BioScrip, Inc. (NASDAQ: BIOS) ("BioScrip" or the "Company"), the
largest independent national provider of infusion and home care
management solutions, today announced its second quarter 2019
financial results.
Second Quarter 2019 BioScrip
Highlights
- Net revenue of $191.5 million, up 8.9% compared to $175.8
million in the second quarter of 2018.
- Gross revenue1 of $196.8 million, up 13.1% compared to $174.0
million in the prior year quarter.
- Net loss from continuing operations of $14.2 million, compared
to $15.1 million in the prior year quarter.
- Adjusted EBITDA of $15.5 million, up 35.4% compared to $11.4
million in the prior year quarter.
- ASC 606 adjustment (bad debt) as a percent of gross revenue
improved to 4.6%, compared to 5.3% in the first quarter of 2019;
cash collections increased $29.1 million or 17.7% compared to the
prior year quarter.
- Net cash provided by operating activities of $2.7 million,
reflecting $7.9 million of operational cash flow and $5.2 million
of interest payments.
- Liquidity of $14.4 million at June 30, 2019, consisting of cash
and cash equivalents.
- BioScrip’s pending combination with Option Care is expected to
close in early August 2019, creating the preeminent home infusion
company.
1Revenue prior to ASC 606 adjustment (bad debt)
and contractual adjustments.
Second Quarter 2019 Option Care
Highlights
- Net revenue of $512.6 million, up 3.2% compared to $496.9
million in the second quarter of 2018.2
- Net loss of $13.6 million, compared to $4.3 million in the
prior year quarter.
- Adjusted EBITDA of $23.7 million, up 10.2% compared to $21.5
million in the prior year quarter.
- Net cash provided by operating activities of $13.3 million,
reflecting $22.1 million of operational cash flow and $8.8 million
of interest payments.
- Cash and cash equivalents of $46.9 million at June 30,
2019.
2Net revenue does not reflect the impact of the
implementation of ASC 606, which Option Care anticipates will
result in the recognition of amounts historically reported in the
provision for doubtful accounts as a reduction to revenue.
Daniel E. Greenleaf, BioScrip’s President and
Chief Executive Officer, commented, “In the second quarter of 2019,
BioScrip achieved year-over-year gross revenue growth of 13.1%,
while adjusted EBITDA increased 35.4% to $15.5 million. This
is the fifth consecutive quarter of sequential, comparable gross
revenue growth for BioScrip, and the operating leverage inherent in
our business model is evident in our EBITDA performance. I am
also very pleased that year-to-date gross revenue increased by
double-digits at 10.4%. Moreover, this quarter we delivered on our
commitment to improve cash collections, which drove a five-day
decrease in net DSO, and lowered bad debt expense as a percentage
of revenue as compared to the first quarter of 2019. Our BioScrip
teammates have delivered results better than our expectations for
the first half of 2019. Our pending combination with Option Care,
expected to close in early August, will provide an incredible
platform to accelerate growth for BioScrip, as the newly combined
company will have a significantly improved capital structure and a
leading market position in the attractive home infusion therapy
market.”
Financial Guidance and Conference
Call
Given the pending combination with Option Care,
the Company will not be providing BioScrip financial guidance and
will not be hosting a quarterly conference call.
ADDITIONAL INFORMATION AND WHERE TO FIND
IT
On June 26, 2019, BioScrip, Inc. (“BioScrip” or
the “Company”) filed with the Securities and Exchange Commission
(“SEC”) a definitive proxy statement in connection with the
proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED AND
ADVISED TO READ THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT
INFORMATION. The proxy statement and other relevant materials filed
by the Company with the SEC may be obtained free of charge at the
SEC’s website, at www.sec.gov. In addition, security holders may
obtain free copies of the proxy statement and other relevant
materials from the Company by contacting Investor Relations by mail
at 1600 Broadway, Suite 700, Denver, CO 80202, Attn: Investor
Relations, by telephone at (720) 697-5200, or by going to the
Company’s Investor Relations page on its corporate web site at
https://investors.bioscrip.com.
PARTICIPANTS IN THE
SOLICITATION
The Company and its directors and executive
officers may be deemed to be participants in the solicitation of
proxies from stockholders in connection with the matters discussed
above. Information about the Company’s directors and executive
officers is set forth in the proxy statement filed on June 26,
2019. This document can be obtained free of charge from the sources
indicated above. Information regarding the ownership of the
Company’s directors and executive officers in the Company’s
securities is included in the Company’s SEC filings on Forms 3, 4,
and 5, which can be found through the SEC’s website at www.sec.gov.
Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the
proxy statement.
About BioScrip, Inc.
BioScrip, Inc. is the largest independent
national provider of infusion and home care management solutions,
with approximately 2,100 teammates and nearly 70 service locations
across the U.S. BioScrip partners with physicians, hospital
systems, payors, pharmaceutical manufacturers and skilled nursing
facilities to provide patients access to post-acute care services.
BioScrip operates with a commitment to bring customer-focused
pharmacy and related healthcare infusion therapy services into the
home or alternate-site setting. By collaborating with the full
spectrum of healthcare professionals and the patient, BioScrip
provides cost-effective care that is driven by clinical excellence,
customer service, and values that promote positive outcomes and an
enhanced quality of life for those it serves.
Investor Contacts
Stephen Deitsch Chief Financial Officer &
Treasurer T: (720)
697-5200stephen.deitsch@bioscrip.com
Kalle Ahl, CFA The Equity Group T: (212)
836-9614kahl@equityny.com
Forward-Looking Statements – Safe
Harbor
This communication, in addition to historical
information, contains “forward-looking statements” (as defined in
the Private Securities Litigation Reform Act of 1995) regarding,
among other things, future events or the future financial
performance of BioScrip and Option Care. All statements other than
statements of historical facts are forward-looking statements. In
addition, words such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “seek,” “should,” “target,”
“will,” “would,” or the negative of these words, and words and
terms of similar substance used in connection with any discussion
of future plans, actions or events identify forward-looking
statements. Forward-looking statements relating to the proposed
transaction include, but are not limited to: statements about the
benefits of the proposed transaction between BioScrip and Option
Care, including future financial and operating results; expected
synergies; BioScrip’s and Option Cares plans, objectives,
expectations and intentions; the expected timing of completion of
the proposed transaction; and other statements relating to the
acquisition that are not historical facts. Forward-looking
statements are based on information currently available to BioScrip
and Option Care and involve estimates, expectations and
projections. Investors are cautioned that all such forward-looking
statements are subject to risks and uncertainties (both known and
unknown), and many factors could cause actual events or results to
differ materially from those indicated by such forward-looking
statements. With respect to the proposed transaction between
BioScrip and Option Care, these factors could include, but are not
limited to: the risk that BioScrip or Option Care may be unable to
obtain governmental and regulatory approvals required for the
transaction, or that required governmental and regulatory approvals
may delay the transaction or result in the imposition of conditions
that could reduce the anticipated benefits from the proposed
transaction or cause the parties to abandon the proposed
transaction; the risk that a condition to closing of the
transaction may not be satisfied; the length of time necessary to
consummate the proposed transaction, which may be longer than
anticipated for various reasons; the risk that the businesses will
not be integrated successfully; the risk that the cost savings,
synergies and growth from the proposed transaction may not be fully
realized or may take longer to realize than expected; the diversion
of management time on transaction-related issues; the effect of
future regulatory or legislative actions on the companies or the
industries in which they operate; the risk that the credit ratings
of the combined company or its subsidiaries may be different from
what the companies expect; economic and foreign exchange rate
volatility; and the other risks contained in BioScrip’s most
recently filed Annual Report on Form 10-K.
Many of these risks, uncertainties and
assumptions are beyond BioScrip’s ability to control or predict.
Because of these risks, uncertainties and assumptions, you should
not place undue reliance on these forward-looking statements.
Furthermore, forward-looking statements speak only as of the
information currently available to the parties on the date they are
made, and neither BioScrip nor Option Care undertakes any
obligation to update publicly or revise any forward-looking
statements to reflect events or circumstances that may arise after
the date of this communication. Nothing in this communication is
intended, or is to be construed, as a profit forecast or to be
interpreted to mean that earnings per BioScrip share for the
current or any future financial years or those of the combined
company, will necessarily match or exceed the historical published
earnings per BioScrip share, as applicable. Neither BioScrip nor
Option Care gives any assurance (1) that either BioScrip or Option
Care will achieve its expectations, or (2) concerning any result or
the timing thereof, in each case, with respect to any regulatory
action, administrative proceedings, government investigations,
litigation, warning letters, consent decrees, cost reductions,
business strategies, earnings or revenue trends or future financial
results. All subsequent written and oral forward-looking statements
concerning BioScrip, Option Care, the proposed transaction, the
combined company or other matters and attributable to BioScrip or
Option Care or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements above.
Note Regarding Use of BioScrip Non-GAAP
Financial Measures
In addition to reporting financial information
in accordance with generally accepted accounting principles (GAAP),
the Company is also reporting Adjusted EBITDA, which is a non-GAAP
financial measure. Adjusted EBITDA is not a measurement of
financial performance under GAAP and should not be used in
isolation or as a substitute or alternative to net income,
operating income or any other performance measure derived in
accordance with GAAP, or as a substitute or alternative to cash
flow from operating activities or a measure of the Company’s
liquidity. In addition, the Company's definition of Adjusted EBITDA
may not be comparable to similarly titled non-GAAP financial
measures reported by other companies. Adjusted EBITDA, as defined
by the Company, represents net income before net interest expense,
income tax expense, depreciation and amortization, impairment of
goodwill, stock-based compensation expense, and restructuring,
integration, pre-merger and other expenses. As part of
restructuring, the Company may incur significant charges such as
the write down of certain long−lived assets, temporary redundant
expenses, retraining expenses, potential cash bonus payments and
potential accelerated payments or terminated costs for certain of
its contractual obligations. Management believes that Adjusted
EBITDA provides useful supplemental information regarding the
performance of BioScrip’s business operations and facilitates
comparisons to the Company’s historical operating results. For a
full reconciliation of Adjusted EBITDA to the most comparable GAAP
financial measure, please see the attachment to this earnings
release.
Option Care Non-GAAP Measures
The following tables reconcile Option Care’s
GAAP loss, net of income taxes to Consolidated Adjusted EBITDA.
Consolidated Adjusted EBITDA is calculated as net loss, net of
income taxes, adjusted for interest expense, unusual losses, income
tax benefit (expense), depreciation and amortization expense, and
stock-based incentive compensation expense. Consolidated Adjusted
EBITDA also excludes management fees and restructuring,
acquisition, and integration expenses, including associated
non-recurring costs such as employee severance costs, certain legal
and professional fees, debt financing fees, and other costs
associated with system implementations or closed
locations. Consolidated Adjusted EBITDA is a
supplemental indicator of recurring cash flow, and is used by
Option Care management in strategic planning decisions and the
annual budgeting process. Consolidated Adjusted EBITDA is also the
primary measure used for the management bonus program and is
utilized to calculate debt coverage ratios. Consolidated
Adjusted EBITDA is included to provide investors insight into how
management and other external stakeholders assess the performance
of Option Care.
Non-GAAP financial measures have inherent
limitations and calculations may differ from similarly titled
measures reported by other Companies. Consolidated Adjusted
EBITDA should be reviewed in conjunction with the consolidated
financial statements prepared and presented in accordance with
GAAP, as well as with the detailed reconciliations below.
Schedule 1
BIOSCRIP, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
| |
June 30, 2019 |
|
December 31, 2018 |
| |
(unaudited) |
|
|
| ASSETS |
|
|
|
| Current
assets |
|
|
|
|
Cash and cash equivalents |
$ |
14,390 |
|
|
$ |
14,539 |
|
|
Restricted cash |
4,322 |
|
|
4,321 |
|
|
Accounts receivable, net |
118,081 |
|
|
114,864 |
|
|
Inventory |
27,801 |
|
|
26,689 |
|
|
Prepaid expenses and other current assets |
13,046 |
|
|
14,292 |
|
| Total current
assets |
177,640 |
|
|
174,705 |
|
| Property and equipment, net of
accumulated depreciation of $76,282 and $100,851 as of June 30,
2019 and December 31, 2018, respectively |
27,103 |
|
|
28,788 |
|
| Goodwill |
367,198 |
|
|
367,198 |
|
| Deferred taxes |
995 |
|
|
1,032 |
|
| Intangible assets, net of
accumulated amortization of $50,640 and $49,080 as of June 30, 2019
and December 31, 2018, respectively |
7,351 |
|
|
10,470 |
|
| Operating lease right-of-use
assets |
18,611 |
|
|
— |
|
| Other non-current assets |
1,679 |
|
|
1,745 |
|
| Total
assets |
$ |
600,577 |
|
|
$ |
583,938 |
|
| LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
|
|
|
| Current
liabilities |
|
|
|
|
Current portion of long-term debt |
$ |
5,879 |
|
|
$ |
3,179 |
|
|
Current portion of operating lease liabilities |
5,335 |
|
|
— |
|
|
Accounts payable |
73,367 |
|
|
67,025 |
|
|
Amounts due to plan sponsors |
573 |
|
|
956 |
|
|
Accrued interest |
6,659 |
|
|
6,706 |
|
|
Accrued expenses and other current liabilities |
24,352 |
|
|
29,450 |
|
| Total current
liabilities |
116,165 |
|
|
107,316 |
|
| Long-term debt, net of current
portion |
519,384 |
|
|
501,495 |
|
| Operating lease liabilities,
net of current portion |
19,231 |
|
|
— |
|
| Other non-current
liabilities |
21,009 |
|
|
25,842 |
|
| Total
liabilities |
675,789 |
|
|
634,653 |
|
| Series A convertible preferred
stock, $.0001 par value |
3,442 |
|
|
3,231 |
|
| Series C convertible preferred
stock, $.0001 par value |
95,872 |
|
|
90,058 |
|
| Stockholders’
deficit |
|
|
|
|
Preferred stock, $.0001 par value |
— |
|
|
— |
|
|
Common stock, $.0001 par value |
13 |
|
|
13 |
|
|
Treasury stock, shares at cost |
(1,722 |
) |
|
(950 |
) |
|
Additional paid-in capital |
614,335 |
|
|
618,137 |
|
|
Accumulated deficit |
(787,152 |
) |
|
(761,204 |
) |
| Total stockholders’
deficit |
(174,526 |
) |
|
(144,004 |
) |
| Total liabilities and
stockholders’ deficit |
$ |
600,577 |
|
|
$ |
583,938 |
|
Schedule 2
BIOSCRIP, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(in thousands, except per
share amounts)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
|
Net revenue |
$ |
191,517 |
|
|
$ |
175,789 |
|
|
$ |
370,473 |
|
|
$ |
344,373 |
|
| Cost of revenue
(excluding depreciation expense) |
126,864 |
|
|
115,832 |
|
|
248,156 |
|
|
229,368 |
|
| Gross
profit |
64,653 |
|
|
59,957 |
|
|
122,317 |
|
|
115,005 |
|
| Percentage of net
revenue |
33.8 |
% |
|
34.1 |
% |
|
33.0 |
% |
|
33.4 |
% |
| |
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Service location operating expenses |
38,428 |
|
|
38,861 |
|
|
78,615 |
|
|
78,160 |
|
|
General and administrative expenses |
11,796 |
|
|
10,931 |
|
|
23,290 |
|
|
21,600 |
|
|
Depreciation and amortization expense |
4,665 |
|
|
6,366 |
|
|
9,738 |
|
|
12,852 |
|
|
Restructuring, acquisition, integration, and other expenses |
2,871 |
|
|
2,024 |
|
|
8,892 |
|
|
3,906 |
|
|
Total operating expenses |
57,760 |
|
|
58,182 |
|
|
120,535 |
|
|
116,518 |
|
| Operating income
(loss) |
6,893 |
|
|
1,775 |
|
|
1,782 |
|
|
(1,513 |
) |
| Other expense: |
|
|
|
|
|
|
|
|
Interest expense, net |
15,638 |
|
|
13,805 |
|
|
30,869 |
|
|
27,200 |
|
|
Change in fair value of equity linked liabilities |
5,216 |
|
|
3,064 |
|
|
(4,784 |
) |
|
(375 |
) |
|
Loss (gain) on dispositions |
51 |
|
|
(13 |
) |
|
(25 |
) |
|
(318 |
) |
|
Total other expense |
20,905 |
|
|
16,856 |
|
|
26,060 |
|
|
26,507 |
|
| Loss from continuing
operations before income taxes |
(14,012 |
) |
|
(15,081 |
) |
|
(24,278 |
) |
|
(28,020 |
) |
|
Income tax expense |
(154 |
) |
|
(43 |
) |
|
(170 |
) |
|
(91 |
) |
| Loss from continuing
operations |
(14,166 |
) |
|
(15,124 |
) |
|
(24,448 |
) |
|
(28,111 |
) |
|
Loss from discontinued operations, net of income taxes |
(1,500 |
) |
|
(15 |
) |
|
(1,500 |
) |
|
(45 |
) |
| Net loss |
(15,666 |
) |
|
(15,139 |
) |
|
(25,948 |
) |
|
(28,156 |
) |
|
Accrued dividends on preferred stock |
(3,068 |
) |
|
(2,756 |
) |
|
(6,025 |
) |
|
(5,413 |
) |
| Loss attributable to
common stockholders |
$ |
(18,734 |
) |
|
$ |
(17,895 |
) |
|
$ |
(31,973 |
) |
|
$ |
(33,569 |
) |
| |
|
|
|
|
|
|
|
| Basic loss per
share: |
|
|
|
|
|
|
|
|
Loss from continuing operations |
$ |
(0.13 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.26 |
) |
|
Loss from discontinued operations |
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
Basis loss per share |
$ |
(0.14 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.26 |
) |
| |
|
|
|
|
|
|
|
| Diluted loss per
share: |
|
|
|
|
|
|
|
|
Loss from continuing operations |
$ |
(0.13 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.26 |
) |
|
Loss from discontinued operations |
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
Diluted loss per share |
$ |
(0.14 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.26 |
) |
| |
|
|
|
|
|
|
|
| Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
| Basic |
128,779 |
|
|
128,038 |
|
|
128,446 |
|
|
127,906 |
|
| Diluted |
128,779 |
|
|
128,038 |
|
|
130,499 |
|
|
130,158 |
|
Schedule 3
BIOSCRIP, INC. AND
SUBSIDIARIESQUARTERLY RECONCILIATION BETWEEN GAAP
AND NON-GAAP MEASURES(in
thousands)(unaudited)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| (in
thousands) |
|
|
|
|
|
|
Loss from continuing operations |
$ |
(14,166 |
) |
|
$ |
(15,124 |
) |
|
$ |
(24,448 |
) |
|
$ |
(28,111 |
) |
| |
|
|
|
|
|
|
|
| Interest expense, net |
(15,638 |
) |
|
(13,805 |
) |
|
(30,869 |
) |
|
(27,200 |
) |
| Gain on dispositions |
(51 |
) |
|
13 |
|
|
25 |
|
|
318 |
|
| Income tax expense |
(154 |
) |
|
(43 |
) |
|
(170 |
) |
|
(91 |
) |
| Depreciation and amortization
expense |
(4,665 |
) |
|
(6,366 |
) |
|
(9,738 |
) |
|
(12,852 |
) |
| Stock-based compensation |
(1,065 |
) |
|
(1,253 |
) |
|
(2,160 |
) |
|
(1,808 |
) |
| Change in fair value of equity
linked liabilities |
(5,216 |
) |
|
(3,064 |
) |
|
4,784 |
|
|
375 |
|
| Restructuring, acquisition,
integration, and other expenses (1) |
(2,871 |
) |
|
(2,024 |
) |
|
(8,892 |
) |
|
(3,906 |
) |
| Adjusted
EBITDA |
$ |
15,494 |
|
|
$ |
11,418 |
|
|
$ |
22,572 |
|
|
$ |
17,053 |
|
(1) Restructuring, acquisition, integration, and other expenses
include non-recurring costs associated with restructuring,
acquisition, and integration initiatives such as employee severance
costs, certain legal and professional fees, training costs,
redundant wage costs, and other costs related to contract
terminations and closed branches/offices.
Schedule 4
BIOSCRIP, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(in
thousands)
| |
Six Months Ended June 30, |
| |
2019 |
|
2018 |
| Cash flows from
operating activities: |
|
|
|
|
Net loss |
$ |
(10,282 |
) |
|
$ |
(28,156 |
) |
|
Less: Loss from discontinued operations, net of income taxes |
(1,500 |
) |
|
(45 |
) |
| Loss from continuing
operations |
(24,448 |
) |
|
(28,111 |
) |
| Adjustments to reconcile net
loss from continuing operations to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
9,738 |
|
|
12,852 |
|
|
Amortization of operating lease right-of-use assets |
2,456 |
|
|
— |
|
|
Amortization of deferred financing costs and debt discount |
4,064 |
|
|
4,071 |
|
|
Change in fair value of equity linked liabilities |
4,784 |
|
|
(375 |
) |
|
Change in deferred income taxes |
36 |
|
|
56 |
|
|
Stock-based compensation |
2,160 |
|
|
1,809 |
|
|
Paid-in-kind interest capitalized as principal on Second Lien Note
Facility |
8,383 |
|
|
— |
|
|
Gain on dispositions |
(25 |
) |
|
(318 |
) |
| Changes in assets and
liabilities |
|
|
|
|
Accounts receivable |
(3,217 |
) |
|
(11,397 |
) |
|
Inventory |
(1,112 |
) |
|
12,759 |
|
|
Prepaid expenses and other assets |
1,401 |
|
|
10,054 |
|
|
Operating lease liabilities |
(2,817 |
) |
|
— |
|
|
Accounts payable |
6,342 |
|
|
(16,702 |
) |
|
Amounts due to plan sponsors |
(384 |
) |
|
(2,437 |
) |
|
Accrued interest |
(46 |
) |
|
23 |
|
|
Accrued expenses and other liabilities |
(11,238 |
) |
|
(2,566 |
) |
|
Net cash used in operating activities from continuing
operations |
(3,923 |
) |
|
(20,282 |
) |
|
Net cash used in operating activities from discontinued
operations |
— |
|
|
(45 |
) |
|
Net cash used in operating activities |
(3,923 |
) |
|
(20,327 |
) |
| Cash flows from
investing activities: |
|
|
|
|
Purchases of property and equipment, net |
(3,246 |
) |
|
(6,946 |
) |
|
Net cash used in investing activities |
(3,246 |
) |
|
(6,946 |
) |
| Cash flows from
financing activities: |
|
|
|
|
Borrowings on long-term debt, net of expenses |
8,000 |
|
|
10,000 |
|
|
Repayments of finance leases |
(460 |
) |
|
(1,185 |
) |
|
Net activity from exercises of employee stock awards |
(519 |
) |
|
(179 |
) |
|
Net cash provided by financing activities |
7,021 |
|
|
8,636 |
|
| Net change in cash, cash
equivalents and restricted cash |
(148 |
) |
|
(18,637 |
) |
| Cash, cash equivalents
and restricted cash - beginning of period |
18,860 |
|
|
44,407 |
|
| Cash, cash equivalents
and restricted cash - end of period |
$ |
18,712 |
|
|
$ |
25,770 |
|
Schedule 5
OPTION CAREQUARTERLY
RECONCILIATION BETWEEN GAAP AND NON-GAAP
MEASURES(in
thousands)(unaudited)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| (in
thousands) |
|
|
|
|
|
|
Net Loss |
$ |
(13,603 |
) |
|
$ |
(4,309 |
) |
|
$ |
(17,315 |
) |
|
$ |
(11,160 |
) |
| |
|
|
|
|
|
|
|
| Interest expense, net |
11,563 |
|
|
12,007 |
|
|
22,608 |
|
|
23,288 |
|
| Income tax (benefit) |
(5,423 |
) |
|
(820 |
) |
|
(6,845 |
) |
|
(2,120 |
) |
| Depreciation and amortization
expense |
10,842 |
|
|
10,272 |
|
|
21,591 |
|
|
20,144 |
|
| Accounting principle changes
and non-cash charges |
2,721 |
|
|
— |
|
|
4,256 |
|
|
— |
|
| Stock-based incentive
compensation |
569 |
|
|
668 |
|
|
1,153 |
|
|
1,106 |
|
| Loss on debt and interest rate
cap terminations |
105 |
|
|
72 |
|
|
105 |
|
|
72 |
|
| Restructuring, acquisition,
integration and other |
16,886 |
|
|
3,581 |
|
|
17,463 |
|
|
6,293 |
|
| Consolidated Adjusted
EBITDA |
$ |
23,660 |
|
|
$ |
21,471 |
|
|
$ |
43,016 |
|
|
$ |
37,623 |
|
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