives:
|
|
|
|
|
|
|
|
|
|
||||||||
Trademarks
|
$
|
148.5
|
|
|
$
|
29.8
|
|
|
$
|
148.5
|
|
|
$
|
27.3
|
|
|
14
|
Composite intangible asset
|
1,061.9
|
|
|
159.3
|
|
|
1,061.9
|
|
|
141.6
|
|
|
15
|
||||
Technology
|
400.2
|
|
|
229.1
|
|
|
399.9
|
|
|
221.2
|
|
|
11
|
||||
Customer relationships
|
361.4
|
|
|
200.1
|
|
|
357.6
|
|
|
194.0
|
|
|
13
|
||||
License and distribution rights and other
|
27.8
|
|
|
16.0
|
|
|
27.9
|
|
|
15.3
|
|
|
11
|
||||
|
1,999.8
|
|
|
$
|
634.3
|
|
|
1,995.8
|
|
|
$
|
599.4
|
|
|
14
|
||
Less: accumulated amortization and translation
|
634.3
|
|
|
|
|
599.4
|
|
|
|
|
|
||||||
Intangible assets with definite lives, net
|
1,365.5
|
|
|
|
|
1,396.4
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Intangible assets with indefinite lives, net (1)
|
8.9
|
|
|
|
|
8.9
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Total other intangibles, net
|
$
|
1,374.4
|
|
|
|
|
$
|
1,405.3
|
|
|
|
|
|
Fiscal years:
|
(In millions)
|
||
Remainder of 2020
|
$
|
101.5
|
|
2021
|
135.0
|
|
|
2022
|
133.1
|
|
|
2023
|
130.9
|
|
|
2024
|
126.6
|
|
|
Thereafter
|
738.4
|
|
|
Total remaining amortization for intangible assets with definite lives
|
$
|
1,365.5
|
|
(In millions)
|
January 31, 2020
|
|
October 31, 2019
|
||||
Overdraft and other credit facilities
|
$
|
43.0
|
|
|
$
|
63.7
|
|
Term loans
|
500.0
|
|
|
500.0
|
|
||
Short-term debt
|
$
|
543.0
|
|
|
$
|
563.7
|
|
|
|
|
|
||||
Revolving credit
|
235.0
|
|
|
264.0
|
|
||
Term loans
|
1,000.0
|
|
|
1,000.0
|
|
||
Other
|
0.2
|
|
|
0.2
|
|
||
Less: unamortized debt issuance cost
|
(1.5
|
)
|
|
(1.6
|
)
|
||
Long-term debt
|
1,233.7
|
|
|
1,262.6
|
|
||
Total debt
|
$
|
1,776.7
|
|
|
$
|
1,826.3
|
|
•
|
Interest Coverage Ratio, as defined, to be at least 3.00 to 1.00 at all times.
|
•
|
Total Leverage Ratio, as defined, to be no higher than 3.75 to 1.00.
|
Three Months Ended January 31,
|
|
||||||
(In millions, except per share amounts)
|
2020
|
|
2019
|
||||
Net income
|
$
|
90.5
|
|
|
$
|
103.2
|
|
Basic:
|
|
|
|
||||
Weighted average common shares
|
49.1
|
|
|
49.3
|
|
||
Basic earnings per share
|
$
|
1.84
|
|
|
$
|
2.09
|
|
Diluted:
|
|
|
|
||||
Weighted average common shares
|
49.1
|
|
|
49.3
|
|
||
Effect of dilutive stock options
|
0.6
|
|
|
0.6
|
|
||
Diluted weighted average common shares
|
49.7
|
|
|
49.9
|
|
||
Diluted earnings per share
|
$
|
1.82
|
|
|
$
|
2.07
|
|
Three Months Ended January 31,
|
|
|||||
(In thousands, except exercise prices)
|
2020
|
|
2019
|
|||
Stock option shares excluded
|
198
|
|
|
377
|
|
|
Range of exercise prices
|
$
|
254.77
|
|
|
$226.30-$254.77
|
|
Restricted stock units excluded
|
1
|
|
|
17
|
|
Three Months Ended January 31,
|
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Selling, general and administrative expense
|
$
|
8.7
|
|
|
$
|
9.3
|
|
Cost of sales
|
1.0
|
|
|
1.5
|
|
||
Research and development expense
|
0.6
|
|
|
0.9
|
|
||
Total share-based compensation expense
|
$
|
10.3
|
|
|
$
|
11.7
|
|
Related income tax benefit
|
$
|
1.4
|
|
|
$
|
1.7
|
|
(In millions)
|
Foreign Currency Translation Adjustment
|
|
Minimum Pension Liability
|
|
Total
|
||||||
Balance at October 31, 2018
|
$
|
(412.2
|
)
|
|
$
|
(18.5
|
)
|
|
$
|
(430.7
|
)
|
Gross change in value
|
9.0
|
|
|
(33.4
|
)
|
|
(24.4
|
)
|
|||
Tax effect for the period
|
—
|
|
|
8.0
|
|
|
8.0
|
|
|||
Balance at October 31, 2019
|
$
|
(403.2
|
)
|
|
$
|
(43.9
|
)
|
|
$
|
(447.1
|
)
|
Gross change in value
|
16.7
|
|
|
—
|
|
|
16.7
|
|
|||
Balance at January 31, 2020
|
$
|
(386.5
|
)
|
|
$
|
(43.9
|
)
|
|
$
|
(430.4
|
)
|
Three Months Ended January 31,
|
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Service cost
|
$
|
3.5
|
|
|
$
|
2.5
|
|
Interest cost
|
1.2
|
|
|
1.5
|
|
||
Expected return on plan assets
|
(2.7
|
)
|
|
(2.4
|
)
|
||
Recognized net actuarial loss
|
1.0
|
|
|
0.2
|
|
||
Net periodic defined benefit plan cost
|
$
|
3.0
|
|
|
$
|
1.8
|
|
•
|
CooperVision. Competes in the worldwide contact lens market by developing, manufacturing and marketing a broad range of products for contact lens wearers, featuring advanced materials and optics. CooperVision designs its products to solve vision challenges such as astigmatism, presbyopia, myopia, ocular dryness and eye fatigues, with a broad collection of spherical, toric and multifocal contact lenses.
|
•
|
CooperSurgical. Competes in the general health care market with a focus on advancing the health of women, babies and families through a diversified portfolio of products and services focusing on women's health, fertility, diagnostics and contraception.
|
Three Months Ended January 31,
|
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
CooperVision net sales by category:
|
|
|
|
||||
Toric lens
|
$
|
155.1
|
|
|
$
|
146.0
|
|
Multifocal lens
|
51.8
|
|
|
49.1
|
|
||
Single-use sphere lens
|
138.1
|
|
|
132.1
|
|
||
Non single-use sphere, other
|
140.2
|
|
|
142.9
|
|
||
Total CooperVision net sales
|
$
|
485.2
|
|
|
$
|
470.1
|
|
CooperSurgical net sales by category:
|
|
|
|
||||
Office and surgical products
|
98.5
|
|
|
95.7
|
|
||
Fertility
|
62.5
|
|
|
62.3
|
|
||
CooperSurgical net sales
|
161.0
|
|
|
158.0
|
|
||
Total net sales
|
$
|
646.2
|
|
|
$
|
628.1
|
|
Operating income:
|
|
|
|
||||
CooperVision
|
$
|
122.9
|
|
|
$
|
116.3
|
|
CooperSurgical
|
1.7
|
|
|
7.2
|
|
||
Corporate
|
(13.5
|
)
|
|
(12.6
|
)
|
||
Total operating income
|
111.1
|
|
|
110.9
|
|
||
Interest expense
|
11.6
|
|
|
18.2
|
|
||
Other expense (income), net
|
2.1
|
|
|
(1.1
|
)
|
||
Income before income taxes
|
$
|
97.4
|
|
|
$
|
93.8
|
|
(In millions)
|
January 31, 2020
|
|
October 31, 2019
|
||||
Total identifiable assets:
|
|
|
|
||||
CooperVision
|
$
|
4,163.2
|
|
|
$
|
3,911.6
|
|
CooperSurgical
|
2,226.6
|
|
|
2,189.8
|
|
||
Corporate
|
158.7
|
|
|
173.1
|
|
||
Total
|
$
|
6,548.5
|
|
|
$
|
6,274.5
|
|
Three Months Ended January 31,
|
|
||||||
(In millions)
|
2020
|
|
2019
|
||||
Net sales to unaffiliated customers by country of domicile:
|
|
|
|
||||
United States
|
$
|
293.5
|
|
|
$
|
278.9
|
|
Europe
|
213.4
|
|
|
209.7
|
|
||
Rest of world
|
139.3
|
|
|
139.5
|
|
||
Total
|
$
|
646.2
|
|
|
$
|
628.1
|
|
(In millions)
|
January 31, 2020
|
|
October 31, 2019
|
||||
Net property, plant and equipment by country of domicile:
|
|
|
|
||||
United States
|
$
|
649.6
|
|
|
$
|
626.5
|
|
Europe
|
361.9
|
|
|
358.8
|
|
||
Rest of world
|
157.0
|
|
|
146.8
|
|
||
Total
|
$
|
1,168.5
|
|
|
$
|
1,132.1
|
|
•
|
Adverse changes in global political and economic conditions, and related uncertainty caused by the United Kingdom’s election to withdraw from the European Union and its potential impact on, among other things, the movement of goods and materials in our supply chain, additional regulatory approvals and requirements, and increased tariffs and duties.
|
•
|
Adverse changes in the global or regional general business, political and economic conditions, including the impact of continuing uncertainty and instability of certain countries, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items, including but not limited to, escalating global trade barriers including additional tariffs, by countries such as China, and the recent outbreak of the coronavirus referred to as COVID-19 and its potential impact on our sales, operations and supply chain.
|
•
|
Changes in tax laws or their interpretation and changes in statutory tax rates, including but not limited to, the U.S., the United Kingdom and other countries may affect our taxation of earnings recognized in foreign jurisdictions and/or negatively impact our effective tax rate.
|
•
|
Foreign currency exchange rate and interest rate fluctuations including the risk of fluctuations in the value of foreign currencies or interest rates that would decrease our revenues and earnings.
|
•
|
Our existing indebtedness and associated interest expense, most of which is variable and impacted by rate increases, which could adversely affect our financial health or limit our ability to borrow additional funds.
|
•
|
Acquisition-related adverse effects including the failure to successfully obtain the anticipated revenues, margins and earnings benefits of acquisitions, integration delays or costs and the requirement to record significant adjustments to the preliminary fair value of assets acquired and liabilities assumed within the measurement period, required regulatory approvals for an acquisition not being obtained or being delayed or subject to conditions that are not anticipated, adverse impacts of changes to accounting controls and reporting procedures, contingent liabilities or indemnification obligations, increased leverage and lack of access to available financing (including financing for the acquisition or refinancing of debt owed by us on a timely basis and on reasonable terms).
|
•
|
Compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of third- party information, such as HIPAA and the California Consumer Privacy Act in the U.S. and the General Data Protection Regulation requirements in Europe, including but not limited to those resulting from data security breaches.
|
•
|
A major disruption in the operations of our manufacturing, accounting and financial reporting, research and development, distribution facilities or raw material supply chain due to integration of acquisitions, man-made or natural disasters, cybersecurity incidents or other causes.
|
•
|
A major disruption in the operations of our manufacturing, accounting and financial reporting, research and development or distribution facilities due to technological problems, including any related to our information systems maintenance, enhancements or new system deployments, integrations or upgrades.
|
•
|
Market consolidation of large customers globally through mergers or acquisitions resulting in a larger proportion or concentration of our business being derived from fewer customers.
|
•
|
Disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses.
|
•
|
New U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect areas of our operations including, but not limited to, those affecting the health care industry, including the contact lens industry specifically and the medical device or pharmaceutical industries generally, including but not limited to the EU Medical Devices Regulation (MDR), the EU In Vitro Diagnostic Medical Devices Regulation (IVDR), and the medical device excise tax under the U.S. Affordable Care Act.
|
•
|
Legal costs, insurance expenses, settlement costs and the risk of an adverse decision, prohibitive injunction or settlement related to product liability, patent infringement or other litigation.
|
•
|
Limitations on sales following product introductions due to poor market acceptance.
|
•
|
New competitors, product innovations or technologies, including but not limited to, technological advances by competitors, new products and patents attained by competitors, and competitors' expansion through acquisitions.
|
•
|
Reduced sales, loss of customers and costs and expenses related to product recalls and warning letters.
|
•
|
Failure to receive, or delays in receiving, regulatory approvals for products.
|
•
|
Failure of our customers and end users to obtain adequate coverage and reimbursement from third-party payors for our products and services.
|
•
|
The requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill, other intangible assets and idle manufacturing facilities and equipment.
|
•
|
The success of our research and development activities and other start-up projects.
|
•
|
Dilution to earnings per share from acquisitions or issuing stock.
|
•
|
Impact and costs incurred from changes in accounting standards and policies.
|
•
|
Environmental risks, including increasing environmental legislation and the broader impacts of climate change.
|
•
|
Other events described in our Securities and Exchange Commission filings, including the “Business” and “Risk Factors” sections in our Annual Report on Form 10-K for the fiscal year ended October 31, 2019, as such Risk Factors may be updated in quarterly filings including updates made in this filing.
|
•
|
Free Cash Flow - Free cash flow is calculated as net cash provided by operating activities less capital expenditures.
|
•
|
Constant currency - Constant currency is defined as excluding the effect of foreign currency fluctuations.
|
•
|
Gross profit $426.5 million, up 2% from $418.5 million in the prior year period
|
•
|
Operating income $111.1 million remained relatively flat compared to $110.9 million in the prior year period
|
•
|
Diluted earnings per share of $1.82, down 12% from $2.07 per share in the prior year period, primarily due to tax benefits for settlement of tax audits and revisions to the provisional tax charges related to the 2017 Tax Cuts and Jobs Act during the prior year period
|
•
|
Cash provided by operations $129.7 million, compared to $101.8 million in the prior year period.
|
•
|
Blanchard Contact Lenses on December 28, 2018 - a privately-held scleral lens company, which expands CooperVision's specialty and scleral lens portfolio.
|
•
|
A privately-held distributor of IVF medical devices and systems on December 13, 2019.
|
•
|
Incisive Surgical Inc. on December 31, 2018 - a privately-held U.S. medical device company that develops mechanical surgical solutions for skin closure.
|
•
|
$1.0 billion outstanding on a $1.425 billion syndicated Term Loan Agreement (the 2017 Term Loan Agreement) used to fund the acquisition of PARAGARD, which matures on November 1, 2022
|
•
|
A $500.0 million 364-day senior unsecured term loan agreement (the 2019 Term Loan Agreement), which matures on September 25, 2020
|
•
|
$235.0 million outstanding on a $1.0 billion multi-currency revolving credit facility (the 2016 Revolving Credit Facility), which matures on March 1, 2021.
|
|
Percentage of Net Sales
|
|
2020 vs 2019 % Change in Absolute Values
|
|||||
Three Months Ended January 31,
|
2020
|
|
2019
|
|
||||
Net sales
|
100
|
%
|
|
100
|
%
|
|
3
|
%
|
Cost of sales
|
34
|
%
|
|
33
|
%
|
|
5
|
%
|
Gross profit
|
66
|
%
|
|
67
|
%
|
|
2
|
%
|
Selling, general and administrative expense
|
40
|
%
|
|
40
|
%
|
|
3
|
%
|
Research and development expense
|
3
|
%
|
|
3
|
%
|
|
6
|
%
|
Amortization of intangibles
|
5
|
%
|
|
6
|
%
|
|
(5
|
)%
|
Operating income
|
17
|
%
|
|
18
|
%
|
|
—
|
%
|
Three Months Ended January 31,
($ in millions) |
2020
|
|
2019
|
|
Increase
|
2020 vs 2019 % Change
|
|||||||
CooperVision
|
$
|
485.2
|
|
|
$
|
470.1
|
|
|
$
|
15.1
|
|
3
|
%
|
CooperSurgical
|
161.0
|
|
|
158.0
|
|
|
3.0
|
|
2
|
%
|
|||
Net sales
|
$
|
646.2
|
|
|
$
|
628.1
|
|
|
$
|
18.1
|
|
3
|
%
|
•
|
Spherical lenses including lenses that correct near- and farsightedness uncomplicated by more complex visual defects
|
•
|
Toric and multifocal lenses including lenses that, in addition to correcting near- and farsightedness, address more complex visual defects such as astigmatism and presbyopia by adding optical properties of cylinder and axis, which correct for irregularities in the shape of the cornea.
|
Three Months Ended January 31,
($ in millions) |
2020
|
|
2019
|
|
2020 vs 2019
% Change |
|||||
Toric
|
$
|
155.1
|
|
|
$
|
146.0
|
|
|
6
|
%
|
Multifocal
|
51.8
|
|
|
49.1
|
|
|
6
|
%
|
||
Single-use spheres
|
138.1
|
|
|
132.1
|
|
|
5
|
%
|
||
Non single-use sphere, other
|
140.2
|
|
|
142.9
|
|
|
(2
|
)%
|
||
|
$
|
485.2
|
|
|
$
|
470.1
|
|
|
3
|
%
|
•
|
Toric lenses grew primarily through the success of Biofinity, clariti and MyDay
|
•
|
Multifocal lenses grew primarily due to higher Biofinity and clariti sales
|
•
|
Single-use sphere lenses growth was primarily attributed to clariti and MyDay lenses partially offset by a decrease in Proclear and Biomedics sales
|
•
|
Non-single-use spheres decreased due to lower Biofinity and Biomedics sphere sales
|
•
|
"Other" products primarily include lens care which represented approximately 2% of net sales in the first quarter of both fiscal 2020 and 2019
|
•
|
Increased sales of silicone hydrogel products were partially offset by lower sales of older hydrogel products. Total silicone hydrogel products grew 7% in the first quarter of fiscal 2020, representing 73% of net sales compared to 71% in the prior year period
|
•
|
Foreign exchange rates negatively impacted sales by approximately $2.1 million in the first quarter of fiscal 2020 and $13.3 million in the prior year period, primarily attributable to fluctuations in the Euro. In the first quarter of 2020, net sales increased 4% in constant currency over the prior year period.
|
•
|
Sales growth was primarily driven by increases in the volume of lenses sold. Average realized prices by product did not materially influence sales growth.
|
Three Months Ended January 31,
($ in millions) |
2020
|
|
2019
|
|
2020 vs 2019 % Change
|
|||||
Americas
|
$
|
189.4
|
|
|
$
|
176.0
|
|
|
8
|
%
|
EMEA
|
187.0
|
|
|
184.3
|
|
|
1
|
%
|
||
Asia Pacific
|
108.8
|
|
|
109.8
|
|
|
(1
|
)%
|
||
|
$
|
485.2
|
|
|
$
|
470.1
|
|
|
3
|
%
|
Three Months Ended January 31,
($ in millions) |
|
2020
|
|
2019
|
|
2020 vs 2019
% Change |
|||||
Office and surgical products
|
|
$
|
98.5
|
|
|
$
|
95.7
|
|
|
3
|
%
|
Fertility
|
|
62.5
|
|
|
62.3
|
|
|
—
|
%
|
||
|
|
$
|
161.0
|
|
|
$
|
158.0
|
|
|
2
|
%
|
•
|
Office and surgical products increased compared to the prior year periods due to continued growth in surgical products, primarily Endosee, Uterine Manipulators, Surgical Retractors and acquired products of Incisive Surgical, partially offset by a decrease in revenue from the Filshie Clip system. On February 1, 2019, we agreed to the early
|
•
|
Fertility net sales remained relatively flat.
|
•
|
Foreign exchange rates negatively impacted sales by approximately $0.7 million in the first quarter of fiscal 2020 and $2.4 million in the prior year period, primarily attributable to fluctuations in the Euro. In the first quarter of 2020, net sales increased 2% in constant currency over the prior year period.
|
•
|
Unit growth and product mix positively impacted sales growth.
|
Three Months Ended January 31,
|
|
2020
|
|
2019
|
||
CooperVision
|
|
65
|
%
|
|
66
|
%
|
CooperSurgical
|
|
68
|
%
|
|
69
|
%
|
Consolidated
|
|
66
|
%
|
|
67
|
%
|
•
|
$5.7 million of primarily incremental costs associated with the impact of the earthquake on our Puerto Rico manufacturing facility and other manufacturing related costs
|
•
|
the unfavorable impact to margin from changes in product mix
|
•
|
partially offset by an increase in sales of higher margin products including Biofinity
|
•
|
first quarter of fiscal 2019 included $1.2 million of costs consisting primarily of acquisition, integration and manufacturing related costs.
|
•
|
$5.4 million of primarily integration and manufacturing related costs including temporary manufacturing inefficiencies
|
•
|
the first quarter of fiscal 2019 included $4.2 million of costs primarily acquisition, integration and manufacturing related costs.
|
Three Months Ended January 31,
($ in millions) |
|
2020
|
|
% Net
Sales
|
|
2019
|
|
% Net
Sales
|
|
2020 vs 2019 % Change
|
|||||||
CooperVision
|
|
$
|
172.4
|
|
|
36
|
%
|
|
$
|
168.7
|
|
|
36
|
%
|
|
2
|
%
|
CooperSurgical
|
|
72.4
|
|
|
45
|
%
|
|
68.7
|
|
|
44
|
%
|
|
5
|
%
|
||
Corporate
|
|
13.5
|
|
|
—
|
|
|
12.6
|
|
|
—
|
|
|
8
|
%
|
||
|
|
$
|
258.3
|
|
|
40
|
%
|
|
$
|
250.0
|
|
|
40
|
%
|
|
3
|
%
|
Three Months Ended January 31,
($ in millions) |
|
2020
|
|
% Net
Sales |
|
2019
|
|
% Net
Sales |
|
2020 vs 2019
% Change |
|||||||
CooperVision
|
|
$
|
13.1
|
|
|
3
|
%
|
|
$
|
13.5
|
|
|
3
|
%
|
|
(3
|
)%
|
CooperSurgical
|
|
9.1
|
|
|
6
|
%
|
|
7.5
|
|
|
5
|
%
|
|
25
|
%
|
||
|
|
$
|
22.2
|
|
|
3
|
%
|
|
$
|
21.0
|
|
|
3
|
%
|
|
6
|
%
|
•
|
CooperVision's R&D decrease in the first quarter of fiscal 2020 compared to fiscal 2019 was mainly due to timing of clinical studies. As a percentage of sales, R&D expense remained flat. CooperVision's R&D activities are primarily focused on the development of contact lenses, manufacturing technology and process enhancements.
|
•
|
The increase in CooperSurgical's R&D in the first quarter of fiscal 2020 compared to fiscal 2019 was primarily due to increased investment and activities in developing new products and services and upgrades of existing products. As a percentage of sales, R&D expense remained relatively flat. CooperSurgical's R&D activities include diagnostics, IVF product development and the design and upgrade of surgical procedure devices.
|
Three Months Ended January 31,
($ in millions) |
2020
|
|
% Net
Sales |
|
2019
|
|
% Net
Sales |
|
2020 vs 2019
% Change |
|||||||
CooperVision
|
$
|
8.7
|
|
|
2
|
%
|
|
$
|
10.5
|
|
|
2
|
%
|
|
(17
|
)%
|
CooperSurgical
|
26.2
|
|
|
16
|
%
|
|
26.1
|
|
|
17
|
%
|
|
—
|
%
|
||
|
$
|
34.9
|
|
|
5
|
%
|
|
$
|
36.6
|
|
|
6
|
%
|
|
(5
|
)%
|
Three Months Ended January 31,
($ in millions) |
|
2020
|
|
% Net
Sales |
|
2019
|
|
% Net
Sales |
|
2020 vs 2019
% Change |
|||||||
CooperVision
|
|
$
|
122.9
|
|
|
25
|
%
|
|
$
|
116.3
|
|
|
25
|
%
|
|
6
|
%
|
CooperSurgical
|
|
1.7
|
|
|
1
|
%
|
|
7.2
|
|
|
5
|
%
|
|
(76
|
)%
|
||
Corporate
|
|
(13.5
|
)
|
|
—
|
|
|
(12.6
|
)
|
|
—
|
|
|
8
|
%
|
||
|
|
$
|
111.1
|
|
|
17
|
%
|
|
$
|
110.9
|
|
|
18
|
%
|
|
—
|
%
|
Three Months Ended January 31,
($ in millions) |
2020
|
|
% Net
Sales |
|
2019
|
|
% Net
Sales |
|
2020 vs 2019
% Change |
|||||||
Interest expense
|
$
|
11.6
|
|
|
2
|
%
|
|
$
|
18.2
|
|
|
3
|
%
|
|
(36
|
)%
|
Three Months Ended January 31,
($ in millions) |
|
2020
|
|
2019
|
||||
Foreign exchange loss (gain)
|
|
$
|
1.4
|
|
|
$
|
(0.5
|
)
|
Other expense (income), net
|
|
0.7
|
|
|
(0.6
|
)
|
||
|
|
$
|
2.1
|
|
|
$
|
(1.1
|
)
|
Three Months Ended January 31,
($ in millions) |
|
2020
|
|
2019
|
||||
Selling, general and administrative expense
|
|
$
|
8.7
|
|
|
$
|
9.3
|
|
Cost of sales
|
|
1.0
|
|
|
1.5
|
|
||
Research and development expense
|
|
0.6
|
|
|
0.9
|
|
||
Total share-based compensation expense
|
|
$
|
10.3
|
|
|
$
|
11.7
|
|
Related income tax benefit
|
|
$
|
1.4
|
|
|
$
|
1.7
|
|
•
|
Operating cash flow was $129.7 million compared to $101.8 million in the prior year period
|
•
|
Expenditures for purchases of property, plant and equipment were $69.0 million compared to $79.2 million in the prior year period
|
•
|
Cash payments for acquisitions and others, of $9.4 million, compared to $50.0 million in the prior year period
|
•
|
Cash provided by operations $129.7 million offset by capital expenditures $69.0 million resulted in free cash flow of $60.7 million, up 169% compared to the prior year period.
|
($ in millions)
|
|
January 31, 2020
|
|
October 31, 2019
|
||||
Cash and cash equivalents
|
|
$
|
76.8
|
|
|
$
|
89.0
|
|
Total assets
|
|
$
|
6,548.5
|
|
|
$
|
6,274.5
|
|
Working capital
|
|
$
|
81.4
|
|
|
$
|
52.8
|
|
Total debt
|
|
$
|
1,776.7
|
|
|
$
|
1,826.3
|
|
Stockholders' equity
|
|
$
|
3,730.9
|
|
|
$
|
3,628.5
|
|
Ratio of debt to equity
|
|
0.48:1
|
|
|
0.50:1
|
|
||
Debt as a percentage of total capitalization
|
|
32
|
%
|
|
33
|
%
|
•
|
decrease in other current liabilities $32.3 million due to timing of payments
|
•
|
decrease in short-term debt $20.7 million due to payment of overdraft and other credit facilities
|
•
|
decrease in employee compensation and benefits $12.2 million
|
•
|
increase in inventories $19.6 million, partially offset by:
|
•
|
recognition of current operating lease liabilities $31.5 million on adoption of ASC 842 Leases
|
•
|
decrease in trade accounts receivable $27.3 million primarily due to timing of collections
|
•
|
decrease in cash $12.2 million.
|
•
|
increase of $36.1 million in non-cash items, from $(16.9) million in the first quarter of fiscal 2019 to $19.2 million in the first quarter of fiscal 2020
|
•
|
increase of $2.7 million in net cash flow from changes in operating capital, from $53.3 million outflow in the first quarter of fiscal 2019 to $50.6 million outflow in the first quarter of fiscal 2020, partially offset by;
|
•
|
decrease in net income of $12.7 million from a net income of $103.2 million in the first quarter of fiscal 2019 to $90.5 million in the first quarter of fiscal 2020
|
•
|
increase of $29.9 million driven by net changes in long term tax liabilities, deferred taxes and defined benefit pension
|
•
|
$8.2 million in non-cash lease expense.
|
•
|
$53.8 million increase in the net changes in trade and other receivables primarily from increased revenue and timing of collections
|
•
|
$13.5 million increase in the net changes in inventories, partially offset by;
|
•
|
$22.2 million decrease in the net changes in prepayments and other assets primarily due to the refund of the prepayment made to the U.K. Tax Authorities in the prior year period
|
•
|
$15.9 million decrease in the net changes in accrued liabilities & other
|
•
|
$14.5 million decrease in the net changes in income tax payable.
|
•
|
decrease of $40.6 million in payments made for acquisitions in the first quarter of fiscal 2020 compared to the prior year period, largely due to the acquisition of Incisive Surgical Inc. and Blanchard Contact Lenses in the first quarter of fiscal 2019
|
•
|
decrease of $10.2 million in capital expenditures.
|
•
|
$428.3 million decrease in net proceeds from short-term debt, primarily due to $400 million short term loan taken on November 1, 2018 partially offset by;
|
•
|
$269.9 million decrease in net repayments of long-term debt.
|
•
|
we may have difficulty enforcing intellectual property rights in some foreign countries;
|
•
|
we may have difficulty gaining market share in countries such as Japan and China because of regulatory restrictions and customer preferences;
|
•
|
we may find it difficult to grow in emerging markets such as China, India, Russia, Brazil and other developing nations due to, among other things, customer acceptance, undeveloped and/or unfamiliar distribution channels, regulatory restrictions and changes, and business knowledge of these new markets;
|
•
|
tax rates in some foreign countries may exceed those of the United States, and foreign earnings may be subject to withholding requirements or the imposition of tariffs, exchange controls or other restrictions, including the tariffs enacted by the U.S. government on various imports from China and by the Chinese government on certain U.S. goods, the scope and duration of which remain uncertain;
|
•
|
we may find it difficult to comply with a variety of United States and foreign legal, compliance and regulatory requirements such as the Foreign Corrupt Practices Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the United Kingdom (U.K.) Bribery Act and international data security and privacy laws and MDR and IVDR;
|
•
|
we may find it difficult to manage a large organization spread throughout various countries;
|
•
|
fluctuations in currency exchange rates could adversely affect our results;
|
•
|
foreign customers may have longer payment cycles than customers in the United States;
|
•
|
failure to comply with United States Department of Commerce and other nations' import-export controls may result in fines and/or penalties;
|
•
|
general economic and political conditions in the countries where we operate may have an adverse effect on our operations in those countries or not be favorable to our growth strategy;
|
•
|
natural disasters (including pandemics), war, terrorism, labor disruptions and international conflicts may cause significant economic disruption and political and social instability, resulting in decreased demand for our products, adversely affecting our manufacturing and distribution capabilities, or causing interruptions in our supply chain;
|
|
|
|
•
|
foreign governments may adopt regulations, including those similar to MDR and IVDR or take other actions that would have a direct or indirect adverse impact on our business and market opportunities, including but not limited to increased enforcement of potentially conflicting and ambiguous anti-bribery laws;
|
•
|
we may have difficulty enforcing agreements and collecting receivables through some foreign legal systems; and
|
•
|
we may be subject to unforeseen economic or political events in certain countries that may have an impact on our customers' ability or preferences to buy our products.
|
Exhibit
Number
|
Description
|
|
|
10.1
|
|
|
|
10.2
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101.1
|
The following materials from the Company's Quarterly Report on Form 10-Q for the three months period ended January 31, 2020, formatted in Inline XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Condensed Balance Sheets, (iv) Consolidated Condensed Statements of Stockholders' Equity, (v) Consolidated Condensed Statements of Cash Flows and (vi) related Notes to Consolidated Condensed Financial Statements.
|
|
|
104.1
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
The Cooper Companies, Inc.
|
|
(Registrant)
|
|
|
Date: March 6, 2020
|
/s/ Brian G. Andrews
|
|
Brian G. Andrews
|
|
Senior Vice President, Chief Financial Officer & Treasurer
(Principal Financial Officer)
|
|
|
|
|
|
|
Date: March 6, 2020
|
/s/ Agostino Ricupati
|
|
Agostino Ricupati
|
|
Chief Accounting Officer & Senior Vice President, Finance & Tax (Principal Accounting Officer)
|
Date: February 6, 2020
|
|
|
/s/ Randal Golden
|
|
Randal Golden
|
|
|
Date: February 6, 2020
|
/s/ Glen Sunnergren
|
|
Glen Sunnergren
|
|
Global Vice President, Human Resource
|
Date: March 6, 2020
|
|
|
|
/s/ Albert G. White III
|
|
|
Albert G. White III
|
|
|
President and Chief Executive Officer
|
|
Date: March 6, 2020
|
|
|
|
/s/ Brian G. Andrews
|
|
|
Brian G. Andrews
|
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|
|
•
|
the Quarterly Report on Form 10-Q of The Cooper Companies, Inc. (the “Company”) for the quarterly period ended January 31, 2020, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
•
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: March 6, 2020
|
/s/ Albert G. White III
|
|
Albert G. White III
|
|
President and Chief Executive Officer
|
•
|
the Quarterly Report on Form 10-Q of The Cooper Companies, Inc. (the “Company”) for the quarterly period ended January 31, 2020, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
•
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: March 6, 2020
|
/s/ Brian G. Andrews
|
|
Brian G. Andrews
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|