Management report and analysis of the financial situation and operating results

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Special note regarding forward-looking statements

This report contains or may contain certain forward-looking statements and
information that are based on the beliefs of our management as well as estimates
and assumptions made by, and information currently available to, our management.
All statements other than statements regarding historical facts are
forward-looking statements. The words "believe," "expect," "intend,"
"anticipate," "will continue," "will," "estimate," "plan," "future" and other
similar expressions, and negative statements of such expressions, generally
identify forward-looking statements, including, in particular, statements
regarding expectations of future revenue or earnings, expenses, new product
development, new product launches, new markets for our products, litigation, tax
outlook and the effects of competition and public health crises (including the
COVID-19 pandemic) on our business. These forward-looking statements are made in
accordance with the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. You are cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements reflect the views of our
management at the time the statements are made and are subject to a number of
risks, uncertainties, estimates and assumptions, including, without limitation,
and in addition to those identified in the text surrounding such statements,
those identified in our annual report on Form 10-K for the fiscal year ended
June 30, 2022 and elsewhere in this report. Information that is based on
estimates, forecasts, projections, market research or similar methodologies is
inherently subject to uncertainties and actual events or circumstances may
differ materially from events and circumstances reflected in this information.
Unless otherwise expressly stated, we obtained this industry, business, market,
and other data from reports, research surveys, studies, and similar data
prepared by market research firms and other third parties, industry, medical and
general publications, government data, and similar sources.

In addition, important factors to consider in evaluating such forward-looking
statements include changes or developments in healthcare reform, social,
economic, market, legal or regulatory circumstances, including the impact of
public health crises such as the novel strain of coronavirus (COVID-19) that has
spread globally, changes in our business or growth strategy or an inability to
execute our strategy due to changes in our industry or the economy generally,
the emergence of new or growing competitors, the actions or omissions of third
parties, including suppliers, customers, competitors and governmental
authorities and various other factors. If any one or more of these risks or
uncertainties materialize, or underlying estimates or assumptions prove
incorrect, actual results may vary significantly from those expressed in our
forward-looking statements, and there can be no assurance that the
forward-looking statements contained in this report will in fact occur.

Before deciding to purchase, hold or sell our common stock, you should carefully
consider the risks described in our annual report on Form 10-K for the fiscal
year ended June 30, 2022, in addition to the other cautionary statements and
risks described elsewhere in this report and in our other filings with the
Securities and Exchange Commission ("SEC"), including our subsequent reports on
Forms 10-Q and 8-K. These risks and uncertainties are not the only ones we face.
Additional risks and uncertainties not presently known to us or that we
currently deem immaterial may also affect our business. If any of these known or
unknown risks or uncertainties actually occurs with material adverse effects on
us, our business, financial condition and results of operations could be
seriously harmed. In that event, the market price for our common stock will
likely decline and you may lose all or part of your investment.
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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

Overview

The following is an overview of our results of operations for the three months
ended September 30, 2022. Management's discussion and analysis of financial
condition and results of operations ("MD&A") is intended to help the reader
understand our results of operations and financial condition. Management's
discussion and analysis is provided as a supplement to, and should be read in
conjunction with, the condensed consolidated financial statements and notes
included in this report.

We are a global leader in the development, manufacturing, distribution and
marketing of medical devices and cloud-based software applications that
diagnose, treat and manage respiratory disorders, including sleep disordered
breathing ("SDB"), chronic obstructive pulmonary disease, neuromuscular disease
and other chronic diseases. SDB includes obstructive sleep apnea and other
respiratory disorders that occur during sleep. Our products and solutions are
designed to improve patient quality of life, reduce the impact of chronic
disease and lower healthcare costs as global healthcare systems continue to
drive a shift in care from hospitals to the home and lower cost settings. Our
cloud-based software digital health applications, along with our devices, are
designed to provide connected care to improve patient outcomes and efficiencies
for our customers.

Since the development of continuous positive airway pressure therapy, we have
expanded our business by developing or acquiring a number of products and
solutions for a broader range of respiratory disorders including technologies to
be applied in medical and consumer products, ventilation devices, diagnostic
products, mask systems for use in the hospital and home, headgear and other
accessories, dental devices, and cloud-based software informatics solutions to
manage patient outcomes and customer and provider business processes. Our growth
has been fueled by geographic expansion, our research and product development
efforts, acquisitions and an increasing awareness of SDB and respiratory
conditions like chronic obstructive pulmonary disease as significant health
concerns.

We are committed to ongoing investment in research and development and product
enhancements. During the three months ended September 30, 2022, we invested
$63.2 million on research and development activities, which represents 6.6% of
net revenues, with a continued focus on the development and commercialization of
new, innovative products and solutions that improve patient outcomes, create
efficiencies for our customers and help physicians and providers better manage
chronic disease and lower healthcare costs. During the three months ended
September 30, 2022 we continued the launch of AirSense 11, which introduces new
features such as a touch screen, algorithms for patients new to therapy and
digital enhancements and over-the-air update capabilities as well as continued
to expand our global offering of devices to include Card-to-Cloud ("C2C")
versions of our prior model AirSense 10 and AirCurve 10 products that do not
incorporate a communications module. We introduced these C2C models to address
the growing backlog of patients waiting for therapy with our devices due to the
global semiconductor supply shortage. Due to multiple acquisitions, including
Brightree in April 2016, HEALTHCAREfirst in July 2018 and MatrixCare in November
2018, and our pending acquisition of MEDIFOX DAN which is expected to close
during fiscal year 2023 subject to regulatory clearances, our operations now
include out-of-hospital software platforms designed to support the professionals
and caregivers who help people stay healthy in the home or care setting of their
choice. These platforms comprise our SaaS business. These products, our
cloud-based remote monitoring and therapy management system, and a robust
product pipeline, should continue to provide us with a strong platform for
future growth.

We have determined that we have two operating segments, which are the sleep and
respiratory disorders sector of the medical device industry ("Sleep and
Respiratory Care") and the supply of business management software as a service
to out-of-hospital health providers ("SaaS").

Net revenue for the three months ended September 30, 2022 was $950.3 million, an
increase of 5% compared to the three months ended September 30, 2021. Gross
margin was 56.9% for the three months ended September 30, 2022 compared to 56.0%
for the three months ended September 30, 2021. Diluted earnings per share was
$1.43 for the three months ended September 30, 2022, compared to diluted loss
per share of $1.39 for the three months ended September 30, 2021.

To September 30, 2022our cash and cash equivalents totaled $207.2 millionour total assets were $5.2 billion and our equity has been $3.4 billion.

In order to provide a framework for evaluating the performance of our underlying businesses excluding the effect of foreign currency fluctuations, we provide certain financial information on a “constant currency” basis, which is in addition to the actual financial information presented. In order to calculate our information in constant currency, we translate the present value

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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

financial information for the period using the exchange rates prevailing during the preceding comparable period. However, measures at constant exchange rates should not be considered in isolation or as an alternative to WE
dollar measures reflecting current period exchange rates, or other financial measures calculated and presented in accordance with generally accepted accounting principles in United States (“GAAP”).

Operating results

Three months completed September 30, 2022 Compared to the three months ended
September 30, 2021

Net revenue

Net revenue for the three months ended September 30, 2022 increased to $950.3
million from $904.0 million for the three months ended September 30, 2021, an
increase of $46.3 million or 5% (a 9% increase on a constant currency basis).
The following table summarizes our net revenue disaggregated by segment, product
and region (in thousands):

                                               Three Months Ended
                                                  September 30,
                                             2022               2021                % Change            Constant Currency*
U.S., Canada and Latin America
Devices                                  $ 339,545          $ 275,932                       23  %
Masks and other                            238,560            215,106                       11

Total sleep and respiratory care $578,105 $491,038

                18
Software as a Service                      105,851             97,516                        9
Total                                    $ 683,956          $ 588,554                       16
Combined Europe, Asia and other markets
Devices                                  $ 178,032          $ 218,226                      (18) %                    (10) %
Masks and other                             88,306             97,235                       (9)                        3

Total sleep and respiratory care $266,338 $315,461

               (16)                       (6)
Global revenue
Devices                                  $ 517,577          $ 494,158                        5  %                      9  %
Masks and other                            326,866            312,341                        5                         8

Total sleep and respiratory care $844,443 $806,499

                 5                         9
Software as a Service                      105,851             97,516                        9                         9
Total                                    $ 950,294          $ 904,015                        5                         9

*Constant currency figures exclude the impact of international currency movements.

Sleep and Respiratory Care

Net revenue from our Sleep and Respiratory Care business for the three months
ended September 30, 2022 was $844.4 million, an increase of 5% compared to net
revenue for the three months ended September 30, 2021. Movements in
international currencies against the U.S. dollar negatively impacted net revenue
by approximately $36.2 million for the three months ended September 30, 2022.
Excluding the impact of currency movements, total Sleep and Respiratory Care net
revenue for the three months ended September 30, 2022 increased by 9% compared
to the three months ended September 30, 2021. The increase in net revenue was
primarily attributable to an increase in unit sales of our devices and masks.

Net revenue from our Sleep and Respiratory Care business in the U.S., Canada and
Latin America for the three months ended September 30, 2022 increased to $578.1
million from $491.0 million for the three months ended September 30, 2021, an
increase of $87.1 million or 18%. The increase was primarily due to an increase
in unit sales of our devices, including incremental sales of the C2C devices,
and masks.

Net revenue in combined Europe, Asia and other markets decreased for the three
months ended September 30, 2022 to $266.3 million from $315.5 million for the
three months ended September 30, 2021, a decrease of $49.1 million or 16% (a 6%
decrease on a constant currency basis). The constant currency decrease in sales
in combined Europe, Asia and other
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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

primarily a decline in unit sales of our devices, which were negatively impacted by continued shortages of electronic components.

Net revenue from devices for the three months ended September 30, 2022 increased
to $517.6 million from $494.2 million for the three months ended September 30,
2021, an increase of $23.4 million or 5%, including an increase of 23% in the
U.S., Canada and Latin America and a decrease of 18% in combined Europe, Asia
and other markets (a 10% decrease on a constant currency basis). Excluding the
impact of foreign currency movements, device sales for the three months ended
September 30, 2022 increased by 9%.

Net revenue from masks and other for the three months ended September 30, 2022
increased to $326.9 million from $312.3 million for the three months ended
September 30, 2021, an increase of $14.5 million or 5%, including an increase of
11% in the U.S., Canada and Latin America and a decrease of 9% in combined
Europe, Asia and other markets (a 3% increase on a constant currency basis).
Excluding the impact of foreign currency movements, masks and other sales
increased by 8%, compared to the three months ended September 30, 2021.

Software as a service

Net revenue from our SaaS business for the three months ended September 30, 2022
was $105.9 million, an increase of 9% compared to the three months ended
September 30, 2021. The increase was predominantly due to continued growth in
the HME vertical within our SaaS business.

Gross profit and gross margin

Gross profit increased for the three months ended September 30, 2022 to $540.8
million from $506.3 million for the three months ended September 30, 2021, an
increase of $34.5 million or 7%. Gross margin, which is gross profit as a
percentage of net revenue, for the three months ended September 30, 2022 was
56.9% compared to 56.0% for the three months ended September 30, 2021.

The increase in gross margin for the three months ended September 30, 2022
compared to the three months ended September 30, 2021 was primarily due to increases in average selling prices and lower amortization of acquired intangible assets, partially offset by an unfavorable product mix and exchange rate fluctuations.

Functionnary costs

The following table summarizes our operating expenses (in thousands):

                                        Three Months Ended
                                           September 30,
                                      2022               2021              Change               % Change            Constant Currency
Selling, general, and
administrative                    $ 193,933          $ 176,719          $  17,214                       10  %                    16  %
as a % of net revenue                  20.4  %            19.5  %
Research and development             63,188             59,950              3,238                        5  %                     9  %
as a % of net revenue                   6.6  %             6.6  %
Amortization of acquired
intangible assets                     7,950              7,707                243                        3  %                     4  %

Selling, general and administrative expenses

Selling, general, and administrative expenses increased for the three months
ended September 30, 2022 to $193.9 million from $176.7 million for the three
months ended September 30, 2021, an increase of $17.2 million or 10%. Selling,
general, and administrative expenses were favorably impacted by the movement of
international currencies against the U.S. dollar, which decreased our expenses
by approximately $10.2 million, as reported in U.S. dollars. Excluding the
impact of foreign currency movements, selling, general, and administrative
expenses for the three months ended September 30, 2022 increased by 16% compared
to the three months ended September 30, 2021. As a percentage of net revenue,
selling, general, and administrative expenses were 20.4% for the three months
ended September 30, 2022, compared to 19.5% for the three months ended September
30, 2021.
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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

The constant currency increase in selling, general, and administrative expenses
was primarily due to increases in employee-related costs and travel and
entertainment expenses during the three months ended September 30, 2022 compared
to the three months ended September 30, 2021.

Research and development costs

Research and development expenses increased for the three months ended September
30, 2022 to $63.2 million from $60.0 million for the three months ended
September 30, 2021, an increase of $3.2 million, or 5%. Research and development
expenses were favorably impacted by the movement of international currencies
against the U.S. dollar, which decreased our expenses by approximately $2.0
million for the three months ended September 30, 2022, as reported in U.S.
dollars. Excluding the impact of foreign currency movements, research and
development expenses increased by 9% compared to the three months ended
September 30, 2021. As a percentage of net revenue, research and development
expenses were consistent at 6.6% for the three months ended September 30, 2022
and September 30, 2021.

Amortization of acquired intangible assets

Amortization of intangible assets acquired for the three months ended September 30, 2022 totaled $8.0 million compared to $7.7 million for the three months ended September 30, 2021.

Total other income (loss), net

The following table summarizes our other income (loss) (in thousands):

                                                       Three Months Ended
                                                         September 30,
                                                       2022           2021  

To change

Interest (expense) income, net                     $   (7,134)     $ (5,360)     $  (1,774)
Loss attributable to equity method investments         (2,028)       (1,386)          (642)
Gain (loss) on equity investments                      (3,280)        5,612 

(8,892)

Other, net                                             (1,504)       (1,991)           487
Total other income (loss), net                     $  (13,946)     $ 

(3,125) ($10,821)


Total other income (loss), net for the three months ended September 30, 2022 was
a loss of $13.9 million compared to a loss of $3.1 million for the three months
ended September 30, 2021. The increase in loss was primarily due to losses
associated with our investments in marketable and non-marketable equity
securities, which were a loss of $3.3 million for the three months ended
September 30, 2022 compared to a gain of $5.6 million for the three months ended
September 30, 2021. We recorded higher losses attributable to equity method
investments for the three months ended September 30, 2022 of $2.0 million
compared to $1.4 million for the three months ended September 30, 2021.
Additionally, interest expense, net, increased to $7.1 million for the three
months ended September 30, 2022 compared to $5.4 million for the three months
ended September 30, 2021.

Income Taxes

Our effective income tax rate for the three months ended September 30, 2022 was
19.6% as compared to 21.3% for the three months ended September 30, 2021. Our
effective rate of 19.6% for three months ended September 30, 2022 differs from
the statutory rate of 21.0% primarily due to research credits, foreign
operations and windfall tax benefits related to the vesting or settlement of
employee share-based awards. The decrease in our effective tax rate for the
three months ended September 30, 2022 was primarily related to a change in the
Company's global mix of earnings.

Our Singapore operations operate under certain tax holidays and tax incentive
programs that will expire in whole or in part at various dates through June 30,
2030. As a result of the U.S. Tax Act, we treated all non-U.S. historical
earnings as taxable during the year ended June 30, 2018. Therefore, future
repatriation of cash held by our non-U.S. subsidiaries will generally not be
subject to U.S. federal tax, if repatriated.

On September 19, 2021, we concluded the settlement agreement with the Australian
Taxation Office ("ATO") in relation to the previously disclosed transfer pricing
dispute for the tax years 2009 through 2018 ("ATO settlement"). The ATO
settlement fully resolved the dispute for all prior years, with no admission of
liability and provides clarity in relation to certain future taxation
principles.
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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

On September 28, 2021we have remitted the final payment to the ATO of $284.8 millionconsisting of the agreed settlement amount of $381.7 million minus previous remittances made to the ATO of $96.9 million.

Net earnings and earnings per share

As a result of the factors above, our net income for the three months ended
September 30, 2022 was $210.5 million compared to a net income of $203.6 million
for the three months ended September 30, 2021, an increase of $6.9 million, or
3%.

Our diluted earnings per share for the three months ended September 30, 2022 was
$1.43 per diluted share compared to diluted earnings per share of $1.39 for the
three months ended September 30, 2021, an increase of 3%.

Summary of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with GAAP, our
management uses certain non-GAAP financial measures, such as non-GAAP revenue,
non-GAAP cost of sales, non-GAAP gross profit, non-GAAP gross margin, non-GAAP
income from operations, non-GAAP net income, and non-GAAP diluted earnings per
share, in evaluating the performance of our business. We believe that these
non-GAAP financial measures, when reviewed in conjunction with GAAP financial
measures, can provide investors better insight when evaluating our performance
from core operations and can provide more consistent financial reporting across
periods. For these reasons, we use non-GAAP information internally in planning,
forecasting, and evaluating the results of operations in the current period and
in comparing it to past periods. These non-GAAP financial measures should be
considered in addition to, and not superior to or as a substitute for, GAAP
financial measures. We strongly encourage investors and shareholders to review
our financial statements and publicly-filed reports in their entirety and not to
rely on any single financial measure. Non-GAAP financial measures as presented
herein may not be comparable to similarly titled measures used by other
companies.

The measure "non-GAAP cost of sales" is equal to GAAP cost of sales less
amortization of acquired intangible assets relating to cost of sales. The
measure "non-GAAP gross profit" is the difference between GAAP net revenue and
non-GAAP cost of sales, and "non-GAAP gross margin" is the ratio of non-GAAP
gross profit to GAAP net revenue.

These non-GAAP measures are reconciled to their most directly comparable GAAP financial measures below (in thousands, except percentages):

                                                  Three Months Ended
                                                    September 30,
                                                 2022            2021
GAAP Net revenue                             $ 950,294       $ 904,015

GAAP Cost of sales                           $ 409,484       $ 397,726

Less: Amortization of intangible assets acquired (6,374) (11,059)

Non-GAAP cost of sales                       $ 403,110       $ 386,667

GAAP gross profit                            $ 540,810       $ 506,289
GAAP gross margin                                 56.9  %         56.0  %
Non-GAAP gross profit                        $ 547,184       $ 517,348
Non-GAAP gross margin                             57.6  %         57.2  %


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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

Non-GAAP operating income is equal to GAAP operating income adjusted for amortization of acquired intangibles and acquisition-related expenses. Non-GAAP operating income is reconciled to GAAP operating income below (in thousands):

                                                                Three Months Ended
                                                                  September 30,
                                                               2022           2021
GAAP income from operations                                 $ 275,739      $ 261,913
Amortization of acquired intangibles - cost of sales            6,374       

11,059

Amortization of intangible assets acquired – operating expenses 7,950

7,707

Acquisition-related expenses                                      745       

Non-GAAP income from operations                             $ 290,808      

$280,679


The measure "non-GAAP net income" is equal to GAAP net income once adjusted for
amortization of acquired intangibles (net of tax), acquisition-related expenses
and reserve for disputed tax positions. The measure "non-GAAP diluted earnings
per share" is the ratio of non-GAAP net income to diluted shares outstanding.
These non-GAAP measures are reconciled to their most directly comparable GAAP
financial measures below (in thousands, except for per share amounts):

                                                                                    Three Months Ended
                                                                                       September 30,
                                                                                 2022                2021
GAAP net income                                                              $  210,478          $  203,613
Amortization of acquired intangibles - cost of sales, net of tax                  4,835               8,435

Amortization of acquired intangible assets – operating expenses net of tax

       6,031               5,878
Acquisition-related expenses                                                        745                   -
Reserve for disputed tax positions                                                    -               4,111

Non-GAAP net income                                                          $  222,089          $  222,037
Diluted shares outstanding                                                      147,134             146,860
GAAP diluted earnings per share                                              $     1.43          $     1.39
Non-GAAP diluted earnings per share                                         

$1.51 $1.51

Cash and capital resources

Our principal sources of liquidity are our existing cash and cash equivalents,
cash generated from operations and access to our revolving credit facility. Our
primary uses of cash have been for research and development activities, selling
and marketing activities, capital expenditures, strategic acquisitions and
investments, dividend payments and repayment of debt obligations. We expect that
cash provided by operating activities may fluctuate in future periods as a
result of several factors, including fluctuations in our operating results,
which include impacts from supply chain disruptions, working capital
requirements and capital deployment decisions.

Our future capital requirements will depend on many factors including our growth
rate in net revenue, third-party reimbursement of our products for our
customers, the timing and extent of spending to support research development
efforts, the expansion of selling, general and administrative activities, the
timing of introductions of new products, and the expenditures associated with
possible future acquisitions, investments or other business combination
transactions, including our pending acquisition of MEDIFOX DAN. As we assess
inorganic growth strategies, we may need to supplement our internally generated
cash flow with outside sources. If we are required to access the debt market, we
believe that we will be able to secure reasonable borrowing rates. As part of
our liquidity strategy, we will continue to monitor our current level of
earnings and cash flow generation as well as our ability to access the market
considering those earning levels.

As of September 30, 2022 and June 30, 2022, we had cash and cash equivalents of
$207.2 million and $273.7 million, respectively. Our cash and cash equivalents
held within the United States at September 30, 2022 and June 30, 2022 were $60.6
million and $70.0 million, respectively. Our remaining cash and cash equivalent
balances at September 30, 2022 and June 30, 2022, were $146.6 million and $203.7
million, respectively. Our cash and cash equivalent balances are held at highly
rated financial institutions.
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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

From September 30, 2022we have had $1.4 billion available for drawing under the Revolving Credit Facility and a combined total of $1.6 billion cash and cash available under the revolving credit facility.

As a result of the U.S. Tax Act, we treated all non-U.S. historical earnings as
taxable, which resulted in additional tax expense of $126.9 million which was
payable over the proceeding eight years. Therefore, future repatriation of cash
held by our non-U.S. subsidiaries will generally not be subject to U.S. federal
tax if repatriated.

We believe that our current sources of liquidity will be sufficient to fund our
operations, including expected capital expenditures, for the next 12 months and
beyond.

Revolving Credit Agreement, Term Credit Agreement and Senior Notes

On June 29, 2022, we entered into a second amended and restated credit agreement
(as amended from time to time, the "Revolving Credit Agreement"). The Revolving
Credit Agreement, among other things, provided a senior unsecured revolving
credit facility of $1,500.0 million, with an uncommitted option to increase the
revolving credit facility by an additional amount equal to the greater of
$1,000.0 million and 1.00 times the EBITDA for the trailing twelve-month
measurement period. Additionally, on June 29, 2022, ResMed Pty Limited entered
into a Second Amendment to the Syndicated Facility Agreement (the "Term Credit
Agreement"). The Term Credit Agreement, among other things, provides ResMed
Limited a senior unsecured term credit facility of $200.0 million. The Revolving
Credit Agreement and Term Credit Agreement each terminate on June 29, 2027, when
all unpaid principal and interest under the loans must be repaid. As of
September 30, 2022, we had $1.4 billion available for draw down under the
revolving credit facility.

On July 10, 2019, we entered into a Note Purchase Agreement with the purchasers
to that agreement, in connection with the issuance and sale of $250.0 million
principal amount of our 3.24% senior notes due July 10, 2026, and $250.0 million
principal amount of our 3.45% senior notes due July 10, 2029 ("Senior Notes").

On September 30, 2022, there was a total of $800.0 million outstanding under the
Revolving Credit Agreement, Term Credit Agreement and Senior Notes. We expect to
satisfy all of our liquidity and long-term debt requirements through a
combination of cash on hand, cash generated from operations and debt facilities.

Cash flow summary

The following table summarizes our treasury activity (in thousands):

                                                            Three Months Ended
                                                              September 30,
                                                           2022           2021

Net cash (used in) / provided by operating activities $44,662 ($65,657)
Net cash used in investing activities

                     (58,806)       

(41,874)

Net cash (used in) / provided by financing activities (41,880) 92,970 Effect of changes in exchange rates on cash

                   (10,523)        

(4,568)

Net decrease in cash and cash equivalents               $ (66,547)     $ (19,129)


Operating Activities

Cash provided by operating activities was $44.7 million for the three months
ended September 30, 2022, compared to cash used of $65.7 million for the three
months ended September 30, 2021. The $110.3 million increase in cash flow from
operations was primarily due to the payment of our tax settlement with the ATO
of $284.8 million during the three months ended September 30, 2021, partially
offset by greater purchases of inventory to secure adequate components for
increasing sales demand and other net changes in working capital balances during
the three months ended September 30, 2022 compared to the three months ended
September 30, 2021.

Investing Activities

Cash used in investing activities was $58.8 million for the three months ended
September 30, 2022, compared to cash used of $41.9 million for the three months
ended September 30, 2021. The $16.9 million decrease in cash flow from investing
activities was primarily due to cash used to acquire Germany-based digital
health company mementor.
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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

Financing Activities

Cash used in financing activities was $41.9 million for the three months ended
September 30, 2022, compared to cash provided of $93.0 million for the three
months ended September 30, 2021. The $134.9 million decrease in cash flow from
financing activities was primarily due to borrowing activity under our Revolving
Credit Agreement.

Dividends

In the three months ended September 30, 2022we paid cash dividends of
$0.44 per common share totaling $64.4 million. On October 27, 2022our Board of Directors has declared a cash dividend of $0.44 per common share, payable on
December 15, 2022to shareholders of record at the close of business on
November 10, 2022. Future dividends are subject to the approval of our Board of Directors.

Ordinary actions

Since the inception of our share repurchase programs and through September 30,
2022, we have repurchased a total of 41.8 million shares for an aggregate of
$1.6 billion. We have temporarily suspended our share repurchase program due to
recent acquisitions and as a response to the COVID-19 pandemic. Accordingly, we
did not repurchase any shares during the three months ended September 30, 2022
and 2021. Shares that are repurchased are classified as treasury stock pending
future use and reduce the number of shares of common stock outstanding used in
calculating earnings (loss) per share. There is no expiration date for this
program, and the program may be accelerated, suspended, delayed or discontinued
at any time at the discretion of our board of directors. At September 30, 2022,
12.9 million additional shares can be repurchased under the approved share
repurchase program.

Critical Accounting Principles and Estimates

The preparation of financial statements in conformity with U.S. GAAP requires us
to make estimates and judgments that affect our reported amounts of assets and
liabilities, revenues and expenses and related disclosures of contingent assets
and liabilities. On an ongoing basis we evaluate our estimates, including those
related to allowance for doubtful accounts, inventory reserves, warranty
obligations, goodwill, potentially impaired assets, intangible assets, income
taxes and contingencies.

We state these accounting policies in the notes to the financial statements and
at relevant sections in this discussion and analysis. The estimates are based on
the information that is currently available to us and on various other
assumptions that we believe to be reasonable under the circumstances. Actual
results could vary from those estimates under different assumptions or
conditions.

For a complete discussion of our significant accounting policies, see our Annual Report on Form 10-K for the year ended June 30, 2022.

Recently issued accounting pronouncements

See note 1 to the unaudited condensed consolidated financial statements for a
description of recently issued accounting pronouncements, including the expected
dates of adoption and estimated effects on our results of operations, financial
positions and cash flows.

Contractual obligations and commitments

Purchase obligations from September 30, 2022 were the following:

                                                                                                Payments Due by September 30,
                                         Total                 2023                2024              2025              2026            2027            Thereafter
Purchase obligations                 $ 1,777,740          $ 1,422,612          $ 336,783          $ 14,122          $ 1,983          $  415          $     1,825
MEDIFOX DAN acquisition
consideration                            929,843              929,843                  -                 -                -               -                    -
Total                                $ 2,707,583          $ 2,352,455          $ 336,783          $ 14,122          $ 1,983          $  415          $     1,825


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PART I – FINANCIAL INFORMATION Item 2

                          RESMED INC. AND SUBSIDIARIES

Management report and analysis of the financial situation and the results of

                                   Operations

Other than for purchase obligations, there have been no material changes outside
the ordinary course of business in our outstanding contractual obligations from
those disclosed within "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our Annual Report on Form 10-K for the
fiscal year ended June 30, 2022.

Off-balance sheet arrangements

From September 30, 2022we are not involved in any material off-balance sheet arrangements, as defined in Section 303(a)(4)(ii) of Regulation SK promulgated by the SECOND.

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Contents

PART I – FINANCIAL INFORMATION Item 3

                          RESMED INC. AND SUBSIDIARIES

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