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Stericycle, Inc. Reports Results for the Third Quarter and Year to Date 2016

LAKE FOREST, Ill., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Stericycle, Inc. (NASDAQ:SRCL), today reported financial results for the third quarter and year to date 2016.

/EIN News/ -- THIRD QUARTER HIGHLIGHTS COMPARED TO PRIOR YEAR:

  • Revenues of $890.1 million, up 23.9%, including a 2.5% negative impact from foreign exchange
  • GAAP gross profit of $379.3 million, up 26.6%
  • GAAP EPS decreased 11.1% to $0.72 and Non-GAAP EPS increased 7.8% to $1.24

THIRD QUARTER RESULTS

Revenues for the quarter ended September 30, 2016 were $890.1 million, up 23.9% from $718.6 million in the third quarter of last year. Acquisitions contributed approximately $184.7 million to the current period’s growth in revenues.  Revenues increased 26.4% compared to the third quarter of last year when adjusted for unfavorable foreign exchange impacts of $18.3 million. Organic revenues grew 0.7%, or 1.6% when adjusted for manufacturing and industrial services. See Tables 1A-1C.

Gross profit, reported in accordance with U.S. generally accepted accounting principles (“GAAP”), was $379.3 million, up 26.6% from $299.7 million in the third quarter of last year.  GAAP gross profit as a percentage of revenue was 42.6% compared to 41.7% in the third quarter of last year. Non-GAAP gross profit, when adjusted for contract exit costs and plant conversion expenses as identified in Table 2, was $381.0 million, an increase of 26.9% from $300.2 million in the third quarter of last year. Non-GAAP gross profit as a percentage of revenues was 42.8% compared to 41.8% in the third quarter of last year.

“We were able to maintain consistent margin performance in the quarter despite revenue headwinds from previously discussed pricing pressure and softness in the manufacturing and industrial market,” said Charlie Alutto, President and Chief Executive Officer.

GAAP earnings per diluted share decreased 11.1% to $0.72 from $0.81 in the third quarter of last year. Non-GAAP earnings per diluted share, when adjusted for various items, increased 7.8% to $1.24 from $1.15 in the third quarter of last year. See Tables 3 and 4.

“Our record free cash flow in the quarter allowed us to accelerate our capital allocation strategy, contributing to our EPS growth,” said Dan Ginnetti, Chief Financial Officer. “We were able to significantly reduce our debt by approximately $100 million, repurchase 265,000 of mandatory convertible preferred stock, and close five acquisitions.” 

NINE MONTHS HIGHLIGHTS COMPARED TO PRIOR YEAR:

  • Revenues of $2.66 billion, up 26.6%, including a 3.0% negative impact from foreign exchange
  • GAAP gross profit of $1.13 billion, up 27.5%
  • GAAP EPS decreased 10.6% to $1.93 and Non-GAAP EPS increased 1.7% to $3.53

FIRST NINE MONTHS RESULTS

Revenues for the nine months ended September 30, 2016 were $2.66 billion, up 26.6% from $2.10 billion in the same period last year. Acquisitions contributed approximately $565.1 million to the current year’s growth in revenues. Revenues increased 29.6% compared to the same period last year when adjusted for unfavorable foreign exchange impact of $62.1 million. Organic revenues grew 2.6%, or 3.9% when adjusted for manufacturing and industrial services. See Tables 1A-1C.

GAAP gross profit was $1.13 billion, up 27.5% from $885.8 million in the same period last year. GAAP gross profit as a percentage of revenues was 42.5% compared to 42.2% in the same period last year. Non-GAAP gross profit, when adjusted for contract exit costs and plant conversion expenses as identified in Table 2, was $1.13 billion, up 27.6% from $886.8 million in the same period as last year. Non-GAAP gross profit as a percentage of revenues was 42.6% compared to 42.3% in the same period last year.

GAAP earnings per diluted share decreased 10.6% to $1.93 from $2.16 in the same period last year. Non-GAAP earnings per diluted share, when adjusted for various items, increased 1.7% to $3.53 from $3.47 in the same period last year. See Tables 3 and 4.

Cash flow from operations for the nine months ended September 30, 2016 was $417.8 million, up 42.4% from $293.3 million in the same period last year.

CONFERENCE CALL INFORMATION

Conference call to be held October 27, 2016 4:00 p.m. Central time – Dial 866-516-6872 at least 5 minutes before start time. If you are unable to participate on the call, a replay will be available through November 27th by dialing 855-859-2056, access code 21518012. To hear a live simulcast of the call or access the audio archive, visit the investor relations page on www.stericycle.com.

PRESENTATION OF NON-GAAP INFORMATION

This press release includes certain non-GAAP financial measures, as defined in the SEC’s Regulation G. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP financial measures allows for a better period over period comparison by removing the impact of items that, in management’s view, do not reflect the Company’s underlying operating performance. These measures are also used to evaluate senior management and are a factor in determining their at-risk compensation.

Adjusted diluted earnings per share, adjusted net income, adjusted gross profit, and adjusted sales growth are described in the Reconciliation of Certain Non-GAAP Measures section of this document.

These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial results, but should be read in conjunction with the unaudited condensed consolidated statement of income and other information presented herein. The non-GAAP financial measures in the press release may differ from similar measures used by other companies. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure is included in the accompanying tables.

DISCUSSION OF ADJUSTING ITEMS FOR NON-GAAP MEASURES

For the purpose of evaluating revenues, we present non-GAAP revenues to show the impact of foreign currency, revenues from acquisitions and Manufacturing and Industrial Services (“M&I”). Management reviews and analyzes revenues excluding the effect of foreign currency translation and revenue from acquisitions because we believe this better represents the Company’s underlying business trends, including organic revenue growth. Separate presentation of M&I allows for visibility of a revenue stream that has shown greater volatility than our other service lines.

For the purpose of evaluating operating performance, we present our financials to show the impact of income and expenses in our non-GAAP earnings related to acquisitions. These adjustments include acquisition expense, integration expense, amortization expense, and the change in fair value of contingent consideration. This allows for comparison of period over period results without the impact of acquisition-related expenses.

For the purpose of evaluating operating performance, we additionally present our financials to show the impact of certain expenses and income in our non-GAAP earnings to allow for period over period comparison of financials without the impact of charges that may not occur each year and if so, are due to different factors. For the periods presented, these adjustments include litigation expense, restructuring and plant conversion expenses, contract exit costs, and insurance proceeds.

For the purpose of calculating the ultimate impact of our mandatory convertible preferred stock, we show the impact to our EPS by excluding the mandatory convertible preferred stock dividend and using the “if-converted” method of share dilution. This provides the reader insight to how our diluted shares will be affected after these preferred shares are converted to common shares.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

Table 1 – A: RECONCILIATION OF GAAP TO NON-GAAP REVENUE GROWTH – QTD Q3

  Three Months Ended September 30, 2016 and 2015  
  In millions     Percentage Growth (%)  
Global Revenue Details by Service  2016         2015     Growth     Organic   Acquisitions   Foreign
Exchange
  Total  
Regulated Waste and Compliance Services $ 520.4         $ 521.0     $ (0.6 )     1.7 %   0.4 %   (2.2 %)   (0.1 %)
Secure Information Destruction Services   187.1           -       187.1     N/A   N/A   N/A   N/A  
Communication and Related Services   87.5           93.2       (5.7 )     (5.5 %)   0.8 %   (1.4 %)   (6.1 %)
Manufacturing and Industrial Services   95.2           104.5       (9.3 )     (4.4 %)   0.8 %   (5.2 %)   (8.9 %)
Total Revenues, as Reported   890.1           718.6       171.5       0.7 %   25.7 %   (2.5 %)   23.9 %
Less: Manufacturing and Industrial Services   (95.2 )         (104.5 )                                  
Total Revenues, as Adjusted (Non-GAAP) $ 795.0         $ 614.1     $ 180.8       1.6 %   29.9 %   (2.1 %)   29.4 %
                                                     
Domestic Revenues $ 664.1         $ 523.5     $ 140.6       (0.1 %)   27.0 %       26.9 %
International Revenues   226.1           195.1       31.0       3.0 %   22.3 %   (9.4 %)   15.9 %
Total Revenues, as Reported $ 890.1         $ 718.6     $ 171.5       0.7 %   25.7 %   (2.5 %)   23.9 %
                                                     

Table 1 – B: RECONCILIATION OF GAAP TO NON-GAAP REVENUE GROWTH – YTD Q3

  Nine Months Ended September 30, 2016 and 2015  
  In millions     Percentage Growth (%)  
Global Revenue Details by Service 2016         2015     Growth     Organic   Acquisitions   Foreign
Exchange
  Total  
Regulated Waste and Compliance Services $ 1,550.3         $ 1,544.6     $ 5.7       2.5 %   0.6 %   (2.7 %)   0.4 %
Secure Information Destruction Services   562.3           -       562.3     N/A   N/A   N/A   N/A  
Communication and Related Services   258.0           247.6       10.4       3.2 %   2.4 %   (1.4 %)   4.2 %
Manufacturing and Industrial Services   285.4           305.4       (20.0 )     (4.5 %)   3.4 %   (5.5 %)   (6.5 %)
Total Revenues, as Reported   2,655.9           2,097.6       558.3       2.6 %   26.9 %   (3.0 %)   26.6 %
Less: Manufacturing and Industrial Services   (285.4 )         (305.4 )                                  
Total Revenues, as Adjusted (Non-GAAP) $ 2,370.5         $ 1,792.2     $ 578.3       3.9 %   30.9 %   (2.5 %)   32.3 %
                                                     
Domestic Revenues $ 1,970.9         $ 1,513.9     $ 456.9       1.8 %   28.4 %       30.2 %
International Revenues   685.1           583.7       101.4       5.0 %   23.0 %   (10.6 %)   17.4 %
Total Revenues, as Reported $ 2,655.9         $ 2,097.6     $ 558.3       2.6 %   26.9 %   (3.0 %)   26.6 %
                                                     

Table 1 – C: DISAGGREGATED REVENUE GROWTH – 2016

In millions  
  Three Months Ended
September 30, 2016
        Nine Months Ended
September 30, 2016
 
Organic $ 5.1         $ 55.3  
Acquisitions   184.7           565.1  
Foreign Exchange   (18.3 )         (62.1 )
Total Growth $ 171.5         $ 558.3  
                   

Table 2: RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT

In millions                                                      
  Three Months Ended September 30,     Nine Months Ended September 30,  
  2016     2015     2016     2015  
  $   % of Rev     $   % of Rev     $   % of Rev     $   % of Rev  
Gross Profit, as Reported $ 379.3     42.6 %   $ 299.7     41.7 %   $ 1,129.5     42.5 %   $ 885.8     42.2 %
Contract exit costs   1.7     0.2 %     -     0.0 %     1.7     0.1 %     -     0.0 %
Plant Conversion Expenses   (0.0 )   0.0 %     0.5     0.1 %     0.8     0.0 %     1.0     0.0 %
Gross Profit, as Adjusted (Non-GAAP) $ 381.0     42.8 %   $ 300.2     41.8 %   $ 1,132.0     42.6 %   $ 886.8     42.3 %
                                                       

Table 3: RECONCILIATION OF GAAP TO NON-GAAP NET INCOME ATTRIBUTABLE TO STERICYCLE COMMON SHAREHOLDERS

In millions, except share and per share data  
  Three Months Ended September 30,     Nine Months Ended September 30,  
  2016   2015     2016   2015  
Net Income Attributable to Stericycle, Inc. Common Shareholders, As Reported $ 61.5   $ 69.4     $ 165.5   $ 186.2  
Adjustments:                          
Acquisition Expenses   2.3     33.7       7.9     39.9  
Integration Expenses   19.2     13.4       61.0     31.2  
Litigation Expenses   1.5     (16.4 )     5.4     59.0  
Changes in Fair Value of Contingent Consideration   0.6     -       (2.1 )   (0.6 )
Restructuring and Plant Conversion Expenses   0.5     2.7       1.7     18.1  
Contract Exit Costs   10.1     -       22.8     -  
Insurance Proceeds   (3.1 )   -       (3.1 )   -  
Amortization Expense a   33.1     9.2       102.3     27.0  
Add Back Convertible Preferred Stock Dividend   9.7     -       29.9     -  
Total Adjustments   73.9     42.6       225.8     174.6  
Tax Effect of above adjustments b   (22.6 )   (12.2 )     (69.4 )   (60.3 )
Net Income Attributable to Stericycle, Inc. Common Shareholders, as Adjusted (Non-GAAP) $ 112.8   $ 99.8     $ 321.9   $ 300.5  
EPS, as Reported $ 0.72   $ 0.81     $ 1.93   $ 2.16  
EPS, as Adjusted (Non-GAAP) $ 1.24   $ 1.15     $ 3.53   $ 3.47  
Weighted average number of common shares outstanding - diluted   85,570,529     86,120,315       85,689,525     86,234,859  
Additional Dilution Under If-Converted Method   5,495,861     -       5,590,105     -  
Diluted Weighted Average Number of Common Shares Outstanding Under If-Converted Method   91,066,390     86,120,315       91,279,630     86,234,859  


a) Beginning in the quarter ended March 31, 2016, the Company has started to exclude amortization expense from non-GAAP EPS. For comparable reporting, the Company’s previously reported 2015 results are adjusted to reflect the change.
b) The tax effect of the adjustments is calculated based on applying the appropriate tax rate for the jurisdictions in which the adjustment occurred for the respective periods.
 

Table 4: RECONCILIATION OF GAAP TO NON-GAAP EPS

  Three Months Ended September 30,     Nine Months Ended September 30,  
                  Change                     Change  
  2016     2015     $   %     2016     2015     $   %  
EPS, as Reported $ 0.72     $ 0.81     $ (0.09 )   -11.1 %   $ 1.93     $ 2.16     $ (0.23 )   -10.6 %
Acquisition Expenses   0.02       0.27                     0.06       0.33                
Integration Expenses   0.14       0.10                     0.45       0.23                
Litigation Expenses   0.01       (0.12 )                   0.04       0.41                
Changes in Fair Value of Contingent Consideration   0.01       0.00                     (0.02 )     (0.01 )              
Restructuring and Plant Conversion Expenses   0.00       0.02                     0.01       0.14                
Contract Exit Costs   0.10       0.00                     0.20       0.00                
Insurance Proceeds   (0.04 )     0.00                     (0.03 )     0.00                
Amortization Expense   0.25       0.07                     0.77       0.21                
Add Back Convertible Preferred Stock Dividend   0.11       0.00                     0.35       0.00                
Total Impact of All Adjustments Including Convertible Preferred Stock Dividend   (0.08 )     0.00                     (0.23 )     0.00                
EPS, as Adjusted (Non-GAAP) $ 1.24     $ 1.15     $ 0.09     7.8 %   $ 3.53     $ 3.47     $ 0.06     1.7 %
Diluted Weighted Average Number of Common Shares Outstanding Under If-Converted Method   91,066,390       86,120,315                     91,279,630       86,234,859                
                                                           

For more information about Stericycle, please visit our website at www.stericycle.com

Safe Harbor Statement: This press release may contain forward-looking statements that involve risks and uncertainties, some of which are beyond our control (for example, general economic and market conditions). Our actual results could differ significantly from the results described in the forward-looking statements. Factors that could cause such differences include changes in governmental regulation of the collection, transportation, treatment and disposal of regulated waste or the proper handling and protection of personal and confidential information, increases in transportation and other operating costs, the level of governmental enforcement of regulations governing regulated waste collection and treatment or the proper handling and protection of personal and confidential information, our obligations to service our substantial indebtedness and to comply with the covenants and restrictions contained in our private placement notes, term loan credit facility and revolving credit facility, our ability to execute our acquisition strategy and to integrate acquired businesses, competition and demand for services in the regulated waste and secure information destruction industries, political, economic and currency risks related to our foreign operations, impairments of goodwill or other indefinite-lived intangibles, variability in the demand for services we provide on a project or non-recurring basis, exposure to environmental liabilities, fluctuations in the price we receive for the sale of paper, disruptions in or attacks on our information technology systems, compliance with existing and future legal and regulatory requirements, as well as other factors described in our filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. As a result, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future results or trends. We make no commitment to disclose any subsequent revisions to forward-looking statements.

STERICYCLE, INC. AND SUBSIDIARIES  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
(IN THOUSANDS)  
               
  September 30,     December 31,  
  2016     2015  
ASSETS              
Current Assets:              
Cash and cash equivalents $ 40,291     $ 55,634  
Short-term investments   63       69  
Accounts receivable, net   637,921       614,494  
Prepaid expenses   52,134       46,740  
Other current assets   43,529       44,891  
Total Current Assets   773,938       761,828  
Property, plant and equipment, net   738,106       665,602  
Goodwill   3,597,034       3,758,177  
Intangible assets, net   1,926,974       1,842,561  
Other assets   31,544       36,995  
Total Assets $ 7,067,596     $ 7,065,163  
               
LIABILITIES AND EQUITY              
Current Liabilities:              
Current portion of long-term debt $ 91,008     $ 161,409  
Accounts payable   146,400       149,202  
Accrued liabilities   211,762       197,329  
Deferred revenues   15,536       16,989  
Other current liabilities   73,021       62,420  
Total Current Liabilities   537,727       587,349  
               
Long-term debt, net of current portion   2,921,770       3,040,352  
Deferred income taxes   654,495       608,272  
Other liabilities   84,483       81,352  
Equity:              
Mandatory convertible preferred stock   7       8  
Common stock   851       849  
Additional paid-in capital   1,167,756       1,143,020  
Accumulated other comprehensive loss   (304,168 )     (282,631 )
Retained earnings   1,993,343       1,868,645  
Total Stericycle, Inc. Equity   2,857,789       2,729,891  
Noncontrolling interests   11,332       17,947  
Total Equity   2,869,121       2,747,838  
Total Liabilities and Equity $ 7,067,596     $ 7,065,163  


STERICYCLE, INC. AND SUBSIDIARIES  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME  
(IN THOUSANDS, EXCEPT SHARES AND PER SHARE DATA)  
                                                       
  Three Months Ended September 30,     Nine Months Ended September 30,  
  2016     2015     2016     2015  
  $   % of Rev     $   % of Rev     $   % of Rev     $   % of Rev  
                                                       
Revenues $ 890,144     100.0 %   $ 718,596     100.0 %   $ 2,655,946     100.0 %   $ 2,097,604     100.0 %
Cost of revenues ("COR") exclusive of depreciation   488,154     54.8 %     404,918     56.3 %     1,457,425     54.9 %     1,169,051     55.7 %
Depreciation   22,730     2.6 %     14,003     1.9 %     68,982     2.6 %     42,723     2.0 %
Total cost of revenues   510,884     57.4 %     418,921     58.3 %     1,526,407     57.5 %     1,211,774     57.8 %
                                                       
Gross profit, as reported   379,260     42.6 %     299,675     41.7 %     1,129,539     42.5 %     885,830     42.2 %
Gross profit, as adjusted (non-GAAP)   380,982     42.8 %     300,162     41.8 %     1,132,014     42.6 %     886,831     42.3 %
                                                       
Selling, general and administrative expenses ("SG&A") exclusive of depreciation   245,245     27.6 %     166,671     23.2 %     739,294     27.8 %     536,004     25.6 %
Depreciation   9,498     1.1 %     4,248     0.6 %     25,097     0.9 %     12,753     0.6 %
Total SG&A expense, as reported   254,743     28.6 %     170,919     23.8 %     764,391     28.8 %     548,757     26.2 %
Total SG&A expense, as adjusted (non-GAAP)   189,269     21.3 %     128,769     17.9 %     567,846     21.4 %     375,141     17.9 %
                                                       
Income from operations, as reported   124,517     14.0 %     128,756     17.9 %     365,148     13.7 %     337,073     16.1 %
Income from operations, as adjusted (non-GAAP) exclusive of adjusting items shown below   191,713     21.5 %     171,393     23.9 %     564,168     21.2 %     511,690     24.4 %
                                                       
Adjusting items:                                                      
Contract exit costs (COR)   1,715     0.2 %     -     0.0 %     1,715     0.1 %     -     0.0 %
Plant conversion expenses (COR)   7     0.0 %     487     0.1 %     760     0.0 %     1,001     0.0 %
Acquisition expenses (SG&A)   2,265     0.3 %     33,674     4.7 %     7,862     0.3 %     39,956     1.9 %
Integration expenses (SG&A)   19,162     2.2 %     13,447     1.9 %     61,008     2.3 %     31,257     1.5 %
Litigation expenses (SG&A)   1,481     0.2 %     (16,444 )   -2.3 %     5,445     0.2 %     59,006     2.8 %
Change in fair value of contingent consideration (SG&A)   559     0.1 %     -     0.0 %     (2,085 )   -0.1 %     (640 )   0.0 %
Restructuring and plant conversion expenses (SG&A)   484     0.1 %     2,234     0.3 %     901     0.0 %     17,080     0.8 %
Contract exit costs (SG&A)   8,395     0.9 %     -     0.0 %     21,103     0.8 %     -     0.0 %
Amortization (SG&A)   33,128     3.7 %     9,239     1.3 %     102,311     3.9 %     26,957     1.3 %
Total adjustments   67,196     7.5 %     42,637     5.9 %     199,020     7.5 %     174,617     8.3 %
                                                       
Other income (expense):                                                      
Interest expense, net   (24,690 )   -2.8 %     (17,378 )   -2.4 %     (73,089 )   -2.8 %     (52,366 )   -2.5 %
Other income/ (expense), net   2,932     0.3 %     (1,754 )   -0.2 %     (437 )   0.0 %     (3,956 )   -0.2 %
Total other expense   (21,758 )   -2.4 %     (19,132 )   -2.7 %     (73,526 )   -2.8 %     (56,322 )   -2.7 %
                                                       
Income before income taxes   102,759     11.5 %     109,624     15.3 %     291,622     11.0 %     280,751     13.4 %
                                                       
Income tax expense   37,586     4.2 %     39,718     5.5 %     102,624     3.9 %     93,276     4.4 %
                                                       
Net income   65,173     7.3 %     69,906     9.7 %     188,998     7.1 %     187,475     8.9 %
                                                       
Less: net income attributable to noncontrolling interests   378     0.0 %     457     0.1 %     1,383     0.1 %     1,256     0.1 %
                                                       
Net income attributable to Stericycle, Inc.   64,795     7.3 %     69,449     9.7 %     187,615     7.1 %     186,219     8.9 %
                                                       
Less: mandatory convertible preferred stock dividend   9,726     1.1 %     -     0.0 %     29,853     1.1 %     -     0.0 %
Less: gain on repurchase of preferred stock   (6,467 )   -0.7 %     -     0.0 %     (7,747 )   -0.3 %     -     0.0 %
                                                       
Net income attributable to Stericycle, Inc. common shareholders $ 61,536     6.9 %   $ 69,449     9.7 %   $ 165,509     6.2 %   $ 186,219     8.9 %
                                                       
Earnings per share - diluted $ 0.72           $ 0.81           $ 1.93           $ 2.16        
                                                       
Weighted average number of common shares outstanding - diluted   85,570,529             86,120,315             85,689,525             86,234,859        


STERICYCLE, INC. AND SUBSIDIARIES  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(IN THOUSANDS)  
  Nine Months Ended September 30,  
  2016     2015  
Operating Activities:              
Net income $ 188,998     $ 187,475  
Adjustments to reconcile net income to net cash provided by operating activities:              
Stock compensation expense   16,671       16,158  
Excess tax benefit of stock options exercised   -       (15,483 )
Depreciation   94,079       55,476  
Amortization   102,311       26,957  
Deferred income taxes   20,579       (15,218 )
Other, net   (2,296 )     5,686  
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:              
Accounts receivable   (26,825 )     (66,352 )
Accounts payable   681       29,170  
Accrued liabilities   6,141       77,820  
Deferred revenue   (1,230 )     (3,412 )
Other assets and liabilities   18,659       (4,986 )
Net cash provided by operating activities   417,768       293,291  
               
Investing Activities:              
Payments for acquisitions, net of cash acquired   (51,197 )     (97,098 )
Proceeds from investments   7       (635,919 )
Proceeds from insurance settlement   2,358       -  
Proceeds from sale of property and equipment   1,316       -  
Capital expenditures   (100,981 )     (72,566 )
Net cash used in investing activities   (148,497 )     (805,583 )
               
Financing Activities:              
Repayments of long-term debt and other obligations   (52,462 )     (61,805 )
Proceeds from foreign bank debt   68,711       42,535  
Repayments of foreign bank debt   (68,211 )     (76,387 )
Proceeds from term loan   -       250,000  
Repayments of term loan   (250,000 )     (250,000 )
Proceeds from private placement of pf long-term note           300,000  
Repayments of private placement pf long-term note           (100,000 )
Proceeds from senior credit facility   1,205,270       1,338,140  
Repayments of senior credit facility   (1,118,831 )     (1,614,968 )
Repayments of capital lease obligations   (4,644 )     (2,813 )
Payments of deferred financing costs   (605 )     -  
Payment for hedge   -       (8,833 )
Payments for repurchase of common stock   (40,814 )     (103,029 )
Payments for repurchase of convertible preferred stock   (24,263 )     -  
Proceeds from issuances of mandatory convertible preferred stock   -       746,900  
Proceeds from issuances of common stock   35,727       53,529  
Dividends paid on mandatory convertible preferred stock   (29,853 )     -  
Excess tax benefit of stock options exercised   -       15,483  
Payments to noncontrolling interests   (6,961 )     (5,236 )
Net cash (used in)/ provided by financing activities   (286,936 )     523,516  
Effect of exchange rate changes on cash and cash equivalents   2,322       (577 )
Net (decrease)/ increase in cash and cash equivalents   (15,343 )     10,647  
Cash and cash equivalents at beginning of period   55,634       22,236  
               
Cash and cash equivalents at end of period $ 40,291     $ 32,883  
               
Non-cash activities:              
Net issuances of obligations for acquisitions $ 31,394     $ 71,905  

 

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Investor Relations 847-607-2012

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