0001557939-16-000069.txt : 20160126 0001557939-16-000069.hdr.sgml : 20160126 20160126090254 ACCESSION NUMBER: 0001557939-16-000069 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20160126 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160126 DATE AS OF CHANGE: 20160126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Acelity L.P. Inc. CENTRAL INDEX KEY: 0001557939 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 981022387 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-184233-14 FILM NUMBER: 161360257 BUSINESS ADDRESS: STREET 1: 12930 IH 10 WEST CITY: SAN ANTONIO STATE: TX ZIP: 78249 BUSINESS PHONE: 2102556898 MAIL ADDRESS: STREET 1: 12930 IH 10 WEST CITY: SAN ANTONIO STATE: TX ZIP: 78249 FORMER COMPANY: FORMER CONFORMED NAME: Centaur Guernsey L.P. Inc. DATE OF NAME CHANGE: 20120911 8-K 1 a20154q8-kearningsrelease.htm 8-K 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 26, 2016


ACELITY L.P. INC.
(Exact name of registrant as specified in its charter)


Guernsey
 
333-184233-14
 
98-1022387
(State or other jurisdiction of incorporation or organization)
 
Commission File Number
 
(I.R.S. Employer Identification No.)

12930 West Interstate 10
San Antonio, Texas
 
78249
(Address of principal executive offices)
 
(Zip Code)

Registrant's telephone number, including area code: (210) 524-9000

Not applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







Item 2.02. Results of Operations and Financial Condition
Acelity L.P. Inc. is reporting its financial results for the three and twelve months ended December 31, 2015. The report is attached hereto and incorporated herein by reference.
The information in this Item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information set forth in this Item will not be incorporated by reference into any registration statement filed by Acelity L.P. Inc., under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following exhibits are filed with this Form 8-K:
Exhibit No.
 
Description
99.1
 
Acelity L.P. Inc. Fourth Quarter and Full Year Financial Results for 2015









SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
ACELITY L.P. INC.
(REGISTRANT)
 
 
 
 
Date: January 26, 2016
 
By:
/s/ Brian Busenlehner
 
 
Name:
Brian Busenlehner
 
 
Title:
Authorized Signatory





EXHIBIT INDEX
Exhibit No.
 
Description
99.1
 
Acelity L.P. Inc. Fourth Quarter and Full Year Financial Results for 2015





 EX-99.1 2 a99120154qearningsrelease.htm EXHIBIT 99.1 Exhibit



ACELITY L.P. INC. REPORTS
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS FOR 2015

Total Revenue for the Fourth Quarter and Full Year of 2015 Grows 3.4% and 4.0%, respectively,
on a Constant Currency Basis

Fourth Quarter Financial Highlights

•
Revenue for the fourth quarter of 2015 of $483.8 million, grew 0.2% as reported on a GAAP basis from the prior-year period and grew 3.4% on a constant currency basis, bringing revenue for the full year of 2015 to $1.867 billion, which was comparable to the prior year as reported on a GAAP basis and up 4.0% on a constant currency basis

•
Revenue from Advanced Wound Therapeutics ("AWT") decreased 1.3% as reported on a GAAP basis and grew 2.5% on a constant currency basis, led by solid volume growth in advanced devices compared to the prior-year period

•
Revenue from Regenerative Medicine ("RM") grew 6.9% as reported on a GAAP basis and grew 8.4% on a constant currency basis, led by double-digit increases in revenue related to breast reconstruction procedures in the U.S.

•
Loss from continuing operations was $15.5 million, as reported on a GAAP basis, compared to $30.9 million for the prior-year period

•
Adjusted EBITDA from continuing operations1 of $183.5 million, declined 7.5% as reported from the prior-year period and was down 5.3% on a constant currency basis, achieving an Adjusted EBITDA margin of 37.9%


Operational Highlights

•
Closed the acquisition of the SNaP® business from Spiracur, Inc., expanding our offering in disposable, portable, mechanical negative pressure wound therapy ("NPWT") technology, allowing Acelity’s sales and service channels to support the expansion of the SNaP® Therapy System to patients and their care teams around the world who need access to NPWT devices

•
Returned the Regenerative Medicine segment to growth for the full year with two consecutive quarters of strong growth led by revenue from breast reconstruction procedures and international sales

Joe Woody, President and Chief Executive Officer, commented, “Our strong fourth quarter performance reflects the realization of strategic investments we’ve made in our business and employees to drive sustainable, long-term growth. With five consecutive quarters of organic revenue growth, 2015 marks a pivotal year for Acelity as we continue to execute our strategy.

“We delivered a solid quarter in both Advanced Wound Therapeutics and Regenerative Medicine, led by continued volume increases in advanced devices as well as double-digit growth in revenue from breast reconstruction procedures. Sales of our expansion products, led by Prevena™ and Revolve™, accelerated in the fourth quarter and continue to diversify our growth profile.

“We continue to provide value to our customers through focused innovation and an enhanced portfolio of offerings across our business. The solid momentum we generated in 2015 supports our confidence in our ability to sustain long-term growth.”






Results of the fourth quarter and twelve months ended December 31, 2015

Acelity revenue for the fourth quarter of 2015 was $483.8 million, up from the prior-year period by 0.2% as reported on a GAAP basis and 3.4% on a constant currency basis.
•
AWT revenue was $364.3 million, down 1.3% as reported on a GAAP basis and up 2.5% on a constant currency basis, compared to the prior-year period. Excluding the impact of foreign exchange rate movements, growth in AWT revenue was driven by mid-single digit volume growth in advanced devices, including strong Prevena™ sales.
•
RM revenue was $116.8 million, up 6.9% as reported on a GAAP basis and 8.4% on a constant currency basis, compared to the prior-year period. The revenue growth was driven by a double-digit increase in revenue related to breast reconstruction procedures in the U.S. and Strattice growth in Europe, partially offset by a decline in revenue related to abdominal wall reconstruction procedures in the U.S.
Loss from continuing operations for the fourth quarter of 2015 was $15.5 million, as reported on a GAAP basis, compared to $30.9 million for the prior-year period. Adjusted EBITDA from continuing operations for the fourth quarter of 2015 decreased 7.5% to $183.5 million from $198.3 million in the prior-year period and decreased 5.3% on a constant currency basis. Adjusted EBITDA decreased in the fourth quarter of 2015 primarily due to investment in establishing our six global franchises and increased incentive compensation expense as a result of improved financial performance, partially offset by improved production yields, primarily in our RM business, as well as expense savings associated with integration and business optimization efforts. Additionally, loss from continuing operations for the fourth quarter of 2015 was negatively impacted by non-cash impairment charges while loss from continuing operations in the prior year period was negatively impacted by the LifeNet litigation jury verdict of $34.7 million recorded in the fourth quarter.

Acelity revenue for the year ended December 31, 2015, was $1.867 billion, comparable to the prior year as reported on a GAAP basis and up 4.0% on a constant currency basis.
•
AWT revenue was $1.422 billion, up 0.1% as reported on a GAAP basis and 4.8% on a constant currency basis, compared to the prior year. Growth in AWT revenue was driven by mid-single digit volume growth globally in advanced devices and strong Prevena™ sales.
•
RM revenue was $433.9 million, up 1.3% as reported on a GAAP basis and 2.7% on a constant currency basis, compared to the prior year. The RM revenue growth was driven by a mid-single digit increase in revenue related to breast reconstruction procedures, partially offset by a decline in revenue related to abdominal wall reconstruction procedures.
Loss from continuing operations for the year ended December 31, 2015, was $47.7 million, as reported on a GAAP basis, compared to $235.0 million in the prior year. Adjusted EBITDA from continuing operations for the year ended December 31, 2015, decreased 0.3% to $709.7 million from $712.1 million in the prior year and increased 2.3% on a constant currency basis. Excluding the impact of foreign exchange movements, adjusted EBITDA for the year ended December 31, 2015, increased primarily due to revenue growth, improved production yields, primarily in our RM business, as well as expense savings associated with integration and business optimization efforts, partially offset by investment in establishing our six global franchises and increased incentive compensation expense as a result of improved financial performance. Additionally, loss from continuing operations for the year ended December 31, 2015, was negatively impacted by non-cash impairment charges while loss from continuing operations in the prior year was negatively impacted by the Wake Forest settlement and LifeNet litigation jury verdict.


Financial Position

Total cash at December 31, 2015, was $88.4 million. During 2015, Acelity generated cash of $80.9 million from operations, used cash of $125.3 million in investing activities and used cash of $41.1 million in financing activities.

As of December 31, 2015, total long-term debt outstanding was $4.797 billion and our Net Leverage Ratio2 was 6.5x. Availability under our Revolving Credit Facility was $161.8 million as of December 31, 2015.





Company Structure

Acelity is a leading global medical technology company committed to the development and commercialization of advanced wound care and regenerative medicine solutions. Acelity was formed by uniting the strengths of three organizations, KCI, Systagenix and LifeCell, into our two business segments: Advanced Wound Therapeutics and Regenerative Medicine. Our mission is to change the clinical practice of medicine with solutions that speed healing, reduce complications, create economic value and improve patients’ lives. Acelity is controlled by investment funds advised by Apax Partners LLP and Apax Partners L.P. and controlled affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board and certain other co-investors.  Unless otherwise noted in this report, the terms “we,” “our” or “Company,” refer to Acelity and its subsidiaries, collectively.


Non-GAAP Financial Information
The following provides information regarding non-GAAP financial measures used in this earnings release:

To supplement our consolidated results presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we have disclosed non-GAAP financial measures of operating results that exclude or adjust certain items. A reconciliation of Adjusted EBITDA from continuing operations and Adjusted EBITDA to net loss is provided later in this earnings release. In addition, the Company presents certain of its financial results on a constant currency basis in addition to GAAP results. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. In this release, we calculate constant currency by calculating current-year results using prior-year foreign currency exchange rates.

Management believes these non-GAAP financial measures provide useful supplemental information for its and investors' evaluation of our business performance and are useful for period-over-period comparisons of the performance of our business. While management believes that these financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly entitled measures reported by other companies. See "Reconciliation from GAAP to Non-GAAP" included within this release for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures.



1Adjusted EBITDA from continuing operations excludes the operations of our previously divested SPY ELITE® business and the impact of merger-related expenses, foreign currency gains or losses, business optimization expenses and other expenses specified in the reconciliation within this release.

2 The Net Leverage Ratio represents Net Debt divided by Consolidated EBITDA for the last twelve months. Net Debt consists of total indebtedness including capital leases and other financing obligations, less cash and cash equivalents up to the greater of $300.0 million or 40% of Consolidated EBITDA for the last twelve months. Consolidated EBITDA, as defined in our senior secured credit agreement, represents Adjusted EBITDA from continuing operations plus “run rate” cost savings.



FOR MORE INFORMATION, CONTACT:
Investors
Caleb Moore
Office: (210) 255-6433
caleb.moore@acelity.com
 
Media
Cheston Turbyfill
Office: (210) 515-7757
cheston.turbyfill@acelity.com





ACELITY L.P. INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(dollars in thousands)

 
Three months ended December 31,
 
Year ended December 31,
 
2015
 
2014
 
% Change
 
2015
 
2014
 
% Change
 
(unaudited)
 
(unaudited)
 
 
 
(unaudited)
 
 
 
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
Rental
$
186,424

 
$
192,415

 
(3.1
)%
 
$
725,612

 
$
719,864

 
0.8
 %
Sales
297,374

 
290,318

 
2.4

 
1,141,561

 
1,146,475

 
(0.4
)
Total revenue
483,798

 
482,733

 
0.2

 
1,867,173

 
1,866,339

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Rental expenses
75,369

 
78,643

 
(4.2
)
 
308,041

 
332,762

 
(7.4
)
Cost of sales
83,636

 
78,092

 
7.1

 
309,488

 
323,363

 
(4.3
)
Gross profit
324,793

 
325,998

 
(0.4
)
 
1,249,644

 
1,210,214

 
3.3

 
 
 
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
173,236

 
205,908

 
(15.9
)
 
639,949

 
713,554

 
(10.3
)
Research and development expenses
16,615

 
17,719

 
(6.2
)
 
59,955

 
69,321

 
(13.5
)
Acquired intangible asset amortization
42,945

 
47,072

 
(8.8
)
 
177,379

 
194,433

 
(8.8
)
Wake Forest settlement
—

 
—

 
—

 
—

 
198,578

 
—

Intangible asset impairments, net of reduction in contingent consideration
9,064

 
—

 
—

 
9,064

 
—

 
—

Operating earnings
82,933

 
55,299

 
50.0

 
363,297

 
34,328

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Interest income and other
184

 
3,422

 
(94.6
)
 
466

 
3,667

 
(87.3
)
Interest expense
(106,692
)
 
(104,258
)
 
2.3

 
(425,401
)
 
(412,733
)
 
3.1

Foreign currency gain
2,774

 
4,157

 
(33.3
)
 
6,186

 
17,844

 
(65.3
)
Derivative instruments gain (loss)
177

 
(2,513
)
 
—

 
(4,959
)
 
(5,183
)
 
(4.3
)
Loss from continuing operations before income tax benefit
(20,624
)
 
(43,893
)
 
(53.0
)
 
(60,411
)
 
(362,077
)
 
(83.3
)
Income tax benefit
(5,082
)
 
(12,965
)
 
(60.8
)
 
(12,755
)
 
(127,031
)
 
(90.0
)
Loss from continuing operations
(15,542
)
 
(30,928
)
 
(49.7
)
 
(47,656
)
 
(235,046
)
 
(79.7
)
Income from discontinued operations, net of tax
—

 
1,392

 
—

 
—

 
4,573

 
—

Net loss
$
(15,542
)
 
$
(29,536
)
 
(47.4
)%
 
$
(47,656
)
 
$
(230,473
)
 
(79.3
)%









ACELITY L.P. INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)

 
December 31,
2015
 
December 31,
2014
Assets:
(unaudited)
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
88,409

 
$
183,541

Accounts receivable, net
413,531

 
370,483

Inventories, net
181,309

 
178,222

Deferred income taxes
74,521

 
63,025

Prepaid expenses and other
34,985

 
27,563

Total current assets
792,755

 
822,834

 
 
 
 
Net property, plant and equipment
273,076

 
288,048

Debt issuance costs, net
54,651

 
77,896

Deferred income taxes
29,909

 
31,692

Goodwill
3,405,823

 
3,378,298

Identifiable intangible assets, net
2,219,088

 
2,397,251

Other non-current assets
6,104

 
4,694

 
 
 
 
 
$
6,781,406

 
$
7,000,713

 
 
 
 
Liabilities and Equity:
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
57,910

 
$
51,827

Accrued expenses and other
338,698

 
343,484

Current installments of long-term debt
24,500

 
25,721

Income taxes payable
3,561

 
1,305

Deferred income taxes
113,595

 
113,658

Total current liabilities
538,264

 
535,995

 
 
 
 
Long-term debt, net of current installments and discount
4,772,644

 
4,815,290

Non-current tax liabilities
34,833

 
33,300

Deferred income taxes
760,737

 
792,157

Other non-current liabilities
71,763

 
163,258

Total liabilities
6,178,241

 
6,340,000

Equity:
 
 
 
General partner’s capital
—

 
—

Limited partners’ capital
622,899

 
670,787

Accumulated other comprehensive loss, net
(19,734
)
 
(10,074
)
Total equity
603,165

 
660,713

 
 
 
 
 
$
6,781,406

 
$
7,000,713










ACELITY L.P. INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)

 
Year ended December 31,
 
2015
 
2014
Cash flows from operating activities:
(unaudited)
 
 
Net loss
$
(47,656
)
 
$
(230,473
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Amortization of debt issuance costs and discount
41,178

 
38,966

Depreciation and other amortization
261,541

 
303,905

Loss (gain) on disposition of assets
2,544

 
(900
)
Amortization of fair value step-up in inventory
55

 
6,680

Intangible asset impairments, net of reduction in contingent consideration
9,064

 
—

Provision for bad debt
6,362

 
14,032

Gain on sale of investment
—

 
(3,211
)
Equity-based compensation expense
3,325

 
4,033

Deferred income tax benefit
(44,169
)
 
(159,170
)
Unrealized gain on derivative instruments
(9,761
)
 
(10,670
)
Unrealized gain on foreign currency
(17,922
)
 
(39,756
)
Change in assets and liabilities:
 
 
 
Decrease (increase) in accounts receivable, net
(46,654
)
 
26,596

Increase in inventories, net
(11,756
)
 
(3,096
)
Decrease (increase) in prepaid expenses and other
(7,399
)
 
19,308

Increase in accounts payable
6,284

 
1,608

Increase (decrease) in accrued expenses and other
(70,849
)
 
125,677

Increase (decrease) in tax liabilities, net
6,711

 
(1,734
)
Net cash provided by operating activities
80,898

 
91,795

 
 
 
 
Cash flows from investing activities:
 
 
 
Additions to property, plant and equipment
(68,213
)
 
(66,584
)
Increase in inventory to be converted into equipment for short-term rental
(2,082
)
 
(3,563
)
Proceeds from disposition of assets
—

 
8,864

Proceeds from sale of investment
—

 
4,211

Business acquired in purchase transaction, net of cash acquired
(45,489
)
 
(9,613
)
Increase in identifiable intangible assets and other non-current assets
(9,481
)
 
(11,587
)
Net cash used by investing activities
(125,265
)
 
(78,272
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Distribution to limited partners
(55
)
 
—

Settlement of profits interest units
(3,373
)
 
(2,332
)
Proceeds from revolving credit facility
40,000

 
—

Repayments of long-term debt and capital lease obligations
(70,741
)
 
(26,403
)
Debt issuance costs
(6,952
)
 
—

Net cash used by financing activities
(41,121
)
 
(28,735
)
Effect of exchange rate changes on cash and cash equivalents
(9,644
)
 
(8,196
)
Net decrease in cash and cash equivalents
(95,132
)
 
(23,408
)
Cash and cash equivalents, beginning of period
183,541

 
206,949

Cash and cash equivalents, end of period
$
88,409

 
$
183,541





ACELITY L.P. INC. AND SUBSIDIARIES
Reconciliation from GAAP to Non-GAAP
Supplemental Revenue Data
(dollars in thousands)
(unaudited)
 
Three months ended December 31,
 
GAAP % Change
 
Constant Currency % Change (1)
 
2015
 
2014 GAAP
 
 
 
GAAP
 
FX Impact
 
Constant
Currency
 
 
 
Advanced Wound Therapeutics revenue:
 
 
 
 
 
 
 
 
 
 
 
Rental
$
186,424

 
$
2,565

 
$
188,989

 
$
192,415

 
(3.1
)%
 
(1.8
)%
Sales
177,839

 
11,285

 
189,124

 
176,630

 
0.7

 
7.1

  Total
364,263

 
13,850

 
378,113

 
369,045

 
(1.3
)
 
2.5

 
 
 
 
 
 
 
 
 
 
 
 
Regenerative Medicine revenue:
 
 
 
 
 
 
 
 
 
 
 
Sales
116,836

 
1,605

 
118,441

 
109,298

 
6.9

 
8.4

 
 
 
 
 
 
 
 
 
 
 
 
Other revenue:
 
 
 
 
 
 
 
 
 
 
 
Sales
2,699

 
119

 
2,818

 
4,390

 
(38.5
)
 
(35.8
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue:
 
 
 
 
 
 
 
 
 
 
 
Rental
186,424

 
2,565

 
188,989

 
192,415

 
(3.1
)
 
(1.8
)
Sales
297,374

 
13,009

 
310,383

 
290,318

 
2.4

 
6.9

Total
$
483,798

 
$
15,574

 
$
499,372

 
$
482,733

 
0.2
 %
 
3.4
 %


 
Year ended December 31,
 
GAAP % Change
 
Constant Currency % Change (1)
 
2015
 
2014 GAAP
 
 
 
GAAP
 
FX Impact
 
Constant
Currency
 
 
 
Advanced Wound Therapeutics revenue:
 
 
 
 
 
 
 
 
 
 
 
Rental
725,612

 
14,083

 
$
739,695

 
719,864

 
0.8
 %
 
2.8
 %
Sales
695,943

 
52,917

 
748,860

 
700,414

 
(0.6
)
 
6.9

  Total
1,421,555

 
67,000

 
1,488,555

 
1,420,278

 
0.1

 
4.8

 
 
 
 
 
 
 
 
 
 
 
 
Regenerative Medicine revenue:
 
 
 
 
 
 
 
 
 
 
 
Sales
433,866

 
5,940

 
439,806

 
428,089

 
1.3

 
2.7

 
 
 
 
 
 
 
 
 
 
 
 
Other revenue:
 
 
 
 
 
 
 
 
 
 
 
Sales
11,752

 
948

 
12,700

 
17,972

 
(34.6
)
 
(29.3
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue:
 
 
 
 
 
 
 
 
 
 
 
Rental
725,612

 
14,083

 
739,695

 
719,864

 
0.8

 
2.8

Sales
1,141,561

 
59,805

 
1,201,366

 
1,146,475

 
(0.4
)
 
4.8

Total
$
1,867,173

 
$
73,888

 
$
1,941,061

 
$
1,866,339

 
—
 %
 
4.0
 %

(1) Represents percentage change between 2015 non-GAAP Constant Currency revenue and 2014 GAAP revenue.





ACELITY L.P. INC. AND SUBSIDIARIES
Reconciliation from GAAP to Non-GAAP
Selected Financial Information
(dollars in thousands)
(unaudited)

 
Three months ended December 31,
 
Year ended December 31,
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
Net loss
$
(15,542
)
 
$
(29,536
)
 
$
(47,656
)
 
$
(230,473
)
Loss (gain) from discontinued operations, net of tax
—

 
(1,392
)
 
—

 
(4,573
)
Interest expense, net of interest income
106,630

 
104,165

 
425,112

 
412,438

Income tax benefit
(5,082
)
 
(12,965
)
 
(12,755
)
 
(127,031
)
Foreign currency (gain) loss
(2,774
)
 
(4,157
)
 
(6,186
)
 
(17,844
)
Depreciation and other amortization
64,383

 
69,391

 
261,541

 
303,905

Derivative instruments (gain) loss
(177
)
 
2,513

 
4,959

 
5,183

Management fees and expenses
1,345

 
1,356

 
5,274

 
5,050

Equity-based compensation expense
959

 
1,067

 
3,325

 
4,033

Acquisition, disposition and financing expenses (1)
9,276

 
793

 
13,837

 
5,885

Business optimization expenses(2)
12,050

 
24,740

 
34,997

 
79,412

Wake Forest settlement
—

 
—

 
—

 
198,578

Other permitted expenses (3)
12,408

 
42,357

 
27,226

 
77,553

Adjusted EBITDA from continuing operations
183,476

 
198,332

 
709,674

 
712,116

Adjusted EBITDA from discontinued operations (4)
—

 
1,365

 
—

 
6,537

Total adjusted EBITDA
$
183,476

 
$
199,697

 
$
709,674

 
$
718,653

 
 
 
 
 
 
 
 
Adjusted EBITDA from continuing operations as a percentage of revenue
37.9
%
 
41.1
%
 
38.0
%
 
38.2
%

(1) Represents labor, travel, training, consulting and other costs associated with acquisition, disposition and financing activities, such as the acquisition of Systagenix, technology acquisitions and the repricing of our senior secured credit facility.
(2) Represents labor, travel, training, consulting and other costs associated exclusively with our business optimization initiatives.
(3) Represents charges for the impairment of goodwill, intangible assets and fixed assets, the write-off of in-process research and development and other intangible assets, amortization of the fair value step-up in inventory, litigation settlement and other permitted expenses.
(4) Adjusted EBITDA from discontinued operations includes the (gain) loss from discontinued operations, excluding any related gain or loss on
disposition of assets, adjusted as defined in our senior secured credit agreement.


 
 
 
 
 
 
 
2014
As Reported
 
GAAP % Change
 
Constant Currency % Change (1)
 
2015
 
 
 
 
As Reported
 
FX Impact
 
Constant
Currency
 
 
 
Three months ended December 31,
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA from continuing operations
$
183,476

 
$
4,257

 
$
187,733

 
198,332

 
(7.5
)%
 
(5.3
)%
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA from continuing operations
$
709,674

 
$
19,150

 
$
728,824

 
712,116

 
(0.3
)%
 
2.3
 %

(1) Represents percentage change of Adjusted EBITDA from the prior-year period on a constant currency basis.




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