FLINT, Mich., May 7, 2019 /PRNewswire/ -- Diplomat
Pharmacy, Inc. (NYSE: DPLO), the nation's largest
independent provider of specialty pharmacy and infusion services,
announced financial results for the quarter ended March 31, 2019. All comparisons, unless
otherwise noted, are to the quarter ended March 31, 2018. Prior period financials
have been recast to include certain direct expenses as part of cost
of sales instead of selling, general and administrative expense for
our Specialty segment. This change is a reclassification only
and has no impact on overall results.
First Quarter 2019 Highlights include:
- Revenue of $1,257 million,
compared to $1,342 million
-
- Specialty segment revenue of $1,168
million, compared to $1,153
million
- PBM segment revenue of $98
million, compared to $191
million
- Specialty segment total prescriptions dispensed of 225,000,
compared to 223,000
- PBM segment total volume, adjusted to 30-day equivalent, of
1,045,000, compared to 2,181,000
- Gross margin of 6.3% versus 6.7%
-
- Specialty segment gross margin of 5.8% versus 6.3%
- PBM segment gross margin of 11.9% versus 9.2%
- EPS of $(0.19) per basic/diluted
common share versus $(0.01) per
basic/diluted common share
- Adjusted EBITDA of $23.1 million,
compared to $39.6 million
-
- Adjusted EBITDA margin of 1.8% versus 3.0%
- Net cash provided by operating activities was $23.7 million, compared to $48.6 million
- Net debt1 decreased to $622.5
million, from $638.2 million
at December 31, 2018.
Brian Griffin, Chairman and CEO
of Diplomat, commented "Our quarterly results reflect the
competitive challenges we are facing in our core specialty pharmacy
business and the impact of contract losses in the PBM business,
while specialty infusion continues to be a bright spot. The
company is starting to benefit from prior investments in sales and
account management resources and we remain encouraged by the
pipeline of opportunity across all of Diplomat's businesses as our
value proposition gains traction in the market. We expect to
achieve the previously communicated revenue and Adjusted EBITDA
guidance for 2019, but have increased our GAAP net loss and EPS
loss expectations due to a change in tax forecasts.
Diplomat's Board and management team are committed to
maximizing shareholder value, while maintaining focus on rebuilding
our PBM business and expanding business with health plans, hospital
systems and manufacturer partners."
First Quarter Financial Summary:
Revenue for the first quarter of 2019 was $1,257 million, compared to $1,342 million in the first quarter of 2018, a
decrease of $86 million or 6%.
Our Specialty segment revenue amounted to $1,168 million, compared to $1,153 million in the prior year quarter, while
revenue from our PBM segment amounted to $98
million, compared to $191
million in the prior year quarter. The increase in our
Specialty segment was primarily driven by manufacturer price
increases and growth in our infusion therapy class. The
increase was partially offset by payor reimbursement compression,
volume deterioration in certain therapy classes primarily due to
narrowing of specialty pharmacy networks and competitor member
channel management, and the conversion of some brand drugs to their
generic equivalent. The decrease in our PBM segment was due
to previously disclosed contract losses.
Gross profit in the first quarter of 2019 was $79.2 million and generated a 6.3% gross margin,
compared to $90.4 million gross
profit and a 6.7% gross margin in the first quarter of 2018.
Gross profit from our Specialty segment was $67.5 million and generated a 5.8% gross margin,
compared to $72.8 million and a 6.3%
gross margin in the prior period. The gross margin decrease
in our Specialty segment was driven by reimbursement compression,
lower volumes within higher margin therapies, and a one-time
$3.0 million charge to establish
sales and use and gross receipt tax liabilities, for prior year
periods, related to certain states where we do business.
Gross profit from our PBM segment was $11.7
million and generated an 11.9% gross margin, compared to
$17.6 million and a 9.2% gross
margin. The gross margin increase in our PBM segment was
driven by lost business that had lower margins and the timing of
rebate recognition in 2018 which suppressed our margins in the
first quarter of that year.
Selling, general and administrative expenses for the first
quarter of 2019 were $82.9 million,
an increase of $1.2 million, compared
to $81.7 million in the first quarter
of 2018. This increase is primarily driven by a $5.5 million increase in employee cost, including
a $0.4 million increase in
share-based compensation. The increase in employee expense
was largely due to an investment in our sales and account
management teams across the organization to drive new business, as
well as higher executive compensation. The increase in
employee cost was partially offset by a $2.7
million decrease in amortization due to the impairment of
our definite-lived intangible assets in the fourth quarter of 2018
and a $1.7 million decrease in
acquisition related expenses.
Net loss for the first quarter of 2019 was $(14.3) million compared to $(0.5) million in the first quarter of
2018. This decrease was primarily driven by a $12.3 million change in (loss) income from
operations and a $1.5 million change
in income tax (expense) benefit primarily due to the establishment
of a valuation allowance against operating losses due to our
cumulative loss position. Adjusted EBITDA for the first
quarter of 2019 was $23.1 million
compared to $39.6 million in the
first quarter of 2018, a decrease of $16.5
million.
Loss per share for the first quarter of 2019 was $(0.19) per basic/diluted common share, compared
to $(0.01) per basic/diluted common
share for the first quarter of 2018.
2019 Financial Outlook
For the full-year 2019, we are maintaining our financial
guidance for revenue and adjusted EBITDA and updating our
expectations for net loss and diluted EPS:
- Revenue between $4.7 and
$5.0 billion
-
- Specialty segment revenue between $4.4 and $4.6
billion
- PBM segment revenue between $0.3
and $0.4 billion
- Net loss between $(49) and
$(33) million, versus the previous
range of $(37) and $(26) million
- Adjusted EBITDA between $110 and
$116 million
- Diluted EPS between $(0.65) and
$(0.44), versus the previous range of
$(0.50) and $(0.34)
We have updated our income tax expectation for the year to an
expense range of $1.6 to $2.6 million, primarily related to state taxes,
versus our previous expectation of recording a tax benefit. A
federal tax benefit will not be recorded for our 2019 losses as we
are required to record a valuation allowance against any such
benefit due to being in a cumulative loss position. Our EPS
expectations for 2019 assume approximately 75,300,000 weighted
average common shares outstanding on a diluted basis which could
differ materially.
Earnings Conference Call Information
As previously announced, the Company will hold a conference call
to discuss its first quarter performance this morning, May 7, 2019, at 8:30 a.m.
Eastern Time. Shareholders and interested participants
may listen to a live broadcast of the conference call by dialing
833.286.5805 (647.689.4450 for international callers) and
referencing participant code 7747209 approximately 15 minutes prior
to the call. A live webcast of the conference call and
associated slide presentation will be available on the investor
relations section of the Company's website for approximately 90
days at ir.diplomat.is.
About Diplomat
Diplomat (NYSE: DPLO) is the nation's largest independent
provider of specialty pharmacy and infusion services. Diplomat
helps people with complex and chronic health conditions in all 50
states, partnering with payers, providers, hospitals,
manufacturers, and more. Rooted in this patient care expertise,
Diplomat also serves payers through CastiaRx, a leading specialty
benefit manager, and offers tailored solutions for healthcare
innovators through EnvoyHealth. Diplomat opened its doors in 1975
as a neighborhood pharmacy with one essential tenet: "Take good
care of patients and the rest falls into place." Today, that
tradition continues—always focused on improving patient care. For
more information, visit diplomat.is.
Non-GAAP Information
We define Adjusted EBITDA as net (loss) income before interest
expense, income taxes, depreciation and amortization, share-based
compensation, change in fair value of contingent consideration and
other merger and acquisition-related expenses, restructuring and
impairment charges, and certain other items that we do not consider
indicative of our ongoing operating performance (which are itemized
below in the reconciliation to net loss). Adjusted EBITDA is
not in accordance with, or an alternative to, GAAP. In
addition, this non-GAAP measure is not based on any comprehensive
set of accounting rules or principles. You should be
aware that in the future we may incur expenses that are the same as
or similar to some of the adjustments in the presentation, and we
do not infer that our future results will be unaffected by unusual
or non-recurring items.
We consider Adjusted EBITDA to be a supplemental measure of our
operating performance. We present Adjusted EBITDA because it
is used by our Board of Directors and management to evaluate our
operating performance. Adjusted EBITDA is also used as a
factor in determining incentive compensation, for budgetary
planning and forecasting overall financial and operational
expectations, for identifying underlying trends, and for evaluating
the effectiveness of our business strategies. Further, we
believe it assists us, as well as investors, in comparing
performance from period-to-period on a consistent basis.
Other companies in our industry may calculate Adjusted EBITDA
differently than we do and their calculation may not be comparable
to our Adjusted EBITDA metric. A reconciliation of Adjusted
EBITDA, a non-GAAP measure, to net loss can be found below.
Forward Looking Statements
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements give
current expectations or forecasts of future events or our future
financial or operating performance, and may include Diplomat's
expectations regarding revenues, net (loss) income, Adjusted
EBITDA, EPS, market share, new business and contract wins, the
expected benefits and performance of business and growth
strategies, impact of operational improvement initiatives and
results of operational and capital expenditures. The
forward-looking statements contained in this press release are
based on management's good-faith belief and reasonable judgment
based on current information. These statements are qualified by
important risks and uncertainties, many of which are beyond our
control, that could cause our actual results to differ materially
from those forecasted or indicated by such forward-looking
statements. These risks and uncertainties include: our ability to
adapt to changes or trends within the specialty pharmacy industry;
a significant increase in competition from a variety of companies
in the health care industry; significant and increasing pricing
pressure from third party payors, resulting in continuing margin
compression and adversely impacting contract profitability;
possibility of client losses and/or the failure to win new
business; declining gross margins in the PBM industry; shifts in
pharmacy mix toward lower margin drugs; supply disruption of any of
the specialty drugs we dispense; potential for contracting at
reduced rates to win new business or secure renewal business; the
dependence on key employees and effective succession planning and
managing recent turnover among key employees; potential disruption
to our workforce and operations due to cost savings and
restructuring initiatives; disruption in our operations as we
implement a new operating system within our Specialty segment;
our ability to expand the number of specialty drugs we
dispense and related services; maintaining existing patients;
increasing consolidation in the healthcare industry; complying with
complex and evolving requirements and changes in state and federal
government regulations, including Medicare and Medicaid; current or
proposed legislative and regulatory policies designed to manage
healthcare costs or alter healthcare financing practices, including
as it relates to the PBM industry's retention of rebates; the
amount of direct and indirect remuneration fees, as well as the
timing of assessing such fees and the methodology used to calculate
such fees; the outcome of material legal proceedings; our
relationships with wholesalers and key pharmaceutical
manufacturers; bad publicity about, or market withdrawal of,
specialty drugs we dispense; revenue concentration of the top
specialty drugs we dispense; managing our growth effectively; our
ability to drive volume through a refreshed marketing strategy in
traditional specialty pharmacy; our capability to penetrate the
fragmented infusion market; the success of our strategy in the PBM
industry; failure to effectively differentiate our products and
services in the PBM market place; our debt service obligations; our
inability to remediate present material weaknesses, and to identify
and remediate future material weaknesses, in our disclosure
controls and procedures and internal control over financial
reporting, which could impair our ability to produce accurate and
timely financial statements; the effect of any future
impairments to our goodwill or other intangible assets on our net
income (loss) and EPS, and the underlying reasons for such
impairment; investments in new business strategies and
initiatives, including with respect to data and analytics
capabilities, could disrupt our ongoing business and present risks
not originally contemplated; tax matters and imposition of new
taxes; and the additional factors set forth in "Risk Factors" in
Diplomat's most recent Annual Report on Form 10-K and in
subsequent reports filed with or furnished to the Securities and
Exchange Commission. Except as may be required by any
applicable laws, Diplomat assumes no obligation to publicly update
such forward-looking statements, which are made as of the date
hereof or the earlier date specified herein, whether as a result of
new information, future developments, or otherwise.
INVESTOR CONTACT:
Terri Anne Powers, Vice President
Investor Relations
312.889.5244 | tpowers@diplomat.is
|
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|
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|
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|
DIPLOMAT PHARMACY,
INC.
|
Condensed
Consolidated Balance Sheets
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
ASSETS
|
|
2019
|
|
2018
|
Current
assets:
|
|
|
(unaudited)
|
|
|
|
Cash and
equivalents
|
$
|
2,739
|
$
|
9,485
|
|
Receivables,
net
|
|
329,881
|
|
326,602
|
|
Inventories
|
|
|
174,507
|
|
210,573
|
|
Prepaid expenses and
other current assets
|
|
10,544
|
|
9,596
|
|
|
Total current
assets
|
|
517,671
|
|
556,256
|
Property and
equipment, net
|
|
31,244
|
|
34,525
|
Capitalized software
for internal use, net
|
|
29,844
|
|
30,506
|
Operating lease
right-of-use assets
|
|
27,325
|
|
-
|
Goodwill
|
|
|
|
|
609,592
|
|
609,592
|
Definite-lived
intangible assets, net
|
|
227,005
|
|
240,810
|
Other noncurrent
assets
|
|
4,387
|
|
4,670
|
|
|
Total
assets
|
$
|
1,447,068
|
$
|
1,476,359
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
283,893
|
$
|
308,084
|
|
Rebates payable to
PBM customers
|
|
21,573
|
|
23,264
|
|
Borrowings on line of
credit
|
|
156,500
|
|
176,300
|
|
Current portion of
long-term debt
|
|
11,500
|
|
11,500
|
|
Current portion of
operating lease liabilities
|
|
4,239
|
|
-
|
|
Accrued
expenses:
|
|
|
|
|
|
Compensation and
benefits
|
|
12,228
|
|
13,348
|
|
Contingent
consideration
|
|
5,225
|
|
5,075
|
|
Other
|
|
|
|
22,361
|
|
21,014
|
|
|
Total current
liabilities
|
|
517,519
|
|
558,585
|
Long-term debt, less
current portion
|
|
436,187
|
|
438,369
|
Noncurrent operating
lease liabilities
|
|
23,950
|
|
-
|
Deferred income
taxes
|
|
3,233
|
|
2,781
|
Contingent
consideration
|
|
1,880
|
|
1,820
|
Derivative
liability
|
|
6,419
|
|
4,292
|
Deferred
gain
|
|
|
-
|
|
5,175
|
Other
|
|
|
|
|
|
-
|
|
253
|
|
|
Total
liabilities
|
|
989,188
|
|
1,011,275
|
Shareholders'
equity:
|
|
|
|
|
|
Preferred stock
(10,000,000 shares authorized; none issued and
outstanding)
|
|
-
|
|
-
|
|
Common stock (no par
value, 590,000,000 shares authorized; 74,713,696 and
74,474,677
|
|
|
|
|
|
shares issued
and outstanding at March 31, 2019 and December 31, 2018,
respectively)
|
|
634,214
|
|
629,411
|
|
Additional paid-in
capital
|
|
49,313
|
|
50,544
|
|
Accumulated
deficit
|
|
(219,228)
|
|
(210,579)
|
|
Accumulated other
comprehensive loss
|
|
(6,419)
|
|
(4,292)
|
|
|
Total shareholders'
equity
|
|
457,880
|
|
465,084
|
|
|
Total liabilities and
shareholders' equity
|
$
|
1,447,068
|
$
|
1,476,359
|
|
|
|
|
|
|
|
|
|
|
|
DIPLOMAT PHARMACY,
INC.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
(dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
Net sales
|
|
|
|
$
|
1,256,808
|
$
|
1,342,484
|
Cost of
sales
|
|
|
(1,177,588)
|
|
(1,252,106)
|
|
Gross
profit
|
|
79,220
|
|
90,378
|
Selling, general and
administrative expenses
|
|
(82,868)
|
|
(81,687)
|
|
(Loss) income from
operations
|
|
(3,648)
|
|
8,691
|
Other (expense)
income:
|
|
|
|
|
|
Interest
expense
|
|
(10,215)
|
|
(10,427)
|
|
Other
|
|
|
|
|
181
|
|
418
|
Total other
expense
|
|
(10,034)
|
|
(10,009)
|
|
Loss before income
taxes
|
|
(13,682)
|
|
(1,318)
|
Income tax (expense)
benefit
|
|
(619)
|
|
868
|
|
Net loss
|
$
|
(14,301)
|
$
|
(450)
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share, basic and diluted
|
$
|
(0.19)
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic and diluted
|
74,460,990
|
|
73,996,313
|
|
|
|
|
|
|
|
|
|
|
|
DIPLOMAT PHARMACY,
INC.
|
Condensed
Consolidated Statements of Operations, Inclusive of Reportable
Segment Breakout (Unaudited)
|
(dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
Net sales -
Specialty
|
$
|
1,168,365
|
$
|
1,152,979
|
Net sales -
PBM
|
|
97,917
|
|
191,468
|
Inter-segment
elimination
|
|
(9,474)
|
|
(1,963)
|
|
Net sales
|
|
1,256,808
|
|
1,342,484
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales -
Specialty
|
|
(1,100,841)
|
|
(1,080,159)
|
Cost of sales -
PBM
|
|
(86,221)
|
|
(173,910)
|
Inter-segment
elimination
|
|
9,474
|
|
1,963
|
|
Cost of
sales
|
|
(1,177,588)
|
|
(1,252,106)
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit -
Specialty
|
|
67,524
|
|
72,820
|
Gross profit -
PBM
|
|
11,696
|
|
17,558
|
|
Gross
profit
|
|
79,220
|
|
90,378
|
Selling, general and
administrative expenses
|
|
(82,868)
|
|
(81,687)
|
|
(Loss) income from
operations
|
|
(3,648)
|
|
8,691
|
Other (expense)
income:
|
|
|
|
|
|
Interest
expense
|
|
(10,215)
|
|
(10,427)
|
|
Other
|
|
|
|
|
181
|
|
418
|
Total other
expense
|
|
(10,034)
|
|
(10,009)
|
|
Loss before income
taxes
|
|
(13,682)
|
|
(1,318)
|
Income tax (expense)
benefit
|
|
(619)
|
|
868
|
|
Net loss
|
$
|
(14,301)
|
$
|
(450)
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common
share, basic and diluted
|
$
|
(0.19)
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding, basic and diluted
|
|
74,460,990
|
|
73,996,313
|
DIPLOMAT PHARMACY,
INC.
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net loss
|
|
|
$
|
(14,301)
|
$
|
(450)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
21,395
|
|
23,951
|
|
|
Share-based
compensation expense
|
|
3,572
|
|
3,161
|
|
|
Net provision for
doubtful accounts
|
|
2,447
|
|
2,322
|
|
|
Amortization of debt
issuance costs
|
|
961
|
|
1,132
|
|
|
Changes in fair value
of contingent consideration
|
|
210
|
|
-
|
|
|
Contingent
consideration payments
|
|
-
|
|
(470)
|
|
|
Deferred income tax
expense (benefit)
|
|
452
|
|
(547)
|
|
|
Other
|
|
|
633
|
|
(3)
|
|
|
Changes in operating
assets and liabilities, net of business acquisitions:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(5,726)
|
|
21
|
|
|
|
Inventories
|
|
36,779
|
|
11,903
|
|
|
|
Accounts
payable
|
|
(24,191)
|
|
8,465
|
|
|
|
Rebates
payable
|
|
(1,691)
|
|
3,288
|
|
|
|
Other assets and
liabilities
|
|
3,112
|
|
(4,201)
|
|
|
|
Net cash provided by
operating activities
|
|
23,652
|
|
48,572
|
Cash flows from
investing activities:
|
|
|
|
|
|
Expenditures for
property and equipment
|
|
(897)
|
|
(2,302)
|
|
Expenditures for
capitalized software for internal use
|
|
(6,840)
|
|
(567)
|
|
Other
|
|
|
|
|
14
|
|
3
|
|
|
|
Net cash used in
investing activities
|
|
(7,723)
|
|
(2,866)
|
Cash flows from
financing activities:
|
|
|
|
|
|
Net payments on line
of credit
|
|
(19,800)
|
|
(48,250)
|
|
Payments on long-term
debt
|
|
(2,875)
|
|
(76,875)
|
|
Payments of debt
issuance costs
|
|
-
|
|
(171)
|
|
Proceeds from
issuance of stock upon stock option exercises
|
|
-
|
|
1,909
|
|
Contingent
consideration payment
|
|
-
|
|
(530)
|
|
|
|
Net cash used in
financing activities
|
|
(22,675)
|
|
(123,917)
|
|
|
|
Net decrease in cash
and equivalents
|
|
(6,746)
|
|
(78,211)
|
Cash and equivalents
at beginning of period
|
|
9,485
|
|
84,251
|
Cash and equivalents
at end of period
|
$
|
2,739
|
$
|
6,040
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
Cash paid for
interest
|
$
|
(9,254)
|
$
|
(10,160)
|
|
Cash paid for income
taxes
|
$
|
(67)
|
$
|
(48)
|
Adjusted EBITDA
The table below presents a reconciliation of net loss to
Adjusted EBITDA for the periods indicated.
|
For the three months
ended March 31,
|
|
2019
|
|
2018
|
|
(dollars in
thousands) (unaudited)
|
Net (loss)
|
$
(14,301)
|
|
$
(450)
|
Depreciation
|
1,684
|
|
1,526
|
Amortization
|
19,711
|
|
22,425
|
Interest
expense
|
10,215
|
|
10,427
|
Income tax expense
(benefit)
|
619
|
|
(868)
|
EBITDA
|
$
17,928
|
|
$
33,060
|
|
|
|
|
Contingent
consideration and other merger and acquisition expense
|
$
305
|
|
$
2,001
|
Share-based
compensation expense
|
3,572
|
|
3,161
|
Employer payroll
taxes - option repurchases and exercises
|
59
|
|
78
|
Restructuring and
impairment charges
|
633
|
|
-
|
Severance and related
fees
|
612
|
|
1,339
|
Adjusted
EBITDA
|
$
23,109
|
|
$
39,639
|
2019 Full Year Guidance: GAAP to Non-GAAP
Reconciliation
The table below presents a reconciliation of net loss to
Adjusted EBITDA for the year ended December
31, 2019.
|
|
|
|
Reconciliation of
GAAP to Adjusted EBITDA
|
(dollars in
thousands) (unaudited)
|
|
Range
|
|
Low
|
|
High
|
Net (loss)
|
$
(49,282)
|
|
$
(33,182)
|
Depreciation and
amortization
|
80,000
|
|
78,000
|
Interest
expense
|
40,000
|
|
37,000
|
Income tax (benefit)
expense
|
2,582
|
|
1,582
|
EBITDA
|
$
73,300
|
|
$
83,400
|
|
|
|
|
Contingent
consideration and other merger and acquisition
expense
|
$
3,000
|
|
$
2,000
|
Share-based
compensation expense
|
28,000
|
|
26,000
|
Employer payroll
taxes - option repurchases and exercises
|
200
|
|
100
|
Restructuring and
impairment charges
|
1,000
|
|
500
|
Severance and related
fees
|
4,000
|
|
3,500
|
Other
items
|
500
|
|
500
|
Adjusted
EBITDA
|
$
110,000
|
|
$
116,000
|
1 Net debt is defined as total debt including
contingent consideration less cash and equivalents.
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SOURCE Diplomat Pharmacy, Inc.