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Akorn Provides Second Quarter 2016 Results

20:00 EDT 3 Aug 2016 | Globe Newswire

- Q2 2016 Revenue Increase of 27% to $281 Million -

- Q2 2016 GAAP EPS Increase of 85% to $0.50; Adjusted Q2 2016 EPS Increase of 41% to $0.58 -

- Updates 2016 Revenue and EPS Guidance -

- Board of Directors Authorizes $200 Million Stock Repurchase Program -

- Conference Call and Webcast to Be Held August 4, 2016 at 10:00 a.m. EDT -

LAKE FOREST, Ill., Aug. 04, 2016 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq:AKRX), a leading specialty generic pharmaceutical company, today announced its financial results for the second quarter of 2016.

Akorn reported revenue of $281 million for the second quarter 2016, a 27% increase from the second quarter 2015.

GAAP net income for the second quarter 2016 was $62 million, or $0.50 per diluted share, compared to GAAP net income of $33 million, or $0.27 per diluted share, in the same quarter of 2015. Including a net adjustment of $11 million to net income for non-GAAP items, adjusted diluted earnings per share were $0.58 in the second quarter 2016, compared to a net adjustment of $19 million to net income for non-GAAP items and adjusted diluted earnings per share of $0.41 in the same quarter 2015.

Second quarter 2016 results included the impact of the adoption of ASU 2016-09 “Improvements to Employee Share-Based Payment Accounting” that requires the income tax benefit from employee stock option exercises to be recognized through the income tax provision in the period the stock options are exercised.  Previously, this benefit was recognized directly to equity.  For the second quarter 2016, the Company recognized an $11 million tax benefit from employee stock option exercises in the income tax provision, or $0.09 per diluted share.  There was no change to the income tax provision for the second quarter of 2015 as the adoption impacts current and future periods.  The second quarter 2016 adjusted diluted earnings per share excluded the $0.09 per diluted share tax benefit from employee stock option exercises.

Raj Rai, Akorn’s Chief Executive Officer, commented, "The record second quarter results reflected the strength of our differentiated product portfolio and the efforts of every Akorn associate around the world. We are also pleased to announce that our Board of Directors approved a share repurchase program, authorizing Akorn to purchase up to $200 million of Akorn’s outstanding common stock."

Duane Portwood, Akorn’s Chief Financial Officer, commented, "We remain focused on investing in growth through organic initiatives and business development activities.  At the same time, given our financial position and cash flow profile, the share repurchase authorization would allow for efficient return of capital to our shareholders in the event that our cash balances exceed our investment needs."

Earnings before interest, taxes, depreciation and amortization was $113 million in the second quarter 2016, compared to $84 million in the second quarter 2015. Adjusted EBITDA, which is another non-GAAP measure used by management to evaluate the continuing operations of the Akorn business, was $131 million in the second quarter 2016, compared to $97 million in the second quarter 2015. As of the quarter ended June 30, 2016, Akorn had GAAP debt of $832 million and trailing twelve months net debt to adjusted EBITDA ratio of approximately 1.3x.

2016 Guidance Update:

The Company expects that full year net revenue will be at the upper end of the previously communicated range of $1,060 - $1,080 million. In addition, the Company expects that full year GAAP diluted earnings per share and adjusted diluted earnings per share will be at the upper end of the previously communicated ranges of $1.56 - $1.66 and $2.10 - $2.20, respectively.

R&D Update:

At July 31, 2016, Akorn had 86 ANDAs pending at the FDA, representing approximately $9 billion in annual branded and generic market value according to IMS Health. Akorn has over 75 additional ANDAs in various stages of development, representing approximately $13 billion in annual branded and generic market value according to IMS Health.

Status of Akorn Pending ANDA Filings, July 31, 2016:

Filed Age  Tentative< 24 Months24 - 36 Months> 36 MonthsTotal
values in millions  Count Value * Count Value *  CountValue * Count Value * Count Value * 
OphthalmicBrand 5$661 2$151 3$311 6$3,420 16$4,543 
 Generic 1 64 3 157 7 218 11 439 
InjectableBrand 1 500 2 273 4 1,259 3 334 10 2,366 
 Generic 1 11 6 81 8 574 9 237 24 903 
TopicalBrand 1 10 1 12 1 33 3 55 
 Generic 2 47 7 388 9 435 
OtherBrand 1 37 1 37 
 Generic 4 167 3 113 5 71 12 351 
Total  7$1,172 19$830 29$2,814 31$4,313 86$9,129 

* The IMS market size, shown in millions, is based on the IMS data for the trailing 12 months ended May 31, 2016 and excludes any trade and customary allowances and discounts. The IMS market size is not a forecast of our future sales.

Stock Repurchase Program Authorization:

Akorn's Board of Directors authorized a stock repurchase program pursuant to which the Company may repurchase up to $200 million of the Company’s common stock. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or others, including accelerated stock repurchase arrangements, pursuant to a Rule 10b5-1 repurchase plan or by other means in accordance with federal securities laws. The timing and the amount of repurchases, if any, will be determined by the Company’s management based on its evaluation of market conditions, capital allocation alternatives, and other factors.

Conference Call and Webcast Details:

As previously announced, Akorn’s management will hold a conference call with interested investors and analysts at 10:00 a.m. EDT on August 4, 2016 to discuss these results and updates in more detail. The dial-in number to access the call is (844) 249-9382 in the U.S. and Canada and +1 (270) 823-1530 for international callers. The conference ID is 50963387. To access the live webcast, please go to Akorn’s Investor Relations web site at http://investors.akorn.com.

A webcast replay of the conference call will be available shortly following the conclusion of the call and will be available for 90 days following the call. To access the webcast replay, please go to Akorn’s Investor Relations web site at http://investors.akorn.com.

About Akorn:

Akorn, Inc. is a specialty generic pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; Hettlingen, Switzerland and Paonta Sahib, India that manufacture ophthalmic, injectable and specialty sterile and non-sterile pharmaceuticals. Additional information is available on Akorn’s website at www.akorn.com.

Non-GAAP Financial Measures:

To supplement Akorn’s financial results and guidance presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP (also referred to as “adjusted” or “non-GAAP adjusted”) financial measures in this press release and the accompanying tables, including (1) EBITDA, (2) adjusted EBITDA, (3) adjusted net income, (4) adjusted diluted earnings per share, (5) net debt, (6) net debt to adjusted EBITDA ratio, (7) adjusted tax and (8) adjusted tax rate. These non-GAAP measures adjust for certain specified items that are described in the release. The Company believes that each of these non-GAAP financial measures are helpful in understanding its past financial performance and potential future results. The non-GAAP financial measures are not meant to be considered in isolation or as a substitute for or superior to comparable GAAP measures.

Akorn’s management uses EBITDA, adjusted EBITDA, adjusted net income and adjusted diluted earnings per share in managing and analyzing its business and financial condition. The Company uses net debt and net debt to EBITDA ratio to analyze the financial capacity for further leverage and in analyzing the business and financial condition. Adjusted tax and adjusted tax rate are utilized as management believes it adds comparability through the elimination of discrete tax events which are unrelated to the continuing cash flows of the Company. Akorn’s management believes that the presentation of these and other non-GAAP financial measures provide investors greater transparency into Akorn’s ongoing results of operations allowing investors to better compare the Company’s results from period to period.

Investors should note that these non-GAAP financial measures used to present financial guidance are not prepared under any comprehensive set of accounting rules or principles and do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. Investors should also note that these non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time-to-time in the future there may be other items that the Company may exclude for purposes of its non-GAAP financial measures; likewise, the Company may in the future cease to exclude items that it has historically excluded for purposes of its non-GAAP financial measures. Because of the non-standardized definitions, the non-GAAP financial measures as used by Akorn in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by the Company’s competitors and other companies.

Set forth below is the definition of each non-GAAP financial measure as used by the Company in this press release and a full reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measures.

EBITDA, as defined by the Company, represents net income before net interest expense, income tax expense, depreciation and amortization.

Adjusted EBITDA, as defined by the Company, is calculated as follows:

Net income, plus:

  • Interest income (expense), net
  • Provision for income taxes
  • Depreciation, amortization and impairment of long-lived assets
  • Amortization of acquisition related inventory step-up
  • Non-cash expenses, such as share-based compensation expense, and amortization of deferred financing costs
  • Other adjustments, such as legal settlements, restatement expenses and various acquisition and disposition related expenses
  • Less gains from executive bonus clawback of 2014 bonuses
  • Less gains (or plus losses) on foreign currency transactions

Adjusted EBITDA is deemed by the Company to be a useful performance indicator because it includes an add back of non-cash or non-recurring operating expenses that have no impact on continuing cash flows as well as other items that are not expected to recur and therefore are not reflective of continuing operating performance.

Adjusted net income, as defined by the Company, is calculated as follows:

Net income, plus:

  • Intangible asset amortization and impairment
  • Non-cash expenses, such as non-cash interest, share-based compensation expense, and amortization of financing costs
  • Other adjustments, such as legal settlements, restatement expenses and various acquisition and disposition related expenses
  • Amortization of acquisition-related inventory step-up
  • Less gains (or plus losses) on foreign currency transactions
  • Less gains related to acquisitions and divestitures
  • Less gains from executive bonus clawback of 2014 bonuses
  • Less tax benefits from the early adoption of ASU 2016-09
  • Less an estimated tax provision, net of the benefit from utilizing net operating loss carry-forwards effected for the adjustments noted above

Adjusted diluted earnings per share, as defined by the Company, is equal to adjusted net income divided by the actual or anticipated diluted share count for the applicable period. The Company believes that adjusted net income and adjusted diluted earnings per share are meaningful financial indicators, to both Company management and investors, in that they exclude non-cash income and expense items that have no impact on current or future cash flows, as well as other income and expense items that are not expected to recur and therefore are not reflective of continuing operating performance.

Net debt, as defined by the Company, is gross debt including Akorn’s term loan and revolving debt balances (if applicable) less cash and cash equivalents.

Net debt to Adjusted EBITDA ratio, as defined by the Company, is net debt divided by the trailing twelve months Adjusted EBITDA.

In addition, as may be used in this press release, adjusted tax and adjusted tax rate exclude the impact of all the above adjustments on tax.

The shortcomings of non-GAAP financial measures as guidance or performance measures are that they provide a view of the Company’s results of operations without including all events during a period. For example, Adjusted EBITDA does not take into account the impact of capital expenditures on either the liquidity or the financial performance of the Company and likewise omits share-based compensation expenses, which may vary over time and may represent a material portion of overall compensation expense. Adjusted net income does not take into account non-cash expenses that reflect the amortization of past expenditures, or include share-based compensation, which is an important and material element of the Company's compensation package for its directors, officers and other key employees. Due to the inherent limitations of non-GAAP financial measures, investors should consider non-GAAP measures only as a supplement to, not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP. Investors and other readers are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP measures to their most directly comparable GAAP measures as presented in this press release.

Forward Looking Statements

This press release includes statements that may constitute "forward looking statements"  including our 2016 financial guidance; statements about our focus on growth through organic initiatives and business development activities and that the share repurchase authorization would allow for efficient return of capital to our shareholders in the event that our cash balances exceed our investment needs; statements about our portfolio of ANDAs both pending at the FDA and in other, earlier stages of development and other statements regarding Akorn's launches, regulatory approvals, goals and strategy. When used in this document, the words “anticipate,” "plan," "will," "continue," “believe,” “estimate” and “expect” and similar expressions are generally intended to identify forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Factors that could cause or contribute to such differences include, but are not limited to: the difficulty of predicting the impact of the restatement on our future financial results; the difficulty of predicting the timing or outcome of product development efforts, including FDA and other regulatory agency approvals and actions, if any; the impact of competitive products and pricing; the susceptibility of our generic and off patent pharmaceutical products to competition, substitution policies and reimbursement policies of the government; the timing and success of product launches; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations; the continuing consolidation of our customer base, which could adversely affect sales of our products; our dependence on a small number of distributors, the loss of any of which could have a material adverse effect; changes in the laws and regulations and such other risks and uncertainties outlined in the "Risk Factors" section of Akorn's Form 10-K filed with the SEC on May 10, 2016 and any subsequent filings with the SEC. Except as expressly required by law, Akorn disclaims any intent or obligation to update any forward-looking statements herein.

The addressable IMS market value figures presented in this press release outline the approximate aggregate size of the potential market, as estimated by IMS Health, and are not forecasts of our future sales.

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited), shown in thousands (except per share amounts):

 Three Months Ended
June 30,
 Six Months Ended
June 30,
 2016 2015 2016 2015
Revenues, net$280,734  $220,920  $549,081  $448,298 
Cost of sales (exclusive of amortization of intangibles, included within operating expenses below)108,961  92,513  214,291  189,728 
GROSS PROFIT171,773  128,407  334,790  258,570 
        
Selling, general and administrative expenses53,971  35,208  103,057  65,194 
Acquisition-related costs136  225  333  1,482 
Research and development expenses8,868  10,588  18,347  19,864 
Amortization of intangible assets16,430  16,284  32,948  32,661 
Impairment of intangible assets    158   
TOTAL OPERATING EXPENSES79,405  62,305  154,843  119,201 
OPERATING INCOME92,368  66,102  179,947  139,369 
Amortization of deferred financing costs(1,872) (1,026) (8,183) (2,022)
Interest expense, net(10,768) (13,235) (22,286) (26,715)
Bargain purchase gain      849 
Other non-operating income (expense), net547  (1,483) (2,631) (2,795)
        
INCOME BEFORE INCOME TAXES80,275  50,358  146,847  108,686 
Income tax provision18,282  17,850  42,968  38,640 
        
CONSOLIDATED NET INCOME$61,993  $32,508  $103,879  $70,046 
CONSOLIDATED NET INCOME PER SHARE       
CONSOLIDATED NET INCOME PER SHARE, BASIC$0.51  $0.28  $0.86  $0.61 
CONSOLIDATED NET INCOME PER SHARE, DILUTED$0.50  $0.27  $0.83  $0.57 
        
SHARES USED IN COMPUTING NET INCOME PER SHARE       
BASIC121,374  115,808  120,401  114,587 
DILUTED125,924  125,919  125,934  125,650 
        
COMPREHENSIVE INCOME       
Consolidated net income$61,993  $32,508  $103,879  $70,046 
Unrealized holding gain on available-for-sale securities, net of tax of ($961) and ($53) for the three month periods ended June 30, 2016 and 2015, and ($575) and ($112) for the six month periods ended June 30, 2016 and 2015, respectively.1,629  89  975  190 
Foreign currency translation (loss) gain, net of tax of $844 and $49 for the three month periods ended June 30, 2016 and 2015 and $397 and ($984) for the six month periods ended June 30, 2016 and 2015, respectively.(1,308) (95) (439) 1,913 
Pension liability adjustment, net of tax of $694 for the three and six month period ended June 30, 2016, respectively.(2,727)   (2,727)  
COMPREHENSIVE INCOME$59,587  $32,502  $101,688  $72,149 
 

Condensed Consolidated Balance Sheets, shown in thousands (except share amounts):

 June 30, 2016
(Unaudited)
 December 31,
2015
ASSETS   
CURRENT ASSETS   
Cash and cash equivalents$156,294  $346,266 
Trade accounts receivable, net205,005  150,621 
Inventories, net187,966  185,316 
Available-for-sale securities, current1,480  5,941 
Prepaid expenses and other current assets43,201  19,988 
TOTAL CURRENT ASSETS593,946  708,132 
PROPERTY, PLANT AND EQUIPMENT, NET195,724  179,614 
OTHER LONG-TERM ASSETS   
Goodwill284,379  284,710 
Product licensing rights, net625,611  653,628 
Other intangibles, net209,644  211,361 
Deferred tax assets4,758  4,207 
Long-term investments130  129 
Other non-current assets921  764 
TOTAL OTHER LONG-TERM ASSETS1,125,443  1,154,799 
TOTAL ASSETS$1,915,113  $2,042,545 
LIABILITIES AND SHAREHOLDERS’ EQUITY   
CURRENT LIABILITIES   
Trade accounts payable$48,323  $46,019 
Purchase consideration payable4,981  4,967 
Income taxes payable1,242  23,670 
Accrued royalties12,676  19,378 
Accrued compensation13,095  15,866 
Current maturities of long-term debt (net of current deferred financing costs)  52,779 
Accrued administrative fees30,871  37,094 
Accrued expenses and other liabilities27,608  31,603 
TOTAL CURRENT LIABILITIES138,796  231,376 
LONG-TERM LIABILITIES:   
Long-term debt (net of non-current deferred financing costs)807,370  994,033 
Deferred tax liability180,393  188,808 
Other long-term liabilities10,244  6,763 
TOTAL LONG-TERM LIABILITIES998,007  1,189,604 
TOTAL LIABILITIES1,136,803  1,420,980 
SHAREHOLDERS’ EQUITY   
Common stock, no par value – 150,000,000 shares authorized; 125,852,468 and 119,427,471 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively513,716  458,659 
Retained earnings283,927  180,048 
Accumulated other comprehensive loss(19,333) (17,142)
TOTAL SHAREHOLDERS’ EQUITY778,310  621,565 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,915,113  $2,042,545 


Condensed Consolidated Statements of Cash Flows (Unaudited), shown in thousands:

 Six months ended June 30,
 2016 2015
OPERATING ACTIVITIES:   
Consolidated net income$103,879  $70,046 
Adjustments to reconcile consolidated net income to net cash provided by operating activities:   
Depreciation and amortization44,111  44,742 
Amortization of debt financing costs8,152  2,490 
Impairment of intangible assets158   
Amortization of favorable contracts  35 
Amortization of inventory step-up  4,682 
Non-cash stock compensation expense6,446  6,062 
Non-cash interest expense764  1,889 
Deferred income taxes, net(9,724) (18,288)
Excess tax benefit from stock compensation  (47,997)
Non-cash gain on bargain purchase  (849)
Loss on extinguishment of debt  1,189 
Loss on sale of available-for-sale securities45  230 
Other(780)  
Changes in operating assets and liabilities, net of acquisition:   
Trade accounts receivable(54,296) 60,449 
Inventories, net(2,652) (21,356)
Prepaid expenses and other current assets(23,421) 21,452 
Trade accounts payable4,778  (3,623)
Accrued expenses and other liabilities(41,383) 59,896 
NET CASH PROVIDED BY OPERATING ACTIVITIES36,077  181,049 
INVESTING ACTIVITIES:   
Payments for acquisitions and equity investments, net of cash acquired  (27,136)
Proceeds from disposal of assets5,966  2,372 
Payments for other intangible assets(3,375) (800)
Purchases of property, plant and equipment(29,726) (15,600)
NET CASH USED IN INVESTING ACTIVITIES(27,135) (41,164)
FINANCING ACTIVITIES:   
Net proceeds under stock option and stock purchase plans6,176  11,916 
Debt financing costs(5,128) (1,714)
Payment of contingent acquisition liabilities  (6,492)
Debt payments(200,000) (5,225)
Excess tax benefit from stock compensation  47,997 
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES(198,952) 46,482 
Effect of exchange rate changes on cash and cash equivalents38  44 
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(189,972) 186,411 
Cash and cash equivalents at beginning of period346,266  70,679 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$156,294  $257,090 
SUPPLEMENTAL DISCLOSURES:   
Amount paid for interest21,860  25,222 
Amount paid (refunded) for income taxes, net100,801  (12,753)
Non-cash conversion of convertible notes to common shares43,214  42,309 


Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA (Unaudited), shown in thousands:

 Three Months Ended Six Months Ended
  June 30, June 30,
  2016 2015 2016 2015
NET INCOME$61,993  $32,508  103,879  70,046 
         
ADJUSTMENTS TO ARRIVE AT EBITDA:       
 Depreciation expense5,045  4,285  10,996  9,303 
 Amortization expense16,430  16,284  32,948  32,661 
 Impairment expense    158   
 Interest expense, net10,458  12,373  21,278  24,675 
 Non-cash interest expense310  862  1,008  2,040 
 Income tax provision18,282  17,850  42,968  38,640 
EBITDA$112,518  $84,162  $213,235  $177,365 
         
NON-CASH AND OTHER NON-RECURRING INCOME AND EXPENSES       
        
 Acquisition-related expenses136  225  333  1,482 
 Non-cash stock compensation expense3,526  3,157  6,446  6,131 
 Bargain purchase gain      (849)
 Loss from asset sales45  215  45  361 
 Amortization of inventory gross-up      4,682 
 Debt financing costs1,872  1,026  8,183  2,022 
 Restatement Expense14,150  5,101  25,536  5,301 
 Loss on impairment60  2,627  60  2,627 
 Executive bonus clawback(1,087)   (1,087)  
 Litigation settlement225    3,478  1,300 
ADJUSTED EBITDA$131,445  $96,513  $256,229  $200,422 


Reconciliation of GAAP Net Income to non-GAAP Adjusted Net Income (Unaudited), shown in thousands (except per share amounts):

 Three Months Ended Six Months Ended
 June 30, June 30,
 2016 2015 2016 2015
NET INCOME$61,993  $32,508  $103,879  $70,046 
        
INCOME TAX PROVISION18,282  17,850  42,968  38,640 
        
INCOME BEFORE INCOME TAXES$80,275  $50,358  $146,847  $108,686 
        
ADJUSTMENTS TO ARRIVE AT ADJUSTED NET INCOME:       
Acquisition-related expenses (1)136  225  333  1,482 
Restatement expenses (2)14,150  5,101  25,536  5,301 
Non-cash stock compensation expense (2, 3, 4)3,526  3,157  6,446  6,131 
Non-cash interest expense (5)310  862  1,008  2,040 
Amortization expense (6)16,430  16,284  32,948  32,661 
Loss from asset sales (5)45  215  45  361 
Bargain purchase gain (5)      (849)
Intangible impairment (7)    158   
Amortization of inventory gross-up (4)      4,682 
Debt financing costs (5)1,872  1,026  8,183  2,022 
Loss on impairment (3)60  2,627  60  2,627 
Executive Bonus Clawback (8)(1,087)   (1,087)  
Litigation settlement (5)225    3,478  1,300 
        
ADJUSTED INCOME BEFORE INCOME TAX$115,942  $79,855  $223,955  $166,444 
        
Option exercise tax impact (9)11,473    11,473   
ADJUSTED INCOME TAX PROVISION31,479  27,985  71,532  58,328 
TOTAL ADJUSTED INCOME TAX PROVISION$42,952  $27,985  $83,005  $58,328 
        
ADJUSTED NET INCOME$72,990  $51,870  $140,950  $108,116 
        
ADJUSTED DILUTED EARNINGS PER SHARE$0.58  $0.41  $1.12  $0.86 
        
(1) - Excluded from acquisition-related expenses
(2) - Excluded from S,G & A expenses
(3) - Excluded from R&D expenses
(4) - Excluded from cost of goods sold
(5) - Excluded from non-operating expenses
(6) - Excluded from amortization of intangibles
(7) - Excluded from impairment of intangibles
(8) - Excluded from other non-operating expenses, net
(9) - Included in income tax expense


Reconciliation of GAAP Debt to Non-GAAP Net Debt and Net Debt to adjusted EBITDA ratio (Unaudited), shown in thousands (except Net debt to adjusted EBITDA ratio):

 June 30, 2016
Incremental term loan outstanding$354,270 
Existing term loan outstanding477,667 
Total debt outstanding$831,937 
Cash and cash equivalents156,294 
Net debt$675,643 
  
Adjusted EBITDA, trailing twelve months ended$515,527 
  
Net debt to adjusted EBITDA ratio1.3 

 

Investors/Media:
Stephanie Carrington
ICR, Inc.
(646) 277-1282
Stephanie.carrington@icrinc.com

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