SCHAUMBURG,
IL, April 30, 2015 /CNW/ - Catamaran Corporation
("Catamaran" or the "Company") (NASDAQ: CTRX, TSX: CCT), a leading
provider of pharmacy benefit management ("PBM") services and
technology, announces its financial results for the three months
ended March 31, 2015.
On March 29, 2015, the Company entered into
a definitive agreement to combine with OptumRx, UnitedHealth
Group's free-standing pharmacy care services business.
UnitedHealth Group will acquire, directly or indirectly, all of the
Company's issued and outstanding common shares for $61.50 per share in cash. The combination
is expected to be completed during the fourth quarter of 2015.
Q1 2015 Highlights
- Revenue increased 22% to $6.0
billion in Q1 2015, compared to $4.9
billion in Q1 2014
- Gross profit increased 20% to $378.8
million in Q1 2015, compared to $314.7 million in Q1 2014
- EBITDA¹ increased 26% to $215.0
million in Q1 2015, compared to $170.9 million in Q1 2014
- Net income attributable to the Company increased 37% to
$86.7 million, or $0.42 per share (fully-diluted) in Q1 2015,
compared to $63.4 million, or
$0.31 per share (fully-diluted) in Q1
2014
- Adjusted EPS¹ (fully-diluted) increased 18% to $0.59 in Q1 2015, compared to $0.50 in Q1 2014
- Cash flow from operations increased 8% to $146.7 million in Q1 2015 compared to
$135.7 million in Q1 2014
- Adjusted prescription claim volume¹ for the PBM segment
increased 3% to 102.7 million in Q1 2015, compared to 100.0 million
in Q1 2014
- Completed the acquisition of Salveo Specialty Pharmacy, Inc.
("Salveo"), an independent specialty pharmacy with locations in
New York and California, on January
2, 2015
- Subsequent to the end of the reporting period, the Company
completed the acquisition of Healthcare Solutions, Inc.
("Healthcare Solutions"), a current PBM customer operating
primarily in the workers' compensation space.
Financial Review
Revenue and Gross Profit segmented by PBM
and HCIT:
Catamaran evaluates segment performance based on
revenue and gross profit. Reconciliations of the Company's business
segments, PBM and Health Care Information Technology ("HCIT"), to
the consolidated financial statements for the three months ended
March 31, 2015 and 2014 are as follows:
Three months ended March 31, (unaudited, in
thousands)
|
PBM
|
|
HCIT
|
|
Consolidated
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue
|
$
|
5,941,613
|
|
|
$
|
4,878,375
|
|
|
$
|
37,647
|
|
|
$
|
36,104
|
|
|
$
|
5,979,260
|
|
|
$
|
4,914,479
|
|
Cost of
revenue
|
5,583,964
|
|
|
4,583,284
|
|
|
16,542
|
|
|
16,533
|
|
|
5,600,506
|
|
|
4,599,817
|
|
Gross
profit
|
$
|
357,649
|
|
|
$
|
295,091
|
|
|
$
|
21,105
|
|
|
$
|
19,571
|
|
|
$
|
378,754
|
|
|
$
|
314,662
|
|
Gross profit
%
|
6.0
|
%
|
|
6.0
|
%
|
|
56.1
|
%
|
|
54.2
|
%
|
|
6.3
|
%
|
|
6.4
|
%
|
Revenue
PBM revenue increased $1.1
billion, or 22%, to $5.9
billion in Q1 2015, compared to $4.9
billion in Q1 2014. PBM revenues increased primarily as a
result of organic growth added through new customer implementations
including the continued implementation of the Cigna contract and
expansion of the Company's specialty business. Additionally,
revenues increased due to the addition of the Salveo specialty
business.
HCIT revenue increased $1.5 million, or 4%, to $37.6 million in Q1 2015, compared to
$36.1 million in Q1 2014 mostly due
to an increase in transaction revenue.
Gross Profit
Consolidated gross profit for Q1 2015 increased
$64.1 million, or 20%, to
$378.8 million, compared to
$314.7 million in Q1 2014. The
increase is due to the successful implementation of new customer
contracts in 2015, increased specialty sales and the addition of
the Salveo specialty business. Gross profit as a percentage of
revenue remained relatively unchanged moving from 6.4% of revenue
to 6.3% of revenue during the three months ended
March 31, 2015, compared to the same period in 2014.
Selling, General and Administrative
("SG&A") Costs
SG&A costs for Q1 2015 increased $20.8 million, or 16%, to $151.4 million, compared to $130.5 million in Q1 2014. The increase is mainly
due to approximately $9.0 million in
transaction expenses related to the recently announced combination
with UnitedHealth Group and the acquisition of Healthcare Solutions
by the Company. Additionally, SG&A increased due to the
addition of operating costs related to the Company's acquisition of
Salveo that were not present during the three months ended
March 31, 2014, as well as increased costs to support the
overall growth of the PBM segment.
Amortization
Amortization of intangible assets for Q1 2015
decreased $2.4 million, or 4%, to
$52.6 million, compared to
$55.0 million in Q1 2014. The
decrease in amortization expense was driven mainly by a decline in
amortization expense of other intangibles, partially offset by the
amortization of intangible assets acquired in the Salveo
transaction.
Interest and Other Expense, Net
Interest and other expense, net for Q1 2015
increased $4.2 million to
$15.5 million compared to
$11.3 million in Q1 2014. The
increase is mainly due to higher average principal amount of
long-term debt outstanding resulting from the issuance in
March 2014 of $500 million aggregate principal amount of 4.75%
senior notes.
Income Taxes
The Company recognized income tax expense of
$43.9 million for Q1 2015,
representing an effective tax rate of 31%, compared to $28.1 million, representing an effective tax rate
of 27%, for the same period in 2014. The increase in income tax
expense and effective tax rate was mainly due to higher taxable
income compared to the same period in 2014 as a result of new
customer implementations as well as the acquisition of Salveo.
Net Income and EPS Attributable to the
Company
The Company reported Q1 2015 net income
attributable to the Company of $86.7
million, or $0.42 per share
(fully-diluted), compared to $63.4
million, or $0.31 per share
(fully-diluted), in Q1 2014. Net income attributable to the Company
increased mainly due to increased revenue as a result of new
customer implementations, increased specialty sales and additional
income generated as a result of the Salveo acquisition. The
increase was partially offset by the increase in SG&A expense
and interest expense as described above.
Q1 2015 Adjusted EPS¹ (fully-diluted), which
excludes all amortization of intangible assets of $52.6 million, net of tax, increased 18% to
$0.59 per share (fully-diluted) in Q1
2015, compared to $0.50 per share
(fully-diluted) in Q1 2014.
EBITDA¹
Q1 2015 EBITDA increased $44.1 million, or 26%, to $215.0 million, compared to $170.9 million in Q1 2014. The increase is mainly
due to increased net income attributable to the Company as a result
of increased revenue, as noted previously. The increase was
partially offset by increased SG&A due to the acquisition of
Salveo at the beginning of 2015, as well as transaction expenses
related to the recently announced combination with UnitedHealth
Group and the acquisition of Healthcare Solutions by the
Company.
Cash Flow
In Q1 2015, the Company generated $146.7 million of cash from operations, compared
to $135.7 million of cash from
operations during the same period in 2014. Cash from
operations increased primarily due to an increase in net income as
discussed above.
1Non-GAAP Financial Measures
Catamaran reports its financial results in
accordance with generally accepted accounting principles in
the United States ("GAAP").
Catamaran's management also evaluates and makes operating decisions
using various other measures. Two such measures are Adjusted EPS
and EBITDA, which are non-GAAP financial measures. Catamaran's
management believes that these two measures provide useful
supplemental information regarding the performance of Catamaran's
business operations.
Adjusted EPS adds back the impact of all
intangible asset amortization expense, net of tax. Amortization of
intangible asset expense arises from the acquisition of intangible
assets in connection with the Company's acquisitions. The Company
excludes intangible asset amortization expense from EPS because it
believes (i) the amount of such expenses in any specific period may
not directly correlate to the underlying performance of Catamaran's
business operations and (ii) such expenses can vary significantly
between periods as a result of new acquisitions and full
amortization of previously acquired intangible assets. Investors
should note that the use of these intangible assets contributes to
revenue in the periods presented as well as future periods and
should also note that such expenses will recur in future
periods.
EBITDA is a non-GAAP measure that management
believes is a useful supplemental measure of operating performance.
EBITDA consists of earnings attributable to the Company prior to
depreciation, amortization, interest and other expense, net, income
taxes and adjustments to remove the applicable impact of any
non-controlling interest. Management believes it is useful to
exclude these items as they are essentially amounts that cannot be
influenced by management in the short term.
Adjusted prescription claim volume equals
Catamaran's mail service prescriptions multiplied by three, plus
its retail and specialty prescriptions. The mail service
prescriptions are multiplied by three to adjust for the fact that
they typically include approximately three times the amount of
product days supplied compared with retail prescriptions.
Management believes that Adjusted EPS, EBITDA and
adjusted prescription claim volume provide useful supplemental
information to management and investors regarding the performance
of the Company's business operations and facilitate comparisons to
its historical operating results. Management also uses this
information internally for forecasting and budgeting as it believes
that the measures are indicative of the Company's core operating
results. Note, however, that these items are performance measures
only, and do not provide any measure of the Company's cash flow or
liquidity. Non-GAAP financial measures should not be considered as
a substitute for measures of financial performance in accordance
with GAAP, and investors and potential investors are encouraged to
review the reconciliations of Adjusted EPS and EBITDA to their most
directly comparable GAAP measure.
Adjusted EPS and EBITDA do not have standardized
meanings prescribed by GAAP. The Company's method of calculating
these items may differ from the methods used by other companies
and, accordingly, may not be comparable to similarly titled
measures used by other companies.
EBITDA
Reconciliation
|
Three Months Ended
March 31,
|
(in
thousands)
|
2015
|
|
2014
|
|
(unaudited)
|
Net income
attributable to the Company (GAAP)
|
$
|
86,693
|
|
|
$
|
63,445
|
|
Add:
|
|
|
|
|
Depreciation of
property and equipment
|
16,789
|
|
|
13,359
|
|
|
Amortization of
intangible assets
|
52,619
|
|
|
54,986
|
|
|
Interest and other
expense, net
|
15,495
|
|
|
11,336
|
|
|
Income tax
expense
|
43,911
|
|
|
28,108
|
|
|
Adjustments related
to non-controlling interest
|
(542)
|
|
|
(384)
|
|
EBITDA
|
$
|
214,965
|
|
|
$
|
170,850
|
|
Adjusted EPS
Reconciliation
|
|
|
(in thousands, except
per share data)
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2015
|
|
2014
|
|
|
Operational
Results
|
|
Per
Diluted
Share
|
|
Operational
Results
|
|
Per
Diluted
Share
|
|
|
(unaudited)
|
Net income
attributable to the Company (GAAP)
|
|
$
|
86,693
|
|
|
$
|
0.42
|
|
|
$
|
63,445
|
|
|
$
|
0.31
|
|
Amortization of
intangible assets
|
|
52,619
|
|
|
0.25
|
|
|
54,986
|
|
|
0.26
|
|
Tax effect of
reconciling item
|
|
(16,101)
|
|
|
(0.08)
|
|
|
(14,681)
|
|
|
(0.07)
|
|
Non-GAAP net
income attributable to the Company
|
|
$
|
123,211
|
|
|
$
|
0.59
|
|
|
$
|
103,750
|
|
|
$
|
0.50
|
|
About Catamaran Corporation
Catamaran, the industry's fastest-growing
pharmacy benefits manager, helps organizations and the communities
they serve take control of prescription drug costs. Managing more
than 400 million prescriptions each year on behalf of over 35
million members, our flexible, holistic solutions improve patient
care and empower individuals to take charge of their health.
Processing one in every five prescription claims in the U.S.,
Catamaran's skill and scale deliver compelling financial results
and sustainable improvement in the overall health of members.
Catamaran is headquartered in Schaumburg,
IL with multiple locations in the U.S. and Canada. For more information, please visit
Catamaranrx.com, and for industry news and information follow
Catamaran on Twitter, @CatamaranCorp.
Forward-Looking Statements
Certain statements included herein, including
guidance and those that express management's objectives and the
strategies to achieve those objectives, as well as information with
respect to the Company's beliefs, plans, expectations,
anticipations, estimates and intentions, constitute
"forward-looking statements" within the meaning of applicable
securities laws. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by management at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. We caution that such forward-looking statements
involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or
achievements to be materially different from our estimated future
results, performance or achievements expressed or implied by those
forward-looking statements. Numerous factors could cause actual
results to differ materially from those in the forward-looking
statements, including without limitation, our ability to achieve
increased market acceptance for our product offerings and penetrate
new markets; our ability to compete successfully; our dependence
on, and ability to retain, key customers; customer demands for
enhanced services levels or loss or unfavorable modification with
our customers; the risks and challenges associated with our PBM
partnering agreement with Cigna Corporation due to the size of the
client and the complexity and long-term nature of the
agreement; consolidation in the healthcare industry; our ability to
identify and complete acquisitions, manage our growth, integrate
acquisitions and achieve expected synergies from acquisitions;
changes in industry pricing benchmarks and continuing market and
economic challenges; our ability to maintain our relationships with
pharmacy providers, pharmaceutical manufacturers, third-party
rebate administrators and suppliers; compliance with existing laws,
regulations and industry initiatives and future change in laws or
regulations in the healthcare industry; our ability to maintain our
relationships with suppliers; the outcome of any legal or tax
proceeding that has been or may be instituted against us; the
existence of undetected errors or similar problems in our software
products; potential liability for the use of incorrect or
incomplete data; interruption of our operations due to outside
sources and breach of our security by third parties; our dependence
on the expertise of our senior management and other personnel;
maintaining our intellectual property rights and litigation
involving intellectual property rights; our ability to obtain, use
or successfully integrate third-party licensed technology; our
ability to accurately forecast our financial results; our level of
indebtedness and the covenants and restrictions in the agreements
governing our outstanding indebtedness; our access to sufficient
capital to fund our future requirements; and potential write-offs
of goodwill or other intangible assets. Numerous factors could
cause actual results with respect to the proposed UnitedHealth
Group acquisition to differ materially from those in the
forward-looking statements, including, without limitation, risks or
uncertainties associated with: the failure to obtain shareholder
approval in a timely manner or otherwise; the risk that regulatory
or other approvals required for the UnitedHealth Group acquisition
are not obtained or are obtained subject to conditions that are not
anticipated; the possibility that the proposed UnitedHealth Group
acquisition will not close, including by any failure to satisfy
closing conditions or a termination of the Arrangement Agreement;
unanticipated difficulties or expenditures relating to the proposed
UnitedHealth Group acquisition; legal proceedings that may be
instituted against the Company, UnitedHealth Group and others
following announcement of the proposed UnitedHealth Group
acquisition; disruptions of current plans and operations caused by
the announcement and pendency of the proposed UnitedHealth Group
acquisition; ability to hire and retain key personnel; the
potential impact of announcement or consummation of the proposed
UnitedHealth Group acquisition on relationships with third parties,
including customers, employees and other business partners; and the
ability to attract new customers and retain existing customers in
the manner anticipated. This foregoing list of factors is not
exhaustive and is subject to change and there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors. Other factors that should be considered are discussed
from time to time in Catamaran's filings with the U.S. Securities
and Exchange Commission, including the risks and uncertainties
discussed under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in our Annual Report on Form 10-K and subsequent
filings with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov.
When relying on forward-looking information to
make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. In
making the forward-looking statements contained herein, the Company
does not assume any future significant acquisitions, dispositions
or one-time items. It does assume, however, the renewal of certain
customer contracts. Every year, the Company has major customer
contracts that come up for renewal. In addition, the Company also
assumes new customer contracts. In this regard, the Company is
pursuing large opportunities that present a very long and complex
sales cycle which substantially affects its forecasting abilities.
The Company has assumed certain timing for the realization of these
opportunities which it believes is reasonable but which may not be
achieved. Furthermore, the pursuit of these larger opportunities
does not ensure a linear progression of revenue and earnings since
they may involve significant up- front costs followed by renewals
and cancellations of existing contracts. The Company has assumed
certain revenues which may not be realized. The Company has also
assumed that the material factors referred to in the previous
paragraph will not cause such forward-looking information to differ
materially from actual results or events. There can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors. Accordingly, investors are cautioned not to put undue
reliance on forward-looking statements. All subsequent
written and oral forward-looking statements attributable to
Catamaran or persons acting on our behalf are expressly qualified
in their entirety by this notice.
THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS RELEASE REPRESENTS THE COMPANY'S CURRENT EXPECTATIONS AND,
ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY
DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY
FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY
APPLICABLE LAW.
For more information, please contact:
Tony
Perkins
Investor Relations
Catamaran Corporation
(312) 261-7805
tony.perkins@catamaranrx.com
CATAMARAN
CORPORATION
|
Consolidated
Balance Sheets
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2015
|
|
|
December 31,
2014
|
|
|
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
865,201
|
|
$
|
1,011,952
|
|
Accounts receivable,
net of allowance for doubtful accounts of $5,571 (2014 -
$4,867)
|
|
|
1,369,196
|
|
|
1,254,336
|
|
Rebates
receivable
|
|
|
836,136
|
|
|
863,824
|
|
Other current
assets
|
|
|
214,275
|
|
|
219,435
|
|
|
Total current
assets
|
|
|
3,284,808
|
|
|
3,349,547
|
Property and
equipment, net of accumulated depreciation of $161,038 (2014 -
$144,220)
|
|
|
198,988
|
|
|
210,027
|
Goodwill
|
|
|
4,923,665
|
|
|
4,724,639
|
Other intangible
assets, net of accumulated amortization of $611,562 (2014 -
$574,503)
|
|
|
980,480
|
|
|
968,199
|
Other long-term
assets
|
|
|
70,430
|
|
|
71,773
|
Total
assets
|
|
$
|
9,458,371
|
|
$
|
9,324,185
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
1,068,398
|
|
$
|
967,791
|
|
Accrued expenses and
other current liabilities
|
|
|
272,384
|
|
|
327,190
|
|
Rebates
payable
|
|
|
955,623
|
|
|
967,733
|
|
Current portion -
long-term debt
|
|
|
87,500
|
|
|
81,250
|
|
|
Total current
liabilities
|
|
|
2,383,905
|
|
|
2,343,964
|
Deferred income
taxes
|
|
|
269,836
|
|
|
257,325
|
Long-term
debt
|
|
|
1,327,744
|
|
|
1,344,973
|
Other long-term
liabilities
|
|
|
99,331
|
|
|
98,816
|
|
|
Total
liabilities
|
|
|
4,080,816
|
|
|
4,045,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
Common shares: no par
value, unlimited shares authorized; 208,012,259 shares
issued
|
|
|
|
|
|
|
|
and outstanding at
March 31, 2015 (December 31, 2014 - 207,493,541 shares)
|
|
|
4,290,267
|
|
|
4,264,764
|
|
Additional paid-in
capital
|
|
|
59,273
|
|
|
74,071
|
|
Retained
earnings
|
|
|
1,021,147
|
|
|
934,454
|
|
Accumulated other
comprehensive loss
|
|
|
(1,034)
|
|
|
(1,310)
|
|
|
Total
shareholders' equity
|
|
|
5,369,653
|
|
|
5,271,979
|
|
Non-controlling
interest
|
|
|
7,902
|
|
|
7,128
|
|
|
Total
equity
|
|
|
5,377,555
|
|
|
5,279,107
|
Total liabilities
and equity
|
|
$
|
9,458,371
|
|
$
|
9,324,185
|
CATAMARAN
CORPORATION
|
Consolidated
Statements of Operations
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Revenue
|
|
$
|
5,979,260
|
|
$
|
4,914,479
|
Cost of
revenue
|
|
|
5,600,506
|
|
|
4,599,817
|
Gross
profit
|
|
|
378,754
|
|
|
314,662
|
Expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
|
151,367
|
|
|
130,519
|
|
Depreciation of
property and equipment
|
|
|
15,808
|
|
|
12,368
|
|
Amortization of
intangible assets
|
|
|
52,619
|
|
|
54,986
|
|
|
|
|
219,794
|
|
|
197,873
|
Operating
income
|
|
|
158,960
|
|
|
116,789
|
Interest and other
expense, net
|
|
|
15,495
|
|
|
11,336
|
Income before
income taxes
|
|
|
143,465
|
|
|
105,453
|
Income tax
expense
|
|
|
43,911
|
|
|
28,108
|
Net
income
|
|
$
|
99,554
|
|
$
|
77,345
|
|
Less: Net income
attributable to non-controlling interest
|
|
|
12,861
|
|
|
13,900
|
Net income
attributable to the Company
|
|
$
|
86,693
|
|
$
|
63,445
|
Earnings per share
attributable to the Company:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.42
|
|
$
|
0.31
|
|
Diluted
|
|
$
|
0.42
|
|
$
|
0.31
|
Weighted average
number of shares used in computing earnings per
share:
|
|
|
|
|
|
|
Basic
|
|
|
207,641,523
|
|
|
206,525,188
|
|
Diluted
|
|
|
208,289,689
|
|
|
207,086,677
|
|
|
CATAMARAN
CORPORATION
|
|
|
Consolidated
Statements of Cash Flows
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
March
31,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
$
|
99,554
|
|
$
|
77,345
|
|
Items not involving
cash:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
8,789
|
|
|
6,828
|
|
|
Depreciation of
property and equipment
|
|
16,789
|
|
|
13,359
|
|
|
Amortization of
intangible assets
|
|
52,619
|
|
|
54,986
|
|
|
Deferred lease
inducements and rent
|
|
(6,723)
|
|
|
(77)
|
|
|
Deferred income
taxes
|
|
3,836
|
|
|
(12,334)
|
|
|
Tax benefit on option
exercises
|
|
(1,916)
|
|
|
(2,692)
|
|
|
Deferred financing
cost amortization
|
|
2,469
|
|
|
2,188
|
|
Changes in operating
assets and liabilities, net of effects from
acquisitions:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(82,210)
|
|
|
(171,907)
|
|
|
Rebates
receivable
|
|
29,168
|
|
|
(362,352)
|
|
|
Other current
assets
|
|
22,114
|
|
|
26,310
|
|
|
Accounts
payable
|
|
71,948
|
|
|
144,264
|
|
|
Accrued expenses and
other current liabilities
|
|
(59,196)
|
|
|
20,753
|
|
|
Rebates
payable
|
|
(12,110)
|
|
|
362,635
|
|
|
Other long-term
assets and liabilities
|
|
1,551
|
|
|
(23,630)
|
|
|
|
Net cash provided by
operating activities
|
|
146,682
|
|
|
135,676
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Acquisition, net of
cash acquired
|
|
(261,668)
|
|
|
(2,026)
|
|
Purchases of property
and equipment
|
|
(9,140)
|
|
|
(12,782)
|
|
|
|
Net cash used in
investing activities
|
|
(270,808)
|
|
|
(14,808)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from
issuance of debt
|
|
-
|
|
|
492,500
|
|
Repayment of
long-term debt
|
|
(12,500)
|
|
|
(306,250)
|
|
Payment of financing
costs
|
|
-
|
|
|
(955)
|
|
Proceeds from
exercise of options
|
|
28
|
|
|
3,567
|
|
Tax benefit on option
exercises
|
|
1,916
|
|
|
2,692
|
|
Distributions to
non-controlling interest
|
|
(12,087)
|
|
|
(15,000)
|
|
Other
|
|
(28)
|
|
|
-
|
|
|
|
Net cash (used)
provided by financing activities
|
|
(22,671)
|
|
|
176,554
|
Effect of foreign
exchange on cash balances
|
|
46
|
|
|
52
|
Change in cash and
cash equivalents
|
|
(146,751)
|
|
|
297,474
|
Cash and cash
equivalents, beginning of period
|
|
1,011,952
|
|
|
387,241
|
Cash and cash
equivalents, end of period
|
$
|
865,201
|
|
$
|
684,715
|
SOURCE Catamaran