There were 813 press releases posted in the last 24 hours and 171,872 in the last 365 days.

Stericycle, Inc. Reports Results for the Second Quarter and Year to Date 2017

Lake Forest, Ill., Aug. 03, 2017 (GLOBE NEWSWIRE) -- Stericycle, Inc. (NASDAQ:SRCL) today reported financial results for the second quarter and year to date 2017.

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

  • Revenues of $917.7 million, an increase of 2.9%, including a 1.3% unfavorable impact from foreign exchange
  • Gross profit of $381.8 million, an increase of 1.1%
  • Reached proposed settlement of class action lawsuit of $295.0 million to reduce uncertainty and expense of continued litigation
  • Loss per share of $1.74, due primarily to the impact of the proposed class action settlement, and Adjusted earnings per share (“Adjusted EPS”) of $1.15

SECOND QUARTER RESULTS

Revenues for the quarter ended June 30, 2017 were $917.7 million, an increase of 2.9% from $891.6 million in the second quarter of last year. Acquisitions contributed approximately $8.6 million to the increase in revenues. Divestitures reduced revenues by $0.8 million. On a constant currency basis, revenues increased 4.2% compared to the second quarter of last year after adjusting for unfavorable foreign exchange impacts of $12.1 million. Organic revenues increased 3.4%, or 4.1% when adjusted for Manufacturing and Industrial Services. See Tables 1-A, 1-B and 1-C.

Gross profit was $381.8 million, an increase of 1.1% from $377.6 million in the second quarter of last year. Gross profit as a percentage of revenues was 41.6% compared to 42.4% in the second quarter of last year. Adjusted gross profit was $381.8 million, an increase of 1.0% from $378.2 million in the second quarter of last year. Adjusted gross profit as a percentage of revenues was 41.6% compared to 42.4% in the second quarter of last year. See Table 2.

“This quarter we continued to see strong performance from our Secure Information Destruction Services and Communication and Related Services.  We also reached a preliminary settlement to the small quantity medical waste customer class action lawsuit,” said Charlie Alutto, President and Chief Executive Officer. “This preliminary settlement not only reduces the uncertainty and expense of continued litigation, it is an important step toward putting this matter behind us and allowing our team to focus on our customers and the growth of our business.”

Loss per share was $1.74, due primarily to the impact of the proposed class action settlement, compared to earnings per share of $0.43 in the second quarter of last year. Adjusted EPS was $1.15 compared to $1.18 in the second quarter of last year. See Tables 3 and 4.

As previously reported, the Company has reached a preliminary resolution with the plaintiffs in a proposed settlement of the class action litigation In re: Stericycle, Inc., Steri-Safe Contract Litigation, Case No. 1:13-cv-05795 (N.D. Ill.). Under the proposed settlement terms, the Company will establish a common fund of $295.0 million from which will be paid all compensation to members of the settlement class, attorneys’ fees to class counsel, incentive awards to the named class representatives and all costs of notice and administration. The Company’s existing contracts with its customers will remain in force, while the Company will also establish guidelines for future price increases as part of the settlement. The Company is admitting no fault or wrongdoing, and is entering into this settlement to avoid the cost and uncertainty of litigation. In connection with the proposed settlement, which remains subject to court approval of a final agreement, the Company recorded a charge of $295.0 million in the second quarter ended June 30, 2017.

FIRST SIX MONTHS HIGHLIGHTS COMPARED TO PRIOR YEAR:

  • Revenues of $1.81 billion, an increase of 2.5%, including a 1.2% unfavorable impact from foreign exchange
  • Gross profit of $750.4 million, an increase of 0.8%
  • Loss per share of $1.12, due primarily to the impact of the proposed class action settlement of $295.0 million, and Adjusted EPS of $2.25

FIRST SIX MONTHS RESULTS

Revenues for the six months ended June 30, 2017 were $1.81 billion, an increase of 2.5% from $1.77 billion in the same period last year. Acquisitions contributed approximately $18.6 million to the increase in revenues. Divestitures reduced revenues by $1.5 million. On a constant currency basis, revenues increased 3.7% compared to the first six months of last year after adjusting for unfavorable foreign exchange impacts of $21.8 million. Organic revenues increased 2.8%, or 3.9% when adjusted for Manufacturing and Industrial Services. See Tables 1-A, 1-B and 1-C.

Gross profit was $750.4 million, an increase of 0.8% from $744.2 million in the same period last year. Gross profit as a percentage of revenues was 41.5% compared to 42.1% in the same period last year. Adjusted gross profit was $750.4 million, an increase of 0.7% from $745.0 million in the same period last year. Adjusted gross profit as a percentage of revenues was 41.5% compared to 42.2% in the same period last year. See Table 2.

Loss per share was $1.12, due primarily to the impact of the proposed class action settlement, compared to earnings per share of $1.21 in the same period last year. Adjusted EPS was $2.25 compared to $2.29 in the same period last year. See Tables 3 and 4.

Cash flow from operations for the six months ended June 30, 2017 was $237.1 million, a decrease of 3.4% from $245.4 million in the same period last year.

CONFERENCE CALL INFORMATION

We will hold a conference call on August 3, 2017 at 4:00 p.m. Central time – Dial 866-516-6872 at least 5 minutes before start time. A replay will be available for 30 days by dialing 855-859-2056 or 404-537-3406, access code 92841882. To hear a live simulcast of the call or access the audio archive, visit the investor relations page on www.stericycle.com.

PRESENTATION AND DISCUSSION OF NON-GAAP INFORMATION

The Company reports its financial results in compliance with U.S. Generally Accepted Accounting Principles (“GAAP”), and supplementally provides certain non-GAAP financial measures to provide additional information based on measures that management uses to operate the Company’s business and to remove the impact of certain items that, in management’s view, do not reflect the Company’s underlying operating performance. These non-GAAP measures are also used to evaluate senior management and are a factor in determining their performance-based compensation.

Adjusted EPS, Adjusted net income attributable to Stericycle common shareholders, Adjusted gross profit, and Adjusted revenues are described in the Reconciliation of Certain Non-GAAP Measures section of this document.

We present our change in revenues separately to show the impact of foreign currency, acquisitions, and divestitures because we believe that exclusion of these items better represents the Company’s underlying business trends, including organic revenue changes. We also present revenues excluding Manufacturing and Industrial Services (“M&I”) which allow for visibility to 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 certain acquisition-related items in our adjusted earnings. These adjustments include acquisition and integration expenses, intangible 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 items. Further, we show the impact of certain other items in our adjusted earnings to allow for period over period comparison of results without the impact of items that may not occur each year and, if so, are due to different factors. For the periods presented, these adjustments include litigation and professional services expenses, restructuring, plant conversion and other related expenses, and contract exit expenses, and asset impairment charges and loss on disposal of assets held for sale.

For the purpose of calculating the ultimate EPS impact of our mandatory convertible preferred stock, we show the impact 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 share count will be affected after these preferred shares are converted to common shares.

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 (loss) 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.

RECONCILIATION OF CERTAIN NON-GAAP MEASURES

Table 1 – A: RECONCILIATION OF REVENUES TO ADJUSTED REVENUES – THREE MONTHS ENDED

    Three Months Ended June 30,  
    In millions     Percentage Change (%)  
Global Revenues Details by Service   2017     2016     Change     Organic   Acquisitions,
Net of
Divestiture
  Foreign
Exchange
  Total  
Regulated Waste and Compliance Services   $ 512.3     $ 523.3     $ (11.0 )     (1.1 %)   0.2 %   (1.2 %)   (2.1 %)
Secure Information Destruction Services     212.4       190.5       21.9       9.7 %   3.2 %   (1.5 %)   11.5 %
Communication and Related Services     102.9       82.5       20.3       24.3 %   1.7 %   (1.3 %)   24.6 %
Manufacturing and Industrial Services     90.1       95.2       (5.1 )     (2.7 %)   (0.8 %)   (1.9 %)   (5.4 %)
Total Revenues, as Reported     917.7       891.6       26.1       3.4 %   0.9 %   (1.3 %)   2.9 %
Less: Manufacturing and Industrial Services     (90.1 )     (95.2 )                                  
Total Revenues, as Adjusted   $ 827.6     $ 796.4     $ 31.2       4.1 %   1.1 %   (1.3 %)   3.9 %
                                                   
Domestic and Canada revenues   $ 737.7     $ 696.8     $ 40.9       5.1 %   1.0 %   (0.2 %)   5.9 %
International revenues     180.1       194.9       (14.8 )     (2.7 %)   0.4 %   (5.3 %)   (7.6 %)
Total Revenues, as Reported   $ 917.7     $ 891.6     $ 26.1       3.4 %   0.9 %   (1.3 %)   2.9 %

Table 1 – B: RECONCILIATION OF REVENUES TO ADJUSTED REVENUES – SIX MONTHS ENDED

    Six Months Ended June 30,  
    In millions     Percentage Change (%)  
Global Revenues Details by Service   2017         2016     Change     Organic   Acquisitions,
Net of
Divestiture
  Foreign
Exchange
  Total  
Regulated Waste and Compliance Services   $ 1,023.5         $ 1,029.9     $ (6.4 )     0.2 %   0.3 %   (1.1 %)   (0.6 %)
Secure Information Destruction Services     416.5           375.2       41.3       8.9 %   3.5 %   (1.4 %)   11.0 %
Communication and Related Services     196.4           170.5       25.9       15.0 %   1.4 %   (1.2 %)   15.2 %
Manufacturing and Industrial Services     173.8           190.3       (16.5 )     (6.1 %)   (0.8 %)   (1.7 %)   (8.7 %)
Total Revenues, as Reported     1,810.1           1,765.8       44.3       2.8 %   1.0 %   (1.2 %)   2.5 %
Less: Manufacturing and Industrial Services     (173.8 )         (190.3 )                                  
Total Revenues, as Adjusted   $ 1,636.4         $ 1,575.5     $ 60.8       3.9 %   1.2 %   (1.2 %)   3.9 %
                                                       
Domestic and Canada revenues   $ 1,448.5         $ 1,382.9     $ 65.6       3.7 %   1.1 %   (0.0 %)   4.7 %
International revenues     361.6           382.9       (21.2 )     (0.5 %)   0.6 %   (5.6 %)   (5.5 %)
Total Revenues, as Reported   $ 1,810.1         $ 1,765.8     $ 44.3       2.8 %   1.0 %   (1.2 %)   2.5 %

Table 1 – C: DISAGGREGATED REVENUES CHANGE

In millions  
  Three Months Ended
June 30, 2017
    Six Months Ended
June 30, 2017
 
Organic $ 30.4     $ 49.0  
Acquisitions   8.6       18.6  
Divestiture   (0.8 )     (1.5 )
Foreign exchange           (12.1 )     (21.8 )
Total Change $ 26.1     $ 44.3  

Table 2: RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT

In millions  
  Three Months Ended June 30,     Six Months Ended June 30,  
  2017     2016     2017     2016  
  $   % of Revenues     $   % of Revenues     $   % of Revenues     $   % of Revenues  
Gross Profit, as Reported $ 381.8     41.6 %   $ 377.6     42.4 %   $ 750.4     41.5 %   $ 744.2     42.1 %
Plant conversion and other related expenses   -     0.0 %     0.5     0.1 %     -     0.0 %     0.8     0.0 %
Gross Profit, as Adjusted $ 381.8     41.6 %   $ 378.2     42.4 %   $ 750.4     41.5 %   $ 745.0     42.2 %

Table 3: RECONCILIATION OF NET (LOSS) INCOME ATTRIBUTABLE TO STERICYCLE COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO STERICYCLE COMMON SHAREHOLDERS

In millions, except share and per share data  
  Three Months Ended
June 30,
    Six Months Ended
June 30,
 
  2017     2016     2017     2016  
Net (Loss) Income Attributable to Stericycle, Inc. Common Shareholders, as Reported $ (148.8 )   $ 37.3     $ (95.4 )   $ 104.0  
Adjustments:                              
Intangible amortization expense   29.5       50.9       58.6       69.2  
Acquisition and integration expenses   23.7       25.2       43.6       47.4  
Litigation and professional services expenses   304.4       2.7       308.1       4.0  
Restructuring, plant conversion and other related expenses,
and contract exit expenses
  5.1       13.6       7.5       13.9  
Asset impairment charges and loss on disposal of assets
held for sale
  12.7       -       13.2       -  
Change in fair value of contingent consideration   -       -       0.4       (2.6 )
Add back convertible preferred stock dividend   9.2       10.0       18.5       20.1  
Total Adjustments   384.6       102.4       449.8       152.0  
Tax effect of above adjustments (a)   (132.1 )     (31.9 )     (151.3 )     (46.8 )
Net Income Attributable to Stericycle, Inc. Common Shareholders, as Adjusted $ 103.8     $ 107.8     $ 203.1     $ 209.1  
(Loss) Earnings Per Share - Diluted, as Reported $ (1.74 )   $ 0.43     $ (1.12 )   $ 1.21  
Earnings Per Share - Diluted, as Adjusted $ 1.15     $ 1.18     $ 2.25     $ 2.29  
Weighted average number of common shares outstanding - diluted   85,271,699       85,760,686       85,246,105       85,798,892  
Additional dilution under if-converted method   5,151,160       5,624,138       5,207,080       5,637,758  
Weighted average number of common shares outstanding
under if-converted method - diluted
  90,422,859       91,384,824       90,453,185       91,436,650  

(a) The tax effect of the adjustments is calculated based on applying the tax rate for the jurisdictions in which the adjustment occurred for the respective periods.
 

Table 4: RECONCILIATION OF (LOSS) EARNINGS PER SHARE TO ADJUSTED EPS

  Three Months Ended June 30,     Six Months Ended June 30,  
                  Change                     Change  
  2017     2016     $   %     2017     2016     $   %  
(Loss) Earnings per Share, as Reported $ (1.74 )   $ 0.43     $ (2.17 ) nm     $ (1.12 )   $ 1.21     $ (2.33 ) nm  
Intangible amortization expense   0.23       0.39                     0.45       0.52                
Acquisition and integration expenses   0.17       0.19                     0.32       0.36                
Litigation and professional services expenses   2.30       0.02                     2.33       0.03                
Restructuring, plant conversion and other related expenses, and contract exit expenses   0.05       0.11                     0.07       0.11                
Asset impairment charges and loss on disposal of assets held for sale   0.10       -                     0.11       -                
Change in fair value of contingent consideration   -       -                     0.01       (0.03 )              
Add back convertible preferred stock dividend   0.11       0.12                     0.22       0.24                
Impact of all adjustments under if-converted method   (0.07 )     (0.08 )                   (0.14 )     (0.15 )              
Earnings Per Share - Diluted, as Adjusted $ 1.15     $ 1.18     $ (0.03 )   (2.5 %)   $ 2.25     $ 2.29     $ (0.04 )   (1.7 %)
Weighted average number of common shares
outstanding under if-converted method - diluted
  90,422,859       91,384,824                     90,453,185       91,436,650                
nm - Percentage change is not meaningful.                                                          

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, completion and court approval of the proposed resolution of the class action litigation, 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, intangibles or other long-lived assets, 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, the outcome of pending or future litigation, 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 and subsequent Forms 10-Q. 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  
  June 30, 2017     December 31, 2016  
ASSETS              
Current Assets:              
Cash and cash equivalents $ 44,191     $ 44,189  
Accounts receivable, net   639,611       634,902  
Prepaid expenses   66,907       46,214  
Assets held for sale   8,797       9,134  
Other current assets   36,608       39,179  
Total Current Assets   796,114       773,618  
Property, plant and equipment, net   733,770       723,894  
Goodwill   3,637,182       3,591,020  
Intangible assets, net   1,839,434       1,861,973  
Other assets   30,997       29,556  
Total Assets $ 7,037,497     $ 6,980,061  
               
LIABILITIES AND EQUITY              
Current Liabilities:              
Current portion of long-term debt $ 111,400     $ 72,822  
Accounts payable   150,043       152,881  
Accrued liabilities   561,129       228,526  
Deferred revenues   19,239       17,902  
Liabilities held for sale   2,094       2,858  
Other current liabilities   71,328       67,864  
Total Current Liabilities   915,233       542,853  
               
Long-term debt, net   2,749,818       2,877,315  
Deferred income taxes   513,949       645,371  
Other liabilities   97,681       98,136  
Equity:              
Preferred stock   7       7  
Common stock   853       852  
Additional paid-in capital   1,155,131       1,166,457  
Accumulated other comprehensive loss   (316,737 )     (367,643 )
Retained earnings   1,910,684       2,006,064  
Total Stericycle, Inc.'s Equity   2,749,938       2,805,737  
Noncontrolling interests   10,878       10,649  
Total Equity   2,760,816       2,816,386  
Total Liabilities and Equity $ 7,037,497     $ 6,980,061  


STERICYCLE, INC. AND SUBSIDIARIES  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME  
                                                       
In thousands, except share and per share data  
  Three Months Ended June 30,     Six Months Ended June 30,  
  2017     2016     2017     2016  
  $   % of Revenues     $   % of Revenues     $   % of Revenues     $   % of Revenues  
Revenues $ 917,733     100.0 %   $ 891,621     100.0 %   $ 1,810,132     100.0 %   $ 1,765,802     100.0 %
Cost of revenues ("COR") exclusive of depreciation   513,277     55.9 %     488,950     54.8 %     1,014,107     56.0 %     972,701     55.1 %
Depreciation   22,704     2.5 %     25,030     2.8 %     45,611     2.5 %     48,880     2.8 %
Total cost of revenues   535,981     58.4 %     513,980     57.6 %     1,059,718     58.5 %     1,021,581     57.9 %
                                                       
Gross Profit, as Reported   381,752     41.6 %     377,641     42.4 %     750,414     41.5 %     744,221     42.1 %
Gross Profit, as Adjusted   381,752     41.6 %     378,158     42.4 %     750,414     41.5 %     744,974     42.2 %
                                                       
Selling, general and administrative expenses ("SG&A") exclusive of depreciation   567,631     61.9 %     271,252     30.4 %     815,561     45.1 %     490,619     27.8 %
Depreciation   6,475     0.7 %     6,681     0.7 %     12,658     0.7 %     12,971     0.7 %
Total SG&A expense, as Reported   574,106     62.6 %     277,933     31.2 %     828,219     45.8 %     503,590     28.5 %
Total SG&A expense, as Adjusted   198,652     21.6 %     186,055     20.9 %     396,944     21.9 %     372,519     21.1 %
                                                       
(Loss) Income from Operations, as Reported   (192,354 )   (21.0 %)     99,708     11.2 %     (77,805 )   (4.3 %)     240,631     13.6 %
Income from Operations, as Adjusted Exclusive of Adjusting Items Shown Below   183,100     20.0 %     192,103     21.5 %     353,470     19.5 %     372,455     21.1 %
                                                       
Adjusting Items:                                                      
Plant conversion and other related expenses (COR)   -           517     0.1 %     -           753     0.0 %
Intangible amortization expense (SG&A)   29,481     3.2 %     50,909     5.7 %     58,570     3.2 %     69,183     3.9 %
Acquisition and integration expenses (SG&A)   23,738     2.6 %     25,185     2.8 %     43,558     2.4 %     47,443     2.7 %
Litigation and professional services expenses (SG&A)   304,430     33.2 %     2,664     0.3 %     308,050     17.0 %     3,964     0.2 %
Restructuring, plant conversion and other related expenses, and contract exit expenses (SG&A)   5,067     0.6 %     13,120     1.5 %     7,519     0.4 %     13,125     0.7 %
Asset impairment charges and loss on disposal of assets held for sale (SG&A)   12,738     1.4 %     -           13,177     0.7 %     -      
Change in fair value of contingent consideration (SG&A)   -           -           401     0.0 %     (2,644 )   (0.1 %)
Total Adjustments   375,454     40.9 %     92,395     10.4 %     431,275     23.8 %     131,824     7.5 %
                                                       
Other Expense:                                                      
Interest expense, net   (23,744 )   (2.6 %)     (24,358 )   (2.7 %)     (47,044 )   (2.6 %)     (48,399 )   (2.7 %)
Other expense, net   (1,607 )   (0.2 %)     (2,118 )   (0.2 %)     (3,151 )   (0.2 %)     (3,369 )   (0.2 %)
Total Other Expense   (25,351 )   (2.8 %)     (26,476 )   (3.0 %)     (50,195 )   (2.8 %)     (51,768 )   (2.9 %)
                                                       
(Loss) Income Before Income Taxes   (217,705 )   (23.7 %)     73,232     8.2 %     (128,000 )   (7.1 %)     188,863     10.7 %
                                                       
Income tax (benefit) expense   (73,513 )   (8.0 %)     27,002     3.0 %     (42,365 )   (2.3 %)     65,038     3.7 %
                                                       
Net (Loss) Income   (144,192 )   (15.7 %)     46,230     5.2 %     (85,635 )   (4.7 %)     123,825     7.0 %
                                                       
Less: net (loss) income attributable to noncontrolling interests   (150 )   (0.0 %)     196     0.0 %     218     0.0 %     1,005     0.1 %
                                                       
Net (Loss) Income Attributable to Stericycle, Inc. $ (144,042 )   (15.7 %)   $ 46,034     5.2 %   $ (85,853 )   (4.7 %)   $ 122,820     7.0 %
                                                       
Less: mandatory convertible preferred stock dividend   9,185     1.0 %     10,021     1.1 %     18,549     1.0 %     20,127     1.1 %
Less: gain on repurchase of preferred stock   (4,459 )   (0.5 %)     (1,280 )   (0.1 %)     (9,022 )   (0.5 %)     (1,280 )   (0.1 %)
                                                       
Net (Loss) Income Attributable to Stericycle, Inc. Common Shareholders $ (148,768 )   (16.2 %)   $ 37,293     4.2 %   $ (95,380 )   (5.3 %)   $ 103,973     5.9 %
                                                       
(Loss) Earnings Per Share - Diluted $ (1.74 )         $ 0.43           $ (1.12 )         $ 1.21        
                                                       
Weighted Average Number of Common Shares Outstanding - Diluted   85,271,699             85,760,686             85,246,105             85,798,892        


STERICYCLE, INC. AND SUBSIDIARIES  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
               
In thousands  
  Six Months Ended June 30,  
  2017     2016  
Operating Activities:              
Net (loss) income $ (85,635 )   $ 123,825  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Stock-based compensation expense   11,880       11,557  
Depreciation   58,269       61,851  
Intangible amortization   58,570       69,183  
Deferred income taxes   (137,935 )     4,515  
Other, net   13,679       (634 )
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:              
Accounts receivable   5,176       (12,888 )
Accounts payable   (4,538 )     (1,496 )
Accrued liabilities   333,827       (13,303 )
Other assets and liabilities   (16,215 )     2,830  
Net Cash Provided by Operating Activities   237,078       245,440  
               
Investing Activities:              
Payments for acquisitions, net of cash acquired   (21,159 )     (42,097 )
Capital expenditures   (63,092 )     (67,133 )
Proceeds from sale of property and equipment   409       1,355  
Other   -       7  
Net Cash Used in Investing Activities   (83,842 )     (107,868 )
               
Financing Activities:              
Repayments of long-term debt and other obligations   (33,344 )     (31,789 )
Proceeds from foreign bank debt   1,907       27,619  
Repayments of foreign bank debt   (10,992 )     (36,953 )
Repayments of term loan   (50,000 )     (250,000 )
Proceeds from senior credit facility   899,029       902,817  
Repayments of senior credit facility   (924,968 )     (715,653 )
Payments of capital lease obligations   (1,779 )     (2,605 )
Payments for repurchase of mandatory convertible preferred stock   (22,135 )     (5,025 )
Payments for repurchase of common stock   -       (40,814 )
Proceeds from issuances of common stock   4,415       30,308  
Dividends paid on mandatory convertible preferred stock   (18,549 )     (20,127 )
Payments to noncontrolling interests   (708 )     (6,961 )
Net Cash Used in Financing Activities   (157,124 )     (149,183 )
Effect of exchange rate changes on cash and cash equivalents   3,890       297  
Net change in cash and cash equivalents   2       (11,314 )
Cash and cash equivalents at beginning of period   44,189       55,634  
               
Cash and Cash Equivalents at End of Period $ 44,191     $ 44,320  
               
Non-Cash Activities:              
Net issuances of obligations for acquisitions $ 15,164     $ 23,069  

 

FOR FURTHER INFORMATION CONTACT:

Investor Relations 847-607-2012

Primary Logo