ALERE INC.
|
Delaware
|
1‑16789
|
04‑3565120
|
||
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number)
|
(IRS Employer
Identification No.) |
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits.
|
99.1
|
|
ALERE INC. | |||
Date: May 22, 2017
|
By:
|
/s/ James Hinrichs | |
James Hinrichs
|
|||
Executive Vice President and Chief Financial Officer
|
|||
— | Revenue for the full year 2016 is expected to be $2.38 billion, which would be a decrease from $2.45 billion in full year 2015. |
— | GAAP loss from continuing operations is expected to be $(140) million, or $(1.86) per diluted share, for the full year 2016. |
— | Non-GAAP organic growth for the full year 2016 is expected to be +0.3% or +2.5% excluding Arriva*. |
— | Non-GAAP adjusted EBITDA is expected to be $344 million for the full year 2016, including approximately $135 million in merger-related costs, audit and legal fees related to ongoing investigations and legal settlements, as detailed in the Supplemental Financial Information table. |
— | Total revenue is expected to be $597 million, which would be a decrease from $617 million in the prior year period. |
— | Reported GAAP loss from continuing operations during the fourth quarter of 2016 is expected to be $(117) million, or $(1.41) per diluted share. |
— | Non-GAAP organic growth during the fourth quarter of 2016 is expected to be -0.9%, or +3.7% excluding Arriva. |
— | Non-GAAP adjusted EBITDA is expected to be $79 million in the fourth quarter of 2016, which includes approximately $50 million in merger-related costs, audit and legal fees related to ongoing investigations and legal settlements, as detailed in the Supplemental Financial Information table. |
— | Total revenue is expected to be $588 million. |
— | Non-GAAP organic growth is expected to be +0.9%, or +6.8% excluding Arriva. |
Nine Months
|
Twelve Months
|
Twelve Months
|
Twelve Months
|
|||||||||||||
Annual Restatement Impact
(in millions)
|
Ended
September 30, 2016
|
Ended
December 31, 2015
|
Ended
December 31, 2014
|
Ended
December 31, 2013
|
||||||||||||
Revenue
|
$
|
8
|
$
|
(8
|
)
|
$
|
2
|
$
|
(1
|
)
|
||||||
Pre-Tax Income
|
$
|
(1
|
)
|
$
|
(4
|
)
|
$
|
0
|
$
|
1
|
||||||
Net Income
|
$
|
(0
|
)
|
$
|
(3
|
)
|
$
|
0
|
$
|
0
|
||||||
Three Months
|
Three Months
|
Three Months
|
Three Months
|
|||||||||||||
2015 Quarterly Restatement Impact
(in millions)
|
Ended
March 31, 2015
|
Ended
June 30, 2015
|
Ended
September 30, 2015
|
Ended
December 31, 2015
|
||||||||||||
Revenue
|
$
|
(3
|
)
|
$
|
(1
|
)
|
$
|
1
|
$
|
(6
|
)
|
|||||
Pre-Tax Income
|
$
|
(1
|
)
|
$
|
(0
|
)
|
$
|
1
|
$
|
(4
|
)
|
|||||
Net Income
|
$
|
(0
|
)
|
$
|
(0
|
)
|
$
|
1
|
$
|
(3
|
)
|
|||||
Three Months
|
Three Months
|
Three Months
|
||||||||||||||
2016 Quarterly Restatement Impact
(in millions)
|
Ended
March 31, 2016
|
Ended
June 30, 2016
|
Ended
September 30, 2016
|
|||||||||||||
Revenue
|
$
|
9
|
$
|
(1
|
)
|
$
|
(0
|
)
|
||||||||
Pre-Tax Income
|
$
|
4
|
$
|
2
|
$
|
(6
|
)
|
|||||||||
Net Income
|
$
|
4
|
$
|
2
|
$
|
(6
|
)
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net product sales and services revenue
|
$
|
592,553
|
$
|
613,850
|
$
|
2,364,337
|
$
|
2,438,638
|
||||||||
License and royalty revenue
|
4,256
|
3,286
|
11,998
|
16,977
|
||||||||||||
Net revenue
|
596,809
|
617,136
|
2,376,335
|
2,455,615
|
||||||||||||
Cost of net revenue
|
325,648
|
368,586
|
1,286,468
|
1,347,315
|
||||||||||||
Gross profit
|
271,161
|
248,550
|
1,089,867
|
1,108,300
|
||||||||||||
Gross margin
|
45
|
%
|
40
|
%
|
46
|
%
|
45
|
%
|
||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
25,184
|
28,228
|
112,122
|
119,453
|
||||||||||||
Selling, general and administrative
|
264,283
|
229,877
|
969,683
|
808,595
|
||||||||||||
Impairment and (gain) loss on disposition, net
|
-
|
8,132
|
(3,810
|
)
|
50,540
|
|||||||||||
Operating income
|
(18,306
|
)
|
(17,687
|
)
|
11,872
|
129,712
|
||||||||||
Interest and other income (expense), net
|
(32,137
|
)
|
(60,482
|
)
|
(167,122
|
)
|
(214,254
|
)
|
||||||||
Loss from continuing operations before provision (benefit) for income taxes
|
(50,443
|
)
|
(78,169
|
)
|
(155,250
|
)
|
(84,542
|
)
|
||||||||
Provision (benefit) for income taxes
|
83,762
|
(51,146
|
)
|
35,376
|
(53,564
|
)
|
||||||||||
Income (loss) from continuing operations before equity earnings of unconsolidated entities, net of tax
|
(134,205
|
)
|
(27,023
|
)
|
(190,626
|
)
|
(30,978
|
)
|
||||||||
Equity earnings of unconsolidated entities, net of tax
|
17,200
|
5,210
|
50,505
|
15,530
|
||||||||||||
Income (loss) from continuing operations
|
(117,005
|
)
|
(21,813
|
)
|
(140,121
|
)
|
(15,448
|
)
|
||||||||
Income from discontinued operations, net of tax
|
-
|
2,736
|
-
|
219,513
|
||||||||||||
Net income
|
(117,005
|
)
|
(19,077
|
)
|
(140,121
|
)
|
204,065
|
|||||||||
Less: Net income attributable to non-controlling interests
|
(103
|
)
|
(5
|
)
|
350
|
381
|
||||||||||
Net income attributable to Alere Inc. and Subsidiaries
|
(116,902
|
)
|
(19,072
|
)
|
(140,471
|
)
|
203,684
|
|||||||||
Preferred stock dividends
|
(5,367
|
)
|
(5,367
|
)
|
(21,350
|
)
|
(21,293
|
)
|
||||||||
Net income available to common stockholders
|
$
|
(122,269
|
)
|
$
|
(24,439
|
)
|
$
|
(161,821
|
)
|
$
|
182,391
|
|||||
Basic net income per common share:
|
||||||||||||||||
Income (loss) from continuing operations
|
$
|
(1.41
|
)
|
$
|
(0.31
|
)
|
$
|
(1.86
|
)
|
$
|
(0.43
|
)
|
||||
Income from discontinued operations
|
-
|
2.57
|
||||||||||||||
Basic and diluted net income per common share
|
$
|
(1.41
|
)
|
$
|
(0.31
|
)
|
$
|
(1.86
|
)
|
$
|
2.14
|
|||||
Diluted net income per common share:
|
||||||||||||||||
Income (loss) from continuing operations
|
$
|
(1.41
|
)
|
$
|
(0.31
|
)
|
$
|
(1.86
|
)
|
$
|
(0.43
|
)
|
||||
Income from discontinued operations
|
-
|
-
|
2.57
|
|||||||||||||
Diluted net income per common share
|
$
|
(1.41
|
)
|
$
|
(0.31
|
)
|
$
|
(1.86
|
)
|
$
|
2.14
|
|||||
Weighted average shares - basic
|
86,955
|
85,953
|
86,796
|
85,420
|
||||||||||||
Weighted average shares - diluted
|
86,955
|
85,953
|
86,796
|
85,420
|
December 31,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents1
|
$
|
567,215
|
$
|
502,200
|
||||
Restricted cash
|
51,550
|
5,694
|
||||||
Marketable securities
|
76
|
164
|
||||||
Accounts receivable, net
|
413,535
|
436,924
|
||||||
Inventories, net
|
308,920
|
350,949
|
||||||
Prepaid expenses and other current assets
|
118,607
|
114,514
|
||||||
Assets held for sale
|
-
|
4,165
|
||||||
Total current assets
|
1,459,903
|
1,414,610
|
||||||
Property, Plant and Equipment, net
|
441,190
|
446,039
|
||||||
Goodwill and other intangible assets, net
|
3,592,107
|
3,862,306
|
||||||
Restricted Cash- non-current
|
2,171
|
43,228
|
||||||
Other non-current assets
|
152,908
|
138,640
|
||||||
Assets held for sale - non-current
|
-
|
13,337
|
||||||
Total assets
|
$
|
5,648,279
|
$
|
5,918,160
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Short-term debt and current portions of long-term debt and capital lease obligations
|
$
|
85,434
|
$
|
203,954
|
||||
Liabilities related to assets held for sale
|
-
|
363
|
||||||
Other current liabilities
|
593,574
|
518,389
|
||||||
Total current liabilities
|
679,008
|
722,706
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Long-term debt and capital lease obligations, net of current portions
|
2,865,426
|
2,838,347
|
||||||
Deferred tax liabilities
|
119,098
|
147,618
|
||||||
Other long-term liabilities
|
155,992
|
154,193
|
||||||
Liabilities related to assets held for sale - non-current
|
-
|
-
|
||||||
Total long-term liabilities
|
3,140,516
|
3,140,158
|
||||||
TOTAL EQUITY
|
1,828,755
|
2,055,296
|
||||||
Total liabilities and equity
|
$
|
5,648,279
|
$
|
5,918,160
|
1)
|
As of December 31, 2016 the Company held $567M of cash and cash equivalents, $172M was held by domestic subsidaries and $395M was held by foreign entities.
|
Three Months Ended December 31,
|
% Change
|
|||||||||||
2016
|
2015
|
2016 v. 2015
|
||||||||||
Professional diagnostics segment (1)
|
||||||||||||
Cardiometabolic
|
$
|
143,569
|
$
|
180,163
|
-20
|
%
|
||||||
Infectious disease
|
211,509
|
188,609
|
12
|
%
|
||||||||
Toxicology
|
147,785
|
149,540
|
-1
|
%
|
||||||||
Other
|
38,020
|
44,927
|
-15
|
%
|
||||||||
Total professional diagnostics segment
|
540,883
|
563,239
|
-4
|
%
|
||||||||
Consumer diagnostics segment (1)
|
17,569
|
19,768
|
-11
|
%
|
||||||||
Other Non-reportable
|
34,101
|
30,843
|
11
|
%
|
||||||||
License and royalty revenue
|
4,256
|
3,286
|
30
|
%
|
||||||||
Net revenue
|
$
|
596,809
|
$
|
617,136
|
-3
|
%
|
||||||
Twelve Months Ended December 31,
|
% Change
|
|||||||||||
2016
|
2015
|
2016 v. 2015
|
||||||||||
Professional diagnostics segment (1)
|
||||||||||||
Cardiometabolic
|
$
|
622,468
|
$
|
703,553
|
-12
|
%
|
||||||
Infectious disease
|
776,153
|
710,178
|
9
|
%
|
||||||||
Toxicology
|
608,635
|
618,362
|
-2
|
%
|
||||||||
Other
|
140,426
|
192,321
|
-27
|
%
|
||||||||
Total professional diagnostics segment
|
2,147,682
|
2,224,414
|
-3
|
%
|
||||||||
Consumer diagnostics segment (1)
|
74,152
|
85,128
|
-13
|
%
|
||||||||
Other Non-reportable
|
142,503
|
129,096
|
10
|
%
|
||||||||
License and royalty revenue
|
11,998
|
16,977
|
-29
|
%
|
||||||||
Net revenue
|
$
|
2,376,335
|
$
|
2,455,615
|
-3
|
%
|
(1)
|
Revenues have been restated for the impact of restatement adjustments made during the preparation of our consolidated financial statements for 2016.
|
Three Months Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Net Income (loss) (1)
|
$
|
(117,005
|
)
|
$
|
(19,077
|
)
|
||
Less: Income from discontinued operations, net of tax
|
-
|
2,736
|
||||||
Loss from continuing operations
|
(117,005
|
)
|
(21,813
|
)
|
||||
Adjustment related to acquired software license contracts
|
-
|
-
|
||||||
Income tax provision (benefit)
|
83,762
|
(51,146
|
)
|
|||||
Depreciation and amortization
|
71,467
|
75,719
|
||||||
Interest, net
|
42,342
|
57,954
|
||||||
Non-cash stock-based compensation expense
|
10,681
|
6,795
|
||||||
Non-cash fair value adjustments to acquisition-related contingent consideration
|
(1,419
|
)
|
(5,703
|
)
|
||||
Impairment and (gain) loss on dispositions, net
|
(11,152
|
)
|
8,132
|
|||||
Non-cash InRatio product recall expenses
|
-
|
21,100
|
||||||
Other
|
-
|
(40
|
)
|
|||||
Non-GAAP Adjusted EBITDA
|
$
|
78,676
|
$
|
90,998
|
(1)
|
Net income (loss) for the three months ended December 31, 2015 includes $16.7 million of cash costs asssociated with the voluntary withdrawal of InRatio product, restructuring charges of $4.3 million, $2.8 million of costs associated with business dispositions, $0.1 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The three months ended December 31, 2016 includes $22.1 million of Abbott integration costs, $14.3 million for a legal settlement accrual, $12.8 million of charges related to governmental investigations, non-interest related restructuring charges of $10.1 million, $0.5 million of cash costs associated with the voluntary withdrawal of InRatio product, and $0.1 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA.
|
Twelve Months Ended December 31,
|
||||||||
2016
|
2015
|
|||||||
Net Income (loss) (1)
|
$
|
(140,121
|
)
|
$
|
204,065
|
|||
Less: Income from discontinued operations, net of tax
|
-
|
219,513
|
||||||
Loss from continuing operations
|
(140,121
|
)
|
(15,448
|
)
|
||||
Adjustment related to acquired software license contracts
|
-
|
877
|
||||||
Income tax provision (benefit)
|
35,376
|
(53,564
|
)
|
|||||
Depreciation and amortization
|
285,884
|
309,684
|
||||||
Interest, net
|
168,320
|
212,551
|
||||||
Non-cash stock-based compensation expense
|
41,796
|
26,391
|
||||||
Non-cash fair value adjustments to acquisition-related contingent consideration
|
(13,308
|
)
|
(57,613
|
)
|
||||
Impairment and (gain) loss on dispositions, net
|
(33,683
|
)
|
50,540
|
|||||
Non-cash InRatio product recall expenses
|
-
|
21,100
|
||||||
Other
|
-
|
622
|
||||||
Non-GAAP Adjusted EBITDA
|
$
|
344,264
|
$
|
495,139
|
(1)
|
Net income (loss) for the twelve months ended December 31, 2015 includes $16.7 million of cash costs associated with the voluntary withdrawal of InRatio product, restructuring charges of $15.6 million, $9.3 million of costs associated with business dispositions, and $0.5 million of acquisition-related costs which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA. The twelve months ended December 31, 2016 includes $60.3 million of Abbott integration costs, restructuring charges of $37.9 million, $35.2 million for a legal settlement accrual, $35.6 million of charges related to governmental investigations, $6.0 million of acquisition-related costs, $1.8 million of cash costs associated with the withdrawal of InRatio product and $1.0 million of costs associated with business dispositions which have not been added back for purposes of computing Non-GAAP Adjusted EBITDA.
|
Three Months Ended December 31,
|
% Change
|
|||||||||||
2016
|
2015
|
2016 v. 2015
|
||||||||||
Net revenue
|
$
|
596,809
|
$
|
617,136
|
-3.3
|
%
|
||||||
Impact of foreign currency exchange
|
7,830
|
-
|
||||||||||
Impact of acquisitions & dispositions
|
(1,453
|
)
|
(8,234
|
)
|
||||||||
Non-GAAP organic net revenue
|
$
|
603,186
|
$
|
608,902
|
-0.9
|
%
|
||||||
Arriva Revenue
|
(11,622
|
)
|
(38,592
|
)
|
||||||||
Non-GAAP organic net revenue (excluding Arriva)
|
$
|
591,564
|
$
|
570,310
|
3.7
|
%
|
||||||
Twelve Months Ended December 31,
|
% Change
|
|||||||||||
2016
|
2015
|
2016 v. 2015
|
||||||||||
Net revenue
|
$
|
2,376,335
|
$
|
2,455,615
|
-3.2
|
%
|
||||||
Impact of foreign currency exchange
|
40,543
|
-
|
||||||||||
Impact of acquisitions & dispositions
|
(13,984
|
)
|
(60,414
|
)
|
||||||||
Non-GAAP organic net revenue
|
$
|
2,402,894
|
$
|
2,395,201
|
0.3
|
%
|
||||||
Arriva Revenue
|
(99,887
|
)
|
(148,538
|
)
|
||||||||
Non-GAAP organic net revenue (excluding Arriva)
|
$
|
2,303,007
|
$
|
2,246,663
|
2.5
|
%
|
For The Year Ended December 31,
|
||||||||||||
2016
|
2015
|
2014
|
||||||||||
Cash Flows from Operating Activities:
|
||||||||||||
Net income (loss)
|
$
|
(140,121
|
)
|
$
|
204,065
|
$
|
(33,123
|
)
|
||||
Income from discontinued operations, net of tax
|
—
|
219,513
|
138,318
|
|||||||||
Income (loss) from continuing operations
|
(140,121
|
)
|
(15,448
|
)
|
(171,441
|
)
|
||||||
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:
|
||||||||||||
Non-cash interest expense, including amortization of original issue discounts and deferred financing costs
|
13,369
|
12,831
|
16,233
|
|||||||||
Depreciation and amortization
|
285,608
|
309,264
|
336,029
|
|||||||||
Non-cash stock-based compensation expense
|
41,796
|
26,391
|
12,452
|
|||||||||
Tax benefit related to discontinued operations retained by Alere Inc.
|
—
|
—
|
9,845
|
|||||||||
Impairment of inventory
|
2,667
|
15,597
|
3,124
|
|||||||||
Impairment of long-lived assets
|
1,792
|
3,708
|
7,019
|
|||||||||
Loss on sale of fixed assets
|
3,551
|
3,925
|
6,545
|
|||||||||
Equity earnings of unconsolidated entities, net of tax
|
(50,505
|
)
|
(15,530
|
)
|
(17,509
|
)
|
||||||
Deferred income taxes
|
(36,010
|
)
|
(99,389
|
)
|
12,254
|
|||||||
Loss on extinguishment of debt
|
—
|
19,886
|
—
|
|||||||||
Impairment and net (gain) loss on business disposition
|
(3,810
|
)
|
50,540
|
7,742
|
||||||||
Other non-cash items
|
(463
|
)
|
28,782
|
4,965
|
||||||||
Non-cash change in fair value of contingent consideration
|
(13,309
|
)
|
(59,871
|
)
|
7,677
|
|||||||
Changes in assets and liabilities, net of acquisitions:
|
||||||||||||
Accounts receivable, net
|
26,698
|
(6,680
|
)
|
(4,264
|
)
|
|||||||
Inventories, net
|
(13,655
|
)
|
(63,935
|
)
|
(67,532
|
)
|
||||||
Prepaid expenses and other current assets
|
(19,921
|
)
|
(5,295
|
)
|
(51,998
|
)
|
||||||
Accounts payable
|
4,362
|
(10,783
|
)
|
47,851
|
||||||||
Accrued expenses and other current liabilities
|
54,342
|
22,643
|
37,886
|
|||||||||
Other non-current assets and liabilities
|
23,329
|
(3,357
|
)
|
13,254
|
||||||||
Cash paid for contingent consideration
|
(430
|
)
|
(6,315
|
)
|
(22,077
|
)
|
||||||
Net cash provided by continuing operations
|
179,290
|
206,964
|
188,055
|
|||||||||
Net cash provided by discontinued operations
|
—
|
318
|
43,468
|
|||||||||
Net cash provided by operating activities
|
179,290
|
207,282
|
231,523
|
|||||||||
Cash Flows from Investing Activities:
|
||||||||||||
Increase in restricted cash
|
(4,721
|
)
|
(13,715
|
)
|
(5,446
|
)
|
||||||
Purchases of property, plant and equipment
|
(67,694
|
)
|
(90,778
|
)
|
(100,562
|
)
|
||||||
Proceeds from sale of property, plant and equipment
|
1,428
|
2,099
|
1,486
|
|||||||||
Cash received from business dispositions, net of cash divested
|
21,470
|
675,823
|
45,076
|
|||||||||
Cash paid for business acquisitions, net of cash acquired
|
(5,958
|
)
|
(60,135
|
)
|
(75
|
)
|
||||||
Cash received from investments
|
—
|
—
|
198
|
|||||||||
Cash paid for equity investment
|
(184
|
)
|
—
|
—
|
||||||||
Proceeds from sale of equity investment
|
40,751
|
—
|
8,546
|
|||||||||
Cash received from sales of marketable securities
|
87
|
92
|
580
|
|||||||||
Cash received from equity method investments
|
16,989
|
26,136
|
980
|
|||||||||
Decrease (increase) in other assets
|
460
|
(1,794
|
)
|
986
|
||||||||
Net cash provided by (used in) continuing operations
|
2,628
|
537,728
|
(48,231
|
)
|
||||||||
Net cash used in discontinued operations
|
—
|
(209
|
)
|
(8,972
|
)
|
|||||||
Net cash provided by (used in) investing activities
|
2,628
|
537,519
|
(57,203
|
)
|
||||||||
Cash Flows from Financing Activities:
|
||||||||||||
Cash paid for financing costs
|
(29,187
|
)
|
(16,188
|
)
|
(1,528
|
)
|
||||||
Cash paid for contingent consideration
|
(680
|
)
|
(14,223
|
)
|
(32,902
|
)
|
||||||
Cash paid for dividends
|
(21,292
|
)
|
(21,293
|
)
|
(21,293
|
)
|
||||||
Proceeds from issuance of common stock, net of issuance costs
|
18,934
|
79,185
|
51,555
|
|||||||||
Proceeds from issuance of short-term debt
|
—
|
1,511
|
806
|
|||||||||
Proceeds from issuance of long-term debt
|
459
|
2,162,162
|
58
|
|||||||||
Payments on short-term debt
|
(1,722
|
)
|
(25,584
|
)
|
—
|
|||||||
Payments on long-term debt
|
(198,316
|
)
|
(2,656,386
|
)
|
(65,122
|
)
|
||||||
Net proceeds (payments) under revolving credit facilities
|
126,017
|
(127,536
|
)
|
(42,522
|
)
|
|||||||
Excess tax benefits on exercised stock options
|
—
|
—
|
972
|
|||||||||
Principal payments on capital lease obligations
|
(4,032
|
)
|
(5,618
|
)
|
(6,085
|
)
|
||||||
Purchase of non-controlling interest
|
—
|
—
|
(623
|
)
|
||||||||
Other
|
—
|
(8,937
|
)
|
—
|
||||||||
Net cash used in continuing operations
|
(109,819
|
)
|
(632,907
|
)
|
(116,684
|
)
|
||||||
Net cash used in discontinued operations
|
—
|
(76
|
)
|
(1,471
|
)
|
|||||||
Net cash used in financing activities
|
(109,819
|
)
|
(632,983
|
)
|
(118,155
|
)
|
||||||
Foreign exchange effect on cash and cash equivalents
|
(7,084
|
)
|
(11,379
|
)
|
(16,312
|
)
|
||||||
Net increase in cash and cash equivalents
|
65,015
|
100,439
|
39,853
|
|||||||||
Cash and cash equivalents, beginning of period – continuing operations
|
502,200
|
378,461
|
355,431
|
|||||||||
Cash and cash equivalents, beginning of period – discontinued operations
|
—
|
23,300
|
6,477
|
|||||||||
Cash and cash equivalents, end of period
|
567,215
|
502,200
|
401,761
|
|||||||||
Less: Cash and cash equivalents of discontinued operations, end of period
|
—
|
—
|
23,300
|
|||||||||
Cash and cash equivalents of continuing operations, end of period
|
$
|
567,215
|
$
|
502,200
|
$
|
378,461
|
Three months ended December 31, 2016
|
||||||||||||||||||||||||||||||||
Cost of Net Revenue
|
Research and Development
|
Selling, General & Administrative
|
Impairment, net of loss on disposition
|
Interest and other income, net
|
Provision for income taxes
|
Equity earnings of unconsolidated entities, net of tax
|
Net Income1
|
|||||||||||||||||||||||||
Amortization of acquisition-related intangible assets
|
$
|
12,281
|
$
|
922
|
$
|
31,384
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(44,587
|
)
|
|||||||||||||||
Restructuring charges
|
2,090
|
512
|
7,535
|
-
|
-
|
-
|
-
|
(10,136
|
)
|
|||||||||||||||||||||||
Impairment Charges
|
-
|
-
|
193
|
-
|
-
|
-
|
-
|
(193
|
)
|
|||||||||||||||||||||||
Stock-based compensation expense
|
518
|
531
|
9,633
|
-
|
-
|
-
|
-
|
(10,681
|
)
|
|||||||||||||||||||||||
Acquisition-related costs
|
-
|
-
|
72
|
-
|
-
|
-
|
-
|
(72
|
)
|
|||||||||||||||||||||||
Fair value adjustments to acquisition-related contingent consideration
|
-
|
-
|
(1,419
|
)
|
-
|
-
|
-
|
-
|
1,419
|
|||||||||||||||||||||||
Costs associated with potential business dispositions
|
-
|
-
|
42
|
-
|
-
|
-
|
-
|
(42
|
)
|
|||||||||||||||||||||||
Impairment and (gain) loss on disposition, net
|
-
|
-
|
-
|
-
|
-
|
-
|
(11,152
|
)
|
11,152
|
|||||||||||||||||||||||
Amortization - Unconsolidated Subs
|
-
|
-
|
-
|
-
|
-
|
-
|
46
|
(46
|
)
|
|||||||||||||||||||||||
Audit and legal fees related to on-going governmental investigations
|
-
|
-
|
12,893
|
-
|
1,697
|
-
|
-
|
(14,590
|
)
|
|||||||||||||||||||||||
Abbott transaction related expenses
|
-
|
-
|
22,064
|
-
|
-
|
-
|
-
|
(22,064
|
)
|
|||||||||||||||||||||||
INRatio recall expense
|
2,481
|
-
|
(1,300
|
)
|
-
|
-
|
-
|
-
|
(1,181
|
)
|
||||||||||||||||||||||
Legal settlement accrual
|
-
|
-
|
14,300
|
-
|
-
|
-
|
-
|
(14,300
|
)
|
|||||||||||||||||||||||
Income tax effects on items above
|
-
|
-
|
-
|
-
|
-
|
72,986
|
-
|
(72,986
|
)
|
|||||||||||||||||||||||
Total of Supplemental Information
|
$
|
17,370
|
$
|
1,965
|
$
|
95,398
|
$
|
-
|
$
|
1,697
|
$
|
72,986
|
$
|
(11,106
|
)
|
$
|
(178,309
|
)
|
||||||||||||||
Impact of above items on EPS numerator
|
$
|
(5,367
|
)
|
|||||||||||||||||||||||||||||
Impact of above items on EPS denominator
|
(11,301
|
)
|
1)
|
All impacts are shown as pre-tax with aggregate tax effect displayed as "Income tax effects on items above".
|
Twelve months ended December 31, 2016
|
||||||||||||||||||||||||||||||||
Cost of Net Revenue
|
Research and Development
|
Selling, General & Administrative
|
Impairment, net of loss on disposition
|
Interest and other income, net
|
Provision for income taxes
|
Equity earnings of unconsolidated entities, net of tax
|
Net Income1
|
|||||||||||||||||||||||||
Amortization of acquisition-related intangible assets
|
$
|
49,616
|
$
|
3,685
|
$
|
127,253
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(180,553
|
)
|
|||||||||||||||
Restructuring charges
|
5,991
|
4,052
|
27,831
|
-
|
-
|
-
|
-
|
(37,874
|
)
|
|||||||||||||||||||||||
Impairment Charges
|
85
|
-
|
193
|
-
|
-
|
-
|
-
|
(278
|
)
|
|||||||||||||||||||||||
Stock-based compensation expense
|
2,054
|
1,904
|
37,838
|
-
|
-
|
-
|
-
|
(41,796
|
)
|
|||||||||||||||||||||||
Acquisition-related costs
|
-
|
5,000
|
1,030
|
-
|
-
|
-
|
-
|
(6,030
|
)
|
|||||||||||||||||||||||
Fair value adjustments to acquisition-related contingent consideration
|
-
|
-
|
(13,308
|
)
|
-
|
-
|
-
|
-
|
13,308
|
|||||||||||||||||||||||
Costs associated with potential business dispositions
|
7
|
-
|
995
|
-
|
-
|
-
|
-
|
(1,002
|
)
|
|||||||||||||||||||||||
Impairment and (gain) loss on disposition, net
|
-
|
-
|
-
|
(3,810
|
)
|
-
|
-
|
(29,873
|
)
|
33,683
|
||||||||||||||||||||||
Amortization - Unconsolidated Subs
|
-
|
-
|
-
|
-
|
-
|
-
|
275
|
(275
|
)
|
|||||||||||||||||||||||
Audit and legal fees related to on-going governmental investigations
|
-
|
-
|
35,615
|
-
|
4,509
|
-
|
-
|
(40,125
|
)
|
|||||||||||||||||||||||
Abbott transaction related expenses
|
-
|
-
|
60,266
|
-
|
-
|
-
|
-
|
(60,266
|
)
|
|||||||||||||||||||||||
INRatio recall expense
|
4,581
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,581
|
)
|
|||||||||||||||||||||||
Legal settlement accrual
|
-
|
-
|
35,175
|
-
|
-
|
-
|
-
|
(35,175
|
)
|
|||||||||||||||||||||||
Income tax effects on items above
|
-
|
-
|
-
|
-
|
-
|
(19,303
|
)
|
-
|
19,303
|
|||||||||||||||||||||||
Total of Supplemental Information
|
$
|
62,333
|
$
|
14,641
|
$
|
312,888
|
$
|
(3,810
|
)
|
$
|
4,509
|
$
|
(19,303
|
)
|
$
|
(29,598
|
)
|
$
|
(341,660
|
)
|
||||||||||||
Impact of above items on EPS numerator
|
$
|
(1,035
|
)
|
|||||||||||||||||||||||||||||
Impact of above items on EPS denominator
|
(2,279
|
)
|
1)
|
All impacts are shown as pre-tax with aggregate tax effect displayed as "Income tax effects on items above".
|
Three Months Ended March 31,
|
% Change
|
|||||||||||
2017
|
2016
|
2017 v. 2016
|
||||||||||
Net revenue
|
$
|
588,216
|
$
|
586,940
|
0.2
|
%
|
||||||
Impact of foreign currency exchange
|
4,770
|
-
|
||||||||||
Impact of acquisitions & dispositions
|
(900
|
)
|
-
|
|||||||||
Non-GAAP organic net revenue
|
$
|
592,085
|
$
|
586,940
|
0.9
|
%
|
||||||
Arriva Revenue
|
(3,039
|
)
|
(35,143
|
)
|
||||||||
Non-GAAP organic net revenue (excluding Arriva)
|
$
|
589,046
|
$
|
551,797
|
6.8
|
%
|
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