Integer Holdings Corporation (NYSE:ITGR), a leading medical device
outsource manufacturer, today announced results for the three and
twelve months ended December 31, 2023. Unless otherwise stated, all
results and comparisons are from continuing operations.
Fourth Quarter 2023
Financial Results (compared to fourth quarter
2022, except as noted)
- Sales increased 11% to $413 million.
- GAAP income from continuing operations increased $9 million to
$26 million, an increase of 54%. Adjusted net income increased $10
million to $47 million, an increase of 28%.
- GAAP operating income increased $7 million to $44 million, an
increase of 18%. Adjusted operating income increased $10 million to
$68 million, an increase of 18%.
- GAAP diluted EPS from continuing operations increased $0.27 per
share to $0.78 per share, an increase of 53%. Adjusted EPS
increased $0.28 per share to $1.39 per share, an increase of
25%.
- Adjusted EBITDA increased $13 million to $86 million, an
increase of 18%.
Full Year 2023
Financial Results (compared to full year 2022)
- Sales increased 16% to $1.597 billion.
- GAAP income from continuing operations increased $25 million to
$91 million, an increase of 39%. Adjusted net income increased $28
million to $158 million, an increase of 22%.
- GAAP operating income increased $46 million to $167 million, an
increase of 38%. Adjusted operating income increased $50 million to
$241 million, an increase of 26%.
- GAAP diluted EPS from continuing operations increased $0.73 per
share to $2.69 per share, an increase of 37%. Adjusted EPS
increased $0.79 per share to $4.67 per share, an increase of
20%.
- Adjusted EBITDA increased $53 million to $309 million, an
increase of 21%.
- Generated $180 million of cash flow from operating
activities.
- Total debt increased $35 million to $960 million and net total
debt increased $43 million to $950 million, mostly attributable to
approximately $50 million of costs related to the convertible note
issuance and acquisition costs of approximately $50 million,
resulting in a leverage ratio of 3.1 times adjusted EBITDA as of
December 31, 2023.
Pulse Technologies Acquisition
- Integer acquired Pulse Technologies for approximately $140
million, subject to customary purchase price adjustments, offset by
an expected $15 million NPV tax benefit over 15 years, plus
additional purchase consideration contingent on achieving specific
revenue growth targets through 2025.
- Pulse Technologies’ full year 2023 sales were $42.5 million
with 2023 adjusted EBITDA of $11.0 million.
- Integer expects Pulse Technologies’ sales growth and adjusted
EBITDA margin to be accretive.
- The transaction closed on January 5,
2024 utilizing borrowings under Integer’s existing revolving credit
facility. Integer anticipates it will stay within the 2.5x – 3.5x
leverage target following the transaction.
“Integer delivered strong fourth quarter and full year 2023
sales and income with full year sales up 16% and adjusted operating
income growth of 26%,” said Joseph Dziedzic, Integer’s president
and CEO.
“We expect 9% to 11% sales growth in 2024 and expect adjusted
operating income to grow 13% to 20%. We continue to execute our
strategy by launching new products and adding capabilities in
targeted growth markets. We also completed the previously announced
acquisition of Pulse Technologies in January 2024 to deepen our
precision micro machining capabilities and further strengthen our
pipeline.”
Discussion of Product Line Fourth
Quarter and Full Year Sales
- Cardio & Vascular (C&V) sales increased 20% in the
fourth quarter 2023 compared to fourth quarter 2022, driven by
continued strong demand across all markets, new product ramps in
electrophysiology and structural heart, the InNeuroCo acquisition
and continued supply chain improvements. Full year sales increased
20% year-over-year, with double-digit growth across all C&V
markets, driven by strong demand, acquisition performance and
supply chain improvements.
- Cardiac Rhythm Management & Neuromodulation sales increased
7% in the fourth quarter 2023 compared to fourth quarter 2022, with
double-digit growth in Neuromodulation, driven by strong demand
from emerging customers with PMA (pre-market approval) products.
Full year sales increased 15% year-over-year, driven by
double-digit CRM growth from strong customer demand, double-digit
Neuromodulation growth from emerging customers, and supply chain
improvements.
- Advanced Surgical, Orthopedics & Portable Medical sales
increased 1% in the fourth quarter 2023 compared to fourth quarter
2022, driven by execution of the planned multi-year Portable
Medical exit announced in 2022, partially offset by single-digit
decline of Advanced Surgical and Orthopedics. Full year sales
increased 9% year-over-year, driven by high double-digit growth in
Portable Medical related to demand to support the multi-year
Portable Medical exit.
- Electrochem sales decreased 42% in the fourth quarter 2023
compared to fourth quarter 2022, returning to a normalized run-rate
after previously higher sales from the supply chain recovery. Full
year sales declined 7% year-over-year, after sales returned to a
normalized run-rate in the second half of 2023, following
previously higher sales from the supply chain recovery.
2024 Outlook(a)
- 2024 Outlook includes the estimated
impact of the Pulse Technologies acquisition in January 2024.
(dollars in millions, except
per share amounts) |
|
GAAP |
|
Non-GAAP(b) |
|
|
As Reported |
|
Change from Prior Year |
|
Adjusted |
|
Change from Prior Year |
Sales |
|
$1,735 to $1,770 |
|
9% to 11% |
|
N/A |
|
N/A |
Operating income |
|
$202 to $220 |
|
20% to 31% |
|
$272 to $290 |
|
13% to 20% |
EBITDA |
|
N/A |
|
N/A |
|
$355 to $375 |
|
15% to 21% |
Net income |
|
$115 to $130 |
|
27% to 43% |
|
$171 to $185 |
|
8% to 18% |
Diluted earnings per
share |
|
$3.30 to $3.71 |
|
23% to 38% |
|
$5.01 to $5.43 |
|
7% to 16% |
Cash flow from operating
activities |
|
$185 to $205 |
|
3% to 14% |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
(a) Except as described below, further
reconciliations by line item to the closest corresponding GAAP
financial measure for Adjusted operating income, Adjusted EBITDA,
Adjusted net income and Adjusted Earnings per Share (“EPS”), all
from continuing operations, included in our “2024 Outlook” above,
and Adjusted total interest expense, Adjusted effective tax rate
and Leverage ratio in “Supplemental Financial Information” below,
are not available without unreasonable efforts on a forward-looking
basis due to the high variability, complexity and visibility of the
charges excluded from these non-GAAP financial measures.
(b) Adjusted operating income for 2024 consists
of GAAP operating income, excluding items such as amortization of
intangible assets, restructuring and restructuring-related charges,
and acquisition and integration costs, totaling approximately $71
million, pre-tax. Adjusted net income and Adjusted EPS for 2024
consist of GAAP net income and diluted EPS, excluding items such as
amortization of intangible assets, restructuring and
restructuring-related charges, acquisition and integration costs,
and gain or loss on equity investments totaling approximately $71
million, pre-tax. The after-tax impact of these items is estimated
to be approximately $56 million, or approximately $1.63 per diluted
share. The 2024 Outlook Adjusted EPS is calculated using adjusted
dilutive weighted average shares, calculated by adding back the
estimated dilutive impact of the 2028 Convertible Notes.
Adjusted EBITDA is expected to consist of Adjusted net income,
excluding items such as depreciation, interest, stock-based
compensation and taxes totaling approximately $184 million to $190
million.
Supplemental Financial Information
(dollars in millions) |
2024Outlook |
|
2023Actual |
Depreciation and
amortization |
$105 to $115 |
|
$97 |
Adjusted total interest
expense(a) |
$56 to $61 |
|
$49 |
Stock-based compensation |
$24 to $27 |
|
$23 |
Restructuring, acquisition and
other charges(b) |
$15 to $20 |
|
$22 |
Adjusted effective tax
rate(c) |
19.0% to 21.0% |
|
17.7% |
Leverage ratio(d) |
2.5x to 3.5x |
|
3.1x |
Capital expenditures(d) |
$90 to $110 |
|
$120 |
Cash income tax payments |
$43 to $47 |
|
$30 |
|
|
|
|
(a) Adjusted total interest expense refers to
our expected full-year GAAP interest expense, expected to range
from $56 million to $61 million for 2024, adjusted to remove the
full-year impact of charges associated with the accelerated
write-off of debt discounts and deferred issuance costs (loss on
extinguishment of debt) included in GAAP total interest expense, if
any. Adjusted total interest expense of $48.9 million for 2023
consists of GAAP Interest expense of $53.4 million less $4.5
million of losses from the extinguishment of debt.
(b) Restructuring, acquisition and other
charges consists of restructuring and restructuring-related
charges, acquisition and integration costs, other general expenses
and incremental costs of complying with the new European Union
medical device regulations.
(c) Adjusted effective tax rate refers to our
full-year GAAP effective tax rate, expected to range from 19.0% to
21.0% for 2024, adjusted to reflect the full-year impact of the
items that are excluded in providing adjusted net income and
certain other identified items. Adjusted effective tax rate of
17.7% for 2023 consists of GAAP effective tax rate of 15.5% less
2.2% for the impact on income tax provision related to Non-GAAP
adjustments.
(d) Please see “Notes Regarding Non-GAAP
Financial Information” for additional information regarding
leverage ratio. Capital expenditures is calculated as cash used to
acquire property, plant, and equipment (PP&E) less cash
proceeds from the sale of PP&E.
Summary Financial Results(dollars in thousands,
except per share data)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Change |
|
|
2023 |
|
|
2022 |
|
Change |
Operating income |
$ |
43,513 |
|
$ |
36,865 |
|
18.0 |
% |
|
$ |
167,330 |
|
$ |
121,327 |
|
37.9 |
% |
Income from continuing
operations |
$ |
26,357 |
|
$ |
17,090 |
|
54.2 |
% |
|
$ |
90,650 |
|
$ |
65,350 |
|
38.7 |
% |
Diluted EPS from continuing
operations |
$ |
0.78 |
|
$ |
0.51 |
|
52.9 |
% |
|
$ |
2.69 |
|
$ |
1.96 |
|
37.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA(a) |
$ |
67,105 |
|
$ |
58,153 |
|
15.4 |
% |
|
$ |
258,867 |
|
$ |
206,581 |
|
25.3 |
% |
Adjusted EBITDA(a) |
$ |
86,135 |
|
$ |
73,082 |
|
17.9 |
% |
|
$ |
309,336 |
|
$ |
256,101 |
|
20.8 |
% |
Adjusted operating
income(a) |
$ |
67,570 |
|
$ |
57,284 |
|
18.0 |
% |
|
$ |
241,468 |
|
$ |
191,951 |
|
25.8 |
% |
Adjusted net income(a) |
$ |
47,393 |
|
$ |
37,030 |
|
28.0 |
% |
|
$ |
157,796 |
|
$ |
129,548 |
|
21.8 |
% |
Adjusted EPS(a) |
$ |
1.39 |
|
$ |
1.11 |
|
25.2 |
% |
|
$ |
4.67 |
|
$ |
3.88 |
|
20.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) EBITDA, Adjusted EBITDA, Adjusted operating
income, Adjusted net income, and Adjusted EPS are Non-GAAP
financial measures. Please see “Notes Regarding Non-GAAP Financial
Information” for additional information regarding our use of
Non-GAAP financial measures. Refer to Tables A, B and C at the end
of this release for reconciliations of adjusted amounts to the
closest corresponding GAAP financial measures.
Summary Product Line Results(dollars in
thousands)
|
Three Months Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Change |
|
Organic Change(a) |
Medical Sales |
|
|
|
|
|
|
|
Cardio & Vascular |
$ |
222,642 |
|
$ |
185,697 |
|
19.9 |
% |
|
16.9 |
% |
Cardiac Rhythm Management & Neuromodulation |
|
152,806 |
|
|
142,680 |
|
7.1 |
% |
|
7.1 |
% |
Advanced Surgical, Orthopedics & Portable Medical |
|
28,613 |
|
|
28,401 |
|
0.7 |
% |
|
(9.1) |
% |
Total Medical Sales |
|
404,061 |
|
|
356,778 |
|
13.3 |
% |
|
11.9 |
% |
Non-Medical Sales |
|
9,090 |
|
|
15,645 |
|
(41.9) |
% |
|
(41.9) |
% |
Total Sales |
$ |
413,151 |
|
$ |
372,423 |
|
10.9 |
% |
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Change |
|
Organic Change(a) |
Medical Sales |
|
|
|
|
|
|
|
Cardio & Vascular |
$ |
836,342 |
|
$ |
699,469 |
|
19.6 |
% |
|
18.0 |
% |
Cardiac Rhythm Management & Neuromodulation |
|
610,577 |
|
|
532,580 |
|
14.6 |
% |
|
14.6 |
% |
Advanced Surgical, Orthopedics & Portable Medical |
|
106,421 |
|
|
97,502 |
|
9.1 |
% |
|
(6.5) |
% |
Total Medical Sales |
|
1,553,340 |
|
|
1,329,551 |
|
16.8 |
% |
|
15.8 |
% |
Non-Medical Sales |
|
43,333 |
|
|
46,545 |
|
(6.9) |
% |
|
(6.9) |
% |
Total Sales |
$ |
1,596,673 |
|
$ |
1,376,096 |
|
16.0 |
% |
|
15.0 |
% |
|
(a) Organic sales change is a Non-GAAP
financial measure. Please see “Notes Regarding Non-GAAP Financial
Information” for additional information regarding our use of
Non-GAAP financial measures and refer to Table D at the end of this
release for a reconciliation of these amounts.
Conference Call InformationThe
Company will host a conference call on Thursday, February 15,
2024, at 8 a.m. CT / 9 a.m. ET to discuss these results. The
scheduled conference call will be webcast live and is accessible
through our website at investor.integer.net or by dialing (888)
330-3567 (U.S.) or (646) 960-0842 (outside U.S.) and the conference
ID is 9252310. The call will be archived on the Company’s website.
An earnings call slide presentation containing supplemental
information about the Company’s results will be posted to our
website at investor.integer.net prior to the conference call and
will be referenced during the conference call.
From time to time, the Company posts information that may be of
interest to investors on its website at investor.integer.net. To
automatically receive Integer financial news by email, please visit
investor.integer.net and subscribe to email alerts.
About
Integer®Integer Holdings
Corporation (NYSE: ITGR) is one of the largest medical device
outsource (MDO) manufacturers in the world serving the cardiac
rhythm management, neuromodulation, vascular, portable medical and
orthopedics markets. The Company provides innovative, high-quality
medical technologies that enhance the lives of patients worldwide.
In addition, the Company develops batteries for high-end niche
applications in energy, military, and environmental markets. The
Company's brands include Greatbatch Medical®, Lake
Region Medical® and Electrochem®.
Additional information is available at www.integer.net.
Investor Relations
Andrew Senn |
|
|
763.951.8312 |
|
|
andrew.senn@integer.net |
|
|
|
|
|
Notes Regarding Non-GAAP Financial
Information
In addition to our results reported in accordance with generally
accepted accounting principles in the United States of America
(“GAAP”), we provide adjusted net income, adjusted EPS, earnings
before interest, taxes, depreciation and amortization (“EBITDA”),
adjusted EBITDA, adjusted operating income, and organic sales
change.
Adjusted net income and adjusted EPS consist of GAAP income from
continuing operations and diluted EPS from continuing operations,
respectively, adjusted for the following to the extent occurring
during the period: (i) amortization of intangible assets, (ii)
restructuring and restructuring-related charges; (iii) acquisition
and integration related costs; (iv) other general expenses; (v)
(gain) loss on equity investments; (vi) extinguishment of debt
charges; (vii) European Union medical device regulation incremental
charges; (viii) inventory step-up amortization; (ix) unusual, or
infrequently occurring items; (x) the income tax provision
(benefit) related to these adjustments and (xi) certain tax items
that are outside the normal tax provision for the period. Adjusted
EPS is calculated by dividing adjusted net income by diluted
weighted average shares outstanding.
EBITDA is calculated by adding back interest expense, provision
for income taxes, depreciation expense, and amortization expense
from intangible assets and financing leases, to income from
continuing operations, which is the most directly comparable GAAP
financial measure. Adjusted EBITDA consists of EBITDA plus adding
back stock-based compensation and the same adjustments as listed
above except for items (i), (vi), (x) and (xi). Adjusted operating
income consists of operating income adjusted for the same items
listed above except for items (v), (vi), (x) and (xi).
Adjusted EBITDA for Pulse Technologies is calculated as GAAP net
income adjusted for the following items: interest expense,
depreciation and amortization expense, as well as items affecting
comparability, including adjustments to eliminate expenses
associated with excess executive compensation costs and
above-market lease expense, and add certain expenses to align with
Integer’s accounting policies.
Beginning in the fourth quarter of 2023, we changed the method
of calculating Organic sales change to exclude the impact on the
growth rate attributable to Portable Medical sales for all periods
presented. Organic sales change is reported sales growth adjusted
to remove the impact of foreign currency, the contribution of
acquisitions and the strategic exit of the Portable Medical market.
To calculate the impact of foreign currency on sales growth rates,
we convert any sale made in a foreign currency by converting
current period sales into prior period sales using the exchange
rate in effect at that time and then compare the two, negating any
effect foreign currency had on our transactional revenue. For
contribution of acquisitions, we exclude the impact on the growth
rate attributable to the contribution of acquisitions in all
periods where there were no comparable sales. For the strategic
exit of the Portable Medical market, we exclude the impact on the
growth rate attributable to Portable Medical sales for all periods
presented.
We believe that the presentation of adjusted net income,
adjusted EPS, EBITDA, adjusted EBITDA, adjusted operating income,
and organic sales change, provides important supplemental
information to management and investors seeking to understand the
financial and business trends relating to our financial condition
and results of operations. In addition to the performance measures
identified above, we believe that net total debt and leverage ratio
provide meaningful measures of liquidity and a useful basis for
assessing our ability to fund our activities, including the
financing of acquisitions and debt repayments. Net total debt is
calculated as total principal amount of debt outstanding less cash
and cash equivalents. We calculate leverage ratio as net total debt
divided by adjusted EBITDA for the trailing 4 quarters.
Forward-Looking Statements
Some of the statements contained in this press release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
relating to; 2024 outlook including future sales, expenses, and
profitability; our ability to stay within our leverage targets in
future periods; our ability to execute our business model and our
business strategy; our ability to execute our business model and
our business strategy, including integration of Pulse Technologies
and completion and integration of other current or future
acquisition targets; having available sufficient cash and borrowing
capacity to meet working capital, debt service and capital
expenditure requirements for the next twelve months; projected
capital spending; labor attrition; and other events, conditions or
developments that will or may occur in the future. You can identify
forward-looking statements by terminology such as “outlook,”
“projected,” “may,” “will,” “should,” “could,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential,” “project,” or “continue” or variations or
the negative of these terms or other comparable terminology. These
statements are only predictions. Actual events or results may
differ materially from those stated or implied by these
forward-looking statements. In evaluating these statements and our
prospects, you should carefully consider the factors set forth
below.
Although it is not possible to create a comprehensive list of
all factors that may cause actual results to differ from the
results expressed or implied by our forward-looking statements or
that may affect our future results, some of these factors and other
risks and uncertainties that arise from time to time are described
in Item 1A, “Risk Factors” of our Annual Report on Form 10-K and in
our other periodic filings with the SEC and include the
following:
- operational risks, such as the
duration, scope and impact of the COVID-19 pandemic, including the
evolving health, economic, social and governmental environments and
the effect of the pandemic on our associates, suppliers and
customers as well as the global economy; our dependence upon a
limited number of customers; pricing pressures that we face from
customers; our reliance on third party suppliers for raw materials,
key products and subcomponents; our ability to attract, train and
retain a sufficient number of qualified associates; the potential
for harm to our reputation caused by quality problems related to
our products; the dependence of our energy market-related revenues
on the conditions in the oil and natural gas industry;
interruptions in our manufacturing operations; our dependence upon
our information technology systems and our ability to prevent
cyber-attacks and other failures; and our dependence upon our
senior management team and technical personnel;
- strategic risks, such as the intense
competition we face and our ability to successfully market our
products; our ability to respond to changes in technology; our
ability to develop new products and expand into new geographic and
product markets; and our ability to successfully identify, make and
integrate acquisitions to expand and develop our business in
accordance with expectations;
- financial and indebtedness risks,
such as our significant amount of outstanding indebtedness and our
ability to remain in compliance with financial and other covenants
under our senior secured credit facilities; economic and credit
market uncertainties that could interrupt our access to capital
markets, borrowings or financial transactions; financial and market
risks related to our international operations and sales; our
complex international tax profile; and our ability to realize the
full value of our intangible assets; and
- legal and compliance risks, such as
regulatory issues resulting from product complaints, recalls or
regulatory audits; the potential of becoming subject to product
liability or intellectual property claims; our ability to protect
our intellectual property and proprietary rights; our ability and
the cost to comply with environmental regulations; our ability to
comply with customer-driven policies and third party standards or
certification requirements; our ability to obtain necessary
licenses for new technologies; legal and regulatory risks from our
international operations; and the fact that the healthcare industry
is highly regulated and subject to various regulatory changes.
Except as may be required by law, we assume no obligation to
update forward-looking statements in this press release whether to
reflect changed assumptions, the occurrence of unanticipated events
or changes in future operating results, financial conditions or
prospects, or otherwise.
Condensed
Consolidated Balance Sheets - Unaudited |
(in
thousands) |
|
|
|
December 31,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
23,674 |
|
$ |
24,272 |
Accounts receivable, net |
|
238,277 |
|
|
224,325 |
Inventories |
|
239,716 |
|
|
208,766 |
Refundable income taxes |
|
1,998 |
|
|
2,003 |
Contract assets |
|
85,871 |
|
|
71,927 |
Prepaid expenses and other current assets |
|
28,132 |
|
|
27,005 |
Total current assets |
|
617,668 |
|
|
558,298 |
Property, plant and equipment,
net |
|
407,954 |
|
|
317,243 |
Goodwill |
|
1,011,007 |
|
|
982,192 |
Other intangible assets,
net |
|
783,146 |
|
|
819,889 |
Deferred income taxes |
|
7,001 |
|
|
6,247 |
Operating lease assets |
|
81,632 |
|
|
74,809 |
Financing lease assets |
|
11,828 |
|
|
8,852 |
Other long-term assets |
|
22,417 |
|
|
26,856 |
Total assets |
$ |
2,942,653 |
|
$ |
2,794,386 |
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current portion of long-term debt |
$ |
— |
|
$ |
18,188 |
Accounts payable |
|
120,293 |
|
|
110,780 |
Income taxes payable |
|
3,896 |
|
|
10,923 |
Operating lease liabilities |
|
8,692 |
|
|
10,362 |
Accrued expenses and other current liabilities |
|
88,088 |
|
|
73,499 |
Total current liabilities |
|
220,969 |
|
|
223,752 |
Long-term debt |
|
959,925 |
|
|
907,073 |
Deferred income taxes |
|
145,625 |
|
|
160,671 |
Operating lease
liabilities |
|
72,339 |
|
|
64,049 |
Financing lease
liabilities |
|
10,388 |
|
|
8,006 |
Other long-term
liabilities |
|
14,365 |
|
|
13,379 |
Total liabilities |
|
1,423,611 |
|
|
1,376,930 |
Stockholders’ equity: |
|
|
|
Common stock |
|
33 |
|
|
33 |
Additional paid-in capital |
|
727,435 |
|
|
731,393 |
Retained earnings |
|
771,351 |
|
|
680,701 |
Accumulated other comprehensive income |
|
20,223 |
|
|
5,329 |
Total stockholders’ equity |
|
1,519,042 |
|
|
1,417,456 |
Total liabilities and stockholders’ equity |
$ |
2,942,653 |
|
$ |
2,794,386 |
|
Condensed
Consolidated Statements of Operations - Unaudited |
|
|
|
|
(in thousands except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember 31, |
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Sales |
$ |
413,151 |
|
|
$ |
372,423 |
|
$ |
1,596,673 |
|
$ |
1,376,096 |
|
Cost of sales (COS) |
|
302,895 |
|
|
|
274,507 |
|
|
1,178,384 |
|
|
1,017,090 |
|
Gross profit |
|
110,256 |
|
|
|
97,916 |
|
|
418,289 |
|
|
359,006 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative (SG&A) |
|
45,804 |
|
|
|
41,037 |
|
|
175,619 |
|
|
160,578 |
|
Research, development and engineering |
|
13,257 |
|
|
|
13,841 |
|
|
63,771 |
|
|
60,918 |
|
Restructuring and other charges |
|
7,682 |
|
|
|
6,173 |
|
|
11,569 |
|
|
16,183 |
|
Total operating expenses |
|
66,743 |
|
|
|
61,051 |
|
|
250,959 |
|
|
237,679 |
|
Operating income |
|
43,513 |
|
|
|
36,865 |
|
|
167,330 |
|
|
121,327 |
|
Interest expense |
|
12,690 |
|
|
|
14,215 |
|
|
53,370 |
|
|
38,632 |
|
Loss on equity investments,
net |
|
2,219 |
|
|
|
2,025 |
|
|
5,691 |
|
|
7,636 |
|
Other (income) loss, net |
|
(724 |
) |
|
|
33 |
|
|
975 |
|
|
(899 |
) |
Income from continuing operations before income taxes |
|
29,328 |
|
|
|
20,592 |
|
|
107,294 |
|
|
75,958 |
|
Provision for income
taxes |
|
2,971 |
|
|
|
3,502 |
|
|
16,644 |
|
|
10,608 |
|
Income from continuing operations |
$ |
26,357 |
|
|
$ |
17,090 |
|
$ |
90,650 |
|
$ |
65,350 |
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
Income from discontinued
operations before income taxes |
|
— |
|
|
|
1,323 |
|
|
— |
|
|
1,323 |
|
Provision for income
taxes |
|
— |
|
|
|
296 |
|
|
— |
|
|
296 |
|
Income from discontinued operations |
$ |
— |
|
|
$ |
1,027 |
|
$ |
— |
|
$ |
1,027 |
|
|
|
|
|
|
|
|
|
Net income |
$ |
26,357 |
|
|
$ |
18,117 |
|
$ |
90,650 |
|
$ |
66,377 |
|
|
|
|
|
|
|
|
|
Basic earnings per share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.79 |
|
|
$ |
0.52 |
|
$ |
2.72 |
|
$ |
1.97 |
|
Income from discontinued operations |
|
— |
|
|
|
0.03 |
|
|
— |
|
|
0.03 |
|
Basic earnings per share |
|
0.79 |
|
|
|
0.55 |
|
|
2.72 |
|
|
2.00 |
|
|
|
|
|
|
|
|
|
Diluted earnings per
share: |
|
|
|
|
|
|
|
Income from continuing operations |
$ |
0.78 |
|
|
$ |
0.51 |
|
$ |
2.69 |
|
$ |
1.96 |
|
Income from discontinued operations |
|
— |
|
|
|
0.03 |
|
|
— |
|
|
0.03 |
|
Diluted earnings per share |
|
0.78 |
|
|
|
0.54 |
|
|
2.69 |
|
|
1.99 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
|
33,364 |
|
|
|
33,161 |
|
|
33,320 |
|
|
33,127 |
|
Diluted |
|
33,987 |
|
|
|
33,438 |
|
|
33,758 |
|
|
33,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows(a)
- Unaudited |
(in
thousands) |
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
90,650 |
|
|
$ |
66,377 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
|
98,841 |
|
|
|
91,991 |
|
Debt related charges included in interest expense |
|
8,054 |
|
|
|
2,036 |
|
Inventory step-up amortization |
|
590 |
|
|
|
798 |
|
Stock-based compensation |
|
23,283 |
|
|
|
21,023 |
|
Non-cash lease expense |
|
11,248 |
|
|
|
10,914 |
|
Non-cash loss on equity investments |
|
5,691 |
|
|
|
7,636 |
|
Contingent consideration fair value adjustment |
|
(736 |
) |
|
|
3,097 |
|
Other non-cash losses |
|
4,379 |
|
|
|
5,854 |
|
Deferred income taxes |
|
(9,490 |
) |
|
|
(17,498 |
) |
Changes in operating assets
and liabilities, net of acquisitions: |
|
|
|
Accounts receivable |
|
(7,437 |
) |
|
|
(41,380 |
) |
Inventories |
|
(30,178 |
) |
|
|
(56,721 |
) |
Prepaid expenses and other assets |
|
(930 |
) |
|
|
764 |
|
Contract assets |
|
(13,646 |
) |
|
|
(7,543 |
) |
Accounts payable |
|
(520 |
) |
|
|
26,038 |
|
Accrued expenses and other liabilities |
|
7,908 |
|
|
|
(9,529 |
) |
Income taxes payable |
|
(7,494 |
) |
|
|
12,524 |
|
Net cash provided by operating activities |
|
180,213 |
|
|
|
116,381 |
|
Cash flows from
investing activities: |
|
|
|
Acquisition of property, plant
and equipment |
|
(119,938 |
) |
|
|
(74,728 |
) |
Proceeds from sale of
property, plant and equipment |
|
173 |
|
|
|
639 |
|
Proceeds from return of
capital from equity investments |
|
— |
|
|
|
304 |
|
Acquisitions, net of cash
acquired |
|
(43,602 |
) |
|
|
(126,636 |
) |
Net cash used in investing activities |
|
(163,367 |
) |
|
|
(200,421 |
) |
Cash flows from
financing activities: |
|
|
|
Principal payments of term
loans |
|
(415,938 |
) |
|
|
(25,249 |
) |
Proceeds from issuance of
convertible notes, net of discount |
|
486,250 |
|
|
|
— |
|
Proceeds from revolving credit
facility |
|
383,103 |
|
|
|
166,000 |
|
Payments of revolving credit
facility |
|
(424,801 |
) |
|
|
(45,000 |
) |
Purchase of capped calls |
|
(35,000 |
) |
|
|
— |
|
Payment of debt issuance
costs |
|
(2,181 |
) |
|
|
— |
|
Proceeds from the exercise of
stock options |
|
2,303 |
|
|
|
150 |
|
Tax withholdings related to
net share settlements of restricted stock units |
|
(3,098 |
) |
|
|
(2,929 |
) |
Proceeds from contingent
consideration |
|
— |
|
|
|
1,319 |
|
Payment of contingent
consideration |
|
(7,660 |
) |
|
|
(972 |
) |
Principal payments on finance
leases |
|
(992 |
) |
|
|
(843 |
) |
Net cash provided (used in) by financing activities |
|
(18,014 |
) |
|
|
92,476 |
|
Effect of foreign currency
exchange rates on cash and cash equivalents |
|
570 |
|
|
|
(2,049 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
(598 |
) |
|
|
6,387 |
|
Cash and cash equivalents,
beginning of year |
|
24,272 |
|
|
|
17,885 |
|
Cash and cash equivalents, end
of year |
$ |
23,674 |
|
|
$ |
24,272 |
|
|
(a) The Condensed Consolidated Statements of Cash Flows -
Unaudited includes cash flows related to discontinued
operations.
Reconciliations of Non-GAAP Measures from Continuing
Operations
Table A: Income from Continuing Operations and Diluted
EPS Reconciliations(in thousands, except per share
data)
|
Three Months Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Pre-Tax |
|
Net ofTax |
|
PerDilutedShare |
|
Pre-Tax |
|
Net ofTax |
|
PerDilutedShare |
Income from continuing
operations (GAAP) |
$ |
29,328 |
|
$ |
26,357 |
|
$ |
0.78 |
|
$ |
20,592 |
|
|
$ |
17,090 |
|
|
$ |
0.51 |
Adjustments(a): |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets(b) |
|
13,394 |
|
|
10,584 |
|
|
0.31 |
|
|
12,298 |
|
|
|
9,720 |
|
|
|
0.29 |
Restructuring and restructuring-related charges(c) |
|
4,820 |
|
|
4,238 |
|
|
0.12 |
|
|
3,370 |
|
|
|
2,647 |
|
|
|
0.08 |
Acquisition and integration costs(d) |
|
1,729 |
|
|
1,324 |
|
|
0.04 |
|
|
4,209 |
|
|
|
3,375 |
|
|
|
0.10 |
Other general expenses(e) |
|
1,973 |
|
|
1,330 |
|
|
0.04 |
|
|
61 |
|
|
|
41 |
|
|
|
— |
Loss on equity investments(f) |
|
2,219 |
|
|
1,753 |
|
|
0.05 |
|
|
2,025 |
|
|
|
1,600 |
|
|
|
0.05 |
Loss on extinguishment of debt(g) |
|
— |
|
|
— |
|
|
— |
|
|
114 |
|
|
|
90 |
|
|
|
— |
Medical device regulations(h) |
|
364 |
|
|
287 |
|
|
0.01 |
|
|
493 |
|
|
|
389 |
|
|
|
0.01 |
Other adjustments(i) |
|
1,187 |
|
|
938 |
|
|
0.03 |
|
|
(12 |
) |
|
|
(11 |
) |
|
|
— |
Inventory step-up amortization (COS)(j) |
|
590 |
|
|
466 |
|
|
0.01 |
|
|
— |
|
|
|
— |
|
|
|
— |
Tax adjustments(k) |
|
— |
|
|
116 |
|
|
— |
|
|
— |
|
|
|
2,089 |
|
|
|
0.06 |
Adjusted net income
(Non-GAAP) |
$ |
55,604 |
|
$ |
47,393 |
|
$ |
1.39 |
|
$ |
43,150 |
|
|
$ |
37,030 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares for
diluted EPS |
|
|
|
33,987 |
|
|
|
|
|
|
33,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Pre-Tax |
|
Net of Tax |
|
PerDilutedShare |
|
Pre-Tax |
|
Net of Tax |
|
PerDilutedShare |
Income from continuing
operations (GAAP) |
$ |
107,294 |
|
$ |
90,650 |
|
$ |
2.69 |
|
$ |
75,958 |
|
|
$ |
65,350 |
|
|
$ |
1.96 |
Adjustments(a): |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets(b) |
|
52,530 |
|
|
41,518 |
|
|
1.23 |
|
|
48,313 |
|
|
|
38,185 |
|
|
|
1.14 |
Restructuring and restructuring-related charges(c) |
|
10,444 |
|
|
8,723 |
|
|
0.26 |
|
|
9,265 |
|
|
|
7,251 |
|
|
|
0.22 |
Acquisition and integration costs(d) |
|
3,444 |
|
|
2,606 |
|
|
0.08 |
|
|
10,075 |
|
|
|
8,029 |
|
|
|
0.24 |
Other general expenses(e) |
|
2,110 |
|
|
1,437 |
|
|
0.04 |
|
|
1,188 |
|
|
|
902 |
|
|
|
0.03 |
Loss on equity investments(f) |
|
5,691 |
|
|
4,496 |
|
|
0.13 |
|
|
7,636 |
|
|
|
6,033 |
|
|
|
0.18 |
Loss on extinguishment of debt(g) |
|
4,518 |
|
|
3,569 |
|
|
0.11 |
|
|
114 |
|
|
|
90 |
|
|
|
— |
Medical device regulations(h) |
|
1,605 |
|
|
1,268 |
|
|
0.04 |
|
|
1,105 |
|
|
|
873 |
|
|
|
0.03 |
Other adjustments(i) |
|
3,415 |
|
|
2,698 |
|
|
0.08 |
|
|
(120 |
) |
|
|
(95 |
) |
|
|
— |
Inventory step-up amortization (COS)(j) |
|
590 |
|
|
466 |
|
|
0.01 |
|
|
798 |
|
|
|
630 |
|
|
|
0.02 |
Tax adjustments(k) |
|
— |
|
|
365 |
|
|
0.01 |
|
|
— |
|
|
|
2,300 |
|
|
|
0.07 |
Adjusted net income
(Non-GAAP) |
$ |
191,641 |
|
$ |
157,796 |
|
$ |
4.67 |
|
$ |
154,332 |
|
|
$ |
129,548 |
|
|
$ |
3.88 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares for
diluted EPS |
|
|
|
33,758 |
|
|
|
|
|
|
33,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The difference between pre-tax and net of
tax amounts is the estimated tax impact related to the respective
adjustment. Net of tax amounts are computed using a 21% U.S. tax
rate and the statutory tax rates applicable in foreign tax
jurisdictions, as adjusted for the existence of net operating
losses (“NOLs”). Expenses that are not deductible for tax purposes
(i.e. permanent tax differences) are added back at 100%.
(b) Total expense from
amortization of intangible assets and financing leases less amounts
included in Restructuring and restructuring-related charges.
(c) We initiate discrete restructuring programs
primarily to realign resources to better serve our customers and
markets, improve operational efficiency and capabilities, and lower
operating costs or improve profitability. Depending on the program,
restructuring charges may include termination benefits, contract
termination, facility closure and other exit and disposal costs.
Restructuring-related expenses are directly related to the program
and may include retention bonuses, accelerated depreciation,
consulting expense and costs to transfer manufacturing operations
among our facilities. Included in restructuring charges for the
fourth quarter of 2023 are $3.6 million in costs related to the
relocation and closure of our R&D facility in Israel.
(d) Acquisition and integration costs are
incremental costs that are directly related to a business or asset
acquisition. These costs may include, among other things,
professional, consulting and other fees, system integration costs,
and fair value adjustments relating to contingent
consideration.
(e) The expenses for the 2023 and 2022 periods
include gains and losses in connection with the disposal of
property, plant and equipment. The 2023 amounts also include
$2.0 million of property loss and related expenses resulting
from a fire which occurred in the fourth quarter of 2023 at one of
our manufacturing facilities.
(f) During the third and fourth quarters of
2023, we determined that investments in our non-marketable equity
securities were impaired and recorded impairment charges of of $2.0
million and $3.3 million, respectively. The residual amounts
for 2023 and 2022 relate to our share of equity method investee
losses including unrealized appreciation/depreciation of the
underlying interests of the investee.
(g) Loss on extinguishment of debt consists of
accelerated write-offs of unamortized deferred debt issuance costs
and discounts which are included in interest expense. The 2023
amounts represent a write-off of unamortized deferred debt issuance
costs and discounts in connection with the amendments to the credit
agreement governing our credit facilities, prepayments of portions
of our Term Loan A facility, and repayment in full of our Term B
Loan Facility.
(h) The charges represent incremental costs of
complying with the new European Union medical device regulations
for previously registered products and primarily include charges
for contractors supporting the project and other direct third-party
expenses.
(i) For the 2023 periods, amounts relate to
costs associated with leadership transitions and certain formal
strategic projects. Leadership transition costs primarily include
severance costs associated with the departure of executives and
incremental costs associated with the related leadership
transitions. Strategic projects primarily involve system
reconfiguration to support our manufacturing excellence operational
strategic imperative and investments in certain technology and
platform development to align our capabilities to meet customer
needs. Other adjustments for the quarter and year ended December
31, 2023 included pre-tax leadership transition costs of $0.5
million and $1.7 million, respectively, and pre-tax costs related
to strategic projects of $0.7 million and $1.7 million,
respectively. The 2022 amounts relate to a former customer that
filed bankruptcy in November 2019 and are predominantly due to
favorable settlements on supplier purchase order termination
clauses and benefits recognized from the utilization or sale of
previously reserved inventory.
(j) The accounting associated with our
acquisitions require us to record inventory at its fair value,
which is sometimes greater than the previous book value of
inventory. The increase in inventory value is amortized to cost of
sales over the period that the related inventory is sold. We
exclude inventory step-up amortization from our non-GAAP financial
measures because it is a non-cash expense that we do not believe is
indicative of our ongoing operating results.
(k) For the 2023 and 2022 periods, tax
adjustments predominately relate to acquired foreign tax credits,
including utilization, changes to uncertain tax benefits and
associated interest. For the 2023 periods, tax adjustments also
include equity investment impairments that are not deductible for
tax purposes. For the 2022 periods, tax adjustments also include
acquisition costs that are not deductible for tax purposes.
Please see “Notes Regarding Non-GAAP Financial
Information” for additional information regarding our use of
non-GAAP financial measures.
Table B: Adjusted Operating Income
Reconciliations(in thousands)
|
Three Months Ended December 31, |
|
Year EndedDecember 31, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Operating income (GAAP) |
$ |
43,513 |
|
$ |
36,865 |
|
|
$ |
167,330 |
|
$ |
121,327 |
|
Adjustments: |
|
|
|
|
|
|
|
Amortization of intangible assets |
|
13,394 |
|
|
12,298 |
|
|
|
52,530 |
|
|
48,313 |
|
Restructuring and restructuring-related charges |
|
4,820 |
|
|
3,370 |
|
|
|
10,444 |
|
|
9,265 |
|
Acquisition and integration costs |
|
1,729 |
|
|
4,209 |
|
|
|
3,444 |
|
|
10,075 |
|
Other general expenses |
|
1,973 |
|
|
61 |
|
|
|
2,110 |
|
|
1,188 |
|
Medical device regulations |
|
364 |
|
|
493 |
|
|
|
1,605 |
|
|
1,105 |
|
Other adjustments |
|
1,187 |
|
|
(12 |
) |
|
|
3,415 |
|
|
(120 |
) |
Inventory step-up amortization |
|
590 |
|
|
— |
|
|
|
590 |
|
|
798 |
|
Adjusted operating income
(Non-GAAP) |
$ |
67,570 |
|
$ |
57,284 |
|
|
$ |
241,468 |
|
$ |
191,951 |
|
|
Table C: EBITDA Reconciliations(in
thousands)
|
Three Months Ended December 31, |
|
Year EndedDecember 31, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
Income from continuing
operations (GAAP) |
$ |
26,357 |
|
$ |
17,090 |
|
|
$ |
90,650 |
|
$ |
65,350 |
|
|
|
|
|
|
|
|
|
Interest expense |
|
12,690 |
|
|
14,215 |
|
|
|
53,370 |
|
|
38,632 |
|
Provision for income
taxes |
|
2,971 |
|
|
3,502 |
|
|
|
16,644 |
|
|
10,608 |
|
Depreciation |
|
11,324 |
|
|
10,736 |
|
|
|
44,306 |
|
|
42,617 |
|
Amortization of intangible
assets and financing leases(a) |
|
13,763 |
|
|
12,610 |
|
|
|
53,897 |
|
|
49,374 |
|
EBITDA (Non-GAAP) |
|
67,105 |
|
|
58,153 |
|
|
|
258,867 |
|
|
206,581 |
|
Stock-based
compensation(b) |
|
6,148 |
|
|
4,783 |
|
|
|
23,170 |
|
|
19,573 |
|
Restructuring and
restructuring-related charges |
|
4,820 |
|
|
3,370 |
|
|
|
10,444 |
|
|
9,265 |
|
Acquisition and integration
costs |
|
1,729 |
|
|
4,209 |
|
|
|
3,444 |
|
|
10,075 |
|
Other general expenses |
|
1,973 |
|
|
61 |
|
|
|
2,110 |
|
|
1,188 |
|
Loss on equity
investments |
|
2,219 |
|
|
2,025 |
|
|
|
5,691 |
|
|
7,636 |
|
Medical device
regulations |
|
364 |
|
|
493 |
|
|
|
1,605 |
|
|
1,105 |
|
Other adjustments |
|
1,187 |
|
|
(12 |
) |
|
|
3,415 |
|
|
(120 |
) |
Inventory step-up
amortization |
|
590 |
|
|
— |
|
|
|
590 |
|
|
798 |
|
Adjusted EBITDA
(Non-GAAP) |
$ |
86,135 |
|
$ |
73,082 |
|
|
$ |
309,336 |
|
$ |
256,101 |
|
|
(a) Total expense from amortization of intangible assets
and financing leases less amounts included in Restructuring and
restructuring-related charges.
(b) Total stock-based compensation expense less amounts
included in Restructuring and restructuring-related charges and
Acquisition and integration costs.
2023 Adjusted EBITDA for Pulse Technologies of $11.0 million is
calculated as GAAP net income ($4.6 million) adjusted for the
following items: interest expense ($0.9 million), depreciation and
amortization expense ($3.7 million), as well as items affecting
comparability, including adjustments to eliminate expenses
associated with excess executive compensation costs and
above-market lease expense, and add certain expenses to align with
Integer’s accounting policies ($1.8 million).
Table D: Organic Sales Change Reconciliation (%
Change)
|
GAAPReported Growth |
|
Impact of Foreign
Currency(a) |
|
Impact of Strategic Exits and
Acquisitions(a) |
|
Non-GAAP Organic Change |
QTD Change
(4Q 2023 vs. 4Q
2022) |
|
|
|
|
|
|
|
Medical Sales |
|
|
|
|
|
|
|
Cardio & Vascular |
19.9 |
% |
|
0.2 |
% |
|
2.8 |
% |
|
16.9 |
% |
Cardiac Rhythm Management & Neuromodulation |
7.1 |
% |
|
— |
% |
|
— |
% |
|
7.1 |
% |
Advanced Surgical, Orthopedics & Portable Medical |
0.7 |
% |
|
— |
% |
|
9.8 |
% |
|
(9.1 |
)% |
Total Medical Sales |
13.3 |
% |
|
0.1 |
% |
|
1.3 |
% |
|
11.9 |
% |
Non-Medical Sales |
(41.9 |
)% |
|
— |
|
|
— |
|
|
(41.9 |
)% |
Total Sales |
10.9 |
% |
|
0.1 |
% |
|
1.3 |
% |
|
9.5 |
% |
|
|
|
|
|
|
|
|
YTD Change
(2023 vs.
2022) |
|
|
|
|
|
|
|
Medical Sales |
|
|
|
|
|
|
|
Cardio & Vascular |
19.6 |
% |
|
0.2 |
% |
|
1.4 |
% |
|
18.0 |
% |
Cardiac Rhythm Management & Neuromodulation |
14.6 |
% |
|
— |
% |
|
— |
% |
|
14.6 |
% |
Advanced Surgical, Orthopedics & Portable Medical |
9.1 |
% |
|
— |
% |
|
15.6 |
% |
|
(6.5 |
)% |
Total Medical Sales |
16.8 |
% |
|
— |
% |
|
1.0 |
% |
|
15.8 |
% |
Non-Medical Sales |
(6.9 |
)% |
|
— |
|
|
— |
|
|
(6.9 |
)% |
Total Sales |
16.0 |
% |
|
— |
% |
|
1.0 |
% |
|
15.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(a) Sales growth has been
adjusted to exclude the impact of foreign currency exchange rate
fluctuations and acquisitions and strategic exits.
Table E: Net Total Debt Reconciliation(in
thousands)
|
December 31,2023 |
|
September 29,2023 |
|
December 31,2022 |
Total debt |
$ |
959,925 |
|
$ |
941,383 |
|
$ |
925,261 |
Add: Debt discounts and
deferred issuance costs included in Total debt |
|
14,075 |
|
|
14,864 |
|
|
5,977 |
Total principal amount of debt
outstanding |
|
974,000 |
|
|
956,247 |
|
|
931,238 |
LESS: Cash and cash
equivalents |
|
23,674 |
|
|
32,142 |
|
|
24,272 |
Net Total Debt (Non-GAAP) |
$ |
950,326 |
|
$ |
924,105 |
|
$ |
906,966 |
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