Newsroom
News Release
Mallinckrodt plc Reports First Quarter 2025 Financial Results and Reaffirms Full-Year Guidance
Delivers First Quarter
Reports Net Loss of
Acthar® Gel (repository corticotropin injection) Net Sales Increased 12.3%,
INOmax® EVOLVE™ DS Delivery System Now in More Than 50 Hospitals Nationwide
Conference Call and Webcast Today at
"Our first quarter results demonstrate the positive momentum we are building across the Company and reinforce our optimism for the significant strategic benefits of our planned combination with Endo, Inc.," said
First Quarter 2025 Financial Results
Mallinckrodt's net sales in the first quarter of 2025 were
The Company's Specialty Brands segment reported net sales of
Mallinckrodt's Specialty Generics segment reported net sales of
The Company's net loss for the first quarter of 2025 was
Mallinckrodt's Adjusted EBITDA in the first quarter of 2025 was
Gross profit in the first quarter of 2025 increased
Mallinckrodt's cash balance at the end of the first quarter of 2025 was
First Quarter 2025 Business Segment Updates & Outlook
Specialty Brands Segment
Acthar Gel net sales increased
Terlivaz net sales increased
INOmax (nitric oxide) net sales decreased
Specialty Generics Segment
Specialty Generics net sales growth was primarily driven by strong performance in the finished-dosage ADHD products business, offset primarily by global competitive pressures facing the API business, particularly APAP products. Mallinckrodt continues to expect the Specialty Generics segment to deliver flat to low-single digit sales growth in full-year 2025.
Please see "Non-GAAP Financial Measures" included in this release for a discussion of non-GAAP measures and reconciliation of GAAP and non-GAAP financial measures for the first quarter.
Please see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Quarterly Report on Form 10-Q for the quarter ended
2025 Financial Guidance
For the full-year fiscal 2025, Mallinckrodt reaffirmed its net sales and Adjusted EBITDA guidance:
|
2025 Guidance |
|
|
Total |
$1.7 billion to |
|
Adjusted EBITDA |
$480 million to |
The Company does not provide comparable GAAP measures for its forward-looking non-GAAP guidance or a reconciliation of such measures because the reconciling items described in the definition of Adjusted EBITDA provided below are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort. The variability of such items may have a significant impact on our future GAAP results.
First Quarter 2025 Conference Call and Webcast
Mallinckrodt will hold a conference call today,
- Live Call Participant Registration (including dial-in): https://register-conf.media-server.com/register/BI59a8cb021a314d8683b4822df03f9735
- Audio Only Webcast Link (live and replay): https://edge.media-server.com/mmc/p/tkagfrhx
- On the Investor Relations page of the Mallinckrodt website: https://ir.mallinckrodt.com/
About Mallinckrodt
Mallinckrodt is a global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The Company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, hepatology, nephrology, pulmonology, and ophthalmology; neonatal respiratory critical care therapies; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the
Non-GAAP Financial Measures
This press release contains financial measures, including Adjusted EBITDA, adjusted gross profit, adjusted selling, general, and administrative ("SG&A") expenses, adjusted research and development ("R&D") expenses, net sales growth (loss) on a constant-currency basis, and net debt, which are considered "non-GAAP" financial measures under applicable
Adjusted EBITDA represents net income or loss prepared in accordance with accounting principles generally accepted in the
Adjusted gross profit, adjusted SG&A expenses and adjusted R&D expenses represent amounts prepared in accordance with GAAP, adjusted for certain items that management believes are not reflective of the operational performance of the business. Adjustments to GAAP amounts include, as applicable to each measure, the aforementioned items in the Adjusted EBITDA paragraph. The adjustments for these items are on a pre-tax basis for adjusted gross profit and adjusted SG&A expenses.
Segment net sales growth (loss) on a constant-currency basis measures the change in segment net sales between current- and prior-year periods using a constant currency, the exchange rate in effect during the applicable prior-year period.
Net debt of
The Company has provided these adjusted financial measures because they are used by management, along with financial measures in accordance with GAAP, to evaluate the Company's operating performance and liquidity. In addition, the Company believes that they will be used by investors to measure Mallinckrodt's operating results. Management believes that presenting these adjusted measures provides useful information about the Company's performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of its core operating performance.
These adjusted measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company's definition of these adjusted measures may differ from similarly titled measures used by others.
Because adjusted financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's unaudited condensed consolidated financial statements and publicly filed reports in their entirety. A reconciliation of certain of these historical adjusted financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
Further information regarding non-GAAP financial measures can be found on the Investor Relations page of the Company's website.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information About the Combination and Where to Find It
In connection with the proposed transaction, Mallinckrodt has filed with the
Participants in the Solicitation of Proxies
Mallinckrodt, Endo, and certain of their respective directors, executive officers, and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Mallinckrodt, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) Mallinckrodt's proxy statement for its 2025 Annual Meeting of Shareholders, which was filed with the
Information about the directors and executive officers of Endo, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) the registration statement on Form S-4, (ii) Endo's Annual Report on Form 10-K for the fiscal year ended
Information Regarding Forward Looking Statements
Statements in this communication that are not strictly historical may be "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties.
There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things:
|
(i) |
transaction-related risks, including the parties' ability to successfully integrate our business and Endo's business and unanticipated costs of such integration, which may result in the combined company not operating as effectively and efficiently as expected; uncertainties related to a future separation of the combined generics pharmaceuticals businesses of Mallinckrodt and Endo and Endo's sterile injectables business; the risk that the expected benefits and synergies of the proposed transactions may not be fully realized in a timely manner, or at all; the risk associated with Mallinckrodt's and Endo's ability to obtain the approval of their shareholders and stockholders, respectively, required to consummate the proposed business combination transaction (including the fact that it may not be completed on the anticipated timeline or at all); the risk that the conditions to the proposed business combination transaction may not be satisfied (or waived to the extent permitted by law) on a timely basis or at all or the failure of the proposed business combination transaction to close for any other reason or to close on the anticipated terms, including the intended tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the proposed business combination transaction may not be obtained or may be obtained subject to conditions that are not anticipated; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed business combination transaction; unanticipated difficulties, liabilities or expenditures relating to the proposed transactions; the effect of the announcement, pendency or completion of the proposed transactions on the parties' business relationships and business operations generally; certain restrictions on the ability of Mallinckrodt and Endo to pursue certain business activities or strategic transactions during the pendency of the proposed business combination transaction; the effect of the announcement, pendency or completion of the proposed transactions on the long-term value of Mallinckrodt's ordinary shares and Endo's common stock; risks that the proposed transactions may disrupt current plans and operations of Mallinckrodt and Endo and their respective management teams and potential difficulties in hiring, retaining and motivating employees as a result of the proposed transactions; risks related to our increased indebtedness as a result of the proposed business combination transaction; significant transaction costs related to the proposed business combination transaction; potential litigation relating to the proposed transactions that could be instituted against Mallinckrodt, Endo or their respective officers or directors; rating agency actions and Mallinckrodt's and Endo's ability to access short- and long-term debt markets on a timely and affordable basis; and risks related to the financing in connection with the transaction; |
|
(ii) |
risks related to Mallinckrodt's business, including potential changes in Mallinckrodt's business strategy and performance; exposure to global economic conditions and market uncertainty; Mallinckrodt's initiative to explore a variety of potential divestiture, financing and other transactional opportunities; the exercise of contingent value rights by the Opioid Master Disbursement Trust II (the "Trust"); governmental investigations and inquiries, regulatory actions, and lawsuits, in each case related to Mallinckrodt or its officers; Mallinckrodt's contractual and court-ordered compliance obligations that, if violated, could result in penalties; compliance with and restrictions under the global settlement to resolve all opioid-related claims; matters related to Acthar Gel, including the settlement with governmental parties to resolve certain disputes and compliance with and restrictions under the related corporate integrity agreement; the ability to maintain relationships with Mallinckrodt's suppliers, customers, employees and other third parties following the emergence from the 2023 bankruptcy proceedings; scrutiny from governments, legislative bodies and enforcement agencies related to sales, marketing and pricing practices; pricing pressure on certain of Mallinckrodt's products due to legal changes or changes in insurers' or other payers' reimbursement practices resulting from recent increased public scrutiny of healthcare and pharmaceutical costs; the reimbursement practices of governmental health administration authorities, private health coverage insurers and other third-party payers; complex reporting and payment obligations under the Medicare and Medicaid rebate programs and other governmental purchasing and rebate programs; cost containment efforts of customers, purchasing groups, third-party payers and governmental organizations; changes in or failure to comply with relevant laws and regulations; any undesirable side effects caused by Mallinckrodt's approved and investigational products, which could limit their commercial profile or result in other negative consequences; Mallinckrodt's and its partners' ability to successfully develop, commercialize or launch new products or expand commercial opportunities of existing products, including Acthar Gel (repository corticotropin injection) SelfJect™ and the INOmax Evolve DS delivery system; Mallinckrodt's ability to successfully identify or discover additional products or product candidates; Mallinckrodt's ability to navigate price fluctuations and pressures, including the ability to achieve anticipated benefits of price increases of its products; competition; Mallinckrodt's ability to protect intellectual property rights, including in relation to ongoing and future litigation; limited clinical trial data for Acthar Gel; the timing, expense and uncertainty associated with clinical studies and related regulatory processes; product liability losses and other litigation liability; material health, safety and environmental laws and related liabilities; business development activities or other strategic transactions; attraction and retention of key personnel; the effectiveness of information technology infrastructure, including risks of external attacks or failures; customer concentration; Mallinckrodt's reliance on certain individual products that are material to its financial performance; Mallinckrodt's ability to receive sufficient procurement and production quotas granted by the |
|
(iii) |
risks related to Endo's business, including future capital expenditures, expenses, revenues, economic performance, financial conditions, market growth and future prospects; Endo changes in competitive, market or regulatory conditions; changes in legislation or regulations; global political changes, including those related to the new |
The registration statement on Form S-4 filed with the
The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt and Endo do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law. Given these uncertainties, one should not put undue reliance on any forward-looking statements.
CONTACTS
Investor Relations
Executive Vice President and Chief Financial Officer
bryan.reasons@mnk.com
Media
Michael Freitag / Aaron Palash / Aura Reinhard /
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Mallinckrodt, the "M" brand mark and the
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||
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(unaudited, in millions, except per share data) |
|||||
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Three Months |
Three Months |
||||
|
Percent of Net sales |
Percent of Net sales |
||||
|
Net sales |
$ 419.9 |
100.0 % |
$ 467.8 |
100.0 % |
|
|
Cost of sales |
217.0 |
51.7 |
303.8 |
64.9 |
|
|
Gross profit |
202.9 |
48.3 |
164.0 |
35.1 |
|
|
Selling, general and administrative expenses |
147.5 |
35.1 |
136.9 |
29.3 |
|
|
Combination, integration, and other related expenses |
20.5 |
4.9 |
— |
— |
|
|
Research and development expenses |
20.5 |
4.9 |
27.9 |
6.0 |
|
|
Restructuring charges, net |
(2.0) |
(0.5) |
10.2 |
2.2 |
|
|
Liabilities management and separation costs |
1.4 |
0.3 |
6.7 |
1.4 |
|
|
Operating income (loss) |
15.0 |
3.6 |
(17.7) |
(3.8) |
|
|
Interest expense |
(32.8) |
(7.8) |
(59.1) |
(12.6) |
|
|
Interest income |
5.8 |
1.4 |
6.8 |
1.5 |
|
|
Loss on divestiture |
(6.2) |
(1.5) |
— |
— |
|
|
Other (expense) income, net |
(5.8) |
(1.4) |
3.7 |
0.8 |
|
|
Loss from continuing operations before income taxes |
(24.0) |
(5.7) |
(66.3) |
(14.2) |
|
|
Income tax expense (benefit) |
3.9 |
0.9 |
(0.7) |
(0.1) |
|
|
Loss from continuing operations |
(27.9) |
(6.6) |
(65.6) |
(14.0) |
|
|
Income from discontinued operations, net of income taxes |
0.2 |
— |
0.2 |
— |
|
|
Net loss |
$ (27.7) |
(6.6) % |
$ (65.4) |
(14.0) % |
|
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Basic and diluted (loss) income per share: |
|||||
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Loss from continuing operations |
$ (1.42) |
$ (3.33) |
|||
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Income from discontinued operations |
0.01 |
0.01 |
|||
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Net loss |
$ (1.41) |
$ (3.32) |
|||
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Weighted-average number of shares outstanding |
|||||
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Basic |
19.7 |
19.7 |
|||
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Diluted |
19.7 |
19.7 |
|||
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CONSOLIDATED ADJUSTED EBITDA |
|||||||||
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(unaudited, in millions) |
|||||||||
|
Three Months |
Three Months |
||||||||
|
Gross |
SG&A |
R&D |
Adjusted |
Gross |
SG&A |
R&D |
Adjusted |
||
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Net loss |
$ 202.9 |
$ 147.5 |
$ 20.5 |
$ (27.7) |
$ 164.0 |
$ 136.9 |
$ 27.9 |
$ (65.4) |
|
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Adjustments: |
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Interest expense, net |
— |
— |
— |
27.0 |
— |
— |
— |
52.3 |
|
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Income tax expense (benefit) |
— |
— |
— |
3.9 |
— |
— |
— |
(0.7) |
|
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Depreciation |
8.4 |
(0.5) |
(0.2) |
9.1 |
9.4 |
(0.5) |
(0.4) |
10.3 |
|
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Amortization |
13.4 |
— |
— |
13.4 |
24.8 |
— |
— |
24.8 |
|
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Combination, integration, and other related |
— |
— |
— |
20.5 |
— |
— |
— |
— |
|
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Restructuring charges, net (2) |
— |
— |
— |
(2.0) |
— |
2.5 |
— |
7.7 |
|
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Liabilities management and separation costs (3) |
— |
— |
— |
1.4 |
— |
— |
— |
6.7 |
|
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Loss on divestiture |
— |
— |
— |
6.2 |
— |
— |
— |
— |
|
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Reorganization items, net (4) |
— |
— |
— |
— |
— |
(8.0) |
— |
8.0 |
|
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Income from discontinued operations |
— |
— |
— |
(0.2) |
— |
— |
— |
(0.2) |
|
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Change in contingent consideration fair value |
— |
0.1 |
— |
(0.1) |
— |
(1.4) |
— |
1.4 |
|
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Change in derivative asset & liabilities fair value |
— |
— |
— |
2.6 |
— |
— |
— |
3.8 |
|
|
Unrealized loss (gain) on equity investment |
— |
— |
— |
6.2 |
— |
— |
— |
(7.0) |
|
|
Share-based compensation |
0.2 |
(9.1) |
(0.4) |
9.7 |
— |
(1.8) |
(0.1) |
1.9 |
|
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Fresh-start inventory-related expense (5) |
32.3 |
— |
— |
32.3 |
101.3 |
— |
— |
101.3 |
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As adjusted: |
$ 257.2 |
$ 138.0 |
$ 19.9 |
$ 102.3 |
$ 299.5 |
$ 127.7 |
$ 27.4 |
$ 144.9 |
|
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(1) |
Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the proposed Business Combination. |
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(2) |
Includes a net |
|
(3) |
Represents costs primarily related to professional fees incurred as we explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings during the three months ended |
|
(4) |
As of |
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(5) |
Represents inventory step-up amortization of |
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SEGMENT OPERATING INCOME |
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(unaudited, in millions) |
|||||
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Three Months Ended |
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Specialty |
Specialty |
Total |
|||
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Net sales |
$ 207.3 |
$ 212.6 |
$ 419.9 |
||
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Cost of sales (1) |
92.4 |
121.5 |
213.9 |
||
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Selling, general and administrative expenses |
59.0 |
26.9 |
85.9 |
||
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Research and development expenses |
7.3 |
5.2 |
12.5 |
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Restructuring charges, net |
(2.0) |
— |
(2.0) |
||
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Segment operating income |
$ 50.6 |
$ 59.0 |
109.6 |
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Corporate and unallocated expenses: |
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Cost of sales (2) |
3.1 |
||||
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Selling, general and administrative expenses (2) |
61.6 |
||||
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Combination, integration, and other related expenses (4) |
20.5 |
||||
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Research and development expenses (2) |
8.0 |
||||
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Liabilities management and separation costs (3) |
1.4 |
||||
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Operating income |
15.0 |
||||
|
Interest expense |
(32.8) |
||||
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Interest income |
5.8 |
||||
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Loss on divestiture |
(6.2) |
||||
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Other expense, net |
(5.8) |
||||
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Loss from continuing operations before income taxes |
$ (24.0) |
||||
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Depreciation and amortization |
$ 12.1 |
$ 9.8 |
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Three Months Ended |
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Specialty |
Specialty |
Total |
|||
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Net sales |
$ 257.3 |
$ 210.5 |
$ 467.8 |
||
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Cost of sales (1) |
142.5 |
159.3 |
301.8 |
||
|
Selling, general and administrative expenses |
59.1 |
19.4 |
78.5 |
||
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Research and development expenses |
13.4 |
5.9 |
19.3 |
||
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Restructuring charges, net |
10.2 |
— |
10.2 |
||
|
Segment operating income |
$ 32.1 |
$ 25.9 |
58.0 |
||
|
Corporate and unallocated expenses: |
|||||
|
Cost of sales (2) |
2.0 |
||||
|
Selling, general and administrative expenses (2) |
58.4 |
||||
|
Research and development expenses (2) |
8.6 |
||||
|
Liabilities management and separation costs (3) |
6.7 |
||||
|
Operating loss |
(17.7) |
||||
|
Interest expense |
(59.1) |
||||
|
Interest income |
6.8 |
||||
|
Other income, net |
3.7 |
||||
|
Loss from continuing operations before income taxes |
$ (66.3) |
||||
|
Depreciation and amortization |
$ 22.4 |
$ 12.2 |
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(1) |
Includes |
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(2) |
Includes certain compensation, information technology, legal, environmental and other costs not charged to our reportable segments. |
|
(3) |
Represents costs primarily related to professional fees incurred as we explored potential sales of non-core assets to enable further deleveraging post-emergence from the 2023 Bankruptcy Proceedings. |
|
(4) |
Represents legal, financial, and other advisory and consulting expenses, which primarily relate to shareholder matters, integration planning, and regulatory costs associated with the proposed Business Combination. |
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SELECT PRODUCT LINE NET SALES AND CONSTANT-CURRENCY GROWTH |
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(unaudited, in millions) |
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|
Non-GAAP Measure |
|||||||||
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Three Months |
Three Months |
Percent change |
Currency |
Constant- |
|||||
|
Specialty Brands |
|||||||||
|
Acthar Gel |
$ 115.4 |
$ 102.8 |
12.3 % |
— % |
12.3 % |
||||
|
INOmax |
62.5 |
70.2 |
(11.0) |
(0.1) |
(10.9) |
||||
|
|
— |
58.2 |
(100.0) |
— |
(100.0) |
||||
|
Amitiza |
20.2 |
19.4 |
4.1 |
— |
4.1 |
||||
|
Terlivaz |
7.4 |
6.0 |
23.3 |
— |
23.3 |
||||
|
Other |
1.8 |
0.7 |
157.1 |
— |
157.1 |
||||
|
Specialty Brands |
207.3 |
257.3 |
(19.4) |
— |
(19.4) |
||||
|
Specialty Generics |
|||||||||
|
Opioids |
83.7 |
81.9 |
2.2 |
— |
2.2 |
||||
|
ADHD |
47.2 |
31.7 |
48.9 |
— |
48.9 |
||||
|
Addiction treatment |
18.5 |
15.4 |
20.1 |
(0.4) |
20.5 |
||||
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Other |
3.9 |
1.5 |
160.0 |
— |
160.0 |
||||
|
Generics |
153.3 |
130.5 |
17.5 |
— |
17.5 |
||||
|
Controlled substances |
19.1 |
22.9 |
(16.6) |
— |
(16.6) |
||||
|
APAP |
33.8 |
51.7 |
(34.6) |
— |
(34.6) |
||||
|
Other |
6.4 |
5.4 |
18.5 |
— |
18.5 |
||||
|
API |
59.3 |
80.0 |
(25.9) |
— |
(25.9) |
||||
|
Specialty Generics |
212.6 |
210.5 |
1.0 |
— |
1.0 |
||||
|
Net sales |
$ 419.9 |
$ 467.8 |
(10.2) % |
— % |
(10.2) % |
||||
|
(1) |
On |
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|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
|
(unaudited, in millions) |
|||
|
|
|
||
|
Assets |
|||
|
Current Assets: |
|||
|
Cash and cash equivalents |
$ 422.2 |
$ 382.6 |
|
|
Accounts receivable, less allowance for doubtful accounts of |
402.7 |
395.3 |
|
|
Inventories |
633.7 |
664.9 |
|
|
Prepaid expenses and other current assets |
175.8 |
186.3 |
|
|
Total current assets |
1,634.4 |
1,629.1 |
|
|
Property, plant and equipment, net |
404.1 |
390.6 |
|
|
Intangible assets, net |
406.1 |
419.4 |
|
|
Deferred income taxes |
661.8 |
651.8 |
|
|
Other assets |
203.1 |
211.7 |
|
|
Total Assets |
$ 3,309.5 |
$ 3,302.6 |
|
|
Liabilities and Shareholders' Equity |
|||
|
Current Liabilities: |
|||
|
Current maturities of long-term debt |
$ 3.9 |
$ 3.9 |
|
|
Accounts payable |
79.0 |
57.8 |
|
|
Accrued payroll and payroll-related costs |
52.1 |
108.1 |
|
|
Accrued interest |
26.9 |
9.2 |
|
|
Acthar Gel-Related Settlement |
21.3 |
21.3 |
|
|
Accrued and other current liabilities |
274.5 |
231.1 |
|
|
Total current liabilities |
457.7 |
431.4 |
|
|
Long-term debt |
905.4 |
909.5 |
|
|
Acthar Gel-Related Settlement |
131.4 |
126.5 |
|
|
Pension and postretirement benefits |
26.5 |
26.5 |
|
|
Environmental liabilities |
34.3 |
34.3 |
|
|
Other income tax liabilities |
26.2 |
25.7 |
|
|
Other liabilities |
98.0 |
102.9 |
|
|
Total Liabilities |
1,679.5 |
1,656.8 |
|
|
Shareholders' Equity: |
|||
|
Ordinary A shares, €1.00 par value, 25,000 authorized; none issued and outstanding |
— |
— |
|
|
Ordinary shares, 19,736,759 and 19,696,335 outstanding |
0.2 |
0.2 |
|
|
Ordinary shares held in treasury at cost, 25,547 and zero |
(1.9) |
— |
|
|
Additional paid-in capital |
1,209.6 |
1,199.8 |
|
|
Accumulated other comprehensive income |
9.2 |
6.1 |
|
|
Retained earnings |
412.9 |
439.7 |
|
|
Total Shareholders' Equity |
1,630.0 |
1,645.8 |
|
|
Total Liabilities and Shareholders' Equity |
$ 3,309.5 |
$ 3,302.6 |
|
|
|
|||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
|
(unaudited, in millions) |
|||
|
Three Months |
Three Months |
||
|
Cash Flows From Operating Activities: |
|||
|
Net loss |
$ (27.7) |
$ (65.4) |
|
|
Adjustments to reconcile net cash from operating activities: |
|||
|
Depreciation and amortization |
22.5 |
35.1 |
|
|
Share-based compensation |
9.7 |
1.9 |
|
|
Deferred income taxes |
(10.1) |
3.9 |
|
|
Non-cash accretion (amortization) expense |
1.6 |
(1.1) |
|
|
Other non-cash items |
8.4 |
(0.6) |
|
|
Changes in assets and liabilities: |
|||
|
Accounts receivable, net |
(5.4) |
(0.8) |
|
|
Inventories |
30.1 |
78.7 |
|
|
Accounts payable |
22.7 |
(13.3) |
|
|
Income taxes |
12.7 |
(6.4) |
|
|
Other |
1.8 |
(16.2) |
|
|
Net cash from operating activities |
66.3 |
15.8 |
|
|
Cash Flows From Investing Activities: |
|||
|
Capital expenditures |
(24.3) |
(24.6) |
|
|
Other |
0.3 |
0.4 |
|
|
Net cash from investing activities |
(24.0) |
(24.2) |
|
|
Cash Flows From Financing Activities: |
|||
|
Repayment of debt |
(1.0) |
(2.2) |
|
|
Repurchase of shares |
(1.9) |
— |
|
|
Other |
(0.2) |
— |
|
|
Net cash from financing activities |
(3.1) |
(2.2) |
|
|
Effect of currency rate changes on cash |
0.8 |
(1.3) |
|
|
Net change in cash, cash equivalents and restricted cash |
40.0 |
(11.9) |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
445.7 |
343.4 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ 485.7 |
$ 331.5 |
|
|
Cash and cash equivalents at end of period |
$ 422.2 |
$ 253.6 |
|
|
Restricted cash included in prepaid expenses and other current assets at end of period |
21.7 |
37.1 |
|
|
Restricted cash included in other long-term assets at end of period |
41.8 |
40.8 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ 485.7 |
$ 331.5 |
|
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